Revenue and Growth - The group's total revenue for the six months ended June 30, 2023, was approximately SGD 54.2 million, an increase of about SGD 12.3 million from approximately SGD 41.9 million in the same period of 2022[9]. - Revenue for the three months ended June 30, 2023, was SGD 31,315 thousand, an increase of 37.2% compared to SGD 22,847 thousand for the same period in 2022[110]. - For the six months ended June 30, 2023, revenue reached SGD 54,185 thousand, up 29.2% from SGD 41,932 thousand in the same period of 2022[110]. - Automotive supply revenue reached SGD 45,274,000 for the six months ended June 30, 2023, up 34.4% from SGD 33,674,000 in the same period last year[134]. - Service revenue for the six months ended June 30, 2023, was SGD 6,614,000, representing an increase of 11.4% compared to SGD 5,935,000 in the previous year[134]. - Automotive rental income for the six months ended June 30, 2023, was SGD 2,088,000, a rise of 24.8% from SGD 1,674,000 in the same period of 2022[134]. Financial Performance - The group recorded a total comprehensive loss of approximately SGD 501,000 for the six months ended June 30, 2023, compared to approximately SGD 637,000 for the same period in 2022[18]. - The company reported a net loss of SGD 387 thousand for the three months ended June 30, 2023, compared to a net loss of SGD 142 thousand for the same period in 2022[111]. - For the six months ended June 30, 2023, the company reported a loss attributable to shareholders of SGD 368,000, compared to a loss of SGD 388,000 for the same period in 2022[149]. - The basic and diluted loss per share for the six months ended June 30, 2023, was SGD (0.04), compared to SGD (0.05) for the same period in 2022[149]. Expenses and Costs - The cost of materials and changes in trade inventories increased by approximately SGD 36.1 million to about SGD 47.7 million in 2023, primarily due to increased supply of automotive parts and equipment to customers in mainland China[11]. - Employee benefits expenses increased by approximately SGD 69,000 due to an increase in total headcount[13]. - Employee benefits expenses totaled SGD 3,015,000 for the six months ended June 30, 2023, an increase from SGD 2,946,000 in the same period of 2022, reflecting a growth of approximately 2.3%[149]. - The company incurred financing costs of SGD 94 thousand for the three months ended June 30, 2023, down from SGD 129 thousand for the same period in 2022[110]. - The company reported a tax expense of SGD 64,000 for the six months ended June 30, 2023, compared to SGD 32,000 for the same period in 2022, indicating a 100% increase[140]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to SGD 28,677 thousand, compared to SGD 25,608 thousand as of December 31, 2022[113]. - The company's cash and cash equivalents were approximately SGD 2.5 million as of June 30, 2023, down from SGD 4.8 million on December 31, 2022[23]. - The total non-current liabilities amounted to SGD 7,573,000, a decrease of 4.4% from SGD 7,921,000 as of December 31, 2022[114]. - The net asset value as of June 30, 2023, was SGD 7,850,000, down 6.0% from SGD 8,351,000 as of December 31, 2022[114]. - The company reported trade receivables of SGD 2,332,000 as of June 30, 2023, an increase from SGD 1,520,000 as of December 31, 2022, representing a growth of approximately 53.3%[193]. Debt and Financing - As of June 30, 2023, the company's debt-to-equity ratio was approximately 1.5, unchanged from December 31, 2022[20]. - The net debt-to-equity ratio increased to approximately 1.2 as of June 30, 2023, compared to 1.0 on December 31, 2022, due to an increase in total debt and a decrease in total equity[20]. - The company reported bank loans totaling SGD 4,747,000 as of June 30, 2023, a decrease from SGD 5,469,000 as of December 31, 2022[76]. - The total bank borrowings as of June 30, 2023, were SGD 4,747,000, down from SGD 5,469,000 as of December 31, 2022, indicating a decrease of 13.2%[82]. - The company is actively monitoring cash flow and financial ratios to ensure it can meet its debt obligations[57]. Strategic Plans and Market Focus - The group plans to cautiously expand its automotive after-sales service business and rental services in Singapore while increasing market share in mainland China[6]. - The company aims to enhance its capabilities in new technologies and equipment to adapt to challenges posed by new market developments and vehicle models[8]. - The company is focusing on diversifying revenue sources, including expanding into car rental and seeking partnerships for electric vehicle services[40]. - The company aims to phase out internal combustion engine vehicles by 2040, transitioning to electric vehicles, which may pose challenges due to reduced service and maintenance needs[40]. - The company continues to focus on expanding its automotive after-sales services and exploring new markets for growth[120]. Corporate Governance and Compliance - The company maintains high standards of corporate governance, adhering to the GEM listing rules and corporate governance code[85]. - The company has established a securities trading code of conduct for directors, ensuring compliance with GEM listing rules[84]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2023, and confirmed compliance with applicable accounting standards and GEM listing rules[87]. Joint Ventures and International Expansion - The group has a 40% ownership interest in a joint venture, Absolute By Optima Werkz (Thailand) Co., Ltd., which focuses on automotive maintenance and repair in Thailand[169]. - The group aims to expand its overseas business in Thailand to diversify its country risk[170]. - The company has invested in Optima Werkz Myanmar Services Co., Ltd. to expand its overseas business and diversify country risk, holding a 35% equity interest[178].
傲迪玛汽车(08418) - 2023 - 中期财报