Financial Performance - Total revenue for the year ended December 31, 2023, was SGD 89.506 million, a decrease of 7.3% compared to SGD 96.525 million in 2022[3] - Gross profit for the same period was SGD 27.611 million, down 4.3% from SGD 28.864 million in 2022[3] - Net profit for the year was SGD 3.882 million, representing a decline of 24.8% from SGD 5.161 million in the previous year[3] - Earnings per share attributable to shareholders decreased by 39.1% to 0.14 cents from 0.23 cents in 2022[3] - The company reported a total comprehensive income of SGD 3.300 million for the year, down from SGD 5.054 million in 2022[4] - The pre-tax profit for the group was SGD 2,892,000 for the year ended December 31, 2023, down from SGD 4,543,000 in 2022, representing a decline of approximately 36.4%[31] - Profit for the year decreased by approximately 24.8% from SGD 5.2 million for the year ended December 31, 2022, to approximately SGD 3.9 million for the year ended December 31, 2023[68] Revenue Breakdown - The segment revenue for the "Interior Design" business was SGD 8.585 million, up from SGD 6.906 million, reflecting an increase of approximately 24.4%[17][18] - The "Furniture Sales" segment generated revenue of SGD 24.520 million, down from SGD 25.817 million, indicating a decrease of about 5%[17][18] - The "US Furniture Sales" segment reported revenue of SGD 56.401 million, a decrease from SGD 63.802 million, representing a decline of approximately 11.6%[17][18] - The revenue from the US furniture sales segment was approximately SGD 56.4 million, down about 11.6% from SGD 63.8 million in 2022, accounting for approximately 63.0% of the group's total revenue[50] - The furniture sales segment generated revenue of approximately SGD 24.5 million, a decrease from SGD 25.8 million in 2022, primarily due to reduced income from the "OM" brand[53] - The revenue from special projects in the furniture sales segment increased from approximately SGD 5.5 million in 2022 to approximately SGD 9.6 million in 2023, driven by the successful completion of several large projects[54] - The interior design segment's revenue increased from approximately SGD 6.9 million in 2022 to approximately SGD 8.6 million in 2023, attributed to an increase in the number of projects secured in Singapore and overseas[55] Assets and Liabilities - Total assets as of December 31, 2023, amounted to SGD 72.044 million, down from SGD 77.264 million in 2022[5] - Current liabilities decreased to SGD 18.843 million from SGD 25.195 million in 2022, indicating improved liquidity[5] - Cash and cash equivalents increased to SGD 28.350 million from SGD 20.874 million in the previous year, reflecting a stronger cash position[5] - Non-current assets totaled SGD 14.873 million, a decrease from SGD 16.389 million in 2022[5] - Total segment assets as of December 31, 2023, amounted to SGD 86.917 million, compared to SGD 93.653 million in the previous year, a decrease of about 7.2%[17][18] - Total segment liabilities increased to SGD 30.367 million from SGD 38.517 million, a decrease of approximately 21.2%[17][18] Expenses - Sales and distribution expenses rose by approximately SGD 1.3 million or 10.3% to approximately SGD 13.8 million in 2023, primarily due to increased warehouse rental costs[62] - Administrative expenses decreased by approximately SGD 0.1 million or 0.7% from SGD 9.6 million for the year ended December 31, 2022, to approximately SGD 9.5 million for the year ended December 31, 2023[63] - Employee costs, including directors' remuneration, were approximately SGD 8.7 million for the year ended December 31, 2023, down from SGD 9.3 million for the year ended December 31, 2022[78] Dividends - The board recommended a final dividend of 0.38 cents per ordinary share for the year ended December 31, 2023, unchanged from 2022[30] - The group proposed a final dividend of HKD 0.38 per share for the year ending December 31, 2022, which was approved by shareholders in June 2023[48] - The board proposed a final dividend of HKD 0.38 per ordinary share for the year ended December 31, 2023, consistent with the previous year[83] - The company plans to distribute a final dividend from the share premium account without affecting the capital or share value[85] Corporate Governance - The board is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[91] - The company has established a corporate governance framework and policies in accordance with the Listing Rules[92] - The board believes that the dual role of the chairman and CEO is in the best interest of the group, despite the corporate governance code's recommendation[93] - Following the resignation of Mr. Wee Kang Keng on January 3, 2024, the board currently has only two independent non-executive directors, which does not meet the minimum requirements of the Listing Rules[96] - The company is currently working to appoint suitable candidates to fill the vacancies on the board as required by the Listing Rules[96] Future Outlook - The group plans to exit the mass market segment under the "OM" brand due to its underperformance and will continue to focus on the luxury market and expand its product range in the fiscal year ending December 31, 2024[53][58] - The group anticipates that the interior design segment will make a positive contribution in the fiscal year 2024, supported by a strong project pipeline and loyal customer base[59] - The group will manage its business cautiously in the fiscal year 2024 in response to potential global economic slowdowns and geopolitical tensions affecting consumer sentiment[57] Other Information - The annual general meeting of the company is scheduled for June 20, 2024[98] - The company's share register will be temporarily closed from June 17, 2024, to June 20, 2024, for shareholders to attend the annual general meeting and vote[100] - The share register will also be temporarily closed from June 27, 2024, to June 28, 2024, to determine the entitlement to the proposed final dividend, pending shareholder approval[101] - The audit committee consists of five members as of December 31, 2023, with Lin Wenzheng serving as the chairman[102] - The audit committee has reviewed the company's annual performance for the year ending December 31, 2023[103] - The company's auditor, Ernst & Young, has agreed that the financial data in the preliminary announcement is consistent with the group's financial statements for the year[105] - The annual report for the year ending December 31, 2023, will be sent to shareholders as needed and will be available on the company's website[106] - The chairman and executive director of the company is Ruan Youren[107] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[108]
设计都会(01545) - 2023 - 年度业绩