Financial Performance - The total revenue for the fiscal year ended February 28, 2021, was approximately SGD 35.8 million, a decrease of about SGD 29.8 million or 45.4% from SGD 65.6 million in the previous fiscal year[11]. - The company recorded a loss of approximately SGD 3.4 million for the fiscal year 2020/2021, a decrease of about SGD 10.8 million compared to a profit of approximately SGD 7.4 million in the previous fiscal year[18]. - Gross profit fell by approximately SGD 13.9 million or 71.3% to about SGD 5.6 million, with the gross profit margin decreasing from approximately 29.8% to about 15.6%[14]. - Other income increased by approximately SGD 3.1 million to about SGD 4.5 million, mainly due to government subsidies such as the Jobs Support Scheme[15]. - The total amount of non-hazardous waste generated decreased by approximately 94.30% due to reduced operations during the COVID-19 pandemic and government lockdown measures[199]. Project and Contract Status - The group had 12 projects on hand as of February 28, 2021, with a total contract value of approximately SGD 132.5 million, of which SGD 73.3 million has been recognized as revenue[9]. - The number of structural engineering projects decreased from 11 to 8, while civil engineering projects increased from 1 to 4 compared to the previous year[9]. - The group is actively monitoring the situation to ensure project progress and mitigate any financial impacts from ongoing challenges[6]. - The group will continue to explore business opportunities cautiously in the coming year[10]. Challenges and Risks - The construction activities in Singapore are expected to face ongoing challenges due to labor shortages and supply chain disruptions caused by COVID-19, impacting project timelines and costs[10]. - The construction costs have risen due to labor shortages and increased material costs, affecting overall profitability[6]. - The group has faced challenges in recruiting and retaining foreign workers, which could significantly impact its operations and financial performance[127]. Cash and Debt Management - As of February 28, 2021, the company had cash and cash equivalents of approximately SGD 25.9 million, with 96.8% in SGD and 3.2% in HKD[21]. - The company had a negative debt-to-equity ratio as cash and cash equivalents exceeded total debt[22]. - The net proceeds from the share offering amounted to approximately HKD 82.0 million (equivalent to about SGD 14.3 million), with planned uses including pre-operational costs and workforce enhancement[24]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules to enhance shareholder value and protect their rights[74]. - The board of directors held regular meetings throughout the year to oversee business development and financial performance, with all members attending 100% of the meetings[78]. - The company has implemented a board diversity policy to enhance performance quality, considering factors such as gender, age, and professional experience[84]. - The independent non-executive directors' appointments are set for a term of three years, subject to re-election at the annual general meeting[81]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's commitment to sustainable development and its risk management system[173]. - The company has implemented an ISO 14001:2015 certified environmental management system to systematically manage potential environmental risks and impacts[187]. - The company achieved a greenhouse gas emission density of 3.88 tons of CO2 equivalent per million SGD in total revenue for the fiscal year 2020/2021, compared to 6.97 tons in the previous year[193]. - The company has taken measures to reduce air emissions from construction sites, including using low-sulfur fuel and regular maintenance of machinery[189]. Management and Leadership - The company has a strong management team with diverse backgrounds in engineering, finance, and project management, enhancing its operational capabilities[68]. - The company aims to leverage its experienced team to drive future growth and operational excellence in the construction sector[68]. - The board includes independent non-executive directors who provide independent opinions to the board, ensuring governance and oversight[62]. Audit and Compliance - The auditor was unable to express an opinion on the consolidated financial statements for the year ended February 28, 2021, due to insufficient audit evidence regarding intangible assets and marketing expenses[41][42]. - The company has established a risk management and internal control system to protect shareholder interests and ensure the integrity of financial reporting[101]. - The audit committee consists of three independent non-executive directors, with Mr. Kong Wei Zhao serving as the chairman[97]. Shareholder Returns - The board has resolved not to recommend a final dividend for the fiscal year 2020/2021, consistent with the previous fiscal year[39]. - The company aims to provide stable and sustainable returns to shareholders through its dividend policy, which will be reviewed periodically[168].
CTR HOLDINGS(01416) - 2022 - 年度财报