Financial Performance - The group recorded a revenue increase of 32.0% to SGD 17.46 million for the year ended December 31, 2022, compared to the previous year[11]. - Revenue from Singapore operations increased by 29.6% to SGD 13.34 million, while revenue from Malaysia operations rose by 40.5% to SGD 4.13 million[11]. - The group reported a reduced loss of approximately SGD 1.69 million for the year ended December 31, 2022, down from a loss of SGD 2.82 million in the previous year[11]. - Revenue increased by approximately SGD 4.23 million or 32.0% to about SGD 17.46 million for the year ended December 31, 2022, compared to approximately SGD 13.23 million for the year ended December 31, 2021[18]. - The company reported a pre-tax loss of SGD 1,687,000 for 2022, an improvement from a loss of SGD 2,820,000 in 2021[188]. - The company reported a total comprehensive loss of SGD 1,803,000 for the year, compared to a total comprehensive loss of SGD 2,782,000 in the previous year, showing a 35.2% reduction in losses[192]. - The company reported a net loss of SGD 1,687,000 for the fiscal year ending December 31, 2022[199]. Operational Developments - The group plans to open five café locations under the brand Q Classified in Singapore, with the third location opened in March 2023[13]. - The group operates multiple restaurant brands in Singapore and one of the largest handmade baking chains in Malaysia[16]. - The group’s brands include "Central Hong Kong Café," "Black Society," and "Bread Story," focusing on various dining experiences and offerings[16]. - The group is closely monitoring the business outlook in China and will adjust its business strategies to reduce losses and improve performance[13]. Cost and Expenses - Cost of goods sold increased by approximately SGD 1.48 million or 42.4% to about SGD 4.99 million for the year ended December 31, 2022, aligning with the revenue growth[21]. - Employee benefits expenses increased by approximately SGD 0.57 million or 9.8% to about SGD 6.43 million, primarily due to salary growth and hiring more temporary staff[23]. Cash Flow and Financial Position - The net cash flow from operating activities was approximately SGD 1.56 million, with an adjusted net cash flow of about SGD 1.27 million after excluding the impact of depreciation and rent concessions[28]. - Cash and bank balances were approximately SGD 2.24 million as of December 31, 2022, down from SGD 3.07 million as of December 31, 2021[28]. - The company experienced a decrease in cash and cash equivalents, ending the year with SGD 2,236,000, down from SGD 3,068,000, representing a decline of 27.1%[196]. - Current liabilities exceeded current assets by SGD 3,117,000 as of December 31, 2022[199]. - The company has sufficient financial resources to continue operations for at least the next twelve months, supported by financing from several banks and a major shareholder's financial assistance[199]. Corporate Governance - The group emphasizes its commitment to serving stakeholders and maintaining shareholder trust as a core principle[13]. - The company has a commitment to high standards of corporate governance, which is deemed essential for sustainable growth and enhancing shareholder value[58]. - The board consists of seven members, including four executive directors and three independent non-executive directors, responsible for business and investment planning, annual budgeting, and profit distribution[40]. - The company has established a remuneration committee to assess the performance and determine the remuneration of directors and senior management[69]. - The board consists of executive directors including the Chairwoman and CEO, Liu Wan-Zhen, and other key executives[60]. Risk Management - The board has established policies and procedures to identify, assess, and manage significant risks, ensuring the effectiveness of the risk management and internal control systems[88]. - The company has engaged a professional risk advisory firm to conduct annual reviews of its risk management and internal audit processes[88]. Employee Relations - The group has established effective relationships with employees, customers, and suppliers, ensuring a healthy and safe working environment[153]. - The total number of full-time employees increased to 246 as of December 31, 2022, from 223 as of December 31, 2021[37]. - The company has a clear commitment to fair employment practices, providing equal opportunities regardless of gender, age, marital status, race, religion, or nationality[81]. Shareholder Communication - The company has adopted a shareholder communication policy to enhance transparency and investor confidence[102]. - The board of directors is committed to maintaining effective communication with shareholders through various channels[102]. - The company encourages shareholder participation in all general meetings[102]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2022[171]. - The audit committee reviewed the management and accounting principles adopted by the group, discussing internal controls and financial reporting matters[166]. - All directors have undergone training on corporate governance and relevant regulations to ensure compliance with GEM listing rules[80].
聚利宝控股(08527) - 2022 - 年度财报