Hoe Leong H20
Financials
ANNUAL REPORT 2025
Explore the statements
10 tablesStatements of Financial Position – Group and Company
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Assets | |||||
| Property, plant and equipment$'000 | 7,876 | 7,817 | 2,337 | 2,559 | PDF p. 106 |
| Investments in subsidiaries$'000 | – | – | 14,298 | 10,298 | PDF p. 106 |
| Net defined benefit asset$'000 | 104 | 111 | – | – | PDF p. 106 |
| Deferred tax assets$'000 | 374 | 567 | – | – | PDF p. 106 |
| Non-current assets$'000 | 8,354 | 8,495 | 16,635 | 12,857 | PDF p. 106 |
| Inventories$'000 | 19,234 | 19,042 | – | – | PDF p. 106 |
| Trade and other receivables$'000 | 10,548 | 14,631 | 6,695 | 10,274 | PDF p. 106 |
| Cash and bank balances$'000 | 3,355 | 2,517 | 181 | 389 | PDF p. 106 |
| Current assets$'000 | 33,137 | 36,190 | 6,876 | 10,663 | PDF p. 106 |
| Total assets$'000 | 41,491 | 44,685 | 23,511 | 23,520 | PDF p. 106 |
| Equity | |||||
| Share capital$'000 | 128,908 | 128,810 | 128,908 | 128,810 | PDF p. 106 |
| Treasury shares$'000 | (55) | (55) | (55) | (55) | PDF p. 106 |
| Currency translation reserve$'000 | (3,147) | (3,031) | – | – | PDF p. 106 |
| Other reserves$'000 | 106 | 166 | 106 | 166 | PDF p. 106 |
| Accumulated losses$'000 | (99,989) | (100,462) | (106,561) | (107,483) | PDF p. 106 |
| Total equity$'000 | 25,823 | 25,428 | 22,398 | 21,438 | PDF p. 106 |
| Non-current liabilities | |||||
| Loans and borrowings$'000 | 2,799 | 3,284 | – | – | PDF p. 106 |
| Liabilities | |||||
| Non-current liabilities$'000 | 2,799 | 3,284 | – | – | PDF p. 106 |
| Current liabilities | |||||
| Trade and other payables$'000 | 5,291 | 6,767 | 630 | 1,366 | PDF p. 106 |
| Loans and borrowings$'000 | 7,095 | 8,638 | – | 168 | PDF p. 106 |
| Other provisions$'000 | 483 | 542 | 483 | 542 | PDF p. 106 |
| Income tax payable$'000 | – | 26 | – | 6 | PDF p. 106 |
| Liabilities | |||||
| Current liabilities$'000 | 12,869 | 15,973 | 1,113 | 2,082 | PDF p. 106 |
| Total liabilities$'000 | 15,668 | 19,257 | 1,113 | 2,082 | PDF p. 106 |
| Total equity and liabilities$'000 | 41,491 | 44,685 | 23,511 | 23,520 | PDF p. 106 |
Definitions & sources
Original report: PDF p. 106 ↗
* Denotes amount less than $1,000
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Profit or Loss and Other Comprehensive Income – Group (profit or loss)
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group (Restated#) | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$'000 | 38,532 | 44,010 | PDF p. 107 |
| Cost of sales$'000 | (28,928) | (34,003) | PDF p. 107 |
| Gross profit$'000 | 9,604 | 10,007 | PDF p. 107 |
| Other income$'000 | 309 | 714 | PDF p. 107 |
| Distribution expenses$'000 | (3,016) | (3,223) | PDF p. 107 |
| Administrative expenses$'000 | (4,183) | (4,620) | PDF p. 107 |
| Other expenses$'000 | (1,723) | (1,604) | PDF p. 107 |
| Net reversal of/(allowance for) impairment losses$'000 | 189 | (111) | PDF p. 107 |
| Results from operating activities$'000 | 1,180 | 1,163 | PDF p. 107 |
| Finance costs$'000 | (508) | (566) | PDF p. 107 |
| Profit before income tax$'000 | 672 | 597 | PDF p. 107 |
| Income tax (expense)/credit$'000 | (199) | 130 | PDF p. 107 |
| Profit for the year attributable to owners of the Company$'000 | 473 | 727 | PDF p. 107 |
| Earnings per share | |||
| Basic (cents)cents per share | – | – | PDF p. 107 |
| Diluted (cents)cents per share | – | – | PDF p. 107 |
Definitions & sources
Consolidated Statement of Profit or Loss and Other Comprehensive Income – Group (other comprehensive income)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the year attributable to owners of the Company$'000 | 473 | 727 | PDF p. 108 |
| Other comprehensive income: Items that are or may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences arising from foreign operations$'000 | (116) | (929) | PDF p. 108 |
| Other comprehensive income | |||
| Other comprehensive loss, net of income tax$'000 | (116) | (929) | PDF p. 108 |
| Comprehensive income | |||
| Total comprehensive income/(loss) for the year attributable to the$'000 | 357 | (202) | PDF p. 108 |
Definitions & sources
Original report: PDF p. 108 ↗
The accompanying notes form an integral part of these financial statements.
Row label continues on next line: 'owners of the Company'.
Consolidated Statement of Profit or Loss and Other Comprehensive Income (comprehensive income section)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit for the year attributable to owners of the Company$'000 | 473 | 727 | PDF p. 108 |
| Items that are or may be reclassified subsequently to profit or loss | |||
| Foreign currency translation differences arising from foreign operations$'000 | (116) | (929) | PDF p. 108 |
| Other comprehensive income | |||
| Other comprehensive loss, net of income tax$'000 | (116) | (929) | PDF p. 108 |
| Total comprehensive income | |||
| Total comprehensive income/(loss) for the year attributable to the$'000 | 357 | (202) | PDF p. 108 |
Definitions & sources
Original report: PDF p. 108 ↗
Label wraps: 'Total comprehensive income/(loss) for the year attributable to the owners of the Company'. Only Group presented; no Company comprehensive income statement. No non-controlling interests (profit attributable wholly to owners of the Company).
Consolidated Statement of Cash Flows
37 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group (Restated#) | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before income tax$'000 | 672 | 597 | PDF p. 110 |
| Adjustments for | |||
| Depreciation of property, plant and equipment$'000 | 1,054 | 1,088 | PDF p. 110 |
| Interest expense on loans and borrowings$'000 | 476 | 528 | PDF p. 110 |
| Interest expense on financial liabilities measured at amortised cost$'000 | 26 | 38 | PDF p. 110 |
| Gain on disposal of property, plant and equipment$'000 | (38) | (98) | PDF p. 110 |
| Inventories written off$'000 | 52 | 73 | PDF p. 110 |
| Bad debts written off – Trade receivables$'000 | 1 | 44 | PDF p. 110 |
| (Reversal of)/Allowance for impairment of trade receivables, net$'000 | (272) | 602 | PDF p. 110 |
| Reversal of other provisions$'000 | (59) | (16) | PDF p. 110 |
| Payables written off/(back)$'000 | 1 | (13) | PDF p. 110 |
| Equity-settled share-based expenses$'000 | 38 | 166 | PDF p. 110 |
| (Reversal of)/Provision for warranty$'000 | (10) | 171 | PDF p. 110 |
| Property, plant and equipment written off$'000 | 29 | 1 | PDF p. 110 |
| Reversal of impairment loss on property, plant and equipment$'000 | – | (596) | PDF p. 110 |
| Cash flows from operating activities | |||
| Operating cash flows before working capital changes$'000 | 1,970 | 2,585 | PDF p. 110 |
| Changes in working capital | |||
| Inventories$'000 | (244) | 1,127 | PDF p. 110 |
| Trade and other receivables$'000 | 4,380 | (3,184) | PDF p. 110 |
| Trade and other payables$'000 | (1,469) | 1,188 | PDF p. 110 |
| Contribution/(benefits paid) to retirement benefits$'000 | 3 | (71) | PDF p. 110 |
| Cash flows from operating activities | |||
| Cash generated from operations$'000 | 4,640 | 1,645 | PDF p. 110 |
| Income taxes paid$'000 | (58) | (17) | PDF p. 110 |
| Net cash generated from operating activities$'000 | 4,582 | 1,628 | PDF p. 110 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment(1)$'000 | (452) | (541) | PDF p. 110 |
| Proceeds from disposal of property, plant and equipment$'000 | 107 | 118 | PDF p. 110 |
| Net cash used in investing activities$'000 | (345) | (423) | PDF p. 110 |
| Cash flows from financing activities | |||
| Interest paid$'000 | (502) | (566) | PDF p. 110 |
| Proceeds from bills payable and trust receipts$'000 | 2,295 | 7,349 | PDF p. 110 |
| Repayment of bills payable and trust receipts$'000 | (3,660) | (6,742) | PDF p. 110 |
| Payment of lease liabilities$'000 | (624) | (760) | PDF p. 110 |
| Proceeds from bank borrowings$'000 | 4,375 | 2,810 | PDF p. 110 |
| Repayment of bank borrowings$'000 | (5,125) | (2,921) | PDF p. 110 |
| Placement of pledged fixed deposit with a bank$'000 | – | (17) | PDF p. 110 |
| Net cash used in financing activities$'000 | (3,241) | (847) | PDF p. 110 |
| Cash and cash equivalents | |||
| Net increase in cash and cash equivalents$'000 | 996 | 358 | PDF p. 110 |
| Cash and cash equivalents at beginning of the year$'000 | 2,500 | 3,445 | PDF p. 110 |
| Effect of exchange rate fluctuations$'000 | (158) | (1,303) | PDF p. 110 |
| Cash and cash equivalents at end of the year$'000 | 3,338 | 2,500 | PDF p. 110 |
Definitions & sources
Original report: PDF p. 110 ↗
# See Note 26 (2024 restated).
(1) Excluded right-of-use asset.
Only Group cash flow statement presented; no separate Company cash flow statement.
Consolidated Statement of Changes in Equity – Group, year 2025 movements
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group – Share capital | 2025Group – Treasury shares | 2025Group – Currency translation reserve | 2025Group – Other reserves | 2025Group – Accumulated losses | 2025Group – Total equity | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| At 1 January 2025$'000 | 128,810 | (55) | (3,031) | 166 | (100,462) | 25,428 | PDF p. 109 |
| Vesting of performance shares$'000 | 98 | – | – | (98) | – | – | PDF p. 109 |
| Equity-settled share-based expenses$'000 | – | – | – | 38 | – | 38 | PDF p. 109 |
| Total comprehensive (loss)/income for the year | |||||||
| Profit for the year$'000 | – | – | – | – | 473 | 473 | PDF p. 109 |
| Other comprehensive loss/(income) | |||||||
| Foreign currency translation differences arising$'000 | – | – | (116) | – | – | (116) | PDF p. 109 |
| Group | |||||||
| Total comprehensive (loss)/income for the year$'000 | – | – | (116) | – | 473 | 357 | PDF p. 109 |
| At 31 December 2025$'000 | 128,908 | (55) | (3,147) | 106 | (99,989) | 25,823 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
All columns are attributable to owners of the Company; no non-controlling interest column. Label 'Foreign currency translation differences arising from foreign operations' wraps over two lines; quote is the second line carrying the values.
Consolidated Statement of Changes in Equity – Group, year 2024 movements
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group – Share capital | 2024Group – Treasury shares | 2024Group – Currency translation reserve | 2024Group – Other reserves | 2024Group – Accumulated losses | 2024Group – Total equity | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| At 1 January 2024$'000 | 128,772 | (55) | (2,102) | 22 | (101,189) | 25,448 | PDF p. 109 |
| Vesting of performance shares$'000 | 22 | – | – | (22) | – | – | PDF p. 109 |
| Share-based payment$'000 | 16 | – | – | – | – | 16 | PDF p. 109 |
| Equity-settled share-based expenses$'000 | – | – | – | 166 | – | 166 | PDF p. 109 |
| Total comprehensive (loss)/income for the year | |||||||
| Profit for the year$'000 | – | – | – | – | 727 | 727 | PDF p. 109 |
| Other comprehensive loss/(income) | |||||||
| Foreign currency translation differences arising$'000 | – | – | (929) | – | – | (929) | PDF p. 109 |
| Group | |||||||
| Total comprehensive (loss)/income for the year$'000 | – | – | (929) | – | 727 | (202) | PDF p. 109 |
| At 31 December 2024$'000 | 128,810 | (55) | (3,031) | 166 | (100,462) | 25,428 | PDF p. 109 |
Definitions & sources
Original report: PDF p. 109 ↗
All columns attributable to owners of the Company; no non-controlling interest. Quote for foreign currency row is the second line of a wrapped label.
Financial Highlights (CEO's Statement) - Group
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group FY2023 | 2024Group FY2024 (Restated#) | 2025Group FY2025 | Source |
|---|---|---|---|---|
| Financial Highlights | ||||
| Revenue$'000 | 40,011 | 44,010 | 38,532 | PDF p. 4 |
| Gross profit$'000 | 6,614 | 10,007 | 9,604 | PDF p. 4 |
| Gross profit margin% | 16.5 | 22.7 | 24.9 | PDF p. 4 |
| Financial Highlights (Net cash flow (used in)/generated from operating activities) | ||||
| activities$'000 | (1,397) | 1,628 | 4,582 | PDF p. 4 |
Definitions & sources
Original report: PDF p. 4 ↗
# See Note 26 (FY2024 restated).
Row label printed over several lines: 'Net cash flow (used in)/generated from operating activities'; only the final line carries the values.
Note 20 Earnings per share - Group
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share | |||
| Basic earnings per share (cents):cents | – | – | PDF p. 153 |
| Diluted earnings per share (cents)cents | – | – | PDF p. 153 |
| Earnings per share calculation basis | |||
| Profit attributable to owners of the Company$'000 | 473 | 727 | PDF p. 153 |
Definitions & sources
Original report: PDF p. 153 ↗
* Less than 0.01 cent
Column header printed '$'000' above the EPS rows; EPS rows are labelled (cents).
Note 20 Weighted average number of ordinary shares - Group
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Weighted average shares | |||
| Issued ordinary shares at 1 January'000 | 15,098,655 | 15,071,345 | PDF p. 154 |
| Effect of treasury shares held'000 | (470) | (470) | PDF p. 154 |
| Effect of ordinary shares issued'000 | 42,567 | 14,452 | PDF p. 154 |
Definitions & sources
Original report: PDF p. 154 ↗
Label continues: '...basic earnings per share for the financial year'. The weighted average number of ordinary shares refers to shares in issue outstanding during the financial year. Diluted EPS is stated as less than 0.01 cent; no separate diluted share count is printed.
Where the money comes from
Segment information
By business
Information about reportable segments (business segments) 12 lines
| Item / unit | 2025Design and manufacture | 2024Design and manufacture | 2025Trading and distribution | 2024Trading and distribution | 2025Investment holding | 2024Investment holding | 2025Total | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Business segments | |||||||||
| External revenue$'000 | 24,746 | 30,033 | 13,786 | 13,977 | – | – | 38,532 | 44,010 | PDF p. 155 |
| Finance costs$'000 | (373) | (462) | (128) | (95) | (7) | (9) | (508) | (566) | PDF p. 155 |
| Depreciation#$'000 | (360) | (269) | (495) | (559) | (199) | (260) | (1,054) | (1,088) | PDF p. 155 |
| Reportable segment profit/ (loss) before income tax$'000 | 424 | 1,144 | 1,764 | 521 | (1,516) | (1,068) | 672 | 597 | PDF p. 155 |
| Other material non-cash items | |||||||||
| Bad debts written off – Trade receivables$'000 | – | (30) | (1) | (14) | – | – | (1) | (44) | PDF p. 155 |
| Reversal of/(Allowance for) impairment of trade receivables$'000 | 256 | (539) | 16 | (63) | – | – | 272 | (602) | PDF p. 155 |
| Payables written (off)/back$'000 | – | 11 | (1) | 2 | – | – | (1) | 13 | PDF p. 155 |
| Reversal of impairment loss on property, plant and equipment$'000 | – | – | – | – | – | 596 | – | 596 | PDF p. 155 |
| Capital expenditure | |||||||||
| Purchase of property, plant and equipment#$'000 | (226) | (381) | (226) | (160) | – | – | (452) | (541) | PDF p. 155 |
| Additions to right-of-use assets$'000 | (223) | (137) | (665) | – | – | (52) | (888) | (189) | PDF p. 155 |
| Business segments | |||||||||
| Reportable segment assets$'000 | 24,130 | 25,845 | 14,811 | 15,741 | 2,550 | 3,099 | 41,491 | 44,685 | PDF p. 155 |
| Reportable segment liabilities$'000 | 10,123 | 12,920 | 4,427 | 4,250 | 1,118 | 2,087 | 15,668 | 19,257 | PDF p. 155 |
Notes
# Depreciation consists of amount taken up in “cost of sales” and “other expenses”.
* Denotes amount less than $1,000
Major customers: Revenue of approximately $4,148,000 (2024: $3,263,000) is derived from a single external customer which individually contributed approximately 11% (2024: 7%) of the Group’s revenue and is attributable to the design and manufacture segment.
By geography
Geographical segments - revenue and non-current assets 7 lines
| Item / unit | 2025Revenue | 2024Revenue | 2025Non-current assets (excluding deferred tax assets and net defined benefit asset) | 2024Non-current assets (excluding deferred tax assets and net defined benefit asset) | Source |
|---|---|---|---|---|---|
| Geographical segments | |||||
| Australia$'000 | 14,004 | 14,430 | 3,277 | 3,207 | PDF p. 156 |
| North America$'000 | 9,231 | 12,388 | – | – | PDF p. 156 |
| Asia$'000 | 8,080 | 11,445 | 4,599 | 4,610 | PDF p. 156 |
| Europe$'000 | 2,481 | 2,438 | – | – | PDF p. 156 |
| Middle East$'000 | 2,526 | 1,466 | – | – | PDF p. 156 |
| Rest of World$'000 | 2,210 | 1,843 | – | – | PDF p. 156 |
| Total$'000 | 38,532 | 44,010 | 7,876 | 7,817 | PDF p. 156 |
Notes
The design and manufacture and trading and distribution are presented by geographical segment below. Segment revenue is based on the geographical location of customers and segment assets are based on the geographical location of the assets.
The total row has no printed label; 'Total' is a descriptor.
Debt
Borrowings
Terms and debt repayment schedule (face value and carrying amount, by currency)
| Item / unit | 2025Year of maturity | 2025Face Value $'000 | 2025Carrying amount $'000 | 2024Face Value $'000 | 2024Carrying amount $'000 | Source |
|---|---|---|---|---|---|---|
| SGD floating rate loans | ||||||
| Unsecured bank loan D$'000 (maturity: year) | 2027 | 1,408 | 1,408 | 2,541 | 2,392 | PDF p. 147 |
| Unsecured bank loan F$'000 (maturity: year) | 2025 | – | – | 1,341 | 1,250 | PDF p. 147 |
| KRW floating rate loan | ||||||
| Secured bank loans A$'000 (maturity: year) | 2026 | 900 | 885 | 2,224 | 2,182 | PDF p. 147 |
| Secured bank loans C$'000 (maturity: year) | 2028 | 487 | 445 | – | – | PDF p. 147 |
| Unsecured bank loans G$'000 (maturity: year) | 2026 | 3,411 | 3,331 | 3,200 | 3,112 | PDF p. 147 |
| AUD floating rate loan | ||||||
| Secured bank loan B$'000 (maturity: year) | 2029 | 1,005 | 862 | 1,253 | 1,081 | PDF p. 147 |
| Secured invoice financing$'000 (maturity: year) | 2026 | 402 | 319 | 426 | 414 | PDF p. 147 |
| RMB floating rate loan | ||||||
| Unsecured bank loan H$'000 (maturity: year) | 2026 | 945 | 919 | – | – | PDF p. 147 |
| Company | ||||||
| Lease liabilities$'000 (maturity: year) | 2025 | – | – | 169 | 168 | PDF p. 147 |
Notes
The SGD floating rate loans bear interest ranging from 3.0% to 6.8% (2024: 3.7% to 7.3%) per annum.
The KRW floating rate loans bear interest ranging from 2.9% to 5.4.% (2024: 3.0% to 8.4%) per annum and is repriced on a quarterly basis.
The AUD floating rate loans bear interest of approximately 8.4% (2024: 7.7%) per annum and are repriced on a monthly basis.
The RMB floating rate loans bear interest of approximately 2.9% (2024: Nil) per annum and are repriced on a monthly basis.
Covenants: minimum consolidated tangible net worth of $18 million and leverage ratio of not more than 5.0; no breach as at 31 December 2025 and 2024.
Group total row's first cell (maturity) is blank in source. Lease liabilities appear under the AUD heading as printed.
Liquidity risk: contractual maturities of financial liabilities, Group, 31 December
| Item / unit | 2025Carrying amount | 2025Contractual cash flows | 20251 year or less | 20251 to 2 years | 20252 to 5 years | 2025More than 5 years | 2024Carrying amount | 2024Contractual cash flows | 20241 year or less | 20241 to 2 years | 20242 to 5 years | 2024More than 5 years | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group 31 December | |||||||||||||
| Secured loans$'000 | 2,511 | (2,596) | (1,481) | (958) | (157) | – | 3,677 | (3,903) | (2,958) | (286) | (463) | (196) | PDF p. 158 |
| Unsecured bank loan$'000 | 6,541 | (6,693) | (5,348) | (1,345) | – | – | 7,666 | (8,099) | (5,679) | (1,152) | (1,268) | – | PDF p. 158 |
| Lease liabilities$'000 | 842 | (875) | (350) | (518) | (7) | – | 579 | (588) | (473) | (112) | (3) | – | PDF p. 158 |
Notes
Amounts are gross and undiscounted, include contractual interest payments and exclude the impact of netting agreements. Trade and payables and total rows omitted (not debt).
Amounts are gross and undiscounted, include contractual interest payments. Company 2024 lease liabilities: carrying 168, contractual (169), 1 year or less (169).
Borrowing notes 4 tables
Loans and borrowings
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Secured bank loan B$'000 | 627 | 849 | – | – | PDF p. 145 |
| Secured bank loan C$'000 | 445 | – | – | – | PDF p. 145 |
| Unsecured bank loan D$'000 | 417 | 1,408 | – | – | PDF p. 145 |
| Unsecured bank loans E$'000 | 801 | 912 | – | – | PDF p. 145 |
| Lease liabilities$'000 | 509 | 115 | – | – | PDF p. 145 |
| Total non-current (unlabelled subtotal)$'000 | 2,799 | 3,284 | – | – | PDF p. 145 |
| Current liabilities | |||||
| Secured bank loans A$'000 | 885 | 2,182 | – | – | PDF p. 145 |
| Secured bank loan B$'000 | 235 | 232 | – | – | PDF p. 145 |
| Secured invoice financing$'000 | 319 | 414 | – | – | PDF p. 145 |
| Unsecured bank loan D$'000 | 991 | 984 | – | – | PDF p. 145 |
| Unsecured bank loans E$'000 | 82 | – | – | – | PDF p. 145 |
| Unsecured bank loan F$'000 | – | 1,250 | – | – | PDF p. 145 |
| Unsecured bank loans G$'000 | 3,331 | 3,112 | – | – | PDF p. 145 |
| Unsecured bank loans H$'000 | 919 | – | – | – | PDF p. 145 |
| Lease liabilities$'000 | 333 | 464 | – | 168 | PDF p. 145 |
| Total current (unlabelled subtotal)$'000 | 7,095 | 8,638 | – | 168 | PDF p. 145 |
| Total | |||||
| Total loans and borrowings$'000 | 9,894 | 11,922 | – | 168 | PDF p. 145 |
Notes
(i) The secured bank loans A, B and secured invoice financing are granted to subsidiaries for working capital purposes and are secured by legal mortgages over the freehold land and building and certain plant and equipment of the Company and Group entities (Note 4).
(ii) Corporate guarantees are provided by the Company for invoice financing, secured bank loans B and unsecured bank loans D and F granted to subsidiaries.
Page 146 repayment terms: A renewed annually; B monthly principal instalment, rolled over every 5 years, due for rollover December 2029; C tenure 2.5 years; invoice financing renewed each 12 months; D monthly instalment; E tenure 1 to 3 years; F repayable 180 days from drawdown; G renewed annually; H tenure 1 year.
Lease liabilities payable
| Item / unit | 2025Total contractual cash flow $'000 | 2025Interest $'000 | 2025Present value of minimum lease payments $'000 | 2024Total contractual cash flow $'000 | 2024Interest $'000 | 2024Present value of minimum lease payments $'000 | Source |
|---|---|---|---|---|---|---|---|
| Group | |||||||
| Within 1 year$'000 | 350 | (17) | 333 | 472 | (8) | 464 | PDF p. 146 |
| Between 1 and 5 years$'000 | 525 | (16) | 509 | 116 | (1) | 115 | PDF p. 146 |
| Total (unlabelled)$'000 | 875 | (33) | 842 | 588 | (9) | 579 | PDF p. 146 |
| Company | |||||||
| Within 1 year$'000 | – | – | – | 169 | (1) | 168 | PDF p. 146 |
Notes
Lease liabilities are payable as follows. Company 2025 row printed as dashes.
Lease liabilities are payable as follows.
Interest rate profile: variable rate instruments
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Variable rate instruments | |||||
| Loans and borrowings$'000 | 9,052 | 11,343 | – | – | PDF p. 159 |
Notes
50 basis point sensitivity: decrease/increase in profit before tax of (45)/45 in 2025 and (57)/57 in 2024 (Group).
Loans and borrowings by currency exposure, Group
| Item / unit | 2025USD $'000 | 2025AUD $'000 | 2025KRW $'000 | 2025RMB $'000 | 2025MYR $'000 | 2024USD $'000 | 2024AUD $'000 | 2024KRW $'000 | 2024RMB $'000 | 2024MYR $'000 | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | |||||||||||
| Loans and borrowings$'000 | (618) | (1,423) | (4,926) | (1,346) | (13) | (1,446) | (1,692) | (4,761) | (129) | (86) | PDF p. 160 |
Notes
Foreign currency exposure of loans and borrowings other than functional currency.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a formal dividend policy. The form, frequency and amount of future dividend of the Company’s shares will depend on the earnings, financial position, results of operations, cash flows, capital needs, general business conditions, terms of borrowing arrangements (if any), plans for expansion, and other factors as the Board may deem appropriate. | Company, FY2025 | PDF p. 94 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| No dividend declared FY2025 | No dividend was declared during/recommended for FY2025 in view of the Company’s accumulated losses. | Company, FY2025 | PDF p. 94 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | PKF-CAP LLP | Group and Company, FY2025 | PDF p. 105 |
| Engagement partner | Ang Kok Keong | Group and Company, FY2025 | PDF p. 105 |
| Opinion | Our opinion is not modified in respect of this matter. | Group and Company, FY2025 | PDF p. 101 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| 2.4 Going concern assumption | These matters indicate the existence of a material uncertainty that may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern. | Group and Company, FY2025 | PDF p. 111 |
Emphasis of matter
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Emphasis of matter | We draw attention to Note 24 (A) to the financial statements which describes the ongoing litigation involving the Group. | Group and Company, FY2025 | PDF p. 101 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
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 2025, 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.