Financial Performance - For the three months ended March 31, 2023, the group's revenue was approximately SGD 5,021,107, a decrease of about SGD 1,646,793 or 24.7% compared to SGD 6,667,900 for the same period in 2022[5] - The loss attributable to owners of the company for the three months ended March 31, 2023, was approximately SGD 1,713,965, a decrease of about SGD 18,627 compared to a loss of SGD 1,732,592 for the same period in 2022[5] - The gross loss for the three months ended March 31, 2023, was SGD 438,978, compared to a gross profit of SGD 114,293 for the same period in 2022[7] - Revenue from truck transportation services was SGD 4,332,968 for the three months ended March 31, 2023, down from SGD 5,552,864 in the same period in 2022[20] - Revenue from consolidation services was SGD 688,139 for the three months ended March 31, 2023, compared to SGD 1,115,036 for the same period in 2022[20] - The overall performance shifted from a profit of approximately SGD 114,000 for the three months ended March 31, 2022, to a loss of approximately SGD 439,000 for the same period in 2023[50] - The total gross margin declined from approximately 1.7% profit to approximately 8.7% loss for the same periods[50] - The company reported a pre-tax loss of SGD 1,713,965 for the three months ended March 31, 2023, compared to a loss of SGD 1,732,592 in 2022[34] Expenses and Costs - The administrative expenses for the three months ended March 31, 2023, were SGD 1,316,735, a decrease from SGD 1,964,750 in the same period in 2022[7] - The company’s financing costs for the three months ended March 31, 2023, were SGD 15,174, compared to SGD 10,494 for the same period in 2022[7] - Total employee costs, including directors' remuneration, amounted to approximately SGD 1,764,000 for the three months ended March 31, 2023, down from approximately SGD 3,005,000 for the same period in 2022[61] - The company has a significant management compensation of SGD 216,857 for the three months ended March 31, 2023, compared to SGD 238,455 in 2022[41] Dividends and Shareholder Information - The company did not recommend any dividend for the three months ended March 31, 2023[5] - The company did not recommend the payment of dividends for the three months ended March 31, 2023, considering overall operating performance and financial condition[88] - Major shareholders include Ventris Global Limited with 3,230,250 shares (1.94%), Dai Wangfei with 3,950,000 shares (9.47%), and Wang Hufei with 10,471,750 shares (6.28%) as of March 31, 2023[71] Economic Context - The Singapore economy has significantly slowed, with year-on-year growth declining from 2.1% in Q4 2022 to 0.1% in the first three months of 2023, primarily due to a contraction in trade-related industries[59] - The management is continuously monitoring the global trade economy and discussing with customers to understand their needs amid ongoing challenges and uncertainties[59] Compliance and Governance - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO[87] - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the three months ended March 31, 2023, and found them compliant with applicable accounting standards[91] Stock Options and Incentives - The company has adopted a share option scheme to incentivize and reward eligible participants for their contributions to the group[74] - As of March 31, 2023, the company granted stock options totaling 3,890,350, representing approximately 2.33% of the total issued shares[75] - The stock option plan will expire on October 17, 2027[80] - The company granted stock options to 8 employees, each holding 333,649 options, and to 3 employees, each holding 407,052 options[78][79] Other Financial Information - Other income for the three months ended March 31, 2023, was SGD 56,922,000, down from SGD 128,359,000 in 2022[24] - Other income decreased from approximately SGD 128,000 for the three months ended March 31, 2022, to approximately SGD 57,000 for the three months ended March 31, 2023, a reduction of about SGD 71,000[51] - The total equity as of March 31, 2023, was SGD 17,475,948, a decrease from SGD 20,089,025 as of March 31, 2022[8] - The group recorded a loss of approximately SGD 1,714,000 for the three months ended March 31, 2023, a decrease of about SGD 19,000 from a loss of approximately SGD 1,733,000 for the same period in 2022[56] - The company has pledged properties and bank deposits valued at SGD 525,970 and SGD 511,859 as collateral for secured bank loans as of March 31, 2023[82] - The group has no capital commitments as of March 31, 2023[58] - The total performance guarantees provided by financial institutions and insurance companies amounted to SGD 670,000 as of March 31, 2023[57] Events and Transactions - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the reporting period[81] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period[83] - No significant events occurred after the reporting period that would impact the financial statements[84]
春能控股(08430) - 2023 Q1 - 季度财报