中国新零售供应链(03928) - 2023 - 年度业绩

Annual Results Announcement Consolidated Statement of Profit or Loss and Other Comprehensive Income Total revenue decreased to SGD 56.1 million, but improved cost control led to increased gross profit and a narrowed loss for the year Consolidated Statement of Profit or Loss Summary (For the year ended September 30) | Item | 2023 (SGD) | 2022 (SGD) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 56,055,638 | 67,093,072 | -16.4% | | Gross Profit | 3,805,646 | 3,217,125 | +18.3% | | Administrative Expenses | (5,690,465) | (8,202,755) | -30.6% | | Loss Before Tax | (1,277,218) | (1,453,770) | -12.1% | | Loss for the Year | (1,037,111) | (1,493,068) | -30.5% | | Basic and Diluted Loss Per Share (SGD cents) | (0.22) | (0.31) | -29.0% | Consolidated Statement of Financial Position As of September 30, 2023, the Group's net assets slightly decreased to SGD 27.96 million, while total liabilities reduced to SGD 35.65 million, primarily due to decreased bank borrowings Consolidated Statement of Financial Position Summary (As of September 30) | Item | 2023 (SGD) | 2022 (SGD) | | :--- | :--- | :--- | | Assets | | | | Non-current Assets | 27,797,849 | 31,947,656 | | Current Assets | 35,814,822 | 41,492,247 | | Liabilities and Equity | | | | Current Liabilities | 27,323,859 | 30,222,725 | | Non-current Liabilities | 8,329,806 | 14,221,061 | | Net Assets | 27,959,006 | 28,996,117 | Notes to the Consolidated Financial Statements This section provides detailed explanations of financial statements, covering accounting policies, revenue segments, and other key financial information - The Group primarily operates in Singapore, with all revenue and non-current assets located there[84] - No dividends were declared during the year (2022: Nil)[10] Loss Per Share Calculation | Item | 2023 | 2022 | | :--- | :--- | :--- | | Loss for the Year Attributable to Owners of the Company (SGD) | (1,037,111) | (1,493,068) | | Weighted Average Number of Ordinary Shares in Issue | 480,000,000 | 480,000,000 | | Basic and Diluted Loss Per Share (SGD cents) | (0.22) | (0.31) | Trade Receivables Ageing Analysis (Net of Provision) | Ageing | 2023 (SGD) | 2022 (SGD) | | :--- | :--- | :--- | | Within 30 days | 3,036,172 | 4,278,294 | | 31 to 60 days | 91,054 | 1,043,449 | | 61 to 90 days | 19,629 | 217,442 | | Over 90 days | 1,328,948 | 2,724,767 | | Total | 4,475,803 | 8,263,952 | Management Discussion and Analysis Total revenue decreased by 16.4% to SGD 56.1 million, but net loss narrowed due to improved gross margin and reduced administrative expenses, with a stable financial position - The reduction in net loss is primarily attributed to increased gross profit and margin due to improved cost control, and decreased administrative expenses from reduced professional fees, machinery costs, and administrative staff costs[24] - Despite an improved local construction outlook, the Group remains cautiously optimistic about profitability and growth given competitive environment, geopolitical tensions, high interest rates, and inflationary pressures[28] - The Group's gearing ratio decreased from 87.6% in 2022 to 69.7% in 2023, primarily due to reduced bank borrowings[116] Business Review and Outlook The Group, with over 25 years in Singapore's construction and property investment sectors, saw reduced net loss despite lower revenue, and anticipates continued recovery in the local construction industry - The Group's core businesses are construction services (civil engineering, building construction, and ancillary services) and property investment (residential and industrial property leasing)[23] - Singapore's Building and Construction Authority forecasts 2023 construction contract values between SGD 27 billion and SGD 32 billion, with sustained recovery expected mid-term (2024-2027)[27] - Key risks include reliance on subcontractors, with subcontracting fees accounting for approximately 55.0% of total service costs, and the highly labor-intensive nature of construction requiring stable labor supply[28][31] Financial Review Financial performance showed a 16.4% revenue decrease to SGD 56.1 million, but profitability improved with gross margin rising to 6.8% and administrative expenses significantly reduced, narrowing net loss Revenue by Segment (For the year ended September 30) | Segment | 2023 Revenue (SGD million) | Percentage | 2022 Revenue (SGD million) | Percentage | | :--- | :--- | :--- | :--- | :--- | | Civil Engineering | 48.2 | 85.9% | 55.9 | 83.3% | | Building Construction | 7.4 | 13.2% | 10.5 | 15.6% | | Property Investment | 0.5 | 0.9% | 0.5 | 0.8% | | Total Revenue | 56.1 | 100.0% | 67.1 | 100.0% | - Gross profit increased to SGD 3.8 million, with gross margin rising from 4.8% to 6.8%, primarily due to reduced COVID-19 related control costs and improved project cost control[106] - Administrative expenses decreased from SGD 8.2 million to SGD 5.7 million, mainly due to reduced audit and professional fees, general machinery and vehicle expenses, administrative staff costs, and depreciation[108] - A net provision of approximately SGD 1.3 million was made for expected credit losses on financial and contract assets, compared to a net reversal of approximately SGD 0.2 million in the prior year[109] Liquidity, Financial Resources and Capital Structure The Group's financial position improved with a reduced gearing ratio from 87.6% to 69.7% due to decreased bank borrowings, maintaining sufficient liquidity through bank balances and other resources Financial Position Summary (As of September 30) | Item | 2023 (SGD million) | 2022 (SGD million) | | :--- | :--- | :--- | | Bank Balances and Cash | 8.3 | 9.0 | | Total Borrowings (Bank Overdrafts, Loans, Lease Liabilities) | 19.5 | 25.4 | | Gearing Ratio | 69.7% | 87.6% | - The Group has pledged certain bank deposits, owner-occupied properties, investment properties, and investment properties held under joint ventures to secure bank facilities[142] Significant Investments Held The Group holds significant investment properties, both directly and through joint ventures, valued at SGD 10.55 million and SGD 4.25 million respectively, to diversify income and mitigate risks Fair Value of Significant Investments (As of September 30) | Investment Category | 2023 Fair Value (SGD) | Percentage of Total Assets | | :--- | :--- | :--- | | Investment Properties | 10,550,000 | 16.6% | | Investment Properties held under Joint Ventures | 4,250,000 | 6.7% | - The Group's strategy is to continuously build its investment property portfolio for income diversification and potential capital appreciation[123] Use of Net Proceeds from Share Offer The Group utilized most of the HKD 86.3 million net proceeds from its share offer, with HKD 6 million remaining unutilized and earmarked for strengthening financial position by March 31, 2024 Summary of Net Proceeds Utilization (As of September 30, 2023) | Purpose | Revised Allocation (HKD million) | Total Utilized (HKD million) | Unutilized Amount (HKD million) | | :--- | :--- | :--- | :--- | | Strengthening Financial Position | 36.4 | 30.4 | 6.0 | | Enhancing Fleet | 36.3 | 36.3 | 0 | | Strengthening Manpower | 11.6 | 11.6 | 0 | | Developing Production Area | 2.0 | 2.0 | 0 | | Total | 86.3 | 80.3 | 6.0 |