Financial Performance - The company's revenue for the year ended December 31, 2023, was SGD 9,148,000, a decrease of 34.5% compared to SGD 13,898,000 in 2022[4] - The total comprehensive loss for the year was SGD 6,835,000, compared to SGD 3,246,000 in the previous year, reflecting a worsening financial position[4] - The group reported a net loss of approximately SGD 6,847,000 for the year ended December 31, 2023, compared to a loss of SGD 3,063,000 for the previous year[14] - The company reported a total loss for the year of SGD 6,847,000, compared to a loss of SGD 3,063,000 in the previous year, indicating a worsening financial position[33][35] - Revenue decreased by approximately SGD 4.8 million or 34.5% from approximately SGD 13.9 million in fiscal year 2022 to approximately SGD 9.1 million in fiscal year 2023[67] - The overall gross profit decreased by approximately SGD 1.3 million or 216.7%, resulting in a gross loss of approximately SGD 0.7 million in fiscal year 2023, with the gross margin declining from approximately 4.6% to a gross loss margin of approximately 8.0%[69] Operational Performance - Operating loss increased to SGD 4,600,000 in 2023 from SGD 2,157,000 in 2022, indicating a significant decline in operational performance[4] - The segment loss for continuing operations was SGD 560,000 for the year ending December 31, 2023, compared to a profit of SGD 938,000 in the previous year, indicating a significant shift in performance[33][35] - The company has terminated its entertainment machines and equipment business operations during the year[10] - The company completed the sale of a subsidiary engaged in the trading of gaming machines and equipment, resulting in the termination of that segment's operations[31] Assets and Liabilities - The company's net assets decreased to SGD 2,869,000 in 2023 from SGD 9,125,000 in 2022, indicating a substantial reduction in equity[7] - The total assets decreased from SGD 16,317,000 in 2022 to SGD 10,059,000 in 2023, reflecting a reduction of approximately 38.4%[38] - As of December 31, 2023, the group's current liabilities due within one year amounted to approximately SGD 4,566,000, while cash and bank balances classified as current assets were approximately SGD 1,598,000[14] - The total liabilities remained relatively stable, with a slight decrease from SGD 7,192,000 in 2022 to SGD 7,190,000 in 2023, showing a marginal change of 0.03%[38] Cash Flow and Liquidity - Cash and cash equivalents decreased to SGD 1,598,000 in 2023 from SGD 2,271,000 in 2022, highlighting liquidity challenges[6] - The group has obtained a loan of SGD 2,000,000 from a shareholder post-reporting period to support cash flow[15] - The board believes that, assuming successful implementation of planned measures, the group will have sufficient working capital to meet its operational and financial obligations[15] - The current ratio as of December 31, 2023, was approximately 1.4 times, down from 2.4 times in 2022, mainly due to a decrease in inventory and cash balances[76] Shareholder and Corporate Governance - The company has adhered to the corporate governance code as per GEM Listing Rules, except for the separation of roles between the Chairman and CEO, which is currently held by Mr. Pan[103] - The audit committee, consisting of three independent non-executive directors, has reviewed the audited financial information for the fiscal year 2023 and confirmed compliance with applicable accounting standards and GEM Listing Rules[109] - The company has implemented trading standards for directors in accordance with GEM Listing Rules, with all directors confirming compliance for the fiscal year 2023[104] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[103] Employee and Operational Capacity - The company had a total of 92 employees as of December 31, 2023, down from 126 employees in 2022, reflecting a reduction in operational capacity[84] - Total employee costs for the fiscal year 2023 amounted to approximately SGD 4.1 million, a decrease from SGD 4.7 million in fiscal year 2022[86] Financial Costs and Expenses - The company’s financial costs increased to SGD 176,000 in 2023 from SGD 144,000 in 2022, reflecting a rise of approximately 22.2%[33][35] - Interest expenses for continuing operations increased to SGD 159,000 in 2023 from SGD 124,000 in 2022, marking a rise of 28.2%[43] - The total expenses for continuing operations were SGD 13,823,000 in 2023, a decrease of 14.8% from SGD 16,243,000 in 2022[42] Impairment and Asset Valuation - The company reported a non-financial asset impairment loss of SGD 1,043,000, indicating challenges in asset valuation[4] - The company recorded an impairment loss of non-financial assets amounting to SGD 1.0 million, primarily from the manufacturing and sale of disposable medical devices[70] Revenue Sources - Revenue from Customer A for the year ended 2023 was SGD 6,818,000, a decrease of 12.9% from SGD 7,823,000 in 2022[39] - The segment revenue from gaming machines recognized at a point in time was SGD 7,560,000 for the year ending December 31, 2023, down from SGD 9,602,000 in the previous year, a decrease of about 21.4%[33][35] Compliance and Regulatory Matters - The company has not engaged in any business that directly or indirectly competes with its operations as of the announcement date[101] - The company has not purchased, sold, or redeemed any of its listed securities during the fiscal year 2023[97] - The company has not granted any stock options since the adoption of the stock option plan on December 19, 2017, and there are no unexercised options as of December 31, 2023[99]
官酝控股(08513) - 2023 - 年度业绩