Financial Performance - The company reported revenue of approximately SGD 11.96 million for the fiscal year ending June 30, 2022, a decrease of 15.4% from SGD 14.14 million in 2021[9]. - The pre-tax loss for the year was SGD (1.58) million, representing a significant improvement of 67.1% compared to a loss of SGD (4.82) million in the previous year[9]. - The net loss attributable to equity holders of the company was SGD (1.69) million, down 65.5% from SGD (4.88) million in 2021[9]. - Total assets decreased by 37.4% to SGD 10.77 million from SGD 17.20 million in the previous year[9]. - Total liabilities also decreased by 31.8% to SGD 10.15 million from SGD 14.87 million in 2021[9]. - The company’s net assets fell by 73.4% to SGD 618,548 compared to SGD 2.33 million in the previous year[9]. - Total revenue for the fiscal year ended June 30, 2022, was approximately SGD 12.0 million, a decrease of about SGD 2.2 million or 15.4% compared to approximately SGD 14.1 million for the fiscal year ended June 30, 2021[37]. - Revenue from the bakery segment was approximately SGD 7.6 million, a decrease of about SGD 2.8 million or 26.9% from approximately SGD 10.3 million in the previous fiscal year[40]. - Revenue from casual dining restaurants totaled approximately SGD 4.4 million, an increase of about SGD 0.6 million or 15.9%, primarily due to the reopening of dining services after COVID-19 restrictions were lifted[41]. - Other income increased by approximately SGD 0.3 million or 34.7% to about SGD 1.1 million, mainly due to government support measures extended during the pandemic[42]. Operational Adjustments - The company faced significant challenges due to the COVID-19 pandemic, which severely impacted local and international economies[15]. - The company plans to adopt a cautious approach in adjusting its business strategies to minimize losses and improve performance[15]. - A series of reforms and adjustments have been implemented to streamline operations, enhance product and service quality, reduce costs, and improve efficiency[15]. - The company has reorganized affected restaurants and negotiated rent waivers or reductions with landlords to mitigate the impact of the pandemic[33]. - The group aims to enhance operational efficiency and profitability while actively exploring opportunities to expand its customer base and market share[33]. Asset and Liability Management - As of June 30, 2022, cash and bank balances were approximately SGD 2.3 million, down from SGD 4.6 million in 2021[61]. - Current liabilities net amount was SGD 3.4 million as of June 30, 2022, compared to SGD 2.4 million in 2021[62]. - Total equity attributable to owners was SGD 0.6 million as of June 30, 2022, down from SGD 2.3 million in 2021[63]. - Borrowings decreased by approximately SGD 0.3 million or 37.7% to approximately SGD 0.6 million as of June 30, 2022, primarily due to loan repayments[64]. - The debt-to-equity ratio was 6.18 as of June 30, 2022, compared to 1.97 in 2021[82]. Employee and Workforce Management - The number of employees increased from 162 in FY2021 to 165 in FY2022, indicating a growth in workforce[110]. - The company expanded its workforce by hiring an operations manager, three pastry chefs, three chefs, a human resources officer, a customer manager, and a marketing manager, fulfilling all recruitment plans[85]. - Employee benefits costs remained stable at approximately SGD 4.5 million compared to the previous fiscal year[47]. - The percentage of full-time employees rose from 58.6% (95 employees) in FY2021 to 67.9% (112 employees) in FY2022[148]. - New employee count increased significantly from 16 in FY2021 to 39 in FY2022, marking a 143.75% increase[153]. - Employee turnover was recorded at 6 individuals in FY2022, with 66.6% (4 employees) being from Malaysia[153]. - The company emphasizes a non-discriminatory work environment and has mechanisms in place to address any complaints related to discrimination or harassment[149]. - The company has committed to not employing any child or forced labor, with a minimum legal hiring age of 18 years established in its recruitment policy[163]. Environmental, Social, and Governance (ESG) Initiatives - A sustainability roadmap has been established to address significant environmental, social, and governance issues, with ongoing monitoring of related indicators and goals[88]. - The company plans to reduce electricity and water consumption by 5% compared to the previous fiscal year[105]. - The company aims to minimize waste generation, including waste from unsold products[105]. - The company has implemented measures to minimize food waste, including donating unsold products to non-profit organizations[136]. - The company has not generated any hazardous waste under Singapore's Hazardous Waste Act in FY2022, which is a point of pride[126]. - The company has established energy efficiency targets and steps to achieve these goals[187]. - The company identifies and addresses significant climate-related issues that may impact its operations[189]. - The company has established a code of conduct and anti-corruption policies communicated to all new employees and directors[180]. Customer Relations and Quality Control - Customer complaints in fiscal year 2022 were primarily related to service quality and product standards, with cash vouchers issued to address issues[174]. - The company emphasizes responsible sourcing and evaluates suppliers based on food safety, product quality, and timely delivery[167]. - The company has not integrated social and environmental criteria into its supplier evaluation process but aims to collaborate with ethically responsible suppliers[168]. - The company has a total of 56 food handlers and 1 food safety officer registered with the Singapore Food Agency, ensuring compliance with food safety training[173]. Financial Governance and Compliance - The company has maintained high standards of corporate governance and internal controls to uphold its brand and reputation[165]. - The report is prepared in accordance with the GEM listing rules, focusing on environmental, social, and governance (ESG) issues[184]. - The company has adhered to the corporate governance code since its listing date, ensuring transparency and accountability[200].
环球友饮智能(08496) - 2022 - 年度财报