Financial Performance - The group recorded revenue of approximately SGD 13.4 million for the fiscal year ending December 31, 2021, a decrease of about 2.6% compared to SGD 13.7 million in the fiscal year 2020[8]. - The group incurred a loss of approximately SGD 0.9 million in 2021, compared to a loss of SGD 0.1 million in 2020, primarily due to the ongoing impact of the COVID-19 pandemic and increased competition from online consultation platforms[8]. - The group's total revenue for the fiscal year ended December 31, 2021, was approximately SGD 13,366,000, a decrease of SGD 358,000 or 2.6% compared to SGD 13,724,000 in the previous fiscal year[16]. - Revenue from consultation services, medical examination services, and treatment services were approximately SGD 1,169,000 (8.8%), SGD 2,853,000 (21.3%), and SGD 9,344,000 (69.9%) respectively for the fiscal year 2021[18]. - The revenue from treatment services increased by approximately SGD 298,000 to SGD 9,344,000, primarily due to improved market penetration and brand awareness of existing beauty services[19]. - The total comprehensive loss for the year was approximately SGD 991,000, compared to a total comprehensive loss of SGD 165,000 in the fiscal year 2020, primarily due to the ongoing impact of Covid-19 and rising operating costs[32]. Operational Challenges - The Singapore population decreased by 1% during the year, contributing to a decline in business performance and an increase in doctor attrition rates[9]. - The group faced challenges due to a 4.1% decrease in Singapore's population, marking the largest decline since 1950, primarily affecting foreign residents and non-residents[17]. - Employee benefits expenses decreased by SGD 231,000 or 3.66% to SGD 6,080,000 due to an increase in doctor attrition rates and the closure of two treatment centers[24]. - The total number of employees decreased from 66 in the fiscal year 2020 to 49 in the fiscal year 2021[25]. Share Issuance and Funding - On September 15, 2021, the group issued 104,000,000 new shares, raising approximately HKD 20,396,688, with 60% allocated for business expansion and potential acquisitions, and 40% for operational funding[11]. - The group issued 104,000,000 new shares at a placement price of HKD 0.2014 per share, increasing the total issued shares to 624,000,000 as of December 31, 2021, representing a 16.67% increase[35]. - The net proceeds from the share placement, after deducting commissions and related expenses, were approximately HKD 20 million, with about 60% allocated for business expansion and potential acquisitions[36]. - The net proceeds from the share placement and public offering amount to approximately SGD 9.1 million, with a share price of HKD 0.60 per share[57]. Cash and Equity Position - As of December 31, 2021, the total equity of the group was approximately SGD 15.5 million, an increase from approximately SGD 13.0 million in the fiscal year 2020[38]. - The group's cash and bank balances as of December 31, 2021, were approximately SGD 13.3 million, compared to SGD 13.1 million in the fiscal year 2020[38]. - The capital debt ratio as of December 31, 2021, was 9.9%, a decrease from 21.1% in the fiscal year 2020[38]. - The company has no distributable reserves as of December 31, 2021, the same as in 2020[102]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect and enhance shareholder value[151]. - The company has adopted corporate governance practices in accordance with the GEM Listing Rules, ensuring compliance with all applicable code provisions[152]. - The board of directors includes Dr. Chan Chi-sum as the chairman and independent non-executive directors Mr. Yang Tak-chuen, Mr. Soh Sai Kiang, and Mr. Kevin John Chia[104]. - The company has established a compensation policy that considers the overall performance of the group and individual contributions when reviewing the remuneration of all directors and senior management[114]. - The company has received written confirmations from all controlled persons, confirming compliance with the non-competition agreement during the year[122]. Risk Management and Internal Controls - The company has implemented policies and procedures for risk management and internal controls, with the board responsible for monitoring their effectiveness[197]. - The board confirmed that the risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements or losses[198]. - The company has a code of conduct and compliance manual applicable to directors and employees, which is reviewed and monitored regularly[190]. Future Plans and Investments - The company aims to expand its existing business and invest in potential acquisitions to enhance its competitive advantage[62]. - The company is exploring new opportunities for vertical expansion, including the establishment of new specialized medical treatment centers and the development of ancillary healthcare products and services[66]. - The company has allocated SGD 1.5 million for general working capital, with SGD 1.6 million expected to be utilized[59]. Social Responsibility - The group made a charitable donation of approximately SGD 5,000 to a non-profit organization focused on LGBTQ+ welfare during the fiscal year[98].
REPUBLIC HC(08357) - 2021 - 年度财报