Business Expansion and Diversification - The company reported a focus on providing comprehensive automotive after-sales services, including inspection, maintenance, and repair services[10]. - A wholly-owned subsidiary, Hunan Optima Automobile Co., Ltd., was established in Changsha, China, to expand parallel import vehicle trade and related services in Central and Southern China[12]. - The company acquired a 53% stake in Hunan Maliang Digital Technology Co., Ltd., which focuses on collecting educational data and providing management platform services for the kindergarten sector in China[12]. - The subsidiary Hunan Maliang has been recognized as a high-tech enterprise since 2017 and has signed an increasing number of strategic cooperation agreements with kindergartens and other companies[12]. - The company aims to leverage the acquisition of Hunan Maliang to diversify its business into educational data collection and management platform services in China[12]. - The company is actively seeking opportunities for business expansion in sectors such as bio-health, new retail, e-commerce, and franchise management to adapt to market changes[11]. - The company plans to explore new business opportunities on e-commerce platforms to mitigate the impact of the COVID-19 pandemic on physical stores[11]. - The company aims to provide a "one-stop" quality service for customers, including parallel import vehicles, safety, and flexible vehicle financing options[12]. - The company is committed to improving its growth prospects and expanding its revenue sources through strategic acquisitions and market diversification[12]. Financial Performance - The group's revenue for the fiscal year ended December 31, 2022, was SGD 81.6 million, an increase of approximately SGD 24.5 million from SGD 57.1 million in the fiscal year ended December 31, 2021[14]. - Automotive supply revenue increased by approximately SGD 22.3 million to about SGD 64.7 million in the fiscal year 2022, compared to SGD 42.4 million in the fiscal year 2021[17]. - The group's after-sales service revenue increased by approximately SGD 0.9 million, attributed to the gradual recovery of the overall market in Singapore[17]. - The education business generated approximately SGD 0.3 million in revenue in fiscal year 2022, following its introduction in fiscal year 2021[17]. - Other income and gains for fiscal year 2022 amounted to SGD 0.7 million, up from SGD 0.4 million in fiscal year 2021, primarily due to a one-time sponsorship of SGD 0.2 million received during an anniversary celebration[24]. - The group's revenue for the fiscal year 2022 was SGD 81.6 million, an increase of approximately SGD 24.5 million from SGD 57.1 million in fiscal year 2021[24]. Operational Challenges and Risks - The group remains cautious about the ongoing COVID-19 pandemic and its impact on market conditions and economic stability in 2023[18]. - The company faces significant risks including currency, credit, liquidity, and interest rate risks that could adversely affect its business and financial performance[40]. - The company is actively monitoring cash flow to ensure it can meet its debt obligations, especially with the increase in vehicle rental financing[45]. - The company is facing challenges in maintaining a qualified workforce for electric vehicle maintenance due to potential changes in labor policies in Singapore[44]. Corporate Governance - The company reported a significant focus on corporate governance, adhering to the GEM Listing Rules and ensuring compliance with applicable regulations[93]. - The management team includes experienced professionals with over 29 years in finance and accounting, ensuring robust financial oversight[84]. - The company has a commitment to maintaining high standards of corporate governance, which is deemed crucial for sustainable growth[93]. - The board of directors is responsible for reviewing corporate governance policies annually to ensure compliance with the GEM Listing Rules[93]. - The company has established a compliance framework to oversee its business activities and decision-making processes[93]. - The company has been recognized for its adherence to corporate governance codes, reflecting its commitment to transparency and accountability[92]. Board Composition and Responsibilities - The board consists of six executive directors and three independent non-executive directors, ensuring a balanced composition in terms of gender, age, culture, and professional experience[101]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with clear written terms of reference[121]. - The board is responsible for establishing and maintaining the internal control system, which includes financial, operational, and legal compliance monitoring[146]. - The board will appoint at least one director of a different gender by the end of 2024 to enhance gender diversity[164]. Employee and Operational Management - The total employee cost for the year ended December 31, 2022, was approximately SGD 6.3 million, an increase from SGD 5.4 million in 2021[65]. - The company has 132 employees as of December 31, 2022, an increase from 121 employees in 2021[65]. - The company has established long-term lease agreements to mitigate unforeseen fluctuations in rental costs, ensuring stable operational expenses[46]. - The company has implemented a credit policy to monitor and manage credit risk effectively[49]. Shareholder Engagement and Dividends - The company encourages shareholders to attend annual general meetings and special meetings to address any questions[171]. - The company has established multiple communication channels to enhance engagement with shareholders and investors[173]. - The company does not recommend the payment of a final dividend for the year ended December 31, 2022[180]. - The company has adopted a dividend policy that requires maintaining sufficient cash reserves to meet operational needs and future business growth[189].
傲迪玛汽车(08418) - 2022 - 年度财报