Chasen : Annual Report 2022 and Appendix

R.I.S.E. Up To The

New Normal

ANNUAL REPORT 2022

CONTENTS

01	Corporate Profile	23	Corporate Information	64	Consolidated Statement of Cash
02	Managing Director &	24	Corporate Social Responsibility		Flows
	CEO's Message	25	Corporate Governance Statement	66	Notes to the Financial Statements
07	Global Reach	47	Directors' Statement	143	Statistics of Shareholdings
08	Financial Highlights	50	Independent Auditors' Report	145	Notice of Annual General
10	Corporate Milestones	56	Consolidated Statement of Profit		Meeting
12	Corporate Structure		or Loss and Other Comprehensive		Proxy Form
14	Board of Directors		Income
17	Executive Officers	57	Statements of Financial Position
18	Operation Business Units	59	Statements of Changes in Equity

OUR SHARED VALUES

Profit-Mindedness	Management Excellence
Recognizing and maximizing the	Art in achieving all stakeholders'
effective use of resources as a	needs from outside-in to inside-out
whole	to achieve a competitive advantage

Integrity	Respect
Possessing strong moral values	Positive feeling of esteem or
and principles, honest and	deference for a person or other
upright to differentiate between	business unit
right and wrong and being
responsible and consistent

Teamwork

To work with utmost cooperation to overcome and complete tasks promptly

Commitment

Responsibility of individual / business unit to put in extra efforts in completion /

achievement of tasks

OUR VISION

To be a leading global integrated service provider with turnkey capabilities in supporting the development of manufacturing and service operation facilities.

OUR MISSION

To develop the capability and synergize the performance of

our business units in achieving the corporate vision.

Cover picture depicts our three business segments rising in confidence from our resilience through the pandemic that has given us the inspiration to think out of the box to simplify and execute complex and challenging tasks in the new normal.

CORPORATE PROFILE

The Company was incorporated on 2 November 1999. It listed on SESDAQ on 8 August 2000 and was transferred from the SGX Catalist to Mainboard on 26 February 2013.

The Company changed its name from China Entertainment Sports Ltd to Chasen Holdings Limited ("Chasen") on 17 May 2007 following the completion of the reverse takeover exercise in February 2007 whereby the Company acquired the entire issued and paid up capital of Chasen Logistics Services Limited. As a result of the reverse takeover, the Company acquired a new core business in specialist relocation solutions for the manufacturing industries that utilize sophisticated machineries and equipment.

Chasen is an investment holding company. Its Group businesses now extend further up the supply chain to include third party logistics, technical and engineering services in Singapore, Malaysia, Thailand, Vietnam, the People's Republic of China, and USA. The Group's diversified revenue sources cover industries such as wafer fabrication, TFT display panel production, semi-conductor, chip testing and assembly, solar panel assembly, consumer electronics, telecommunications, marine, ordnance and construction sectors in the following business segments:

Specialist Relocation - providing specialist manpower equipped with specialized material handling tools, equipment and vehicles to relocate the machinery and equipment of our customers within their premises, from one location to another location within a country, or from one country to another. The Chasen Group acts as a strategic partner to its customers in the management of their global relocation needs through projects or maintenance contracts. The Group is equipped to handle very sensitive machinery and equipment in cleanroom and "raised floor" environment.

Third Party Logistics - including packing, packaging, trucking, distribution, freight forwarding, non-bonded and bonded warehousing (with in-house Customs clearance), cargo management and last mile services. We pack machinery and equipment to Original Equipment Manufacturer ("OEM") specifications utilizing specialized packaging material before they are transported to their new locations. Our seamless cross-border trucking services are capable of delivering goods from Singapore through Peninsular Malaysia into Thailand, Myanmar and across Indo-China, Vietnam and into the People's Republic of China. Recently, Europe was added to this cross-border route. A multi-modal freight service using road and rail for the ASEAN-PRC sector has been added to our service portfolio. Most of our warehouses are air-conditioned and humidity-controlled, with floor load built for heavy equipment/machinery or racked for palletized goods storage.

Technical & Engineering - covering design, fabrication and installation of steel structures, mechanical and electrical installations including hook-up for production facilities, parts refurbishment, engineering and spares support, facilities management and maintenance, contract manufacturing, process engineering services, 4G & 5G telecommunications, ordnance, solar panel installation, scaffolding equipment and services and construction activities.

The Group's diversified revenue base and longstanding customer relationship provide a strong fundamental that would enable the Group to weather business cycles in specific industry. Its business model and growth strategy have positioned the Group to benefit from growth opportunities in the region and to increase the proportion of recurring income in Group revenue.

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Thir dP a r t y L o g i s t i c s

MANAGING DIRECTOR &

CHIEF EXECUTIVE OFFICER'S MESSAGE

Dear Shareholders,

I am pleased to present the annual report for the financial year ended 31 March 2022 ("FY2022"). Despite the challenging conditions of a second year of the COVID-19 pandemic, Chasen's profit before tax outpaced revenue growth in a year when we recorded our highest-ever topline.

Chasen has adapted rapidly and successfully to the constraints of health and safety procedures, supply chain disruptions and border restrictions, emerging stronger than before. Indeed, the financial performance has been propelled by fresh projects secured by all our three main business segments. That said, the Group is not resting on its laurels as fresh geopolitical and global economic uncertainties lurk on the horizon. Undeniably, we expect fresh challenges ahead.

Financial Performance

FY2022 revenue increased 26% to S$165.2 million - an all-time high - from S$130.7 million in the financial year ended 31 March 2021 ("FY2021"), lifted by higher revenue contributions in the Group's three business segments.

The Specialist Relocation segment continues to lead as the Group's main revenue and gross profit generator, even as we foresaw a slowdown in the TFT LCD sector in the People's Republic of China ("PRC"). The segment secured new orders even as projects delayed previously by the pandemic resumed, while we continue to diversify to the semiconductor and automotive sectors. Overall, revenue for this segment increased 7.0% to S$65.0 million from S$60.8 million a year ago, while gross profit grew 21.0% to S$16.4 million in FY2022 compared to S$13.6 million in FY2021, also outpacing the revenue growth rate.