Financial Performance - The company recorded revenue of SGD 45.6 million for the fiscal year 2023, an increase of 105% compared to SGD 22.3 million in fiscal year 2022[22]. - Revenue from minimally invasive surgical solutions and related medical products surged to SGD 20.4 million in fiscal year 2023, up from SGD 0.7 million in fiscal year 2022, marking an increase of SGD 19.7 million[24]. - The gross profit increased from SGD 10.1 million in fiscal year 2022 to SGD 12.0 million in fiscal year 2023, although the gross margin decreased from 45.4% to 26.4% due to lower profit margins in the minimally invasive surgical solutions business[25]. - The company reported a loss of SGD 4.1 million for fiscal year 2023, compared to a profit of SGD 0.1 million in fiscal year 2022, mainly due to expenses incurred in expanding the minimally invasive surgical solutions business in China[29]. - The company will not recommend any dividend payment for fiscal year 2023, consistent with the previous fiscal year[29]. Capital Management - The company has recognized the need for stricter cost management measures to conserve cash amid rising inflation and interest rates, marking 2023 as a challenging economic year[15]. - The company has adopted a prudent financial management policy to maintain a healthy financial position and closely monitors its cash flow situation[31]. - The company has cash and cash equivalents of SGD 20.2 million as of December 31, 2023, with 26.1% in SGD, 52.3% in RMB, 2.5% in USD, and 19.1% in HKD[41]. - The group has unutilized bank financing of SGD 2.5 million as of December 31, 2023, compared to SGD 0.5 million as of December 31, 2022[40]. - The company has maintained good relationships with customers and suppliers, implementing a team to address complaints and improve service quality[125]. Business Expansion and Strategy - The company successfully completed the issuance of 62,500,000 new shares at a subscription price of HKD 1.60 per share, raising a total of HKD 100 million, with approximately HKD 69 million allocated for expanding its business in the Chinese medical industry[14]. - The company plans to broaden its product line and enhance R&D capabilities in 2024 to strengthen competitiveness in the growing medical device market driven by an aging population and rising living standards in China[15]. - The company aims to continuously develop new products and expand its distribution network to consolidate its position in the medical industry[15]. - The company aims to diversify its business and expand into the Asia-Pacific region, including providing value-added services such as skills training for labor[21]. - The company plans to use net proceeds of SGD 69 million from the issuance of 62,500,000 new shares to expand its business in the Chinese medical industry[22]. Corporate Governance - The company emphasizes good corporate governance to enhance shareholder value and accountability within its management structure[64]. - The board consists of eight members, including executive directors and independent non-executive directors, ensuring a balanced composition for independent judgment[69]. - The company has established various committees to delegate responsibilities and ensure effective governance practices[67]. - The company has appointed independent non-executive directors to enhance governance and oversight functions[61]. - The board is responsible for overseeing the management of the group's business affairs and overall performance, including major financial and operational decisions[67]. Risk Management - The company has implemented guidelines for risk management and internal control, with financial personnel assigned to ensure proper functioning[103]. - The company emphasizes that risk management systems are designed to manage rather than eliminate risks associated with achieving business objectives[103]. - The company faces cash flow interest rate risk due to floating interest rates on bank balances and has no current interest rate hedging policy[48]. - The company manages foreign currency risk through close monitoring of exchange rate fluctuations, as it holds bank balances and financial assets denominated in USD and HKD[49]. - The company has identified climate-related risks and opportunities that could significantly impact its assets and services[198]. Environmental, Social, and Governance (ESG) - The company has established an environmental management system to address its carbon footprint and water conservation efforts[122]. - The company is committed to sustainable development, focusing on creating long-term value for stakeholders[122]. - The company reported a reduction in nitrogen oxides (NOx) emissions from 64.74 kg in 2022 to 62.54 kg in 2023[180]. - The total greenhouse gas emissions for the group in 2023 were 637.76 tons of CO2 equivalent, a slight decrease from 639.77 tons in 2022[185]. - The board is committed to supporting Singapore's national climate goal of achieving net-zero emissions by 2050[170]. Shareholder Communication - The board will communicate with shareholders promptly regarding significant events[15]. - The company ensures effective communication with shareholders and investors through various channels, including financial reports and annual general meetings[111]. - The company has implemented a fair disclosure policy to ensure timely and non-exclusive information dissemination[105]. - The board held four regular meetings during the year, including the approval of the audited consolidated financial statements for the year ended December 31, 2022[76]. - The company held two extraordinary general meetings on December 20 and 29, 2023, to approve changes to the company name and adopt a share option scheme[78].
今海国际(02225) - 2023 - 年度财报