Revenue Performance - Revenue decreased by approximately SGD 0.41 million or 2.3% to SGD 17.05 million for the year ended December 31, 2023, compared to SGD 17.46 million for the year ended December 31, 2022[14]. - Revenue from Singapore operations decreased by 7.5% to SGD 12.34 million due to a decline in restaurant performance, while revenue from Malaysia operations increased by 14.3% to SGD 4.72 million[14]. - Total revenue for the year ended December 31, 2023, was SGD 17,052,000, a decrease of 2.3% from SGD 17,461,000 in 2022[191]. Financial Losses - The group recorded a loss of approximately SGD 4.92 million for the year ended December 31, 2023, compared to a loss of SGD 1.69 million for the year ended December 31, 2022, with the increase in loss primarily due to asset impairment losses from Singapore store performance decline[14]. - The company reported a pre-tax loss of SGD 4,909,000 for 2023, compared to a loss of SGD 1,687,000 in 2022, indicating a significant increase in losses[191]. - The net loss attributable to equity holders for the year was SGD 4,923,000, compared to a loss of SGD 1,687,000 in the prior year, reflecting a worsening financial position[191]. - For the year ended December 31, 2023, the company reported a total comprehensive loss of SGD 4.956 million, compared to a loss of SGD 1.803 million in the previous year, indicating an increase in losses of approximately 174%[195]. Operational Challenges - The ongoing geopolitical tensions and inflationary pressures are impacting the company's operations and market conditions[13]. - The company is facing high rental and wage costs, along with increased competition in the restaurant sector, which is affecting profitability[13]. - The group continues to experience losses primarily due to rising food and labor costs driven by inflation in both Singapore and Malaysia[14]. Strategic Management - The company acknowledges future challenges and is committed to managing resources and capital more prudently to ensure sustainable growth[13]. - The company plans to remain flexible and adaptive to changing market environments while cautiously exploring expansion opportunities[13]. - The company plans to adopt a cautious strategy by terminating underperforming store leases and reviewing upcoming lease renewals to control rising rental costs[17]. Cash Flow and Financial Position - As of December 31, 2023, cash and bank balances were approximately SGD 0.41 million, down from SGD 2.24 million on December 31, 2022[30]. - The net cash flow from operating activities for the year ended December 31, 2023, was approximately SGD 2.15 million, which would be SGD 1.03 million after excluding the impact of IFRS 16 depreciation of approximately SGD 3.18 million[30]. - The company reported a net cash outflow from investing activities of SGD 106,000, a significant decrease from a net inflow of SGD 622,000 in 2022[199]. - The company’s financing activities resulted in a net cash outflow of SGD 3.869 million, compared to SGD 3.017 million in the previous year, representing an increase in cash outflow of approximately 28%[199]. Corporate Governance - The company has a commitment to corporate governance, with independent directors providing oversight on strategy, policy, and performance[49]. - The company has adopted a code of conduct for directors' securities trading, aligning with GEM Listing Rules[61]. - The board consists of four executive directors and two independent non-executive directors, with the chairman also serving as the CEO[62]. - The company emphasizes the importance of good corporate governance practices for sustainable growth and shareholder value enhancement[60]. Management and Leadership - The company has over 11 years of experience in the restaurant industry, with Mr. Liu serving as General Manager since December 2016, overseeing advertising, marketing, and operations for Greyhound Café in Singapore[43]. - The company has a strong financial management team, with Mr. Liu as CFO since January 2017, who has over 20 years of experience in financial advisory and mergers and acquisitions[51]. - The company is focused on expanding its market presence and enhancing operational efficiency through strategic management and experienced leadership[48]. Employee and Operational Metrics - The total number of full-time employees as of December 31, 2023, was 239, a decrease from 246 employees in the previous year[38]. - The company incurred a total of SGD 6,861,000 in employee benefits expenses in 2023, an increase from SGD 6,433,000 in 2022, indicating rising operational costs[191]. Compliance and Regulatory Matters - The company has not achieved compliance with GEM Listing Rules regarding the requirement for at least three independent non-executive directors on the board following the resignation of Mr. Lu and Mr. Chan[56][57]. - The board has appointed Mr. Chan Jun-jie as an independent non-executive director and chairman of the audit committee, effective March 21, 2024, improving compliance with GEM Listing Rules[59]. - The company is actively seeking suitable candidates to fill the vacancies to ensure compliance with GEM Listing Rules within three months from the date of non-compliance[59]. Audit and Financial Reporting - The independent auditor has confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2023[175]. - The audit committee currently consists of two independent non-executive directors, Mr. Chen Junjie and Mr. Wen Zhizhong, with responsibilities including reviewing quarterly, interim, and annual performance[71]. - The board has conducted an annual review of the effectiveness of the risk management and internal control systems, finding no significant deficiencies[94].
聚利宝控股(08527) - 2023 - 年度业绩