Annual Report 2021
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | 2021Company | 2020Company | Source |
|---|---|---|---|---|---|
| Current assets | |||||
| Cash and short-term deposits$ | 8,846,643 | 20,150,648 | 39,363 | 115,479 | PDF p. 54 |
| Trade receivables$ | 6,374,945 | 5,879,084 | 59 | 66 | PDF p. 54 |
| Contract assets$ | 3,137,003 | 2,629,804 | - | - | PDF p. 54 |
| Other receivables$ | 670,171 | 838,023 | 12,817,056 | 19,680,387 | PDF p. 54 |
| Inventories$ | 616,804 | 456,990 | - | - | PDF p. 54 |
| Total current assets$ | 19,645,566 | 29,954,549 | 12,856,478 | 19,795,932 | PDF p. 54 |
| Non-current assets classified as held for sale$ | - | - | - | - | PDF p. 54 |
| Subtotal$ | 19,645,566 | 29,954,549 | 12,856,478 | 19,795,932 | PDF p. 54 |
| Non-current assets | |||||
| Deposits$ | 96,981 | 5,875 | - | - | PDF p. 54 |
| Investments in subsidiaries$ | - | - | 19,283,128 | 19,153,592 | PDF p. 54 |
| Investment in an associate$ | - | - | - | - | PDF p. 54 |
| Investment in a joint venture$ | 219,193 | 232,700 | - | - | PDF p. 54 |
| Club membership$ | 49,500 | 49,500 | - | - | PDF p. 54 |
| Property, plant and equipment$ | 18,597,600 | 13,172,873 | - | - | PDF p. 54 |
| Total non-current assets$ | 18,963,274 | 13,460,948 | 19,283,128 | 19,153,592 | PDF p. 54 |
| Assets | |||||
| Total assets$ | 38,608,840 | 43,415,497 | 32,139,606 | 38,949,524 | PDF p. 54 |
| Current liabilities | |||||
| Bank loans$ | 1,901,060 | 757,245 | - | - | PDF p. 54 |
| Trade payables$ | 1,958,203 | 936,022 | - | - | PDF p. 54 |
| Contract liabilities$ | 42,920 | 76,514 | - | - | PDF p. 54 |
| Other payables$ | 3,285,842 | 3,847,154 | 12,292,985 | 12,373,065 | PDF p. 54 |
| Lease liabilities$ | 170,117 | 157,869 | - | - | PDF p. 54 |
| Income tax payable$ | 38,145 | 359,624 | 19,104 | - | PDF p. 54 |
| Total current liabilities$ | 7,396,287 | 6,134,428 | 12,312,089 | 12,373,065 | PDF p. 54 |
Original report: PDF p. 54 ↗
Amounts in $ (Singapore dollars as printed '$'). Note column omitted from values. The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | 2021Company | 2020Company | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Bank loans$ | 4,999,901 | 4,242,755 | - | - | PDF p. 55 |
| Lease liabilities$ | 661,668 | 766,301 | - | - | PDF p. 55 |
| Deposits$ | 40,000 | - | - | - | PDF p. 55 |
| Total non-current liabilities$ | 5,701,569 | 5,009,056 | - | - | PDF p. 55 |
| Capital, reserves and non-controlling interests | |||||
| Share capital$ | 23,698,348 | 23,698,348 | 23,698,348 | 23,698,348 | PDF p. 55 |
| Statutory surplus reserve$ | 441,710 | 441,710 | - | - | PDF p. 55 |
| Retained earnings/(Accumulated losses)$ | 20,265,321 | 26,636,995 | (3,870,831) | 2,878,111 | PDF p. 55 |
| Currency translation reserve$ | (239,473) | (198,583) | - | - | PDF p. 55 |
| Merger reserve$ | (18,570,468) | (18,570,468) | - | - | PDF p. 55 |
| Equity attributable to owners of the Company$ | 25,595,438 | 32,008,002 | 19,827,517 | 26,576,459 | PDF p. 55 |
| Non-controlling interests$ | (84,454) | 264,011 | - | - | PDF p. 55 |
| Total equity$ | 25,510,984 | 32,272,013 | 19,827,517 | 26,576,459 | PDF p. 55 |
| Total liabilities and equity$ | 38,608,840 | 43,415,497 | 32,139,606 | 38,949,524 | PDF p. 55 |
Original report: PDF p. 55 ↗
Amounts in $ as printed. Note column omitted from values. The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$ | 20,949,020 | 17,533,055 | PDF p. 56 |
| Cost of services$ | (21,888,572) | (14,522,964) | PDF p. 56 |
| Gross (loss)/profit$ | (939,552) | 3,010,091 | PDF p. 56 |
| Other operating income$ | 2,409,918 | 5,696,470 | PDF p. 56 |
| Administrative expenses$ | (5,839,246) | (6,041,455) | PDF p. 56 |
| Other operating expenses$ | (1,784,581) | (2,040,875) | PDF p. 56 |
| Finance costs$ | (162,754) | (146,121) | PDF p. 56 |
| (Loss)/profit before share of results of a joint venture$ | (6,316,215) | 478,110 | PDF p. 56 |
| Share of results of a joint venture$ | (1,476) | (17,300) | PDF p. 56 |
| (Loss)/profit before income tax$ | (6,317,691) | 460,810 | PDF p. 56 |
| Income tax expense$ | (19,036) | (125,352) | PDF p. 56 |
| (Loss)/profit for the year$ | (6,336,727) | 335,458 | PDF p. 56 |
| Other comprehensive income: Items that may be reclassified subsequently to profit or loss | |||
| Exchange differences on translating foreign operations, representing other comprehensive income for the financial year, net of tax$ | (71,302) | 28,586 | PDF p. 56 |
| Other comprehensive income | |||
| Total comprehensive (loss)/income for the year$ | (6,408,029) | 364,044 | PDF p. 56 |
| (Loss)/profit attributable to | |||
| Owners of the parent$ | (6,018,674) | 981,296 | PDF p. 56 |
| Non-controlling interests$ | (318,053) | (645,838) | PDF p. 56 |
| Subtotal$ | (6,336,727) | 335,458 | PDF p. 56 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the parent$ | (6,059,564) | 987,057 | PDF p. 56 |
| Non-controlling interests$ | (348,465) | (623,013) | PDF p. 56 |
| Subtotal$ | (6,408,029) | 364,044 | PDF p. 56 |
| Income statement | |||
| Basic and diluted (loss)/earnings per share (cents)cents per share | (4.26) | 0.69 | PDF p. 56 |
Original report: PDF p. 56 ↗
Amounts in $ except EPS in cents. Note column omitted from values. The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Income statement | |||
| Revenue$ | 20,949,020 | 17,533,055 | PDF p. 56 |
| Cost of services$ | (21,888,572) | (14,522,964) | PDF p. 56 |
| Gross (loss)/profit$ | (939,552) | 3,010,091 | PDF p. 56 |
| Other operating income$ | 2,409,918 | 5,696,470 | PDF p. 56 |
| Administrative expenses$ | (5,839,246) | (6,041,455) | PDF p. 56 |
| Other operating expenses$ | (1,784,581) | (2,040,875) | PDF p. 56 |
| Finance costs$ | (162,754) | (146,121) | PDF p. 56 |
| (Loss)/profit before share of results of a joint venture$ | (6,316,215) | 478,110 | PDF p. 56 |
| Share of results of a joint venture$ | (1,476) | (17,300) | PDF p. 56 |
| (Loss)/profit before income tax$ | (6,317,691) | 460,810 | PDF p. 56 |
| Income tax expense$ | (19,036) | (125,352) | PDF p. 56 |
| (Loss)/profit for the year$ | (6,336,727) | 335,458 | PDF p. 56 |
| Other comprehensive income - items that may be reclassified subsequently to profit or loss | |||
| Exchange differences on translating foreign operations, representing other comprehensive income for the financial year, net of tax$ | (71,302) | 28,586 | PDF p. 56 |
| Total comprehensive income | |||
| Total comprehensive (loss)/income for the year$ | (6,408,029) | 364,044 | PDF p. 56 |
| (Loss)/profit attributable to | |||
| Owners of the parent$ | (6,018,674) | 981,296 | PDF p. 56 |
| Non-controlling interests$ | (318,053) | (645,838) | PDF p. 56 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the parent$ | (6,059,564) | 987,057 | PDF p. 56 |
| Non-controlling interests$ | (348,465) | (623,013) | PDF p. 56 |
| Earnings per share | |||
| Basic and diluted (loss)/earnings per share (cents)cents | (4.26) | 0.69 | PDF p. 56 |
Original report: PDF p. 56 ↗
Amounts in $ (Singapore dollars). Company has no separate comprehensive income statement; Company result shown in Statement of Changes in Equity.
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group - Share capital | 2021Group - Statutory surplus reserve | 2021Group - Retained earnings | 2021Group - Currency translation reserve | 2021Group - Merger reserve | 2021Group - Equity attributable to owners of the Company | 2021Group - Non-controlling interests | 2021Group - Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| Balance at 1 January 2021$ | 23,698,348 | 441,710 | 26,636,995 | (198,583) | (18,570,468) | 32,008,002 | 264,011 | 32,272,013 | PDF p. 57 |
| Total comprehensive loss for the year | |||||||||
| - Loss for the year$ | - | - | (6,018,674) | - | - | (6,018,674) | (318,053) | (6,336,727) | PDF p. 57 |
| - Other comprehensive loss for the year$ | - | - | - | (40,890) | - | (40,890) | (30,412) | (71,302) | PDF p. 57 |
| Transactions with owners, recognised directly in equity | |||||||||
| - Dividends$ | - | - | (353,000) | - | - | (353,000) | - | (353,000) | PDF p. 57 |
| Group | |||||||||
| Balance at 31 December 2021$ | 23,698,348 | 441,710 | 20,265,321 | (239,473) | (18,570,468) | 25,595,438 | (84,454) | 25,510,984 | PDF p. 57 |
Original report: PDF p. 57 ↗
Amounts in $ (Singapore dollars). Dash means nil as printed.
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Group - Share capital | 2020Group - Statutory surplus reserve | 2020Group - Retained earnings | 2020Group - Currency translation reserve | 2020Group - Merger reserve | 2020Group - Equity attributable to owners of the Company | 2020Group - Non-controlling interests | 2020Group - Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||
| Balance at 1 January 2020$ | 23,698,348 | 451,250 | 26,281,559 | (204,344) | (18,570,468) | 31,656,345 | (423,392) | 31,232,953 | PDF p. 58 |
| Total comprehensive income for the year | |||||||||
| - Profit for the year$ | - | - | 981,296 | - | - | 981,296 | (645,838) | 335,458 | PDF p. 58 |
| - Other comprehensive income for the year$ | - | - | - | 5,761 | - | 5,761 | 22,825 | 28,586 | PDF p. 58 |
| Total$ | - | - | 981,296 | 5,761 | - | 987,057 | (623,013) | 364,044 | PDF p. 58 |
| Transactions with owners, recognised directly in equity | |||||||||
| - Transfer to statutory surplus reserve$ | - | (9,540) | 9,540 | - | - | - | - | - | PDF p. 58 |
| - Increase in share capital of a subsidiary$ | - | - | - | - | - | - | 1,310,416 | 1,310,416 | PDF p. 58 |
| - Dividends$ | - | - | (635,400) | - | - | (635,400) | - | (635,400) | PDF p. 58 |
| Total$ | - | (9,540) | (625,860) | - | - | (635,400) | 1,310,416 | 675,016 | PDF p. 58 |
| Group | |||||||||
| Balance at 31 December 2020$ | 23,698,348 | 441,710 | 26,636,995 | (198,583) | (18,570,468) | 32,008,002 | 264,011 | 32,272,013 | PDF p. 58 |
Original report: PDF p. 58 ↗
Comparative-year statement; amounts in $. Dash means nil as printed. The page header reads 2021 but movements are for the year ended 31 December 2020 (balances 1 January 2020 to 31 December 2020).
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Company - Share capital | 2021Company - Retained earnings/(Accumulated losses) | 2021Company - Total | Source |
|---|---|---|---|---|
| Company | ||||
| Balance at 1 January 2021$ | 23,698,348 | 2,878,111 | 26,576,459 | PDF p. 59 |
| Loss for the year, representing total comprehensive loss for the year$ | - | (6,395,942) | (6,395,942) | PDF p. 59 |
| Transactions with owners, recognised directly in equity | ||||
| Dividends$ | - | (353,000) | (353,000) | PDF p. 59 |
| Company | ||||
| Balance at 31 December 2021$ | 23,698,348 | (3,870,831) | 19,827,517 | PDF p. 59 |
Original report: PDF p. 59 ↗
Amounts in $. Dash means nil as printed.
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Company - Share capital | 2020Company - Retained earnings | 2020Company - Total | Source |
|---|---|---|---|---|
| Company | ||||
| Balance at 1 January 2020$ | 23,698,348 | 2,012,438 | 25,710,786 | PDF p. 59 |
| Profit for the year, representing total comprehensive income for the year$ | - | 1,501,073 | 1,501,073 | PDF p. 59 |
| Transactions with owners, recognised directly in equity | ||||
| Dividends$ | - | (635,400) | (635,400) | PDF p. 59 |
| Company | ||||
| Balance at 31 December 2020$ | 23,698,348 | 2,878,111 | 26,576,459 | PDF p. 59 |
Original report: PDF p. 59 ↗
Comparative year; amounts in $. Dash means nil as printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Operating activities | |||
| (Loss)/profit before income tax$ | (6,317,691) | 460,810 | PDF p. 60 |
| Operating activities - Adjustments for | |||
| Bad debts written off$ | 10 | - | PDF p. 60 |
| Interest income$ | (6,120) | (41,829) | PDF p. 60 |
| Interest expense$ | 198,148 | 146,121 | PDF p. 60 |
| Property, plant and equipment written off$ | - | 1,207 | PDF p. 60 |
| Share of results of a joint venture$ | 1,476 | 17,300 | PDF p. 60 |
| Reversal of impairment of property, plant and equipment$ | (264,707) | - | PDF p. 60 |
| Impairment on goodwill from joint venture$ | 12,031 | - | PDF p. 60 |
| (Reversal of)/loss allowance made for third party trade receivables$ | (36,348) | 255,999 | PDF p. 60 |
| Depreciation of property, plant and equipment$ | 1,261,716 | 1,180,983 | PDF p. 60 |
| Gain on disposal of property, plant and equipment$ | (83,126) | (36,110) | PDF p. 60 |
| Gain on disposal of non-current assets classified as held for sale$ | - | (1,364,918) | PDF p. 60 |
| Operating activities | |||
| Operating cash flow before working capital changes (unlabelled subtotal)$ | (5,234,611) | 619,563 | PDF p. 60 |
| Changes in working capital | |||
| Trade receivables$ | (485,398) | 982,410 | PDF p. 60 |
| Contract assets$ | (509,677) | 170,153 | PDF p. 60 |
| Other receivables$ | 56,193 | 15,096 | PDF p. 60 |
| Inventories$ | (183,779) | 56,397 | PDF p. 60 |
| Trade payables$ | 1,036,168 | (243,109) | PDF p. 60 |
| Contract liabilities$ | (30,820) | 76,514 | PDF p. 60 |
| Other payables$ | (127,969) | (772,578) | PDF p. 60 |
| Operating activities | |||
| Cash (used in)/from operations$ | (5,479,893) | 904,446 | PDF p. 60 |
| Interest received$ | 6,120 | 41,829 | PDF p. 60 |
| Income tax paid$ | (342,886) | (668,165) | PDF p. 60 |
| Net cash (used in)/provided by operating activities$ | (5,816,659) | 278,110 | PDF p. 60 |
| Investing activities | |||
| Proceeds on disposal of property, plant and equipment$ | 83,394 | 37,299 | PDF p. 60 |
| Proceeds on disposal non-current assets classified as held for sale$ | - | 5,400,648 | PDF p. 60 |
| Investment in a joint venture$ | - | (250,000) | PDF p. 60 |
| Increase in share capital of a subsidiary by non-controlling interests$ | - | 1,310,416 | PDF p. 60 |
| Purchases of property, plant and equipment$ | (6,712,892) | (309,549) | PDF p. 60 |
| Net cash (used in)/provided by investing activities$ | (6,629,498) | 6,188,814 | PDF p. 60 |
Original report: PDF p. 60 ↗
Amounts in $. Continued on next page (financing activities and closing cash). Dash means nil as printed. No separate Company cash flow statement is presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group | 2020Group | Source |
|---|---|---|---|
| Financing activities (Note A) | |||
| Fixed deposit pledged$ | - | 104,653 | PDF p. 61 |
| Interest paid$ | (196,897) | (146,121) | PDF p. 61 |
| Dividends paid$ | (353,000) | (635,400) | PDF p. 61 |
| Proceeds from term loans$ | 2,741,800 | 4,000,000 | PDF p. 61 |
| Financing activities (Note A) - Repayments of | |||
| Term loans$ | (802,682) | (4,000,354) | PDF p. 61 |
| Principal portion of lease liabilities$ | (172,385) | (149,773) | PDF p. 61 |
| Financing activities (Note A) | |||
| Repayment of loan from a director of subsidiary$ | - | (1,310,416) | PDF p. 61 |
| Net cash provided by/(used in) financing activities$ | 1,216,836 | (2,137,411) | PDF p. 61 |
| Cash and cash equivalents | |||
| Net (decrease)/increase in cash and cash equivalents$ | (11,229,321) | 4,329,513 | PDF p. 61 |
| Cash and cash equivalents at beginning of the financial year$ | 19,807,066 | 15,471,363 | PDF p. 61 |
| Effects of exchange rate changes on the balance of cash held in foreign currencies$ | (82,590) | 6,190 | PDF p. 61 |
| Cash and cash equivalents at end of the financial year$ | 8,495,155 | 19,807,066 | PDF p. 61 |
Original report: PDF p. 61 ↗
Amounts in $. Dash means nil as printed. Financing activities refer to Note A (reconciliation of liabilities).
The accompanying notes form an integral part of these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Group - opening balance | 2021Group - Cash flows, net | 2021Group - Non-cash: Addition of lease | 2021Group - Non-cash: Foreign exchange differences | 2021Group - closing balance | Source |
|---|---|---|---|---|---|---|
| Reconciliation 2020 to 2021 | ||||||
| Bank loans (Note 15)$ | 5,000,000 | 1,939,118 | - | (38,157) | 6,900,961 | PDF p. 62 |
| Lease liabilities (Note 18)$ | 924,170 | (172,385) | 80,000 | - | 831,785 | PDF p. 62 |
| Loan from a director of a subsidiary (Note 17)$ | 2,076,037 | - | - | (168,589) | 1,907,448 | PDF p. 62 |
Original report: PDF p. 62 ↗
Amounts in $. Columns as printed: 2020, Cash flows net, Addition of lease, Foreign exchange differences, 2021. The 2019 to 2020 reconciliation is also printed on the same page but not extracted.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021, $'000 | 2020Group FY2020, $'000 | 2019Group FY2019, $'000 | Source |
|---|---|---|---|---|
| Financial Performance | ||||
| Revenue$'000 | 20,950 | 17,533 | 27,844 | PDF p. 17 |
| Cost of services$'000 | (21,889) | (14,523) | (15,899) | PDF p. 17 |
| Gross (loss)/profit$'000 | (939) | 3,010 | 11,945 | PDF p. 17 |
| Other operating income$'000 | 2,410 | 5,696 | 1,142 | PDF p. 17 |
| Administrative expenses$'000 | (5,839) | (6,041) | (5,680) | PDF p. 17 |
| Other operating expenses$'000 | (1,785) | (2,041) | (2,346) | PDF p. 17 |
| Finance costs$'000 | (163) | (146) | (328) | PDF p. 17 |
| (Loss)/Profit before share of results of a joint venture$'000 | (6,316) | 478 | 4,733 | PDF p. 17 |
| Share of results of a joint venture$'000 | (1) | (17) | - | PDF p. 17 |
| (Loss)/Profit before income tax$'000 | (6,317) | 461 | 4,733 | PDF p. 17 |
| Income tax expense$'000 | (19) | (125) | (902) | PDF p. 17 |
| (Loss)/Profit for the year$'000 | (6,336) | 336 | 3,831 | PDF p. 17 |
| (Loss)/Profit attributable to owners of the parent$'000 | (6,019) | 981 | 4,658 | PDF p. 17 |
Original report: PDF p. 17 ↗
N.M – not meaningful
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group as at 31 December 2021, $'000 | 2020Group as at 31 December 2020, $'000 | 2019Group as at 31 December 2019, $'000 | Source |
|---|---|---|---|---|
| Financial Position | ||||
| Shareholder’s equity (excluding non-controlling interests)$'000 | 25,595 | 32,008 | 31,656 | PDF p. 17 |
| Total assets$'000 | 38,609 | 43,415 | 45,446 | PDF p. 17 |
| Total liabilities$'000 | 13,097 | 11,143 | 14,213 | PDF p. 17 |
Original report: PDF p. 17 ↗
N.M – not meaningful
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021FY2021 | 2020FY2020 | 2019FY2019 | Source |
|---|---|---|---|---|
| Financial Ratios (per share) | ||||
| Net asset value (cents)cents | 18.13 | 22.67 | 22.42 | PDF p. 17 |
| Basic and diluted (loss)/earnings (cents)cents | (4.26) | 0.69 | 3.30 | PDF p. 17 |
| Gearingratio (as printed, no unit) | 0.30 | 0.19 | 0.19 | PDF p. 17 |
| Interest coverageratio (as printed, no unit) | (37.74) | 4.15 | 15.42 | PDF p. 17 |
| Current ratioratio (as printed, no unit) | 2.66 | 4.88 | 3.23 | PDF p. 17 |
Original report: PDF p. 17 ↗
N.M – not meaningful. No definitions of gearing, interest coverage or current ratio are printed on this page.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021 | 2020Group FY2020 | Source |
|---|---|---|---|
| Note 29 | |||
| (Loss)/Profit for the year attributable to owners of the parent$ | (6,018,674) | 981,296 | PDF p. 115 |
| Basic (loss)/earnings per share (cents)cents | (4.26) | 0.69 | PDF p. 115 |
| Diluted (loss)/earnings per share (cents)cents | (4.26) | 0.69 | PDF p. 115 |
Original report: PDF p. 115 ↗
Basic and diluted earnings per share are the same as the Group does not have dilutive potential ordinary shares.
Weighted average shares row wraps: 'Weighted average number of ordinary shares for basic and diluted earnings per share computation 141,200,000 141,200,000'.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group FY2021 dividends paid | 2020Group FY2020 dividends paid | Source |
|---|---|---|---|
| Note 30 | |||
| Final tax-exempt (one-tier) dividend paid in respect of the previous financial year of 0.25 cents (2020: 0.15 cents) per share$ | 353,000 | 211,800 | PDF p. 116 |
| Special tax-exempt (one-tier) dividend paid in respect of the previous financial year of $nil (2020: 0.3 cents) per share$ | - | 423,600 | PDF p. 116 |
| Total dividends paid$ | 353,000 | 635,400 | PDF p. 116 |
Original report: PDF p. 116 ↗
Dividend per share (cents) is printed within the row labels: final 0.25 cents (2021 payment) vs 0.15 cents (2020 payment); special nil vs 0.3 cents. Last row has no printed label (total).
Where the money comes from
| Item / unit | 2021New building and repair segment | 2021Shipping segment | 2021Total (Group) | 2020New building and repair segment | 2020Shipping segment | 2020Total (Group) | Source |
|---|---|---|---|---|---|---|---|
| Revenue | |||||||
| Segment revenue$ | 13,767,160 | 7,181,860 | 20,949,020 | 12,161,744 | 5,371,311 | 17,533,055 | PDF p. 118PDF p. 119 |
| Results | |||||||
| Gross profit/(loss)$ | 2,317,817 | (3,257,369) | (939,552) | PDF p. 118 | |||
| Assets and Liabilities | |||||||
| Segment assets$ | 13,184,462 | 11,529,185 | 24,713,647 | 12,651,969 | 5,296,692 | 17,948,661 | PDF p. 118PDF p. 119 |
| Segment liabilities$ | 1,867,105 | 4,073,213 | 5,940,318 | 1,910,501 | 1,146,680 | 3,057,181 | PDF p. 118PDF p. 119 |
| Results | |||||||
| Gross profit$ | 2,799,369 | 210,722 | 3,010,091 | PDF p. 119 | |||
(a) The difference between the depreciation of shipping segment and the total depreciation of property, plant and equipment is attributable to property, plant and equipment for general purpose that is used for all segments.
Blank value cells mean the report prints no figure in that segment column. In the depreciation row the New building and repair cell is blank in the 2021 table; the 525,111 and 1,261,716 are printed on separate lines, with (a) between them.
Blank value cells mean the report prints no figure in that segment column. The total depreciation 1,180,983 is printed on a separate line below the segment cells, with (a).
| Item / unit | 2021New building and repair | 2020New building and repair | 2021Shipping | 2020Shipping | Source |
|---|---|---|---|---|---|
| Major customers | |||||
| Customer A$ | 8,789,256 | 8,605,804 | - | - | PDF p. 120 |
| Customer B$ | - | - | 2,268,910 | 2,295,817 | PDF p. 120 |
| Customer C$ | 2,334,373 | 1,914,590 | - | - | PDF p. 120 |
| Total$ | 11,123,629 | 10,520,394 | 2,268,910 | 2,295,817 | PDF p. 120 |
Major customers with revenue more than 10% of the Group's total revenue.
The total row has no printed label; 'Total' is a descriptor.
| Item / unit | 2021Revenue | 2020Revenue | 2021Non-current assets# | 2020Non-current assets# | Source |
|---|---|---|---|---|---|
| Geographical segments | |||||
| Singapore$ | 20,077,594 | 16,097,942 | 14,798,734 | 8,849,050 | PDF p. 120 |
| Thailand$ | - | 762,925 | 4,041,129 | 4,565,717 | PDF p. 120 |
| The PRC$ | 323,848 | 199,156 | 5,695 | 5,999 | PDF p. 120 |
| Malaysia$ | 95,651 | 411,038 | 12,982 | 26,870 | PDF p. 120 |
| Myanmar$ | 451,927 | 61,994 | 7,753 | 7,437 | PDF p. 120 |
| Total$ | 20,949,020 | 17,533,055 | 18,866,293 | 13,455,073 | PDF p. 120 |
# Non-current assets other than financial instruments.
The Group's revenue and non-current assets by geographical segments are based on the respective entities' country of operations.
The total row has no printed label; 'Total' is a descriptor.
Debt
| Item / unit | 2021minimum lease payments, $ | 2020minimum lease payments, $ | 2021present value of minimum lease payments, $ | 2020present value of minimum lease payments, $ | Source |
|---|---|---|---|---|---|
| Contractual undiscounted cash flows | |||||
| - Within one year$ | 204,228 | 198,378 | 170,117 | 157,869 | PDF p. 108 |
| - In the second to fifth years inclusive$ | 562,155 | 645,354 | 501,020 | 559,068 | PDF p. 108 |
| - After five years$ | 167,049 | 217,855 | 160,648 | 207,233 | PDF p. 108 |
| Lease liabilities | |||||
| Less: Future interest expense$ | (101,647) | (137,417) | - | - | PDF p. 108 |
| Present value of lease liabilities$ | 831,785 | 924,170 | 831,785 | 924,170 | PDF p. 108 |
Lease liabilities are denominated in Singapore dollar. Incremental borrowing rate 4.5% to 5.6% (2020: 4.5% to 5.6%) p.a.; average lease terms 5 to 22 years. Current 170,117 (2020: 157,869); non-current 661,668 (2020: 766,301).
| Item / unit | 2021$ | 2020$ | Source |
|---|---|---|---|
| Bank loans | |||
| - Term loan 1(a)$ | 2,658,344 | - | PDF p. 104 |
| - Term loan 2(b)$ | 400,000 | 1,000,000 | PDF p. 104 |
| - Term loan 3(c)$ | 3,842,617 | 4,000,000 | PDF p. 104 |
| Total bank loans$ | 6,900,961 | 5,000,000 | PDF p. 104 |
| Current portion | |||
| Less: Amount due for settlement within 12 months (shown under current liabilities)$ | (1,901,060) | (757,245) | PDF p. 104 |
| Non-current portion | |||
| Amount due for settlement after 12 months$ | 4,999,901 | 4,242,755 | PDF p. 104 |
(a) Term loan 1: repayable in 60 monthly instalments commencing December 2021; floating rate LIBOR plus 4%; average effective interest rate 4.09% (2020: Nil) p.a.; repriced monthly; fully repaid by November 2026.
(b) Term loan 2: floating rate; average effective interest rate 3.43% (2020: 4.05%) p.a. Group did not meet a loan covenant on minimum net assets at 31 Dec 2021, so loan repayable on demand; bank subsequently granted a waiver (Note 37).
(c) Term loan 3: repayable in 60 monthly instalments commencing October 2020; fixed rate 3.0% (2020: 3.0%) p.a.; fully repaid by October 2025.
Secured by: legal mortgage over leasehold land and property; pledge over vessels; corporate guarantees by the Company; first priority pledge over earnings account; pledge over deposit $135,170 (2020: Nil); pledge over 100% share of a subsidiary. Undrawn committed facilities $6,580,004 (2020: $6,825,714). Average interest rate on non-current loans 3.4% (2020: 3.4%).
| Item / unit | 2021$ | 2020$ | Source |
|---|---|---|---|
| Currency profile of bank loans | |||
| Singapore dollar$ | 4,242,617 | 5,000,000 | PDF p. 105 |
| United States dollar$ | 2,658,344 | - | PDF p. 105 |
Total 6,900,961 (2020: 5,000,000).
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company currently does not have a formal policy on payment of dividends. The Company may declare dividends by way of an ordinary resolution of Shareholders at a general meeting, but may not pay dividends in excess of the amount recommended by the Directors. The declaration and payment of dividends will be determined at the sole discretion of the Directors, subject to the approval of Shareholders. The Directors may also declare an interim dividend without the approval of Shareholders. | Company, FY2021 | PDF p. 39 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend declared/recommended for FY2021 | No dividend was declared/recommended for FY2021 in view of the net loss position of the Group for FY2021. | Group, FY2021 | PDF p. 39 |
| Final tax-exempt (one-tier) dividend paid in respect of the previous financial year of 0.25 cents (2020: 0.15 cents) per share | 0.25 cents per share | Group, paid in 2021 in respect of FY2020; comparative paid in 2020 in respect of FY2019: 0.15 cents | PDF p. 116 |
| Special tax-exempt (one-tier) dividend paid in respect of the previous financial year of $nil (2020: 0.3 cents) per share | $nil | Group, paid in 2021 in respect of FY2020; comparative paid in 2020: 0.3 cents per share | PDF p. 116 |
Extracted from Annual Report 2021 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | BDO LLP | Group FY2021 | PDF p. 53 |
| Engagement partner | Tei Tong Huat | Group FY2021 | PDF p. 53 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Going concern assumption | it is appropriate for the consolidated financial statements to be prepared on a going concern basis | Group FY2021 | PDF p. 82 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Revenue recognition arising from new building and repair operating segment | We focused on this area as a key audit matter due to the significant judgements and estimation involved. | Group FY2021 | PDF p. 50 |
Extracted from Annual Report 2021 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2021, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.