Financial Performance - The group's total revenue for the year ended December 31, 2023, was approximately SGD 101.6 million, a decrease of about SGD 1.1 million compared to SGD 102.7 million for the year ended December 31, 2022[14]. - The gross profit for the year was SGD 14.478 million, compared to SGD 12.198 million in the previous year, reflecting an increase of approximately 18.7%[9]. - The company reported a profit attributable to equity holders of SGD 768,000 for the year, down from SGD 2.173 million in 2022[9]. - The group's net profit for fiscal year 2023 was approximately SGD 1.3 million, a decrease of about SGD 1.4 million compared to SGD 2.7 million in fiscal year 2022[31]. - Other income and net other gains decreased to approximately SGD 0.8 million in fiscal year 2023 from about SGD 2.0 million in fiscal year 2022, primarily due to the cessation of foreign worker tax rebates by the Singapore government[24]. - The total employee cost for fiscal year 2023 is approximately 27.6 million SGD, an increase from 25.8 million SGD in fiscal year 2022, with a total of 634 full-time employees as of December 31, 2023[44]. - The group's administrative expenses slightly decreased to approximately SGD 9.6 million in fiscal year 2023 from about SGD 9.8 million in fiscal year 2022[25]. - The company did not recommend any final dividend for fiscal year 2023, consistent with fiscal year 2022[32]. Assets and Liabilities - The total assets of the group as of December 31, 2023, were SGD 109.317 million, a decrease from SGD 112.442 million in 2022[11]. - The total liabilities decreased to SGD 53.020 million from SGD 57.350 million in the previous year, indicating improved financial stability[11]. - Total borrowings as of December 31, 2023, amounted to approximately SGD 32.2 million, a decrease from SGD 35.6 million as of December 31, 2022[34]. - The company's debt-to-equity ratio is approximately 57.2%, down from 64.7% as of December 31, 2022, primarily due to a decrease in bank and other borrowings by approximately 3.1 million SGD[35]. - The net debt-to-total capital ratio as of December 31, 2023, is approximately 14.8%, a decrease from 23.9% as of December 31, 2022, attributed to an increase in cash and cash equivalents by approximately 4.1 million SGD and a reduction in borrowings by approximately 3.1 million SGD[36]. Market Environment - The construction industry in Singapore grew by 5.2% in 2023, supported by the expansion of public and private construction projects[12]. - The operating environment for 2024 is expected to remain challenging due to rising interest rates and increased costs of materials, oil, and diesel[14]. - The company will closely monitor the market recovery from COVID-19 and assess its impact on operations[15]. Business Strategy and Opportunities - The company plans to continue prioritizing cash savings and cost control while actively participating in bidding for new projects to strengthen its market position[15]. - The company is exploring potential business opportunities in the construction materials trade in China for 2024[13]. - As of December 31, 2023, the group has 29 ongoing projects with a total contract value of approximately SGD 176.2 million, of which about SGD 82.1 million has been recognized as revenue[16]. Corporate Governance - The company is committed to good corporate governance, focusing on long-term sustainable growth for shareholders[138]. - The board of directors consists of three executive directors and three independent non-executive directors, ensuring a balance of power and independent oversight[141]. - The company has appointed independent non-executive directors with appropriate professional qualifications to ensure compliance with financial reporting standards[145]. - The remuneration committee was established to develop and review the group's remuneration policy, considering the group's operating performance and market practices[102]. - The company has established a risk management policy to ensure effective internal controls and protect shareholder interests[166]. Environmental, Social, and Governance (ESG) Initiatives - The annual environmental, social, and governance (ESG) report covers the company’s performance in these areas for the fiscal year 2023, from January 1 to December 31[179]. - The company has conducted a materiality assessment to identify key issues for the environmental, social, and governance (ESG) report, ensuring that significant topics are prioritized[39]. - The company has implemented a green policy to minimize environmental pollution and optimize waste management and resource efficiency[195]. - The company has established an environmental management system based on ISO 14001:2015 standards to systematically manage environmental issues[195]. - The company has set environmental goals for 2030, aiming to reduce energy consumption density and greenhouse gas emissions density by 5% from the 2022 baseline[197]. Management and Team - The company has a strong financial management team with over 13 years of experience in finance and accounting, ensuring robust financial oversight[57][58]. - The management team is committed to maintaining high standards of internal control and financial reporting[58]. - The management team has a diverse background in investment banking and financial consulting, contributing to strategic decision-making[52][54]. - The company emphasizes the importance of independent opinions from its board members to guide corporate strategy[51][56]. Shareholder Information - The total number of shares available for issuance under the share option scheme is 106,400,000 shares, representing 10% of the company's total issued share capital as of December 31, 2023[116]. - The board of directors and key executives hold significant shares, with Mr. Wu Tian Song and Mr. Wu Tian Hua each owning 542,640,000 shares, representing 51.00% of the issued capital[128]. - The beneficial ownership in WGI (BVI) is distributed among Mr. Wu Tian Song (35%), Mr. Wu Tian Hua (28%), Mr. Wu Tian Qiu (28%), and Ms. Wu Mei Lin (9%)[128]. Risk Management - The company’s risk management and internal control systems are designed to manage rather than eliminate risks associated with achieving business objectives, providing reasonable but not absolute assurance against material misstatements or losses[171]. - The management team is required to submit a risk management report biannually, including updates to the risk register and progress on risk treatment implementation[170]. - The board is responsible for risk governance and determining the level of significant risks the company is willing to accept in achieving its strategic objectives[167].
伟源控股(01343) - 2023 - 年度财报