Revenue and Financial Performance - The group's revenue for the fiscal year increased by 27.81%, from approximately SGD 147.5 million to approximately SGD 188.5 million[9]. - The group completed contract works amounting to approximately SGD 189 million in the fiscal year, compared to SGD 147 million in the previous period, indicating a recovery in output[6]. - The group recorded a net loss after tax of approximately SGD 5.0 million, a decrease of SGD 341,000 or about 7.4% compared to the previous period[14]. - The gross profit for the fiscal year declined to a loss of SGD 1.05 million, with a gross margin decrease of 0.83 percentage points to -0.56%[9]. - Total revenue for the fiscal year ended October 31, 2021, was SGD 188.51 million, an increase of 27.8% from SGD 147.49 million in 2020[46]. - Cost of sales for the same period was SGD 189.56 million, up from SGD 147.09 million, resulting in a gross loss of SGD 1.05 million compared to a gross profit of SGD 0.40 million in 2020[46]. - The company reported a net loss of SGD 4.96 million for the year, slightly higher than the net loss of SGD 4.62 million in 2020[46]. - The group reported a pre-tax loss of (5,983) thousand SGD in 2021, compared to a loss of (5,332) thousand SGD in 2020, reflecting a decline of about 12.2%[75]. - The company reported a loss attributable to owners of SGD 4,682,000 in 2021, compared to a loss of SGD 4,569,000 in 2020[79]. Contracts and Order Book - The total value of contracts awarded to the group was SGD 151.46 million, a decrease from SGD 356 million in the previous year, with a current order book of SGD 316 million[4]. - The group is actively competing for new projects in its specialized market segments, with potential large industrial projects expected to be awarded in Q1 to Q2 of 2022[7]. - The total amount of unfulfilled performance obligations in construction contracts was SGD 315,596,000 in 2021, down from SGD 356,164,000 in 2020, a decrease of 11.4%[100]. Expenses and Cost Management - Administrative expenses were reduced from approximately SGD 12.9 million to SGD 7.4 million, reflecting a significant decrease due to the absence of idle costs[12]. - The company's equity attributable to owners decreased to SGD 84.72 million from SGD 89.40 million in the previous year[50]. - The group has effectively managed cash flow and cost management, ensuring no liquidity issues are anticipated[16]. - The Group's administrative expenses decreased to SGD 7,471,000 in 2021 from SGD 12,953,000 in 2020, a reduction of 42.5%[64]. Assets and Liabilities - Total assets as of October 31, 2021, were SGD 172.08 million, down from SGD 148.96 million in 2020[49]. - Current liabilities decreased to SGD 64.92 million from SGD 49.45 million, while total liabilities decreased from SGD 82.28 million to SGD 64.12 million[50]. - Cash and cash equivalents decreased significantly to SGD 30.80 million from SGD 63.00 million[49]. - The carrying amount of right-of-use assets decreased from SGD 1,767,000 in 2020 to SGD 879,000 in 2021, with depreciation of SGD 120,000 in both years[108][110]. Employee and Compensation - Total employee costs for the fiscal year amounted to approximately SGD 27 million, an increase from SGD 26 million in the previous year[26]. - The group has 861 employees as of October 31, 2021, including foreign workers[26]. - Employee compensation, including directors' remuneration, totaled 27,424 thousand SGD in 2021, up from 26,094 thousand SGD in 2020, an increase of approximately 5.1%[71]. Government and Economic Outlook - The construction industry in Singapore is projected to have a total construction demand between SGD 23 billion and SGD 28 billion for 2021, an increase from SGD 21.3 billion in 2020[3]. - The public sector is expected to contribute between SGD 14 billion and SGD 18 billion annually to construction demand from 2022 to 2025[29]. - Private sector construction demand is projected to reach SGD 11 billion to SGD 14 billion annually during the same period[29]. - The overall construction industry in Singapore grew by 18.7% in 2021, recovering from a 35.9% contraction in 2020[31]. Financial Management and Governance - The company has complied with the corporate governance code and has established an audit committee consisting of three independent non-executive directors[39]. - The independent auditor confirmed that the consolidated financial statements for the fiscal year are consistent with applicable standards and regulations[41]. - The company did not purchase, sell, or redeem any of its listed securities during the fiscal year[42]. Investments and Acquisitions - The group acquired 100% equity of Aasperon Venture Pte Ltd for SGD 3.8 million, which will be used to develop worker accommodation facilities[24]. - The group sold 100% equity of Aasperon Venture Pte Ltd for SGD 4.2 million on May 4, 2021[25]. - The identifiable asset of Aasperon Venture Pte. Ltd. at the acquisition date was a leased building with a fair value of SGD 3,800,000[118]. Cash Flow and Financing - The group has obtained a temporary transitional loan of SGD 5 million from the Singapore government to support operational funding needs during the pandemic[18]. - The cash balance in bank accounts decreased significantly from SGD 46,962,000 in 2020 to SGD 15,709,000 in 2021, a drop of 66.6%[102]. - The company’s bank loans due in 2035 amounted to SGD 720,000 in 2021, unchanged from 2020, while transitional loans due in 2025 decreased from SGD 956,000 to zero[112][114].
HPC HOLDINGS(01742) - 2021 Q4 - 年度业绩