Financial Performance - The company's revenue for the fiscal year ended December 31, 2023, was SGD 105,066,000, representing a 29.2% increase from SGD 81,296,000 in the previous year[4]. - The net loss from continuing operations for the year was SGD 1,273,000, compared to a loss of SGD 1,090,000 in the prior year, indicating a 16.8% increase in losses[4]. - Total comprehensive loss for the year amounted to SGD 2,067,000, a decrease from SGD 2,272,000 in the previous year, reflecting a 9.0% improvement[5]. - The adjusted profit before tax for the continuing operations was SGD 4.915 million, compared to SGD 5.108 million in the previous year, indicating a decrease of about 3.8%[25]. - The company reported a loss of SGD 1.437 million before tax, which is an improvement from the loss of SGD 1.929 million in the previous year[25]. - The company reported a loss attributable to owners of the company of SGD 1,260,000 in 2023, a decrease of 15.3% from SGD 1,488,000 in 2022[57]. - The total comprehensive loss for the year 2023 was approximately SGD 1.3 million, compared to SGD 1.1 million in 2022, with the loss primarily due to the one-time impairment of joint venture interests[82]. Revenue Breakdown - Total revenue from external customers for the automotive after-sales service, automotive leasing service, and automotive supply business reached SGD 105.066 million, an increase from SGD 81.296 million in the previous year, representing a growth of approximately 29.2%[23]. - Automotive supply revenue reached SGD 87,379 thousand in 2023, up 35% from SGD 64,742 thousand in 2022[37]. - The company's automotive supply revenue increased by approximately SGD 22.7 million to about SGD 87.4 million for the fiscal year ending December 31, 2023, compared to approximately SGD 64.7 million for the fiscal year ending December 31, 2022[70]. - The increase in automotive supply revenue was primarily due to a rise in sales to customers in mainland China, which contributed approximately SGD 21.5 million[70]. - The company's automotive after-sales service revenue and car rental business revenue increased by approximately SGD 0.6 million and SGD 0.5 million, respectively, due to the gradual recovery of the overall Singapore market[70]. Assets and Liabilities - The company's total assets decreased to SGD 22,810,000 from SGD 25,608,000, a decline of 11.0% year-over-year[6]. - Current liabilities increased to SGD 10,212,000 from SGD 9,336,000, representing a 9.4% rise[6]. - The total liabilities increased to SGD 17.257 million as of December 31, 2023, compared to SGD 16.628 million in the previous year, reflecting an increase of approximately 3.8%[30]. - The equity attributable to owners of the company decreased to SGD 6,182,000 from SGD 8,013,000, a decline of 22.8%[7]. - The total liabilities for the discontinued operations were SGD 185 thousand, indicating a minimal impact on the overall financial position[30]. Operational Highlights - The company has been involved in automotive repair, maintenance, and leasing services, as well as supplying automotive parts and equipment in Singapore and China[9]. - The ongoing business segments include automotive after-sales services, car rental services, and automotive supply business[21]. - The company has terminated its education business segment, which previously contributed SGD 195 thousand in revenue[23]. - The company operates two service centers and one spray painting workshop in Singapore, equipped with advanced diagnostic equipment and facilities[69]. - The company has a significant focus on providing a comprehensive range of automotive-related solutions, including after-sales services, car rental, and parts supply[69]. Employee and Cost Management - Employee costs totaled SGD 4,140 thousand in 2023, compared to SGD 3,016 thousand in 2022, reflecting a 37.3% increase[34]. - The total employee benefits expense increased to SGD 6,329,000 in 2023, up 3.5% from SGD 6,118,000 in 2022[49]. - Unallocated employee costs amounted to SGD 2.338 million, while unallocated corporate expenses were SGD 4.498 million, impacting overall profitability[23]. - The company recorded an impairment of approximately SGD 0.9 million on its interests in joint ventures in 2023, due to worsening political crises and currency devaluation in Myanmar[79]. Cash Flow and Liquidity - The company is actively monitoring cash flow and liquidity to ensure sufficient reserves to meet short-term and long-term funding needs[101]. - As of December 31, 2023, the company's cash and cash equivalents were approximately SGD 4.9 million, slightly up from SGD 4.8 million in 2022[84]. - The company has secured its bank borrowings and vehicle leasing liabilities with corporate guarantees and related asset pledges[105]. Compliance and Governance - The consolidated financial statements were approved by the board on March 28, 2024[10]. - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and presented in Singapore dollars[11]. - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2023, and confirmed compliance with applicable accounting standards and GEM listing rules[118]. - The company has established an audit committee consisting of three independent non-executive directors, ensuring compliance with GEM listing rules[118]. Future Outlook - The company aims to expand its presence in the automotive after-sales service sector and short-term and long-term leasing businesses, particularly in Singapore and mainland China[72]. - The company is focusing on acquiring new technologies and enhancing automotive expertise to prepare for challenges in new market developments and new vehicle types[72]. - There are no major future investment or capital asset plans disclosed beyond what is mentioned in the outlook section[110].
傲迪玛汽车(08418) - 2023 - 年度业绩