Financial Performance - Total revenue for the fiscal year 2023 was approximately SGD 89.5 million, a decrease of about 7.3% compared to SGD 96.5 million in fiscal year 2022[8]. - Net profit decreased by approximately 24.8% from SGD 5.2 million in fiscal year 2022 to about SGD 3.9 million in fiscal year 2023[8]. - The furniture sales division recorded revenue of approximately SGD 56.4 million, accounting for about 63.0% of total group revenue, a decrease of approximately 11.6% from the previous year[8]. - The interior design division achieved revenue of approximately SGD 8.6 million, an increase of about 24.3% due to strong sales in real estate projects[9]. - The company's gross profit margin improved from approximately 29.9% in the fiscal year 2022 to 30.8% in the fiscal year 2023[81]. - Gross profit was approximately SGD 27.6 million for the year ended December 31, 2023, a decrease of about 4.3% from SGD 28.9 million in 2022[83]. - The group’s profit for the year decreased by approximately 24.8% to about SGD 3.9 million for the year ended December 31, 2023, down from SGD 5.2 million in 2022[99]. - The revenue for the US furniture sales segment was approximately SGD 56.4 million for the year ended December 31, 2023, a decrease of about 11.6% compared to SGD 63.8 million in 2022, accounting for approximately 63.0% of the group's total revenue[82]. Cash and Inventory Management - The inventory reduced from approximately SGD 43.5 million in fiscal year 2022 to about SGD 33.2 million in fiscal year 2023, while cash increased from SGD 20.9 million to SGD 28.4 million[8]. - Cash reserves increased from approximately SGD 20.9 million in the fiscal year 2022 to about SGD 28.4 million in the fiscal year 2023[83]. - The company's current assets totaled approximately SGD 72.0 million, down from SGD 77.3 million in 2022, while current liabilities decreased to approximately SGD 18.8 million from SGD 25.2 million[100]. - The current ratio improved to approximately 3.8 as of December 31, 2023, compared to 3.1 in 2022[100]. Corporate Governance - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[23]. - The company has adopted a standard code of conduct for securities transactions as per the listing rules, ensuring compliance by all directors[19]. - The board is responsible for guiding and monitoring the company's affairs, ensuring effective internal controls and risk management systems[31]. - The company will appoint a new independent non-executive director, Huang Qunshun, effective April 2, 2024, to meet compliance requirements[17]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules[28]. - The company provides appropriate insurance coverage for directors and senior management against legal claims arising from business activities[32]. - The board proposed a final dividend of HKD 0.38 per ordinary share for the year ended December 31, 2023, consistent with the previous year[122]. Employee and Board Diversity - As of December 31, 2023, the board consists of 25% female members, with a goal to maintain this level and ultimately achieve gender equality[48]. - The company has 123 full-time employees as of December 31, 2023, with a gender distribution of 51 males and 72 females[49]. - The company is committed to maintaining gender diversity and equality across its workforce and ensuring career development opportunities for all employees[49]. - The company has established a board diversity policy aimed at enhancing operational performance and quality[46]. Risk Management and Compliance - The Audit Committee held two meetings during the reporting period to review interim and annual financial performance and significant financial reporting matters[38]. - The board regularly monitors economic, policy, social, and market conditions in countries where the company operates, including the US, Singapore, and Malaysia[57]. - The company has implemented strict quality control policies to mitigate operational risks, including surprise inspections of suppliers and monitoring logistics performance[57]. - The board has confirmed the effectiveness of the risk management and internal control systems, which are designed to manage rather than eliminate risks[59]. - The company has engaged external professional firms to provide independent reviews of its risk management and internal control systems[59]. Strategic Initiatives and Future Outlook - The company plans to continue focusing on nurturing new brands and products in the furniture sales division and expanding its offerings[9]. - A distribution agreement with the renowned furniture brand Fendi Casa has been successfully established, with a new showroom set to open in the second quarter of fiscal year 2024[9]. - The company is focused on enhancing digital marketing strategies, aiming for a J% increase in online sales channels[133]. - The management team emphasized a commitment to sustainability, with plans to reduce carbon footprint by I% by 2025[133]. Shareholder Information - The company reported a final dividend of HKD 0.38 per ordinary share for the year ended December 31, 2023, consistent with the previous year[163]. - There were no arrangements for shareholders to waive or agree to waive any dividends during the year ended December 31, 2023[164]. - The largest customer accounted for approximately 26.8% of the group's revenue, while the top five customers collectively represented about 64.3% of total revenue[178]. - The company has no significant capital commitments or contingent liabilities as of December 31, 2023[106][107].
设计都会(01545) - 2023 - 年度财报