Nippecraft N32

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Financials

Annual Report 25

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9 tables

Consolidated statement of profit or loss and other comprehensive income (Group)

15 metrics

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Consolidated statement of profit or loss and other comprehensive income (Group) from Annual Report 25
Metric / unit	2025Group	2024Group	Source
Profit or loss
Revenue from contracts with customersUS$'000	99,774	105,343	PDF p. 102
Cost of salesUS$'000	(92,267)	(96,933)	PDF p. 102
Gross profitUS$'000	7,507	8,410	PDF p. 102
Distribution and marketing expensesUS$'000	(4,492)	(4,920)	PDF p. 102
Administrative expensesUS$'000	(3,395)	(3,440)	PDF p. 102
Allowance for expected credit lossesUS$'000	(36)	(7)	PDF p. 102
Other income, netUS$'000	1,096	282	PDF p. 102
Finance income, netUS$'000	130	144	PDF p. 102
Profit before taxUS$'000	810	469	PDF p. 102
Tax (expense) / creditUS$'000	(26)	16	PDF p. 102
Profit for the yearUS$'000	784	485	PDF p. 102
Other comprehensive income / (loss)
- Foreign currency translation differences for foreign operationsUS$'000	510	(320)	PDF p. 102
Other comprehensive income / (loss) for the year, net of taxUS$'000	510	(320)	PDF p. 102
Total comprehensive income for the yearUS$'000	1,294	165	PDF p. 102
Earnings per share (cents)
Basic and dilutedcents per share	0.223	0.138	PDF p. 102

Definitions & sources

Original report: PDF p. 102 ↗

Amounts in United States dollars; US$'000 except EPS in cents. Item 'Foreign currency translation differences for foreign operations' may be reclassified subsequently to profit or loss.

Statements of financial position (Group and Company) - assets and liabilities

19 metrics

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Statements of financial position (Group and Company) - assets and liabilities from Annual Report 25
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Non-current assets
Property, plant and equipmentUS$'000	3,015	3,039	2,705	2,837	PDF p. 100
Investment in subsidiariesUS$'000	–	–	16,512	16,512	PDF p. 100
Deferred tax assetsUS$'000	27	21	23	20	PDF p. 100
SubtotalUS$'000	3,042	3,060	19,240	19,369	PDF p. 100
Current assets
InventoriesUS$'000	2,903	3,113	150	245	PDF p. 100
Trade and other receivablesUS$'000	30,733	32,772	4,689	4,048	PDF p. 100
PrepaymentsUS$'000	214	212	72	90	PDF p. 100
Cash and bank balancesUS$'000	19,058	17,626	2,185	2,585	PDF p. 100
SubtotalUS$'000	52,908	53,723	7,096	6,968	PDF p. 100
Assets
TOTAL ASSETSUS$'000	55,950	56,783	26,336	26,337	PDF p. 100
Current liabilities
Trade and other payablesUS$'000	21,064	23,380	1,618	1,162	PDF p. 100
Lease liabilitiesUS$'000	214	444	150	355	PDF p. 100
Income tax payableUS$'000	32	3	–	–	PDF p. 100
SubtotalUS$'000	21,310	23,827	1,768	1,517	PDF p. 100
Non-current liabilities
Lease liabilitiesUS$'000	1,223	831	1,048	831	PDF p. 100
Provision for long service leaveUS$'000	6	8	–	–	PDF p. 100
SubtotalUS$'000	1,229	839	1,048	831	PDF p. 100
Liabilities
TOTAL LIABILITIESUS$'000	22,539	24,666	2,816	2,348	PDF p. 100
Net assets
NET ASSETSUS$'000	33,411	32,117	23,520	23,989	PDF p. 100

Definitions & sources

Original report: PDF p. 100 ↗

As at 31 December 2025; amounts in United States dollars. Dash (–) as printed.

Statements of financial position (continued) - equity (Group and Company)

5 metrics

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Statements of financial position (continued) - equity (Group and Company) from Annual Report 25
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Equity
Share capitalUS$'000	36,817	36,817	36,817	36,817	PDF p. 101
Asset revaluation reserveUS$'000	496	496	496	496	PDF p. 101
Foreign currency translation reserveUS$'000	477	(33)	–	–	PDF p. 101
Accumulated lossesUS$'000	(4,379)	(5,163)	(13,793)	(13,324)	PDF p. 101
TOTAL EQUITYUS$'000	33,411	32,117	23,520	23,989	PDF p. 101

Definitions & sources

Original report: PDF p. 101 ↗

As at 31 December 2025; amounts in United States dollars. Equity attributable to equity holders of the Company.

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group)

4 metrics

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Consolidated Statement of Profit or Loss and Other Comprehensive Income (Group) from Annual Report 25
Metric / unit	2025Group, year ended 31 December 2025, US$'000	2024Group, year ended 31 December 2024, US$'000	Source
Profit
Profit for the yearUS$'000	784	485	PDF p. 102
Other comprehensive income / (loss) - Item that may be reclassified subsequently to profit or loss
- Foreign currency translation differences for foreign operationsUS$'000	510	(320)	PDF p. 102
Other comprehensive income / (loss)
Other comprehensive income / (loss) for the year, net of taxUS$'000	510	(320)	PDF p. 102
Total
Total comprehensive income for the yearUS$'000	1,294	165	PDF p. 102

Definitions & sources

Original report: PDF p. 102 ↗

Amounts in United States dollars. No Company-level statement of comprehensive income is presented; no non-controlling interests.

Consolidated Statement of Changes in Equity (Group)

10 metrics

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Consolidated Statement of Changes in Equity (Group) from Annual Report 25
Metric / unit	2025Share capital, US$'000	2025Asset revaluation reserve, US$'000	2025Foreign currency translation reserve, US$'000	2025Accumulated losses, US$'000	2025Total equity, US$'000	Source
2025
Balance as at 1 January 2025US$'000	36,817	496	(33)	(5,163)	32,117	PDF p. 103
Profit for the yearUS$'000	–	–	–	784	784	PDF p. 103
2025 Other comprehensive income, net of tax
- Currency translation differencesUS$'000	–	–	510	–	510	PDF p. 103
2025
Total comprehensive income for the yearUS$'000	–	–	510	784	1,294	PDF p. 103
Balance as at 31 December 2025US$'000	36,817	496	477	(4,379)	33,411	PDF p. 103
2024
Balance as at 1 January 2024US$'000	36,817	496	287	(5,648)	31,952	PDF p. 103
Profit for the yearUS$'000	–	–	–	485	485	PDF p. 103
2024 Other comprehensive loss, net of tax
- Currency translation differencesUS$'000	–	–	(320)	–	(320)	PDF p. 103
2024
Total comprehensive (loss) / income for the yearUS$'000	–	–	(320)	485	165	PDF p. 103
Balance as at 31 December 2024US$'000	36,817	496	(33)	(5,163)	32,117	PDF p. 103

Definitions & sources

Original report: PDF p. 103 ↗

Attributable to equity holders of the Company. Only the consolidated statement is printed; no Company statement of changes in equity was found. Columns apply to both 2025 and 2024 movement blocks as printed.

Printed 31 December 2024 total equity (32,117) is as printed.

Consolidated Statement of Cash Flows (Group)

26 metrics

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Consolidated Statement of Cash Flows (Group) from Annual Report 25
Metric / unit	2025Group, US$'000	2024Group, US$'000	Source
Cash flows from operating activities
Profit before taxUS$'000	810	469	PDF p. 104
Operating - Adjustments
Depreciation of property, plant and equipmentUS$'000	496	645	PDF p. 104
Gain on lease modificationUS$'000	-	(2)	PDF p. 104
Bad debts written offUS$'000	-	3	PDF p. 104
Allowance for expected credit lossesUS$'000	36	7	PDF p. 104
Interest incomeUS$'000	(190)	(211)	PDF p. 104
Interest expenseUS$'000	60	67	PDF p. 104
Write-down of inventoriesUS$'000	567	586	PDF p. 104
Cash flows from operating activities
Operating profit before working capital changesUS$'000	1,779	1,564	PDF p. 104
Operating - working capital changes
InventoriesUS$'000	(144)	(945)	PDF p. 104
Trade and other receivablesUS$'000	2,516	(2,596)	PDF p. 104
Trade and other payablesUS$'000	(2,802)	1,163	PDF p. 104
Cash flows from operating activities
Cash generated from / (used in) operationsUS$'000	1,349	(814)	PDF p. 104
Income tax paidUS$'000	(3)	(12)	PDF p. 104
Net cash from / (used in) operating activitiesUS$'000	1,346	(826)	PDF p. 104
Cash flows from investing activities
Acquisition of property, plant and equipmentUS$'000	(73)	(245)	PDF p. 104
Interest receivedUS$'000	190	211	PDF p. 104
Proceeds from disposal of property, plant and equipmentUS$'000	-	1	PDF p. 104
Net cash from / (used in) investing activitiesUS$'000	117	(33)	PDF p. 104
Cash flows from financing activities
Payment of principal portion of lease liabilitiesUS$'000	(315)	(443)	PDF p. 104
Interest paid on lease liabilitiesUS$'000	(60)	(67)	PDF p. 104
Net cash used in financing activitiesUS$'000	(375)	(510)	PDF p. 104
Net change in cash
Net increase / (decrease) in cash and cash equivalentsUS$'000	1,088	(1,369)	PDF p. 104
Cash and cash equivalents at beginning of yearUS$'000	13,726	15,426	PDF p. 104
Effects of exchange rate changes on cash and cash equivalentsUS$'000	344	(331)	PDF p. 104
Cash and cash equivalents, representing cash at bank balances atUS$'000	15,158	13,726	PDF p. 104

Definitions & sources

Original report: PDF p. 104 ↗

Amounts in United States dollars. Note column references omitted from values. Only Group cash flow statement is printed; no Company cash flow statement.

Note A to Consolidated Statement of Cash Flows

3 metrics

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Note A to Consolidated Statement of Cash Flows from Annual Report 25
Metric / unit	2025Group, US$'000	2024Group, US$'000	Source
Note A
Addition of property, plant and equipmentUS$'000	473	343	PDF p. 105
Less: Addition of right-of-use assetsUS$'000	(400)	(98)	PDF p. 105
Acquisition of property, plant and equipmentUS$'000	73	245	PDF p. 105

Definitions & sources

Original report: PDF p. 105 ↗

Note A: reconciliation to acquisition of property, plant and equipment in the cash flow statement.

Key Financial Data (five-year summary)

12 metrics

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Key Financial Data (five-year summary) from Annual Report 25
Metric / unit	2025Group FY2025	2024Group FY2024	2023Group FY2023	2022Group FY2022	2021Group FY2021	Source
Key Financial Data
Sales for the GroupUS$'000	99,774	105,343	111,548	129,719	140,143	PDF p. 15
Profit after taxUS$'000	784	485	1,344	4	324	PDF p. 15
Profit / (Loss) before taxUS$'000	810	469	1,370	(11)	300	PDF p. 15
DepreciationUS$'000	496	645	616	493	679	PDF p. 15
Interest expenseUS$'000	60	67	72	302	458	PDF p. 15
EBITDA*US$'000	1,366	1,181	2,058	784	1,437	PDF p. 15
At year end
Shareholders’ funds / Net assetsUS$'000	33,411	32,117	31,952	30,143	31,010	PDF p. 15
Total assetsUS$'000	55,950	56,783	56,421	63,846	63,398	PDF p. 15
Cash and bank balancesUS$'000	19,058	17,626	19,326	16,943	22,985	PDF p. 15
Per Share Data (cents)
Net earnings**cents	0.223	0.138	0.382	0.001	0.092	PDF p. 15
Net assets***cents	9.51	9.14	9.09	8.58	8.82	PDF p. 15
Financial Ratios
Return on equity (%)****%	2.39	1.51	4.33	0.01	1.05	PDF p. 15

Definitions & sources

Original report: PDF p. 15 ↗

* EBITDA means earnings before interest, taxes, depreciation and amortisation.

** Earnings per share is based on the weighted average number of shares.

*** Net assets per share is based on the number of issued shares (excluding treasury share) as at year end.

**** Return on equity is computed based on the net profit after tax and average shareholders’ fund.

Note 19 Earnings per share (cents) - Group

3 metrics

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Note 19 Earnings per share (cents) - Group from Annual Report 25
Metric / unit	2025Group	2024Group	Source
Earnings per share
Net profit attributable to the equity holders of the CompanyUS$'000	784	485	PDF p. 135
Weighted average number of ordinary shares outstanding for basic and diluted earnings per share'000 shares	351,398	351,398	PDF p. 135
Basic and diluted earnings per share (cents)cents	0.223	0.138	PDF p. 135

Definitions & sources

Original report: PDF p. 135 ↗

As at 31 December 2025 and 2024, there is no dilutive or anti-dilutive instrument outstanding. The diluted earnings per share is the same as the basic earnings per share.

Where the money comes from

Segment information

By business

Operating segments 11 lines

Operating segments — Group
Item / unit	2025Stationery	2025Trading	2025Unallocated	2025Total	2024Stationery	2024Trading	2024Unallocated	2024Total	Source
Segment revenueUS$'000	19,754	86,386	–	106,140	21,107	91,010	–	112,117	PDF p. 137 PDF p. 138
Intra-segment revenueUS$'000	(6,366)	–	–	(6,366)	(6,774)	–	–	(6,774)	PDF p. 137 PDF p. 138
External revenueUS$'000	13,388	86,386	–	99,774	14,333	91,010	–	105,343	PDF p. 137 PDF p. 138
Segment profit / (loss)US$'000	665	184	(169)	680	531	57	(263)	325	PDF p. 137 PDF p. 138
Segment assetsUS$'000	21,944	33,354	652	55,950	20,533	35,559	691	56,783	PDF p. 137 PDF p. 138
Segment liabilitiesUS$'000	5,217	17,042	280	22,539	4,834	19,552	280	24,666	PDF p. 137 PDF p. 138
Other segment information
Capital expenditureUS$'000	73	–	–	73	27	–	218	245	PDF p. 137 PDF p. 138
Depreciation of property, plant and equipmentUS$'000	435	22	39	496	572	44	29	645	PDF p. 137 PDF p. 138
Write-down of inventoriesUS$'000	567	–	–	567	586	–	–	586	PDF p. 137 PDF p. 138
Allowance for expected credit lossesUS$'000	36	–	–	36	7	–	–	7	PDF p. 137 PDF p. 138
Termination benefitsUS$'000					140	–	–	140	PDF p. 138

Notes

Segment assets consist primarily of property, plant and equipment, cash and bank balances, inventories, trade and other receivables and prepayments. Segment liabilities consist primarily of trade and other payables and lease liabilities. Capital expenditure consists of additions to property, plant and equipment (excluding right-of-use assets). Performance measured on segment profit before interest and tax. Finance income/expense, profit before tax, tax and profit are printed only in the Total column.

Comparative year table (2024) from Note 21. Finance income/expense, profit before tax, tax credit and profit are printed only in the Total column.

By geography

Geographical information 13 lines

Geographical information
Item / unit	2025Group	2024Group	Source
External revenue
Continental EuropeUS$'000	51,624	71,904	PDF p. 139
Hong KongUS$'000	31,171	16,060	PDF p. 139
AustraliaUS$'000	6,599	7,160	PDF p. 139
United KingdomUS$'000	6,099	6,462	PDF p. 139
SingaporeUS$'000	3,798	3,208	PDF p. 139
United States of AmericaUS$'000	196	106	PDF p. 139
MalaysiaUS$'000	1	1	PDF p. 139
OthersUS$'000	286	442	PDF p. 139
Total external revenue (unlabelled total)US$'000	99,774	105,343	PDF p. 139
Non-current assets
SingaporeUS$'000	2,749	2,861	PDF p. 139
United KingdomUS$'000	166	156	PDF p. 139
AustraliaUS$'000	127	43	PDF p. 139
Total non-current assets (unlabelled total)US$'000	3,042	3,060	PDF p. 139

Notes

Segment revenue is based on the geographical location of customers; non-current assets (excluding deferred tax asset) are based on location of those assets. Total rows have no printed label.

Major customers for trading segment: Revenue of approximately US$51,482,000 and US$18,083,000 (2024: US$71,792,000 and US$14,480,000) was derived from 2 major third-party customers located in Europe and Hong Kong (2024: Europe and Hong Kong) respectively.

Debt

Borrowings

Lease liabilities maturity analysis

Lease liabilities maturity analysis
Item / unit	2025Group, Lease liabilities, US$'000	2025Group, Contractual undiscounted cash flows, US$'000	2025Company, Lease liabilities, US$'000	2025Company, Contractual undiscounted cash flows, US$'000	2024Group, Lease liabilities, US$'000	2024Group, Contractual undiscounted cash flows, US$'000	2024Company, Lease liabilities, US$'000	2024Company, Contractual undiscounted cash flows, US$'000	Source
Maturity analysis
Not later than 1 yearUS$'000	214	306	150	198	444	278	355	188	PDF p. 127 PDF p. 128
Later than 1 year and not later than 5 yearsUS$'000	433	686	258	419	244	406	244	406	PDF p. 127 PDF p. 128
Later than 5 yearsUS$'000	790	990	790	990	587	1,032	587	1,032	PDF p. 127 PDF p. 128

Notes

First value in the total row is the printed effective interest rate range; the remaining four are totals in column order.

Borrowing notes 1 tables

Lease liabilities – current and non-current

Lease liabilities – current and non-current
Item / unit	2025Group, US$'000	2024Group, US$'000	2025Company, US$'000	2024Company, US$'000	Source
Lease liabilities
CurrentUS$'000	214	444	150	355	PDF p. 127
Non-currentUS$'000	1,223	831	1,048	831	PDF p. 127

Notes

No bank borrowings or other interest-bearing loans are presented in the statements of financial position; the only interest-bearing debt-like items are lease liabilities.

Total lease liabilities printed: 1,437 (Group 2025), 1,275 (Group 2024), 1,198 (Company 2025), 1,186 (Company 2024).

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
Dividend policy	The form, frequency and amount of dividends declared each year will take into consideration the Group’s profit growth, cash position, positive cash flow generated from operations, projected capital requirements for business growth and other relevant factors as the Board may be deemed appropriate.	Company	PDF p. 44

Dividends declared and proposed

Item	Value	Period / scope	Source
No dividends declared for FY2025	No dividends have been declared for FY2025 as the Group wants to conserve financial resources in order to meet the various challenges in the foreseeable future including challenges posed by the global economic environment.	FY2025	PDF p. 44

Extracted from Annual Report 25 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
Auditor	Crowe Horwath First Trust LLP	Group	PDF p. 99
Engagement partner	Adeline Ng Cheah Chen	Group	PDF p. 99

Extracted from Annual Report 25 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 25, 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.