Financial Performance - The group recorded revenue of approximately SGD 9.0 million for the fiscal year 2022, a decrease of about 32.4% compared to SGD 13.4 million in fiscal year 2021[9]. - The group incurred a loss of approximately SGD 1.5 million in fiscal year 2022, compared to a loss of SGD 0.9 million in fiscal year 2021, primarily due to the closure of three general practice centers[9]. - The company’s total revenue for the fiscal year 2022 was approximately SGD 9,040,000, a decrease of SGD 4,326,000 or 32.4% compared to the previous fiscal year 2021, which recorded revenue of SGD 13,366,000[16]. - The company recorded a total comprehensive loss of approximately SGD 1,476,000 for the fiscal year 2022, compared to a comprehensive loss of SGD 991,000 in fiscal year 2021[32]. - The group reported a net cash outflow from operating activities of approximately SGD 0.7 million for the fiscal year 2022, compared to a net cash outflow of SGD 0.5 million in 2021[38]. Business Strategy and Operations - The group sold two businesses, S Aesthetics Clinic Pte Ltd and DTAP Express Pte Ltd, to focus resources on developing other existing business opportunities[9]. - The group aims to expand its revenue base by exploring new business opportunities in online services, education, and spice trading[12]. - The group expects an increase in patient numbers at general practice centers as COVID-19 restrictions are further eased[10]. - The integration of clinic operations and disposal of underperforming businesses has yielded positive results, reducing initial losses for fiscal year 2022[9]. - The company plans to explore new business opportunities in online services, education, and spice trading to gradually expand its revenue base[15]. Employee and Operational Costs - Employee benefits expenses decreased by SGD 1,715,432 or 27.7% to SGD 4,476,608 due to the closure of treatment centers and the sale of two subsidiaries[23]. - Other operating expenses decreased by approximately SGD 941,000 or 31.3% to about SGD 2,063,000, primarily due to lower-than-expected marketing expenses[27]. - The number of employees decreased from 49 in fiscal year 2021 to 39 in fiscal year 2022[24]. - Employee costs for the fiscal year 2022 were approximately SGD 4.4 million, down from SGD 6.1 million in 2021[47]. Financial Position and Equity - As of December 31, 2022, the total equity of the group was approximately SGD 14.1 million, down from SGD 15.5 million in the fiscal year 2021[38]. - The group had cash and bank balances of approximately SGD 10.8 million as of December 31, 2022, compared to SGD 13.3 million in the previous fiscal year[38]. - The group's net current assets were approximately SGD 12.5 million as of December 31, 2022, down from SGD 14.0 million in 2021[38]. - The capital debt ratio as of December 31, 2022, was 5.7%, a decrease from 9.9% in the fiscal year 2021[38]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and will continuously review and enhance its governance practices[136]. - The board of directors consists of four members, with independent non-executive directors accounting for over 50%[157]. - The company has established three board committees: audit, nomination, and remuneration, to monitor specific aspects of the company's affairs[173]. - The company has adopted corporate governance practices in accordance with the GEM Listing Rules[152]. - The board is responsible for reviewing and approving management's performance-based remuneration proposals, ensuring alignment with the company's objectives[188]. Risk Management and Internal Control - The company has implemented policies and procedures for risk management and internal control[200]. - The board of directors is primarily responsible for overseeing the risk management and internal control systems[200]. - The internal control system is designed to meet the specific business needs and minimize risks faced by the company[200]. - Management identifies risks related to daily operations for board review[200]. - The risk management and internal control system aims to manage, not eliminate, risks that could hinder business objectives[200]. Future Plans and Investments - The company plans to establish a new online business branch for Dtap, with an allocation of SGD 600,000, of which SGD 35,500 has been utilized[59]. - The company has earmarked SGD 500,000 for acquiring equity in a potential enterprise, with no funds utilized yet[59]. - The company has revised its allocation strategy, deciding not to expand treatment centers at this time, and reallocating funds for operational efficiency[63]. - The online healthcare platform is expected to launch around May 2023[62]. Shareholder Information - The total number of issued ordinary shares remained at 624,000,000 as of December 31, 2022, consistent with the previous year[36]. - The company has not granted or agreed to grant any options under the share option plan since its adoption, and there were no options that expired, were exercised, or canceled during the year[128]. - The company confirmed that it maintained a sufficient public float of at least 25% of its issued shares as of the report date[138]. - As of December 31, 2022, Dr. Chen held 350 million shares, representing 56.09% of the issued shares of the company[131]. Compliance and Legal Matters - The company has complied with all relevant laws and regulations affecting its business operations during the year[141]. - The independent auditor, Baker Tilly TFW LLP, has acknowledged its responsibility for the financial statements for the year ended December 31, 2022[198]. - The company has received written confirmations from controlled persons regarding compliance with non-competition agreements for the year[123]. - The company has purchased insurance for liabilities and costs related to potential legal proceedings against directors[111].
REPUBLIC HC(08357) - 2022 - 年度财报