Financial Performance - For the six months ended June 30, 2022, the company reported revenue of SGD 41,932,000, a significant increase from SGD 14,799,000 in the same period of 2021, representing a growth of 183%[10]. - The company recorded a gross profit of SGD 8,563,000 for the six months ended June 30, 2022, compared to a gross loss of SGD 1,545,000 in the same period of 2021[10]. - Total expenses for the six months ended June 30, 2022, amounted to SGD 42,489,000, up from SGD 14,940,000 in the previous year, indicating an increase of 184%[10]. - The net loss for the six months ended June 30, 2022, was SGD 557,000, compared to a profit of SGD 141,000 in the same period of 2021[10]. - The company reported a significant increase in trade inventory costs, which rose to SGD 33,369,000 for the six months ended June 30, 2022, from SGD 7,344,000 in the previous year[10]. - The company reported other income and gains of SGD 531,000 for the six months ended June 30, 2022, compared to SGD 353,000 in the same period of 2021, marking a growth of 50%[10]. - The total comprehensive income for the six months ended June 30, 2022, was SGD (239,000), a significant decline from SGD (67,000) in the same period of 2021[12]. - The company reported a loss attributable to owners of the company of SGD 62,000 for the three months ended June 30, 2022, compared to a profit of SGD 48,000 in the same period of 2021[12]. - The group recorded a total loss of approximately SGD 557,000 and a comprehensive loss of approximately SGD 637,000 for the period ended June 30, 2022, compared to a profit of approximately SGD 141,000 and a comprehensive profit of approximately SGD 19,000 for the same period in 2021[114]. Revenue Breakdown - For the three months ended June 30, 2022, service revenue was SGD 2,935,000, an increase from SGD 2,897,000 in the same period of 2021, representing a growth of 1.3%[32]. - Automotive supply revenue surged to SGD 18,538,000 for the three months ended June 30, 2022, compared to SGD 4,781,000 in the same period of 2021, marking an increase of 287.5%[32]. - Warranty income increased to SGD 299,000 for the three months ended June 30, 2022, from SGD 137,000 in the same period of 2021, reflecting a growth of 118.9%[32]. - The group’s total revenue for the three months ended June 30, 2022, was SGD 22,847,000, compared to SGD 8,410,000 in the same period of 2021, reflecting a growth of 171.5%[32]. - The group operates four reportable segments: automotive after-sales services, automotive rental services, automotive supply business, and educational services[33]. - The group is focused on expanding its automotive supply and after-sales service segments to enhance overall revenue growth[33]. Expenses and Costs - Marketing and advertising expenses for the six months ended June 30, 2022, were SGD 194,000, a decrease from SGD 245,000 in the same period of 2021[10]. - Employee benefits expenses increased to SGD 2,946,000 for the six months ended June 30, 2022, compared to SGD 2,414,000 in the previous year, reflecting a rise of 22%[10]. - The total operating expenses for the six months ended June 30, 2022, were SGD 1,717,000, up from SGD 1,071,000 in the same period of 2021, an increase of 60.2%[39]. - The cost of materials and changes in trade inventory increased by approximately SGD 26.6 million to about SGD 36.1 million in 2022, primarily due to increased supply of automotive parts and equipment in mainland China[104]. Assets and Liabilities - The total current assets increased to SGD 15,088,000 as of June 30, 2022, compared to SGD 11,887,000 as of December 31, 2021, reflecting a growth of approximately 27.5%[14]. - The total non-current assets amounted to SGD 16,778,000 as of June 30, 2022, up from SGD 15,884,000 as of December 31, 2021, indicating an increase of about 5.6%[14]. - The total liabilities increased to SGD 22,880,000 as of June 30, 2022, compared to SGD 17,148,000 as of December 31, 2021, representing a rise of approximately 33.5%[15]. - The company’s total equity decreased to SGD 9,986,000 as of June 30, 2022, down from SGD 10,623,000 as of December 31, 2021, reflecting a decline of approximately 6%[15]. - The company’s current liabilities increased to SGD 14,743,000 as of June 30, 2022, compared to SGD 10,823,000 as of December 31, 2021, indicating a rise of about 36%[14]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2022, was SGD 1,750,000, a decrease from SGD 2,181,000 in the same period of 2021[20]. - The net cash and cash equivalents at the end of the period were SGD 5,121,000, an increase from SGD 3,573,000 at the end of the previous year[20]. - Bank borrowings amounted to SGD 4,400,000 as of June 30, 2022, slightly down from SGD 4,500,000 as of December 31, 2021[89]. - The interest rate on short-term loans decreased to 3% as of June 30, 2022, down from 5% as of December 31, 2021, reflecting improved financing conditions[85]. Strategic Initiatives - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[10]. - The group plans to cautiously expand its automotive after-sales service and leasing business in Singapore and increase market share in mainland China[100]. - The group aims to seek new business opportunities in e-commerce to adapt to the shift from physical stores due to the impact of COVID-19[102]. - The company has invested in a joint venture, Absolute By Optima Werkz (Thailand) Co., Ltd., holding a 40% equity interest, aimed at expanding overseas operations and diversifying country risk[58]. - The group has invested in Myanmar to expand its overseas business and diversify country risk, holding a 35% interest in Optima Werkz Myanmar Services Co., Ltd.[69]. Employee and Corporate Governance - As of June 30, 2022, the company had 152 employees, an increase from 121 employees as of December 31, 2021[150]. - The company regularly reviews its compensation policies to attract and retain talented employees[150]. - The audit committee, composed of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ending June 30, 2022[174]. - The company has maintained compliance with the corporate governance code as per GEM listing rules during the reporting period[171]. Shareholder Information - The company did not recommend any dividend for the six months ended June 30, 2022, consistent with the same period in 2021[43]. - The board of directors has not recommended any interim dividend for the six months ending June 30, 2022, consistent with the previous year[175]. - As of June 30, 2022, the company had a total of 850 million shares issued[158]. - Mr. Hong Liqiang and Ms. Lin Liling each held 378,798,000 shares, representing 44.56% of the total shares[161]. - Mr. Hu Wuan held 7,880,000 shares, representing 0.93% of the total shares[161].
傲迪玛汽车(08418) - 2022 - 中期财报