Financial Performance - Revenue for the six months ended November 30, 2022, was SGD 7,839,095, a decrease of 29.3% compared to SGD 11,087,720 in the same period of 2021[13] - Gross profit for the same period was SGD 2,549,591, down from SGD 5,123,522, resulting in a gross margin decline from 46.8% to 31.4% for the Simplicity® business[13] - The company reported a pre-tax loss of SGD 2,595,997, attributed to increased investment in sales, marketing, and R&D activities[13] - Revenue for the three months ended November 30, 2022, was SGD 3,190,805, a decrease of 51.1% compared to SGD 6,540,116 in the same period of 2021[15] - The company reported a net loss of SGD 2,210,417 for the three months ended November 30, 2022, compared to a profit of SGD 1,399,781 in the same period of 2021[15] - The company reported a net loss of SGD 2,595,755 for the six months ended November 30, 2022, resulting in a basic loss per share of SGD 0.64, compared to a profit of SGD 1,949,053 and earnings per share of SGD 0.48 in the same period of 2021[73] - The group reported a 29.3% decrease in total revenue to 7,839,095 SGD, primarily due to a decline in Simplicity® project revenue[129] Segment Performance - The subscription numbers for the utility billing business have rebounded, and demand for the Starlight® energy-saving technology increased, partially offsetting the revenue decline in the Simplicity® segment[13] - The gross margin for Starlight® improved from 31.9% to 47.5% due to price adjustments and rising energy prices[13] - Simplicity® total revenue for the six months ended November 30, 2022, was SGD 7,311,910, a decrease from SGD 10,653,617 for the same period in 2021[120] - Project revenue decreased to SGD 3,459,405, down from SGD 7,423,986 in the previous year, reflecting a decline in IT spending in the public sector due to fiscal tightening measures[120] - Maintenance service revenue increased by 26.9% to SGD 2,684,967, compared to SGD 2,115,934 in the previous year[121] - Starlight® total revenue increased by 21.4% to 527,185 SGD, with project revenue rising by 70.5% to 386,367 SGD[123] Expenses and Costs - Research and development expenses increased to SGD 1,343,516 for the six months ended November 30, 2022, up 138.0% from SGD 562,444 in the previous year[15] - Employee benefits expenses increased to SGD 2,049,922 for the six months, up from SGD 1,241,110 in the previous year[60] - Administrative expenses rose by 38.7% to 2,763,249 SGD, mainly due to increased employee costs and expansion into the Australian market[133] - Sales and marketing expenses surged by 99.6% to 1,327,053 SGD, driven by increased activities in local and Australian markets[134] Cash Flow and Assets - Cash and cash equivalents at the end of the period were SGD 9,328,180, a decrease of 40.9% from SGD 15,770,924 at the beginning of the period[21] - Total assets decreased to SGD 14,639,534 as of November 30, 2022, down from SGD 21,427,894 as of May 31, 2022[17] - The company’s total equity decreased to SGD 13,821,325 as of November 30, 2022, compared to SGD 16,438,275 as of May 31, 2022[17] - Operating cash flow for the six months ended November 30, 2022, was negative at SGD (5,919,615), compared to positive SGD 3,962,363 in the same period of 2021[21] Corporate Governance and Compliance - The company has complied with the corporate governance code from the listing date to the announcement of the financial results[155] - The audit committee was established on November 24, 2016, and consists of two independent non-executive directors and one non-executive director, with the main responsibilities including reviewing financial statements and overseeing risk management[157] Future Outlook - Future outlook indicates a focus on expanding sales and marketing efforts, as well as increasing R&D investments[13] - The company plans to strengthen sales and marketing efforts in Southeast Asia, Australia, New Zealand, and East Asia following the opening of its Australian office[127] - The demand for Simplicity® SaaS delivery is increasing, which is expected to improve recurring revenue prospects in the Southeast Asian market[126] Shareholder Information - As of November 30, 2022, the total issued shares of the company were approximately 402,900,738[140] - Liu Yijun holds 45,572,000 shares, representing 11.31% of the company's total issued shares[140] - Wang Ruixing holds 22,750,000 shares, representing 5.65% of the company's total issued shares[140] - Professor Huang Baojin holds 22,993,900 shares, representing 5.71% of the company's total issued shares[140] - Majuven Fund 1 Ltd. holds 36,528,219 shares, representing 9.07% of the company's total issued shares[142] - OWW Investments III Limited holds 20,873,307 shares, representing 5.18% of the company's total issued shares[142] - Keppel Corporation Limited holds 36,723,000 shares, representing 9.11% of the company's total issued shares[142]
安科系统(08353) - 2023 - 中期财报