Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Central Index Key | 0001803112 |
Current Fiscal Year End Date | --12-31 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 333-259361 |
Entity Registrant Name | TDCX Inc. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 750D Chai Chee Road |
Entity Address, Address Line Two | #06-01/06 ESR BizPark @ Chai Chee |
Entity Address, City or Town | Singapore |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 469004 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Auditor Name | Deloitte & Touche LLP |
Auditor Firm ID | 1046 |
Auditor Location | Singapore |
Common Class A [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, par value ofUS$0.0001 per share |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 21,418,462 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 123,500,000 |
ADR [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares, each representing one Class A ordinary share, par value ofUS$0.0001 per share |
Trading Symbol | TDCX |
Security Exchange Name | NYSE |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Laurent Bernard Marie Junique |
Entity Address, Address Line One | 750D Chai Chee Road |
Entity Address, Address Line Two | #06-01/06 ESR BizPark @ Chai Chee |
Entity Address, City or Town | Singapore |
Entity Address, Country | SG |
Entity Address, Postal Zip Code | 469004 |
City Area Code | 65 |
Local Phone Number | 6309 1688 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Current assets [abstract] | |||
Cash and cash equivalents | $ 289,380 | $ 389,100 | $ 313,147 |
Fixed and pledged deposits | 4,872 | 6,551 | 8,860 |
Trade receivables | 66,048 | 88,808 | 92,561 |
Contract assets | 43,736 | 58,808 | 49,365 |
Other receivables | 11,814 | 15,885 | 13,220 |
Financial assets measured at fair value through profit or loss | 22,145 | 29,776 | 23,983 |
Income tax receivable | 263 | 354 | 17 |
Total current assets | 438,258 | 589,282 | 501,153 |
Non-current assets [abstract] | |||
Pledged deposits | 434 | 584 | 456 |
Other receivables | 3,733 | 5,019 | 4,771 |
Plant and equipment | 30,710 | 41,292 | 39,709 |
Right-of-use assets | 26,206 | 35,236 | 33,160 |
Goodwill and intangible assets | 2,175 | 2,924 | 0 |
Deferred tax assets | 2,575 | 3,463 | 1,943 |
Investment in an associate | 0 | 0 | 318 |
Total non-current assets | 65,833 | 88,518 | 80,357 |
Total assets | 504,091 | 677,800 | 581,510 |
Current liabilities [abstract] | |||
Other payables | 36,980 | 49,723 | 39,096 |
Bank loans | 0 | 0 | 13,847 |
Lease liabilities | 13,252 | 17,818 | 14,550 |
Provision for reinstatement cost | 3,928 | 5,282 | 3,663 |
Income tax payable | 12,316 | 16,560 | 14,715 |
Total current liabilities | 66,476 | 89,383 | 85,871 |
Non-current liabilities [abstract] | |||
Bank loans | 0 | 0 | 2,963 |
Lease liabilities | 15,353 | 20,644 | 21,361 |
Provision for reinstatement cost | 2,657 | 3,572 | 4,384 |
Defined benefit obligation | 1,113 | 1,497 | 1,718 |
Deferred tax liabilities | 634 | 852 | 1,507 |
Total non-current liabilities | 19,757 | 26,565 | 31,933 |
Capital, reserves and non-controlling interests | |||
Share capital | 14 | 19 | 19 |
Reserves | 163,313 | 219,590 | 227,181 |
Retained earnings | 254,544 | 342,260 | 236,486 |
Equity attributable to owners of the Group | 417,871 | 561,869 | 463,686 |
Non-controlling interests | (13) | (17) | 20 |
Total equity | 417,858 | 561,852 | 463,706 |
Total liabilities and equity | $ 504,091 | $ 677,800 | $ 581,510 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss and Other Comprehensive Income $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 SGD ($) $ / shares shares | Dec. 31, 2021 SGD ($) $ / shares shares | Dec. 31, 2020 SGD ($) $ / shares shares | |
Statement of profit or loss and other comprehensive income [abstract] | ||||
Revenue | $ 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 | 3,522 | 4,736 | 6,315 | 7,514 |
Profit before income tax | 105,598 | 141,987 | 132,079 | 107,397 |
Income tax expenses | (27,554) | (37,049) | (28,237) | (21,303) |
Profit for the year | 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 |
Profit for the year | 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 |
Total comprehensive income for the year | $ 67,997 | $ 91,430 | $ 97,618 | $ 86,630 |
Basic earnings per share | (per share) | $ 0.54 | $ 0.72 | $ 0.81 | $ 0.7 |
Diluted earnings per share | (per share) | $ 0.54 | $ 0.72 | $ 0.81 | $ 0.7 |
Weighted average number of ordinary shares used in computing basic earnings per share | 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 | 145,298,557 | 145,298,557 | 128,830,134 | 123,500,000 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity $ in Thousands, $ in Thousands | USD ($) | SGD ($) | Share capital [member] SGD ($) | Reserves [member] SGD ($) | Retained earnings [member] SGD ($) | Equity attributable to owners of parent [member] SGD ($) | Non-controlling interests [member] SGD ($) |
Beginning balance at Dec. 31, 2019 | $ 99,446 | $ 0 | $ (20,650) | $ 120,094 | $ 99,444 | $ 2 | |
Total comprehensive income for the year: | |||||||
Profit for the year | 86,094 | 86,093 | 86,093 | 1 | |||
Other comprehensive income (loss) | 536 | 717 | (181) | 536 | |||
Total comprehensive income for the year | 86,630 | 717 | 85,912 | 86,629 | 1 | ||
Transfer of profits to legal reserve | 90 | (90) | |||||
Dividends representing transactions with owners recognized directly in equity | (73,545) | (73,545) | (73,545) | ||||
Ending balance at Dec. 31, 2020 | 112,531 | 0 | (19,843) | 132,371 | 112,528 | 3 | |
Total comprehensive income for the year: | |||||||
Profit for the year | 103,842 | 103,841 | 103,841 | 1 | |||
Other comprehensive income (loss) | (6,224) | (6,500) | 276 | (6,224) | |||
Total comprehensive income for the year | 97,618 | (6,500) | 104,117 | 97,617 | 1 | ||
Transfer of profits to legal reserve | 2 | (2) | |||||
Transaction with owners recognized directly in equity: | |||||||
Issuance of share capital for cash | 502,406 | 19 | 502,387 | 502,406 | |||
Share-based payments expenses | 5,253 | 5,253 | 5,253 | ||||
Distribution to founder | (252,747) | (252,747) | (252,747) | ||||
Effects of translation on other reserve | (1,371) | (1,371) | (1,371) | ||||
Dividend paid to non-controlling interest | (176) | (176) | |||||
Total | 253,365 | 19 | 253,522 | 253,541 | (176) | ||
Proceeds for capital call on non-fully paid-up share capital | 192 | 192 | |||||
Ending balance at Dec. 31, 2021 | 463,706 | 19 | 227,181 | 236,486 | 463,686 | 20 | |
Total comprehensive income for the year: | |||||||
Profit for the year | $ 78,044 | 104,938 | 104,936 | 104,936 | 2 | ||
Other comprehensive income (loss) | (13,508) | (14,432) | 924 | (13,508) | |||
Total comprehensive income for the year | 67,997 | 91,430 | (14,432) | 105,860 | 91,428 | 2 | |
Transfer of profits to legal reserve | 86 | (86) | |||||
Transaction with owners recognized directly in equity: | |||||||
Share-based payments expenses | 19,465 | 19,465 | 19,465 | ||||
Dividend paid to non-controlling interest | (39) | 0 | 0 | (39) | |||
Issuance of shares due to vesting of warrants | 910 | 910 | 910 | ||||
Repurchase of American Depositary Shares | (13,620) | (13,620) | (13,620) | ||||
Total | 6,716 | 6,755 | 0 | 6,755 | (39) | ||
Ending balance at Dec. 31, 2022 | $ 417,858 | $ 561,852 | $ 19 | $ 219,590 | $ 342,260 | $ 561,869 | $ (17) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows $ in Thousands, $ in Thousands, ¥ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | ||
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 assets | (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-off of 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) | [1] | (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 | (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) | |
Financing activities | |||||
Dividends paid | (29) | (39) | (176) | (73,545) | |
Drawdown of bank loan | 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 from non-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 | $ 289,380 | $ 389,100 | $ 313,147 | $ 59,807 | |
[1]During the year, the additions to plant and equipment totaling S$25.2 million (2021: S$23.3 million, 2020: S$18.2 million) comprises paid purchases totaling S$24.4 million (2021: S$20.6 million, 2020: S$17.3 million) and a provision of S$0.8 million (2021: S$2.7 million, 2020: S$0.9 million) for estimated future reinstatement cost relating to office improvements (Note 1 9 |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | ||
Statements [Line Items] | ||||
Additions to plant and equipment | $ 25,200 | $ 23,300 | $ 18,200 | |
Purchase of plant and equipment | [1] | 24,466 | 20,648 | 17,332 |
Office Improvements [Member] | ||||
Statements [Line Items] | ||||
Purchase of plant and equipment | [2] | 24,400 | 20,600 | 17,300 |
Provision for estimated future reinstatement cost | $ 800 | $ 2,700 | $ 900 | |
[1]During the year, the additions to plant and equipment totaling S$25.2 million (2021: S$23.3 million, 2020: S$18.2 million) comprises paid purchases totaling S$24.4 million (2021: S$20.6 million, 2020: S$17.3 million) and a provision of S$0.8 million (2021: S$2.7 million, 2020: S$0.9 million) for estimated future reinstatement cost relating to office improvements (Note 1 9 |
General
General | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
General | 1 GENERAL TDCX Inc. (“TDCX”) is a Company incorporated in Cayman Islands in April 2020 as TDCX Capital Pte Ltd that subsequently changed its name to TDCX Inc. (the “Company”) in January 2021. TDCX and its consolidated subsidiaries (together, the “Group”) mainly provide outsource contact center services comprising sales and digital marketing, omnichannel customer experiences (“CX”) and content, trust and safety. TDCX (SG) Pte. Ltd. (“TDCX SG”) and TDCX Holdings Pte. Ltd. (“TDCXH”) are companies incorporated in Singapore in October 1995 and June 1999 respectively. TDCX (KY) Pte. Ltd. (“TDCX KY”) is a Company incorporated in Cayman Islands in January 2020. TDCX SG, TDCXH and TDCX KY are consolidated subsidiaries of TDCX as a result of the reorganisations further described below. In January 2019, the Founder reduced his previously owned 60% equity interest in TDCX SG through cancellation of his shares in TDCX SG and therefore, TDCX SG became a wholly owned subsidiary of TDCXH. On December 22, 2020, TDCXH was acquired by TDCX KY by paying cash in an amount of S$2 and TDCXH became a wholly owned subsidiary of TDCX KY. On March 23, 2021, TDCX acquired 100% of TDCX KY from the Founder. As TDCX, TDCX KY, TDCXH and TDCX SG were under common control of the Founder during all the periods presented, the acquisitions of TDCX SG and TDCXH by TDCX KY as well as the acquisition of TDCX KY by TDCX were accounted for in a manner similar to a pooling of interest with assets and liabilities all reflected at their historical amounts in the Group’s consolidated financial statements as if the reorganization had always been in place. As such, the Group’s consolidated financial statements were prepared as if TDCX has control over TDCX KY, TDCXH and TDCX SG for all periods presented. The consolidated financial statements of the Group for the financial year ended December 31, 202 2 24 3 |
Adoption of New And Revised Sta
Adoption of New And Revised Standards | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Adoption of New And Revised Standards | 2 ADOPTION OF NEW AND REVISED STANDARDS New and amended International Financial Reporting Standards (“IFRS”) that are effective for the current year In 2022, the Group adopted all new and revised IFRS pronouncements that are mandatorily effective and are relevant to its operations. The adoption of these new and revised IFRS pronouncements did not result in changes to the Group’s accounting policies and has no material effect on the disclosures or on the amounts reported for the current or prior years. New and revised IFRS Standards in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS that have been issued but are not yet effective: Amendments to IFRS 17 Insurance Contracts 1 Amendments to IFRS 10 and International Accounting Standards (“IAS”) 28 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. Management does not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in the period of initial application. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Significant Accounting Policies | 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING – The consolidated financial statements have been prepared in accordance with IFRS issued by International Accounting Standards Board (“IASB”). The financial statements have been prepared in accordance with the historical cost basis, except as disclosed in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 Share-based Payment Leases , Impairment of Assets In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. The principal accounting policies adopted are set out below. GOING CONCERN – The directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. BASIS OF CONSOLIDATION – The consolidated financial statements incorporate the financial statements of the Company and entities (including structure d • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the company’s voting rights in an investee are sufficient to give it power, including: • the size of the company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; • potential voting rights held by the company, other vote holders or other parties; • rights arising from other contractual arrangements; and • any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Non-controlling non-controlling non-controlling acquisition-by-acquisition non-controlling non-controlling non-controlling Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling non-controlling non-controlling Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling non-controlling When the Group loses control of a subsidiary, the gain or loss on disposal recognized in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling Financial Instruments BUSINESS COMBINATIONS - At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes Employee Benefits Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates with changes in fair value recognised in profit or loss. When a business combination is achieved in stages, the Group’s previously held interests (including joint operations) in the acquired entity are remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. Goodwill Goodwill is initially recognised and measured as set out above. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognised separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Amortization is recognized so as to write off the cost of intangible assets, over their estimated useful lives, using the straight-line method, on the following bases: Years Customer relationships 10 years An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are ASSO The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the profit or loss and other comprehensive income of the associate. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognized immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 28 Investments in Associate and Joint Ventures When a Group entity transacts with an associate of the Group, profits and losses resulting from the transactions with the associate are recognized in the Group’s consolidated financial statements only to the extent of interests in the associate that are not related to the Group. FINANCIAL INSTRUMENTS – Financial assets and financial liabilities are recognized on the statement of financial position when the Group becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets and financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Financial assets Classification of financial assets Debt instruments mainly comprise bank balances and trade and other receivables which meet the following conditions and are subsequently measured at amortized cost: • The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows only; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (FVTOCI): • The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments that do not meet the amortized cost criteria or the fair value through other comprehensive income (“FVTOCI”) criteria are classified as fair value through profit or loss (“FVTPL”). Investments in equity instruments are classified as at FVTPL, unless the Group irrevocably elects to designate an equity investment that is neither held for trading nor a contingent consideration arising from a business combination as at FVTOCI on initial recognition. The Group has elected to designate the investment in equity instrument at FVTPL as disclosed in Note 12. Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset. Amortized cost and effective interest method The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance. Interest income is recognized using the effective interest method for debt instruments measured subsequently at amortized cost, except for short-term balances when the effect of discounting is immaterial. Cash and cash equivalents Cash and cash equivalents in the statement of cash flows comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value, with original maturities of three months or less. Impairment of financial assets The Group recognizes a loss allowance for expected credit losses (“ECL”) on trade and other receivables. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognizes lifetime ECL for trade receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial instruments, the Group recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as of the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking information considered includes the future prospects of the industries in which the Group’s debtors operate, as well as consideration of various external sources of actual and forecast economic information that relate to the Group’s core operations. The Group presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 90 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. The Group assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if i) the financial instrument has a low risk of default, ii) the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and iii) adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations. The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due. Definition of default The Group considers for internal credit risk management purposes and based on historical experience, that an event of default to have occurred when there is information obtained from internal or external sources that indicates the debtor is unlikely to pay its creditors, including the Group. Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than 120 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. These events include evidence that there is significant financial difficulty of the debtors or it is becoming probable that the debtor will enter bankruptcy. Write-off The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognized in profit or loss. Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. If the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to 12-month The Group recognizes an impairment loss or a reversal thereof in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. Derecognition of financial assets The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and a collateralized borrowing for the proceeds received. On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. Financial liabilities and equity instruments Classification as debt or equity Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. Other payables and bank loans Other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at amortized cost, using the effective interest method, with interest expense recognized on an effective yield basis, except for short-term payables when the recognition of interest would be immaterial. Interest-bearing loans are initially recognized at fair value, and are subsequently measured at amortized cost, using the effective interest method. Derecognition of financial liabilities The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. PLANT AND EQUIPMENT – Plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is recognized so as to write off the cost of assets, over their estimated useful lives, using the straight-line method, on the following bases: 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 The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Depreciation of plant and equipment in progress commences when the assets are ready for their intended use. The estimated useful lives, residual value and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. Fully depreciated assets still in use are retained in the financial statements. A plant or equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of a plant and equipment is determined as the difference between the sales proceeds and the carrying amounts of the asset and is recognized in profit or loss. IMPAIRMENT OF TANGIBLE ASSETS – At the end of each reporting period, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognized in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized in profit or loss to the extent that it eliminates the impairment loss which has been recognized for the asset in prior years immediately. PROVISIONS – Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all other economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. LEASES The Group as a lessee The Group leases office space to run its operation. The Group assesses whether a contract is or contains a lease, at inception of the contract on the basis of whether the customer has the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognizes a right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payment shall be discounted using the interest rate implicit in the lease. If the interest rate implicit in the lease cannot be readily determined, the Group uses the incremental borrowing rate. The Group’s incremental borrowing rate is determined based on the interest rate of the Group’s bank loans if the Group would have to pay to borrow over a similar term and with a similar security the funds necessary to obtain an asset of a similar value of the right-of-use Lease payments included in the measurement of the lease liability comprise: • Fixed lease payments (including in-substance • The amounts expected to be payable by the lessee under residual value guarantees; • The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line (current and non-current) The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group re-measures right-of-use • The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. • The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). • A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The right-of-use Whenever the Group incurs an obligation for costs to dismantle and remove a lease improvement asset and restores the underlying lease assets to their original condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets right-of-use Right-of-use right-of-use right-of-use The right-of-use The Group applies IAS 36 to determine whether a right-of-use REVENUE RECOGNITION – Revenue is measured based on the consideration specified in a contract with a customer and recognized as and when control of a service is transferred to a customer. Revenues are recognized upon the application of the following steps: 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. The Group enters into master services agreements and statements of work which set out the details of the work streams for each campaign to be provided to the customers. The work streams are generally capable of being distinct and accounted for as separate performance obligations. Based on the transaction price as set up in the agreement for each performance obligation, the Group will invoice the customers on a monthly basis as each performance obligation is satisfied after agreeing with the customers on any fee adjustments based on whether the Group meets (or fails to meet) certain |
Critical Accounting Judgments a
Critical Accounting Judgments and Key Sources of Estimation Uncertainty | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Critical Accounting Judgments and Key Sources of Estimation Uncertainty | 4 CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In applying the Group’s accounting policies, which are described in Note 3, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Critical judgments in applying the entity accounting policies The following are the critical judgments, apart from those involving estimations (which are presented separately below), that management has made in the process of applying the group’s accounting policies and that have the most significant effect on the amounts recognized in the financial statements. Assessment of Control over Investees Management assesses whether the Group exercises control over investees based on the framework for assessment of control set out in IFRS 10. Management considers various factors including the Group’s power over the investees, the Group’s exposure or rights to variable returns from its involvement with the investees, and the ability to use the Group’s power over the investees to affect the amount of returns on investment in the investees. If the Group’s ownership interest in the investees gave the Group control over the investees, the investees would be consolidated in the Group’s consolidated financial statements. Management will reassess the Group’s control over the investees whenever there are facts and circumstances indicating the factors have changed. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below: (i) Variable non-cash consideration payable to customer Consideration payable to a customer is deducted from the transaction price if the Group does not receive a separate identifiable benefit from the customer. When consideration is variable, the estimated amount is included in the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved. On September 2, 2022, the Company entered into a warrant agreement with a customer, where the customer was granted warrants to purchase up to 490,000 of our ADSs subject to vesting over a fixed number of years, adjustment and other terms and conditions set forth therein. The vesting of the warrants is subject to satisfaction of certain fee milestones with respect to services provided to the client under the Master Services Agreement that commenced on August 1, 2021. Management has assessed and accounted for these warrants in accordance with IFRS 15 Revenue from Contracts with Customers At the end of each reporting period, management assesses the probabilities of each sales outcome for the relevant tranche being met in order to determine the fair value of the variable non-cash consideration. The most likely number of shares that will vest depends on the sales outcome with the highest probability of being met. Such assessment includes judgments reflecting the Group’s past experience with respect to services provided to the customer as well as market trends of the industry that the customer operates in. The fair value of the variable non-cash consideration is determined by reference to the share price of the Company on the measurement date and the most likely number of shares that will vest. The fair value of the variable non-cash consideration is recognized as a reduction of revenue based on the ratio of the actual sales earned from the customer over the sales target of that tranche. (ii) Accrued revenue The Group recognizes accrued revenue arising from services performed based on the rates set up in the agreement and hours incurred at month end. The final billings are subject to discussion and agreement with customers on any fee adjustments based on whether the company achieves or fails to meet campaign key performance indicator targets (where applicable) and in turn, may cause the actual billing to differ from accrued revenue. The carrying amount of unbilled receivables at the end of the reporting period is disclosed in Note 10 to the financial statements. (iii) Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based Details regarding the determination of fair value of equity-settled share-based transaction are set out in Note 23. (i v Business Combination On October 13, 2022, Teledirect Hong Kong Limited (“TDCX HK”, subsequently renamed TDCX (HK) Limited), a company incorporated in Hong Kong, became a wholly-owned subsidiary of the Group after 90 percent of its issued share capital was acquired by the Group. This transaction was accounted for as a business combination. Significant management judgment is required in estimating the underlying assumptions to be applied in determining the fair values of the identifiable assets acquired and liabilities assumed, including the identification of intangible assets and the fair value of the previously held interest at acquisition date and at end of the reporting period. The Group engaged an independent valuer to perform a valuation for the purpose of measuring the fair value of the identifiable assets acquired and liabilities assumed at the date of acquisition. Details of the valuation techniques used for measuring the fair value of material assets acquired are set out in Note 34. |
Financial Instruments, Financia
Financial Instruments, Financial Risks and Capital Management | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Financial Instruments, Financial Risks and Capital Management | 5 FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (a) Categories of financial instruments The following table sets out the financial instruments as of December 31, December 31, 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 (b) Financial risk management policies and objectives The Group’s overall risk management policy seeks to minimize potential adverse effects on financial performance of the Group. There has been no change to the Group’s exposure to these financial risks or the manner in which it manages and measures the risk. The risks associated with these financial instruments and the policies to mitigate these risks are set out below. (i) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group’s credit risk is primarily attributable to its cash and cash equivalents and trade receivables, contract assets and other receivables. As of s s Cash and cash equivalents are placed with credit-worthy financial institutions with high credit ratings assigned by international credit-rating agencies and therefore credit risk is limited. The Group has adopted procedures in extending credit terms to customers and monitoring its credit risk. Credit evaluations are performed on customers requiring credit over a certain amount. Before accepting any new customer, the Group carries out research on the credit risk of the new customer and assesses the potential customer’s credit quality and defines credit limits by customer. Limits attributed to customers are reviewed when necessary. The Group’s current credit risk grading framework comprises the following categories: Category Description Basis for recognising ECL Performing The counterparty has a low risk of default and does not have any past-due 12-month Doubtful Amount is more than 90 days past due or there has been a significant increase in credit risk since initial recognition. Lifetime ECL— 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 The table below details the credit quality of the Group’s financial assets (excluding cash and cash equivalents) and contract assets, as well as maximum exposure to credit risk by credit risk rating grades: Note Internal credit rating 12-month Gross Loss Net carrying 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 — (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 Interest rate risk arises from the potential changes in interest rates that may have an adverse effect on the Group in the current reporting period and future years. The Group is not exposed to significant interest rate risk as there are no outstanding interest-bearing liabilities as of December 31, 2022, except for fixed rate lease liabilities. (iii) Foreign currency risk management The Group has operations in different jurisdictions and transacts in various foreign currencies. At the end of reporting periods, the carrying amounts of significant monetary assets and monetary liabilities denominated in currencies other than the respective Group entities’ functional currencies are as follows: 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 The sensitivity rate used when reporting foreign currency risk to key management personnel is 5%, which is the change in foreign exchange rate that management deems reasonably possible which will affect outstanding foreign currency denominated monetary items at period end. If the respective Group entities’ functional currencies strengthen/weaken by 5% against the United States Dollar (“USD”), profit or loss will (decrease)/increase by S$4.3 million (2021: S$3.8 million). The increase in the carrying amount of monetary assets is due to an increase in outstanding trade receivables primarily driven by the increase in revenue. The increase in monetary liabilities denominated in USD is due to the expansion of the Group’s business. (iv) Liquidity risk management Liquidity risk is managed by matching the payment and receipt cycle. The Group maintains sufficient cash and cash equivalents and internally generated cash flows to finance its operations. The Group mitigates liquidity risk by maintaining some standby credit lines available. The Group has access to financing facilities of which S$25.7 million (2021: S$21.9 million) were unused at the reporting date. Non-derivative The following table details the remaining contractual maturity for non-derivative Weighted average interest rate On demand Within Within 5 years Total Adjustment Carrying % S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 December 31, 2022 Non-interest — 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 — 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 Non-derivative All non-derivative non-interest (v) Fair value of financial assets and financial liabilities The carrying amounts of financial assets and liabilities on the statement of financial position approximate their respective fair values due to the relatively short-term maturity of these financial instruments. The fair values of other classes of financial assets and liabilities are disclosed in the respective notes to financial statements. (c) Capital risk management policies and objectives Management reviews the capital structure at least annually to ensure that the Group will be able to continue as a going concern. The capital structure comprises only issued capital, reserves and retained earnings. The Group’s overall strategy remains unchanged. |
Remuneration Of Key Management
Remuneration Of Key Management Personnel | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Disclosure Of Remuneration Of Key Management Personnel Explanatory [Text Block] | 6 REMUNERATION OF KEY MANAGEMENT PERSONNEL The remuneration of directors and other members of key management personnel during the years were as follows: 2022 2021 2020 S$’000 S$’000 S$’000 Short-term employee benefits 11,677 11,575 7,606 Post-employment benefits 440 352 287 Equity-settled share-based payment expenses 18,848 5,059 — Directors’ fees 171 42 — 31,136 17,028 7,893 Other than remuneration of directors and other members of key management personnel as disclosed above, no related party transactions occurred during the year. |
Cash And Cash Equivalents
Cash And Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Disclosure of cash and cash equivalents [text block] | 7 CASH AND CASH EQUIVALENTS December 31, December 31, S$’000 S$’000 Cash on hand 18 18 Cash at bank 113,847 290,597 Fixed deposits 275,235 22,532 389,100 313,147 Fixed deposits bear interest at an effective interest rate of 2.5% to 5.0% (2021: 1.5% to 1.8%) per annum and for tenure ranging from 7 days to 30 days (2021: 7 days to 30 days). |
Fixed And Pledged Deposits
Fixed And Pledged Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Fixed And Pledged Deposits [Abstract] | |
Disclosure Detail Of Fixed And Pledged Deposits [Text Block] | 8 FIXED AND PLEDGED DEPOSITS December 31, December 31, S$’000 S$’000 Fixed deposits 6,551 6,960 Pledged deposits 584 2,356 7,135 9,316 Analysed as: Current 6,551 8,860 Non-current 584 456 7,135 9,316 Fixed deposits bear interest at an effective interest rate of 1.65% to 1.80% (2021: 1.65% to 1.85%) per annum and for tenure ranging from 180 days to 365 days (2021: 180 days to 365 days). The Group pledged deposits of S$Nil (2021: S$1.9 million) to a financial institution for securing of bank loans (Note 1 7 |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Trade Receivables | 9 TRADE RECEIVABLES December 31, December 31, S$’000 S$’000 Outside parties 88,808 92,561 The credit period on rendering of service to outside parties is 30 to 60 days (2021: 30 to 90 days). No interest is charged on the trade receivables during the credit period of the invoices. Thereafter, interest may be charged ranging from 5% to 18% per annum (2021: 12% to 15% per annum) on the outstanding balance. Loss allowance for trade receivables has been measured at an amount equal to the lifetime ECL. The ECL on trade receivables is estimated using an allowance matrix by reference to past default experience of the debtors and an analysis of the debtors’ current financial position, adjusted for factors that are specific to the debtors, and where relevant, general economic conditions of the industry in which the debtors operate. The following table details the risk profile of trade receivables from contracts with customers based on the Group’s provision matrix. As the Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group’s different customer base. Trade receivables – days past due Current 1 – 30 31 – 60 61 – 90 > 90 Total S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 December 31, 2022 Estimated total gross carrying amount at default: Outside parties 55,716 32,007 811 370 8 88,912 Expected credit loss — — — (96 ) (8 ) (104 ) 55,716 32,007 811 274 — 88,808 Trade receivables – days past due Current 1 – 30 31 – 60 61 – 90 > 90 Total S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 December 31, 2021 Estimated total gross carrying amount at default: Outside parties 78,735 10,556 3,259 10 1 92,561 Expected credit loss — — — — — — 78,735 10,556 3,259 10 1 92,561 |
Contract Assets
Contract Assets | 12 Months Ended |
Dec. 31, 2022 | |
Contract assets [abstract] | |
Contract Assets | 10 CONTRACT ASSETS December 31, December 31, January 1, S$’000 S$’000 S$’000 Unbilled receivables 58,808 49,365 46,842 Unbilled receivables are balances owed by the customers that arise from services performed. Any amount previously recognized as a contract asset is reclassified to trade receivables at the point at which it is invoiced to the customer. Contract assets increased by S$ million (2021: S$ million) due to the expansion of business. Management estimates the loss allowance on amounts due from customers at an amount equal to lifetime ECL, taking into account the historical default experience and the future prospects of the industry in which the customers operate in. None of the amounts due from customers at the end of the reporting period is past due and management has considered the amount to have low credit risk. |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Other Receivables | 11 OTHER RECEIVABLES December 31, December 31, 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 Non-current non-interest refundable For purpose of impairment assessment, other receivables are considered to have low credit risk as they are not due for payment at the end of the reporting period and there has been no significant increase in the risk of default on the receivables since initial recognition. Accordingly, for the purpose of impairment assessment for these receivables, the loss allowance is measured at an amount equal to 12-month In determining the ECL, management has taken into account the historical default experience and the financial position of the counterparties, adjusted for factors that may be specific to the debtors in estimating the probability of default of each of these receivables, as well as the loss upon default in each case. Management has determined that those receivables are subject to immaterial credit loss and adequate loss allowance has been provided. |
Financial Assets Measured At Fa
Financial Assets Measured At Fair Value Through Profit Or Loss | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss [Abstract] | |
Financial Assets Measured At Fair Value Through Profit Or Loss | 12 FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS December 31, December 31, S$’000 S$’000 Financial assets measured at fair value through profit or loss 29,776 23,983 On September 27, 2021, the Company entered into an arrangement with Mangrove Insurance Guernsey PCC Limited (“Mangrove”), a protected cell company, where the Company subscribed for 17,742,500 fully-paid redeemable preference shares with discretionary dividends of two dedicated protected cells of Mangrove at US$1 each. Under the arrangement, these cells are created to provide insurance to directors and officers of the Group . A t |
Plant and Equipment
Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Plant and Equipment | 13 PLANT AND EQUIPMENT Leasehold Furniture Office equipment Equipment-in- Total S$’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 At December 31, 2022, the Group had entered into contractual commitments for the acquisition of plant and equipment amounting to S$0.4 million (2021: S$0.8 million). |
Right Of Use Assets
Right Of Use Assets | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Right Of Use Asstes | 14 RIGHT-OF-USE Office space S$’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 Amount recognized in profit and loss 2022 2021 2020 S$’000 S$’000 S$’000 Depreciation expense on right-of-use 18,755 17,768 14,018 Interest expense on lease liabilities (Note 2 5 1,554 1,529 1,559 Expenses relating to lease of low value assets 4,243 3,562 2,027 The Group leases office space with lease term ranging from 1 to 5 years. During the year ended |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Goodwill And Intangible Assets | 15 GOODWILL AND INTANGIBLE ASSETS Goodwill Customer s Total S$’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 Goodwill of S$1,057,000 arose when TDCX (HK) Limited was acquired by the Group in October 2022. The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. The goodwill was allocated to TDCX HK as a cash-generating unit (“CGU”). The recoverable amount of TDCX HK as a cash-generating unit was determined based on a value in use calculation which used a five-year cash flow projection. Management estimated discount rates that reflect current market assessments of the time value of money and the risks specific to the CGU. The pre-tax discount rate used to discount the forecast cash flows was %. The key assumptions used by management in preparing the cash flow projection for the initial five-year period were as follows: - Forecast sales growth rates Forecast sales growth rates between 7.0% and 9.5% applied are based on past experience adjusted for sales/market trends and the strategic decisions for TDCX HK. - Operating profits Operating profits are forecast based on historical experience of operating margins, adjusted for the impact of changes in operating expenses. Operating margins between 2.5% and 6.3% were applied. Cash flows beyond that five-year period have been extrapolated using a steady 5 per cent per annum growth rate. This growth rate does not exceed The steady growth rate of 5 per cent was estimated based on past performance of the cash-generating unit and expectations of the industry. Sensitivity analysis The Group has conducted an analysis of the sensitivity of the impairment test to changes in the key assumptions used to determine the recoverable amount for each of the group of CGUs to which goodwill is allocated. The management believe that any reasonably possible change in the key assumptions on which the recoverable amount of the TDCX HK CGU is based would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the related CGU. |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Other Payables | 16 OTHER PAYABLES December 31, December 31, S$’000 S$’000 Outside parties 47,040 36,547 Deferred grant income 2,375 2,459 Others 308 90 49,723 39,096 The average credit period on payables is 7 to 60 days (2021: 30 days). Interest is charged ranging from 0% to 18% per annum (2021: 0% to 15%) on the overdue ba lan |
Bank Loans
Bank Loans | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Bank Loans | 17 BANK LOANS December 31, December 31, S$’000 S$’000 Secured - at amortized cost: Bank loans — 16,810 Analysed between: Current portion Within 1 year — 13,847 Non-current Within 2 to 5 years — 2,963 — 16,810 Interest payable (included in bank loans) — 24 (i) Facility I: On September 18, 2018, TDCX SG entered into a financing facility with a financial institution lender and drew down a loan with principal amount of S$30.4 million. The facility bears an interest rate of 3% over the prevailing cost of funds for the financial institution lender (as determined by the financial institution lender). The bank loan is denominated in Singapore Dollars with 20 equal quarterly repayments commencing on January 17, 2019 and matures on October 17, 2023. This financing facility was refinanced on April 29, 2019 as described below. On April 29, 2019, TDCX SG entered into a revised credit facility with the financial institution lender to provide for borrowings in an aggregate amount of S$56.5 million that includes a S$7.6 million interest rate derivatives facility, a S$20.0 million advance facility, a S$27.4 million refinancing facility and a S$1.5 million banker’s guarantee. On October 1, 2019, this revised credit facility was further amended to, among other things, provide for a S$5.0 million foreign exchange facility and reduce the S$7.6 million interest rate derivatives facility to S$3.5 million. During the year ended December 31, 2020, TDCX SG has made repayments of S$6.0 million. On October 16, 2019 and March 18, 2020, TDCX SG drew down loans of S$10.0 million and S$7.0 million respectively from the advance facility. This advance facility bears an interest rate of 1.25% per annum over the prevailing cost of funds for the financial institution lender (as determined by the financial institution lender). The loans from the above advance facility have been fully repaid during the year ended December 31, 2021. On September 3, 2021, TDCX SG entered into a further revised credit facility with the financial institution lender, which provides for borrowings in an aggregate amount of S$43.7 million that includes a S$3.5 million interest rate derivatives facility, a S$5.0 million foreign exchange facility, a S$20.0 million advance facility, a S$13.7 million multi-currency specific advance facility (“MSAF”) and a S$1.5 million banker’s guarantee, as well as a US$2.0 million standby letter of credit. This further revised credit facility letter supersedes the financial institution lender’s previous credit facility letter on October 16, 2019. The MSAF is a revolving credit facility with nine equal quarterly reduction of S$1.5 million to its facility limit, commencing on October 19, 2021 until the MSAF is fully repaid on October 19, 2023. On November 18, 2021, the terms for the credit facilities were revised. As part of the revision, a corporate guarantee from the Company was provided as additional security. During the year ended December 31, 2022, TDCX SG fully repaid the MSAF. (ii) Facility II: On April 30, 2020, TDCX SG entered into a temporary bridging loan agreement with the same financial institution lender and subsequently on July 30, 2020, TDCX SG drew down a principal amount of S$5.0 million. The facility bears an interest rate of 2.5% per annum. The bank loan is denominated in Singapore Dollar with 53 equal monthly repayments commencing on March 1, 2021 and matures on August 1, 2025. During the year ended December 31, 2021, TDCX SG has made repayments of S$0.9 million. TDCX SG fully repaid the loan during the year ended December 31, 2022. The bank loans under Facility I and Facility II are secured by: (a) Guarantee from TDCXH; (b) Charge over a subsidiary’s pledged bank deposits; and (c) Corporate guarantee from the Company. The bank loans contain financial covenants which require TDCXH and TDCX SG to maintain the following: (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 2.0 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. No bank loans were outstanding at the end of the reporting period. (iii) Facility III: On August 30, 2019, a wholly-owned subsidiary in China entered into a credit letter agreement with a third-party financial institution. The credit letter agreement provides for a revolving credit line in an aggregate amount of S$2.5 million (12 million Chinese Yuan (“CNY”)). While the term of this agreement is not defined therein, the term of each withdrawal thereunder is no more than six months. The annual interest rate is the applicable one-year In addition to customary covenants and events of default, the subsidiary undertakes to maintain minimum net tangible assets of CNY18 million, not to pay any dividend to its shareholder or change its shareholding structure without the prior written consent of the financial institution and that any loan provided by its shareholder shall be subordinated to this facility agreement. The credit line granted under this facility agreement is guaranteed by a standby letter of credit with an amount of US$2 million issued by the financial institution lender in Facility I. (iv) Facility IV: On March 23, 2021, TDCX acquired 100% of TDCX KY from the Founder. As part of this transaction, TDCX entered into a term loan credit facility agreement with a third-party financial institution on March 16, 2021. The credit facility provided for borrowings in an aggregate amount of US$188 million. Contemporaneous with TDCX’s acquisition of the Founder’s shareholder interests in TDCX KY, TDCX drew upon the credit facility on March 23, 2021 and subsequently distributed all S$252 million (US$188 million) of the proceeds to the Founder (the “2021 Loan”). The 2021 Loan carried interest rate of 3.15% above 3-month 3-month Reconciliation of liabilities arising from financing activities The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash Bank loans Lease 8 S$’000 S$’000 At January 1, 2021 40,306 32,487 Financing cash flow (31,114 ) (19,632 ) Bank loan transaction cost 416 — Non-cash - Accrued interest 6,666 1,529 - Additions to lease liabilities — 6,863 - Lease modification — 16,099 - Currency alignment 536 (1,435 ) At December 31, 2021 16,810 35,911 Financing cash flow (17,057 ) (19,729 ) Bank loan transaction cost 50 — Non-cash - Accrued interest 170 1,554 - Additions to lease liabilities — 16,116 - Lease modification — 6,914 - Acquired on acquisition of a subsidiary — 176 - Currency alignment 27 (2,480 ) At December 31, 2022 — 38,462 |
Lease Liabilities
Lease Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Lease Liabilities | 1 8 LEASE LIABILITIES December 31, December 31, S$’000 S$’000 Minimum lease payments Amounts due for settlement within 12 months (shown under current liabilities) 17,818 14,550 Amounts due for settlement after 12 months and not later than 5 years 20,644 21,361 38,462 35,911 The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored by the Group’s management. Lease liabilities approximate fair value as of end of reporting period. |
Provision For Reinstatement Cos
Provision For Reinstatement Cost | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Provision For Reinstatement Cost | 1 9 PROVISION FOR REINSTATEMENT COST December 31, December 31, S$’000 S$’000 At beginning of year 8,047 6,069 Additions 802 2,673 Acquired on acquisition of a subsidiary 111 — Accretion, recognized in finance cost 136 158 Payment for reinstatement — (428 ) Currency alignment (242 ) (425 ) At end of year 8,854 8,047 Analyzed as: Current 5,282 3,663 Non-current 3,572 4,384 8,854 8,047 The provision is made based on management’s best estimate for the reinstatement cost for its leasehold improvements, taking into account recent quotes received from contractors. The provision is recognized as an addition to leasehold improvements (Note 13) and is depreciated over its estimated useful lives. |
Defined Benefit Obligation
Defined Benefit Obligation | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Defined Benefit Obligation | 20 DEFINED BENEFIT OBLIGATION A subsidiary in the Philippines is a participant in an unfunded, non-contributory s ving A subsidiary in Thailand has obligations in respect of the severance payments they must make to employees upon retirement under labour law. The subsidiary treats these severance payment obligations as a defined benefit plan. |
Deferred Tax Assets_Liabilities
Deferred Tax Assets/Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Deferred Tax Assets/Liabilities | 2 1 DEFERRED TAX ASSETS/LIABILITIES December 31, December 31, S$’000 S$’000 Deferred tax assets 3,463 1,943 Deferred tax liabilities (852 ) (1,507 ) 2,611 436 Following are the major deferred tax liabilities and assets recognized by the Group: Deferred tax asset (net) Provisions T Undistributed Others Total S$’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 ( 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 As of December 31, 2022, the Group’s undistributed earnings from certain non-U.S. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Share Capital | 22 SHARE CAPITAL 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 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 On May 21, 2021, the Company completed the following transactions which resulted in the increase in number of issued ordinary shares from one ordinary share to 123,500,000 ordinary shares: (i) A share split pursuant to which the one ordinary share was sub-divided (ii) An issuance of additional 123,490,000 ordinary shares for a nominal consideration of S$19,466 (US$12,349). Such issuance was accounted for as a share split. All references in the accompanying financial statements and related notes to the number of ordinary shares and per share data have been revised on a retroactive basis for all periods presented to reflect the effect of the above transactions. On September 7, 2021, TDCX Inc. filed a registration statement on Form F-1 follow-on Immediately prior to the completion of the offering, the Company has two classes of shares, the Class A ordinary shares and Class B ordinary shares. The authorized share capital upon immediately prior to the completion of the offering was US$50,000 divided into 500,000,000 shares comprising: (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. Each Class B ordinary share is convertible into one Class A ordinary share at any time at the option of the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Upon any sale, transfer, assignment or disposition of any Class B ordinary share by a shareholder to any person who is not an affiliate of such shareholder, or upon a change of ultimate beneficial ownership of any Class B ordinary share to any person who is not an affiliate of the registered shareholder of such Class B ordinary share, such Class B ordinary share will automatically and immediately convert into one Class A ordinary share. In addition, each Class B ordinary share will automatically and immediately convert into one Class A ordinary share, upon the earlier of the following: the date that is 15 years from September 30, 2021; or nine All 123,500,000 ordinary shares were automatically converted by way of re-designation one-for-one During the year ended December 31, 2022, 134,474 Class A ordinary shares were issued on vesting of the PSP share awards. In addition, 490,000 Class A ordinary shares were issued for the purpose of satisfying the vesting of warrants granted to a customer. Of this amount, 70,000 ADSs were issued to the customer due to the vesting of 70,000 warrants during the year. The remaining 420,000 ADSs held by the share depositary do not carry voting rights and entitlement to participate in dividends. 1,048,812 ADSs repurchased during the year ended December 31, 2022 (see Note 30) were included in the number of shares issued and fully paid as of December 31, 2022. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Share-Based Payments | 23 SHARE-BASED PAYMENTS During the years ended December 31, 2021 and December 31, 2022, the Group had the following share-based payment arrangements. The Group did not have such transactions during 2020. Performance Share Plan (equity-settled) On August 26, 2021, the board of directors approved and adopted the Performance Share Plan (the “PSP”) which allows the Group to offer ordinary shares or ADSs to eligible employees, officers, consultants and directors (“participants”) who fulfil certain performance criteria. Under the PSP, the number of ordinary shares or ADSs awarded shall no t exceed % of the total number of issued and outstanding shares of TDCX. The number of shares granted is calculated in accordance with the performance-based formula. The formula rewards eligible participants to the extent of the Group’s and the individual’s achievement judged against the following measures: (i) Adjusted EBITDA (ii) Group employee satisfaction score (iii) Group customer satisfaction score (iv) Total shareholder return The following represents the activity of the PSP awards during each period: 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 The awards granted during the year will vest in four tranches and each tranche has its own performance conditions and vesting period. The weighted average fair value of the share awards at the grant date was US$7.14 (2021: ). (2021: 2.15 years). The fair value of the shares awards has been measured using a Monte Carlo simulation model. The inputs into the model are as follows: 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 Expected volatility was determined by calculating the historical volatility of the share prices of comparable companies over the previous four years. The Group recognized expenses of S$19.5 million (2021: S$5.2 million, 2020: S$Nil) during the year in respect of the equity-settled share awards. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Revenue | 24 REVENUE 2022 2021 2020 S$’000 S$’000 S$’000 Over time Omnichannel CX solutions 384,184 334,047 273,174 Sales and digital marketing 166,506 114,718 66,235 Content, trust and safety 109,496 103,538 92,452 Other business process services 2,474 2,387 2,380 662,660 554,690 434,241 At a point in time Other services 1,460 508 482 664,120 555,198 434,723 During the year ended December 31, 2022, the Group’s “content monitoring and moderation” services were renamed as “content, trust and safety” services (see Note 35). |
Profit for the Year
Profit for the Year | 12 Months Ended |
Dec. 31, 2022 | |
Profit or loss [abstract] | |
Profit For The Year | 2 5 PROFIT FOR THE YEAR Profit for the year has been arrived at after charging (crediting): 2022 2021 2020 S$’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 |
Other Operating Income
Other Operating Income | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Other Operating Income | 2 6 OTHER OPERATING INCOME 2022 2021 2020 S$’000 S$’000 S$’000 Government grant and credit scheme subsidies 2,935 4,721 6,311 Rent concessions — — 521 Interest income from an associate — — 55 Gain on early termination of right-of-use assets — 29 171 Others 1,801 1,565 456 4,736 6,315 7,514 |
Income Tax Expenses
Income Tax Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Income Tax Expenses | 27 INCOME TAX EXPENSES 2022 2021 2020 S$’000 S$’000 S$’000 Income tax: Current year 37,275 24,862 19,488 Under (Over) provision of prior years 645 (34 ) (69 ) 37,920 24,828 19,419 Deferred tax: Current year (Note 21) (1,644 ) 1,514 (557 ) (Over) Under (1,034 ) (598 ) 67 (2,678 ) 916 (490 ) Foreign withholding tax 1,807 2,493 2,374 37,049 28,237 21,303 The income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of 17 17 17 2022 2021 2020 S$’000 S$’000 S$’000 Profit before income tax 141,987 132,079 107,397 Tax at the Singapore income tax rate 24,138 22,453 18,258 Tax effect of expenses that are not deductible in determining taxable profit 11,110 6,504 2,099 Overprovision in prior years (389 ) (632 ) (2 ) Tax exempt income (Note A) (7,298 ) (6,454 ) (2,274 ) Effect of different tax rates of subsidiaries operating in other jurisdictions (710 ) 15 (45 ) Deferred tax asset not recognized 2,001 2,440 1,263 Utilization of tax losses previously not recognized as deferred tax asset — — (364 ) (Utilization) Recognition of deferred tax on foreseeable dividends (910 ) 1,399 — Foreign withholding tax 1,807 2,493 2,374 Others (Note B) 7,300 19 (6 ) Tax expense for the year 37,049 28,237 21,303 Note A: Tax exempt income represent income of subsidiaries located in Singapore, Malaysia and Philippines that benefit from tax holiday. Refer to below for additional information on those subsidiaries tax holidays. Note B: In 2022, this mainly consists of the effect of a one-off “prosperity tax” enacted by the local government for the Malaysia operations and additional tax incurred by the Philippines operations due to its non-compliance of the work-from-home requirement for the period from April to October 2022. The Group entities have unutilized tax losses carry forward available for offsetting against future taxable income as follows: 2022 2021 2020 S$’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 No deferred tax asset has been recognized in respect of the tax losses carried forward from certain subsidiaries due to the uncertainty of future profit streams. The realization of the future income tax benefits from tax losses carried forwards is available for an unlimited future period subject to the compliance with conditions imposed by law and the relevant tax authorities. A subsidiary in Malaysia was awarded the Multimedia Super Corridor status in 2005 by the Ministry of Finance and Ministry of International Trade and Industry Malaysia, which entitles the subsidiary to enjoy customized tax incentive scheme. The scheme allows partial tax exemption for the subsidiary on the statutory income earned from its core operations for a certain period. The scheme was extended and customized for 5 years in 2015 and has expired on January 18, 2020. The subsidiary is currently in the process of obtaining the extension from Ministry of Finance and Ministry of International Trade and Industry Malaysia for the period from 2022 onward. The subsidiary has recognized income tax expense. A subsidiary in Philippines was registered as a PEZA Ecozone Information Technology (Export) Enterprise granted by the Philippine Economic Zone Authority (“PEZA”) which avails the subsidiary to the Income Tax Holiday (“ITH”) for a period o f years from the commencement of operations at the initial operational site in years 2015 to 2022 (2021: 2015 to 2021). The ITH period can be further extended for up to years with application to PEZA when stipulated conditions are met. Had the Group not enjoyed income tax holidays for the years ended December 31, 2020, 2021 and 2022, the increase in income tax expenses and resulting basic and diluted earnings per share amounts would have been as follows: 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 |
Basic And Diluted Earnings Per
Basic And Diluted Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Basic And Diluted Earnings Per Share | 2 8 BASIC AND DILUTED EARNINGS PER SHARE The calculation of the basic and diluted earnings per share attributable to the shareholders of the Group is based on the following data: 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 |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Dividends | 2 9 DIVIDENDS In 2020, the company declared tax-exempt |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Reserves | 30 RESERVES Reserves comprise of: (a) Translation reserves Exchange differences relating to the translation of the net assets of the Group’s foreign operations, which relate to subsidiaries only, from their functional currency into the Group’s presentation currency, being Singapore Dollars, are recognized directly in the translation reserves. (b) Legal reserves Legal reserve arose from: • a subsidiary in Thailand whereby, according to the Civil and Commercial Code of Thailand, an entity must appropriate at least one-twentieth one-tenth • subsidiaries in People’s Republic of China (“PRC”) whereby, accordingly to the laws applicable to the PRC Domestic Enterprises and PRC Foreign Investment Enterprises, the PRC subsidiaries must make annual appropriations of not less than 10% of after-tax profit after-tax profit non-distributable statutory (c) Share-based payment reserves The share-based payment reserves arose from the grant of share awards to employees under the Performance Share Plan (Note 23). (d) Other reserves Other reserves arose from the following: On September 19, 2018, TDCXH acquired 40% paid-up non-controlling On December 22, 2020, the Founder transferred his 100% equity interest in TDCXH to TDCX KY for a consideration of S$2. The transaction has been treated as an equity transaction between shareholders with the difference between the consideration and the book value of the equity interest in TDCXH recorded in other reserve. On March 23, 2021, the Founder transferred his 100% equity interest in TDCX KY to TDCX. As part of this transaction, TDCX drew upon its loan facility agreement in an aggregate amount of S$252 million (US$188 million) and subsequently distributed all the proceeds to the Founder. The transaction has been treated as common control transaction and was accounted for in a manner similar to a pooling of interest with assets and liabilities reflected at their historical amounts in the Group’s consolidated financial statements. The proceeds distributed to the Founder were accounted for as a distribution in the Company’s consolidated statement of changes in equity. As described in N 2 On March 14, 2022, the Company announced that the board of directors had approved a US$ 30 As of December 31, 2022, a total of 1,048,812 (December 31, 2021: nil |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Restricted Net Assets | 31 RESTRICTED NET ASSETS Some of TDCX’s consolidated subsidiaries have certain restrictions on their ability to pay dividends or make intercompany loans and advances pursuant to the following legal restrictions and financing arrangements: (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 30 (b) for further details. (3) Refer to Note 17 for the bank loan covenants for the restrictions. The balance of restricted net assets TDCX’s consolidated subsidiaries held was less than 25% of its consolidated net assets as of December 31, 2021 and December 31, 2022. |
Segmental Reporting
Segmental Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Segmental Reporting | 32 SEGMENTAL REPORTING Information reported to the Group’s chief operating decision maker (“CODM”), who are directors of the Group, in order to allocate resources and assess its performance, and for which discrete financial information is available, is based on each business unit’s performance located in each country where a set of similar services are offered. Country directors (i.e. segment managers) are responsible for performance of the respective country’s business units and are directly accountable to the Group’s CODM. Based on an overall evaluation of all facts and circumstances, and after combining operating segments with similar economic characteristics that comply with the aggregation criteria specified in IFRS 8 Operating segments, 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 Analysis of revenue and carrying amount of non-current The Group presents revenue by geographical location based on which office delivers the service, irrespective of the location of the customer engaging the Group’s services or location of the customer that the Group is interacting with. Non-current assets below exclude financial instruments and deferred tax assets. Revenue Non-current 2022 2022 2021 2020 December 31, December 31, 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 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 Information about major customers During the year, the Group had revenue transactions with major customers that amounted to more than 10% of the Group’s revenue as follows: 2022 2021 2020 S$’000 S$’000 S$’000 Customer A 246,281 237,595 160,625 B 120,378 104,629 102,003 C 81,794 62,830 54,585 D 68,037 * * 516,490 405,054 317,213 * Represents less than 10% of the Group’s revenue in 2021 and 2020. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Commitments | 33 COMMITMENTS Lease commitments for leases of low-value 2022 2021 2020 S$’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 As of December 31, 2022, the Company has an outstanding commitment to donate cash of up to S$ 1.0 nil |
Acquisition Of Subsidiary
Acquisition Of Subsidiary | 12 Months Ended |
Dec. 31, 2022 | |
Acquisition of Subsidiary [Abstract] | |
Acquisition of subsidiary | 34 ACQUISITION OF SUBSIDIARY On October 13, 2022, Teledirect Hong Kong Limited (“TDCX HK”, subsequently renamed TDCX (HK) Limited), a company incorporated in Hong Kong, China, became a wholly-owned subsidiary of the Group after 90 percent of its issued share capital was acquired by the Group. The principal activity of TDCX HK is provision of business process outsourcing services. TDCX HK qualifies as a business as defined in IFRS 3 Business Combinations The Group’s previously held interest of 10 percent of TDCX HK’s issued share capital (accounted for as investment in associate due to the Group having significant influence) was remeasured to its acquisition-date fair value and the resulting gain or loss was recognized in profit or loss. The total consideration was paid in cash. Contingent payments of up to $2.2 million are payable upon the satisfaction of certain conditions in 2023, 2024 and 2025. These contingent payments were assessed to be remuneration for post-combination services, and if materialized, will be recognized as remuneration cost. The amounts recognised in respect of the identifiable assets acquired and liabilities assumed at the date of acquisition measured based on a valuation performed by an independent valuer are as set out in the table below. On acquisition S$’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 Measurement of fair values The valuation techniques used for measuring the fair value of material assets acquired were as follows: 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. The fair value of the financial assets includes trade receivables with a fair value and a gross contractual value of S$2.3 million, none of which are expected to be uncollectible at the date of acquisition. The goodwill arising from the acquisition is attributable mainly to the skills and technical talent of the acquiree’s workforce, and the synergies expected to be achieved from integrating the acquiree into the Group’s existing business. None of the goodwill is expected to be deductible for income tax purposes. Acquisition-related costs were not significant. As the impact of this acquisition was not considered significant to the Group’s consolidated financial statements, pro-forma financial information assuming the acquisition had been completed on the first day of the financial year has not been provided. This acquisition’s contribution to the Group’s revenue and profit was not material post-acquisition. |
Reclassifications
Reclassifications | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Reclassifications | 35 RECLASSIFICATIONS During the year ended December 31, 2022, the Group’s “content monitoring and moderation” services were renamed as “content, trust and safety” services. The change reflects the industry’s broader view that content moderation services are part of a larger group of services that includes other trust and safety related services and helps enhance the Group’s ability to track performance. Revenue for trust and safety related services that were previously classified under omnichannel CX solutions and other service fees respectively are now reported as content, trust and safety services. As a result of the above, the prior year presentation was adjusted to reflect such presentation. Refer to the table below for more details. Revenue 2021 2020 S$’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 peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Events after the reporting period | 36 EVENTS AFTER THE REPORTING PERIOD On March 29, 2023, the Company increased its investment in Mangrove by US$17.9 million, funded with existing cash balance. Accordingly, the carrying amount of financial assets measured at fair value through profit or loss (Note 12) increased by the same amount. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Basis of Accounting | BASIS OF ACCOUNTING – The consolidated financial statements have been prepared in accordance with IFRS issued by International Accounting Standards Board (“IASB”). The financial statements have been prepared in accordance with the historical cost basis, except as disclosed in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 Share-based Payment Leases , Impairment of Assets In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. The principal accounting policies adopted are set out below. GOING CONCERN – The directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
Basis of Consolidation | BASIS OF CONSOLIDATION – The consolidated financial statements incorporate the financial statements of the Company and entities (including structure d • has power over the investee; • is exposed, or has rights, to variable returns from its involvement with the investee; and • has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the company’s voting rights in an investee are sufficient to give it power, including: • the size of the company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; • potential voting rights held by the company, other vote holders or other parties; • rights arising from other contractual arrangements; and • any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Non-controlling non-controlling non-controlling acquisition-by-acquisition non-controlling non-controlling non-controlling Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling non-controlling non-controlling Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling non-controlling When the Group loses control of a subsidiary, the gain or loss on disposal recognized in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling Financial Instruments |
Business Combinations | BUSINESS COMBINATIONS - At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognized and measured in accordance with IAS 12 Income Taxes Employee Benefits Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Other contingent consideration is remeasured to fair value at subsequent reporting dates with changes in fair value recognised in profit or loss. When a business combination is achieved in stages, the Group’s previously held interests (including joint operations) in the acquired entity are remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that interest were disposed of. Goodwill Goodwill is initially recognised and measured as set out above. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Intangible assets acquired in a business combination Intangible assets acquired in a business combination and recognised separately from goodwill are recognized initially at their fair value at the acquisition date (which is regarded as their cost). Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Amortization is recognized so as to write off the cost of intangible assets, over their estimated useful lives, using the straight-line method, on the following bases: Years Customer relationships 10 years An intangible asset is derecognized on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are |
Associate | ASSO The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the profit or loss and other comprehensive income of the associate. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognized immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 28 Investments in Associate and Joint Ventures When a Group entity transacts with an associate of the Group, profits and losses resulting from the transactions with the associate are recognized in the Group’s consolidated financial statements only to the extent of interests in the associate that are not related to the Group. |
Financial Instruments | FINANCIAL INSTRUMENTS – Financial assets and financial liabilities are recognized on the statement of financial position when the Group becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets and financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Financial assets Classification of financial assets Debt instruments mainly comprise bank balances and trade and other receivables which meet the following conditions and are subsequently measured at amortized cost: • The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows only; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (FVTOCI): • The financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Debt instruments that do not meet the amortized cost criteria or the fair value through other comprehensive income (“FVTOCI”) criteria are classified as fair value through profit or loss (“FVTPL”). Investments in equity instruments are classified as at FVTPL, unless the Group irrevocably elects to designate an equity investment that is neither held for trading nor a contingent consideration arising from a business combination as at FVTOCI on initial recognition. The Group has elected to designate the investment in equity instrument at FVTPL as disclosed in Note 12. Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset. Amortized cost and effective interest method The effective interest method is a method of calculating the amortized cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses, through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortized cost of a financial asset before adjusting for any loss allowance. Interest income is recognized using the effective interest method for debt instruments measured subsequently at amortized cost, except for short-term balances when the effect of discounting is immaterial. Cash and cash equivalents Cash and cash equivalents in the statement of cash flows comprise cash on hand and demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value, with original maturities of three months or less. Impairment of financial assets The Group recognizes a loss allowance for expected credit losses (“ECL”) on trade and other receivables. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognizes lifetime ECL for trade receivables. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial instruments, the Group recognizes lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as of the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking information considered includes the future prospects of the industries in which the Group’s debtors operate, as well as consideration of various external sources of actual and forecast economic information that relate to the Group’s core operations. The Group presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 90 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. The Group assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if i) the financial instrument has a low risk of default, ii) the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and iii) adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations. The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due. Definition of default The Group considers for internal credit risk management purposes and based on historical experience, that an event of default to have occurred when there is information obtained from internal or external sources that indicates the debtor is unlikely to pay its creditors, including the Group. Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than 120 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. These events include evidence that there is significant financial difficulty of the debtors or it is becoming probable that the debtor will enter bankruptcy. Write-off The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognized in profit or loss. Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. If the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to 12-month The Group recognizes an impairment loss or a reversal thereof in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account. Derecognition of financial assets The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and a collateralized borrowing for the proceeds received. On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. |
Financial liabilities and equity instruments | Financial liabilities and equity instruments Classification as debt or equity Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. Other payables and bank loans Other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at amortized cost, using the effective interest method, with interest expense recognized on an effective yield basis, except for short-term payables when the recognition of interest would be immaterial. Interest-bearing loans are initially recognized at fair value, and are subsequently measured at amortized cost, using the effective interest method. Derecognition of financial liabilities The Group derecognizes financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. |
Plant and Equipment | PLANT AND EQUIPMENT – Plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is recognized so as to write off the cost of assets, over their estimated useful lives, using the straight-line method, on the following bases: 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 The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Depreciation of plant and equipment in progress commences when the assets are ready for their intended use. The estimated useful lives, residual value and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. Fully depreciated assets still in use are retained in the financial statements. A plant or equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal or retirement of a plant and equipment is determined as the difference between the sales proceeds and the carrying amounts of the asset and is recognized in profit or loss. |
Impairment of Tangible Assets | IMPAIRMENT OF TANGIBLE ASSETS – At the end of each reporting period, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognized in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized in profit or loss to the extent that it eliminates the impairment loss which has been recognized for the asset in prior years immediately. |
Provisions | PROVISIONS – Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all other economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Leases | LEASES The Group as a lessee The Group leases office space to run its operation. The Group assesses whether a contract is or contains a lease, at inception of the contract on the basis of whether the customer has the right to control the use of an identified asset for a period of time in exchange for consideration. The Group recognizes a right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payment shall be discounted using the interest rate implicit in the lease. If the interest rate implicit in the lease cannot be readily determined, the Group uses the incremental borrowing rate. The Group’s incremental borrowing rate is determined based on the interest rate of the Group’s bank loans if the Group would have to pay to borrow over a similar term and with a similar security the funds necessary to obtain an asset of a similar value of the right-of-use Lease payments included in the measurement of the lease liability comprise: • Fixed lease payments (including in-substance • The amounts expected to be payable by the lessee under residual value guarantees; • The exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and • Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line (current and non-current) The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group re-measures right-of-use • The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. • The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). • A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The right-of-use Whenever the Group incurs an obligation for costs to dismantle and remove a lease improvement asset and restores the underlying lease assets to their original condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37 Provisions, Contingent Liabilities and Contingent Assets right-of-use Right-of-use right-of-use right-of-use The right-of-use The Group applies IAS 36 to determine whether a right-of-use |
Revenue Recognition | REVENUE RECOGNITION – Revenue is measured based on the consideration specified in a contract with a customer and recognized as and when control of a service is transferred to a customer. Revenues are recognized upon the application of the following steps: 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. The Group enters into master services agreements and statements of work which set out the details of the work streams for each campaign to be provided to the customers. The work streams are generally capable of being distinct and accounted for as separate performance obligations. Based on the transaction price as set up in the agreement for each performance obligation, the Group will invoice the customers on a monthly basis as each performance obligation is satisfied after agreeing with the customers on any fee adjustments based on whether the Group meets (or fails to meet) certain key performance indicators (where applicable) during that month. The Group recognizes the revenue using the right to invoice practical expedient as the output method because the amount it has the right to invoice corresponds directly with the value to the customer of the Group’s performance completed to date, and any variable consideration would be resolved at the point of billing. A contract asset is recorded when revenue is recognized prior to invoicing and a contract liability is recorded when the Group invoices the customers prior to satisfying the performance obligations. The contracts do not include a significant financing component as the normal credit term is between 30 to 90 days. Revenue recognized from contracts with customers is disaggregated into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. • Omnichannel CX solutions – The Group provides omnichannel CX solutions by providing information about its clients, products and services to their customers. The objective is to help its clients manage their relationships with their customers. This includes technical support for software, consumer electronic devices and telemarketing campaigns. Customer contact occurs through phone call, online chat, SMS, email and a variety of other channels and are typically on general enquiries or after-sales service issue resolution. Each service is viewed as one performance obligation and revenue is recognized over time by using the output method when the performance obligation is satisfied on a monthly basis measured by the value of the service performed to date. • Sales and digital marketing – The Group provides sales and digital marketing services through contacts made by the Group’s sales and digital marketing agents with the objective to promote and sell the products of its customers. This primarily involves helping the digital advertising platform clients to attract more advertisers and grow their Internet and social media advertising businesses. Each scope of service is viewed as one performance obligation and revenue is recognized over time by using the output method when the performance obligation is satisfied on a monthly basis measured by the value of the service performed to date. • Content, trust and safety services – These services comprise content monitoring and moderation services, trust and safety services and data annotation services. Content monitoring and moderation service involves the review of content submission for violation of terms of use or non-compliant with the specifications and guidelines provided by clients. Trust and safety services entails Group’s dedicated and trained resources in assisting clients to verify, detect and prevent incidences of fraudulent use of clients’ tools so as to promote users’ confidence in using Group clients’ platforms and tools. Data annotation services provided by the Group serves to support the development of the Group’s clients’ efforts in machine learning and automation initiatives and projects. Revenue is recognized over time by using the output method when the performance obligation is satisfied on a monthly basis measured by the value of the service performed to date. • Other business process services – The Group provides other services comprising workspace through provision of fully equipped and serviced workstations, provision of payroll and human resource administration services to some of its customers and other business processing services. Revenue is recognized over time when the performance obligation is satisfied on a monthly basis measured by the value of the service performed to date. The value of the service performed is determined based on the hours incurred multiplied by a fixed rate as stipulated in the contract. Any variabilities in the transaction price are resolved before each billing. Consideration payable to a customer is deducted from the transaction price if the Group does not receive a separate identifiable benefit from the customer. When consideration is variable, the estimated amount is included in the transaction price to the extent that it is highly probable that a significant reversal of the cumulative revenue will not occur when the uncertainty associated with the variable consideration is resolved. On September 2, 2022, the Company entered into a warrant agreement with a customer, whereby the Company granted the customer warrants to purchase up to 490,000 of the Company’s American Depositary Shares (“ADS”) subject to vesting over a fixed number of years, adjustment and other terms and conditions set forth therein. The vesting of the warrants is subject to satisfaction of certain fee milestones with respect to services provided to the customer under the Master Services Agreement which commenced August 1, 2021. These warrants are accounted for as variable non-cash consideration payable to the customer. The fair value of the variable non-cash consideration payable to the customer is measured by reference to the observable share price of the Company on September 2, 2022. The most likely number of shares that will vest and become exercisable is determined at the end of each reporting period and is used to determine the reduction of revenue which is recognised as the related services are provided to the customer. The Group has elected to apply the practical expedient provided in IFRS 15 Revenue from contracts with customers The Group incurred certain costs such as personnel and travel costs, hiring, onboarding and training employees and capital expenditures incurred in infrastructure, renovation and leases of office space which are incidental to its contracts with the customers. IFRS 15 requires an entity to recognize an asset from the costs incurred to fulfil a contract with a customer if the costs are not within the scope of another IFRS Standard, and only if those costs meet all the following criteria: • the costs relate directly to a contract or to an anticipated contract that the Group can specifically identify; • the costs generate or enhance resources of the Group that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and • the costs are expected to be recovered. The Group recognized costs as expenses as they are incurred when they relate to personnel and travelling, hiring and training employees when they do not meet the criteria above. In cases where the start-up Property Plant and Equipment . Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. |
Government Grants | GOVERNMENT GRANTS – Government grants are not recognized until there is reasonable assurance that the Group will comply with the conditions attached to them and the grants will be received. Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable. |
Borrowing Costs | BORROWING COSTS – All borrowing costs are recognized in profit or loss in the period in which they are incurred. |
Retirement Benefit Costs | RETIREMENT BENEFIT COSTS – Payments to defined contribution retirement plan are charged as an expense when employees have rendered the services entitling them to the contributions. Payments made to state-managed retirement benefit schemes, such as the Singapore Central Provident Fund, are dealt with as payments to defined contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. For defined benefit retirement plan, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out as of each reporting date. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Remeasurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Gains or losses on settlement of a defined benefit plan are recognized when the settlement occurs. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized as follows: • Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements); • Net interest expense or income; and • Remeasurement. The Group presents the first two components of defined benefit costs in profit or loss in the line item employee benefits expense. Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plan. A liability for a termination benefit is recognized at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognizes any related restructuring costs. |
Employee Leave Entitlement | EMPLOYEE LEAVE ENTITLEMENT – Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the end of the reporting period. |
Income Tax | INCOME TAX – Income tax expense represents the sum of the tax currently payable and deferred tax. Tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statement of profit or loss and other comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not taxable or tax deductible. The Group’s liability for current tax is calculated using tax rates (and tax laws) that have been enacted or substantively enacted in countries where the Group and subsidiaries operate by the end of the reporting period. A provision is recognized for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgment of tax professionals within the Group supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. Deferred tax is recognized on the differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realized based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax are recognized as an expense or income in profit or loss, except when they relate to items that are recognized other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. |
Share-Based Payments | SHARE-BASED PAYMENTS – Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based 3 The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based For cash-settled share-based payments, a liability is recognized for the goods or services acquired, measured initially at the fair value of the liability. At each reporting date until the liability is settled, and at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the year. No further disclosures are provided for the Group’s cash-settled share-based payment arrangement because the amounts involved are not material. |
Earnings Per Share | EARNINGS PER SHARE – The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares outstanding during the year, adjusted for own shares held, if any. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding, adjusted for own shares held, if any, for the effects of all dilutive potential ordinary shares. |
Segment Reporting | SEGMENT REPORTING – An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. Based on an overall evaluation of all facts and circumstances, and after combining operating segments with similar economic characteristics that comply with the aggregation criteria specified in IFRS 8 Operating segments |
Foreign Currency Transactions and Translation | FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION – The individual financial statements of each Group entity are measured and presented in the currency of the primary economic environment in which the entity operates (its functional currency). The functional currency of the Company is United States Dollar. The consolidated financial statements of the Group are presented in Singapore Dollar. In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at the end of the reporting period. Non-monetary Non-monetary Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in profit or loss for the period. Exchange differences arising on the retranslation of non-monetary non-monetary non-monetary For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations (including comparatives) are expressed in Singapore Dollars using exchange rates prevailing at the end of the reporting period. Income and expense items (including comparatives) are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in a separate component of equity under the header of foreign currency translation reserve. Exchange differences arising from the translation of the net investment in foreign entities (including monetary items that, in substance, form part of the net investment in foreign entities) and of borrowings, are recognized in other comprehensive income and accumulated in a separate component of equity under the header of translation reserve. |
Convenience Translation | CONVENIENCE TRANSLATION – The translations of Singapore Dollar amounts into United States Dollar amounts for the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, consolidated statement of cash flows, and segmental reporting as disclosed in Note 3 2 1.3446 s of |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Summary of estimated useful lives of property plant and equipment | Depreciation is recognized so as to write off the cost of assets, over their estimated useful lives, using the straight-line method, on the following bases: 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 |
Summary of estimated useful lives of intangible assets | Amortization is recognized so as to write off the cost of intangible assets, over their estimated useful lives, using the straight-line method, on the following bases: Years Customer relationships 10 years |
Financial Instruments, Financ_2
Financial Instruments, Financial Risks and Capital Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of financial instruments | The following table sets out the financial instruments as of December 31, December 31, 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 |
Summary of current risk grading framework | Cash and cash equivalents are placed with credit-worthy financial institutions with high credit ratings assigned by international credit-rating agencies and therefore credit risk is limited. The Group has adopted procedures in extending credit terms to customers and monitoring its credit risk. Credit evaluations are performed on customers requiring credit over a certain amount. Before accepting any new customer, the Group carries out research on the credit risk of the new customer and assesses the potential customer’s credit quality and defines credit limits by customer. Limits attributed to customers are reviewed when necessary. The Group’s current credit risk grading framework comprises the following categories: Category Description Basis for recognising ECL Performing The counterparty has a low risk of default and does not have any past-due 12-month Doubtful Amount is more than 90 days past due or there has been a significant increase in credit risk since initial recognition. Lifetime ECL— 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 |
Summary of credit quality of the financial assets and credit risk rating grade | The table below details the credit quality of the Group’s financial assets (excluding cash and cash equivalents) and contract assets, as well as maximum exposure to credit risk by credit risk rating grades: Note Internal credit rating 12-month Gross Loss Net carrying 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 — |
Summary of Monetary assets and liabilities denominated in foreign currencies | The Group has operations in different jurisdictions and transacts in various foreign currencies. At the end of reporting periods, the carrying amounts of significant monetary assets and monetary liabilities denominated in currencies other than the respective Group entities’ functional currencies are as follows: 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 |
Summary of remaining contractual maturity for non-derivative financial liabilities | The following table details the remaining contractual maturity for non-derivative Weighted average interest rate On demand Within Within 5 years Total Adjustment Carrying % S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 December 31, 2022 Non-interest — 47,040 — — — 47,040 — 47,040 Lease liabilities (fixed rate) 1.48% to 9.75% 19,869 19,706 3,667 — 43,242 (4,780 ) 38,462 December 31, 2021 Non-interest — 36,637 — — — 36,637 — 36,637 Variable interest rate instruments 1.7% to 3.3% 12,091 — — — 12,091 — 12,091 Fixed interest rate Instruments 2.5% to 4.85% 1,837 2,317 747 — 4,901 (182 ) 4,719 Lease liabilities (fixed rate) 1.6% to 8.8% 15,884 19,210 3,104 — 38,198 (2,287 ) 35,911 |
Remuneration Of Key Managemen_2
Remuneration Of Key Management Personnel (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Remuneration Of Directoes And Other Members Of Key Management Personnel | The remuneration of directors and other members of key management personnel during the years were as follows: 2022 2021 2020 S$’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 |
Cash And Cash Equivalents (Tabl
Cash And Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Summary Of Detailed Information About Cash And Cash Equivalents | December 31, December 31, 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 |
Fixed And Pledged Deposits - (T
Fixed And Pledged Deposits - (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fixed And Pledged Deposits [Abstract] | |
Disclosure In Tabular Form Of Fixed And Pledged Deposits | December 31, December 31, 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 |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other current receivables [abstract] | |
Summary of trade receivables | December 31, December 31, S$’000 S$’000 Outside parties 88,808 92,561 |
Summary of risk profile of trade receivables from contracts with customers | The following table details the risk profile of trade receivables from contracts with customers based on the Group’s provision matrix. As the Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group’s different customer base. Trade receivables – days past due Current 1 – 30 31 – 60 61 – 90 > 90 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 31 – 60 61 – 90 > 90 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 |
Contract Assets (Tables)
Contract Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Contract assets [abstract] | |
Summary of Contracts Assets | December 31, December 31, January 1, S$’000 S$’000 S$’000 Unbilled receivables 58,808 49,365 46,842 |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Other Receivables | December 31, December 31, S$’000 S$’000 Prepayments 5,563 6,395 Deposits 9,186 7,476 Others 6,155 4,120 20,904 17,991 Analysed as: Current 15,885 13,220 Non-current 5,019 4,771 20,904 17,991 |
Financial Assets Measured At _2
Financial Assets Measured At Fair Value Through Profit Or Loss - (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss [Abstract] | |
Summary Of Financial Assets At Fair Value Through Profit Or Loss | December 31, December 31, S$’000 S$’000 Financial assets measured at fair value through profit or loss 29,776 23,983 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Plant and Equipment | Leasehold Furniture Office equipment Equipment-in- Total S$’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 |
Right Of Use Assets (Tables)
Right Of Use Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Right of use Assets [Abstract] | |
Summary of Information about Right of Use Assets | Office space S$’000 Cost: At January 1, 2021 53,286 Additions 6,863 Expired and early termination (1,902 ) Lease modification 16,128 Currency alignment (2,365 ) At December 31, 2021 72,010 Additions 15,973 Acquired on acquisition of a subsidiary 165 Expired (2,373 ) Lease modification 6,914 Currency alignment (5,016 ) At December 31, 2022 87,673 Accumulated depreciation: At January 1, 2021 24,065 Depreciation for the year 17,768 Expired and early termination (1,902 ) Currency alignment (1,081 ) At December 31, 2021 38,850 Depreciation for the year 18,755 Expired (2,373 ) Currency alignment (2,795 ) At December 31, 2022 52,437 Carrying amount: At December 31, 2021 33,160 At December 31, 2022 35,236 |
Summary of Right of Use Assets Amount Recognized in Profit and Loss | Amount recognized in profit and loss 2022 2021 2020 S$’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 The Group leases office space with lease term ranging from 1 to 5 years. During the year ended |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |
Goodwill And Customer Relationship | Goodwill Customer s Total 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 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables [abstract] | |
Summary of Other Payables | December 31, December 31, S$’000 S$’000 Outside parties 47,040 36,547 Deferred grant income 2,375 2,459 Others 308 90 49,723 39,096 |
Bank Loans (Tables)
Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of Bank Loan | December 31, December 31, S$’000 S$’000 Secured - at amortized cost: Bank loans — 16,810 Analysed between: Current portion Within 1 year — 13,847 Non-current Within 2 to 5 years — 2,963 — 16,810 Interest payable (included in bank loans) — 24 |
Summary of Reconciliation of Liabilities Arising from Financing Activities | Bank loans Lease 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 - 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 - 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 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Maturity Analysis of Operating Lease Payments | December 31, December 31, S$’000 S$’000 Minimum lease payments Amounts due for settlement within 12 months (shown under current liabilities) 17,818 14,550 Amounts due for settlement after 12 months and not later than 5 years 20,644 21,361 38,462 35,911 |
Provision For Reinstatement C_2
Provision For Reinstatement Cost (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Detailed Information About Provision for Reinstatement Cost Explanatory | December 31, December 31, S$’000 S$’000 At beginning of year 8,047 6,069 Additions 802 2,673 Acquired on acquisition of a subsidiary 111 — Accretion, recognized in finance cost 136 158 Payment for reinstatement — (428 ) Currency alignment (242 ) (425 ) At end of year 8,854 8,047 Analyzed as: Current 5,282 3,663 Non-current 3,572 4,384 8,854 8,047 |
Deferred Tax Assets_Liabiliti_2
Deferred Tax Assets/Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Deferred Tax Assets (Liabilities) | December 31, December 31, S$’000 S$’000 Deferred tax assets 3,463 1,943 Deferred tax liabilities (852 ) (1,507 ) 2,611 436 |
Summary of Major Deferred Tax Liabilities and Assets Recognized by the Group | Following are the major deferred tax liabilities and assets recognized by the Group: Deferred tax asset (net) Provisions T Undistributed Others Total S$’000 S$’000 S$’000 S$’000 S$’000 At January 1, 2021 1,078 34 — 339 1,451 Credit (charge) to profit or loss (Note 27) 46 (158 ) (1,402 ) — (1,514 ) Over ( nder ) 707 (109 ) — — 598 Currency alignment (81 ) (40 ) — 22 (99 ) At December 31, 2021 1,750 (273 ) (1,402 ) 361 436 (Charge) credit to profit or loss (Note 27) (116 ) 475 874 411 1,644 Over (Under) provision in prior years (Note 27) 1,070 (36 ) — — 1,034 Acquired on acquisition of a subsidiary (Note 34) — — — (317 ) (317 ) Currency alignment (235 ) 4 — 45 (186 ) At December 31, 2022 2,469 170 (528 ) 500 2,611 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Classes of Share Capital | Class A Class B Undesignated Total Number of shares issued and fully paid: At January 1, 2021 — — 123,500,000 123,500,000 Re-designation — 123,500,000 (123,500,000 ) — Issuance of shares 22,262,800 — — 22,262,800 At December 31, 2021 22,262,800 123,500,000 — 145,762,800 Issuance of shares 624,474 — — 624,474 At December 31, 2022 22,887,274 123,500,000 — 146,387,274 Number of shares authorized: At December 31, 2021 50,000,000 200,000,000 250,000,000 500,000,000 At December 31, 2022 50,000,000 200,000,000 250,000,000 500,000,000 |
Summary of Share Capital | Class A Class B Undesignated Total S$’000 S$’000 S$’000 S$’000 Amount of outstanding shares issued: At December 31, 2021 3 16 — 19 At December 31, 2022 3 16 — 19 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) - Equity Settled Performance Share Plan [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | |
Summary of cash payment is determined based on the value of the closing share price of the Company's ordinary shares upon vesting | The following represents the activity of the PSP awards during each period: 2022 2021 Number of share awards Outstanding at the beginning of the year 1,508,855 — Granted during the year 4,106 1,508,855 Vested during the year (134,474 ) — Forfeited during the year (116,906 ) — Outstanding at the end of the year 1,261,581 1,508,855 |
Summary of fair value of the phantom share awards has been measured using a Monte Carlo simulation model | The inputs into the model are as follows: 2022 2021 Expected volatility 34.8% 29.0% Expected term 0.54 to 2.54 years 0.45 to 3.45 years Risk free rate 4.0% - 4.3% 0.1% - 0.9% Expected dividend yield Nil Nil |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Revenue | 2022 2021 2020 S$’000 S$’000 S$’000 Over time Omnichannel CX solutions 384,184 334,047 273,174 Sales and digital marketing 166,506 114,718 66,235 Content, trust and safety 109,496 103,538 92,452 Other business process services 2,474 2,387 2,380 662,660 554,690 434,241 At a point in time Other services 1,460 508 482 664,120 555,198 434,723 |
Profit for the Year (Tables)
Profit for the Year (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Profit or loss [abstract] | |
Summary of Profit for the year | Profit for the year has been arrived at after charging (crediting): 2022 2021 2020 S$’000 S$’000 S$’000 Gain on disposal of a subsidiary — — 731 Share of profit from an associate 139 101 196 Included in employee benefits expense: Wages, salaries, bonuses and other benefits 399,995 322,539 249,157 Defined contribution plan 16,021 11,741 8,828 Equity-settled share-based payment expense 19,465 5,204 — Cash-settled share-based payment expense 869 199 — Included in interest expense: Interest on bank loans 170 6,666 1,344 Interest expense on lease liabilities 1,554 1,529 1,559 Accretion on provision for reinstatement cost 136 158 141 Others 76 61 14 Included in other operating expense: Professional fees 4,646 3,737 6,135 Utilities expense 2,599 2,131 1,953 Foreign exchange (gain) loss — net (1,716 ) (1,375 ) 1,753 Forfeiture of office lease deposit — — 1,094 |
Other Operating Income (Tables)
Other Operating Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Other Operation Income | 2022 2021 2020 S$’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 |
Income Tax Expenses (Tables)
Income Tax Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Major Components of Income Tax Income (Expense) | 2022 2021 2020 S$’000 S$’000 S$’000 Income tax: Current year 37,275 24,862 19,488 Under (Over) provision of prior years 645 (34 ) (69 ) 37,920 24,828 19,419 Deferred tax: Current year (Note 21) (1,644 ) 1,514 (557 ) (Over) Under (1,034 ) (598 ) 67 (2,678 ) 916 (490 ) Foreign withholding tax 1,807 2,493 2,374 37,049 28,237 21,303 |
Summary of Reconciliation of Income Tax Expense (Income) | The income tax expense varied from the amount of income tax expense determined by applying the Singapore income tax rate of 17 17 17 2022 2021 2020 S$’000 S$’000 S$’000 Profit before income tax 141,987 132,079 107,397 Tax at the Singapore income tax rate 24,138 22,453 18,258 Tax effect of expenses that are not deductible in determining taxable profit 11,110 6,504 2,099 Overprovision in prior years (389 ) (632 ) (2 ) Tax exempt income (Note A) (7,298 ) (6,454 ) (2,274 ) Effect of different tax rates of subsidiaries operating in other jurisdictions (710 ) 15 (45 ) Deferred tax asset not recognized 2,001 2,440 1,263 Utilization of tax losses previously not recognized as deferred tax asset — — (364 ) (Utilization) Recognition of deferred tax on foreseeable dividends (910 ) 1,399 — Foreign withholding tax 1,807 2,493 2,374 Others (Note B) 7,300 19 (6 ) Tax expense for the year 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. |
Summary of Unutilized Tax Losses Carryforward Available For Offsetting Against Future Taxable Income | The Group entities have unutilized tax losses carry forward available for offsetting against future taxable income as follows: 2022 2021 2020 S$’000 S$’000 S$’000 Tax losses carried forward 22,538 20,527 10,957 Deferred tax asset on above unrecorded 6,804 4,803 2,363 |
Summary of Increase In Income Tax Expenses And Resulting Basic And Diluted Per Share | Had the Group not enjoyed income tax holidays for the years ended December 31, 2020, 2021 and 2022, the increase in income tax expenses and resulting basic and diluted earnings per share amounts would have been as follows: 2022 2021 2020 S$’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 |
Basic And Diluted Earnings Pe_2
Basic And Diluted Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Schedule of Basic And Diluted Earnings Per Share Attributable to the Shareholders | The calculation of the basic and diluted earnings per share attributable to the shareholders of the Group is based on the following data: 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 |
Segmental Reporting (Tables)
Segmental Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Operating Segments | The information below includes information about the Group’s products and services, geographical areas, and major customers. 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 |
Summary of Geographical Areas | The Group presents revenue by geographical location based on which office delivers the service, irrespective of the location of the customer engaging the Group’s services or location of the customer that the Group is interacting with. Non-current assets below exclude financial instruments and deferred tax assets. Revenue Non-current 2022 2022 2021 2020 December 31, December 31, 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 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 |
Summary of Major Customers | During the year, the Group had revenue transactions with major customers that amounted to more than 10% of the Group’s revenue as follows: 2022 2021 2020 S$’000 S$’000 S$’000 Customer A 246,281 237,595 160,625 B 120,378 104,629 102,003 C 81,794 62,830 54,585 D 68,037 * * 516,490 405,054 317,213 * Represents less than 10% of the Group’s revenue in 2021 and 2020. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Lease Commitments | Lease commitments for leases of low-value 2022 2021 2020 S$’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 |
Acquisition of Subsidiary (Tabl
Acquisition of Subsidiary (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Acquisition of Subsidiary [Abstract] | |
Summary of identifiable assets acquired and liabilities assumed | The amounts recognised in respect of the identifiable assets acquired and liabilities assumed at the date of acquisition measured based on a valuation performed by an independent valuer are as set out in the table below. On acquisition S$’000 Current assets Cash and cash equivalent s 916 Trade receivable s 2,336 Contract assets 115 Other receivables 425 Non-current assets Plant and equipment 721 Right-of-use assets 165 Other receivables 40 Customer relationships 1,867 Current liabilities Trade and other payable s (1,301 ) Provision for reinstatement cost (111 ) Lease liabilities (176 ) Income tax payable (172 ) Non-current liability Deferred tax liability (317 ) Fair value of identifiable assets acquired net of liabilities assumed 4,508 Total consideration transferred 5,130 Fair value of pre-existing interest in the acquiree 435 Less: Fair value of identifiable assets acquired net of liabilities assumed (4,508 ) Goodwill arising on acquisition 1,057 Consideration paid in cash 5,130 Less: Cash and cash equivalent balances acquired (916 ) Net cash outflow arising on acquisition 4,214 |
Reclassifications (Tables)
Reclassifications (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Services Provided by Amount | As a result of the above, the prior year presentation was adjusted to reflect such presentation. Refer to the table below for more details. Revenue 2021 2020 S$’000 S$’000 Before the change: Omnichannel CX solutions 346,582 283,427 Sales and digital marketing 114,718 66,235 Content monitoring and moderation 85,890 80,170 Other business process services and other services 8,008 4,891 555,198 434,723 After the change: Omnichannel CX solutions 334,047 273,174 Sales and digital marketing 114,718 66,235 Content, trust and safety 103,538 92,452 Other business process services and other services 2,895 2,862 555,198 434,723 |
General - Additional Informatio
General - Additional Information (Detail) - SGD ($) | Mar. 23, 2021 | Dec. 22, 2020 | Jan. 31, 2019 | Sep. 19, 2018 |
TDCXH [Member] | ||||
Disclosure of General Information About Financial Statements [Line Items] | ||||
Percentage of equity interest acquired | 100% | 40% | ||
Cash consideration | $ 2 | |||
Founder [Member] | ||||
Disclosure of General Information About Financial Statements [Line Items] | ||||
Percentage of reduction in equity interest through cancellation of of shares in subsidiary | 60% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Sep. 02, 2022 shares | |
Disclosure of Property Plant and Equipment Estimated Useful Lives [Line Items] | ||
Description of significant payment terms in contracts with customers | The contracts do not include a significant financing component as the normal credit term is between 30 to 90 days. | |
American Depositary Shares [Member] | ||
Disclosure of Property Plant and Equipment Estimated Useful Lives [Line Items] | ||
Number of securities called by warrants or rights | 490,000 | |
Singapore Dollar to USD [member] | ||
Disclosure of Property Plant and Equipment Estimated Useful Lives [Line Items] | ||
Rate of exchange | 1 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Leasehold improvements [member] | |
Disclosure of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Description of useful life, property, plant and equipment | Shorter of the useful lives or the lease terms |
Leasehold improvements [member] | Bottom of range [member] | |
Disclosure of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 2 years |
Leasehold improvements [member] | Top of range [member] | |
Disclosure of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 6 years |
Fixtures and fittings [member] | |
Disclosure of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Office equipment and software | Bottom of range [member] | |
Disclosure of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 3 years |
Office equipment and software | Top of range [member] | |
Disclosure of Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Customer relationships [Member] | |
Disclosure of intangible assets with indefinite useful life [line items] | |
Useful life measured as period of time, intangible assets | 10 years |
Critical Accounting Judgments_2
Critical Accounting Judgments and Key Sources of Estimation Uncertainty - Additional information (Detail) - SGD ($) $ in Millions | Dec. 31, 2022 | Oct. 13, 2022 | Dec. 31, 2021 |
Disclosure Of Accounting Judgements And Estimates [Line Items] | |||
Deferred tax liabilities not recognised | $ 13.2 | $ 11.3 | |
Teledirect Hong Kong Limited [Member] | |||
Disclosure Of Accounting Judgements And Estimates [Line Items] | |||
Percentage of equity interest acquired | 90% |
Financial instruments, Financ_3
Financial instruments, Financial Risks and Capital Management - Additional Information (Detail) $ in Thousands | Dec. 31, 2022 SGD ($) Customers | Dec. 31, 2021 SGD ($) Customers |
Disclosure of financial assets [line items] | ||
Percentage of accounts receivable from major customers | 77% | 80% |
Number of major customers accounts receivable | Customers | 5 | 3 |
Debt instrument unused borrowing capacity | $ 25,700 | $ 21,900 |
Variable Interest Rate Instruments [Member] | ||
Disclosure of financial assets [line items] | ||
Non-derivative financial liabilities | $ 0 | 12,091 |
Currency risk [member] | ||
Disclosure of financial assets [line items] | ||
Risk exposure associated with instruments sharing characteristic percentage change in risk | 5% | |
Risk exposure associated with instruments sharing characteristic | $ 4,300 | $ 3,800 |
Financial Instruments, Financ_4
Financial Instruments, Financial Risks and Capital Management - Summary of Financial Instruments (Detail) - SGD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Categories of financial assets [abstract] | ||
Financial assets at amortized cost | $ 500,384 | $ 426,620 |
Financial assets measured at fair value through profit or loss | 29,776 | 23,983 |
Total | 530,160 | 450,603 |
Categories of financial liabilities [abstract] | ||
Financial liabilities at amortized cost | 47,040 | 53,447 |
Lease liabilities | 38,462 | 35,911 |
Total | $ 85,502 | $ 89,358 |
Financial Instruments, Financ_5
Financial Instruments, Financial Risks and Capital Management - Summary of Current Risk Grading Framework (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Performing [member] | 12-month ECL [member] | |
Disclosure of credit risk exposure [line items] | |
Basis for recognising ECL | 12-month ECL |
Description | The counterparty has a low risk of default and does not have any past-due amounts. |
Doubtful [member] | Lifetime expected credit losses [member] | |
Disclosure of credit risk exposure [line items] | |
Basis for recognising ECL | Lifetime ECL—not credit-impaired |
Description | Amount is more than 90 days past due or there has been a significant increase in credit risk since initial recognition. |
In Default [member] | Lifetime expected credit losses [member] | |
Disclosure of credit risk exposure [line items] | |
Basis for recognising ECL | Lifetime ECL—credit-impaired |
Description | Amount is more than 120 days past due or there is evidence indicating the asset is credit-impaired. |
Write-off [member] | |
Disclosure of credit risk exposure [line items] | |
Basis for recognising ECL | Amount is written off |
Description | There is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery. |
Financial Instruments, Financ_6
Financial Instruments, Financial Risks and Capital Management - Summary of Credit Quality of the Financial Assets and Credit Risk Rating Grade (Detail) - SGD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Loss allowance | $ (104) | |
Net carrying amount | $ 530,160 | $ 450,603 |
12-month expected credit losses [member] | Performing [Member] | ||
Disclosure of financial assets [line items] | ||
12-month or lifetime ECL | 12-month ECL | |
Trade receivables [member] | Lifetime expected credit losses [member] | ||
Disclosure of financial assets [line items] | ||
12-month or lifetime ECL | Lifetime ECL(Simplified approach) | Lifetime ECL(Simplified approach) |
Gross carrying amount | $ 88,912 | $ 92,561 |
Loss allowance | (104) | |
Net carrying amount | $ 88,808 | $ 92,561 |
Contract assets [member] | Lifetime expected credit losses [member] | ||
Disclosure of financial assets [line items] | ||
12-month or lifetime ECL | Lifetime ECL(Simplified approach) | Lifetime ECL(Simplified approach) |
Gross carrying amount | $ 58,808 | $ 49,365 |
Net carrying amount | $ 58,808 | $ 49,365 |
Other Receivabels [Member] | 12-month expected credit losses [member] | Performing [Member] | ||
Disclosure of financial assets [line items] | ||
Internal credit rating | Performing | Performing |
12-month or lifetime ECL | 12-month ECL | 12-month ECL |
Gross carrying amount | $ 15,341 | $ 11,596 |
Net carrying amount | $ 15,341 | $ 11,596 |
Financial Instruments, Financ_7
Financial Instruments, Financial Risks and Capital Management - Summary of Monetary Assets and Liabilities Denominated in Foreign Currencies (Detail) - SGD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Assets | $ 530,160 | $ 450,603 |
Liabilities | 85,502 | 89,358 |
Currency risk [member] | United States Dollar [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Assets | 145,714 | 122,833 |
Liabilities | $ 59,890 | $ 46,566 |
Financial Instruments, Financ_8
Financial Instruments, Financial Risks And Capital Management - Summary of Remaining Contractual Maturity For Non Derivative Financial Liabilities (Detail) - SGD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Non-interest bearing | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | $ 47,040 | $ 36,637 |
Adjustment | 0 | 0 |
Carrying amount | 47,040 | 36,637 |
Non-interest bearing | On demand or within 1 year [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 47,040 | 36,637 |
Non-interest bearing | Within 2 to 3 years [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 0 | 0 |
Non-interest bearing | Within 3 to 5 years [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 0 | 0 |
Non-interest bearing | 5 years onwards [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 0 | 0 |
Variable Interest Rate Instruments [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 0 | 12,091 |
Adjustment | 0 | |
Carrying amount | $ 12,091 | |
Variable Interest Rate Instruments [Member] | Bottom of range [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Interest rate | 1.70% | |
Variable Interest Rate Instruments [Member] | Top of range [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Interest rate | 3.30% | |
Variable Interest Rate Instruments [Member] | On demand or within 1 year [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | $ 12,091 | |
Variable Interest Rate Instruments [Member] | Within 2 to 3 years [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 0 | |
Variable Interest Rate Instruments [Member] | Within 3 to 5 years [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 0 | |
Variable Interest Rate Instruments [Member] | 5 years onwards [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 0 | |
Fixed Interest Rate Instruments [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 4,901 | |
Adjustment | (182) | |
Carrying amount | $ 4,719 | |
Fixed Interest Rate Instruments [Member] | Bottom of range [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Interest rate | 2.50% | |
Fixed Interest Rate Instruments [Member] | Top of range [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Interest rate | 4.85% | |
Fixed Interest Rate Instruments [Member] | On demand or within 1 year [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | $ 1,837 | |
Fixed Interest Rate Instruments [Member] | Within 2 to 3 years [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 2,317 | |
Fixed Interest Rate Instruments [Member] | Within 3 to 5 years [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 747 | |
Fixed Interest Rate Instruments [Member] | 5 years onwards [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 0 | |
Lease liabilities (fixed rate) | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 43,242 | 38,198 |
Adjustment | (4,780) | (2,287) |
Carrying amount | $ 38,462 | $ 35,911 |
Lease liabilities (fixed rate) | Bottom of range [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Interest rate | 1.48% | 1.60% |
Lease liabilities (fixed rate) | Top of range [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Interest rate | 9.75% | 8.80% |
Lease liabilities (fixed rate) | On demand or within 1 year [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | $ 19,869 | $ 15,884 |
Lease liabilities (fixed rate) | Within 2 to 3 years [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 19,706 | 19,210 |
Lease liabilities (fixed rate) | Within 3 to 5 years [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | 3,667 | 3,104 |
Lease liabilities (fixed rate) | 5 years onwards [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total contractual undiscounted cash flows | $ 0 | $ 0 |
Remuneration Of Key Managemen_3
Remuneration Of Key Management Personnel - Summary of Remuneration Of Directoes And Other Members Of Key Management Personnel (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Remuneration Of Key Management Personnel [Abstract] | |||
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 | 0 |
Directors' fees | 171 | 42 | 0 |
Key management personnel compensation | $ 31,136 | $ 17,028 | $ 7,893 |
Cash And Cash Equivalents - Sum
Cash And Cash Equivalents - Summary Of Detailed Information About Cash And Cash Equivalents (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | Dec. 31, 2019 SGD ($) |
Cash and cash equivalents [abstract] | ||||||
Cash on hand | $ 18 | $ 18 | ||||
Cash at bank | 113,847 | 290,597 | ||||
Fixed deposits | 275,235 | 22,532 | ||||
Cash and cash equivalents | $ 289,380 | $ 389,100 | $ 232,892 | $ 313,147 | $ 59,807 | $ 35,920 |
Cash And Cash Equivalents - Add
Cash And Cash Equivalents - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Bottom of range [member] | ||
Cash And Cash Equivalents [Line Items] | ||
Interest bearing fixed deposits ,Effective Interest rate | 2.50% | 1.50% |
Tenure of fixed deposits | 7 days | 7 days |
Top of range [member] | ||
Cash And Cash Equivalents [Line Items] | ||
Interest bearing fixed deposits ,Effective Interest rate | 5% | 1.80% |
Tenure of fixed deposits | 30 days | 30 days |
Fixed And Pledged Deposits - Ad
Fixed And Pledged Deposits - Additional Information (Detail) - SGD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | ||
Pledged deposits amount to a financial institution for securing of bank loans | $ 0 | $ 1.9 |
Bottom of range [member] | ||
Statement [Line Items] | ||
Interest Bearing Fixed Deposits ,Effective Interest Rate | 1.65% | 1.65% |
Tenure Of Fixed Deposits | 180 days | 180 days |
Top of range [member] | ||
Statement [Line Items] | ||
Interest Bearing Fixed Deposits ,Effective Interest Rate | 1.80% | 1.85% |
Tenure Of Fixed Deposits | 365 days | 365 days |
Fixed And Pledged Deposits - Di
Fixed And Pledged Deposits - Disclosure In Tabular Form Of Fixed And Pledged Deposits (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Fixed And Pledged Deposits [Abstract] | |||
Fixed deposits | $ 6,551 | $ 6,960 | |
Pledged deposits | 584 | 2,356 | |
Bank debt instruments held | 7,135 | 9,316 | |
Current | $ 4,872 | 6,551 | 8,860 |
Non- Current | $ 584 | $ 456 |
Trade Receivables - Summary Of
Trade Receivables - Summary Of Trade Receivables (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Disclosure Of Detailed Information About Trade Receivables [Line Items] | |||
Outside parties | $ 66,048 | $ 88,808 | $ 92,561 |
Outside Parties [Member] | |||
Disclosure Of Detailed Information About Trade Receivables [Line Items] | |||
Outside parties | $ 88,808 | $ 92,561 |
Trade Receivables - Summary O_2
Trade Receivables - Summary Of Risk Profile Of Trade Receivables From Contracts With Customers (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Estimated total gross carrying amount at default: | |||
Outside parties | $ 88,912 | $ 92,561 | |
Expected credit loss | (104) | 0 | |
Current trade receivables | $ 66,048 | 88,808 | 92,561 |
Current [member] | |||
Estimated total gross carrying amount at default: | |||
Outside parties | 55,716 | 78,735 | |
Expected credit loss | 0 | 0 | |
Current trade receivables | 55,716 | 78,735 | |
1 – 30 days [member] | |||
Estimated total gross carrying amount at default: | |||
Outside parties | 32,007 | 10,556 | |
Expected credit loss | 0 | 0 | |
Current trade receivables | 32,007 | 10,556 | |
31 – 60 days [member] | |||
Estimated total gross carrying amount at default: | |||
Outside parties | 811 | 3,259 | |
Expected credit loss | 0 | 0 | |
Current trade receivables | 811 | 3,259 | |
61 – 90 days [member] | |||
Estimated total gross carrying amount at default: | |||
Outside parties | 370 | 10 | |
Expected credit loss | (96) | 0 | |
Current trade receivables | 274 | 10 | |
> 90 days [member] | |||
Estimated total gross carrying amount at default: | |||
Outside parties | 8 | 1 | |
Expected credit loss | (8) | 0 | |
Current trade receivables | $ 0 | $ 1 |
Trade Receivables - Additional
Trade Receivables - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Bottom of range [member] | ||
Diclosure of Trade Receivables [Line Items] | ||
Trade receivables credit period | 30 days | 30 days |
Trade receivables interest rate | 5% | 12% |
Top of range [member] | ||
Diclosure of Trade Receivables [Line Items] | ||
Trade receivables credit period | 60 days | 90 days |
Trade receivables interest rate | 18% | 15% |
Contract Assets - Additional In
Contract Assets - Additional Information (Detail) - SGD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Contract assets [abstract] | ||
Increase decrease asset due to expansion of business. | $ 9.4 | $ 2.5 |
Contract Assets - Summary of Co
Contract Assets - Summary of Contract Assets (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Jan. 01, 2021 SGD ($) |
Disclosure Of Detailed Information About Current Contract Asset [Line Items] | ||||
Unbilled receivables | $ 43,736 | $ 58,808 | $ 49,365 | $ 46,842 |
Other Receivables - Summary of
Other Receivables - Summary of Other Receivables (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Trade and other receivables [abstract] | |||
Prepayments | $ 5,563 | $ 6,395 | |
Deposits | 9,186 | 7,476 | |
Others | 6,155 | 4,120 | |
Other receivables | 20,904 | 17,991 | |
Analysed as: | |||
Current | $ 11,814 | 15,885 | 13,220 |
Non-current | $ 3,733 | 5,019 | 4,771 |
Other receivables | $ 20,904 | $ 17,991 |
Other Receivables - Additional
Other Receivables - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
12-month expected credit losses [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Loss allowance measured equal to expected credit losses in months | 12 months | |
Later than one year and not later than five years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Non current other receivables relating to refundable deposits | 2024 to 2027 | 2023 to 2026 |
Financial Assets Measured At _3
Financial Assets Measured At Fair Value Through Profit Or Loss - Summary Of Financial Assets At Fair Value Through Profit Or Loss (Detail) - SGD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Financial Instruments At Fair Value Through Profit Or Loss [Abstract] | ||
Financial assets measured at fair value through profit or loss | $ 29,776 | $ 23,983 |
Financial Assets Measured At _4
Financial Assets Measured At Fair Value Through Profit Or Loss - Additional Information (Detail) - Mangrove Insurance Guernsey PCC Limited [Member] | Sep. 27, 2021 $ / shares shares |
Disclosure Of Detailed Information Of Financial Instruments At Fair Value Through Profit Or Loss [Line Items] | |
Number of protected cell | two |
Redeemable Preference Shares [Member] | |
Disclosure Of Detailed Information Of Financial Instruments At Fair Value Through Profit Or Loss [Line Items] | |
Number of shares subscribed | shares | 17,742,500 |
Price per share | $ / shares | $ 1 |
Plant and Equipment - Summary o
Plant and Equipment - Summary of Plant and Equipment (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | $ 39,709 | ||
Additions | 25,200 | $ 23,300 | $ 18,200 |
Ending balance | 41,292 | 39,709 | |
Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 102,547 | 91,809 | |
Additions | 25,245 | 23,323 | |
Reclassification | 0 | 0 | |
Acquired on acquisition of a subsidiary | 721 | ||
Disposals | (1,033) | (4,181) | |
Written off | (1,406) | (4,955) | |
Currency alignment | (7,653) | (3,449) | |
Ending balance | 118,421 | 102,547 | 91,809 |
Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 62,838 | 51,228 | |
Depreciation for the year | 20,976 | 22,085 | |
Disposals | (896) | (3,902) | |
Written off | (1,389) | (4,802) | |
Currency alignment | (4,400) | (1,771) | |
Ending balance | 77,129 | 62,838 | 51,228 |
Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 16,224 | ||
Ending balance | 14,271 | 16,224 | |
Leasehold improvements | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 46,893 | 38,713 | |
Additions | 8,060 | 5,574 | |
Reclassification | 0 | 7,668 | |
Acquired on acquisition of a subsidiary | 263 | ||
Disposals | (260) | (1,941) | |
Written off | (133) | (1,558) | |
Currency alignment | (3,393) | (1,563) | |
Ending balance | 51,430 | 46,893 | 38,713 |
Leasehold improvements | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 30,669 | 23,841 | |
Depreciation for the year | 8,879 | 10,918 | |
Disposals | (225) | (1,832) | |
Written off | (116) | (1,424) | |
Currency alignment | (2,048) | (834) | |
Ending balance | 37,159 | 30,669 | 23,841 |
Furniture and fittings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 5,165 | ||
Ending balance | 5,598 | 5,165 | |
Furniture and fittings | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 9,703 | 8,798 | |
Additions | 2,649 | 1,534 | |
Reclassification | 106 | 955 | |
Acquired on acquisition of a subsidiary | 165 | ||
Disposals | (22) | (650) | |
Written off | (2) | (564) | |
Currency alignment | (704) | (370) | |
Ending balance | 11,895 | 9,703 | 8,798 |
Furniture and fittings | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,538 | 4,005 | |
Depreciation for the year | 2,115 | 1,858 | |
Disposals | (18) | (602) | |
Written off | (2) | (561) | |
Currency alignment | (336) | (162) | |
Ending balance | 6,297 | 4,538 | 4,005 |
Office equipment and software | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 17,845 | ||
Ending balance | 19,923 | 17,845 | |
Office equipment and software | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 45,476 | 38,186 | |
Additions | 13,232 | 5,189 | |
Reclassification | 82 | 7,979 | |
Acquired on acquisition of a subsidiary | 293 | ||
Disposals | (751) | (1,589) | |
Written off | (1,271) | (2,833) | |
Currency alignment | (3,465) | (1,456) | |
Ending balance | 53,596 | 45,476 | 38,186 |
Office equipment and software | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 27,631 | 23,382 | |
Depreciation for the year | 9,982 | 9,309 | |
Disposals | (653) | (1,468) | |
Written off | (1,271) | (2,817) | |
Currency alignment | (2,016) | (775) | |
Ending balance | 33,673 | 27,631 | 23,382 |
Equipment-in-progress | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 475 | ||
Ending balance | 1,500 | 475 | |
Equipment-in-progress | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 475 | 6,112 | |
Additions | 1,304 | 11,026 | |
Reclassification | (188) | (16,602) | |
Disposals | 0 | (1) | |
Written off | 0 | 0 | |
Currency alignment | (91) | (60) | |
Ending balance | 1,500 | 475 | 6,112 |
Equipment-in-progress | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 0 | 0 | |
Depreciation for the year | 0 | 0 | |
Disposals | 0 | 0 | |
Written off | 0 | 0 | |
Currency alignment | 0 | 0 | |
Ending balance | $ 0 | $ 0 | $ 0 |
Plant and Equipment - Additiona
Plant and Equipment - Additional Information (Detail) - SGD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Conctractual commitments for the acquisition of plant and equipment amount | $ 0.4 | $ 0.8 |
Right Of Use Assets - Summary o
Right Of Use Assets - Summary of Information about Right of Use Assets (Detail) - Office space - SGD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | $ 33,160 | |
Ending balance | 35,236 | $ 33,160 |
Cost | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 72,010 | 53,286 |
Additions | 15,973 | 6,863 |
Acquired on acquisition of a subsidiary | 165 | |
Expired and early termination | (2,373) | (1,902) |
Currency alignment | (5,016) | (2,365) |
Lease modification | 6,914 | 16,128 |
Ending balance | 87,673 | 72,010 |
Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Beginning balance | 38,850 | 24,065 |
Additions | 18,755 | 17,768 |
Expired and early termination | (2,373) | (1,902) |
Currency alignment | (2,795) | (1,081) |
Ending balance | $ 52,437 | $ 38,850 |
Right Of Use Assets - Summary_2
Right Of Use Assets - Summary of Right of Use Assets Amount Recognized in Profit and Loss (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Right Of Use Assets Amount Recognized In Profit And Loss [Line Items] | |||
Interest expense on lease liabilities | $ 1,554 | $ 1,529 | $ 1,559 |
Right-of-use assets [member] | |||
Disclosure Of Right Of Use Assets Amount Recognized In Profit And Loss [Line Items] | |||
Depreciation expense on right-of-use assets | 18,755 | 17,768 | 14,018 |
Interest expense on lease liabilities | 1,554 | 1,529 | 1,559 |
Expenses relating to lease of low value assets | $ 4,243 | $ 3,562 | $ 2,027 |
Right Of Use Assets - Additiona
Right Of Use Assets - Additional Information (Detail) - Office Space [Member] - SGD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Right Of Use Assets [Line Items] | ||||
Total cash outflow for leases amount | $ 19.7 | $ 19.6 | $ 14.2 | |
Bottom of range [member] | ||||
Disclosure Of Right Of Use Assets [Line Items] | ||||
Term of lease | 1 year | |||
Top of range [member] | ||||
Disclosure Of Right Of Use Assets [Line Items] | ||||
Term of lease | 5 years |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets - Goodwill And Customer Relationship (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Jan. 01, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | $ 2,175 | $ 2,924 | $ 0 | $ 0 | |
Gross carrying amount [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 2,924 | 0 | |||
Recognition on acquisition of subsidiary | $ 2,924 | ||||
Goodwill [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 1,057 | 0 | |||
Goodwill [member] | Gross carrying amount [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 1,057 | 0 | |||
Recognition on acquisition of subsidiary | 1,057 | ||||
Customer related Intangible assets [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | 1,867 | 0 | |||
Customer related Intangible assets [member] | Gross carrying amount [member] | |||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||||
Intangible assets and goodwill | $ 1,867 | $ 0 | |||
Recognition on acquisition of subsidiary | $ 1,867 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets - Additional Information (Detail) - SGD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Oct. 31, 2022 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Discount rate applied to cash flow projections | 12.30% | |
Growth rate used to extrapolate cash flow projections | 5% | |
Growth rate used to estimate based on past performance | 5% | |
Explanation of period over which management has projected cash flows | five-year period | |
Bottom of range [member] | Financial forecast of cash inflows (outflows) for cash-generating unit, measurement input [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Growth rate used to extrapolate cash flow projections | 7% | |
Bottom of range [member] | Financial forecast of profit (loss) for cash-generating unit, measurement input [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Growth rate used to extrapolate cash flow projections | 2.50% | |
Top of range [member] | Financial forecast of cash inflows (outflows) for cash-generating unit, measurement input [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Growth rate used to extrapolate cash flow projections | 9.50% | |
Top of range [member] | Financial forecast of profit (loss) for cash-generating unit, measurement input [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Growth rate used to extrapolate cash flow projections | 6.30% | |
Teledirect Hong Kong Limited [Member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Goodwill | $ 1,057,000 |
Other Payables - Summary of oth
Other Payables - Summary of other payables (Detail) - SGD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other payables [abstract] | ||
Outside parties | $ 47,040 | $ 36,547 |
Deferred grant income | 2,375 | 2,459 |
Others | 308 | 90 |
Trade and other payables | $ 49,723 | $ 39,096 |
Other Payables - Additional inf
Other Payables - Additional information (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statements [Line Items] | ||
Average credit period, payables | 30 | |
Bottom of range [member] | ||
Statements [Line Items] | ||
Average credit period, payables | 7 | |
Interest rate | 0% | 0% |
Top of range [member] | ||
Statements [Line Items] | ||
Average credit period, payables | 60 | |
Interest rate | 18% | 15% |
Bank Loans - Summary of Bank Lo
Bank Loans - Summary of Bank Loans (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) |
Statements [Line Items] | ||||
Bank loans | $ 0 | $ 16,810 | ||
Within 1 year | $ 0 | 0 | 13,847 | |
Within 2 to 5 years | $ 0 | 0 | 2,963 | |
Bank Loan [Member] | ||||
Statements [Line Items] | ||||
Bank loans | 0 | 16,810 | $ 40,306 | |
Interest payable (included in bank loans) | $ 0 | $ 24 |
Bank Loans - Summary of Reconci
Bank Loans - Summary of Reconciliation of Liabilities Arising from Financing Activities (Detail) - SGD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | $ 16,810 | |
Non-cash changes: | ||
Ending balance | 0 | $ 16,810 |
Bank loans [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 16,810 | 40,306 |
Financing cash flow | (17,057) | (31,114) |
Bank loan transaction cost | 50 | 416 |
Non-cash changes: | ||
Accrued interest | 170 | 6,666 |
Additions to lease liabilities | 0 | 0 |
Lease modification | 0 | 0 |
Acquired on acquisition of a subsidiary | 0 | |
Currency alignment | 27 | 536 |
Ending balance | 0 | 16,810 |
Lease liabilities [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Beginning balance | 35,911 | 32,487 |
Financing cash flow | (19,729) | (19,632) |
Bank loan transaction cost | 0 | 0 |
Non-cash changes: | ||
Accrued interest | 1,554 | 1,529 |
Additions to lease liabilities | 16,116 | 6,863 |
Lease modification | 6,914 | 16,099 |
Acquired on acquisition of a subsidiary | 176 | |
Currency alignment | (2,480) | (1,435) |
Ending balance | $ 38,462 | $ 35,911 |
Bank Loans - Additional Informa
Bank Loans - Additional Information (Detail) $ in Thousands, $ in Thousands, ¥ in Millions | 12 Months Ended | |||||||||||||||||||||
Mar. 23, 2023 | Sep. 23, 2022 | Mar. 23, 2021 USD ($) Instalments | Mar. 23, 2021 SGD ($) Instalments | Apr. 30, 2020 SGD ($) | Aug. 30, 2019 USD ($) | Aug. 30, 2019 SGD ($) | Aug. 30, 2019 CNY (¥) | Sep. 18, 2018 SGD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Sep. 03, 2021 SGD ($) | Mar. 16, 2021 USD ($) | Dec. 22, 2020 | Mar. 18, 2020 SGD ($) | Oct. 16, 2019 SGD ($) | Aug. 30, 2019 SGD ($) | Aug. 30, 2019 CNY (¥) | Apr. 29, 2019 SGD ($) | |
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | $ 43,700 | $ 5,000 | $ 56,500 | |||||||||||||||||||
Current borrowings | $ 13,847 | $ 0 | $ 0 | |||||||||||||||||||
Line Of Credit Maximum Borrowing Capacity | ¥ | ¥ 12 | |||||||||||||||||||||
Proceeds from borrowings, classified as financing activities | ¥ 3 | $ 252,658 | $ 12,000 | |||||||||||||||||||
TDCX KY [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Percentage of interest acquired | 100% | |||||||||||||||||||||
Bridging Loan Agreement [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | $ 5,000 | |||||||||||||||||||||
Borrowings, interest rate | 2.50% | |||||||||||||||||||||
Borrowings, maturity | August 1, 2025 | |||||||||||||||||||||
Repayments of current borrowings | $ 900 | |||||||||||||||||||||
Borrwings amount installmemt period | 53 days | |||||||||||||||||||||
Bottom of range [member] | TDCXHs [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Net worth of tangible assets | $ 42,000 | |||||||||||||||||||||
Debt equity ratio | 3 | 3 | ||||||||||||||||||||
Bottom of range [member] | TDCX SG [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Net worth of tangible assets | $ 25,000 | |||||||||||||||||||||
Debt equity ratio | 2 | 2 | ||||||||||||||||||||
Debt service coverage ratio | 2 | 2 | ||||||||||||||||||||
Debt EBITDA Ratio | 2 | 2 | ||||||||||||||||||||
Interest Rate Derivatives Facility [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | 7,600 | |||||||||||||||||||||
Interest Rate Derivatives Facility [Member] | Revised Credit Facility With The Lender One [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | 3,500 | |||||||||||||||||||||
Interest Rate Derivatives Facility [Member] | Bottom of range [member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | 7,600 | |||||||||||||||||||||
Interest Rate Derivatives Facility [Member] | Top of range [member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | $ 3,500 | |||||||||||||||||||||
Advance Facility [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | 20,000 | |||||||||||||||||||||
Borrowings, interest rate | 1.25% | 1.25% | ||||||||||||||||||||
Drew down loans | $ 7,000 | $ 10,000 | ||||||||||||||||||||
Advance Facility [Member] | Revised Credit Facility With The Lender One [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | 20,000 | |||||||||||||||||||||
Refinancing Facility [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | 27,400 | |||||||||||||||||||||
Bankers Guarantee [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | $ 1,500 | |||||||||||||||||||||
Foreign Exchange Facility [Member] | Revised Credit Facility With The Lender One [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | 5,000 | |||||||||||||||||||||
Multicurrency Specific Advance Facility [Member] | Revised Credit Facility With The Lender One [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | 13,700 | |||||||||||||||||||||
Current borrowings | $ 1,500 | |||||||||||||||||||||
Reduction in the facility limit per quarter | $ 1,500 | |||||||||||||||||||||
Bankers Gurantee [Member] | Revised Credit Facility With The Lender One [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | 1,500 | |||||||||||||||||||||
Standby Letter Of Credit [Member] | Revised Credit Facility With The Lender One [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | $ 2,000 | |||||||||||||||||||||
Facility IV [Member] | 2021 Loan [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Repayment of loan extension period | 12 months | 12 months | ||||||||||||||||||||
Number of installments for repayment of loan | Instalments | 3 | 3 | ||||||||||||||||||||
First installment basis | first | first | ||||||||||||||||||||
Percentage of principal amount outstanding on loans | 25% | 25% | ||||||||||||||||||||
Principal payment of first installment loan due period | 24 months | |||||||||||||||||||||
Second installment basis | second | second | ||||||||||||||||||||
Principal payment of second instalment loan due period | 30 months | |||||||||||||||||||||
Principal payment of third installment loan due period | 36 months | |||||||||||||||||||||
Percentage of principal amount deposited in collateralized bank | 80% | 80% | ||||||||||||||||||||
Facility IV [Member] | TDCX KY [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Percentage of interest acquired | 100% | 100% | ||||||||||||||||||||
Facility IV [Member] | TDCX KY [Member] | 2021 Loan [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Proceeds from borrowing distributed as loan | $ 188,000 | $ 252,000 | ||||||||||||||||||||
Facility IV [Member] | Credit Facility Agreement [Member] | Third Party Financial Institution [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Borrowings | $ 188,000 | |||||||||||||||||||||
Facility IV [Member] | Bottom of range [member] | London Interbank Offered Rate LIBOR [Member] | 2021 Loan [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 3.15% | 3.15% | ||||||||||||||||||||
Facility IV [Member] | Top of range [member] | London Interbank Offered Rate LIBOR [Member] | 2021 Loan [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Borrowings, interest rate | 3.45% | 3.45% | ||||||||||||||||||||
Financial Institution [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Notional amount | $ 30,400 | |||||||||||||||||||||
Borrowings, interest rate | 3% | |||||||||||||||||||||
Borrowings, maturity | October 17, 2023 | |||||||||||||||||||||
Borrwings amount installmemt period | 20 days | |||||||||||||||||||||
Revolving Credit Facility [Member] | Facility III [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Borrowings adjustment to interest rate | 1% | 1% | 1% | |||||||||||||||||||
Line Of Credit Maximum Borrowing Capacity | $ 2,500 | |||||||||||||||||||||
Borrowings, interest rate basis | one-year loan prime rate plus 1%. | one-year loan prime rate plus 1%. | one-year loan prime rate plus 1%. | |||||||||||||||||||
Proceeds from borrowings, classified as financing activities | $ 600 | $ 600 | ||||||||||||||||||||
letter Of Credit [Member] | Facility III [Member] | ||||||||||||||||||||||
Statements [Line Items] | ||||||||||||||||||||||
Line Of Credit Maximum Borrowing Capacity | $ 2,000 | |||||||||||||||||||||
Net Worth, Minimum compliance | ¥ | ¥ 18 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Maturity Analysis of Operating Lease Payments (Detail) - SGD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | $ 38,462 | $ 35,911 |
Not later than one year [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | 17,818 | 14,550 |
Later than one year and not later than five years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Minimum lease payments | $ 20,644 | $ 21,361 |
Provision For Reinstatement C_3
Provision For Reinstatement Cost - Summary of Detailed Information About Provision for Reinstatement Cost Explanatory (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | |
Disclosure Of Provision For Reinstatement Cost [Line Items] | ||||
At beginning of year | $ 8,047 | $ 6,069 | ||
Additions | 802 | 2,673 | ||
Acquired on acquisition of a subsidiary | 111 | 0 | ||
Accretion, recognized in finance cost | 136 | 158 | ||
Payment for reinstatement | 0 | (428) | ||
Currency alignment | (242) | (425) | ||
At end of year | $ 8,854 | 8,047 | ||
Current | 3,663 | $ 3,928 | $ 5,282 | |
Non-current | $ 4,384 | $ 2,657 | $ 3,572 |
Defined Benefit Obligation - Ad
Defined Benefit Obligation - Additional Information (Detail) - Subsidiaries [member] - Philippines, Pesos | 12 Months Ended |
Dec. 31, 2022 | |
Credit service period completion for early retirement | |
Normal retirement age | 60 years |
Early retirement age | 50 years |
Top of range [member] | |
Credit service period completion for early retirement | |
Normal credited service period | 5 years |
Credit service period completion for early retirement | 10 years |
Deferred Tax Assets_Liabiliti_3
Deferred Tax Assets/Liabilities - Summary of Deferred Tax Assets (Liabilities) (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Disclosure Of Detailed Information About Deferred Tax Assets (Liabilities) [Line Items] | |||
Deferred tax assets | $ 2,575 | $ 3,463 | $ 1,943 |
Deferred tax liabilities | $ (634) | (852) | (1,507) |
Total | $ 2,611 | $ 436 |
Deferred Tax Assets_Liabiliti_4
Deferred Tax Assets/Liabilities - Summary of Major Deferred Tax Liabilities and Assets Recognized by the Group (Detail) - SGD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items] | ||
Opening balance | $ 436 | $ 1,451 |
(Charge) credit to profit or loss (Note 27) | 1,644 | (1,514) |
Over (Under) provision in prior years (Note 27) | 1,034 | 598 |
Acquired on acquisition of a subsidiary (Note 34) | (317) | |
Currency alignment | (186) | (99) |
Closing balance | 2,611 | 436 |
Provisions | ||
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items] | ||
Opening balance | 1,750 | 1,078 |
(Charge) credit to profit or loss (Note 27) | (116) | 46 |
Over (Under) provision in prior years (Note 27) | 1,070 | 707 |
Acquired on acquisition of a subsidiary (Note 34) | 0 | |
Currency alignment | (235) | (81) |
Closing balance | 2,469 | 1,750 |
Tax depreciation | ||
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items] | ||
Opening balance | (273) | 34 |
(Charge) credit to profit or loss (Note 27) | 475 | (158) |
Over (Under) provision in prior years (Note 27) | (36) | (109) |
Acquired on acquisition of a subsidiary (Note 34) | 0 | |
Currency alignment | 4 | (40) |
Closing balance | 170 | (273) |
Undistributed earnings | ||
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items] | ||
Opening balance | (1,402) | 0 |
(Charge) credit to profit or loss (Note 27) | 874 | (1,402) |
Over (Under) provision in prior years (Note 27) | 0 | 0 |
Acquired on acquisition of a subsidiary (Note 34) | 0 | |
Currency alignment | 0 | 0 |
Closing balance | (528) | (1,402) |
Others | ||
Reconciliation Of Changes In Deferred Tax Liability Asset [Line Items] | ||
Opening balance | 361 | 339 |
(Charge) credit to profit or loss (Note 27) | 411 | 0 |
Over (Under) provision in prior years (Note 27) | 0 | 0 |
Acquired on acquisition of a subsidiary (Note 34) | (317) | |
Currency alignment | 45 | 22 |
Closing balance | $ 500 | $ 361 |
Deferred Tax Assets_Liabilties
Deferred Tax Assets/Liabilties - Additional Information (Detail) - SGD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information About Deferred Tax Assets (Liabilities) [Line Items] | ||
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | $ 13.2 | $ 11.3 |
Undistributed Earnings [Member] | Foreign countries [member] | Non US Subsidiaries [Member] | ||
Disclosure Of Detailed Information About Deferred Tax Assets (Liabilities) [Line Items] | ||
Deferred tax liability for estimated taxes associated with repatriation of undistributed earnings in subsidiaries | $ 0.5 | $ 1.4 |
Share Capital - Summary of Cla
Share Capital - Summary of Classes of Share Capital (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 07, 2021 | |
Disclosure of classes of share capital [line items] | |||
At beginning of the year | 145,762,800 | 123,500,000 | |
Re-designation | 0 | ||
Issuance of shares | 624,474 | 22,262,800 | |
At end of the year | 146,387,274 | 145,762,800 | |
Number of shares authorized | 500,000,000 | 500,000,000 | |
Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares authorized | 500,000,000 | ||
Undesignated Shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
At beginning of the year | 0 | 123,500,000 | |
Re-designation | (123,500,000) | ||
Issuance of shares | 0 | 0 | |
At end of the year | 0 | 0 | |
Number of shares authorized | 250,000,000 | 250,000,000 | 250,000,000 |
Common Class A [Member] | Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
At beginning of the year | 22,262,800 | 0 | |
Re-designation | 0 | ||
Issuance of shares | 624,474 | 22,262,800 | |
At end of the year | 22,887,274 | 22,262,800 | |
Number of shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common Class B [Member] | Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
At beginning of the year | 123,500,000 | 0 | |
Re-designation | 123,500,000 | ||
Issuance of shares | 0 | 0 | |
At end of the year | 123,500,000 | 123,500,000 | |
Number of shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital (Detail) $ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Disclosure of classes of share capital [line items] | |||
Amount of outstanding shares issued | $ 14 | $ 19 | $ 19 |
Undesignated Shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Amount of outstanding shares issued | 0 | 0 | |
Common Class A [Member] | Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Amount of outstanding shares issued | 3 | 3 | |
Common Class B [Member] | Ordinary shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Amount of outstanding shares issued | $ 16 | $ 16 |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Oct. 12, 2021 $ / shares shares | Oct. 05, 2021 shares | Sep. 07, 2021 USD ($) $ / shares shares | May 21, 2021 SGD ($) shares | May 21, 2021 USD ($) shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Disclosure of classes of share capital [line items] | |||||||
Number of shares authorised | 500,000,000 | 500,000,000 | |||||
Stock split description. | one ordinary share was sub-divided into 10,000 ordinary shares | one ordinary share was sub-divided into 10,000 ordinary shares | |||||
Stock issued during period effect of stock split shares | 123,490,000 | 123,490,000 | |||||
Stock issued during period effect of stock split value | $ 19,466 | $ 12,349 | |||||
Common stock shares ratio of conversion from one class to another | 1 | ||||||
Share repurchase programme [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Stock repurchased during the period shares | 1,048,812 | ||||||
Warrant [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 70,000 | ||||||
Common Class A [Member] | Performance Share Plan Vesting [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Increase in number of ordinary shares | 134,474 | ||||||
Common Class A [Member] | Warrants Vesting [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Increase in number of ordinary shares | 490,000 | ||||||
Bottom of range [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Increase in number of ordinary shares | 1 | 1 | |||||
Top of range [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Increase in number of ordinary shares | 123,500,000 | 123,500,000 | |||||
Ordinary shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Voting rights | ten | ||||||
Share capital authorized | $ | $ 50,000 | ||||||
Number of shares authorised | 500,000,000 | ||||||
Number of ordinary shares converted | 123,500,000 | ||||||
Ordinary shares [member] | Common Class A [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Par value per share | $ / shares | $ 0.0001 | ||||||
Number of shares authorised | 50,000,000 | 50,000,000 | 50,000,000 | ||||
Options exercise Period | one | ||||||
Ordinary shares [member] | Common Class A [Member] | Initial Public Offer [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Stock shares issued during the period shares | 19,358,957 | ||||||
Ordinary shares [member] | Common Class A [Member] | Underwritten Follow On Offering [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Stock shares issued during the period shares | 2,903,843 | ||||||
Ordinary shares [member] | Common Class B [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Par value per share | $ / shares | $ 0.0001 | ||||||
Number of shares authorised | 200,000,000 | 200,000,000 | 200,000,000 | ||||
Common stock conversion basis | one-for-one | ||||||
Shares split ratio | 10,000 | 10,000 | |||||
Ordinary shares [member] | Top of range [member] | Common Class A [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Options exercise Period | 15 | ||||||
Ordinary shares [member] | Top of range [member] | Common Class A [Member] | Death Or Permanent Disability [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Options exercise Period | nine months | ||||||
Undesignated Shares [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Par value per share | $ / shares | $ 0.0001 | ||||||
Number of shares authorised | 250,000,000 | 250,000,000 | 250,000,000 | ||||
ADR [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | 70,000 | ||||||
Number of shares remaining held | 420,000 | ||||||
ADR [Member] | Initial Public Offer [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Stock shares issued during the period shares | 19,358,957 | ||||||
Number of shares represented by one depository receipt | 1 | ||||||
Sale of stock issue price per share | $ / shares | $ 18 | ||||||
ADR [Member] | Underwritten Follow On Offering [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Stock shares issued during the period shares | 2,903,843 | ||||||
Number of shares represented by one depository receipt | 1 | ||||||
Sale of stock issue price per share | $ / shares | $ 18 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 $ / shares | Dec. 31, 2022 SGD ($) Tranches | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | Aug. 26, 2021 | |
Statement [Line Items] | |||||
Equity-settled share-based payment expense | $ 19,465 | $ 5,204 | $ 0 | ||
Performance Share Plan [Member] | |||||
Statement [Line Items] | |||||
Options weighted average remaining contractual life | 1 year 1 month 24 days | 2 years 1 month 24 days | |||
Equity Settled Performance Share Plan [Member] | |||||
Statement [Line Items] | |||||
Maximum percentage to be awarded to the number of issued and outstanding shares | 5% | ||||
Information how fair value was measured, Other equity instruments granted | four years | ||||
Equity-settled share-based payment expense | $ 19,500 | $ 5,200 | $ 0 | ||
Share based compensation by sharebased award number of tranches in which vesting shall occur | Tranches | 4 | ||||
Weighted share price | $ / shares | $ 26.51 |
Share-Based Payments - Summary
Share-Based Payments - Summary Of Reconciliation Of Stock Options Outstanding (Detail) - Equity Settled Performance Share Plan [Member] - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items] | ||
Outstanding at the beginning of the year | 1,508,855 | 0 |
Granted during the year | (116,906) | 0 |
Vested during the year | 4,106 | 1,508,855 |
Forfeited during the year | (134,474) | 0 |
Outstanding at the end of the year | 1,261,581 | 1,508,855 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary Of Measurement Inputs Related To Stock Options (Detail) - Equity Settled Performance Share Plan [Member] - yr | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriod [Line Items] | ||
Expected volatility | 34.80% | 29% |
Bottom of range [member] | ||
DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriod [Line Items] | ||
Expected term | 0.54 | 0.45 |
Risk free rate | 4% | 0.10% |
Top of range [member] | ||
DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedOtherEquityInstrumentsGrantedDuringPeriod [Line Items] | ||
Expected term | 2.54 | 3.45 |
Risk free rate | 4.30% | 0.90% |
Revenue - Summary of Revenue (D
Revenue - Summary of Revenue (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goods or services transferred over time [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ 662,660 | $ 554,690 | $ 434,241 |
Goods or services transferred over time [member] | Omnichannel CX solutions [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 384,184 | 334,047 | 273,174 |
Goods or services transferred over time [member] | Sales and digital marketing [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 166,506 | 114,718 | 66,235 |
Goods or services transferred over time [member] | Content Trust and Safety [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 109,496 | 103,538 | 92,452 |
Goods or services transferred over time [member] | Other Business Process Services [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 2,474 | 2,387 | 2,380 |
Goods or services transferred at point in time [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 664,120 | 555,198 | 434,723 |
Goods or services transferred at point in time [member] | Other services [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ 1,460 | $ 508 | $ 482 |
Profit for the Year - Summary o
Profit for the Year - Summary of Profit for the Year (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Gain on disposal of a subsidiary | $ 0 | $ 0 | $ 731 |
Share of profit from an associate | 139 | 101 | 196 |
Included in employee benefits expense: | |||
Wages, salaries, bonus 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 | 0 |
Cash-settled share-based payment expense | 869 | 199 | 0 |
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 | $ 0 | $ 0 | $ 1,094 |
Other Operating Income - Summar
Other Operating Income - Summary of Other Operating Income (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Operating Income [Line Items] | |||
Other operating income (expense) | $ 4,736 | $ 6,315 | $ 7,514 |
Government Grant and Credit Scheme Subsidies [Member] | |||
Other Operating Income [Line Items] | |||
Other operating income (expense) | 2,935 | 4,721 | 6,311 |
Rent Concessions [Member] | |||
Other Operating Income [Line Items] | |||
Other operating income (expense) | 0 | 0 | 521 |
Interest Income from an Associate [Member] | |||
Other Operating Income [Line Items] | |||
Other operating income (expense) | 0 | 0 | 55 |
Gain on early termination of rightofuse assets [Member] | |||
Other Operating Income [Line Items] | |||
Other operating income (expense) | 0 | 29 | 171 |
Others [Member] | |||
Other Operating Income [Line Items] | |||
Other operating income (expense) | $ 1,801 | $ 1,565 | $ 456 |
Income Tax Expenses - Summary o
Income Tax Expenses - Summary of Major Components of Income Tax Income (Expense) (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | |
Income tax: | ||||
Current year | $ 37,275 | $ 24,862 | $ 19,488 | |
Under (Over) provision of prior years | 645 | (34) | (69) | |
Current tax expense (income) and adjustments for current tax of prior periods | 37,920 | 24,828 | 19,419 | |
Deferred tax: | ||||
Current year (Note 21) | (1,644) | 1,514 | (557) | |
(Over) Under provision of prior years (Note 21) | (1,034) | (598) | 67 | |
Deferred tax expense (income) recognised in profit or loss | (2,678) | 916 | (490) | |
Foreign withholding tax | 1,807 | 2,493 | 2,374 | |
Tax expense (income) | $ 27,554 | $ 37,049 | $ 28,237 | $ 21,303 |
Income Tax Expenses - Summary_2
Income Tax Expenses - Summary of Reconciliation of Income Tax Expense (Income) (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | ||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||
Profit before income tax | $ 105,598 | $ 141,987 | $ 132,079 | $ 107,397 | |
Tax at the Singapore income tax rate | 24,138 | 22,453 | 18,258 | ||
Tax effect of expenses that are not deductible in determining taxable profit | 11,110 | 6,504 | 2,099 | ||
Overprovision in prior years | (389) | (632) | (2) | ||
Tax exempt income (Note A) | [1] | (7,298) | (6,454) | (2,274) | |
Effect of different tax rates of subsidiaries operating in other jurisdictions | (710) | 15 | (45) | ||
Deferred tax asset not recognized | 2,001 | 2,440 | 1,263 | ||
Utilization of tax losses previously not recognized as deferred tax asset | 0 | 0 | (364) | ||
(Utilization) Recognition of deferred tax on foreseeable dividends | (910) | 1,399 | 0 | ||
Foreign withholding tax | 1,807 | 2,493 | 2,374 | ||
Others | [2] | 7,300 | 19 | (6) | |
Tax expense for the year | $ 27,554 | $ 37,049 | $ 28,237 | $ 21,303 | |
[1]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.[2]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. |
Income Tax Expenses - Summary_3
Income Tax Expenses - Summary of Unutilized Tax Losses Carryforward Available For Offsetting Against Future Taxable Income (Detail) - Unused tax losses [member] - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax losses carried forward | $ 22,538 | $ 20,527 | $ 10,957 |
Deferred tax asset on above unrecorded | $ 6,804 | $ 4,803 | $ 2,363 |
Income Tax Expenses - Summary_4
Income Tax Expenses - Summary of Increase In Income Tax Expenses And Resulting Basic And Diluted Per Share (Detail) - SGD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Increase In Income Tax Expenses And Earnings Per Share Due To Unenjoyed Income Tax Holidays [Abstract] | |||
Increase in income tax expenses | $ 3,237 | $ 2,102 | $ 2,083 |
Basic and diluted earnings per share | $ 0.7 | $ 0.79 | $ 0.68 |
Income Tax Expenses - Additiona
Income Tax Expenses - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2015 | |
Disclosure Of Income Tax [Line Items] | |||
Multimedia super corridor status awarded period to subsidiary | 2005 | ||
Extended and customized period for tax incentive scheme | 5 years | ||
Customized tax incentive scheme expiration date | Jan. 18, 2020 | ||
Income tax holiday expiration period for subsidiary | 4 years | ||
Income Tax Holiday Extended Period for Subsidiary | 2 years | ||
Description of income tax holiday expiration period for subsidiary | 2015 to 2022 | 2015 to 2021 |
Basic and Diluted Earnings Pe_3
Basic and Diluted Earnings Per Share - Schedule of Basic And Diluted Earnings Per Share Attributable to the Shareholders (Detail) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 SGD ($) $ / shares shares | Dec. 31, 2021 SGD ($) $ / shares shares | Dec. 31, 2020 SGD ($) $ / shares shares | |
Earnings per share [line items] | ||||
Earnings for the purposes of basic and diluted earnings per share (profit for the year attributable to owners of the Group) | $ 78,043 | $ 104,936 | $ 103,841 | $ 86,093 |
Number of shares | ||||
Weighted average number of ordinary shares for the purposes of basic earnings per share | 145,298,557 | 145,298,557 | 128,803,824 | 123,500,000 |
Effect of dilutive potential ordinary shares: | ||||
Effect of vesting of employee share awards | 0 | 0 | 26,310 | 0 |
Weighted average number of ordinary shares for the purposes of diluted earnings per share | 145,298,557 | 145,298,557 | 128,830,134 | 123,500,000 |
Basic earnings per share | (per share) | $ 0.54 | $ 0.72 | $ 0.81 | $ 0.7 |
Diluted earnings per share | (per share) | $ 0.54 | $ 0.72 | $ 0.81 | $ 0.7 |
Dividends - Additional Informat
Dividends - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020 SGD ($) | |
Disclosure of Dividends [Abstract] | |
Tax exempt dividends per ordinary share | $ 73.5 |
Tax-exempt dividends | $ 73.5 |
Reserves - Additional Informati
Reserves - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||||||
Mar. 23, 2021 SGD ($) | Mar. 23, 2021 USD ($) | Dec. 31, 2022 shares | Dec. 31, 2021 shares | Mar. 14, 2022 USD ($) | Oct. 12, 2021 shares | Oct. 05, 2021 shares | Dec. 22, 2020 SGD ($) | Sep. 19, 2018 SGD ($) shares | |
Disclosure Of Share Capital Reserves And Other Equity Interest [Line Items] | |||||||||
Annual Appropriations Percentage Of After Tax Profit From After Tax Profit To Non Distributable Statutory Reserve | 10% | ||||||||
Share Repurchase Programme [Member] | |||||||||
Disclosure Of Share Capital Reserves And Other Equity Interest [Line Items] | |||||||||
Share repurchase programmed amount authorized | $ | $ 30 | ||||||||
Share repurchased | shares | 1,048,812 | 0 | |||||||
Class A Ordinary Shares [Member] | |||||||||
Disclosure Of Share Capital Reserves And Other Equity Interest [Line Items] | |||||||||
Number of shares issued | shares | 2,903,843 | 19,358,957 | |||||||
Loan Facility Agreement [Member] | |||||||||
Disclosure Of Share Capital Reserves And Other Equity Interest [Line Items] | |||||||||
Proceeds from borrowings | $ 252,000,000 | $ 188 | |||||||
Distribution of proceeds to the founders | $ 252,000,000 | $ 188 | |||||||
TDCXH [Member] | |||||||||
Disclosure Of Share Capital Reserves And Other Equity Interest [Line Items] | |||||||||
Percentage of equity interest acquired | 100% | 100% | 40% | ||||||
Aggregate number of ordinary shares issued | shares | 800,000 | ||||||||
Total consideration amount | $ | $ 38,000,000 | ||||||||
TDCX KY [Member] | |||||||||
Disclosure Of Share Capital Reserves And Other Equity Interest [Line Items] | |||||||||
Percentage of equity interest acquired | 100% | ||||||||
Total consideration amount | $ | $ 2 | ||||||||
TDCX [Member] | |||||||||
Disclosure Of Share Capital Reserves And Other Equity Interest [Line Items] | |||||||||
Percentage of equity interest acquired | 100% | 100% |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Restricted Net Asset [Abstract] | ||
Restricted assets as a percentage of consolidated net assets | 25% | 25% |
Segment Reporting - Summary of
Segment Reporting - Summary of Operating Segments (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | |
Disclosure of operating segments [line items] | ||||
Revenue | $ 493,916 | $ 664,120 | $ 555,198 | $ 434,723 |
Omnichannel CX solutions [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 285,724 | 384,184 | 334,047 | 273,174 |
Sales and digital marketing [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 123,833 | 166,506 | 114,718 | 66,235 |
Content, trust and safety [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | 81,434 | 109,496 | 103,538 | 92,452 |
Other business process services and other services [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | $ 2,925 | $ 3,934 | $ 2,895 | $ 2,862 |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Geographical Areas (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | ||
Disclosure of geographical areas [line items] | |||||
Revenue | $ 493,916 | $ 664,120 | $ 555,198 | $ 434,723 | |
Non-current assets | 79,570 | 73,406 | |||
Singapore [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 106,453 | 143,137 | 143,989 | 121,062 | |
Non-current assets | 10,422 | 11,238 | |||
Philippines [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 122,716 | 165,004 | 144,313 | 109,268 | |
Non-current assets | 21,733 | 24,009 | |||
Malaysia [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 149,655 | 201,226 | 145,184 | 112,976 | |
Non-current assets | 18,720 | 8,219 | |||
Thailand [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 66,628 | 89,588 | 71,574 | 54,185 | |
Non-current assets | 8,742 | 11,692 | |||
China [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 12,530 | 16,848 | 11,671 | 11,500 | |
Non-current assets | 1,133 | 1,868 | |||
Japan [Member] | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | 20,095 | 27,020 | 30,838 | 22,759 | |
Non-current assets | 2,705 | 5,670 | |||
Others | |||||
Disclosure of geographical areas [line items] | |||||
Revenue | [1] | $ 15,839 | 21,297 | 7,629 | $ 2,973 |
Non-current assets | [1] | $ 16,115 | $ 10,710 | ||
[1]Comprises revenue from Australia, Colombia, Hong Kong, India, Romania, Spain, South Korea, Taiwan, Türkiye and Vietnam. |
Segment Reporting - Summary o_3
Segment Reporting - Summary of Major Customers (Detail) - SGD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of major customers [line items] | |||
Customers Revenue | $ 516,490 | $ 405,054 | $ 317,213 |
Customer A [Member] | |||
Disclosure of major customers [line items] | |||
Customers Revenue | 246,281 | 237,595 | 160,625 |
Customer B [Member] | |||
Disclosure of major customers [line items] | |||
Customers Revenue | 120,378 | 104,629 | 102,003 |
Customer C [Member] | |||
Disclosure of major customers [line items] | |||
Customers Revenue | 81,794 | $ 62,830 | $ 54,585 |
Customer D [Member] | |||
Disclosure of major customers [line items] | |||
Customers Revenue | $ 68,037 |
Segment Reporting - Summary o_4
Segment Reporting - Summary of Major Customers (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Customer D [Member] | |||
Disclosure of major customers [line items] | |||
Percentage of entity's revenue | 10% | 10% | 10% |
Commitments - Summary of Lease
Commitments - Summary of Lease Commitments (Detail) - SGD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Lease Commitments [Line Items] | |||
Lease commitments | $ 2,839 | $ 3,678 | $ 15,008 |
Payable within one year [Member] | |||
Disclosure Of Lease Commitments [Line Items] | |||
Lease commitments | 1,767 | 2,259 | 11,233 |
Payable in the second to fifth year inclusive [Member] | |||
Disclosure Of Lease Commitments [Line Items] | |||
Lease commitments | $ 1,072 | $ 1,419 | $ 3,775 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - SGD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commitment [Abstract] | ||
Outstanding commitment | $ 1 |
Acquisition of Subsidiary - Sum
Acquisition of Subsidiary - Summary of Identifiable Assets Acquired and Liabilities Assumed (Detail) - Teledirect Hong Kong Limited [Member] $ in Thousands | Oct. 13, 2022 SGD ($) |
Current assets | |
Cash and cash equivalent | $ 916 |
Trade receivables | 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 payables | (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 |
Acquisition of Subsidiary - Add
Acquisition of Subsidiary - Additional Information (Detail) - Teledirect Hong Kong Limited [Member] - SGD ($) $ in Millions | Oct. 12, 2022 | Oct. 13, 2022 |
Acquisition of Subsidiary [Line Items] | ||
Percentage of equity interest acquired | 90% | |
Contingent payments | $ 2.2 | |
Proportion of voting rights held by non-controlling interests | 10% | |
Gross contractual value | 2.3 | |
Fair value of trade receivables | $ 2.3 |
Reclassifications and Comparati
Reclassifications and Comparative Figures - Summary of Services Provided by Amount (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) | Dec. 31, 2020 SGD ($) | |
Disclosure of reclassifications for amount of financial year [line items] | ||||
Revenue | $ 493,916 | $ 664,120 | $ 555,198 | $ 434,723 |
Before the change [member] | Omnichannel CX solutions [member] | ||||
Disclosure of reclassifications for amount of financial year [line items] | ||||
Revenue | 346,582 | 283,427 | ||
Before the change [member] | Sales and digital marketing [member] | ||||
Disclosure of reclassifications for amount of financial year [line items] | ||||
Revenue | 114,718 | 66,235 | ||
Before the change [member] | Content monitoring and moderation [Member] | ||||
Disclosure of reclassifications for amount of financial year [line items] | ||||
Revenue | 85,890 | 80,170 | ||
Before the change [member] | Other business process services and other services [member] | ||||
Disclosure of reclassifications for amount of financial year [line items] | ||||
Revenue | 8,008 | 4,891 | ||
After the change [member] | Omnichannel CX solutions [member] | ||||
Disclosure of reclassifications for amount of financial year [line items] | ||||
Revenue | 334,047 | 273,174 | ||
After the change [member] | Sales and digital marketing [member] | ||||
Disclosure of reclassifications for amount of financial year [line items] | ||||
Revenue | 114,718 | 66,235 | ||
After the change [member] | Content Trust and Safety [Member] | ||||
Disclosure of reclassifications for amount of financial year [line items] | ||||
Revenue | 103,538 | 92,452 | ||
After the change [member] | Other business process services and other services [member] | ||||
Disclosure of reclassifications for amount of financial year [line items] | ||||
Revenue | $ 2,895 | $ 2,862 |
Events after the reporting pe_2
Events after the reporting period - Additional information (Detail) $ in Thousands, $ in Millions | Mar. 29, 2023 USD ($) | Dec. 31, 2022 SGD ($) | Dec. 31, 2021 SGD ($) |
Statements [Line Items] | |||
Financial assets at fair value through profit or loss | $ 29,776 | $ 23,983 | |
Major business combination [member] | Mangrove Insurance Guernsey PCC Limited [Member] | |||
Statements [Line Items] | |||
Financial assets at fair value through profit or loss | $ 17.9 |