Financial Performance - Total revenue for the year ended December 31, 2023, was SGD 92.49 million, a decrease of 25.5% from SGD 124.20 million in 2022[4] - Gross profit for the same period was SGD 7.00 million, down 63.2% from SGD 19.00 million in 2022[4] - EBITDA decreased by 71.5% to SGD 3.87 million from SGD 13.58 million in the previous year[4] - The company reported a net loss of SGD 0.93 million for 2023, compared to a profit of SGD 7.28 million in 2022[4] - Basic and diluted loss per share was SGD (0.28) compared to earnings of SGD 0.50 per share in 2022[4] - The group’s total revenue for the year ended December 31, 2023, was approximately SGD 92.5 million, a decrease of about 25.5% from SGD 124.2 million for the year ended December 31, 2022[57] - The group's gross profit decreased by approximately 63.2% to about SGD 7.0 million, with a gross margin of approximately 7.6%, down from 15.3%[64] Revenue Breakdown - Revenue from the Electronics Manufacturing Services segment was SGD 78.95 million, accounting for 85.4% of total revenue[15] - The Original Design Manufacturing segment generated SGD 11.22 million, representing 12.1% of total revenue[15] - Investment revenue was SGD 2.31 million, maintaining a 2.5% share of total revenue[15] - Revenue from electronic manufacturing services was SGD 78,953,000, down from SGD 109,176,000 in 2022, representing a decline of 27.5%[18] - The investment segment generated SGD 2,314,000 in revenue, compared to SGD 3,105,000 in 2022, reflecting a decrease of 25.5%[18] - The original design manufacturing segment's revenue decreased by approximately 5.9% year-on-year, focusing on outsourced semiconductor assembly and testing equipment[54] Assets and Liabilities - Total assets decreased to SGD 109.56 million in 2023 from SGD 122.30 million in 2022[7] - Cash and cash equivalents decreased to SGD 18.14 million from SGD 20.10 million in the previous year[7] - The total outstanding balance of interest-bearing loans and borrowings as of December 31, 2023, was approximately SGD 21.0 million, slightly down from SGD 21.2 million as of December 31, 2022[85] - The net debt-to-equity ratio as of December 31, 2023, was approximately 0.03, compared to 0.01 as of December 31, 2022[88] - The leverage ratio as of December 31, 2023, was 0.19, an increase from 0.17 as of December 31, 2022[89] Cash Flow - The net cash flow from operating activities for the year ended December 31, 2023, was approximately SGD 1.2 million, reflecting a decrease from SGD 2.9 million in 2022[76] - The net cash flow from investing activities for the year ended December 31, 2023, was approximately SGD 2.9 million, primarily from the sale of investment securities amounting to SGD 7.2 million[79] - The net cash flow used in financing activities for the year ended December 31, 2023, was approximately SGD 5.4 million, mainly for repaying bank loans of SGD 11.1 million[80] Expenses - Other income decreased to SGD 807,000 in 2023 from SGD 1,408,000 in 2022, primarily due to lower government grants and interest income[20] - The cost of goods sold was SGD 59,115,000 in 2023, down from SGD 80,654,000 in 2022, indicating a reduction of 26.7%[25] - Selling and marketing expenses decreased by approximately 18.9% to about SGD 2.6 million, aligning with the decline in revenue[66] - General and administrative expenses increased by approximately 9.6% to about SGD 14.3 million, mainly due to higher employee wages and salaries[67] Investments and Acquisitions - The group acquired an additional 51% stake in Continuumm Technologies, resulting in 100% ownership of the company[53] - As of December 31, 2023, the group's investment in joint ventures totaled SGD 16.562 million, an increase from SGD 14.362 million in 2022[34] - The group’s investment in the Nantong Intelligent Manufacturing Fund increased to SGD 11.201 million in 2023 from SGD 8.729 million in 2022[34] - The acquisition of 100% of Continuumm Technologies was completed on July 12, 2023, following the purchase of shares for SGD 15,000[91] Employee and Governance - The group has 819 employees as of December 31, 2023, with employee benefits expenses amounting to approximately SGD 29.5 million for the year[97] - The board does not recommend the payment of a final dividend for the year ended December 31, 2023[99] - The group has complied with all provisions of the corporate governance code for the year ended December 31, 2023[103] - The group has not experienced any labor disputes during the year ended December 31, 2023[97] Risk Management - The group continues to monitor foreign exchange risks, particularly with fluctuations in SGD, RMB, and USD, which may significantly impact profit margins and overall performance[94] - The semiconductor equipment industry remains highly investable, with a focus on identifying promising sectors and companies within the changing economic landscape in China[56] Other Information - The group has not pledged any assets as of December 31, 2023[95] - The group has not entered into any off-balance sheet transactions as of the announcement date[98] - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2023[106] - The group has established a stock option plan, granting a total of 2,900,000 options to seven employees at an exercise price of HKD 0.304 per share, effective for 12 months from the grant date[100] - The executive directors include Mr. Lin Guo Cai (CEO), Mr. Du Xiao Tang, Mr. Lin Qin Ming, and Mr. Zheng Jin Xia[115] - The non-executive directors include Mr. Luo Jian Hua (Chairman) and Mr. Fan Zhi Rong[116] - Independent non-executive directors include Dr. Senerath Wickramanayaka Mudiyanselage Sunil Wickramanayaka, Mr. Pan Zhi Wei, and Dr. Hong Bing Fa[115]
精技集团(03302) - 2023 - 年度业绩