Financial Performance - The Group's total revenue decreased by approximately S$4.7 million or 6.3% to approximately S$70.1 million for FY2023, down from approximately S$74.8 million in FY2022[19]. - Gross profits increased by S$1.8 million or 10.0% to S$19.8 million for FY2023, despite the decrease in revenue[18]. - The gross profit margin improved from approximately 24.0% in FY2022 to 28.2% in FY2023[19]. - The Group's profit for the year decreased by approximately S$0.4 million or 6.2% to approximately S$5.5 million for FY2023, down from approximately S$5.8 million in FY2022[19]. - The Group's revenue decreased by approximately S$4.7 million or 6.3% from approximately S$74.8 million for the year ended 31 December 2022 to approximately S$70.1 million for the year ended 31 December 2023[48]. - Profit for the year ended 31 December 2023 was approximately S$5.5 million, compared to S$5.8 million for the previous year[38]. - The Group's cost of sales decreased by approximately S$6.5 million or 11.4% to approximately S$50.3 million for the year ended 31 December 2023[87]. - Other income decreased by approximately S$1.2 million or 57.5% to approximately S$0.9 million for the year ended 31 December 2023[89]. - Selling and distribution expenses increased by approximately S$0.7 million or 18.5% to approximately S$4.7 million for the year ended 31 December 2023[98]. - Administrative expenses increased by approximately S$0.3 million or 3.6% to approximately S$8.6 million for the year ended 31 December 2023[104]. Economic Outlook - The Singapore economy expanded by 1.1% in 2023, moderating from 3.8% growth in 2022[18]. - GDP growth for Singapore in 2024 is forecasted to be between 1.0% and 3.0%[24]. - The Singapore economy grew by 2.2% year-on-year in Q4 2023, up from 1.0% in Q3 2023, while the overall growth for 2023 was 1.1%, down from 3.8% in 2022[68][69]. - The Ministry of Trade and Industry, Singapore, forecasts GDP growth for 2024 to be between 1.0% and 3.0%[70]. - The global snack food market is expected to grow at approximately 2.7% annually until 2027[80]. Product and Market Focus - The Group is focused on the production and sale of nuts and chips, with products distributed to over 10 countries, including Singapore, Malaysia, and the PRC[46]. - The Group expects strong demand for snack products, particularly those with less sugar and artificial ingredients, as health awareness increases among consumers[24]. - Revenue from nuts accounted for approximately 65.6% of total revenue in 2023, down from 68.0% in 2022, while chips contributed 31.4% in 2023, up from 28.9% in 2022[54]. - The Group's revenue from chips increased to S$22.0 million in 2023, with a gross profit of S$7.2 million and a margin of 32.6%, compared to S$21.7 million and a margin of 28.0% in 2022[63]. - Sales in Singapore and Malaysia represented approximately 60.9% and 29.2% of total revenue in 2023, respectively, while sales from the PRC (including Hong Kong) decreased from 9.0% in 2022 to 5.2% in 2023[58]. Financial Position - Total equity as at 31 December 2023 was approximately S$73.2 million, an increase from S$68.4 million in 2022[39]. - Current assets increased to approximately S$55.3 million as at 31 December 2023, compared to S$53.3 million in 2022[39]. - The Group's non-current assets rose to approximately S$28.7 million as at 31 December 2023, up from S$27.4 million in 2022[39]. - The current ratio as at 31 December 2023 was 6.6, indicating strong liquidity[43]. - The Group had nil bank and other borrowings as at 31 December 2023, compared to approximately S$2.9 million as at 31 December 2022[110]. Shareholder Returns - The Board has recommended a final dividend of 0.23 Hong Kong cents per ordinary share for the year ended 31 December 2023, totaling approximately HK$2.3 million (equivalent to approximately S$0.4 million)[27]. - The company has recommended a final dividend of 0.23 Hong Kong cents per ordinary share for the year ended December 31, 2023, totaling approximately HK$2.3 million, subject to shareholder approval[132]. Management and Governance - The management team includes family members, indicating a strong familial connection within the leadership structure[155]. - The Group's finance team, led by Mr. Terence Loo, coordinates with sales and procurement teams to manage financial and operational risks[186]. - The Group's finance manager and executive Directors regularly review foreign exchange rates and hedging methods to mitigate currency risks[131]. - SWL's governance includes a risk management committee, highlighting its focus on managing potential risks[150]. - The company is committed to maintaining close working relationships with customers to enhance business development[150]. Workforce and Employee Costs - The Group's employee count increased from 311 to 358 from December 31, 2022, to December 31, 2023, with staff costs rising from approximately S$11.7 million to S$12.4 million[140]. - Capital expenditures incurred during the year ended 31 December 2023 were approximately S$3.1 million, an increase from approximately S$2.0 million in the year ended 31 December 2022[113]. - The Group's capital commitments as at 31 December 2023 were approximately S$0.5 million, up from approximately S$0.3 million in 2022[113]. Corporate Structure - The Group's principal activity is investment holding, primarily engaged in the production, packaging, and sale of nuts and chips, with a track record of over 50 years[197]. - Core products include roasted nuts, baked nuts, potato chips, and cassava chips, distributed to over 10 countries including Singapore, Malaysia, and the PRC[197]. - The financial results for the year ended December 31, 2023, and the Group's financial position are detailed in the Financial Statements[200]. - A comprehensive business review and analysis for the year ended December 31, 2023, is provided in the "Management Discussion and Analysis" section of the annual report[199]. - The Group's financial statements are audited and presented alongside the Board's report for the year ended December 31, 2023[196].
TS WONDERS(01767) - 2023 - 年度财报