Financial Performance - The company reported a revenue decrease of approximately SGD 5.1 million or 25.8% to about SGD 14.7 million for the fiscal year ended December 31, 2022[8]. - The net loss for the fiscal year 2022 was approximately SGD 3.1 million, an improvement from a net loss of approximately SGD 7.2 million in the fiscal year 2021[14]. - The decline in revenue was primarily due to reduced orders in the manufacturing and sales of disposable medical devices and gaming machines in Singapore and China[8]. - The group's revenue decreased by approximately SGD 5.1 million or 25.8% from about SGD 19.8 million in FY2021 to about SGD 14.7 million in FY2022, primarily due to reduced sales in Singapore and China[16]. - The overall gross profit decreased by SGD 3.1 million or 77.5% from about SGD 4.0 million in FY2021 to about SGD 0.9 million in FY2022, with the gross profit margin dropping from approximately 20.2% to about 6.1%[19]. - Cash and cash equivalents as of December 31, 2022, were approximately SGD 2.3 million, down from SGD 4.1 million in FY2021[26]. - Total employee costs for FY2022 were approximately SGD 4.8 million, compared to SGD 5.7 million in FY2021[35]. - The company did not recommend any final dividend for the fiscal year 2022[132]. - The company’s major risks and uncertainties for the fiscal year 2022 are detailed in the notes to the consolidated financial statements[130]. Cost Management and Operational Efficiency - The company has implemented cost-cutting measures and operational efficiencies to mitigate the impact of the economic downturn[9]. - The company is focused on maintaining operational cost management and business growth while being vigilant about risk conditions in its business portfolio[15]. - The cost of sales decreased by approximately SGD 2.1 million or 13.3% from about SGD 15.8 million in FY2021 to about SGD 13.7 million in FY2022, consistent with the decline in revenue[17]. - Financial costs decreased by approximately SGD 96,000 or 39.8% from about SGD 241,000 in FY2021 to about SGD 145,000 in FY2022, primarily due to reduced lease interest and borrowings[25]. Strategic Initiatives and Future Opportunities - The company continues to explore new revenue sources and business opportunities despite the challenges posed by the ongoing COVID-19 pandemic and economic uncertainties[14]. - The company believes it is strategically positioned to manage its business and seize future opportunities due to its experience and production expertise[15]. - The company plans to utilize SGD 5.95 million for various initiatives, including SGD 2.202 million for microfluidics and liquid silicone rubber development, and SGD 1.53 million for general working capital[40]. - The company has established a new technology department with an investment of SGD 300,000[40]. - The company upgraded its existing manufacturing facilities with an investment of SGD 708,000[40]. - The company has employed sales and marketing personnel with an investment of SGD 410,000[40]. Corporate Governance - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value, complying with GEM Listing Rules Appendix 15[75]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors, ensuring independent judgment[79]. - The company held one annual general meeting and nine board meetings during the fiscal year 2022, demonstrating active governance engagement[84]. - All independent non-executive directors have confirmed their independence in writing, aligning with GEM Listing Rules[80]. - The company has established three functional committees to assist the board in fulfilling its responsibilities, including the Audit Committee, Remuneration Committee, and Nomination Committee, all formed on December 19, 2017[92]. - The Audit Committee held four meetings during the fiscal year 2022, ensuring compliance with GEM Listing Rules and internal controls[94]. - The Remuneration Committee conducted three meetings in fiscal year 2022 to review and recommend compensation for executive directors and senior management[99]. - The Nomination Committee also held three meetings in fiscal year 2022, focusing on board diversity and ensuring a balanced skill set among members[104]. - The company has adopted the GEM Listing Rules regarding securities transactions by directors, confirming compliance for the fiscal year 2022[89]. - The company emphasizes the importance of continuous professional development for directors to maintain effective internal controls and corporate governance[90]. Shareholder Communication and Transparency - The company encourages effective communication with shareholders and potential investors through annual general meetings and timely disclosures of financial performance[118]. - The company is committed to maintaining transparency and comprehensive information disclosure to investors through various channels, including its website[124]. - The company has made efforts to improve accountability and transparency to create value for shareholders[74]. Risk Management - The board is responsible for reviewing and monitoring the risk management and internal control systems annually, ensuring compliance with relevant regulations[113]. - The company has not identified any significant matters affecting its business or financial performance since the end of the fiscal year[44]. - The company has not engaged in hedging against foreign exchange risks, as the foreign exchange risk during the reporting periods was not significant[43]. Auditor and Financial Reporting - The independent auditor's report aims to provide reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[196]. - The audit process involves identifying and assessing risks of material misstatement and designing audit procedures to address these risks[197]. - The auditor evaluates the appropriateness of accounting policies and the reasonableness of accounting estimates and disclosures made by the board[197]. - The consolidated financial statements reflect the overall presentation, structure, and content, including disclosures, of relevant transactions and events[197]. - The audit committee reviewed the annual report for the fiscal year 2022 and confirmed compliance with applicable accounting standards and GEM listing rules[180]. Share Capital and Reserves - The company reported a total issued share capital of 568,371,790 ordinary shares with a par value of HKD 0.01 as of December 31, 2022[139]. - The distributable reserves of the company as of December 31, 2022, amounted to approximately SGD 10.5 million, an increase from SGD 9.7 million in the previous fiscal year[143]. - The company has a minimum of 25% of its issued shares held by the public as of the report date[178].
官酝控股(08513) - 2022 - 年度财报