Financial Performance - The company's revenue for the six months ended December 31, 2023, was SGD 3,856,287, a decrease of 31.3% compared to SGD 5,616,939 for the same period in 2022[9]. - Other income for the same period was SGD 6,835, significantly lower than SGD 263,078 in the previous year[9]. - The cost of materials and consumables used was SGD 1,234,784, down from SGD 1,360,432, reflecting a reduction of 9.2%[9]. - Employee benefit expenses decreased to SGD 1,415,225 from SGD 1,896,388, a reduction of 25.3%[9]. - The loss before tax for the period was SGD 125,415, an improvement from a loss of SGD 458,457 in the prior year[9]. - The total comprehensive loss for the period was SGD 250,804, compared to SGD 599,893 in the same period last year, indicating a 58.3% reduction[9]. - Basic and diluted loss per share was SGD 0.08, down from SGD 0.23 in the previous year[9]. - The company reported a foreign exchange loss of SGD 10,241 from overseas operations, compared to a loss of SGD 5,141 in the previous year[9]. - The company incurred a loss of SGD 194,859 during the six months ended December 31, 2023, compared to a loss of SGD 4,873,817 for the previous year[12]. - The company recorded a loss attributable to equity holders of approximately 0.2 million SGD for the current period, compared to a loss of about 0.5 million SGD for the six months ended December 31, 2022[60]. - The net loss attributable to equity holders for the period was approximately SGD 0.2 million, a decrease of about SGD 0.3 million or 64.0% compared to SGD 0.5 million for the six months ended December 31, 2022, due to increased customer traffic and cost-cutting measures[74]. Assets and Liabilities - Total assets increased to SGD 3,847,315 as of December 31, 2023, compared to SGD 2,705,400 as of June 30, 2023, representing a growth of 42.1%[10]. - The total liabilities increased to SGD 8,736,908 as of December 31, 2023, from SGD 7,344,189 as of June 30, 2023, an increase of 19.0%[10]. - The company’s total equity attributable to equity holders decreased to SGD (4,450,245) as of December 31, 2023, from SGD (4,242,696) as of June 30, 2023, indicating a decline of 4.9%[10]. - Current liabilities net amount was approximately SGD 5.0 million as of December 31, 2023, compared to SGD 4.7 million as of June 30, 2023[79]. - Total borrowings amounted to SGD 282,579 as of December 31, 2023, down from SGD 326,771 as of June 30, 2023, a decrease of about 13.5%[48]. Cash Flow - Cash and cash equivalents rose significantly to SGD 1,415,826 from SGD 166,719, marking an increase of 748.5%[14]. - The company reported a net cash inflow from operating activities of SGD 926,279 for the six months ended December 31, 2023, down from SGD 1,157,905 in the same period of 2022, a decrease of 19.9%[14]. - The company’s cash flow from financing activities showed a net inflow of SGD 322,473 for the six months ended December 31, 2023, compared to a net outflow of SGD (2,415,187) in the previous year[14]. - Cash and bank balances increased to approximately SGD 1.4 million as of December 31, 2023, compared to about SGD 0.2 million as of June 30, 2023[77]. Business Operations - The company continues to operate in Singapore and China, focusing on three business segments: baking products, restaurant operations, and smart beverage vending machines[22][27]. - The number of bakeries decreased from 13 to 3, and the total number of restaurants reduced from 24 to 9 due to rising rental costs and operational losses in Singapore[64]. - The revenue contribution from bakeries was 2.5 million SGD, accounting for 65.2% of total revenue, while the revenue from casual dining restaurants was 1.3 million SGD, contributing 34.8%[65]. - The company has decided to cease operations of loss-making bakeries in Singapore to preserve funds for new business strategies[59]. - The company plans to explore opportunities in the smart beverage vending machine business and expand its existing bakery operations in China[59]. Future Outlook - Future outlook includes potential market expansion and new product development initiatives to drive revenue growth[9]. - The company is focusing on cost control measures to improve financial performance in the upcoming periods[9]. - The company aims to enhance operational efficiency and profitability while monitoring rising operational costs due to inflation[61]. Corporate Governance - The company emphasizes the importance of corporate governance and transparency to maintain shareholder trust[105]. - The audit committee, consisting of three independent non-executive directors, reviewed and approved the unaudited interim financial statements for the six months ending December 31, 2023[111]. - The company has not disclosed any interests held by directors or major executives in competing businesses[96]. Shareholder Information - As of December 31, 2023, Mr. Zhang Yang holds 180,000,000 shares, representing 75.00% of the company's ordinary shares[100]. - The major shareholder, China Youyin Technology Co., Ltd., also holds 180,000,000 shares, equating to 75.00% ownership[103]. - The company did not recommend any dividend payment for the period[75]. Subscription Agreement - The company has entered into a subscription agreement to issue a total of 48,000,000 subscription shares at a price of HKD 0.32 per share, representing approximately 20% of the existing issued share capital[112]. - The total proceeds from the subscription are expected to be HKD 15,360,000, with a net amount of approximately HKD 15.36 million after related expenses, equating to a net issue price of about HKD 0.32 per share[115]. - Approximately HKD 5 million (32.55% of net proceeds) will be used for acquiring products to expand the smart beverage vending machine business in China[117]. - Another HKD 5 million (32.55% of net proceeds) is allocated for expenses related to expanding the existing baking business in China[117]. - About HKD 5.36 million (34.9% of net proceeds) will be utilized to supplement the company's general working capital[117]. - The subscription agreement's terms are deemed fair and reasonable, aligning with the overall interests of the company and its shareholders[115]. - As of the report date, the subscription has not yet been completed, and no subscription shares have been issued[116]. - The deadline for the completion of the subscription has been extended to March 31, 2024[116].
环球友饮智能(08496) - 2024 - 中期财报