Financial Performance - Total revenue for the year ended December 31, 2023, was SGD 70,117,966, a decrease of 6.3% compared to SGD 74,799,701 in 2022[2] - Profit before tax for the same period was SGD 6,901,898, down 4.6% from SGD 7,234,805 in the previous year[2] - Net profit for the year was SGD 5,455,152, reflecting a decline of 6.2% from SGD 5,815,266 in 2022[2] - Basic earnings per share for the year was SGD 0.55, compared to SGD 0.58 in the previous year[4] - The group reported a gross profit of SGD 19,766,148 for 2023, compared to SGD 17,964,773 in 2022, reflecting an increase of 10.0%[17] - The gross profit for the year ended December 31, 2023, increased by approximately 10.0% to about SGD 19.8 million, compared to SGD 18.0 million for the year ended December 31, 2022[50] - Annual profit decreased by approximately SGD 0.4 million or 6.2% to about SGD 5.5 million for the year ending December 31, 2023, mainly due to a decrease in other income and increased sales and distribution expenses[57] Revenue Breakdown - Revenue from the nuts segment was SGD 45,972,369, down 9.5% from SGD 50,834,158 in the previous year, while the chips segment generated SGD 22,027,219, an increase of 1.7% from SGD 21,656,353[17] - Revenue from nuts decreased to SGD 45,972,369, accounting for 65.6% of total revenue, down from 68.0% in the previous year[37] - Revenue from chips increased to SGD 22,027,219, representing 31.4% of total revenue, up from 28.9% in 2022[37] - The group operates primarily in Singapore and Malaysia, with total revenue from Singapore at SGD 42,721,738, down from SGD 44,797,269 in 2022[19] - Revenue from the Greater China region, including Hong Kong and Macau, decreased significantly to SGD 3,670,934 from SGD 6,710,316 in the previous year[19] Assets and Liabilities - Cash and cash equivalents decreased by 34.8% to SGD 19,490,038 from SGD 29,879,477 in the prior year[2] - Total assets increased to SGD 75,626,552, compared to SGD 73,143,154 in 2022[5] - The company has no bank borrowings as of December 31, 2023, down from SGD 2,859,361 in 2022[2] - Trade receivables decreased to SGD 11,557,873 as of December 31, 2023, from SGD 12,242,384 in 2022[32] - Trade payables increased to SGD 4,448,421 as of December 31, 2023, compared to SGD 3,926,392 in 2022[33] Margins and Ratios - The company reported a gross profit margin of 28.2%, up from 24.0% in 2022[2] - The return on equity decreased to 7.5% from 8.5% in the previous year[2] - The overall gross margin improved from approximately 24.0% for the year ended December 31, 2022, to about 28.2% for the year ended December 31, 2023[50] - The gross margin for nuts increased from approximately 22.3% in 2022 to 26.2% in 2023, primarily due to a decrease in the average cost of raw nuts[42] - The gross margin for chips rose from approximately 28.0% in 2022 to 32.6% in 2023, attributed to a decline in the average cost of raw potatoes[42] - The current ratio as of December 31, 2023, was 6.6 times, compared to 7.1 times as of December 31, 2022, indicating a strong liquidity position[58] Expenses - Sales and distribution expenses increased by approximately SGD 0.7 million or 18.5% to about SGD 4.7 million for the year ending December 31, 2023, primarily due to increased marketing activities[53] - Administrative expenses rose by approximately SGD 0.3 million or 3.6% to about SGD 8.6 million for the year ending December 31, 2023, mainly due to increased employee costs[54] - Financing costs decreased to SGD 96,580 in 2023 from SGD 116,821 in 2022, primarily due to lower interest on bank loans and lease liabilities[23] Government Support and Other Income - Government grants received increased to SGD 91,509 in 2023 from SGD 43,575 in 2022, indicating a significant rise in support measures[20] - Interest income rose to SGD 811,045 in 2023, up from SGD 268,195 in 2022, attributed to higher interest rates and increased fixed deposits[20][24] - Other income decreased by approximately 57.5% to about SGD 0.9 million for the year ended December 31, 2023, from SGD 2.1 million in the previous year[51] Corporate Governance and Compliance - The company has adhered to the corporate governance code as outlined in the listing rules, ensuring compliance throughout the year ending December 31, 2023[76] - The board of directors confirmed compliance with the standard code of conduct for securities trading throughout the year ending December 31, 2023[77] - The audit committee, consisting of three independent non-executive directors, reviewed the audited consolidated financial statements for the year ending December 31, 2023, ensuring compliance with applicable accounting standards[85] - Deloitte & Touche LLP confirmed that the financial figures in the preliminary announcement for the year ending December 31, 2023, are consistent with the audited financial statements[86] Future Outlook and Strategy - The company plans to continue focusing on food production, packaging, and retail as part of its core business strategy[7] - The company anticipates the global snack food market, including nuts and chips, to grow at an annual rate of about 2.7% until 2027[47] - The company plans to increase marketing expenditures to enhance brand awareness in response to changing consumer preferences towards healthier snack options[47] - The economic outlook for Singapore in 2024 is projected to grow between 1.0% and 3.0%[45] Employee and Shareholder Information - As of December 31, 2023, the company employed 358 staff, up from 311 in the previous year, with employee costs amounting to approximately SGD 12.4 million compared to SGD 11.7 million in 2022, reflecting a year-over-year increase of about 6%[72] - The company has established an employee stock option plan to incentivize and retain qualified participants, enhancing long-term development[72] - The company's major shareholder, SWL Limited, holds 750 million shares, representing 75% of the issued share capital[81] - The board of directors consists of seven members, including four executive directors and three independent non-executive directors[87]
TS WONDERS(01767) - 2023 - 年度业绩