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 previous year[10]. - Revenue from Singapore operations declined by 7.5% to SGD 12.34 million due to poor performance of restaurants, while revenue from Malaysia operations increased by 14.3% to SGD 4.72 million[10]. - 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[187]. - Gross profit decreased to SGD 11,717,000, down 6.0% from SGD 12,468,000 in the previous year[187]. 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 previous year, primarily due to asset impairment losses and rising food and labor costs[10]. - The company reported a pre-tax loss of SGD 4,909,000, compared to a loss of SGD 1,687,000 in 2022, indicating a significant increase in losses[187]. - 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[187]. - The company recorded a total comprehensive loss of SGD 4,956,000 for the year, compared to a loss of SGD 1,803,000 in 2022, reflecting ongoing financial difficulties[191]. Cash Flow and Liquidity - Cash and bank balances (excluding pledged fixed deposits) were approximately SGD 0.41 million as of December 31, 2023, down from SGD 2.24 million a year earlier[26]. - Operating cash flow for the year was SGD 2,150,000, an increase from SGD 1,563,000 in 2022, indicating improved cash generation from operations despite losses[193]. - The total cash and cash equivalents decreased to SGD 411,000 at the end of 2023 from SGD 2,236,000 at the end of 2022[195]. - The company has committed to providing ongoing financial support to ensure operational continuity and fulfill financial obligations[200]. Cost Management - Cost of goods sold increased by approximately SGD 0.34 million or 6.8% to approximately SGD 5.33 million, primarily due to rising material prices[19]. - The company plans to adopt a cautious strategy by negotiating early termination of underperforming store leases to avoid further losses[13]. - The group is implementing cost control measures to improve operational efficiency and enhance future cash flow[200]. Corporate Governance - The company emphasizes high standards of corporate governance, believing that good governance practices are crucial for sustainable growth and protecting shareholder interests[51]. - The company currently does not have a separate chairman and CEO, with Ms. Liu Wan-Zhen holding both positions, which the board believes ensures consistent internal leadership[51]. - The company has faced challenges in meeting the GEM listing rules regarding the number of independent non-executive directors following the resignations of Mr. Lu Qingxing and Mr. Chen Baihong[52][53]. - The company has adopted a code of conduct for directors' securities trading, aligning with GEM Listing Rules[57]. Board Composition and Diversity - The board consists of seven directors, including one female director, with age diversity represented in the 30-39 and 70-79 age groups[71]. - The company has adopted a board diversity policy to consider various factors when recommending dividend payments, including overall financial condition and future cash needs[112]. - The gender ratio among employees is approximately equal, reflecting the company's commitment to diversity[81]. Risk Management - The company has established policies and procedures to identify, assess, and manage significant risks, with the board responsible for maintaining an effective risk management and internal control system[88]. - The audit committee has emphasized that no internal control system can eliminate all errors and irregularities, providing only reasonable assurance against significant errors or losses[90]. - The board conducted an annual review of the effectiveness of the risk management and internal control systems, finding no significant deficiencies[90]. Shareholder Communication - The board emphasizes the importance of maintaining ongoing communication with shareholders through various channels, including announcements and reports[101]. - The annual general meeting provides a communication platform between shareholders and the board, with special meetings called as necessary[94]. Employee and Management Information - The group employed a total of 239 full-time employees in Singapore and Malaysia as of December 31, 2023, down from 246 employees the previous year[34]. - The company has established service agreements for its executive directors, initially for three years, with provisions for renewal[121]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2023[171]. - The audit committee reviewed the management and accounting principles adopted by the group and discussed internal controls and financial reporting matters[166]. - The independent auditor's fees for the year ending December 31, 2023, amounted to SGD 177,000 for audit services and SGD 10,000 for non-audit services, totaling SGD 187,000[85].
聚利宝控股(08527) - 2023 - 年度财报