Financial Performance - For the fiscal year ended December 31, 2022, the group's revenue decreased by 26.4%, from approximately SGD 12,750,000 in 2021 to approximately SGD 9,387,000 in 2022[10] - The group recorded a post-tax loss of approximately SGD 6,765,000 for the fiscal year ended December 31, 2022, compared to a post-tax loss of approximately SGD 9,555,000 for the fiscal year ended December 31, 2021[10] - The loss for the fiscal year was primarily due to a decrease in revenue, slower acquisition of new projects, fluctuations in steel prices, and increased subcontractor costs due to foreign labor shortages[10] - The total revenue for the fiscal year ending December 31, 2022, was approximately SGD 9.39 million, a decrease from SGD 12.75 million in 2021[37] - The pre-tax loss for the fiscal year ending December 31, 2022, was approximately SGD 6.76 million, compared to a pre-tax loss of SGD 9.56 million in 2021, indicating an improvement[38] Expenses and Borrowings - Sales and administrative expenses for the fiscal year ended December 31, 2022, were approximately SGD 3,944,000, down from approximately SGD 4,333,000 in 2021[18] - The group's total borrowings included lease liabilities of approximately SGD 15,000 and bank borrowings of approximately SGD 2,739,000 as of December 31, 2022[19] - The group had cash and cash equivalents of approximately SGD 4,697,000 as of December 31, 2022, compared to approximately SGD 5,564,000 in 2021[19] - The debt-to-equity ratio was approximately 24.7% as of December 31, 2022, compared to approximately 21.0% in 2021[20] Market Outlook - The overall construction demand in Singapore for 2022 is estimated to be between SGD 27 billion and SGD 32 billion, reflecting expected project approvals for the year[11] - The construction demand for 2023 is projected to be between SGD 27 billion and SGD 32 billion, similar to last year's forecast[43] - The public sector is expected to contribute approximately SGD 16 billion to SGD 19 billion to the total construction demand in 2023[44] Strategic Plans - The group plans to expand and enhance its market position in the Singapore steel structure industry by increasing capacity and hiring more personnel[13] - The company plans to continue managing expenses prudently and reviewing business strategies to identify opportunities[42] - The remaining funds from the listing are expected to be utilized by December 31, 2023, for the acquisition of machinery related to the leased property[40] Corporate Governance - The company has a strong leadership team with over 20 years of experience in the steel structure industry, led by founder and executive director Wang Qingyou[48] - As of December 31, 2022, Wang Qingyou and his spouse collectively hold approximately 82.95% of the company's total issued share capital[49][50] - The board emphasizes a healthy corporate culture that prioritizes legal compliance, ethics, and responsibility in its operations[62] - The company is committed to making informed decisions based on the best available information and appropriate due diligence[64] - The management team includes professionals with extensive experience in finance, engineering, and compliance, ensuring robust governance[50][54][60] Board Structure and Diversity - The board of directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[69] - The gender diversity ratio as of December 31, 2022, is 8.3% female and 91.7% male, with a target variance of 3%[73] - The company has established a board diversity policy to ensure a balance of skills, experience, and perspectives among board members[74] - The company emphasizes the importance of diversity in board composition, considering factors such as gender, race, ethnicity, age, experience, and skills[83] Compliance and Risk Management - The company has complied with the corporate governance code throughout the fiscal year ending December 31, 2022[66] - The Audit Committee held four meetings during the year to review quarterly, half-year, and annual financial statements, focusing on compliance with accounting standards and GEM listing rules[89] - The company confirmed that there are no significant uncertainties affecting its ability to continue as a going concern as of December 31, 2022[98] - The company has established a whistleblowing policy that allows reports from all stakeholders, including investors, customers, suppliers, and employees, with confidentiality and anonymity[106] Environmental, Social, and Governance (ESG) Initiatives - The company adheres to high standards of corporate governance, environmental, and social responsibility, supported by international certifications such as ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and OHSAS 18001:2007[130] - The ESG committee is responsible for driving ESG initiatives, collecting and calculating ESG data, and monitoring ESG-related matters across the company's operations[135] - The company aims to improve its ESG performance through constructive dialogue with stakeholders, addressing their main concerns such as legal compliance and environmental protection[138] - The company has implemented an environmental management system certified by ISO 14001:2015 to reduce environmental impact and manage operational risks[147] Employee Management and Training - The total number of full-time employees decreased to 109 in 2022 from 116 in 2021, with a stable employee turnover rate of 13.8%[178] - The company conducted 27 external training sessions in the past year, providing approximately 100 hours of training, with an average of 0.92 hours per employee[192] - The company aims for 100% training coverage for anti-corruption training within five years, targeting both board members and frontline employees[196] Health and Safety - The company has received multiple awards and certifications for occupational health and safety, including bizSAFE Star and ISO 45001:2018[185] - The company has a structured operational monitoring procedure for employees engaged in hazardous work[185] - The company has not faced any compensation claims for work-related fatalities in the past three years[189]
高原之宝(08402) - 2022 - 年度财报