Financial Performance - The company's revenue increased by approximately SGD 3.4 million or 16.6% to about SGD 23.6 million for the year ended December 31, 2022, compared to approximately SGD 20.2 million for the year ended December 31, 2021[9]. - The loss for the year ended December 31, 2022, was approximately SGD 0.1 million, a decrease from a loss of approximately SGD 0.5 million for the year ended December 31, 2021[9]. - The increase in revenue was primarily due to a SGD 1.2 million increase in automotive service revenue in Singapore and a new revenue source of approximately SGD 2.2 million from the sale of kitchen appliances and food in mainland China[9]. - The company's revenue increased from approximately SGD 20.2 million to approximately SGD 23.6 million, representing a growth of 16.6%[20]. - Revenue from the Singapore automotive services business rose by SGD 1.2 million to SGD 21.4 million, while the new business in mainland China contributed SGD 2.2 million[20]. - The company recorded a loss of approximately SGD 0.1 million for the year ended December 31, 2022, a decrease from a loss of approximately SGD 0.5 million in the previous year[20]. - Other income increased by approximately SGD 0.4 million or 55.9% to approximately SGD 1.1 million, primarily due to a gain of SGD 0.5 million from the sale of a subsidiary[21]. - The company reported a pre-tax profit of SGD 102,000 for 2022, a significant improvement compared to a pre-tax loss of SGD 441,000 in 2021[185]. - The net loss for the year was SGD 73,000, a reduction from a net loss of SGD 559,000 in the previous year, indicating a 87.9% improvement[185]. - Total revenue for the year ended December 31, 2022, was SGD 23,593,000, an increase of 16.5% from SGD 20,233,000 in 2021[185]. Operational Insights - The total number of vehicles in Singapore as of December 31, 2022, was 995,746, according to the Land Transport Authority[10]. - The company aims to maintain competitiveness and gain market share in Singapore's automotive market by leveraging its services, brand, and talent[10]. - The company acknowledges the uncertain factors in the automotive market due to the vehicle and motorcycle zero growth policy implemented since February 2018[10]. - The company aims to expand its product and service offerings both in Singapore and overseas, focusing on new business opportunities[17]. - The company is preparing for the market shift towards electric vehicles by pursuing technological advancements in maintenance equipment and new engine types[17]. - The Singapore government plans to install 60,000 electric vehicle charging points by 2030 to promote electric vehicle adoption[17]. - The company operates primarily in automotive maintenance, modification, and sales, as well as smart kitchen appliance development and sales[196]. - The company operates in various segments, including vehicle maintenance, automotive financing services, and smart kitchen appliance development and sales[114]. Employee and Management - Employee benefits expenses increased by approximately SGD 0.6 million or 9.6% to approximately SGD 7.0 million, mainly due to annual salary increases and hiring new staff[23]. - The total number of full-time employees decreased to 144 as of December 31, 2022, from 160 as of December 31, 2021[32]. - The company expresses gratitude to employees, management team, customers, shareholders, and business partners for their support over the years[11]. - The company emphasizes customer feedback and conducts regular analysis to improve service quality[153]. Governance and Compliance - The company is committed to high standards of corporate governance, having adhered to applicable governance codes throughout the fiscal year[62]. - The board consists of nine directors, including three independent non-executive directors, promoting critical review and oversight of management processes[66]. - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with GEM listing rules[70]. - The board has established various committees to support its governance responsibilities, including the audit and remuneration committees[76]. - The company has established a remuneration committee to review compensation policies based on performance and market practices[142]. - The company has adopted a shareholder communication policy to enhance transparency and investor confidence, utilizing multiple communication channels[109]. - The company has a whistleblowing policy applicable to all directors and employees, providing a confidential channel for reporting misconduct[98]. - The anti-corruption policy prohibits any form of corruption, bribery, extortion, fraud, or money laundering, and is part of the corporate governance framework[99]. Financial Position - As of December 31, 2022, the group's cash and bank balances were approximately SGD 3.0 million, down from SGD 4.1 million as of December 31, 2021[28]. - The asset-to-equity ratio was 0.3 as of December 31, 2022, compared to 0.4 as of December 31, 2021, indicating a decrease in leverage[29]. - The group currently has no foreign currency hedging to mitigate exchange rate fluctuation risks[30]. - The company reported a total equity of SGD 7,576,000 in 2022, down from SGD 7,628,000 in 2021, a decline of 0.68%[188]. - The company’s total liabilities increased to SGD 12,162,000 in 2022 from SGD 10,088,000 in 2021, an increase of 20.56%[187]. - The company incurred financial expenses of SGD 99,000 in 2022, down from SGD 202,000 in 2021, a decrease of 50.0%[185]. - The company has complied with relevant laws and regulations that significantly impact its business and operations[167]. Shareholder Information - The total number of issued shares was 2,000,000,000 as of December 31, 2022[129]. - Major shareholders include Mr. Li Jie with 586,020,000 shares (29.3%) and Ms. Han Mei with the same number of shares due to spousal rights[138]. - The company has a stock option plan that allows for the issuance of up to 200,000,000 shares, which is 10% of the total issued shares as of the report date[134]. - The stock option plan is designed to incentivize and retain talented employees, aligning their interests with the company's growth[131]. - The board proposed not to declare any dividends for the year ended December 31, 2022, consistent with the previous year[118]. Risk Management - The company has established policies and procedures to identify, assess, and manage significant risks, including ESG risks, with the board responsible for the overall effectiveness of the risk management system[92]. - The Risk Management Committee conducted 1 meeting in the year ended December 31, 2022, reviewing the group's risk management and internal control mechanisms, including ESG risks[81]. - The company has established a framework for risk management policies and standards, including monitoring legal risks related to sanctions[81].
中食民安(08283) - 2022 - 年度财报