Financial Performance - The company reported a loss of SGD 2.7 million for the fiscal year 2022, compared to a profit of SGD 7.5 million in 2021, primarily due to the absence of impairment losses in 2022[7]. - Operating revenue decreased by 28.8% year-on-year, from SGD 5.6 million in 2021 to SGD 4 million in 2022, a reduction of SGD 1.6 million[7]. - The company reported a revenue of approximately SGD 3,983,000 for the fiscal year ended December 31, 2022, a decrease of 28.8% or about SGD 1,600,000 compared to SGD 5,596,000 in 2021[23]. - The net loss for 2022 was approximately SGD 2,707,000, a shift from a profit of SGD 7,461,000 in 2021, representing a decline of about 136.3% or SGD 10,200,000[29]. - Total pre-tax profit for 2022 was a loss of SGD 2.4 million, compared to a profit of SGD 7.5 million in 2021[33]. Asset Management and Client Base - The company's asset management scale increased by 6% year-on-year, exceeding SGD 458 million as of December 31, 2022[14]. - The company has over 346 clients, with repeat transaction clients accounting for approximately 35% of the client base, indicating strong client loyalty[14]. - The company has a total of 28 private equity and fund structures across real estate projects in Singapore, Malaysia, Indonesia, and Australia[28]. Project Developments - The La Ville residential development project is expected to launch in the second half of 2023, benefiting from its prime location and market conditions[12]. - The FoodFab@Mandai industrial project won the Best Industrial Development at the 2022 PropertyGuru Asia Property Awards and has sold out, with a total return increase of 24%[12]. - The company is collaborating with Qingjian Realty to launch a new executive condominium project in Bukit Batok West Ave 8 in 2023, marking the first new project of its kind in the western region in years[12]. - The collective sale of La Ville and Mount Emily Properties is progressing well, with construction expected to start in H2 2023, and both projects anticipated to be well-received due to their location and pricing[67]. - The Jadescape project received a temporary occupation permit in Q4 2022, and the company expects to receive performance fees in 2023 as the project is fully sold[67]. - The Foodfab@Mandai industrial project has been fully sold, with completion planned for Q1 2023, and the company anticipates receiving project management and performance fees due to exceeding initial return forecasts[67]. Market Outlook and Strategy - The overall growth of the wealth management industry, particularly family offices, is expected to create a stable and optimistic outlook for the company[8]. - The company anticipates that the recent changes to the buyer's stamp duty will positively impact the market amid continued wealth inflow into Singapore[11]. - The company aims to expand its business footprint into the Asia-Pacific region and beyond, leveraging its successful track record in real estate development[15]. - The company is positioned to assist family offices in project development and asset acquisition, capitalizing on the trend of capital flowing into safer real estate investments[17]. - The company plans to expand its real estate acquisition and project management business, as well as its property management services and family office management business, in response to market transformations in Singapore[69]. Revenue and Cost Analysis - Investment management revenue decreased from approximately SGD 896,000 in 2021 to SGD 706,000 in 2022, a decline of about SGD 190,000 or 21.2%[35]. - Fund management revenue fell from approximately SGD 2.6 million in 2021 to SGD 1.9 million in 2022, a decrease of about SGD 710,000 or 27.7%[35]. - Acquisition and project management revenue dropped from approximately SGD 2 million in 2021 to SGD 1.4 million in 2022, a decline of about SGD 607,000 or 30.5%[37]. - Other income and gains increased from approximately SGD 911,000 in 2021 to SGD 1.2 million in 2022, an increase of about SGD 332,000 or 36.4%[40]. - Employee costs decreased from approximately SGD 4.2 million in 2021 to SGD 3.9 million in 2022, a reduction of about SGD 386,000 or 9.1%[41]. Current Assets and Liabilities - The company’s total current assets decreased to SGD 23,730,000 in 2022 from SGD 25,815,000 in 2021, a decline of approximately 8.0%[23]. - The group's net current assets decreased from approximately SGD 23.4 million as of December 31, 2021, to approximately SGD 20.4 million as of December 31, 2022, primarily due to net repayments of transitional advances to fund entities of about SGD 4.1 million[56]. - The current ratio of the group decreased from 10.8 times as of December 31, 2021, to 7.2 times as of December 31, 2022[56]. - The total current liabilities of the group increased from approximately SGD 2.4 million as of December 31, 2021, to approximately SGD 3.3 million as of December 31, 2022[57]. Sustainability and ESG Initiatives - A new sustainability strategy has been introduced, aiming to reduce operational costs by J% over the next three years[81]. - The company aims to minimize environmental impact by reducing carbon footprint and improving resource efficiency[108]. - The board emphasizes the integration of sustainability issues into strategic planning, identifying significant ESG factors relevant to the organization[97]. - The company achieved a 22% reduction in greenhouse gas emissions, from 29.4 tons in 2021 to approximately 22.91 tons in 2022[30]. - The total electricity consumption for 2022 was 56,600 kWh, a decrease of 22% compared to 2021[115]. Employee Engagement and Development - The company has 34 employees, with 55% being female and 50% male[127]. - 99% of the employees are full-time, while 1% are part-time[127]. - The company aims to enhance employee retention methods and expand existing practices, including implementing medical specialty compensation for all employees in 2023[132]. - Employee turnover rate is 44% for males and 56% for females, with 22% for those under 30, 67% for ages 31-50, and 11% for those over 50[136]. - The company plans to integrate training and development with a skills framework in 2023[152]. Governance and Compliance - The group has a dedicated compliance team that ensures adherence to anti-corruption policies and conducts training on anti-money laundering and compliance[166]. - The board has adopted a dividend policy, with any proposed dividends subject to board discretion and requiring shareholder approval for any final dividends[178]. - The group had no significant intellectual property disputes or infringement incidents during the reporting period[168]. - All independent non-executive directors have confirmed their independence as of the report date, in compliance with GEM listing rules[191].
杰地集团(08313) - 2022 - 年度财报