☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Laurent Bernard Marie Junique +65 6309 1688 750D Chai Chee Road #06-01/06 Singapore 469004 |
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
American depositary shares, each representing one Class A ordinary share, par value of US$0.0001 per share | TDCX | The New York Stock Exchange | ||
Class A ordinary shares, par value of US$0.0001 per share* | The New York Stock Exchange* |
* | Not for trading, but only in connection with the listing on the New York Stock Exchange of American depositary shares, each representing one Class A ordinary |
SEC 1852 (05-21) | Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. |
Large accelerated filer | ☐ | Accelerated | ☒ | |||||||
Non-accelerated filer | ||||||||||
☐ | Emerging growth company | ☒ |
U.S. GAAP ☐ | International Financial Reporting Standards as issued | Other ☐ | ||||||
by the International Accounting Standards Board | ☒ |
1 | ||||||
1 | ||||||
2 | ||||||
3 | ||||||
3 | ||||||
4 | ||||||
4 | ||||||
4 | ||||||
4 | ||||||
111 | ||||||
113 | ||||||
116 | ||||||
116 | ||||||
IDENTITY OF DIRECTORS, EXECUTIVE OFFICERS AND ADVISERS |
OFFER STATISTICS AND EXPECTED TIMETABLE |
KEY INFORMATION |
A. | [Reserved] |
B. | Capitalization and indebtedness. |
C. | Reasons for the offer and use of proceeds. |
D. | Risk factors. |
INFORMATION ON THE COMPANY |
A. | History and development of the Company. |
B. | Business overview. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||
Revenue (S$ thousands) | 555,198 | 434,723 | 330,265 | 664,120 | 555,198 | 434,723 | ||||||||||||||||||
Profit for the year (S$ thousands) | 103,842 | 86,094 | 73,536 | 104,938 | 103,842 | 86,094 | ||||||||||||||||||
EBITDA (S$ thousands) (1) | 179,802 | 142,926 | 108,087 | 180,306 | 179,802 | 142,926 | ||||||||||||||||||
Adjusted EBITDA (S$ thousands) (1) | 185,006 | 142,926 | 108,087 | 199,771 | 185,006 | 142,926 | ||||||||||||||||||
Net profit margin (%) | 18.7 | 19.8 | 22.2 | 15.8 | 18.7 | 19.8 | ||||||||||||||||||
EBITDA margin (%) (1) | 32.4 | 32.9 | 32.7 | 27.1 | 32.4 | 32.9 | ||||||||||||||||||
Adjusted EBITDA margin (%) (1) | 33.3 | 32.9 | 32.7 | 30.1 | 33.3 | 32.9 | ||||||||||||||||||
Number of clients (2) | 52 | 38 | 38 | 84 | 52 | 38 | ||||||||||||||||||
Debt (bank loans) (S$ thousands) | 16,810 | 40,306 | 34,421 | — | 16,810 | 40,306 |
(1) | “EBITDA” represents profit for the non-IFRS financial measures and should not be considered in isolation or as a substitute for financial results reported under IFRS. See results—Non-IFRS Financial Measurements” for information regarding the limitations of using suchnon-IFRS financial measures. |
(2) | The number of clients is calculated as of December 31 of the years indicated. |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
US$ | S$ | Margin (%) | S$ | Margin (%) | S$ | Margin (%) | US$ | S$ | Margin (%) | S$ | Margin (%) | S$ | Margin (%) | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ( in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 410,741 | 555,198 | — | 434,723 | — | 330,265 | — | 493,916 | 664,120 | — | 555,198 | — | 434,723 | — | ||||||||||||||||||||||||||||||||||||||||||
Profit for the year and net profit margin | 76,823 | 103,842 | 18.7 | 86,094 | 19.8 | 73,536 | 22.2 | 78,044 | 104,938 | 15.8 | 103,842 | 18.7 | 86,094 | 19.8 | ||||||||||||||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 29,484 | 39,853 | 7.2 | 33,065 | 7.6 | 24,599 | 7.4 | 29,549 | 39,731 | 6.0 | 39,853 | 7.2 | 33,065 | 7.6 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expenses | 20,889 | 28,237 | 5.1 | 21,303 | 4.9 | 7,524 | 2.3 | 27,554 | 37,049 | 5.6 | 28,237 | 5.1 | 21,303 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | 6,225 | 8,414 | 1.5 | 3,058 | 0.7 | 2,893 | 0.9 | 1,440 | 1,936 | 0.3 | 8,414 | 1.5 | 3,058 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||
Interest income | (402 | ) | (544 | ) | (0.1 | ) | (594 | ) | (0.1 | ) | (465 | ) | (0.1 | ) | (2,490 | ) | (3,348 | ) | (0.5 | ) | (544 | ) | (0.1 | ) | (594 | ) | (0.1 | ) | ||||||||||||||||||||||||||||
EBITDA and EBITDA margin | 133,019 | 179,802 | 32.4 | 142,926 | 32.9 | 108,087 | 32.7 | 134,097 | 180,306 | 27.1 | 179,802 | 32.4 | 142,926 | 32.9 | ||||||||||||||||||||||||||||||||||||||||||
Adjustment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-settled share-based payment expense | 3,850 | 5,204 | 0.9 | — | — | — | — | 14,476 | 19,465 | 2.9 | 5,204 | 0.9 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA and Adjusted EBITDA margin | 136,869 | 185,006 | 33.3 | 142,926 | 32.9 | 108,087 | 32.7 | 148,573 | 199,771 | 30.1 | 185,006 | 33.3 | 142,926 | 32.9 | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
US$ | S$ | % of Revenue | S$ | % of Revenue | S$ | % of Revenue | US$ | S$ | % of Revenue | S$ | % of Revenue | S$ | % of Revenue | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ( in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Service | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Omnichannel CX solutions | 256,404 | 346,582 | 62.4 | 283,427 | 65.2 | 217,349 | 65.8 | 285,724 | 384,184 | 57.8 | 334,047 | 60.2 | 273,174 | 62.8 | ||||||||||||||||||||||||||||||||||||||||||
Sales and digital marketing | 84,870 | 114,718 | 20.7 | 66,235 | 15.3 | 46,839 | 14.2 | 123,833 | 166,506 | 25.1 | 114,718 | 20.7 | 66,235 | 15.2 | ||||||||||||||||||||||||||||||||||||||||||
Content monitoring and moderation | 63,543 | 85,890 | 15.5 | 80,170 | 18.4 | 61,526 | 18.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Content, trust and safety (1) | 81,434 | 109,496 | 16.5 | 103,538 | 18.6 | 92,452 | 21.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other service fees | 5,924 | 8,008 | 1.4 | 4,891 | 1.1 | 4,551 | 1.4 | 2,925 | 3,934 | 0.6 | 2,895 | 0.5 | 2,862 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||
Revenue | 410,741 | 555,198 | 100.0 | 434,723 | 100.0 | 330,265 | 100.0 | 493,916 | 664,120 | 100.0 | 555,198 | 100.0 | 434,723 | 100.0 | ||||||||||||||||||||||||||||||||||||||||||
(1) | In the second quarter of 2022, we renamed our “content monitoring and moderation” services as “content, trust and safety” services and reclassified certain of our revenues from our omnichannel CX solution services and our other service fees under content, trust and safety services. Accordingly, we reclassified our segment revenues for all periods presented herein on a comparable basis except where otherwise noted. See Note 35 to our audited consolidated financial statements included elsewhere in this annual report. |
(2) | Revenues from other service fees |
As of December 31, | As of December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||
Singapore | 1,454 | 1,278 | 1,099 | 1,478 | 1,454 | 1,278 | ||||||||||||||||||
Philippines | 5,750 | 4,692 | 3,542 | |||||||||||||||||||||
The Philippines | 6,783 | 5,750 | 4,692 | |||||||||||||||||||||
Malaysia | 4,201 | 3,102 | 2,552 | 5,826 | 4,201 | 3,102 | ||||||||||||||||||
Thailand | 2,363 | 1,633 | 1,180 | 2,122 | 2,363 | 1,633 | ||||||||||||||||||
China | 390 | 284 | 580 | 343 | 390 | 284 | ||||||||||||||||||
Japan | 359 | 295 | 233 | 492 | 359 | 295 | ||||||||||||||||||
Spain | 108 | 59 | 28 | |||||||||||||||||||||
India | 34 | — | — | |||||||||||||||||||||
Colombia | 32 | 8 | — | |||||||||||||||||||||
Romania | 3 | — | — | |||||||||||||||||||||
South Korea | 12 | — | — | |||||||||||||||||||||
Others (2) | 839 | 189 | 67 | |||||||||||||||||||||
Total | 14,706 | 11,351 | 9,214 | 17,883 | 14,706 | 11,351 | ||||||||||||||||||
(1) | Data as of December 31, 2021 included 289 employees deployed under our human resource and administration services. |
(2) | Comprises Hong Kong, Spain, India, Colombia, South Korea, Romania, Australia, Taiwan, Türkiye, Vietnam and Brazil. |
Category | ESG Topics | GRI Standards | ||
Economic and Governance | Economic performance | GRI 201: Economic Performance 2016 | ||
Business ethics, integrity and transparency | GRI 205: Anti-corruption 2016 | |||
Social | Employment practices | GRI 401: Employment 2016 | ||
Training and development | GRI 404: Training and Education 2016 | |||
Diversity and inclusion | GRI 405: Diversity and Equal Opportunity 2016 | |||
Data Privacy | GRI 418: Customer Privacy 2018 | |||
Environmental | Energy management | GRI 302: Energy 2016 | ||
Climate change and emissions | GRI 305: Emissions 2016 |
(i) | a natural person not holding Thai nationality; |
(ii) | a juristic person not registered in Thailand; |
(iii) | a juristic person registered in Thailand and having the following characteristics: |
(a) | a juristic person at least one-half (50%) of whose share capital is held by persons under paragraph (i) or (ii), or a juristic person at leastone-half (50%) of whose total capital is invested by persons under paragraph (i) or (ii); or |
(b) | a limited partnership or a registered ordinary partnership whose managing partner or manager is a person under paragraph (i); or |
(iv) | a juristic person registered in Thailand at least one-half (50%) of whose share capital is held by persons under paragraph (i), (ii) or (iii), or a juristic person at leastone-half (50%) of whose total amount of capital is invested by persons under paragraph (i), (ii) or (iii). |
C. | Organizational Structure. |
(1) | Effective ownership (voting powers). |
(2) | Dormant entity. |
D. | Property, plants and |
UNRESOLVED STAFF COMMENTS |
OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
A. | Operating results. |
For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
US$ | S$ | % of Revenue | S$ | % of Revenue | S$ | % of Revenue | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
US$ | S$ | % of Revenue | S$ | % of Revenue | S$ | % of Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ( in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Service | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Omnichannel CX solutions | 256,404 | 346,582 | 62.4 | 283,427 | 65.2 | 217,349 | 65.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Omnichannel CX solutions (1) | 285,724 | 384,184 | 57.8 | 334,047 | 60.2 | 273,174 | 62.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Sales and digital marketing | 84,870 | 114,718 | 20.7 | 66,235 | 15.3 | 46,839 | 14.2 | 123,833 | 166,506 | 25.1 | 114,718 | 20.7 | 66,235 | 15.2 | ||||||||||||||||||||||||||||||||||||||||||
Content monitoring and moderation | 63,543 | 85,890 | 15.5 | 80,170 | 18.4 | 61,526 | 18.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other business process services and other services | 5,924 | 8,008 | 1.4 | 4,891 | 1.1 | 4,551 | 1.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Content, trust and safety (1) | 81,434 | 109,496 | 16.5 | 103,538 | 18.6 | 92,452 | 21.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other service fees (1)(2) | 2,925 | 3,934 | 0.6 | 2,895 | 0.5 | 2,862 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 410,741 | 555,198 | 100.0 | 434,723 | 100.0 | 330,265 | 100.0 | 493,916 | 664,120 | 100.0 | 555,198 | 100.0 | 434,723 | 100.0 | ||||||||||||||||||||||||||||||||||||||||||
(1) | In the second quarter of 2022, we renamed our “content monitoring and moderation” services as “content, trust and safety” services and reclassified certain of our revenues from our omnichannel CX solution services and our other service fees under content, trust and safety services. Accordingly, we reclassified our segment revenues for all periods presented herein on a comparable basis except where otherwise noted. See Note 35 to our audited consolidated financial statements included elsewhere in this annual report. |
(2) | Revenues from other service fees comprise revenue from other business process services and revenue from other services. |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
US$ | S$ | % of Revenue | S$ | % of Revenue | S$ | % of Revenue | US$ | S$ | % of Revenue | S$ | % of Revenue | S$ | % of Revenue | |||||||||||||||||||||||||||||||||||||||||||
( in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geography (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geography ( 1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Singapore (2) | 106,524 | 143,989 | 25.9 | 121,062 | 27.9 | 96,175 | 29.1 | 106,453 | 143,137 | 21.6 | 143,989 | 25.9 | 121,062 | 27.9 | ||||||||||||||||||||||||||||||||||||||||||
Philippines (3) | 106,763 | 144,313 | 26.0 | 109,268 | 25.1 | 84,169 | 25.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
The Philippines (3) | 122,716 | 165,004 | 24.8 | 144,313 | 26.0 | 109,268 | 25.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Malaysia (2) | 107,408 | 145,184 | 26.1 | 112,976 | 26.0 | 82,795 | 25.1 | 149,655 | 201,226 | 30.3 | 145,184 | 26.1 | 112,976 | 26.0 | ||||||||||||||||||||||||||||||||||||||||||
Thailand (2) | 52,951 | 71,574 | 12.9 | 54,185 | 12.5 | 41,445 | 12.5 | 66,628 | 89,588 | 13.5 | 71,574 | 12.9 | 54,185 | 12.5 | ||||||||||||||||||||||||||||||||||||||||||
Japan | 22,814 | 30,838 | 5.6 | 22,759 | 5.2 | 9,008 | 2.7 | 20,095 | 27,020 | 4.1 | 30,838 | 5.6 | 22,759 | 5.2 | ||||||||||||||||||||||||||||||||||||||||||
China | 8,635 | 11,671 | 2.1 | 11,500 | 2.6 | 16,099 | 4.9 | 12,530 | 16,848 | 2.5 | 11,671 | 2.1 | 11,500 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||
Spain | 5,179 | 7,000 | 1.3 | 2,973 | 0.7 | 574 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
India (1) | 67 | 90 | 0.0 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Colombia (1) | 321 | 432 | 0.1 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Romania (1) | 3 | 4 | 0.0 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
South Korea (1) | 76 | 103 | 0.0 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Others (4) | 15,839 | 21,297 | 3.2 | 7,629 | 1.4 | 2,973 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 410,741 | 555,198 | 100.0 | 434,723 | 100.0 | 330,265 | 100.0 | 493,916 | 664,120 | 100.0 | % | 555,198 | 100.0 | 434,723 | 100.0 | |||||||||||||||||||||||||||||||||||||||||
(1) | For a description of the services provided in each of our offices in the above table, |
(2) | The offices in Singapore, Malaysia and Thailand primarily provide support to Southeast Asian and North Asian customers in a variety of regional languages, including Mandarin Chinese speakers in the region, which we refer to as our “Southeast Asia” end-market. |
(3) | The offices in the Philippines primarily provide English language support to customers mainly in North America, the United Kingdom, Ireland, Australia and New Zealand, which we refer to as our “Global English” end-market. |
(4) | Comprises revenue from Australia, Colombia, Hong Kong, India, Romania, Spain, South Korea, Taiwan, Türkiye and Vietnam. |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||
(S$ in thousands) | (S$ in thousands) | |||||||||||||||||||||||
Revenue | 555,198 | 434,723 | 330,265 | 664,120 | 555,198 | 434,723 | ||||||||||||||||||
Employee benefits expense | (339,683 | ) | (257,985 | ) | (189,912 | ) | (436,350 | ) | (339,683 | ) | (257,985 | ) | ||||||||||||
Depreciation expense | (39,853 | ) | (33,065 | ) | (24,599 | ) | (39,731 | ) | (39,853 | ) | (33,065 | ) | ||||||||||||
Rental and maintenance expense | (9,832 | ) | (10,603 | ) | (9,220 | ) | (9,980 | ) | (9,832 | ) | (10,603 | ) | ||||||||||||
Recruitment expense | (10,884 | ) | (8,005 | ) | (6,680 | ) | (14,201 | ) | (10,884 | ) | (8,005 | ) | ||||||||||||
Transport and travelling expense | (1,461 | ) | (1,504 | ) | (2,083 | ) | (1,637 | ) | (1,461 | ) | (1,504 | ) | ||||||||||||
Telecommunication and technology expense | (8,826 | ) | (6,305 | ) | (4,522 | ) | (11,822 | ) | (8,826 | ) | (6,305 | ) | ||||||||||||
Interest expense | (8,414 | ) | (3,058 | ) | (2,893 | ) | (1,936 | ) | (8,414 | ) | (3,058 | ) | ||||||||||||
Other operating expense | (11,126 | ) | (15,836 | ) | (10,478 | ) | (14,699 | ) | (11,126 | ) | (15,836 | ) | ||||||||||||
Gain on disposal of a subsidiary | — | 731 | — | — | — | 731 | ||||||||||||||||||
Share of profit from an associate | 101 | 196 | — | 139 | 101 | 196 | ||||||||||||||||||
Interest income | 544 | 594 | 465 | 3,348 | 544 | 594 | ||||||||||||||||||
Other operating income | 6,315 | 7,514 | 717 | 4,736 | 6,315 | 7,514 | ||||||||||||||||||
Profit before income tax | 132,079 | 107,397 | 81,060 | 141,987 | 132,079 | 107,397 | ||||||||||||||||||
Income tax expenses | (28,237 | ) | (21,303 | ) | (7,524 | ) | (37,049 | ) | (28,237 | ) | (21,303 | ) | ||||||||||||
Profit for the year | 103,842 | 86,094 | 73,536 | 104,938 | 103,842 | 86,094 | ||||||||||||||||||
Other comprehensive income (loss) | (6,224 | ) | 536 | 840 | (13,508 | ) | (6,224 | ) | 536 | |||||||||||||||
Total comprehensive income for the period/year | 97,618 | 86,630 | 74,376 | 91,430 | 97,618 | 86,630 | ||||||||||||||||||
Basic earnings per share (in S$) | 0.81 | (2) | 0.70 | 0.60 | 0.72 | 0.81 | (3) | 0.70 | ||||||||||||||||
Diluted earnings per share (in S$) | 0.81 | (2) | 0.70 | 0.60 | 0.72 | 0.81 | (3) | 0.70 | ||||||||||||||||
(1) | In the unaudited condensed interim consolidated financial statements contained in our Form 6-K dated March 7, 2023, net foreign exchange gains for the first three quarters in 2022 were reported under the “other operating income” line item while net foreign exchange losses for the fourth quarter in 2022 were reported under the “other operating expenses” line item, which resulted in other operating income and other operating expenses of S$12,471,000 and S$22,434,000, respectively, for the year ended December 31, 2022. In the audited consolidated financial statements included in this annual report on Form 20-F, both foreign exchange gains and foreign exchange losses were reported on a net basis for the full year under the “other operating expenses” line item. |
(2) | Other comprehensive income (loss) includes remeasurement of retirement benefit obligation and exchange differences on translation of foreign operations. |
On October 1, 2021, we completed our initial public offering of 19,358,957 ADSs, each representing one Class A ordinary share of TDCX, and, on October 12, 2021, the underwriters exercised their overallotment option in respect of 2,903,843 ADSs pursuant to the option granted to the underwriters to purchase additional ADSs. On August 26, 2021, we adopted the PSP, which allows us to offer Class A ordinary shares or ADSs to our employees, officers, executive directors and consultants. On November 1, 2021, we issued awards to the first batch of participants of the PSP. We started recognizing the related equity-settled share-based payment expenses in the fourth quarter of 2021. Our earnings per share for the full year ended December 31, 2021 includes the equity-settled share-based payment expenses under the PSP. As of December 31, 2021, none of the awards have vested. |
For the Full Year ended December 31, | ||||||||||||
2022 | 2021 | |||||||||||
US$’000 | S$’000 | S$’000 | ||||||||||
Revenue by service | ||||||||||||
Omnichannel CX solutions ( 1) | 285,724 | 384,184 | 334,047 | |||||||||
Sales and digital marketing | 123,833 | 166,506 | 114,718 | |||||||||
Content, trust and safety ( 1) | 81,434 | 109,496 | 103,538 | |||||||||
Other service fees ( 1)(2) | 2,925 | 3,934 | 2,895 | |||||||||
Total revenue | 493,916 | 664,120 | 555,198 | |||||||||
(1) | In the second quarter of 2022, we renamed our “content monitoring and moderation” services as “content, trust and safety” services and reclassified certain of our revenues from our omnichannel CX solution services and our other service fees under content, trust and safety services. Accordingly, we reclassified our segment revenues for all periods presented herein on a comparable basis except where otherwise noted. See “Item 4. Information on the Company—B. Business overview—Our Services and Solutions” and Note 35 to our audited consolidated financial statements included elsewhere in this annual report. |
(2) | Revenues from other service fees comprise revenue from other business process services and revenue from other services. |
For the Full Year ended December 31, | For the Full Year ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||
US$’000 | S$’000 | US$’000 | S$’000 | S$’000 | ||||||||||||||||||||
Revenue by service | ||||||||||||||||||||||||
Omnichannel CX solutions | 256,404 | 346,582 | 209,684 | 283,427 | 334,047 | 273,174 | ||||||||||||||||||
Sales and digital marketing | 84,870 | 114,718 | 49,000 | 66,235 | 114,718 | 66,235 | ||||||||||||||||||
Content monitoring and moderation | 63,543 | 85,890 | 59,310 | 80,170 | ||||||||||||||||||||
Other business process services and other services | 5,924 | 8,008 | 3,618 | 4,891 | ||||||||||||||||||||
Content, trust and safety (1) | 103,538 | 92,452 | ||||||||||||||||||||||
Other service fees (2) | 2,895 | 2,862 | ||||||||||||||||||||||
Total revenue | 410,741 | 555,198 | 321,612 | 434,723 | 555,198 | 434,723 | ||||||||||||||||||
(1) | In the second quarter of 2022, we renamed our “content monitoring and moderation” services as “content, trust and safety” services and reclassified certain of our revenues from our omnichannel CX solution services and our other service fees under content, trust and safety services. Accordingly, we reclassified our segment revenues for all periods presented herein on a comparable basis except where otherwise noted. See Note 35 to our audited consolidated financial statements included elsewhere in this annual report. |
(2) | Revenues from other service fees comprise revenue from other business process services and revenue from other services. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||
Revenue (S$ thousands) | 555,198 | 434,723 | 330,265 | 664,120 | 555,198 | 434,723 | ||||||||||||||||||
Profit for the year (S$ thousands) | 103,842 | 86,094 | 73,536 | 104,938 | 103,842 | 86,094 | ||||||||||||||||||
EBITDA (S$ thousands) (1) | 179,802 | 142,926 | 108,087 | 180,306 | 179,802 | 142,926 | ||||||||||||||||||
Adjusted EBITDA (S$ thousands) (1) | 185,006 | 142,926 | 108,087 | 199,771 | 185,006 | 142,926 | ||||||||||||||||||
Net profit margin (%) | 18.7 | 19.8 | 22.2 | 15.8 | 18.7 | 19.8 | ||||||||||||||||||
EBITDA margin (%) (1) | 32.4 | 32.9 | 32.7 | 27.1 | 32.4 | 32.9 | ||||||||||||||||||
Adjusted EBITDA margin (%) (1) | 33.3 | 32.9 | 32.7 | 30.1 | 33.3 | 32.9 | ||||||||||||||||||
Number of clients (2) | 52 | 38 | 38 | 84 | 52 | 38 | ||||||||||||||||||
Debt (bank loans) (S$ thousands) | 16,810 | 40,306 | 34,421 | — | 16,810 | 40,306 |
(1) | “EBITDA” represents profit for the non-IFRS financial measures and should not be considered in isolation or as a substitute for financial results reported under IFRS. See“—Non-IFRS Financial non-IFRS financial measures. |
(2) | As of the end of the year or period. |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
US$ | S$ | Margin (%) | S$ | Margin (%) | S$ | Margin (%) | US$ | S$ | Margin (%) | S$ | Margin (%) | S$ | Margin (%) | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 410,741 | 555,198 | — | 434,723 | — | 330,265 | — | 493,916 | 664,120 | — | 555,198 | — | 434,723 | — | ||||||||||||||||||||||||||||||||||||||||||
Profit for the year and net profit margin | 76,823 | 103,842 | 18.7 | 86,094 | 19.8 | 73,536 | 22.2 | 78,044 | 104,938 | 15.8 | 103,842 | 18.7 | 86,094 | 19.8 | ||||||||||||||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 29,484 | 39,853 | 7.2 | 33,065 | 7.6 | 24,599 | 7.4 | 29,549 | 39,731 | 6.0 | 39,853 | 7.2 | 33,065 | 7.6 | ||||||||||||||||||||||||||||||||||||||||||
Income tax expenses | 20,889 | 28,237 | 5.1 | 21,303 | 4.9 | 7,524 | 2.3 | 27,554 | 37,049 | 5.6 | 28,237 | 5.1 | 21,303 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | 6,225 | 8,414 | 1.5 | 3,058 | 0.7 | 2,893 | 0.9 | 1,440 | 1,936 | 0.3 | 8,414 | 1.5 | 3,058 | 0.7 | ||||||||||||||||||||||||||||||||||||||||||
Interest income | (402 | ) | (544 | ) | (0.1 | ) | (594 | ) | (0.1 | ) | (465 | ) | (0.1 | ) | (2,490 | ) | (3,348 | ) | (0.5 | ) | (544 | ) | (0.1 | ) | (594 | ) | (0.1 | ) | ||||||||||||||||||||||||||||
EBITDA | 133,019 | 179,802 | 32.4 | 142,926 | 32.9 | 108,087 | 32.7 | 134,097 | 180,306 | 27.1 | 179,802 | 32.4 | 142,926 | 32.9 | ||||||||||||||||||||||||||||||||||||||||||
Adjustment: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity-settled share-based payment expense | 3,850 | 5,204 | 0.9 | — | — | — | — | 14,476 | 19,465 | 2.9 | 5,204 | 0.9 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | 136,869 | 185,006 | 33.3 | 142,926 | 32.9 | 108,087 | 32.7 | 148,573 | 199,771 | 30.1 | 185,006 | 33.3 | 142,926 | 32.9 | ||||||||||||||||||||||||||||||||||||||||||
B. | Liquidity and Capital Resources. |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||
(Restated) | (S$ in thousands) | |||||||||||||||||||||||
(S$ in thousands) | ||||||||||||||||||||||||
Net cash from operating activities | 103,825 | 130,484 | 76,044 | |||||||||||||||||||||
Net cash used in investing activities | (44,139 | ) | (23,682 | ) | (27,627 | ) | ||||||||||||||||||
Net cash from operating activities (1) | 164,551 | 103,825 | 130,484 | |||||||||||||||||||||
Net cash used in investing activities (1) | (29,669 | ) | (44,139 | ) | (23,682 | ) | ||||||||||||||||||
Net cash used in financing activities | 199,644 | (83,274 | ) | (36,655 | ) | (50,451 | ) | 199,644 | (83,274 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 259,330 | 23,528 | 11,762 | 84,431 | 259,330 | 23,528 | ||||||||||||||||||
Effect of exchange rate changes on balance of cash held in foreign currencies | (5,990 | ) | 359 | 185 | (8,478 | ) | (5,990 | ) | 359 | |||||||||||||||
Cash and cash equivalents at the beginning of the period/year | 59,807 | 35,920 | 23,973 | 313,147 | 59,807 | 35,920 | ||||||||||||||||||
Cash and cash equivalents at the end of the period/year | 313,147 | 59,807 | 35,920 | 389,100 | 313,147 | 59,807 | ||||||||||||||||||
(1) | In the unaudited condensed interim consolidated financial statements contained in our Form 6-K dated March 7, 2023, net cash from operating activities was S$165,352,000 while net cash used in investing activities was S$30,469,000, each for the year ended December 31, 2022. In the audited consolidated financial statements included in this annual report on Form 20-F, S$800,000 was reclassified from the “net cash used in investing activities” line item to the “net cash from operating activities” line item. |
C. | Research and development, patents and licenses, etc. |
D. | Trend information. |
E. | Critical Accounting |
2022 | 2021 | |||||||
Expected volatility | 34.8% | 29.0% | ||||||
Expected term | 0.54 to 2.54 years | 0.45 to 3.45 years | ||||||
Risk free rate | 4.0% - 4.3% | 0.1% - 0.9% | ||||||
Expected dividend yield | Nil | Nil |
DIRECTORS, |
A. | Directors and |
Directors and Executive Officers | Age | Position/Title | ||||
Directors: | ||||||
Executive Chairman and Chief Executive Officer (CEO) | ||||||
Chief Financial Officer (CFO) and Executive Director | ||||||
Independent | ||||||
Independent | ||||||
Executive Officers 1) : | ||||||
46 | ||||||
Group Chief Human Resources Officer (CHRO) | ||||||
(1) | Other than directors who are also executive officers. |
B. | Compensation. |
Name | Class A Awarded | Exercise Price (US$/Share) | Date of Grant of Award | Date of Expiration | ||||||||||||
* | — | November 1, 2021 | N/A | |||||||||||||
* | — | November 1, 2021 | N/A | |||||||||||||
* | ||||||||||||||||
November 1, 2021 | ||||||||||||||||
* | ||||||||||||||||
November 1, 2021 | ||||||||||||||||
* | — | November 1, 2021 | N/A | |||||||||||||
* | — | November 1, 2021 | N/A | |||||||||||||
Sophie Jane Chelmick | * | — | November 1, 2021 | N/A | ||||||||||||
Andrew Thomas Cranshaw (Andy) | * | — | November 1, 2021 | N/A | ||||||||||||
Meera Karmakar | * | — | November 1, 2021 | N/A | ||||||||||||
* | — | November 1, 2021 | N/A | |||||||||||||
Binjamin Sun | * | — | November 1, 2021 | N/A | ||||||||||||
Wong Ping Soon | * | — | November 1, 2021 | N/A | ||||||||||||
* | — | November 1, 2021 | N/A | |||||||||||||
(1) | * | — | November 1, 2021 | N/A | ||||||||||||
Ong Liling, Joyce Valarie | * | — | October 24, 2022 | N/A | ||||||||||||
All directors, executive officers and certain employees as a group | — | — |
* | Each of these directors, executive officers and certain employees beneficially |
(1) |
C. | Board Practices. |
D. |
As of December 31, | As of December 31, | |||||||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||
Singapore | 1,454 | 1,278 | 1,099 | 1,478 | 1,454 | 1,278 | ||||||||||||||||||
Philippines | 5,750 | 4,692 | 3,542 | |||||||||||||||||||||
The Philippines | 6,783 | 5,750 | 4,692 | |||||||||||||||||||||
Malaysia | 4,201 | 3,102 | 2,552 | 5,826 | 4,201 | 3,102 | ||||||||||||||||||
Thailand | 2,363 | 1,633 | 1,180 | 2,122 | 2,363 | 1,633 | ||||||||||||||||||
China | 390 | 284 | 580 | 343 | 390 | 284 | ||||||||||||||||||
Japan | 359 | 295 | 233 | 492 | 359 | 295 | ||||||||||||||||||
Spain | 108 | 59 | 28 | |||||||||||||||||||||
India | 34 | — | — | |||||||||||||||||||||
Colombia | 32 | 8 | — | |||||||||||||||||||||
Romania | 3 | — | — | |||||||||||||||||||||
South Korea | 12 | — | — | |||||||||||||||||||||
Others (2) | 839 | 189 | 67 | |||||||||||||||||||||
Total | 14,706 | 11,351 | 9,214 | 17,883 | 14,706 | 11,351 | ||||||||||||||||||
(1) | Data as of December 31, 2021 included 289 employees deployed under our human resource and administration services. |
(2) | Includes Hong Kong, Spain, India, Colombia, South Korea, Romania, Australia, Taiwan, Türkiye, Vietnam and Brazil. |
E. | Share Ownership. |
Ordinary Shares Beneficially Owned as of March 31, 2022 | ||||||||||||||||
Class A Ordinary Shares | Class B Ordinary Shares | % of Total Ordinary Shares† | % of Aggregate Voting Power†† | |||||||||||||
Directors, Executive Officers and Certain Employees: (1) | ||||||||||||||||
Mr. Laurent Junique (2) | 166,000 | 123,500,000 | 84.0 | 98.1 | ||||||||||||
Mr. Tze Neng Chin | * | * | * | * | ||||||||||||
Mr. Edward Goh | * | * | * | * | ||||||||||||
Mr. Chia Ling Koh | * | * | * | * | ||||||||||||
Ms. Yee Peng Tan | * | * | * | * | ||||||||||||
Mr. Tony Bruno | * | * | * | * | ||||||||||||
Ms. Sophie Chelmick | * | * | * | * | ||||||||||||
Mr. Andy Cranshaw | * | * | * | * | ||||||||||||
Mr. Byron Fernandez | * | * | * | * | ||||||||||||
Mr. Chee Gay Lim | * | * | * | * | ||||||||||||
Mr. Michael Pan | * | * | * | * | ||||||||||||
Ms. Angie Tay | * | * | * | * | ||||||||||||
Mr. Ricart Valvekens | * | * | * | * | ||||||||||||
Ms. Meera Karmakar | * | * | * | * | ||||||||||||
Ms. Wong Ping Soon | * | * | * | * | ||||||||||||
Ms. Shetal Doshi | * | * | * | * | ||||||||||||
Mr. Ben Sun | * | * | * | * | ||||||||||||
All of our directors, executive officers and certain employees as a group | 1,674,855 | 123,500,000 | 85.0 | 98.2 | ||||||||||||
Principal: | ||||||||||||||||
Transformative Investments Pte Ltd (2) | — | 123,500,000 | 83.9 | 98.1 | ||||||||||||
FMR LLC (3) | 2,226,280 | — | 1.5 | 0.2 | ||||||||||||
JPMorgan Chase & Co. (4) | 1,220,473 | — | 0.8 | 0.1 | ||||||||||||
Goldman Sachs Asset Management (5) | 2,043,175 | — | 1.4 | 0.2 | ||||||||||||
WCM Investment Management, LLC (6) | 1,688,792 | — | 1.1 | 0.1 | ||||||||||||
Morgan Stanley Entities (7) | 1,439,706 | — | 1.0 | 0.1 |
Ordinary Shares Beneficially Owned as of March 31, 2023 | ||||||||||||||||
Class A Ordinary Shares | Class B Ordinary Shares | % of Total Ordinary Shares† | % of Aggregate Voting Power†† | |||||||||||||
Directors, Executive Officers and Certain Employees: (1) | ||||||||||||||||
Laurent Junique (2) | 559,625 | 123,500,000 | 85.6 | 98.3 | ||||||||||||
Chin Tze Neng | * | — | * | * | ||||||||||||
Edward Goh Kok Hwee | * | — | * | * | ||||||||||||
Koh Chia Ling | — | — | — | — | ||||||||||||
Tan Yee Peng | — | — | — | — | ||||||||||||
Tay Hui Kiang (Angie) | * | — | * | * | ||||||||||||
Byron Joseph Fernandez | * | — | * | * | ||||||||||||
Ricart Valvekens | * | — | * | * | ||||||||||||
Lim Chee Gay | * | — | * | * | ||||||||||||
Sophie Jane Chelmick | * | — | * | * | ||||||||||||
Andrew Thomas Cranshaw (Andy) | * | — | * | * | ||||||||||||
Meera Karmakar | * | — | * | * | ||||||||||||
Pan Sin Michael Shane Yat Thow | * | — | * | * | ||||||||||||
Binjamin Sun | * | — | * | * | ||||||||||||
Wong Ping Soon | * | — | * | * | ||||||||||||
Shetal Doshi | * | — | * | * | ||||||||||||
Ong Liling, Joyce Valarie | * | — | * | * | ||||||||||||
Michael Thomas Cowell | * | — | * | * | ||||||||||||
Antonio Bruno (3) | * | — | * | * | ||||||||||||
All of our directors, executive officers and certain employees as a group | 899,517 | 123,500,000 | 85.8 | 98.4 | ||||||||||||
Principal: | ||||||||||||||||
Transformative Investments Pte Ltd (2) | — | 123,500,000 | 85.2 | 98.3 | ||||||||||||
Goldman Sachs Asset Management (4) | 2,087,213 | — | 1.4 | 0.2 | ||||||||||||
Morgan Stanley Entities (5) | 1,601,065 | — | 1.1 | 0.1 | ||||||||||||
Indus Capital Partners, LLC (6) | 1,611,404 | — | 1.1 | 0.1 | ||||||||||||
Capital World Investors (7) | 1,781,024 | — | 1.2 | 0.1 | ||||||||||||
Pendal Group Entities (8) | 1,306,500 | — | 0.9 | 0.1 | ||||||||||||
Tree Line Advisors (Hong Kong) Ltd. (9) | 1,540,000 | — | 1.1 | 0.1 | ||||||||||||
Ward Ferry Management (BVI) Ltd (10) | 2,981,435 | — | 2.1 | 0.2 |
* | Less than 1% of our total outstanding shares on an as converted basis. |
† | For each person and group included in this column, percentage ownership is calculated by dividing the number of shares beneficially owned by such person or group, including shares that such person or group has the right to acquire within 60 days after March 31, |
†† | For each person and group included in this column, percentage of total voting power represents voting power based on both Class A and Class B ordinary shares beneficially owned by such person or group with respect to all of our outstanding Class A and Class B ordinary shares as one single class. Holders of Class A ordinary shares are entitled to one vote per share and holders of Class B ordinary shares are entitled to ten votes per share. |
(1) | Except as otherwise indicated below, the business address of our directors and executive officers is 750D Chai Chee Road, #06-01/06 ESR BizPark @ Chai Chee, Singapore |
(2) | Represents (i) 166,000 Class A ordinary shares directly held by KY1-1104, Cayman Islands. |
(3) |
(4) | Information is based on a Schedule |
Information is based on a Schedule |
#16-01 Capital Square 23 Church Street, Singapore. |
(6) | Information is based on a Schedule 13G/A jointly filed with the SEC on February 14, 2023 by Indus Capital Partners, LLC, Indus Select Master Fund, Ltd., James Shannon and Byron Gill. Indus Capital Partners, LLC reported shared voting power over 1,611,404 ADSs, each representing one Class A ordinary share, and shared dispositive power over 1,611,404 ADSs. All of the ADSs are directly owned by advisory clients of Indus Capital Partners, LLC. None of those advisory clients, other than Indus Select Master Fund, Ltd., may be deemed to beneficially own more than 5% of the Class A ordinary shares. James Shannon and Byron Gill are control persons of Indus Capital Partners, LLC and they may be deemed to have beneficial interests in the shares beneficially owned by Indus Capital Partners, LLC. The address of Indus Capital Partners, LLC is 888 Seventh Avenue, 26th Floor, New York, New York 10019, United States of America. |
(7) | Information is based on a Schedule 13G filed with the SEC on February 13, 2023 by Capital World Investors. Capital World Investors reported sole voting power over 1,781,024 ADSs, each representing one Class A ordinary share, and sole dispositive power over 1,781,024 ADSs. Capital World Investors, or CWI, is a division of Capital Research and Management Company, or CRMC, as well as its investment management subsidiaries and affiliates Capital Bank and Trust Company, Capital International, Inc., Capital International Limited, Capital International Sarl, Capital International K.K., Capital Group Private Client Services, Inc., and Capital Group Investment Management Private Limited (together with CRMC, the “investment management entities”). CWI’s divisions of each of the investment management entities collectively provide investment management services under the name “Capital World Investors.” The address of Capital World Investors is 333 South Hope Street, 55 th Floor, Los Angeles, California 90071. |
(8) | Information is based on a Schedule 13G jointly filed with the SEC on February 15, 2023 by Pendal Group Limited (The Parent Company), JOHCM (Singapore) Pte Limited (A Controlled Undertaking of The Parent Company) and Pendal Institutional Limited (A Controlled Undertaking of The Parent Company). Pendal Group Limited reported sole voting power over 1,306,500 ADSs, each representing one Class A ordinary share, and sole dispositive power over 1,306,500 ADSs. The address of Pendal Group Limited is Level 14, The Chifley Tower 2 Chifley Square, Sydney, 2000, NSW, Australia. |
(9) | Information is based on a Form 13F filed with the SEC on February 9, 2023 by Tree Line Advisors (Hong Kong) Ltd. Tree Line Advisors (Hong Kong) Ltd. reported sole voting power over 1,540,000 ADSs, each representing one Class A ordinary share, and sole dispositive power over 1,540,000 ADSs. The address of Tree Line Advisors (Hong Kong) Ltd. is Suite 1707, Two Exchange Square, Central, Hong Kong. |
(10) | Information is based on a Form 13F filed with the SEC on February 13, 2023 by Ward Ferry Management (BVI) Ltd. Ward Ferry Management (BVI) Ltd reported sole voting power over 2,981,435 ADSs, each representing one Class A ordinary share, and sole dispositive power over 2,981,435 ADSs. The address of Ward Ferry Management (BVI) Ltd is Suite 2608, Two Exchange Square, Central, Hong Kong. |
Disclosure of a registrant’s action to recover erroneously awarded compensation |
Item 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
A. | Major Shareholders. |
B. | Related Party Transactions. |
C. | Interests of experts and counsel. |
FINANCIAL INFORMATION |
A. | Consolidated Statements and Other Financial Information. |
B. | Significant Changes. |
THE OFFER AND LISTING |
A. | Offer and listing details. |
B. | Plan of distribution. |
C. | Markets. |
D. | Selling shareholders. |
E. | Dilution. |
F. | Expenses of the issue. |
ADDITIONAL |
A. | Share capital. |
B. | Memorandum and articles of association. |
C. | Material contracts. |
D. | Exchange controls. |
E. | Taxation. |
F. | Dividends and paying agents. |
G. | Statement by experts. |
H. | Documents on display. |
I. | Subsidiary Information. |
Annual Report to Security Holders. |
Item 11. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET |
For the Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(S$ in thousands) | ||||||||||||
U.S. dollar | 3,813 | 2,815 | 1,475 |
For the Year Ended December 31, | ||||||||||||
2022 | 2021 | 2020 | ||||||||||
(S$ in thousands) | ||||||||||||
U.S. dollar | 4,291 | 3,813 | 2,815 |
DESCRIPTION OF SECURITIES OTHER THAN EQUITY |
A. | Debt Securities. |
B. | Warrants and |
C. | Other Securities. |
D. | American Depositary Shares. |
DEFAULTS, DIVIDEND ARREARAGES AND |
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF |
CONTROLS AND |
A. | Disclosure Controls and |
B. | Management’s Annual Report on Internal Control over Financial |
C. | Attestation Report of the Registered Public Accounting Firm. |
D. | Changes in Internal Control over Financial Reporting. |
AUDIT COMMITTEE FINANCIAL |
Item 16B. | CODE OF |
Item 16C. | PRINCIPAL ACCOUNTANT FEES AND |
For the Year Ended December 31, | For the Year Ended December 31, | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
(S$, in thousands) | (S$, in thousands) | |||||||||||||||
Audit fees (1) | 1,120 | 1,128 | 1,128 | 944 | ||||||||||||
Total | 1,120 | 1,128 | 1,128 | 944 | ||||||||||||
(1) | “Audit fees” mean the aggregate fees for the audit of our annual consolidated financial statements and annual statutory financial statements, reviews of interim financial statements, review of our registration statement and related consents. This category also included professional services rendered by our independent registered public accounting firm for statutory audits required by non-U.S. jurisdictions. For the year ended December 31, 2021, audit fees also included fees for professional services rendered in connection with our initial public offering in 2021. |
Item 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT |
Item 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED |
Period | (a) Total Number of ADSs Purchased | (b) Average Price Paid per ADS | (c) Total Number of ADSs Purchased as Part of Publicly Announced Plans or Programs ( 1) | (d) Maximum Number (or Approximate Dollar Value) of ADSs that May Yet Be Purchased Under the Plans or Programs ( 1) | ||||||||||||
March 14, 2022 to March 31, 2022 | 106,200 | US$ | 12.52 per ADS | 106,200 | US$ | 28.7 million | ||||||||||
April 1, 2022 to June 30, 2022 | 587,123 | US$ | 9.37 per ADS | 587,123 | US$ | 23.1 million | ||||||||||
July 1, 2022 to September 30, 2022 | 352,489 | US$ | 8.51 per ADS | 352,489 | US$ | 20.1 million | ||||||||||
October 1, 2022 to December 31, 2022 | – | – | – | US$ | 20.1 million |
(1) | On March 14, 2022, the Company announced that the board of directors had approved a US$30 million share repurchase program. The share repurchase program commenced on March 14, 2022. The repurchase program has no expiration date and may be suspended, modified or discontinued at any time without prior notice. The Company expects to fund repurchases under this program with its existing cash balance. The Company’s proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades, and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations and its insider trading policy. Our board of directors will review the share repurchase program periodically and may authorize adjustment of its terms and size. All share repurchases are subject to and will be carried out, if at all, in accordance with applicable regulatory requirements. |
Item 16F. | CHANGE IN REGISTRANT’S CERTIFYING |
Item 16G. | CORPORATE |
Item 16H. | MINE SAFETY DISCLOSURE |
Item 16I. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
Item 17. | FINANCIAL |
Item 18. | FINANCIAL |
Item 19. | EXHIBITS |
Exhibit No. | Description of Exhibit | |
1.1 | ||
2.1 | ||
2.2 | ||
2.3 | ||
2.4 * | ||
4.1 | ||
4.2 | ||
4.3 | ||
4.4 | ||
4.5 | ||
4.6 | ||
4.7# |
No. | ||
4.8# | ||
8.1 * | ||
11.1 | ||
12.1 * | ||
12.2 * | ||
13.1 ** | ||
13.2 ** | ||
15.1 * |
Exhibit No. | Description of Exhibit | |
15.2 * | ||
15.3 * | ||
101.INS * | XBRL Instance Document | |
101.SCH * | XBRL Taxonomy Extension Schema Document | |
101.CAL * | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF * | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB * | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE * | XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* | Filed |
** | Furnished |
# | Confidential portions of the exhibit have been omitted. |
TDCX Inc. | ||
By: | /s/ Laurent Junique | |
Name: | Laurent Junique | |
Title: | Executive Chairman and |
TDCX INC . A ND ITS SUBSIDIARIES (Registration No. 362018 ) CONSOLIDATED FINANCIAL STATEMENTS YEAR S ENDED DECEMBER 31, |
PAGE | ||||
F-3 - F-4 | ||||
F-5 | ||||
F-6 | ||||
F-7 | ||||
F-8 | ||||
F-10 - |
/s/Deloitte & Touche LLP |
Singapore |
Note | December 31, 2021 | December 31, 2021 | December 31, 2020 | Note | December 31, 2022 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
US$’000 | S$’000 | S$’000 | US$’000 | S$’000 | S$’000 | |||||||||||||||||||||||||||
(Note 3) | (Note 3) | |||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | 7 | 231,669 | 313,147 | 59,807 | 7 | 289,380 | 389,100 | 313,147 | ||||||||||||||||||||||||
Fixed and pledged deposits | 8 | 6,555 | 8,860 | 7,727 | 8 | 4,872 | 6,551 | 8,860 | ||||||||||||||||||||||||
Trade receivables | 9 | 68,477 | 92,561 | 36,919 | 9 | 66,048 | 88,808 | 92,561 | ||||||||||||||||||||||||
Contract assets | 1 0 | 36,521 | 49,365 | 46,842 | 10 | 43,736 | 58,808 | 49,365 | ||||||||||||||||||||||||
Other receivables | 1 1 | 9,780 | 13,220 | 12,257 | 11 | 11,814 | 15,885 | 13,220 | ||||||||||||||||||||||||
Financial assets measured at fair value through profit or loss | 1 2 | 17,743 | 23,983 | — | 12 | 22,145 | 29,776 | 23,983 | ||||||||||||||||||||||||
Income tax receivable | 13 | 17 | — | 263 | 354 | 17 | ||||||||||||||||||||||||||
Total current assets | 370,758 | 501,153 | 163,552 | 438,258 | 589,282 | 501,153 | ||||||||||||||||||||||||||
Non-current assets | ||||||||||||||||||||||||||||||||
Pledged deposits | 8 | 337 | 456 | 2,377 | 8 | 434 | 584 | 456 | ||||||||||||||||||||||||
Other receivables | 1 1 | 3,530 | 4,771 | 5,874 | 11 | 3,733 | 5,019 | 4,771 | ||||||||||||||||||||||||
Plant and equipment | 1 3 | 29,377 | 39,709 | 40,581 | 13 | 30,710 | 41,292 | 39,709 | ||||||||||||||||||||||||
Right-of-use | 1 4 | 24,532 | 33,160 | 29,221 | 14 | 26,206 | 35,236 | 33,160 | ||||||||||||||||||||||||
Goodwill and intangible assets | 15 | 2,175 | 2,924 | — | ||||||||||||||||||||||||||||
Deferred tax assets | 2 0 | 1,437 | 1,943 | 1,580 | 21 | 2,575 | 3,463 | 1,943 | ||||||||||||||||||||||||
Investment in an associate | 235 | 318 | 229 | — | — | 318 | ||||||||||||||||||||||||||
Total non-current assets | 59,448 | 80,357 | 79,862 | 65,833 | 88,518 | 80,357 | ||||||||||||||||||||||||||
Total assets | 430,206 | 581,510 | 243,414 | 504,091 | 677,800 | 581,510 | ||||||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||
Other payables | 1 5 | 28,924 | 39,096 | 37,200 | 16 | 36,980 | 49,723 | 39,096 | ||||||||||||||||||||||||
Bank loans | 1 6 | 10,244 | 13,847 | 24,170 | 17 | — | — | 13,847 | ||||||||||||||||||||||||
Lease liabilities | 1 7 | 10,764 | 14,550 | 14,664 | 18 | 13,252 | 17,818 | 14,550 | ||||||||||||||||||||||||
Provision for reinstatement cost | 1 8 | 2,710 | 3,663 | 452 | 19 | 3,928 | 5,282 | 3,663 | ||||||||||||||||||||||||
Income tax payable | 10,886 | 14,715 | 13,257 | 12,316 | 16,560 | 14,715 | ||||||||||||||||||||||||||
Total current liabilities | 63,528 | 85,871 | 89,743 | 66,476 | 89,383 | 85,871 | ||||||||||||||||||||||||||
Non-current liabilities | ||||||||||||||||||||||||||||||||
Bank loans | 1 6 | 2,192 | 2,963 | 16,136 | 17 | — | — | 2,963 | ||||||||||||||||||||||||
Lease liabilities | 1 7 | 15,803 | 21,361 | 17,823 | 18 | 15,353 | 20,644 | 21,361 | ||||||||||||||||||||||||
Provision for reinstatement cost | 1 8 | 3,243 | 4,384 | 5,617 | 19 | 2,657 | 3,572 | 4,384 | ||||||||||||||||||||||||
Defined benefit obligation | 19 | 1,271 | 1,718 | 1,435 | 20 | 1,113 | 1,497 | 1,718 | ||||||||||||||||||||||||
Deferred tax liabilities | 2 0 | 1,115 | 1,507 | 129 | 21 | 634 | 852 | 1,507 | ||||||||||||||||||||||||
Total non-current liabilities | 23,624 | 31,933 | 41,140 | 19,757 | 26,565 | 31,933 | ||||||||||||||||||||||||||
Capital, reserves and non-controlling interests | ||||||||||||||||||||||||||||||||
Share capital | 2 1 | 14 | 19 | 0 | * | 22 | 14 | 19 | 19 | |||||||||||||||||||||||
Reserves | 29 | 168,070 | 227,181 | (19,843 | ) | 30 | 163,313 | 219,590 | 227,181 | |||||||||||||||||||||||
Retained earnings | 174,955 | 236,486 | 132,371 | 254,544 | 342,260 | 236,486 | ||||||||||||||||||||||||||
Equity attributable to owners of the Group | 343,039 | 463,686 | 112,528 | 417,871 | 561,869 | 463,686 | ||||||||||||||||||||||||||
Non-controlling interests | 15 | 20 | 3 | (13 | ) | (17 | ) | 20 | ||||||||||||||||||||||||
Total equity | 343,054 | 463,706 | 112,531 | 417,858 | 561,852 | 463,706 | ||||||||||||||||||||||||||
Total liabilities and equity | 430,206 | 581,510 | 243,414 | 504,091 | 677,800 | 581,510 | ||||||||||||||||||||||||||
Note | 2021 | 2021 | 2020 | 2019 | ||||||||||||||||
US$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||
(Note 3) | ||||||||||||||||||||
Revenue | 2 3 | 410,741 | 555,198 | 434,723 | 330,265 | |||||||||||||||
Employee benefits expense | (251,301 | ) | (339,683 | ) | (257,985 | ) | (189,912 | ) | ||||||||||||
Depreciation expense | (29,484 | ) | (39,853 | ) | (33,065 | ) | (24,599 | ) | ||||||||||||
Rental and maintenance expense | (7,274 | ) | (9,832 | ) | (10,603 | ) | (9,220 | ) | ||||||||||||
Recruitment expense | (8,052 | ) | (10,884 | ) | (8,005 | ) | (6,680 | ) | ||||||||||||
Transport and travelling expense | (1,081 | ) | (1,461 | ) | (1,504 | ) | (2,083 | ) | ||||||||||||
Telecommunication and technology expense | (6,530 | ) | �� | (8,826 | ) | (6,305 | ) | (4,522 | ) | |||||||||||
Interest expense | (6,225 | ) | (8,414 | ) | (3,058 | ) | (2,893 | ) | ||||||||||||
Other operating expense | (8,231 | ) | (11,126 | ) | (15,836 | ) | (10,478 | ) | ||||||||||||
Gain on disposal of a subsidiary | — | — | 731 | — | ||||||||||||||||
Share of profit from an associate | 75 | 101 | 196 | — | ||||||||||||||||
Interest income | 402 | 544 | 594 | 465 | ||||||||||||||||
Other operating income | 2 5 | 4,672 | 6,315 | 7,514 | 717 | |||||||||||||||
Profit before income tax | 97,712 | 132,079 | 107,397 | 81,060 | ||||||||||||||||
Income tax expenses | 2 6 | (20,889 | ) | (28,237 | ) | (21,303 | ) | (7,524 | ) | |||||||||||
Profit for the year | 2 4 | 76,823 | 103,842 | 86,094 | 73,536 | |||||||||||||||
Item that will not be reclassified to profit or loss: | ||||||||||||||||||||
Remeasurement of retirement benefit obligation | 204 | 276 | (181 | ) | (114 | ) | ||||||||||||||
Item that may be reclassified subsequently to profit or loss: | ||||||||||||||||||||
Exchange differences on translation of foreign operations | (4,809 | ) | (6,500 | ) | 717 | 954 | ||||||||||||||
Total comprehensive income for the year | 72,218 | 97,618 | 86,630 | 74,376 | ||||||||||||||||
Profit attributable to : | ||||||||||||||||||||
- Owners of the Group | 76,822 | 103,841 | 86,093 | 73,535 | ||||||||||||||||
- Non-controlling interests | 1 | 1 | 1 | 1 | ||||||||||||||||
76,823 | 103,842 | 86,094 | 73,536 | |||||||||||||||||
Total comprehensive income attributable to : | ||||||||||||||||||||
- Owners of the Group | 72,217 | 97,617 | 86,629 | 74,375 | ||||||||||||||||
- Non-controlling interests | 1 | 1 | 1 | 1 | ||||||||||||||||
72,218 | 97,618 | 86,630 | 74,376 | |||||||||||||||||
Basic earnings per share (in US$ or S$) | 2 7 | 0.60 | 0.81 | 0.70 | 0.60 | |||||||||||||||
Diluted earnings per share (in US$ or S$) | 2 7 | 0.60 | 0.81 | 0.70 | 0.60 | |||||||||||||||
Weighted average number of ordinary shares used in computing basic earnings per share | 27 | 128,803,824 | 128,803,824 | 123,500,000 | 123,500,000 | |||||||||||||||
Weighted average number of ordinary shares used in computing diluted earnings per share | 27 | 128,830,134 | 128,830,134 | 123,500,000 | 123,500,000 | |||||||||||||||
Note | 2022 | 2022 | 2021 | 2020 | ||||||||||||||||
US$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||
(Note 3) | ||||||||||||||||||||
Revenue | 2 4 | 493,916 | 664,120 | 555,198 | 434,723 | |||||||||||||||
Employee benefits expense | (324,520 | ) | (436,350 | ) | (339,683 | ) | (257,985 | ) | ||||||||||||
Depreciation expense | (29,549 | ) | (39,731 | ) | (39,853 | ) | (33,065 | ) | ||||||||||||
Rental and maintenance expense | (7,422 | ) | (9,980 | ) | (9,832 | ) | (10,603 | ) | ||||||||||||
Recruitment expense | (10,562 | ) | (14,201 | ) | (10,884 | ) | (8,005 | ) | ||||||||||||
Transport and travelling expense | (1,217 | ) | (1,637 | ) | (1,461 | ) | (1,504 | ) | ||||||||||||
Telecommunication and technology expense | (8,792 | ) | (11,822 | ) | (8,826 | ) | (6,305 | ) | ||||||||||||
Interest expense | (1,440 | ) | (1,936 | ) | (8,414 | ) | (3,058 | ) | ||||||||||||
Other operating expense | (10,931 | ) | (14,699 | ) | (11,126 | ) | (15,836 | ) | ||||||||||||
Gain on disposal of a subsidiary | — | — | — | 731 | ||||||||||||||||
Share of profit from an associate | 103 | 139 | 101 | 196 | ||||||||||||||||
Interest income | 2,490 | 3,348 | 544 | 594 | ||||||||||||||||
Other operating income | 2 6 | 3,522 | 4,736 | 6,315 | 7,514 | |||||||||||||||
Profit before income tax | 105,598 | 141,987 | 132,079 | 107,397 | ||||||||||||||||
Income tax expenses | 2 7 | (27,554 | ) | (37,049 | ) | (28,237 | ) | (21,303 | ) | |||||||||||
Profit for the year | 2 5 | 78,044 | 104,938 | 103,842 | 86,094 | |||||||||||||||
Item that will not be reclassified to profit or loss: | ||||||||||||||||||||
Remeasurement of retirement benefit obligation | 687 | 924 | 276 | (181 | ) | |||||||||||||||
Item that may be reclassified subsequently to profit or loss: | ||||||||||||||||||||
Exchange differences on translation of foreign operations | (10,734 | ) | (14,432 | ) | (6,500 | ) | 717 | |||||||||||||
Total comprehensive income for the year | 67,997 | 91,430 | 97,618 | 86,630 | ||||||||||||||||
Profit attributable to : | ||||||||||||||||||||
- Owners of the Group | 78,043 | 104,936 | 103,841 | 86,093 | ||||||||||||||||
- Non-controlling interests | 1 | 2 | 1 | 1 | ||||||||||||||||
78,044 | 104,938 | 103,842 | 86,094 | |||||||||||||||||
Total comprehensive income attributable to : | ||||||||||||||||||||
- Owners of the Group | 67,996 | 91,428 | 97,617 | 86,629 | ||||||||||||||||
- Non-controlling interests | 1 | 2 | 1 | 1 | ||||||||||||||||
67,997 | 91,430 | 97,618 | 86,630 | |||||||||||||||||
Basic earnings per share (in US$ or S$) | 28 | 0.54 | 0.72 | 0.81 | 0.70 | |||||||||||||||
Diluted earnings per share (in US$ or S$) | 28 | 0.54 | 0.72 | 0.81 | 0.70 | |||||||||||||||
Weighted average number of ordinary shares used in computing basic earnings per share | 28 | 145,298,557 | 145,298,557 | 128,803,824 | 123,500,000 | |||||||||||||||
Weighted average number of ordinary shares used in computing diluted earnings per share | 28 | 145,298,557 | 145,298,557 | 128,830,134 | 123,500,000 | |||||||||||||||
Note | Share Capital | Reserves (Note 29) | Retained earnings | Equity attributable to owners of the Group | Non- controlling interests | Total | ||||||||||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||||||
Balance at January 1, 2019 | * | (21,604 | ) | 63,673 | 42,069 | 1 | 42,070 | |||||||||||||||||||||
Total comprehensive income for the year: | ||||||||||||||||||||||||||||
Profit for the year | — | — | 73,535 | 73,535 | 1 | 73,536 | ||||||||||||||||||||||
Other comprehensive (loss) income | — | 954 | (114 | ) | 840 | — | 840 | |||||||||||||||||||||
Total | — | 954 | 73,421 | 74,375 | 1 | 74,376 | ||||||||||||||||||||||
Dividends representing transactions with owners recognized directly in equity | 2 8 | — | — | (17,000 | ) | (17,000 | ) | — | (17,000 | ) | ||||||||||||||||||
Balance at December 31, 2019 | * | (20,650 | ) | 120,094 | 99,444 | 2 | 99,446 | |||||||||||||||||||||
Total comprehensive income for the year: | ||||||||||||||||||||||||||||
Profit for the year | — | — | 86,093 | 86,093 | 1 | 86,094 | ||||||||||||||||||||||
Other comprehensive income (loss) | — | 717 | (181 | ) | 536 | — | 536 | |||||||||||||||||||||
Total | — | 717 | 85,912 | 86,629 | 1 | 86,630 | ||||||||||||||||||||||
Transfer of profits to legal reserve | 29 | — | 90 | (90 | ) | — | — | — | ||||||||||||||||||||
Dividends representing transactions with owners recognized directly in equity | 28 | — | — | (73,545 | ) | (73,545 | ) | — | (73,545 | ) | ||||||||||||||||||
Balance at December 31, 2020 | * | (19,843 | ) | 132,371 | 112,528 | 3 | 112,531 | |||||||||||||||||||||
Total comprehensive income for the year: | ||||||||||||||||||||||||||||
Profit for the year | — | — | 103,841 | 103,841 | 1 | 103,842 | ||||||||||||||||||||||
Other comprehensive income (loss) | — | (6,500 | ) | 276 | (6,224 | ) | — | (6,224 | ) | |||||||||||||||||||
Total | — | (6,500 | ) | 104,117 | 97,617 | 1 | 97,618 | |||||||||||||||||||||
Transfer of profits to legal reserve | — | 2 | (2 | ) | — | — | — | |||||||||||||||||||||
Transaction with owners recognized directly in equity: | ||||||||||||||||||||||||||||
Issued of share capital for cash | 21 | 19 | 502,387 | — | 502,406 | — | 502,406 | |||||||||||||||||||||
Share-based payments expenses | 22 | — | 5,253 | — | 5,253 | — | 5,253 | |||||||||||||||||||||
Distribution to founder | 29 | — | (252,747 | ) | — | (252,747 | ) | — | (252,747 | ) | ||||||||||||||||||
Effects of translation on other reserve | 29 | — | (1,371 | ) | — | (1,371 | ) | — | (1,371 | ) | ||||||||||||||||||
Dividend paid to non-controlling interest | — | — | — | — | (176 | ) | (176 | ) | ||||||||||||||||||||
Total | 19 | 253,522 | — | 253,541 | (176 | ) | 253,365 | |||||||||||||||||||||
Proceeds for capital call on non-fully paid-up share capital | — | — | — | — | 192 | 192 | ||||||||||||||||||||||
Balance at December 31, 2021 | 19 | 227,181 | 236,486 | 463,686 | 20 | 463,706 | ||||||||||||||||||||||
Note | Share Capital | Reserves (Note 30 ) | Retained earnings | Equity attributable to owners of the Group | Non- controlling interests | Total | ||||||||||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||||||
Balance at January 1, 2020 | * | (20,650 | ) | 120,094 | 99,444 | 2 | 99,446 | |||||||||||||||||||||
Total comprehensive income for the year: | ||||||||||||||||||||||||||||
Profit for the year | — | — | 86,093 | 86,093 | 1 | 86,094 | ||||||||||||||||||||||
Other comprehensive income (loss) | — | 717 | (181 | ) | 536 | — | 536 | |||||||||||||||||||||
Total | — | 717 | 85,912 | 86,629 | 1 | 86,630 | ||||||||||||||||||||||
Transfer of profits to legal reserve | 30 | — | 90 | (90 | ) | — | — | — | ||||||||||||||||||||
Dividends representing transactions with owners recognized directly in equity | 29 | — | — | (73,545 | ) | (73,545 | ) | — | (73,545 | ) | ||||||||||||||||||
Balance at December 31, 2020 | * | (19,843 | ) | 132,371 | 112,528 | 3 | 112,531 | |||||||||||||||||||||
Total comprehensive income for the year: | ||||||||||||||||||||||||||||
Profit for the year | — | — | 103,841 | 103,841 | 1 | 103,842 | ||||||||||||||||||||||
Other comprehensive income (loss) | — | (6,500 | ) | 276 | (6,224 | ) | — | (6,224 | ) | |||||||||||||||||||
Total | — | (6,500 | ) | 104,117 | 97,617 | 1 | 97,618 | |||||||||||||||||||||
Transfer of profits to legal reserve | 30 | — | 2 | (2 | ) | — | — | — | ||||||||||||||||||||
Transaction with owners recognized directly in equity: | ||||||||||||||||||||||||||||
Issu ance of share capital for cash | 22 | 19 | 502,387 | — | 502,406 | — | 502,406 | |||||||||||||||||||||
Share-based payments expenses | 23 | — | 5,253 | — | 5,253 | — | 5,253 | |||||||||||||||||||||
Distribution to founder | 30 | — | (252,747 | ) | — | (252,747 | ) | — | (252,747 | ) | ||||||||||||||||||
Effects of translation on other reserve | 30 | — | (1,371 | ) | — | (1,371 | ) | — | (1,371 | ) | ||||||||||||||||||
Dividend paid to non-controlling interest | — | — | — | — | (176 | ) | (176 | ) | ||||||||||||||||||||
Total | 19 | 253,522 | — | 253,541 | (176 | ) | 253,365 | |||||||||||||||||||||
Proceeds for capital call on non-fully paid-up share capital | — | — | — | — | 192 | 192 | ||||||||||||||||||||||
Balance at December 31, 2021 | 19 | 227,181 | 236,486 | 463,686 | 20 | 463,706 | ||||||||||||||||||||||
Total comprehensive income for the year: | ||||||||||||||||||||||||||||
Profit for the year | — | — | 104,936 | 104,936 | 2 | 104,938 | ||||||||||||||||||||||
Other comprehensive (loss) income | — | (14,432 | ) | 924 | (13,508 | ) | — | (13,508 | ) | |||||||||||||||||||
Total | — | (14,432 | ) | 105,860 | 91,428 | 2 | 91,430 | |||||||||||||||||||||
Transfer of profits to legal reserve | 30 | — | 86 | (86 | ) | — | — | — | ||||||||||||||||||||
Transaction with owners recognized directly in equity: | ||||||||||||||||||||||||||||
Share-based payments expenses | 23 | — | 19,465 | — | 19,465 | — | 19,465 | |||||||||||||||||||||
Dividend paid to non-controlling interest | — | — | — | — | (39 | ) | (39 | ) | ||||||||||||||||||||
Issuance of shares due to vesting of warrants | 22 | * | 910 | — | 910 | — | 910 | |||||||||||||||||||||
Repurchase of American Depositary Shares | 30 | — | (13,620 | ) | — | (13,620 | ) | — | (13,620 | ) | ||||||||||||||||||
Total | — | 6,755 | — | 6,755 | (39 | ) | 6,716 | |||||||||||||||||||||
Balance at December 31, 2022 | 19 | 219,590 | 342,260 | 561,869 | (17 | ) | 561,852 | |||||||||||||||||||||
* | Amount is less than S$1,000 |
2021 | 2021 | 2020 | 2019 | |||||||||||||
US$’000 (Note 3) | S$’000 | S$’000 | S$’000 | |||||||||||||
Operating activities | ||||||||||||||||
Profit before income tax | 97,712 | 132,079 | 107,397 | 81,060 | ||||||||||||
Adjustments for: | ||||||||||||||||
Depreciation expense | 29,484 | 39,853 | 33,065 | 24,599 | ||||||||||||
Gain on early termination of right-of-use | (21 | ) | (29 | ) | (171 | ) | (21 | ) | ||||||||
Reversal of allowance on trade and other receivables | (1 | ) | (2 | ) | — | (18 | ) | |||||||||
Equity-settled share-based payment expense | 3,850 | 5,204 | — | |||||||||||||
Provision for reinstatement cost | (5 | ) | (7 | ) | — | |||||||||||
Bank loan transaction cost | 308 | 416 | 54 | 55 | ||||||||||||
Interest income | (402 | ) | (544 | ) | (594 | ) | (465 | ) | ||||||||
Interest expense | 6,225 | 8,414 | 3,058 | 2,893 | ||||||||||||
Retirement benefit service cost | 458 | 619 | 466 | 312 | ||||||||||||
Loss on disposal and write-off of plant and equipment | 156 | 211 | 3 | — | ||||||||||||
Rent concession | — | — | (521 | ) | — | |||||||||||
Gain on disposal of a subsidiary | — | — | (731 | ) | — | |||||||||||
Share of profit from an associate | (75 | ) | (101 | ) | (196 | ) | — | |||||||||
Operating cash flows before movements in working capital | 137,689 | 186,113 | 141,830 | 108,415 | ||||||||||||
Trade receivables | (42,171 | ) | (57,003 | ) | 19,099 | (27,226 | ) | |||||||||
Contract assets | (2,959 | ) | (4,000 | ) | (20,063 | ) | (7,734 | ) | ||||||||
Other receivables | (497 | ) | (672 | ) | (5,007 | ) | (3,239 | ) | ||||||||
Other payables | 3,360 | 4,542 | 9,505 | 9,833 | ||||||||||||
Cash generated from operations | 95,422 | 128,980 | 145,364 | 80,049 | ||||||||||||
Interest received | 402 | 544 | 594 | 465 | ||||||||||||
Income tax paid | (19,015 | ) | (25,703 | ) | (15,505 | ) | (4,793 | ) | ||||||||
Income tax refunded | 3 | 4 | 31 | 323 | ||||||||||||
Net cash from operating activities | 76,812 | 103,825 | 130,484 | 76,044 | ||||||||||||
Investing activities | ||||||||||||||||
Purchase of plant and equipment (Note A) | (15,276 | ) | (20,648 | ) | (17,332 | ) | (25,940 | ) | ||||||||
Proceeds from sales of plant and equipment | 93 | 126 | 3 | — | ||||||||||||
Payment for restoration of office | (317 | ) | (428 | ) | — | (66 | ) | |||||||||
Increase in fixed deposits | (928 | ) | (1,255 | ) | (6,865 | ) | (837 | ) | ||||||||
Increase (Decrease) in pledged deposits | 1,397 | 1,888 | (263 | ) | — | |||||||||||
Disposal of a subsidiary | — | — | (9 | ) | — | |||||||||||
Repayment from (Loan to) an associate | — | — | 784 | (784 | ) | |||||||||||
Dividend income from associate | 10 | 13 | — | — | ||||||||||||
Investment in financial assets measured at fair value through profit or loss | (17,633 | ) | (23,835 | ) | — | — | ||||||||||
Net cash used in investing activities | (32,654 | ) | (44,139 | ) | (23,682 | ) | (27,627 | ) | ||||||||
2022 | 2022 | 2021 | 2020 | |||||||||||||
US$’000 (Note 3) | S$’000 | S$’000 | S$’000 | |||||||||||||
Operating activities | ||||||||||||||||
Profit before income tax | 105,598 | 141,987 | 132,079 | 107,397 | ||||||||||||
Adjustments for: | ||||||||||||||||
Depreciation expense | 29,549 | 39,731 | 39,853 | 33,065 | ||||||||||||
Gain on early termination of right-of-use | — | — | (29 | ) | (171 | ) | ||||||||||
Allowance (Reversal of allowance) on trade and other receivables | 77 | 104 | (2 | ) | — | |||||||||||
Equity-settled share-based payment expense | 14,476 | 19,465 | 5,204 | — | ||||||||||||
Provision for reinstatement cost | 288 | 387 | (7 | ) | — | |||||||||||
Bank loan transaction cost | 37 | 50 | 416 | 54 | ||||||||||||
Interest income | (2,490 | ) | (3,348 | ) | (544 | ) | (594 | ) | ||||||||
Interest expense | 1,440 | 1,936 | 8,414 | 3,058 | ||||||||||||
Retirement benefit service cost | 560 | 753 | 619 | 466 | ||||||||||||
Loss on disposal and write - offof plant and equipment | 14 | 18 | 211 | 3 | ||||||||||||
Rent concession | — | — | — | (521 | ) | |||||||||||
Gain on disposal of a subsidiary | — | — | — | (731 | ) | |||||||||||
Share of profit from an associate | (103 | ) | (139 | ) | (101 | ) | (196 | ) | ||||||||
Fair value gain on previously held equity interest | (103 | ) | (139 | ) | — | — | ||||||||||
Operating cash flows before movements in working capital | 149,343 | 200,805 | 186,113 | 141,830 | ||||||||||||
Trade receivables | 504 | 677 | (57,003 | ) | 19,099 | |||||||||||
Contract assets | (9,372 | ) | (12,601 | ) | (4,000 | ) | (20,063 | ) | ||||||||
Other receivables | (4,917 | ) | (6,611 | ) | (672 | ) | (5,007 | ) | ||||||||
Other payables | 12,666 | 17,031 | 4,542 | 9,505 | ||||||||||||
Cash generated from operations | 148,224 | 199,301 | 128,980 | 145,364 | ||||||||||||
Interest received | 2,490 | 3,348 | 544 | 594 | ||||||||||||
Income tax paid | (28,365 | ) | (38,140 | ) | (25,703 | ) | (15,505 | ) | ||||||||
Income tax refunded | 31 | 42 | 4 | 31 | ||||||||||||
Net cash from operating activities | 122,380 | 164,551 | 103,825 | 130,484 | ||||||||||||
Investing activities | ||||||||||||||||
Purchase of plant and equipment (Note A) | (18,196 | ) | (24,466 | ) | (20,648 | ) | (17,332 | ) | ||||||||
Proceeds from sales of plant and equipment | 101 | 136 | 126 | 3 | ||||||||||||
Payment for restoration of office | — | — | (428 | ) | — | |||||||||||
Placements in fixed deposits | (114 | ) | (154 | ) | (1,255 | ) | (6,865 | ) | ||||||||
Withdrawal of fixed deposits | 1,413 | 1,900 | — | — | ||||||||||||
Increase (Decrease) in pledged deposits | — | — | 1,888 | (263 | ) | |||||||||||
Disposal of a subsidiary | — | — | — | (9 | ) | |||||||||||
Repayment from an associate | — | — | — | 784 | ||||||||||||
Dividend income from associate | 120 | 161 | 13 | — | ||||||||||||
Acquisition of subsidiary, net of cash acquired (Note 34) | (3,134 | ) | (4,214 | ) | — | — | ||||||||||
Investment in financial assets measured at fair value through profit or loss | (2,255 | ) | (3,032 | ) | (23,835 | ) | — | |||||||||
Net cash used in investing activities | (22,065 | ) | (29,669 | ) | (44,139 | ) | (23,682 | ) | ||||||||
2021 | 2021 | 2020 | 2019 | |||||||||||||
US$’000 (Note 3) | S$’000 | S$’000 | S$’000 | |||||||||||||
Financing activities | ||||||||||||||||
Dividends paid | (130 | ) | (176 | ) | (73,545 | ) | (17,000 | ) | ||||||||
Drawdown of bank loan | 186,919 | 252,658 | 12,000 | 10,000 | ||||||||||||
Distribution to founder | (186,456 | ) | (252,032 | ) | — | — | ||||||||||
Repayment of amount due to a director | — | — | — | (10,474 | ) | |||||||||||
Repayment of lease liabilities | (14,524 | ) | (19,632 | ) | (14,225 | ) | (11,590 | ) | ||||||||
Interest paid | (5,065 | ) | (6,847 | ) | (1,424 | ) | (1,396 | ) | ||||||||
Bank loan transaction cost paid | (267 | ) | (361 | ) | — | (115 | ) | |||||||||
Repayment of bank loan | (204,605 | ) | (276,564 | ) | (6,080 | ) | (6,080 | ) | ||||||||
Proceeds from issuance of shares, net of issuance costs | 371,685 | 502,406 | — | — | ||||||||||||
Proceeds for capital call on non-fully paid-up share capital from non-controlling interests | 143 | 192 | — | — | ||||||||||||
Net cash from (used in) financing activities | 147,700 | 199,644 | (83,274 | ) | (36,655 | ) | ||||||||||
Net increase in cash and cash equivalents | 191,858 | 259,330 | 23,528 | 11,762 | ||||||||||||
Effect of foreign exchange rate changes on cash held in foreign currencies | (4,435 | ) | (5,990 | ) | 359 | 185 | ||||||||||
Cash and cash equivalents at beginning of year | 44,246 | 59,807 | 35,920 | 23,973 | ||||||||||||
Cash and cash equivalents at end of year (Note 7) | 231,669 | 313,147 | 59,807 | 35,920 | ||||||||||||
2022 | 2022 | 2021 | 2020 | |||||||||||||
US$’000 (Note 3) | S$’000 | S$’000 | S$’000 | |||||||||||||
Financing activities | ||||||||||||||||
Dividends paid | (29 | ) | (39 | ) | (176 | ) | (73,545 | ) | ||||||||
Drawdown of bank loan | 446 | 600 | 252,658 | 12,000 | ||||||||||||
Distribution to founder | — | — | (252,032 | ) | — | |||||||||||
Repayment of lease liabilities | (14,673 | ) | (19,729 | ) | (19,632 | ) | (14,225 | ) | ||||||||
Interest paid | (160 | ) | (215 | ) | (6,847 | ) | (1,424 | ) | ||||||||
Bank loan transaction cost paid | — | — | (361 | ) | — | |||||||||||
Repayment of bank loan | (12,977 | ) | (17,449 | ) | (276,564 | ) | (6,080 | ) | ||||||||
Repurchase of American Depositary Shares | (10,129 | ) | (13,620 | ) | — | — | ||||||||||
Proceeds from issuance of shares, net of issuance costs | 1 | 1 | 502,406 | — | ||||||||||||
Proceeds for capital call on non-fully paid-up share capital fromnon-controlling interests | — | — | 192 | — | ||||||||||||
Net cash from (used in) financing activities | (37,521 | ) | (50,451 | ) | 199,644 | (83,274 | ) | |||||||||
Net increase in cash and cash equivalents | 62,794 | 84,431 | 259,330 | 23,528 | ||||||||||||
Effect of foreign exchange rate changes on cash held in foreign currencies | (6,306 | ) | (8,478 | ) | (5,990 | ) | 359 | |||||||||
Cash and cash equivalents at beginning of year | 232,892 | 313,147 | 59,807 | 35,920 | ||||||||||||
Cash and cash equivalents at end of year (Note 7) | 289,380 | 389,100 | 313,147 | 59,807 | ||||||||||||
1 | GENERAL |
2 | ADOPTION OF NEW AND REVISED STANDARDS |
Amendments to IFRS 17 | Insurance Contracts 1 | |
Amendments to IFRS 10 and | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | |
1 | ||
Amendments to IAS 1 and IFRS Practice Statement 2 | Disclosure of Accounting Policies 1 | |
Amendments to IAS 8 | Definition of Accounting Estimates 1 | |
Amendments to IAS 12 | Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 | |
Amendments to IFRS 16 | Lease liability in a Sales and Leaseback 2 | |
Amendments to IAS 1 | Classification of Liabilities as Current or Non-current 2 | |
Amendments to IAS 1 | Non-current liabilities with Covenants 2 |
1 | Effective for annual periods beginning on or after January 1, 2023, with early application permitted. |
2 | Effective for annual periods beginning on or after January 1, 2024, with early application permitted. |
3 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Years | ||||
Customer relationships | 10 years |
Years | ||
Leasehold improvements | Shorter of the useful lives or the lease terms (ranging from 2 to 6 years) | |
Furniture and fittings | 5 | |
Office equipment and software | 3 to 5 |
1. | Identification of the contract or contracts with a customer; |
2. | Identification of the performance obligations in the contract; |
3. | Determination of the transaction price; |
4. | Allocation of the transaction price to the performance obligations in the contract; and |
5. | Recognition of revenue when, or as, the performance obligation is satisfied. |
4 | CRITICAL ACCOUNTING |
(i) |
(ii) | Accrued revenue |
Share-based payments |
(i v ) | Business Combination |
(v) | Unrecognized Deferred Tax Liabilities Related to Investments in Foreign Subsidiaries |
5 | FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT |
(a) | Categories of financial instruments |
December 31, 2022 | December 31, 2021 | |||||||
S$’000 | S$’000 | |||||||
Financial assets | ||||||||
Financial assets at amortized cost | 500,384 | 426,620 | ||||||
Financial assets measured at fair value through profit or loss | 29,776 | 23,983 | ||||||
530,160 | 450,603 | |||||||
Financial liabilities | ||||||||
Financial liabilities at amortized cost | 47,040 | 53,447 | ||||||
Lease liabilities | 38,462 | 35,911 | ||||||
85,502 | 89,358 | |||||||
December 31, 2021 | December 31, 2020 | |||||||
S$’000 | S$’000 | |||||||
Financial assets | ||||||||
Financial assets at amortized cost | 426,620 | 119,739 | ||||||
Financial assets measured at fair value through profit or loss | 23,983 | — | ||||||
450,603 | 119,739 | |||||||
Financial liabilities | ||||||||
Financial liabilities at amortized cost | 53,447 | 76,345 | ||||||
Lease liabilities | 35,911 | 32,487 | ||||||
(b) | Financial risk management policies and objectives |
(i) | Credit risk management |
Category | Description | Basis for recognising ECL | ||
Performing | The counterparty has a low risk of default and does not have any past-due amounts. | 12-month ECL | ||
Doubtful | Amount is more than 90 days past due or there has been a significant increase in credit risk since initial recognition. | Lifetime not credit-impaired | ||
In default | Amount is more than 120 days past due or there is evidence indicating the asset is credit-impaired. | Lifetime ECL—credit-impaired | ||
Write-off | There is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery. | Amount is written off |
Note | Internal credit rating | 12-month or lifetimeECL | Gross carrying amount | Loss allowance | Net carrying amount | |||||||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||||||||||
2022 | ||||||||||||||||||||
Trade receivables | 9 | (a) | Lifetime ECL (Simplified approach) | 88,912 | (104 | ) | 88,808 | |||||||||||||
Contract assets | 10 | (a) | Lifetime ECL (Simplified approach) | 58,808 | — | 58,808 | ||||||||||||||
Other receivables | 11 | Performing | 12-month ECL | 15,341 | — | 15,341 | ||||||||||||||
(104 | ) | |||||||||||||||||||
2021 | ||||||||||||||||||||
Trade receivables | 9 | (a) | Lifetime ECL (Simplified approach) | 92,561 | — | 92,561 | ||||||||||||||
Contract assets | 10 | (a) | Lifetime ECL (Simplified approach) | 49,365 | — | 49,365 | ||||||||||||||
Other receivables | 11 | Performing | 12-month ECL | 11,596 | — | 11,596 | ||||||||||||||
— | ||||||||||||||||||||
Note | Internal credit rating | 12-month or lifetimeECL | Gross carrying amount | Loss allowance | Net carrying amount | |||||||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||||||||||
2021 | ||||||||||||||||||||
Trade receivables | 9 | (a) | Lifetime ECL (Simplified approach) | 92,561 | — | 92,561 | ||||||||||||||
Contract assets | 1 0 | (a) | Lifetime ECL (Simplified approach) | 49,365 | — | 49,365 | ||||||||||||||
Other receivables | 1 1 | Performing | 12-month ECL | 11,596 | — | 11,596 | ||||||||||||||
— | ||||||||||||||||||||
2020 | ||||||||||||||||||||
Trade receivables | 9 | (a) | Lifetime ECL (Simplified approach) | 36,919 | — | 36,919 | ||||||||||||||
Contract assets | 1 0 | (a) | Lifetime ECL (Simplified approach) | 46,842 | — | 46,842 | ||||||||||||||
Other receivables | 1 1 | Performing | 12-month ECL | 12,909 | — | 12,909 | ||||||||||||||
— | ||||||||||||||||||||
(a) | The Group determines the expected credit losses on these items by using an allowance matrix, estimated based on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. Accordingly, the credit risk profile of these assets is presented based on their past due status. |
(ii) | Interest rate risk management |
(iii) | Foreign currency risk management |
Assets | Liabilities | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||
United States Dollar | 145,714 | 122,833 | 59,890 | 46,566 | ||||||||||||
Assets | Liabilities | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||
United States Dollar | 122,833 | 75,104 | 46,566 | 18,785 | ||||||||||||
(iv) | Liquidity risk management |
Weighted average interest rate | On demand or within 1 year | Within 2 to 3 years | Within 3 to 5 years | 5 years onwards | Total contractual undiscounted cash flows | Adjustment | Carrying amount | |||||||||||||||||||||||
% | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||
Non-interest bearing | — | 36,637 | 0 | 0 | 0 | 36,637 | 0 | 36,637 | ||||||||||||||||||||||
Variable interest rate instruments | 1.7% to 3.3% | 12,091 | 0 | 0 | 0 | 12,091 | 0 | 12,091 | ||||||||||||||||||||||
Fixed interest rate Instruments | 2.5% to 4.85% | 1,837 | 2,317 | 747 | 0 | 4,901 | (182 | ) | 4,719 | |||||||||||||||||||||
Lease liabilities (fixed rate) | 1.6% to 8.8% | 15,884 | 19,210 | 3,104 | 0 | 38,198 | (2,287 | ) | 35,911 | |||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||
Non-interest bearing | — | 36,039 | 0 | 0 | 0 | 36,039 | 0 | 36,039 | ||||||||||||||||||||||
Variable interest rate instruments | 1.6% to 4.7% | 23,736 | 7,463 | 5,051 | 0 | 36,250 | (955 | ) | 35,295 | |||||||||||||||||||||
Fixed interest rate Instruments | 2.5% | 1,043 | 1,200 | 3,065 | 0 | 5,308 | (297 | ) | 5,011 | |||||||||||||||||||||
Lease liabilities (fixed rate) | 1.6% to 8.8% | 15,968 | 14,860 | 4,278 | 69 | 35,175 | (2,688 | ) | 32,487 | |||||||||||||||||||||
Weighted average interest rate | On demand or within 1 year | Within 2 to 3 years | Within 3 to 5 years | 5 years onwards | Total contractual undiscounted cash flows | Adjustment | Carrying amount | |||||||||||||||||||||||
% | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||
Non-interest bearing | — | 47,040 | — | — | — | 47,040 | — | 47,040 | ||||||||||||||||||||||
Lease liabilities (fixed rate) | 1.48% to 9.75% | 19,869 | 19,706 | 3,667 | — | 43,242 | (4,780 | ) | 38,462 | |||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||
Non-interest bearing | — | 36,637 | — | — | — | 36,637 | — | 36,637 | ||||||||||||||||||||||
Variable interest rate instruments | 1.7% to 3.3% | 12,091 | — | — | — | 12,091 | — | 12,091 | ||||||||||||||||||||||
Fixed interest rate Instruments | 2.5% to 4.85% | 1,837 | 2,317 | 747 | — | 4,901 | (182 | ) | 4,719 | |||||||||||||||||||||
Lease liabilities (fixed rate) | 1.6% to 8.8% | 15,884 | 19,210 | 3,104 | — | 38,198 | (2,287 | ) | 35,911 | |||||||||||||||||||||
(v) | Fair value of financial assets and financial liabilities |
(c) | Capital risk management policies and objectives |
6 | REMUNERATION OF KEY MANAGEMENT PERSONNEL |
2021 | 2020 | 2019 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Short-term employee benefits | 11,575 | 7,606 | 6,318 | |||||||||
Post-employment benefits | 352 | 287 | 150 | |||||||||
Equity-settled share-based payment expenses | 5,059 | 0 | 0 | |||||||||
Directors’ fees | 42 | 0 | 0 | |||||||||
17,028 | 7,893 | 6,468 | ||||||||||
2022 | 2021 | 2020 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Short-term employee benefits | 11,677 | 11,575 | 7,606 | |||||||||
Post-employment benefits | 440 | 352 | 287 | |||||||||
Equity-settled share-based payment expenses | 18,848 | 5,059 | — | |||||||||
Directors’ fees | 171 | 42 | — | |||||||||
31,136 | 17,028 | 7,893 | ||||||||||
7 | CASH AND CASH EQUIVALENTS |
December 31, 2022 | December 31, 2021 | |||||||
S$’000 | S$’000 | |||||||
Cash on hand | 18 | 18 | ||||||
Cash at bank | 113,847 | 290,597 | ||||||
Fixed deposits | 275,235 | 22,532 | ||||||
389,100 | 313,147 | |||||||
December 31, 2021 | December 31, 2020 | |||||||
S$’000 | S$’000 | |||||||
Cash on hand | 18 | 15 | ||||||
Cash at bank | 290,597 | 48,104 | ||||||
Fixed deposits | 22,532 | 11,688 | ||||||
313,147 | 59,807 | |||||||
8 | FIXED AND PLEDGED DEPOSITS |
December 31, 2021 | December 31, 2020 | |||||||
S$’000 | S$’000 | |||||||
Fixed deposits | 6,960 | 7,727 | ||||||
Pledged deposits | 2,356 | 2,377 | ||||||
9,316 | 10,104 | |||||||
Analysed as: | ||||||||
Current | 8,860 | 7,727 | ||||||
Non-current | 456 | 2,377 | ||||||
9,316 | 10,104 |
December 31, 2022 | December 31, 2021 | |||||||
S$’000 | S$’000 | |||||||
Fixed deposits | 6,551 | 6,960 | ||||||
Pledged deposits | 584 | 2,356 | ||||||
7,135 | 9,316 | |||||||
Analysed as: | ||||||||
Current | 6,551 | 8,860 | ||||||
Non-current | 584 | 456 | ||||||
7,135 | 9,316 | |||||||
9 | TRADE RECEIVABLES |
December 31, 2021 | December 31, 2020 | |||||||
S$’000 | S$’000 | |||||||
Outside parties | 92,561 | 36,919 | ||||||
December 31, 2022 | December 31, 2021 | |||||||
S$’000 | S$’000 | |||||||
Outside parties | 88,808 | 92,561 | ||||||
Trade receivables – days past due | ||||||||||||||||||||||||
Current | 1 – 30 days | 31 – 60 days | 61 – 90 days | > 90 days | Total | |||||||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||
Estimated total gross carrying amount at default: | ||||||||||||||||||||||||
Outside parties | 55,716 | 32,007 | 811 | 370 | 8 | 88,912 | ||||||||||||||||||
Expected credit loss | — | — | — | (96 | ) | (8 | ) | (104 | ) | |||||||||||||||
55,716 | 32,007 | 811 | 274 | — | 88,808 | |||||||||||||||||||
Trade receivables – days past due | ||||||||||||||||||||||||
Current | 1 – 30 days | 31 – 60 days | 61 – 90 days | > 90 days | Total | |||||||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||
Estimated total gross carrying amount at default: | ||||||||||||||||||||||||
Outside parties | 78,735 | 10,556 | 3,259 | 10 | 1 | 92,561 | ||||||||||||||||||
Expected credit loss | — | — | — | — | — | — | ||||||||||||||||||
78,735 | 10,556 | 3,259 | 10 | 1 | 92,561 | |||||||||||||||||||
Trade receivables – days past due | ||||||||||||||||||||||||
Current | 1 – 30 days | 31 – 60 days | 61 – 90 days | > 90 days | Total | |||||||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||
Estimated total gross carrying amount at default: | ||||||||||||||||||||||||
Outside parties | 78,735 | 10,556 | 3,259 | 10 | 1 | 92,561 | ||||||||||||||||||
Expected credit loss | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
78,735 | 10,556 | 3,259 | 10 | 1 | 92,561 | |||||||||||||||||||
Trade receivables – days past due | ||||||||||||||||||||||||
Current | 1 – 30 days | 31 – 60 days | 61 – 90 days | > 90 days | Total | |||||||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||
Estimated total gross carrying amount at default: | ||||||||||||||||||||||||
Outside parties | 27,552 | 7,710 | 1,496 | 121 | 40 | 36,919 | ||||||||||||||||||
Expected credit loss | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
27,552 | 7,710 | 1,496 | 121 | 40 | 36,919 | |||||||||||||||||||
10 | CONTRACT ASSETS |
December 31, 2021 | December 31, 2020 | |||||||
S$’000 | S$’000 | |||||||
Unbilled receivables | 49,365 | 46,842 | ||||||
December 31, 2022 | December 31, 2021 | January 1, 2021 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Unbilled receivables | 58,808 | 49,365 | 46,842 | |||||||||
11 | OTHER RECEIVABLES |
December 31, 2022 | December 31, 2021 | |||||||
S$’000 | S$’000 | |||||||
Prepayments | 5,563 | 6,395 | ||||||
Deposits | 9,186 | 7,476 | ||||||
Others | 6,155 | 4,120 | ||||||
20,904 | 17,991 | |||||||
Analysed as: | ||||||||
Current | 15,885 | 13,220 | ||||||
Non-current | 5,019 | 4,771 | ||||||
20,904 | 17,991 | |||||||
December 31, 2021 | December 31, 2020 | |||||||
S$’000 | S$’000 | |||||||
Prepayments | 6,395 | 4,500 | ||||||
Deposits | 7,476 | 9,115 | ||||||
Grant receivable | — | 722 | ||||||
Others | 4,120 | 3,794 | ||||||
17,991 | 18,131 | |||||||
Analysed as: | ||||||||
Current | 13,220 | 12,257 | ||||||
Non-current | 4,771 | 5,874 | ||||||
17,991 | 18,131 | |||||||
12 | FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS |
December 31, 2022 | December 31, 2021 | |||||||
S$’000 | S$’000 | |||||||
Financial assets measured at fair value through profit or loss | 29,776 | 23,983 | ||||||
December 31, 2021 | December 31, 2020 | |||||||
S$’000 | S$’000 | |||||||
Financial assets measured at fair value through profit or loss | 23,983 | 0 |
13 | PLANT AND EQUIPMENT |
Leasehold improvements | Furniture and fittings | Office equipment and software | Equipment-in- progress | Total | ||||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | ||||||||||||||||
Cost: | ||||||||||||||||||||
At January 1, 2021 | 38,713 | 8,798 | 38,186 | 6,112 | 91,809 | |||||||||||||||
Additions | 5,574 | 1,534 | 5,189 | 11,026 | 23,323 | |||||||||||||||
Reclassification | 7,668 | 955 | 7,979 | (16,602 | ) | — | ||||||||||||||
Disposals | (1,941 | ) | (650 | ) | (1,589 | ) | (1 | ) | (4,181 | ) | ||||||||||
Written off | (1,558 | ) | (564 | ) | (2,833 | ) | — | (4,955 | ) | |||||||||||
Currency alignment | (1,563 | ) | (370 | ) | (1,456 | ) | (60 | ) | (3,449 | ) | ||||||||||
At December 31, 2021 | 46,893 | 9,703 | 45,476 | 475 | 102,547 | |||||||||||||||
Additions | 8,060 | 2,649 | 13,232 | 1,304 | 25,245 | |||||||||||||||
Acquired on acquisition of a subsidiary | 263 | 165 | 293 | — | 721 | |||||||||||||||
Reclassification | — | 106 | 82 | (188 | ) | — | ||||||||||||||
Disposals | (260 | ) | (22 | ) | (751 | ) | — | (1,033 | ) | |||||||||||
Written off | (133 | ) | (2 | ) | (1,271 | ) | — | (1,406 | ) | |||||||||||
Currency alignment | (3,393 | ) | (704 | ) | (3,465 | ) | (91 | ) | (7,653 | ) | ||||||||||
At December 31, 2022 | 51,430 | 11,895 | 53,596 | 1,500 | 118,421 | |||||||||||||||
Accumulated depreciation: | ||||||||||||||||||||
At January 1, 2021 | 23,841 | 4,005 | 23,382 | — | 51,228 | |||||||||||||||
Depreciation for the year | 10,918 | 1,858 | 9,309 | — | 22,085 | |||||||||||||||
Disposals | (1,832 | ) | (602 | ) | (1,468 | ) | — | (3,902 | ) | |||||||||||
Written off | (1,424 | ) | (561 | ) | (2,817 | ) | — | (4,802 | ) | |||||||||||
Currency alignment | (834 | ) | (162 | ) | (775 | ) | — | (1,771 | ) | |||||||||||
At December 31, 2021 | 30,669 | 4,538 | 27,631 | — | 62,838 | |||||||||||||||
Depreciation for the year | 8,879 | 2,115 | 9,982 | — | 20,976 | |||||||||||||||
Disposals | (225 | ) | (18 | ) | (653 | ) | — | (896 | ) | |||||||||||
Written off | (116 | ) | (2 | ) | (1,271 | ) | — | (1,389 | ) | |||||||||||
Currency alignment | (2,048 | ) | (336 | ) | (2,016 | ) | — | (4,400 | ) | |||||||||||
At December 31, 2022 | 37,159 | 6,297 | 33,673 | — | 77,129 | |||||||||||||||
Carrying amount: | ||||||||||||||||||||
At December 31, 2021 | 16,224 | 5,165 | 17,845 | 475 | 39,709 | |||||||||||||||
At December 31, 2022 | 14,271 | 5,598 | 19,923 | 1,500 | 41,292 | |||||||||||||||
14 | RIGHT-OF-USE |
Office space | ||||
S$’000 | ||||
Cost: | ||||
At January 1, 2021 | 53,286 | |||
Additions | 6,863 | |||
Expired and early termination | (1,902 | ) | ||
Lease modification | 16,128 | |||
Currency alignment | (2,365 | ) | ||
At December 31, 2021 | 72,010 | |||
Additions | 15,973 | |||
Acquired on acquisition of a subsidiary | 165 | |||
Expired | (2,373 | ) | ||
Lease modification | 6,914 | |||
Currency alignment | (5,016 | ) | ||
At December 31, 2022 | 87,673 | |||
Accumulated depreciation: | ||||
At January 1, 2021 | 24,065 | |||
Depreciation for the year | 17,768 | |||
Expired and early termination | (1,902 | ) | ||
Currency alignment | (1,081 | ) | ||
At December 31, 2021 | 38,850 | |||
Depreciation for the year | 18,755 | |||
Expired | (2,373 | ) | ||
Currency alignment | (2,795 | ) | ||
At December 31, 2022 | 52,437 | |||
Carrying amount: | ||||
At December 31, 2021 | 33,160 | |||
At December 31, 2022 | 35,236 | |||
2022 | 2021 | 2020 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Depreciation expense on right-of-use | 18,755 | 17,768 | 14,018 | |||||||||
Interest expense on lease liabilities (Note 2 5 ) | 1,554 | 1,529 | 1,559 | |||||||||
Expenses relating to lease of low value assets | 4,243 | 3,562 | 2,027 | |||||||||
15 | GOODWILL AND INTANGIBLE ASSETS |
Goodwill | Customer relationship s | Total | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Cost: | ||||||||||||
At 1 January 2022 | — | — | — | |||||||||
Recognition on acquisition of subsidiary | 1,057 | 1,867 | 2,924 | |||||||||
At 31 December 2022 | 1,057 | 1,867 | 2,924 | |||||||||
Carrying amount: | ||||||||||||
At 1 January 2022 | — | — | — | |||||||||
At 31 December 2022 | 1,057 | 1,867 | 2,924 | |||||||||
- | Forecast sales growth rates |
- | Operating profits |
16 | OTHER PAYABLES |
December 31, 2022 | December 31, 2021 | |||||||
S$’000 | S$’000 | |||||||
Outside parties | 47,040 | 36,547 | ||||||
Deferred grant income | 2,375 | 2,459 | ||||||
Others | 308 | 90 | ||||||
49,723 | 39,096 | |||||||
Leasehold improvements | Furniture and fittings | Office equipment and software | Equipment-in- progress | Total | ||||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | ||||||||||||||||
Cost: | ||||||||||||||||||||
At January 1, 2020 | 32,613 | 7,860 | 29,698 | 2,834 | 73,005 | |||||||||||||||
Additions | 3,228 | 659 | 3,643 | 10,701 | 18,231 | |||||||||||||||
Reclassification | 2,423 | 184 | 4,839 | (7,446 | ) | — | ||||||||||||||
Disposals | — | — | (28 | ) | — | (28 | ) | |||||||||||||
Written off | — | — | (279 | ) | — | (279 | ) | |||||||||||||
Currency alignment | 449 | 95 | 313 | 23 | 880 | |||||||||||||||
At December 31, 2020 | 38,713 | 8,798 | 38,186 | 6,112 | 91,809 | |||||||||||||||
Additions | 5,574 | 1,534 | 5,189 | 11,026 | 23,323 | |||||||||||||||
Reclassification | 7,668 | 955 | 7,979 | (16,602 | ) | 0 | ||||||||||||||
Disposals | (1,941 | ) | (650 | ) | (1,589 | ) | (1 | ) | (4,181 | ) | ||||||||||
Written off | (1,558 | ) | (564 | ) | (2,833 | ) | — | (4,955 | ) | |||||||||||
Currency alignment | (1,563 | ) | (370 | ) | (1,456 | ) | (60 | ) | (3,449 | ) | ||||||||||
At December 31, 2021 | 46,893 | 9,703 | 45,476 | 475 | 102,547 | |||||||||||||||
Accumulated depreciation: | ||||||||||||||||||||
At January 1, 2020 | 13,351 | 2,465 | 16,459 | — | 32,275 | |||||||||||||||
Depreciation for the year | 10,372 | 1,530 | 7,145 | — | 19,047 | |||||||||||||||
Disposals | — | — | (28 | ) | — | (28 | ) | |||||||||||||
Written off | — | — | (274 | ) | — | (274 | ) | |||||||||||||
Currency alignment | 118 | 10 | 80 | — | 208 | |||||||||||||||
At December 31, 2020 | 23,841 | 4,005 | 23,382 | — | 51,228 | |||||||||||||||
Depreciation for the year | 10,918 | 1,858 | 9,309 | — | 22,085 | |||||||||||||||
Disposals | (1,832 | ) | (602 | ) | (1,468 | ) | — | (3,902 | ) | |||||||||||
Written off | (1,424 | ) | (561 | ) | (2,817 | ) | — | (4,802 | ) | |||||||||||
Currency alignment | (834 | ) | (162 | ) | (775 | ) | — | (1,771 | ) | |||||||||||
At December 31, 2021 | 30,669 | 4,538 | 27,631 | — | 62,838 | |||||||||||||||
Carrying amount: | ||||||||||||||||||||
At December 31, 2020 | 14,872 | 4,793 | 14,804 | 6,112 | 40,581 | |||||||||||||||
At December 31, 2021 | 16,224 | 5,165 | 17,845 | 475 | 39,709 | |||||||||||||||
2021 | 2020 | 2019 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Depreciation expense on right-of-use | 17,768 | 14,018 | 10,842 | |||||||||
Interest expense on lease liabilities (Note 24) | 1,529 | 1,559 | 1,383 | |||||||||
Expenses relating to lease of low value assets | 3,562 | 2,027 | 1,344 | |||||||||
December 31, 2021 | December 31, 2020 | |||||||
S$’000 | S$’000 | |||||||
Outside parties | 36,547 | 35,875 | ||||||
Deferred grant income | 2,459 | 1,161 | ||||||
Others | 90 | 164 | ||||||
39,096 | 37,200 | |||||||
BANK LOANS |
December 31, 2021 | December 31, 2020 | |||||||
S$’000 | S$’000 | |||||||
Secured - at amortized cost: | ||||||||
Bank loans | 16,810 | 40,306 | ||||||
Analysed between: | ||||||||
Current portion | ||||||||
Within 1 year | 13,847 | 24,170 | ||||||
Non-current portion | ||||||||
Within 2 to 5 years | 2,963 | 16,136 | ||||||
16,810 | 40,306 | |||||||
Interest payable (included in bank loans) | 24 | 308 | ||||||
December 31, 2022 | December 31, 2021 | |||||||
S$’000 | S$’000 | |||||||
Secured - at amortized cost: | ||||||||
Bank loans | — | 16,810 | ||||||
Analysed between: | ||||||||
Current portion | ||||||||
Within 1 year | — | 13,847 | ||||||
Non-current portion | ||||||||
Within 2 to 5 years | — | 2,963 | ||||||
— | 16,810 | |||||||
Interest payable (included in bank loans) | — | 24 | ||||||
(i) | Facility I: |
(ii) | Facility II: |
(a) |
(b) |
Charge over a subsidiary’s pledged bank deposits; and |
Corporate guarantee from the Company. |
(a) | TDCX SG’s tangible net worth of not less than S$25 million; |
(b) | A ratio of TDCX SG’s total indebtedness to tangible net worth of not more than 2.0 times; |
(c) | A ratio of the Group’s consolidated total net debt to EBITDA of not more than times; |
(d) | The Group’s consolidated debt service coverage ratio of not less than 2 times; |
(e) | TDCXH’s consolidated tangible net worth of not less than S$42 million; and |
(f) | TDCXH’s consolidated debt service coverage ratio of not less than 3 times. |
(iii) | Facility III: |
(iv) | Facility IV: |
Bank loans | Lease liabilities (Note 1 8 ) | |||||||
S$’000 | S$’000 | |||||||
At January 1, 2021 | 40,306 | 32,487 | ||||||
Financing cash flow | (31,114 | ) | (19,632 | ) | ||||
Bank loan transaction cost | 416 | — | ||||||
Non-cash changes: | ||||||||
- Accrued interest | 6,666 | 1,529 | ||||||
- Additions to lease liabilities | — | 6,863 | ||||||
- Lease modification | — | 16,099 | ||||||
- Currency alignment | 536 | (1,435 | ) | |||||
At December 31, 2021 | 16,810 | 35,911 | ||||||
Financing cash flow | (17,057 | ) | (19,729 | ) | ||||
Bank loan transaction cost | 50 | — | ||||||
Non-cash changes: | ||||||||
- Accrued interest | 170 | 1,554 | ||||||
- Additions to lease liabilities | — | 16,116 | ||||||
- Lease modification | — | 6,914 | ||||||
- Acquired on acquisition of a subsidiary | — | 176 | ||||||
- Currency alignment | 27 | (2,480 | ) | |||||
At December 31, 2022 | — | 38,462 | ||||||
Bank loans | Lease liabilities (Note 17) | |||||||
S$’000 | S$’000 | |||||||
At January 1, 2020 | 34,421 | 25,461 | ||||||
Financing cash flow | 4,496 | (14,225 | ) | |||||
Bank loan transaction cost | 54 | 0 | ||||||
Non-cash changes: | ||||||||
- Accrued interest | 1,335 | 1,559 | ||||||
- Additions to lease liabilities | 0 | 22,837 | ||||||
- Early termination of lease | 0 | (2,870 | ) | |||||
- Rent concession | 0 | (521 | ) | |||||
- Currency alignment | 0 | 246 | ||||||
At December 31, 2020 | 40,306 | 32,487 | ||||||
Financing cash flow | (31,114 | ) | (19,632 | ) | ||||
Bank loan transaction cost | 416 | 0 | ||||||
Non-cash changes: | ||||||||
- Accrued interest | 6,666 | 1,529 | ||||||
- Additions to lease liabilities | 0 | 6,863 | ||||||
- Lease modification | — | 16,099 | ||||||
- Currency alignment | 536 | (1,435 | ) | |||||
At December 31, 2021 | 16,810 | 35,911 | ||||||
1 | LEASE LIABILITIES |
December 31, 2021 | December 31, 2020 | December 31, 2022 | December 31, 2021 | |||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||
Minimum lease payments | ||||||||||||||||
Amounts due for settlement within 12 months (shown under current liabilities) | 14,550 | 14,664 | 17,818 | 14,550 | ||||||||||||
Amounts due for settlement after 12 months and not later than 5 years | 21,361 | 17,823 | 20,644 | 21,361 | ||||||||||||
35,911 | 32,487 | 38,462 | 35,911 | |||||||||||||
1 | PROVISION FOR REINSTATEMENT COST |
December 31, 2021 | December 31, 2020 | December 31, 2022 | December 31, 2021 | |||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||
At beginning of year | 6,069 | 4,955 | 8,047 | 6,069 | ||||||||||||
Additions | 2,673 | 899 | 802 | 2,673 | ||||||||||||
Acquired on acquisition of a subsidiary | 111 | — | ||||||||||||||
Accretion, recognized in finance cost | 158 | 140 | 136 | 158 | ||||||||||||
Payment for reinstatement | (428 | ) | 0 | — | (428 | ) | ||||||||||
Currency alignment | (425 | ) | 75 | (242 | ) | (425 | ) | |||||||||
At end of year | 8,047 | 6,069 | 8,854 | 8,047 | ||||||||||||
Analyzed as: | ||||||||||||||||
Current | 3,663 | 452 | 5,282 | 3,663 | ||||||||||||
Non-current | 4,384 | 5,617 | 3,572 | 4,384 | ||||||||||||
8,047 | 6,069 | 8,854 | 8,047 | |||||||||||||
DEFINED BENEFIT OBLIGATION |
2 | DEFERRED TAX ASSETS/LIABILITIES |
December 31, 2022 | December 31, 2021 | |||||||
S$’000 | S$’000 | |||||||
Deferred tax assets | 3,463 | 1,943 | ||||||
Deferred tax liabilities | (852 | ) | (1,507 | ) | ||||
2,611 | 436 | |||||||
December 31, 2021 | December 31, 2020 | |||||||
S$’000 | S$’000 | |||||||
Deferred tax assets | 1,943 | 1,580 | ||||||
Deferred tax liabilities | (1,507 | ) | (129 | ) | ||||
436 | 1,451 | |||||||
Deferred tax asset (net) | Provisions | Accelerated tax depreciation | Undistributed earnings | Others | Total | |||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | ||||||||||||||||
At January 1, 2020 | 602 | (25 | ) | 0 | 384 | 961 | ||||||||||||||
Credit (charge) to profit or loss (Note 26) | 538 | 70 | 0 | (51 | ) | 557 | ||||||||||||||
Overprovision in prior years (Note 26) | (67 | ) | 0 | 0 | 0 | (67 | ) | |||||||||||||
Currency alignment | 5 | (11 | ) | 0 | 6 | 0 | ||||||||||||||
At December 31, 2020 | 1,078 | 34 | 0 | 339 | 1,451 | |||||||||||||||
Credit (charge) to profit or loss (Note 26) | 46 | (158 | ) | (1,402 | ) | 0 | (1,514 | ) | ||||||||||||
Under (Over) provision in prior years (Note 26) | 707 | (109 | ) | 0 | 0 | 598 | ||||||||||||||
Currency alignment | (81 | ) | (40 | ) | 0 | 22 | (99 | ) | ||||||||||||
At December 31, 2021 | 1,750 | (273 | ) | (1,402 | ) | 361 | 436 | |||||||||||||
Deferred tax asset (net) | Provisions | T axdepreciation | Undistributed earnings | Others | Total | |||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | ||||||||||||||||
At January 1, 2021 | 1,078 | 34 | — | 339 | 1,451 | |||||||||||||||
Credit (charge) to profit or loss (Note 27) | 46 | (158 | ) | (1,402 | ) | — | (1,514 | ) | ||||||||||||
Over U( nder ) | 707 | (109 | ) | — | — | 598 | ||||||||||||||
Currency alignment | (81 | ) | (40 | ) | — | 22 | (99 | ) | ||||||||||||
At December 31, 2021 | 1,750 | (273 | ) | (1,402 | ) | 361 | 436 | |||||||||||||
(Charge) credit to profit or loss (Note 27) | (116 | ) | 475 | 874 | 411 | 1,644 | ||||||||||||||
Over (Under) provision in prior years (Note 27) | 1,070 | (36 | ) | — | — | 1,034 | ||||||||||||||
Acquired on acquisition of a subsidiary (Note 34) | — | — | — | (317 | ) | (317 | ) | |||||||||||||
Currency alignment | (235 | ) | 4 | — | 45 | (186 | ) | |||||||||||||
At December 31, 2022 | 2,469 | 170 | (528 | ) | 500 | 2,611 | ||||||||||||||
SHARE CAPITAL |
December 31, 2021 | December 31, 2020 | |||||||||||||||
Class A | Class B | Undesignated | Undesignated | |||||||||||||
Number of shares issued and fully paid-up: | ||||||||||||||||
At beginning of the year | 0 | 0 | 123,500,000 | 123,500,000 | ||||||||||||
Re-designation | 0 | 123,500,000 | (123,500,000 | ) | 0 | |||||||||||
Issuance of shares | 22,262,800 | 0 | 0 | 0 | ||||||||||||
At end of the year | 22,262,800 | 123,500,000 | 0 | 123,500,000 | ||||||||||||
Number of shares authorized | 50,000,000 | 200,000,000 | 250,000,000 | 500,000,000 | ||||||||||||
Class A | Class B | Undesignated | Total | |||||||||||||
Number of shares issued and fully paid: | ||||||||||||||||
At January 1, 2021 | — | — | 123,500,000 | 123,500,000 | ||||||||||||
Re-designation | — | 123,500,000 | (123,500,000 | ) | — | |||||||||||
Issuance of shares | 22,262,800 | — | — | 22,262,800 | ||||||||||||
At December 31, 2021 | 22,262,800 | 123,500,000 | — | 145,762,800 | ||||||||||||
Issuance of shares | 624,474 | — | — | 624,474 | ||||||||||||
At December 31, 2022 | 22,887,274 | 123,500,000 | — | 146,387,274 | ||||||||||||
Number of shares authorized: | ||||||||||||||||
At December 31, 2021 | 50,000,000 | 200,000,000 | 250,000,000 | 500,000,000 | ||||||||||||
At December 31, 2022 | 50,000,000 | 200,000,000 | 250,000,000 | 500,000,000 | ||||||||||||
December 31, 2021 | December 31, 2020 | |||||||||||||||
Class A | Class B | Undesignated | Undesignated | |||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||
Amount of outstanding shares issued and fully-paid | 3 | 16 | 0 | 0 | * | |||||||||||
Class A | Class B | Undesignated | Total | |||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||
Amount of outstanding shares issued: | ||||||||||||||||
At December 31, 2021 | 3 | 16 | — | 19 | ||||||||||||
At December 31, 2022 | 3 | 16 | — | 19 | ||||||||||||
F-44 TDCX INC. AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
(i) | A share split pursuant to which the one ordinary share was sub-divided into 10,000 ordinary shares; and |
(ii) | An issuance of additional 123,490,000 ordinary shares for a nominal consideration of S$19,466 Such issuance was accounted for as a share split. |
(i) | 50,000,000 Class A ordinary shares of a par value of US$0.0001 each; |
(ii) | 200,000,000 Class B ordinary shares of a par value of US$0.0001 each; and |
(iii) | 250,000,000 undesignated shares of a par value of US$0.0001 each. |
SHARE-BASED PAYMENTS |
(i) | Adjusted EBITDA |
(ii) | Group employee satisfaction score |
(iii) | Group customer satisfaction score |
(iv) | Total shareholder return |
2022 | 2021 | |||||||
Number of share awards | ||||||||
Outstanding at the beginning of the year | 1,508,855 | — | ||||||
Granted during the year | 4,106 | 1,508,855 | ||||||
Vested during the year | (134,474 | ) | — | |||||
Forfeited during the year | (116,906 | ) | — | |||||
Outstanding at the end of the year | 1,261,581 | 1,508,855 | ||||||
2022 | 2021 | |||||||
Expected volatility | 34.8% | 29.0% | ||||||
Expected term | 0.54 to 2.54 years | 0.45 to 3.45 years | ||||||
Risk free rate | 4.0% - 4.3% | 0.1% - 0.9% | ||||||
Expected dividend yield | Nil | Nil | ||||||
REVENUE |
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||
Over time | ||||||||||||||||||||||||
Omnichannel CX solutions | 346,582 | 283,427 | 217,349 | 384,184 | 334,047 | 273,174 | ||||||||||||||||||
Sales and digital marketing | 114,718 | 66,235 | 46,839 | 166,506 | 114,718 | 66,235 | ||||||||||||||||||
Content monitoring and moderation | 85,890 | 80,170 | 61,526 | |||||||||||||||||||||
Content, trust and safety | 109,496 | 103,538 | 92,452 | |||||||||||||||||||||
Other business process services | 7,500 | 4,409 | 4,007 | 2,474 | 2,387 | 2,380 | ||||||||||||||||||
554,690 | 434,241 | 329,721 | 662,660 | 554,690 | 434,241 | |||||||||||||||||||
At a point in time | ||||||||||||||||||||||||
Other services | 508 | 482 | 544 | 1,460 | 508 | 482 | ||||||||||||||||||
555,198 | 434,723 | 330,265 | 664,120 | 555,198 | 434,723 | |||||||||||||||||||
5 | PROFIT FOR THE YEAR |
2021 | 2020 | 2019 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Defined contribution plan | 11,741 | 8,828 | 6,759 | |||||||||
Wages, salaries, bonus and other benefits | 327,942 | 246,724 | 180,707 | |||||||||
Gain on disposal of a subsidiary | 0 | 731 | 0 | |||||||||
Share of profit from an associate | 101 | 196 | 0 | |||||||||
Finance costs: | ||||||||||||
Interest on bank loans | 6,666 | 1,344 | 1,410 | |||||||||
Interest expense on lease liabilities | 1,529 | 1,559 | 1,383 | |||||||||
Accretion on provision for reinstatement cost | 160 | 141 | 100 | |||||||||
Others | 59 | 14 | 0 | |||||||||
Professional fees | 3,737 | 6,135 | 1,661 | |||||||||
Equity-settled share-based payment expense | 5,204 | 0 | 0 | |||||||||
Cash-settled share-based payment expense | 199 | 0 | 0 | |||||||||
Forfeiture of office lease deposit | 0 | 1,094 | 0 | |||||||||
Gain on early termination of right-of-use | 0 | (171 | ) | (21 | ) | |||||||
Utilities expense (included in other operating expenses) | 2,131 | 1,953 | 2,080 | |||||||||
Foreign exchange (gain) loss - net (included in other operating expenses) | (1,375 | ) | 1,753 | 2,118 |
2022 | 2021 | 2020 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Gain on disposal of a subsidiary | — | — | 731 | |||||||||
Share of profit from an associate | 139 | 101 | 196 | |||||||||
Included in employee benefits expense: | ||||||||||||
Wages, salaries, bonuses and other benefits | 399,995 | 322,539 | 249,157 | |||||||||
Defined contribution plan | 16,021 | 11,741 | 8,828 | |||||||||
Equity-settled share-based payment expense | 19,465 | 5,204 | — | |||||||||
Cash-settled share-based payment expense | 869 | 199 | — | |||||||||
Included in interest expense: | ||||||||||||
Interest on bank loans | 170 | 6,666 | 1,344 | |||||||||
Interest expense on lease liabilities | 1,554 | 1,529 | 1,559 | |||||||||
Accretion on provision for reinstatement cost | 136 | 158 | 141 | |||||||||
Others | 76 | 61 | 14 | |||||||||
Included in other operating expense: | ||||||||||||
Professional fees | 4,646 | 3,737 | 6,135 | |||||||||
Utilities expense | 2,599 | 2,131 | 1,953 | |||||||||
Foreign exchange (gain) loss — net | (1,716 | ) | (1,375 | ) | 1,753 | |||||||
Forfeiture of office lease deposit | — | — | 1,094 |
2 | OTHER OPERATING INCOME |
2022 | 2021 | 2020 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Government grant and credit scheme subsidies | 2,935 | 4,721 | 6,311 | |||||||||
Rent concessions | — | — | 521 | |||||||||
Interest income from an associate | — | — | 55 | |||||||||
Gain on early termination of right-of-use assets | — | 29 | 171 | |||||||||
Others | 1,801 | 1,565 | 456 | |||||||||
4,736 | 6,315 | 7,514 | ||||||||||
2021 | 2020 | 2019 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Government grant and credit scheme subsidies | 4,721 | 6,311 | 543 | |||||||||
Rent concessions | 0 | 521 | 0 | |||||||||
Interest income from an associate | 0 | 55 | 0 | |||||||||
Others | 1,594 | 627 | 174 | |||||||||
6,315 | 7,514 | 717 | ||||||||||
INCOME TAX EXPENSES |
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||
Income tax: | ||||||||||||||||||||||||
Current year | 24,862 | 19,488 | 7,986 | 37,275 | 24,862 | 19,488 | ||||||||||||||||||
(Over) Underprovision of prior years | (34 | ) | (69 | ) | 181 | |||||||||||||||||||
Under (Over) provision of prior years | 645 | (34 | ) | (69 | ) | |||||||||||||||||||
24,828 | 19,419 | 8,167 | 37,920 | 24,828 | 19,419 | |||||||||||||||||||
Deferred tax: | ||||||||||||||||||||||||
Current year (Note 2 0 ) | 1,514 | (557 | ) | (1,004 | ) | |||||||||||||||||||
(Over) Underprovision of prior years (Note 20) | (598 | ) | 67 | 30 | ||||||||||||||||||||
Current year (Note 21) | (1,644 | ) | 1,514 | (557 | ) | |||||||||||||||||||
(Over) Under | (1,034 | ) | (598 | ) | 67 | |||||||||||||||||||
916 | (490 | ) | (974 | ) | (2,678 | ) | 916 | (490 | ) | |||||||||||||||
Foreign withholding tax | 2,493 | 2,374 | 331 | 1,807 | 2,493 | 2,374 | ||||||||||||||||||
28,237 | 21,303 | 7,524 | 37,049 | 28,237 | 21,303 | |||||||||||||||||||
2021 | 2020 | 2019 | 2022 | 2021 | 2020 | |||||||||||||||||||
S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||
Profit before income tax | 132,079 | 107,397 | 81,060 | 141,987 | 132,079 | 107,397 | ||||||||||||||||||
Tax at the Singapore income tax rate | 22,453 | 18,258 | 13,780 | 24,138 | 22,453 | 18,258 | ||||||||||||||||||
Tax effect of expenses that are not deductible in determining taxable profit | 6,504 | 2,099 | 834 | 11,110 | 6,504 | 2,099 | ||||||||||||||||||
(Over) Under provision in prior years | (632 | ) | (2 | ) | 211 | |||||||||||||||||||
Overprovision in prior years | (389 | ) | (632 | ) | (2 | ) | ||||||||||||||||||
Tax exempt income (Note A) | (6,454 | ) | (2,274 | ) | (7,004 | ) | (7,298 | ) | (6,454 | ) | (2,274 | ) | ||||||||||||
Effect of different tax rates of subsidiaries operating in other jurisdictions | 15 | (45 | ) | (987 | ) | (710 | ) | 15 | (45 | ) | ||||||||||||||
Deferred tax asset not recognized | 2,440 | 1,263 | 1,100 | 2,001 | 2,440 | 1,263 | ||||||||||||||||||
Previously unrecognized and unused tax losses now recognized as deferred tax assets | 0 | 0 | (403 | ) | ||||||||||||||||||||
Utilization of tax losses previously not recognized as deferred tax asset | 0 | (364 | ) | (279 | ) | — | — | (364 | ) | |||||||||||||||
Deferred tax on foreseeable dividends | 1,399 | 0 | 0 | |||||||||||||||||||||
(Utilization) Recognition of deferred tax on foreseeable dividends | (910 | ) | 1,399 | — | ||||||||||||||||||||
Foreign withholding tax | 2,493 | 2,374 | 331 | 1,807 | 2,493 | 2,374 | ||||||||||||||||||
Others | 19 | (6 | ) | (59 | ) | |||||||||||||||||||
Others (Note B) | 7,300 | 19 | (6 | ) | ||||||||||||||||||||
Tax expense for the year | 28,237 | 21,303 | 7,524 | 37,049 | 28,237 | 21,303 | ||||||||||||||||||
Note A: | Tax exempt income represent income of subsidiaries located in Singapore, Malaysia and Philippines that benefit from tax holiday. Refer to below for additional information on those subsidiaries tax holidays. |
Note B: | In 2022, this mainly consists of the effect of a one-off “prosperity tax” enacted by the local government for the Malaysia operations and additional tax incurred by the Philippines operations due to its non-compliance of the work-from-home requirement for the period from April to October 2022. |
2021 | 2020 | 2019 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Tax losses carry forward | ||||||||||||
Amount at beginning of year | 10,957 | 7,004 | 4,431 | |||||||||
Utilized during the year | 0 | (2,142 | ) | (1,131 | ) | |||||||
Recognized as deferred tax | 0 | 0 | (1,612 | ) | ||||||||
Arising during the year | 9,570 | 6,095 | 5,316 | |||||||||
Amount at end of year | 20,527 | 10,957 | 7,004 | |||||||||
Deferred tax asset on above unrecorded | 4,803 | 2,363 | 1,100 | |||||||||
2022 | 2021 | 2020 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Tax losses carried forward | 22,538 | 20,527 | 10,957 | |||||||||
Deferred tax asset on above unrecorded | 6,804 | 4,803 | 2,363 | |||||||||
2021 | 2020 | 2019 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Increase in income tax expenses | 2,102 | 2,083 | 8,017 | |||||||||
2021 | 2020 | 2019 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Basic and diluted earnings per share | 0.79 | 0.68 | 0.53 | |||||||||
2022 | 2021 | 2020 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Increase in income tax expenses | 3,237 | 2,102 | 2,083 | |||||||||
2022 | 2021 | 2020 | ||||||||||
S$ | S$ | S$ | ||||||||||
Basic and diluted earnings per share | 0.70 | 0.79 | 0.68 | |||||||||
2 | BASIC AND DILUTED EARNINGS PER SHARE |
2022 | 2021 | 2020 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Earnings | ||||||||||||
Earnings for the purposes of basic and diluted earnings per share (profit for the year attributable to owners of the Group) | 104,936 | 103,841 | 86,093 | |||||||||
2022 | 2021 | 2020 | ||||||||||
Number of shares | ||||||||||||
Weighted average number of ordinary shares for the purposes of basic earnings per share | 145,298,557 | 128,803,824 | 123,500,000 | |||||||||
Effect of dilutive potential ordinary shares: | ||||||||||||
Effect of vesting of employee share awards | — | 26,310 | — | |||||||||
Weighted average number of ordinary shares for the purposes of diluted earnings per share | 145,298,557 | 128,830,134 | 123,500,000 | |||||||||
2022 | 2021 | 2020 | ||||||||||
S$ | S$ | S$ | ||||||||||
Basic earnings per share | 0.72 | 0.81 | 0.70 | |||||||||
Diluted earnings per share | 0.72 | 0.81 | 0.70 | |||||||||
2021 | 2020 | 2019 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Earnings | ||||||||||||
Earnings for the purposes of basic and diluted earnings per share (profit for the year attributable to owners of the Group) | 103,841 | 86,093 | 73,535 | |||||||||
2021 | 2020 | 2019 | ||||||||||
Number of shares | ||||||||||||
Weighted average number of ordinary shares for the purposes of basic earnings per share | 128,803,824 | 123,500,000 | 123,500,000 | |||||||||
Effect of dilutive potential ordinary shares: | ||||||||||||
Effect of vesting of employee share awards | 26,310 | 0 | 0 | |||||||||
Weighted average number of ordinary shares for the purposes of diluted earnings per share | 128,830,134 | 123,500,000 | 123,500,000 | |||||||||
2021 | 2020 | 2019 | ||||||||||
S$ | S$ | S$ | ||||||||||
Basic earnings per share | 0.81 | 0.70 | 0.60 | |||||||||
Diluted earnings per share | 0.81 | 0.70 | 0.60 | |||||||||
2 | DIVIDENDS |
30 | RESERVES |
(a) | Translation reserves |
(b) | Legal reserves |
(c) | Share-based payment reserves |
(d) | Other reserves |
RESTRICTED NET ASSETS |
(1) | PRC legal restrictions permit payments of dividends by TDCX’s PRC subsidiaries only out of their retained earnings, if any, determined in accordance with PRC regulations. |
(2) | Other legal restrictions for the subsidiaries in PRC and Thailand for the distribution of dividend. Refer to Note |
(3) | Refer to Note |
SEGMENTAL REPORTING |
2021 | 2021 | 2020 | 2019 | |||||||||||||
US$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||
Revenue | ||||||||||||||||
Omnichannel CX solutions | 256,404 | 346,582 | 283,427 | 217,349 | ||||||||||||
Sales and digital marketing | 84,870 | 114,718 | 66,235 | 46,839 | ||||||||||||
Content monitoring and moderation | 63,543 | 85,890 | 80,170 | 61,526 | ||||||||||||
Other business process services and other services | 5,924 | 8,008 | 4,891 | 4,551 | ||||||||||||
410,741 | 555,198 | 434,723 | 330,265 | |||||||||||||
2022 | 2022 | 2021 | 2020 | |||||||||||||
US$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||
Revenue | ||||||||||||||||
Omnichannel CX solutions | 285,724 | 384,184 | 334,047 | 273,174 | ||||||||||||
Sales and digital marketing | 123,833 | 166,506 | 114,718 | 66,235 | ||||||||||||
Content, trust and safety | 81,434 | 109,496 | 103,538 | 92,452 | ||||||||||||
Other business process services and other services | 2,925 | 3,934 | 2,895 | 2,862 | ||||||||||||
493,916 | 664,120 | 555,198 | 434,723 | |||||||||||||
Revenue | Non-current assets | |||||||||||||||||||||||
2021 | 2021 | 2020 | 2019 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||
US$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||
Singapore | 106,524 | 143,989 | 121,062 | 96,175 | 11,238 | 5,427 | ||||||||||||||||||
Philippines | 106,763 | 144,313 | 109,268 | 84,169 | 24,009 | 29,621 | ||||||||||||||||||
Malaysia | 107,408 | 145,184 | 112,976 | 82,795 | 8,219 | 11,246 | ||||||||||||||||||
Thailand | 52,951 | 71,574 | 54,185 | 41,445 | 11,692 | 11,317 | ||||||||||||||||||
China | 8,635 | 11,671 | 11,500 | 16,099 | 1,868 | 2,606 | ||||||||||||||||||
Japan | 22,814 | 30,838 | 22,759 | 9,008 | 5,670 | 836 | ||||||||||||||||||
Spain | 5,179 | 7,000 | 2,973 | 574 | 2,486 | 2,449 | ||||||||||||||||||
India | 67 | 90 | 0 | 0 | 4,005 | 3,745 | ||||||||||||||||||
Colombia | 321 | 432 | 0 | 0 | 4,158 | 3,224 | ||||||||||||||||||
Romania | 3 | 4 | 0 | 0 | 5 | 0 | ||||||||||||||||||
South Korea | 76 | 103 | 0 | 0 | 56 | — | ||||||||||||||||||
410,741 | 555,198 | 434,723 | 330,265 | 73,406 | 70,471 | |||||||||||||||||||
Revenue | Non-current assets | |||||||||||||||||||||||
2022 | 2022 | 2021 | 2020 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||
US$’000 | S$’000 | S$’000 | S$’000 | S$’000 | S$’000 | |||||||||||||||||||
Singapore | 106,453 | 143,137 | 143,989 | 121,062 | 10,422 | 11,238 | ||||||||||||||||||
The Philippines | 122,716 | 165,004 | 144,313 | 109,268 | 21,733 | 24,009 | ||||||||||||||||||
Malaysia | 149,655 | 201,226 | 145,184 | 112,976 | 18,720 | 8,219 | ||||||||||||||||||
Thailand | 66,628 | 89,588 | 71,574 | 54,185 | 8,742 | 11,692 | ||||||||||||||||||
Japan | 20,095 | 27,020 | 30,838 | 22,759 | 2,705 | 5,670 | ||||||||||||||||||
China | 12,530 | 16,848 | 11,671 | 11,500 | 1,133 | 1,868 | ||||||||||||||||||
Others* | 15,839 | 21,297 | 7,629 | 2,973 | 16,115 | 10,710 | ||||||||||||||||||
493,916 | 664,120 | 555,198 | 434,723 | 79,570 | 73,406 | |||||||||||||||||||
* | Comprises revenue from Australia, Colombia, Hong Kong, India, Romania, Spain, South Korea, Taiwan, Türkiye and Viet na m. |
2022 | 2021 | 2020 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Customer | ||||||||||||
A | 246,281 | 237,595 | 160,625 | |||||||||
B | 120,378 | 104,629 | 102,003 | |||||||||
C | 81,794 | 62,830 | 54,585 | |||||||||
D | 68,037 | * | * | |||||||||
516,490 | 405,054 | 317,213 | ||||||||||
* | Represents less than 10% of the Group’s revenue in 2021 and 2020. |
2021 | 2020 | 2019 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Customer | ||||||||||||
A | 237,595 | 160,625 | 100,988 | |||||||||
B | 104,629 | 102,003 | 116,550 | |||||||||
C | 62,830 | 54,585 | 40,832 | |||||||||
405,054 | 317,213 | 258,370 | ||||||||||
COMMITMENTS |
2022 | 2021 | 2020 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Payable within one year | 1,767 | 2,259 | 11,233 | |||||||||
Payable in the second to fifth year inclusive | 1,072 | 1,419 | 3,775 | |||||||||
2,839 | 3,678 | 15,008 | ||||||||||
34 | ACQUISITION OF SUBSIDIARY |
2021 | 2020 | 2019 | ||||||||||
S$’000 | S$’000 | S$’000 | ||||||||||
Payable within one year | 2,259 | 11,233 | 3,336 | |||||||||
Payable in the second to fifth year inclusive | 1,419 | 3,775 | 3,766 | |||||||||
3,678 | 15,008 | 7,102 | ||||||||||
On acquisition | ||||
S$’000 | ||||
Current assets | ||||
Cash and cash equivalent s | 916 | |||
Trade receivable s | 2,336 | |||
Contract assets | 115 | |||
Other receivables | 425 | |||
Non-current assets | ||||
Plant and equipment | 721 | |||
Right-of-use assets | 165 | |||
Other receivables | 40 | |||
Customer relationships | 1,867 | |||
Current liabilities | ||||
Trade and other payable s | (1,301 | ) | ||
Provision for reinstatement cost | (111 | ) | ||
Lease liabilities | (176 | ) | ||
Income tax payable | (172 | ) | ||
Non-current liability | ||||
Deferred tax liability | (317 | ) | ||
Fair value of identifiable assets acquired net of liabilities assumed | 4,508 | |||
Total consideration transferred | 5,130 | |||
Fair value of pre-existing interest in the acquiree | 435 | |||
Less: Fair value of identifiable assets acquired net of liabilities assumed | (4,508 | ) | ||
Goodwill arising on acquisition | 1,057 | |||
Consideration paid in cash | 5,130 | |||
Less: Cash and cash equivalent balances acquired | (916 | ) | ||
Net cash outflow arising on acquisition | 4,214 | |||
Assets acquired | Valuation technique | |
Customer relationships | Multi-period excess earnings method: The multi-period excess earnings method considers the present value of net cash flows expected to be generated by the customer relationships, by excluding any cash flows related to contributory assets. |
35 | RECLASSIFICATIONS |
Revenue | 2021 | 2020 | ||||||
S$’000 | S$’000 | |||||||
Before the change: | ||||||||
Omnichannel CX solutions | 346,582 | 283,427 | ||||||
Sales and digital marketing | 114,718 | 66,235 | ||||||
Content monitoring and moderation | 85,890 | 80,170 | ||||||
Other business process services and other services | 8,008 | 4,891 | ||||||
555,198 | 434,723 | |||||||
After the change: | ||||||||
Omnichannel CX solutions | 334,047 | 273,174 | ||||||
Sales and digital marketing | 114,718 | 66,235 | ||||||
Content, trust and safety | 103,538 | 92,452 | ||||||
Other business process services and other services | 2,895 | 2,862 | ||||||
555,198 | 434,723 | |||||||
EVENTS AFTER THE REPORTING PERIOD |