Financial Performance - For the first quarter of 2022, the company reported revenue of SGD 19,085,000, a significant increase of 198% compared to SGD 6,389,000 in the same period last year[13] - The company recorded a loss of SGD 415,000 for the quarter, compared to a profit of SGD 116,000 in the same quarter of the previous year[13] - The company’s total comprehensive loss for the period was SGD 398,000, compared to a total comprehensive income of SGD 86,000 in the previous year[15] - The company reported a comprehensive income of SGD (415) million for the year, indicating a decline compared to the previous year's comprehensive income of SGD 116 million[19] - The group recorded a total loss and comprehensive income of approximately SGD 0.4 million in 2022, compared to a profit of approximately SGD 116,000 in 2021, mainly due to increased employee costs and research expenses[69] Revenue Breakdown - Automotive supply revenue surged to SGD 15,136,000, compared to SGD 2,785,000 in the previous year, marking an increase of 442%[30] - Service income rose to SGD 3,000,000 from SGD 2,849,000, reflecting an increase of 5.3%[30] - Total revenue for the group was SGD 19.1 million for the period, an increase of approximately SGD 12.7 million from SGD 6.4 million in the previous year, primarily due to increased sales of passenger car parts and accessories[58] Costs and Expenses - The cost of materials used was SGD 15,002,000, which represents an increase from SGD 2,674,000 in the previous year, indicating a rise in production costs[13] - Employee benefits expenses rose to SGD 1,470,000, compared to SGD 1,173,000 in the prior year, reflecting increased staffing or compensation costs[13] - Financing costs increased from SGD 85,000 in 2021 to SGD 108,000 in 2022, primarily due to accrued interest expenses from short-term borrowings[65] - Other expenses increased from SGD 0.5 million in 2021 to SGD 0.8 million in 2022, primarily due to increased maintenance costs and research expenses related to software development[66] Assets and Equity - The company’s total assets as of March 31, 2022, were SGD 2,645,000, reflecting the financial position at the end of the reporting period[18] - As of December 31, 2021, total equity amounted to SGD 10,623 million, with a significant increase from SGD 10,928 million as of December 31, 2020, reflecting a decrease of approximately 2.8%[19] - The total assets of the company were SGD 11,014 million as of March 31, 2020, showing a slight decrease from SGD 10,928 million in the previous year[19] Strategic Initiatives - The company has been focusing on expanding its automotive repair and maintenance services in Singapore, as well as engaging in automotive trading in China[21] - The company aims to enhance its market presence through strategic partnerships and potential acquisitions in the automotive sector[21] - The company established a wholly-owned subsidiary in Changsha, Hunan, China, to expand its parallel import vehicle trade and related services[48] - The group plans to focus on enhancing its position in the automotive after-sales service business and short-term and long-term leasing in Singapore, while seeking to expand its market share in China[52] - The group aims to explore new business opportunities in e-commerce to adapt to the shift in demand from physical stores[53] Compliance and Governance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[22] - The company is committed to maintaining transparency and accuracy in its financial reporting, adhering to the highest standards of corporate governance[22] - The audit committee reviewed the unaudited consolidated financial statements for the three months ended March 31, 2022, and confirmed compliance with applicable accounting standards and GEM listing rules[91] - The company has maintained compliance with the corporate governance code as per GEM listing rules during the reporting period[88] - The company has appointed a compliance advisor effective from August 15, 2021, with no reported interests in the group as of March 31, 2022[90] Shareholder Information - The total number of shares issued as of March 31, 2022, was 850,000,000, with significant shareholdings by key individuals, including 44.56% held by Mr. Hong and Ms. Lin[73][75] - Red Link International Limited, controlled by Ms. Lin and Mr. Hong, held 378,798,000 shares, representing 44.56% of the total shares[78] - The company did not declare any dividends for the three months ended March 31, 2022, consistent with the previous year[39] - The company did not recommend any dividend payment for the three months ended March 31, 2022, consistent with the previous year[93] Operational Updates - The company’s operational disruptions in Myanmar due to political unrest have been resolved, and business operations have resumed[49] - The group has reported a significant foreign exchange loss of SGD (611) million, impacting overall financial performance[19] - The company expressed gratitude to shareholders, partners, and employees for their support and contributions during the reporting period[96]
傲迪玛汽车(08418) - 2022 Q1 - 季度财报