Financial Performance - For the year ended December 31, 2021, the company's revenue slightly decreased by approximately SGD 45,000 or about 0.2% to approximately SGD 26,219,000 compared to the previous year[9]. - The gross profit for the same period decreased by approximately SGD 158,000 to about SGD 1,341,000, resulting in a gross profit margin decline from 5.7% to 5.1% due to intense competition[9]. - The company recorded a net loss of approximately SGD 3,605,000 for the year ended December 31, 2021, compared to a net loss of approximately SGD 811,000 for the year ended December 31, 2020[9]. - Revenue from truck transportation services decreased by approximately SGD 176,000 to SGD 21,497,000, a decline of 0.8%, primarily due to global supply chain disruptions caused by lockdowns[15]. - Revenue from consolidation services increased by 2.9% or approximately SGD 131,000, driven by customer demand for storage space during shipping delays[18]. - Other income decreased from approximately SGD 1,547,000 in 2020 to about SGD 743,000 in 2021, mainly due to reduced government grants during COVID-19[23]. - Administrative expenses increased from approximately SGD 3,978,000 in 2020 to about SGD 5,970,000 in 2021, primarily due to share-based payments[24]. - The group recorded a loss of approximately SGD 3,605,000 for the year ended December 31, 2021, an increase in loss of about SGD 2,794,000 compared to the previous year[26]. Economic Outlook - Singapore's GDP is projected to grow between 3% to 5% in 2022, indicating potential recovery and growth opportunities for the company[10]. - The company expects Singapore's GDP to grow by 3% to 5% in 2022, following a 7.6% growth in 2021, indicating a recovery in the economy[47]. Operational Capacity and Strategy - The company primarily serves logistics service providers in Singapore, transporting goods such as plastic resins, scrap steel, and paper products, which are crucial for import/export activities[8]. - The company has a large fleet capable of handling a significant volume of customer orders, positioning itself as a reliable transportation and consolidation service provider[13]. - The company aims to develop its business pragmatically to achieve the best returns for shareholders[11]. - The management team is continuously monitoring global trade economics and engaging with customers to understand their needs and the market situation[10]. - The company aims to enhance service capacity by purchasing new vehicles and expanding its workforce to meet business growth needs[48]. Corporate Governance - The company has adhered to the corporate governance code from January 1, 2021, to December 31, 2021, except for the separation of roles between the Chairman and the CEO[67]. - All directors confirmed compliance with the trading regulations during the year ending December 31, 2021[68]. - The board consists of six members, including three executive directors and three independent non-executive directors, with attendance rates at board meetings being 100% for most members[75]. - The company is reviewing the effectiveness of its corporate governance structure to assess the necessity of separating the roles of Chairman and CEO[79]. - The board acknowledges its duty to act in the best interests of the group and its shareholders in decision-making processes[84]. - The company has established a dividend policy that considers operational performance, cash flow, and financial condition before declaring dividends[109]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an environmental, social, and governance (ESG) management framework to monitor and report on its ESG performance[124]. - The company has adhered to all "comply or explain" provisions of the ESG reporting guidelines set by the Hong Kong Stock Exchange[122]. - The company aims to continuously improve its business operations and manage significant sustainability-related issues[122]. - The board is responsible for the final approval of the ESG report, which includes key performance indicators related to sustainability[124]. - The company has implemented operational measures to reduce greenhouse gas emissions, focusing on direct emissions from logistics operations and indirect emissions from electricity consumption[138]. - The company has adopted ISO 14001 certified environmental management systems to enhance its reputation as an environmentally friendly enterprise[159]. Employee Welfare and Safety - The total number of full-time employees as of December 31, 2021, is 170, an increase from 166 in 2020, with a turnover rate of 20.7%[165]. - The employee injury rate for the fiscal year 2021 is 0.0034%, a decrease from 0.0160% in 2020, with 15 lost workdays due to injuries[177]. - The company has implemented comprehensive employee benefits, including medical and dental benefits, maternity leave, and accident insurance[172]. - The company has not reported any work-related fatalities in the past three years, indicating a strong safety record[175]. - The employee diversity policy promotes equal opportunities and actively opposes discrimination based on gender, age, race, religion, and sexual orientation[164]. Supplier Management - As of December 31, 2021, the company collaborated with four key suppliers in the port, diesel, tire, and land leasing sectors, all located in Singapore[195]. - The company has established a strict supplier selection process that considers environmental and social risk controls[196]. - The company evaluates its key suppliers based on their compliance with environmental and social standards[199].
春能控股(08430) - 2021 - 年度财报