Financial Performance - The company recorded a revenue decline of approximately 4.7% for the fiscal year ending December 31, 2021, with gross profit decreasing by 12.4% to approximately SGD 87.8 million[11]. - The group's revenue decreased from approximately SGD 22.5 million in FY2020 to about SGD 21.4 million in FY2021, a decline of approximately 4.7%[17]. - Revenue from labor dispatch and supporting services fell by about 9.1%, from approximately SGD 15.2 million to SGD 13.8 million, primarily due to reduced construction activities[18]. - The group recorded a loss of approximately SGD 0.46 million in FY2021, compared to a profit of SGD 1.26 million in FY2020, mainly due to disruptions caused by the COVID-19 pandemic[26]. - Gross profit decreased from approximately SGD 8.9 million in FY2020 to about SGD 7.8 million in FY2021, with the gross profit margin dropping from approximately 39.4% to 36.2%[22]. - Other income fell from approximately SGD 3.2 million in FY2020 to about SGD 1.9 million in FY2021, primarily due to a reduction in government grants[23]. - The company reported a net loss after tax of SGD 463,647 for the fiscal year, compared to a profit of SGD 1,263,079 in the previous year[200]. - Total comprehensive loss for the year was SGD 316,909, a significant decrease from the total comprehensive income of SGD 1,288,047 in the prior year[200]. - Basic and diluted earnings per share for the year were SGD (0.02), down from SGD 0.10 in the previous year[200]. - The company’s administrative expenses were SGD 1,899,621, indicating a need for cost management strategies moving forward[200]. Business Strategy and Expansion - The company is actively seeking opportunities to diversify its existing business and expand its revenue base, particularly through the establishment of a joint venture, Shanghai Jinhai Medical Technology Co., Ltd., to enter the healthcare solutions industry[12]. - The group plans to establish a joint venture in the healthcare solutions sector with a registered capital of RMB 30 million, aiming to expand its customer base and revenue sources[15]. - The group is considering expanding its existing business into the Asia-Pacific region, including China, and providing value-added services such as skills training[16]. - The company has delayed the use of remaining net proceeds for the purchase of additional trucks until June 2022 due to a decline in demand for services since 2019[34]. - The company has invested 10.0 million Chinese yuan in Jin Hai Medical as part of its capital injection, with further capital expenditures expected to be gradually paid over 30 months starting from April 2021[36]. Corporate Governance - The company is committed to fulfilling its responsibilities to shareholders and enhancing shareholder value through good corporate governance practices[58]. - The board of directors is responsible for overseeing the management of the group's business affairs and overall performance[61]. - The board consists of eight members, including executive, non-executive, and independent non-executive directors, ensuring a balanced composition for independent judgment[63]. - The company has adopted and complied with the corporate governance code as set out in the Listing Rules during the reporting period[59]. - The board has established various committees to delegate responsibilities and ensure effective governance[61]. - The company has implemented a standard code of conduct for directors regarding securities trading, confirming compliance throughout the year[60]. - The company has three independent non-executive directors, meeting the requirement that at least one-third of the board members must be independent[65]. - The board held four regular meetings during the year, including the approval of the audited consolidated financial statements for the year ended December 31, 2020[70]. - The company has taken out liability insurance for directors to comply with corporate governance code requirements[66]. - The company has adopted a nomination policy to evaluate candidates for board positions based on technical expertise, experience, and diversity[85]. Risk Management - The company has established policies and procedures for risk management and internal control, overseen by the board[92]. - The board believes that the risk management and internal control systems are adequate and effective in meeting the group's needs in the current business environment[93]. - The internal audit function is performed by an external professional company, which reports annually to the board on the adequacy and effectiveness of the risk management and internal control systems[93]. - The company has implemented policies to minimize the risk of fraud, corruption, and bribery, including annual conflict of interest declarations by employees[188]. - The group has not identified any significant violations of laws related to bribery, extortion, fraud, or money laundering during the year[188]. Environmental and Social Responsibility - The company has established an environmental management system to address its carbon footprint, primarily from indirect greenhouse gas emissions due to electricity usage[112]. - There were no reported incidents of non-compliance with environmental laws and regulations during the fiscal year[112]. - The company has adopted green office practices to minimize paper consumption, including measures such as double-sided printing and encouraging employees to use reusable items[162]. - The company has implemented a safety management system based on OHSAS 18001:2007 standards since 2009, certified for its subsidiaries[175]. - The company has a zero-tolerance policy towards child labor and forced labor, with no significant violations reported during the year[177]. - The company has received recognition from Singapore's National Water Agency for operating a water-efficient dormitory[161]. Employee Management - The company employs 53 local employees and 316 foreign workers as of December 31, 2021, with a focus on equal opportunity and non-discrimination in hiring practices[167]. - Employee performance evaluations are conducted annually, considering business needs, individual capabilities, and contributions to the company[171]. - The company ensures all employees are entitled to paid leave and other statutory benefits, safeguarding their basic rights[173]. - The company has implemented a systematic approach to assess employee performance and provide career development opportunities[171]. - The company invested SGD 40,453 in training for foreign workers during the fiscal year 2021[176]. Financial Position - As of December 31, 2021, the company's total liabilities to equity ratio was approximately 7.4%, a decrease from 21.6% on December 31, 2020[35]. - The company had cash and cash equivalents of approximately 14.6 million Singapore dollars as of December 31, 2021, with about 36.9% in Singapore dollars, 33.1% in Chinese yuan, and 30.0% in Hong Kong dollars[37]. - The company is in a net cash position with no bank borrowings as of December 31, 2021[138]. - The company maintains sufficient public float throughout the year as per listing rules[138]. Shareholder Communication - The company aims to ensure timely and comprehensive communication with shareholders and investors through various channels, including financial reports and shareholder meetings[99]. - The company has implemented measures to handle and disclose inside information in compliance with relevant regulations[94]. - The company has adopted a dividend policy allowing shareholders to share in profits, contingent on stable business conditions and no significant investments[143]. - The board retains discretion to update or cancel the dividend policy at any time, ensuring alignment with shareholder interests[143].
今海国际(02225) - 2021 - 年度财报