Financial Performance - For the six months ended June 30, 2022, the group's total revenue was approximately SGD 13,440,000, an increase of about SGD 112,000 or 0.8% compared to the same period in 2021[4]. - The loss attributable to owners of the company for the six months ended June 30, 2022, was approximately SGD 3,367,000, compared to a loss of approximately SGD 2,536,000 for the same period in 2021[4]. - The gross profit for the six months ended June 30, 2022, was SGD 325,114, a decrease from SGD 763,868 in the same period of 2021[4]. - Customer contract revenue for the six months ended June 30, 2022, was SGD 13,439,564, a slight increase of 0.84% compared to SGD 13,328,175 for the same period in 2021[25]. - Revenue from truck transportation services for the six months ended June 30, 2022, was SGD 11,260,942, up 3.11% from SGD 10,921,367 in the same period of 2021[28]. - Revenue from consolidation services for the six months ended June 30, 2022, decreased by 9.48% to SGD 2,178,622 from SGD 2,406,808 in the same period of 2021[28]. - Other income for the six months ended June 30, 2022, totaled SGD 201,691, a decrease of 62.32% compared to SGD 534,491 in the same period of 2021[36]. - The company's pre-tax loss for the six months ended June 30, 2022, was impacted by various expenses, including employee benefits totaling SGD 4,567,646, slightly down from SGD 4,700,279 in the same period of 2021[38]. - The company reported a loss attributable to owners of SGD 3,367,169 for the six months ended June 30, 2022, compared to a loss of SGD 2,536,495 for the same period in 2021, representing an increase of approximately 32.8%[43]. - The basic and diluted loss per share for the six months ended June 30, 2022, was SGD 0.0041, compared to SGD 0.0039 for the same period in 2021, indicating a decline in performance[43]. - The group recorded a loss of approximately SGD 3,367,000 for the six months ended June 30, 2022, compared to a loss of approximately SGD 2,536,000 for the same period in 2021, an increase in loss of about SGD 831,000[78]. Cash Flow and Assets - The net cash flow used in operating activities for the six months ended June 30, 2022, was SGD (2,951,296), compared to SGD (233,138) for the same period in 2021[16]. - The company reported a net cash and cash equivalents balance of SGD 7,869,446 as of June 30, 2022, down from SGD 10,065,121 at the beginning of the period[16]. - The total assets less current liabilities as of June 30, 2022, amounted to SGD 19,100,350, down from SGD 22,181,488 as of December 31, 2021[11]. - The total equity as of June 30, 2022, was SGD 19,046,133, a decrease from SGD 20,908,963 as of December 31, 2021[11]. - The group had cash and cash equivalents of approximately SGD 7,869,000 as of June 30, 2022, compared to SGD 10,569,000 as of December 31, 2021[80]. - As of June 30, 2022, the group had total assets of approximately SGD 23,516,000, down from SGD 25,759,000 as of December 31, 2021[80]. Expenses and Liabilities - The administrative expenses for the six months ended June 30, 2022, were SGD 3,874,377, compared to SGD 3,772,052 for the same period in 2021[4]. - Financing costs for the six months ended June 30, 2022, were SGD 19,597, a decrease of 68.87% from SGD 62,802 in the same period of 2021[37]. - The total employee cost (including director remuneration) was approximately SGD 5,607,000, a decrease from SGD 6,745,000 for the same period in 2021[91]. - The company's management compensation decreased to SGD 427,838 for the six months ended June 30, 2022, from SGD 523,679 in the same period of 2021, a reduction of approximately 18.3%[62]. - The company's trade payables rose to SGD 1,773,450 as of June 30, 2022, compared to SGD 1,032,651 as of December 31, 2021, indicating an increase of approximately 71.7%[52]. - The total bank loans increased to SGD 1,361,611 as of June 30, 2022, from SGD 1,023,645 as of December 31, 2021, representing a rise of approximately 33%[54]. Corporate Governance - The financial statements were prepared in accordance with International Financial Reporting Standards and applicable disclosure requirements[22]. - The company has adopted a code of conduct for securities trading, confirming compliance by all directors during the six months ended June 30, 2022[123]. - The company has adhered to all provisions of the corporate governance code, with the exception of the separation of the roles of Chairman and CEO[125]. - Mr. Cai Jianglin is both the Chairman and CEO, which the board believes is in the best interest of the group and its shareholders[125]. - The audit committee has been established in compliance with GEM Listing Rules and consists of three independent non-executive directors[128]. - The audit committee reviewed the accounting principles and policies adopted by the group and the consolidated financial statements for the six months ended June 30, 2022[128]. - The performance of the group is in accordance with applicable accounting standards and GEM Listing Rules, with full disclosure made[128]. Market and Operational Insights - The company operates primarily in Singapore, with all revenue generated from this market[28]. - Singapore's GDP is projected to grow by 3% to 5% in 2022, following a 7.6% growth in 2021, indicating a recovering economy[104]. - The company aims to maintain growth in the industry and expand its market share in Singapore through strategic investments in new vehicles and IT systems[105]. - The company remains cautious regarding its expansion plans due to uncertainties in the global trade economy[105]. - The company has not faced significant labor disputes and maintains good relationships with its employees[91]. Investments and Acquisitions - The company did not acquire any assets during the six months ended June 30, 2022, compared to an acquisition of SGD 340,000 in the same period of 2021[47]. - The company purchased 10 Euro 6 compliant trucks and 15 trailers, with plans to continue monitoring the market for further vehicle acquisitions[96]. - The company completed the purchase and renovation of a new office space of approximately 1,000 square feet to accommodate additional employees[95]. - The total amount allocated for enhancing transportation and storage capabilities was HKD 26,062,000, with HKD 10,053,000 utilized by June 30, 2022[102]. - The company has successfully installed customized container tracking and enterprise resource planning systems to enhance its IT capabilities[98]. Shareholder Information - As of June 30, 2022, the total shares held by Mr. Cai Jianglin amounted to 64,605,000, representing 7.74% of the issued share capital[108]. - Ms. Cai Shufen holds 6,400,000 shares, which is 0.77% of the issued share capital[108]. - Ventris Global Limited, wholly owned by Mr. Cai, holds 58,205,000 shares, accounting for 6.98% of the total[118]. - The total number of stock options granted under the share option scheme was 51,200,000, with 74,624,000 options remaining unexercised, representing approximately 8.95% of the issued shares[116]. - The company had no purchases, sales, or redemptions of its listed securities during the six months ended June 30, 2022[122].
春能控股(08430) - 2022 - 中期财报