FY 2024 vs FY 2023 Year-on-year, comprehensive income for FY 2024 was S$9.4 million as compared to comprehensive loss of S$7.0 million. FINANCIAL POSITION REVIEW As at Variance 31 December 2024 vs 31 December 2023 Financial Position Highlights 31 December 2024 31 December 2023 Fav/(Unfav) Cash (S$’mil) 16.0 13.6 2.4 Borrowings (S$’mil) 25.2 28.5 3.3 Current ratio (times) 1.8 1.7 0.1 Gearing ratio (times) 0.43 0.57 0.14 Net gearing ratio (times) 0.16 0.30 0.14 Net assets per share attributable to equity holders of the Company (cents) 43.92 37.48 6.44 Inventory turnover (days) 147 170 23 Trade receivables turnover (days) 66 76 10 Trade payable turnover (days) 27 35 (8) (i) Property, plant and equipment The carrying value of property, plant and equipment increased by S$2.2 million from S$14.6 million as at 31 December 2023 to S$16.8 million as at 31 December 2024. This was due to additional capital expenditure of S$3.0 million (mainly for construction in progress, motor vehicles and plant and machinery) and translation gains of S$0.5 million. The increase was offset by depreciation charge of S$1.0 million and property, plant and equipment disposed and written down of S$0.3 million (mainly for freehold land and building) in the current year. (j) Right-of-use assets The carrying value of right-of-use assets remained relatively unchanged at S$2.3 million. New lease assets recognized of S$0.3 million were offset by depreciation charge of S$0.3 million in the current year. (k) Investment in associated companies Carrying value of our associated companies increased by S$1.0 million from S$8.4 million as at 31 December 2023 to S$9.4 million as at 31 December 2024. Positive contribution from operation in the current year of S$1.2 million and translation gains of S$0.3 million was offset by dividend return of S$0.5 million. (l) Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income as at 31 December 2024 and 31 December 2023 related to investment in unquoted equity shares. There was no change in the fair value of the unquoted equity shares. (m) Trade and other receivables Net trade receivables decreased marginally by S$0.1 million from S$23.0 million as at 31 December 2023 to S$22.9 million as at 31 December 2024. Turnover days improved from 76 days for FY 2023 to 66 days in FY 2024. Other receivables decreased by S$0.3 million as compared to 31 December 2023. Operating and Financial Review 36 ANNUAL REPORT 2024
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