Annual Report 2022
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022The Group, 30 June 2022 | 2021The Group, 30 June 2021 | 2022The Company, 30 June 2022 | 2021The Company, 30 June 2021 | Source |
|---|---|---|---|---|---|
| Non-Current Assets | |||||
| Investments in subsidiaries$'000 | – | – | – | 16,972 | PDF p. 51 |
| Investment in a joint venture company$'000 | 301 | 496 | 500 | 500 | PDF p. 51 |
| Property, plant and equipment$'000 | 7,811 | 8,657 | - | 1 | PDF p. 51 |
| Investment properties$'000 | 14,215 | 17,541 | - | - | PDF p. 51 |
| Deferred tax assets$'000 | - | 132 | - | - | PDF p. 51 |
| Subtotal$'000 | 22,327 | 26,826 | 500 | 17,473 | PDF p. 51 |
| Current Assets | |||||
| Inventories$'000 | 5 | 35 | - | - | PDF p. 51 |
| Contract assets$'000 | 59,334 | 57,279 | - | - | PDF p. 51 |
| Completed properties for sale$'000 | 5,206 | 5,702 | - | - | PDF p. 51 |
| Trade and other receivables$'000 | 8,737 | 12,516 | 4,917 | 5,321 | PDF p. 51 |
| Other current assets$'000 | 940 | 808 | 14 | 3 | PDF p. 51 |
| Grant receivables$'000 | - | 71 | - | - | PDF p. 51 |
| Cash and bank balances$'000 | 774 | 898 | 10 | 25 | PDF p. 51 |
| Subtotal$'000 | 74,996 | 77,309 | 4,941 | 5,349 | PDF p. 51 |
| Assets | |||||
| Total Assets$'000 | 97,323 | 104,135 | 5,441 | 22,822 | PDF p. 51 |
| Capital and Reserves | |||||
| Share capital$'000 | 26,518 | 17,676 | 26,518 | 17,676 | PDF p. 51 |
| (Accumulated losses)/retained profits$'000 | 3,264 | 9,806 | (24,945) | (467) | PDF p. 51 |
| Currency translation reserve$'000 | (11) | (59) | – | – | PDF p. 51 |
| Merger reserve$'000 | (2,014) | (2,014) | – | – | PDF p. 51 |
| Capital reserve$'000 | (876) | (876) | – | – | PDF p. 51 |
| Property revaluation reserve$'000 | 424 | 424 | – | – | PDF p. 51 |
| Share option reserve$'000 | 396 | 396 | 396 | 396 | PDF p. 51 |
| Equity attributable to owners of the Company$'000 | 27,701 | 25,353 | 1,969 | 17,605 | PDF p. 51 |
| Non-controlling interests$'000 | (211) | (79) | - | - | PDF p. 51 |
| Total Equity$'000 | 27,490 | 25,274 | 1,969 | 17,605 | PDF p. 51 |
| Non-Current Liabilities | |||||
| Borrowings$'000 | 5,930 | 10,666 | – | – | PDF p. 51 |
| Lease liabilities$'000 | 1,779 | 1,954 | – | – | PDF p. 51 |
| Deferred tax liabilities$'000 | – | 721 | – | – | PDF p. 51 |
| Subtotal$'000 | 7,709 | 13,341 | – | – | PDF p. 51 |
| Current Liabilities | |||||
| Trade and other payables$'000 | 38,228 | 42,279 | 2,372 | 3,917 | PDF p. 51 |
| Contract liabilities$'000 | 381 | 1,265 | – | – | PDF p. 51 |
| Current tax payable$'000 | – | 78 | – | – | PDF p. 51 |
| Deferred grants$'000 | – | 210 | – | – | PDF p. 51 |
| Borrowings$'000 | 23,341 | 21,463 | 1,100 | 1,300 | PDF p. 51 |
| Lease liabilities$'000 | 174 | 225 | - | - | PDF p. 51 |
| Subtotal$'000 | 62,124 | 65,520 | 3,472 | 5,217 | PDF p. 51 |
| Liabilities | |||||
| Total Liabilities$'000 | 69,833 | 78,861 | 3,472 | 5,217 | PDF p. 51 |
| Equity and Liabilities | |||||
| Total Equity and liabilities$'000 | 97,323 | 104,135 | 5,441 | 22,822 | PDF p. 51 |
Original report: PDF p. 51 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Dash symbols printed as '–' or '-' preserved as shown.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group, year ended 30 June 2022 | 2021Group, year ended 30 June 2021 | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$'000 | 52,651 | 60,255 | PDF p. 52 |
| Cost of works$'000 | (49,398) | (55,469) | PDF p. 52 |
| Gross profit$'000 | 3,253 | 4,786 | PDF p. 52 |
| Other income$'000 | 1,829 | 3,913 | PDF p. 52 |
| Other expenses$'000 | (3,292) | (337) | PDF p. 52 |
| Distribution and marketing costs$'000 | (75) | (128) | PDF p. 52 |
| Administrative expenses$'000 | (7,804) | (7,044) | PDF p. 52 |
| Reversal impairment of financial assets and contract assets$'000 | 95 | 454 | PDF p. 52 |
| Bad debts written off$'000 | (210) | – | PDF p. 52 |
| Finance costs$'000 | (942) | (995) | PDF p. 52 |
| Share of result of a joint venture company$'000 | (195) | (4) | PDF p. 52 |
| (Loss)/profit before taxation$'000 | (7,341) | 645 | PDF p. 52 |
| Taxation$'000 | 667 | (32) | PDF p. 52 |
| Total (loss)/profit for the financial year$'000 | (6,674) | 613 | PDF p. 52 |
| Other comprehensive (loss)/income after tax: Items that may be reclassified subsequently to profit or loss | |||
| Exchange differences on translation of foreign operations$'000 | 48 | 1 | PDF p. 52 |
| Other comprehensive (loss)/income after tax | |||
| Other comprehensive income for the financial year, net of nil tax$'000 | 48 | 1 | PDF p. 52 |
| Total comprehensive (loss)/income for the financial year$'000 | (6,626) | 614 | PDF p. 52 |
| (Loss)/profit attributable to | |||
| Owners of the parent$'000 | (6,542) | 629 | PDF p. 52 |
| Non-controlling interests$'000 | (132) | (16) | PDF p. 52 |
| Subtotal$'000 | (6,674) | 613 | PDF p. 52 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the parent$'000 | (6,494) | 630 | PDF p. 52 |
| Non-controlling interests$'000 | (132) | (16) | PDF p. 52 |
| Subtotal$'000 | (6,626) | 614 | PDF p. 52 |
| (Losses)/earnings per share attributable to owner of the parent (cents) | |||
| - Basic and dilutedcents per share | (2.08) | 0.29 | PDF p. 52 |
Original report: PDF p. 52 ↗
The annexed notes form an integral part of and should be read in conjunction with these financial statements.
The Company's own statement of profit or loss is not presented; only consolidated statement is printed.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group, year ended 30 June 2022 | 2021Group, year ended 30 June 2021 | Source |
|---|---|---|---|
| Profit | |||
| Total (loss)/profit for the financial year$'000 | (6,674) | 613 | PDF p. 52 |
| Other comprehensive income | |||
| Exchange differences on translation of foreign operations$'000 | 48 | 1 | PDF p. 52 |
| Other comprehensive income for the financial year, net of nil tax$'000 | 48 | 1 | PDF p. 52 |
| Total comprehensive income | |||
| Total comprehensive (loss)/income for the financial year$'000 | (6,626) | 614 | PDF p. 52 |
| (Loss)/profit attributable to | |||
| Owners of the parent$'000 | (6,542) | 629 | PDF p. 52 |
| Non-controlling interests$'000 | (132) | (16) | PDF p. 52 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the parent$'000 | (6,494) | 630 | PDF p. 52 |
| Non-controlling interests$'000 | (132) | (16) | PDF p. 52 |
Original report: PDF p. 52 ↗
Amounts in $’000. Only Group statement presented. The annexed notes form an integral part of and should be read in conjunction with these financial statements.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group, Share capital | 2022Group, Retained profits/(losses) | 2022Group, Currency translation reserve | 2022Group, Merger reserve | 2022Group, Capital reserve | 2022Group, Property revaluation reserve | 2022Group, Share option reserve | 2022Group, Equity attributable to owners of the Company | 2022Group, Non-controlling interests | 2022Group, Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening FY2021 movements (as printed) | |||||||||||
| Balance at 1 July 2021$'000 | 17,676 | 9,177 | (60) | (2,014) | (876) | 424 | 282 | 24,609 | (63) | 24,546 | PDF p. 53 |
| FY2021 movements | |||||||||||
| Profit for the financial year$'000 | – | 629 | – | – | – | – | – | 629 | (16) | 613 | PDF p. 53 |
| Other comprehensive income$'000 | – | - | 1 | – | – | – | – | 1 | - | 1 | PDF p. 53 |
| FY2021 movements (Total comprehensive income for the financial year) | |||||||||||
| financial year$'000 | – | 629 | 1 | – | – | – | – | 630 | (16) | 614 | PDF p. 53 |
| FY2021 movements (Recognition of share-based payments) | |||||||||||
| transactions with owners, recognised directly in equity$'000 | – | – | – | – | – | – | 114 | 114 | – | 114 | PDF p. 53 |
| Closing balance | |||||||||||
| Balance at 30 June 2021$'000 | 17,676 | 9,806 | (59) | (2,014) | (876) | 424 | 396 | 25,353 | (79) | 25,274 | PDF p. 53 |
| FY2022 movements | |||||||||||
| Loss for the financial year$'000 | – | (6,542) | – | – | – | – | – | (6,542) | (132) | (6,674) | PDF p. 53 |
| Other comprehensive income$'000 | – | – | 48 | – | – | – | – | 48 | – | 48 | PDF p. 53 |
| FY2022 movements (Total comprehensive loss for the financial year) | |||||||||||
| financial year$'000 | – | (6,542) | 48 | – | – | – | – | (6,494) | (132) | (6,626) | PDF p. 53 |
| FY2022 movements (Issue of shares, net of share issue costs) | |||||||||||
| costs$'000 | 8,842 | – | – | – | – | – | – | 8,842 | – | 8,842 | PDF p. 53 |
| Closing balance | |||||||||||
| Balance at 30 June 2022$'000 | 26,518 | 3,264 | (11) | (2,014) | (876) | 424 | 396 | 27,701 | (211) | 27,490 | PDF p. 53 |
Original report: PDF p. 53 ↗
All amounts $’000. Rows cover both FY2021 (balance at 1 July 2021 label as printed is the opening of FY2021 movements, ending Balance at 30 June 2021) and FY2022 movements. Only a consolidated statement is presented; no separate Company statement of changes in equity found on pages 50-54.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group, year ended 30 June 2022 | 2021Group, year ended 30 June 2021 | Source |
|---|---|---|---|
| Operating activities | |||
| (Loss)/profit before taxation$'000 | (7,341) | 645 | PDF p. 54 |
| Depreciation of property, plant and equipment$'000 | 987 | 892 | PDF p. 54 |
| Gain on disposal of property, plant and equipment$'000 | (23) | – | PDF p. 54 |
| Impairment allowance on completed properties for sale$'000 | 364 | – | PDF p. 54 |
| Interest expense$'000 | 942 | 995 | PDF p. 54 |
| Changes in fair value of investment properties$'000 | 2,439 | 204 | PDF p. 54 |
| Share-based payment expense$'000 | – | 114 | PDF p. 54 |
| Reversal of impairment loss on financial assets and contract assets$'000 | (95) | (454) | PDF p. 54 |
| Share of results of a joint venture company$'000 | 195 | 4 | PDF p. 54 |
| Bad debts written off$'000 | 210 | – | PDF p. 54 |
| Government grants$'000 | (1,168) | (3,147) | PDF p. 54 |
| Unrealised currency translation differences$'000 | 452 | 136 | PDF p. 54 |
| Operating loss before working capital changes$'000 | (3,038) | (611) | PDF p. 54 |
| Inventories$'000 | 30 | 90 | PDF p. 54 |
| Trade and other receivables$'000 | 4,006 | (2,624) | PDF p. 54 |
| Contract assets$'000 | (1,789) | (15,414) | PDF p. 54 |
| Other current assets$'000 | (132) | 39 | PDF p. 54 |
| Trade and other payables$'000 | (4,526) | 8,543 | PDF p. 54 |
| Contract liabilities$'000 | (884) | (162) | PDF p. 54 |
| Cash used in operations$'000 | (6,333) | (10,139) | PDF p. 54 |
| Government grants received$'000 | 1,029 | 3,292 | PDF p. 54 |
| Income taxes paid$'000 | – | (201) | PDF p. 54 |
| Net cash used in operating activities$'000 | (5,304) | (7,048) | PDF p. 54 |
| Investing activities | |||
| Acquisition of property, plant and equipment (Note a)$'000 | (51) | (486) | PDF p. 54 |
| Investment in a joint venture company$'000 | – | (500) | PDF p. 54 |
| Advances for working capital to joint venture company$'000 | (621) | (2,658) | PDF p. 54 |
| Proceeds from disposal of investment properties$'000 | 520 | – | PDF p. 54 |
| Proceeds from disposal of property, plant and equipment$'000 | 23 | – | PDF p. 54 |
| Net cash used in investing activities$'000 | (129) | (3,644) | PDF p. 54 |
| Financing activities | |||
| Advances from directors$'000 | 7,644 | 8,790 | PDF p. 54 |
| Repayment to directors$'000 | (3,498) | – | PDF p. 54 |
| Proceeds from rights issue$'000 | 1,964 | – | PDF p. 54 |
| Proceeds from issuance of ordinary shares$'000 | 3,400 | – | PDF p. 54 |
| Payment of share issue expenses$'000 | (127) | – | PDF p. 54 |
| Repayment of lease liabilities$'000 | (324) | (241) | PDF p. 54 |
| Proceeds from borrowings$'000 | 43,093 | 23,773 | PDF p. 54 |
| Repayment of borrowings$'000 | (46,429) | (23,566) | PDF p. 54 |
| Interest paid$'000 | (942) | (995) | PDF p. 54 |
| Net cash generated from financing activities$'000 | 4,781 | 7,761 | PDF p. 54 |
| Net change in cash | |||
| Net decrease in cash and bank balances$'000 | (652) | (2,931) | PDF p. 54 |
| Cash and bank balances at beginning of the financial year$'000 | 404 | 3,336 | PDF p. 54 |
| Exchange differences on translation of cash and bank balances$'000 | (9) | (1) | PDF p. 54 |
| Cash and bank balances at end of the financial year$'000 | (257) | 404 | PDF p. 54 |
Original report: PDF p. 54 ↗
Note a: For the financial year ended 30 June 2022, the Group acquired property, plant and equipment (“PPE”) with an aggregate cost of $85,000 (2021 – $690,000) of which $51,000 (2021 – $486,000) was paid in cash and the remaining amount of $34,000 (2021 – $204,000) was acquired as leases (right-of-use assets).
Amounts in $’000. Only Group statement presented.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2018Group FY2018 | 2019Group FY2019 | 2020Group FY2020 | 2021Group FY2021 | 2022Group FY2022 | Source |
|---|---|---|---|---|---|---|
| Financial highlights | ||||||
| RevenueS$'000 | 94,931 | 78,778 | 52,920 | 60,255 | 52,651 | PDF p. 11 |
| Gross profitS$'000 | 5,513 | 9,951 | 4,818 | 4,786 | 3,253 | PDF p. 11 |
| (Loss) / Profit before taxationS$'000 | 1,424 | 982 | (4,034) | 645 | (7,341) | PDF p. 11 |
| (Loss) / Profit after taxationS$'000 | 447 | 784 | (4,014) | 613 | (6,674) | PDF p. 11 |
| (Loss) / Profit attributable to owner of the parentS$'000 | 592 | 817 | (3,948) | 629 | (6,542) | PDF p. 11 |
| (Loss) / Earnings per share (Singapore cents)Singapore cents | 0.33 | 0.44 | (2.13) | 0.29 | (2.08) | PDF p. 11 |
| Total assetsS$'000 | 81,502 | 86,335 | 86,016 | 104,135 | 97,323 | PDF p. 11 |
| Equity attributable to owner of the parentS$'000 | 27,551 | 28,415 | 24,609 | 25,353 | 27,701 | PDF p. 11 |
| Net asset value per share (Singapore cents)Singapore cents | 14.86 | 15.31 | 13.26 | 13.66 | 7.77 | PDF p. 11 |
Original report: PDF p. 11 ↗
1 The (losses) / earnings per share was computed based on the (loss) / profit attributable to owner of the parent divided by the weighted average number of shares in issued during the financial year.
2 The net asset value per ordinary share for FY2018 to FY2021 and FY2022 is computed based on the share capital of the Company of 185,625,000 and 353,666,000 shares respectively.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2022Group | 2021Group (Restated) | Source |
|---|---|---|---|
| Note 31 | |||
| (Loss)/profit attributable to owners of the Company ($’000)$'000 | (6,542) | 629 | PDF p. 103 |
| Weighted average number of shares in issue (‘000)'000 shares | 314,813 | 220,190 | PDF p. 103 |
| Basic and diluted (losses)/earnings per share (cents)cents | (2.08) | 0.29 | PDF p. 103 |
Original report: PDF p. 103 ↗
The weighted average number of ordinary shares for the prior financial year have been adjusted for the bonus element arising from the rights issue on 27 August 2021.
As at 30 June 2021, the employee share options were excluded from the calculation of the diluted weighted average number of ordinary shares in issue as the average market price of the Company’s ordinary shares for the year then ended does not exceed the exercise price.
As at 30 June 2022, the basic and diluted losses per share are the same as the outstanding options are anti-dilutive.
Where the money comes from
| Item / unit | 2021General building | 2021Precast manufacturing | 2021Properties development and investment | 2021Soil investigation and treatment | 2021Unallocated segments | 2021Elimination | 2021Total | Source |
|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||
| External$'000 | 60,037 | 218 | – | – | – | – | 60,255 | PDF p. 109 |
| Inter-segment$'000 | – | 168 | – | – | – | (168) | – | PDF p. 109 |
| Results | ||||||||
| Gross profit$'000 | 4,812 | (26) | – | – | – | – | 4,786 | PDF p. 109 |
| Total profit for the financial year includes | ||||||||
| Depreciation of property, plant and equipment$'000 | 729 | 162 | – | – | 1 | – | 892 | PDF p. 109 |
| Reversal of impairment loss on financial assets and contract assets$'000 | (454) | – | – | – | – | – | (454) | PDF p. 109 |
| Changes in fair value of investment properties$'000 | (120) | – | 324 | – | – | – | 204 | PDF p. 109 |
| Assets | ||||||||
| Segment assets$'000 | 75,403 | 547 | 23,044 | 6 | 5,135 | - | 104,135 | PDF p. 109 |
| Total assets includes: Additions to | ||||||||
| Property, plant and equipment and right-of-use assets$'000 | 309 | 381 | – | – | – | – | 690 | PDF p. 109 |
| Liabilities | ||||||||
| Segment liabilities$'000 | 60,016 | 564 | 3,942 | 4 | 14,335 | – | 78,861 | PDF p. 109 |
Blank cells in the printed table are given as empty strings. Printed 2021 table has no Fire door manufacturing column.
Segment assets 2021 text extraction shows the soil column as 6 and the elimination as '-'.
| Item / unit | 202230 June 2022 | 202130 June 2021 | Source |
|---|---|---|---|
| Assets reconciliation | |||
| Segment assets for reportable segments$'000 | 91,893 | 99,000 | PDF p. 110 |
| Unallocated | |||
| Cash and bank balances$'000 | 774 | 898 | PDF p. 110 |
| Other current assets$'000 | 940 | 808 | PDF p. 110 |
| Other receivables$'000 | 136 | 142 | PDF p. 110 |
| Deferred tax assets$'000 | – | 132 | PDF p. 110 |
| Investment in a joint venture company$'000 | 301 | 496 | PDF p. 110 |
| The Company’s amounts due from a joint venture company$'000 | 3,279 | 2,658 | PDF p. 110 |
| The Company’s property, plant and equipment$'000 | – | 1 | PDF p. 110 |
| Total unallocated$'000 | 5,430 | 5,135 | PDF p. 110 |
| Assets reconciliation | |||
| Total assets$'000 | 97,323 | 104,135 | PDF p. 110 |
Segment assets and liabilities are allocated based on operations of the segments and presented net of inter-segment balances.
The Total unallocated and Total assets rows have no printed label.
| Item / unit | 202230 June 2022 | 202130 June 2021 | Source |
|---|---|---|---|
| Liabilities reconciliation | |||
| Segment liabilities for reportable segments$'000 | 55,661 | 64,526 | PDF p. 110 |
| Unallocated | |||
| Other payables (excluding accrued operating expenses)$'000 | 12,438 | 11,871 | PDF p. 110 |
| Current tax payable$'000 | – | 78 | PDF p. 110 |
| Deferred tax liabilities$'000 | – | 721 | PDF p. 110 |
| The Company’s borrowings$'000 | 1,100 | 1,300 | PDF p. 110 |
| The Company’s deferred grants$'000 | – | – | PDF p. 110 |
| The Company’s trade payables, GST payables and accrued operating expenses$'000 | 634 | 365 | PDF p. 110 |
| Total unallocated$'000 | 14,172 | 14,335 | PDF p. 110 |
| Liabilities reconciliation | |||
| Total liabilities$'000 | 69,833 | 78,861 | PDF p. 110 |
The Total unallocated and Total liabilities rows have no printed label.
| Item / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Major customers | |||
| State-owned entity A$'000 | 22,524 | 31,658 | PDF p. 111 |
| State-owned entity B$'000 | 7,119 | N.A. | PDF p. 111 |
| Other company$'000 | 7,241 | 8,069 | PDF p. 111 |
The Group has three (2021 - two) major customers from Singapore’s general building activities that each contributed greater than 10% of the Group’s total revenue.
| Item / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Revenue | |||
| - Singapore$'000 | 52,391 | 59,890 | PDF p. 111 |
| - Malaysia$'000 | 260 | 365 | PDF p. 111 |
| Total revenue$'000 | 52,651 | 60,255 | PDF p. 111 |
| Non-current assets | |||
| Singapore$'000 | 7,817 | 9,481 | PDF p. 111 |
| Malaysia$'000 | 14,510 | 17,345 | PDF p. 111 |
| Total non-current assets$'000 | 22,327 | 26,826 | PDF p. 111 |
Total rows have no printed label.
Debt
| Item / unit | 2022on demand or within one year | 2022between two and five years | 2022more than five years | 2022adjustments | 2022total | Source |
|---|---|---|---|---|---|---|
| At 30 June 2022 | ||||||
| Borrowings$ (header prints $; Note 36.4 figures consistent with $’000 elsewhere) | 23,604 | 6,162 | – | (495) | 29,271 | PDF p. 116 |
| Lease liabilities$ (header prints $) | 250 | 716 | 1,617 | (630) | 1,953 | PDF p. 116 |
Table prints unit as $ in header; amounts match $’000 carrying values in Note 21/22. Based on undiscounted cash flows including interest and principal.
| Item / unit | 2021on demand or within one year | 2021between two and five years | 2021more than five years | 2021adjustments | 2021total | Source |
|---|---|---|---|---|---|---|
| At 30 June 2021 | ||||||
| Borrowings$ (header prints $) | 21,798 | 10,546 | 454 | (669) | 32,129 | PDF p. 116 |
| Lease liabilities$ (header prints $) | 304 | 828 | 1,754 | (707) | 2,179 | PDF p. 116 |
The Company's financial liabilities are due within one year from the end of the reporting date.
| Item / unit | 2022Group, 30 June 2022 | 2021Group, 30 June 2021 | 2022Company, 30 June 2022 | 2021Company, 30 June 2021 | Source |
|---|---|---|---|---|---|
| Current | |||||
| Bank overdrafts$’000 | 1,031 | 494 | – | – | PDF p. 94 |
| Bank borrowings$’000 | 22,310 | 20,969 | 1,100 | 1,300 | PDF p. 94 |
| Current total$’000 | 23,341 | 21,463 | 1,100 | 1,300 | PDF p. 94 |
| Non-current | |||||
| Bank borrowings$’000 | 5,930 | 10,666 | – | – | PDF p. 94 |
| Non-current total$’000 | 5,930 | 10,666 | – | – | PDF p. 94 |
| Total | |||||
| Total borrowings$’000 | 29,271 | 32,129 | 1,100 | 1,300 | PDF p. 94 |
Note 21.1 (p.95): interest rates on borrowings of the Group and the Company ranged from 1.51% to 7% (2021 - 1.73% to 7%); and 2.69% to 3.41% (2021 - 2.57% to 2.7%), respectively.
Certain bank borrowings are secured by corporate guarantees given by the Company; borrowing for a leasehold building is secured over the leasehold building; the Company's bank borrowing is secured by corporate guarantee given by a subsidiary.
Bank overdrafts of $1,031,000 (2021 - $494,000) repayable on demand, interest at bank's prime rate, secured by corporate guarantee by the Company.
Company revolving credit $1,100,000 (2021 – $1,300,000), repayment until 1 December 2027, interest 2% per annum over bank's cost of funds.
Term loan (a) $3,755,000 (2021 – $4,250,000) until April 2024, 1.5% over cost of funds; (b) $1,492,000 (2021 - $2,646,000) until November 2023, fixed 3.80%; (c) revolving working capital loans $10,777,000 (2021 - $15,423,000), 2.5% to 6.75% (2021 - 2% to 3%) over cost of funds; (d) import invoice financing loans $11,116,000 (2021 - $8,016,000), 2% to 5% over cost of funds.
Covenant breach: bank loans of $5,259,000 can be called for repayment at any time and are classified within current liabilities.
Lease liabilities of the Group relating to motor vehicles are secured over the underlying leased assets.
| Item / unit | 2022Group | 2021Group | Source |
|---|---|---|---|
| Undiscounted lease payments due | |||
| - Year 1$’000 | 250 | 304 | PDF p. 97 |
| - Year 2$’000 | 228 | 251 | PDF p. 97 |
| - Year 3$’000 | 190 | 227 | PDF p. 97 |
| - Year 4$’000 | 161 | 190 | PDF p. 97 |
| - Year 5$’000 | 137 | 160 | PDF p. 97 |
| - Year 6 and onwards$’000 | 1,617 | 1,754 | PDF p. 97 |
| Less: Future interest cost$’000 | (630) | (707) | PDF p. 97 |
| Presented as | |||
| Current$’000 | 174 | 225 | PDF p. 97 |
| Non-current$’000 | 1,779 | 1,954 | PDF p. 97 |
| Lease liabilities$’000 | 1,953 | 2,179 | PDF p. 97 |
Interest expense on lease liabilities of $81,000 (2021 - $80,000) is recognised within “finance costs” in profit or loss.
Lease liabilities of the Group relating to motor vehicles are secured over the underlying leased assets (Note 5).
| Item / unit | 2022Singapore dollars | 2022Malaysian Ringgit | 2022Total | 2021Singapore dollars | 2021Malaysian Ringgit | 2021Total | Source |
|---|---|---|---|---|---|---|---|
| Borrowings$’000 | (27,779) | (1,492) | (29,271) | (29,483) | (2,646) | (32,129) | PDF p. 113 |
| Lease liabilities$’000 | (1,930) | (23) | (1,953) | (2,087) | (92) | (2,179) | PDF p. 113 |
Exposure table by currency of entities' functional currency.
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company currently does not have a fixed dividend policy. | Company | PDF p. 34 |
| Capital management - formal dividend policy | The Company and the Group currently do not adopt any formal dividend policy. | Company and Group | PDF p. 117 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| The Board is not recommending any dividend for FY2022 | The Board is not recommending any dividend for FY2022 at the forthcoming AGM due to the cash requirements for the Group’s operations. | FY2022 (year ended 30 June 2022) | PDF p. 34 |
Extracted from Annual Report 2022 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Independent auditor | Foo Kon Tan LLP | Group | PDF p. 50 |
| Engagement partner | Chan Ser | Group | PDF p. 50 |
| Qualified Opinion | In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion section of our report | Group and Company | PDF p. 42 |
| Basis for Qualified Opinion - unable to obtain evidence | we were unable to obtain sufficient appropriate audit evidence to satisfy ourselves as to accuracy of the carrying amount of the Group’s contract assets as at 30 June 2022 and the Group’s revenue for the current and prior financial periods. | Group | PDF p. 43 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Material Uncertainty Related to Going Concern | indicate the existence of a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern | Group | PDF p. 44 |
Extracted from Annual Report 2022 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 2022, 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.