Financial Performance - For the six months ended June 30, 2023, the total revenue of the group was approximately SGD 10,130,000, a decrease of about SGD 3,310,000 or 24.6% compared to the same period in 2022[3]. - The loss attributable to owners of the company for the six months ended June 30, 2023, was approximately SGD 2,140,000, compared to a loss of SGD 3,367,000 for the same period in 2022[4]. - The gross profit for the six months ended June 30, 2023, was SGD 126,092, down from SGD 325,114 in the same period of 2022[6]. - The total comprehensive loss for the six months ended June 30, 2023, was SGD 2,140,243, compared to SGD 3,367,169 for the same period in 2022[11]. - The company reported a basic and diluted loss per share of SGD 0.0024 for the six months ended June 30, 2023, compared to SGD 0.016 for the same period in 2022[6]. - The company recorded a loss of approximately SGD 2,121,000 for the six months ended June 30, 2023, an improvement of about SGD 1,246,000 compared to a loss of approximately SGD 3,367,000 for the same period in 2022[78]. Dividends - The board of directors did not recommend any dividend for the six months ended June 30, 2023[4]. - The company did not declare any dividends for the six months ended June 30, 2023, consistent with the previous year[42]. - No dividends were proposed by the board for the six months ended June 30, 2023, considering the overall operating performance and financial condition of the company[79]. Assets and Liabilities - The total assets less current liabilities as of June 30, 2023, amounted to SGD 17,590,863, compared to SGD 14,556,920 as of December 31, 2022[9]. - The net asset value as of June 30, 2023, was SGD 17,049,670, an increase from SGD 13,727,226 as of December 31, 2022[9]. - The cash and bank balances as of June 30, 2023, were SGD 3,836,683, compared to SGD 2,252,650 as of December 31, 2022[7]. - Trade receivables as of June 30, 2023, amounted to SGD 3,409,177, a decrease from SGD 3,981,833 as of December 31, 2022, reflecting a 14% decline[46]. - The company reported total loans and borrowings of SGD 1,441,271 as of June 30, 2023, down from SGD 2,313,570 at the end of 2022, indicating a 38% reduction[52]. - The company’s trade payables as of June 30, 2023, were SGD 951,531, a decrease from SGD 1,251,148 as of December 31, 2022, representing a 24% decline[50]. Cash Flow - For the six months ended June 30, 2023, the net cash flow used in operating activities was SGD (21,632) compared to SGD (2,951,296) in 2022, indicating a significant improvement[14]. - The net cash flow used in investing activities increased to SGD (2,950,251) from SGD (137,500) year-over-year, reflecting higher investment expenditures[14]. - The net cash flow generated from financing activities rose to SGD 4,555,916 from SGD 893,121, showing a strong increase in financing activities[14]. - Cash and cash equivalents at the end of the period increased to SGD 3,836,683 from SGD 7,869,446, indicating a net increase of SGD 1,584,033 compared to a decrease of SGD (2,195,675) in the previous year[14]. Revenue Breakdown - Customer contract revenue for the six months ended June 30, 2023, was SGD 10,130,158, down 25.5% from SGD 13,439,564 in 2022[23]. - Revenue from truck transportation services for the six months ended June 30, 2023, was SGD 8,758,250, a decrease of 22.3% from SGD 11,260,942 in 2022[26]. - Revenue from consolidation services for the same period was SGD 1,371,908, down 37.0% from SGD 2,178,622 in 2022[26]. - Overall gross profit decreased from approximately SGD 325,000 for the six months ended June 30, 2022, to approximately SGD 126,000 for the same period in 2023, with a gross profit margin decline from about 2.4% to 1.2%[72]. Employee Costs - The total employee cost for the six months ended June 30, 2023, was approximately SGD 3,459,000, down from SGD 5,607,000 for the same period in 2022[91]. - The group maintained a total of 140 employees as of June 30, 2023, unchanged from December 31, 2022[91]. Corporate Governance - The company has adopted a code of conduct for securities trading by directors, confirming compliance with the required trading standards during the six months ended June 30, 2023[126]. - The company has complied with all provisions of the corporate governance code, with the exception of the separation of roles between the Chairman and CEO, which is deemed appropriate for effective management[128]. - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and policies adopted by the group and believes that the financial performance for the six months ended June 30, 2023, complies with applicable accounting standards and regulations[131]. Future Plans and Market Conditions - The company plans to maintain growth in the industry and expand its market share in Singapore, despite economic challenges, with a cautious approach to expansion due to global trade uncertainties[106]. - Future plans include purchasing new vehicles to increase service capacity, enhancing employee numbers, acquiring new office space, and strengthening IT systems[106]. - Singapore's economy showed a significant slowdown, with year-on-year growth dropping to 2.1% in Q4 2022 and further declining to 0.1% in the first three months of 2023[106]. Rights Issue - The company proposed a rights issue on October 21, 2022, offering three (3) shares for every one (1) existing share at a subscription price of HKD 0.26, aiming to raise approximately HKD 32.5 million[101]. - The rights issue was completed on February 23, 2023, after receiving shareholder approval at a special meeting held on December 30, 2022[103]. - The estimated net proceeds from the rights issue, after deducting costs, are approximately HKD 31.4 million, with HKD 15.6 million utilized by June 30, 2023[104]. - The company aims to utilize the rights issue proceeds primarily for operational expenses over the next 12 months, including rent, salaries, and working capital[103].
春能控股(08430) - 2023 - 中期财报