Financial Performance - Total revenue for the year ended December 31, 2023, was SGD 9,071,257, a decrease of 44.5% compared to SGD 16,340,186 in 2022[3] - Gross profit for the same period was SGD 420,395, down 54.6% from SGD 925,492 in the previous year, resulting in a gross margin of 4.6%[3] - The company reported a net loss of SGD 10,582,191 for the year, a significant increase of 465.9% from a loss of SGD 1,869,568 in 2022[5] - The company reported a pre-tax loss of SGD 10,410,191 in 2023, compared to a pre-tax loss of SGD 2,054,729 in 2022, indicating a significant increase in losses[30] - The company experienced a revenue decline of approximately 44.5% and a gross profit decrease of about 54.6% in 2023, primarily due to a sharp drop in new car registrations in Singapore[42] - The net loss for the year was approximately SGD 10,582,000, compared to a loss of SGD 1,870,000 in the previous year, representing an increase of 465.9%[54] Assets and Liabilities - Total assets decreased by 41.4% to SGD 14,637,793 from SGD 24,976,553 in the previous year[7] - Total liabilities rose by 21.2% to SGD 1,389,191 compared to SGD 1,145,760 in 2022[9] - Total equity decreased by 44.4% to SGD 13,248,602 from SGD 23,830,793 in the previous year[7] - The company reported a total asset value of SGD 14,637,793 in 2023, down from SGD 24,976,553 in 2022, a decrease of 41.2%[30] - The company’s trade payables rose to SGD 909,936 in 2023 from SGD 200,395 in 2022, reflecting increased liabilities[36] Cash Flow and Investments - Cash and cash equivalents increased by 18.5% to SGD 8,317,344 from SGD 7,015,867 in 2022[3] - The company had cash and cash equivalents of SGD 8,317,344 as of December 31, 2023, compared to SGD 7,015,867 in 2022, showing an increase of 18.6%[30] - The investment property rental income increased to SGD 170,700 in 2023 from SGD 138,200 in 2022, an increase of 23.4%[30] - The net proceeds from the share issuance amounted to approximately SGD 10,300,000, with a portion of the funds' usage being revised[60] - The remaining proceeds from the listing have been fully utilized by the end of the fiscal year 2023[63] Employee and Operational Costs - Employee benefits cost rose to SGD 4,612,157 in 2023, up from SGD 3,250,795 in 2022, representing an increase of 41.9%[25] - Administrative expenses rose by approximately SGD 1,657,000 to SGD 4,622,000, primarily due to increased employee benefits and travel expenses[53] - Employee costs for the year ended December 31, 2023, amounted to approximately 4,612,000 Singapore dollars, an increase from 3,251,000 Singapore dollars in 2022[65] - The total number of employees as of December 31, 2023, was 48, a slight decrease from 49 in 2022[64] Business Operations and Strategy - The company continues to focus on its core business of selling and installing automotive leather interiors and electronic accessories[12] - Future strategies may include market expansion and potential new product development, although specific details were not disclosed in the report[12] - The group operates in three main business segments: (i) passenger vehicle leather interiors; (ii) passenger vehicle electronic components; and (iii) automotive parts and vehicles, primarily supplying to distributors and dealers in Singapore and Hong Kong[16] - The company plans to implement effective cost control measures and maintain strong relationships with key suppliers to strengthen its market position in Singapore[44] - The company is aware of the importance of resilience and adaptability in the current economic climate and aims to identify emerging opportunities[44] Regulatory and Compliance - The group has adopted new International Financial Reporting Standards (IFRS) effective from January 1, 2023, including IFRS 17 related to insurance contracts, without significant impact on financial performance[14] - The group has not early adopted any IFRS amendments that are published but not yet effective, and it is expected that these will not have a significant impact on the group's performance and financial position[15] - The consolidated financial statements for the year ended December 31, 2023, have been reviewed and deemed compliant with applicable accounting standards and regulations[90] - The company has adhered to all corporate governance codes as of December 31, 2023[80] Risks and Challenges - The company faces challenges due to high vehicle registration costs, which have increased by over 100% since 2020, affecting consumer purchasing behavior[40] - The company faces significant risks, including reliance on major customers and market conditions affecting vehicle sales, which could impact financial performance[56] - The independent auditor's report indicates a potential impact on the financial statements due to reliance on incomplete financial records from the Ocean Dragon Group Limited[83] Shareholder Information - The board does not recommend the payment of a final dividend for the year[72] - The annual general meeting is scheduled for June 28, 2024[81] - The company will suspend the transfer of share registration from June 25 to June 28, 2024, to ensure shareholder voting rights[82]
万马控股(06928) - 2023 - 年度业绩