ZICOM GROUP LIMITED ANNUAL REPORT 2022
Yesterday is not ours to recover, but tomorrow is ours to win or lose. - Lyndon B. Johnson
CONTENTS
01 Chairman's Message
03 Board of Directors
05 Company Secretary
06 Corporate Chart
07 Directors' Report
- Auditor's Independence Declaration
- Corporate Governance Statement
- Consolidated Statement of Comprehensive Income
- Consolidated Balance Sheet
- Consolidated Statement of Changes in Equity
- Consolidated Statement of Cash Flows
38 Notes to the Consolidated Financial Statements
- Directors' Declaration
- Independent Auditor's Report
115 Information on Shareholdings
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Zicom Group Limited is a company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is:
Zicom Group Limited
38 Goodman Place
Murarrie, QLD 4172
Australia
CHAIRMAN'S MESSAGE
Yesterday is not ours to recover, but tomorrow is ours to win or lose.
Lyndon B. Johnson
Dear Shareholders,
Green shoots sprouted sporadically during the course of the Covid pandemic bringing hopes to a global economy battered by it, only to be dashed by the virus mutations that have continued to persist.
Health care services related to the disease including vaccinations and testing, benefitted from the scourge but otherwise in general, majority of businesses suffered losses and damages. The Group's businesses are one of those which bore a heavy brunt.
The Ukraine war that broke out early this year, compounded the impact of the pandemic and combined with intensifying global geopolitical tensions have worsened the world economic order, causing a global energy crisis, disruptions to global supply chain, soaring inflation, manpower shortages and spiking interest rates.
We are living through a dark period of uncertainties and unprecedented challenges which are expected to persist for some time to come.
The Group has been focusing on areas in critical demand such as gas processing and green energy. Uncertainties had caused delays in orders. Fortuitously, huge spikes in gas prices to almost four folds have, in recent months, accelerated awards for substantive gas processing projects to the Group for execution over the next 2 years. The momentum is likely to gain traction. As the pandemic eases and countries open up borders, business opportunities for the Group's other sectors are expected to increase although uncertainties and serious challenges remain. The pandemic has increased opportunities for automation and the vacuum created in construction activities is expected to generate pent-up demand in the near future.
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CHAIRMAN'S MESSAGE
The current energy crisis had made the global pursuit of green energy more critical and urgent in the future. Green energy has been pursued to primarily address effects of climate change, but the current energy crisis caused by geopolitical tensions has added a new dimension to the urgency of alternate energy. It has become compelling for the Group's foray into green energy to intensify efforts to strengthen our capabilities to develop in this direction as future growth opportunities.
Experiences gained during the Covid period have enabled the Group to acquire new skills in working remotely. We will continue to leverage and integrate skills across territories to bridge gaps in skills and labour to maintain productivity and cost competitiveness.
"Yesterday is not ours to recover, but tomorrow is ours to win or lose."
I take this opportunity to thank all the Group's management and employees for their dedication, diligence and support, our board for their guidance and all our shareholders for their support and forbearance.
G L Sim
Chairman
2 Zicom Group Limited
BOARD OF DIRECTORS
Executive Directors
GIOK LAK SIM, FCPA
Executive Chairman, Age 76
KOK YEW SIM, BSc
Group Chief Executive Officer, Age 42
Experience and expertise
Appointed to the Board on 5 April 1995. Chairman and Managing Director of Zicom Group Limited till 31 December 2018. From 1 January 2019, stepped down as Managing Director and remains as Executive Chairman of Zicom Group Limited and all its subsidiaries. Mr Sim was a board member of SPRING Singapore, a government agency for enterprise development, for 4 years until 2018 and a member of the Strategic Advisory Panel of Diagnostics Development Hub, A*Star for 5 years until 2019. Experienced in public accounting, corporate development, strategic management as well as international trade.
Member of Incubation Advisory Board, Singapore National Eye Centre
Member of Board of Governors, UOB-SMU Asian
Enterprise Institute
Singapore Ernst & Young Entrepreneur of the Year (Industrial Products), 2008
Experience and expertise
Made an Executive Director on 25 September 2014 and promoted to Group Chief Executive Officer on 1 January 2019. For many years as the Chief Executive Officer of Sys-Mac Automation Engineering Pte. Ltd. (Sys-Mac), Mr Kok Yew Sim has been instrumental in Sys-Mac Group's growth journey, focusing on providing customised automation solutions, building capabilities and market penetration. As he transits into his role as the Group CEO, he will focus on strengthening and transforming the Group's existing core businesses to align with the technological age so as to enhance shareholders value. His first task was to spearhead the Group's foray into LNG propulsion systems and is now leading the team to advance development into carbon-free gas propulsion systems to meet evolving mandates of the International Maritime Organisation.
Mr Sim graduated with a Bachelor's degree in Electrical and Electronics Engineering from the University of Michigan, Ann Arbor, USA (Summa Cum Laude). He is the second son of the Executive Chairman, Mr G L Sim and Director of substantial shareholder, SNS Holdings Pte. Ltd.
Other current directorships and former directorships in last 3 years
None
Special responsibilities
Member of Nomination and
Remuneration Committee Executive Chairman of all subsidiaries
Relevant interests in shares and options as at date of signing the Directors' Report
107,781,137 ordinary shares
Other current directorships and former directorships in last 3 years
None
Special responsibilities
CEO of Sys-Mac Automation Engineering Pte. Ltd. and its subsidiaries
Managing director of Zicom Private Limited
Director of Zicom Holdings Private Limited
Director of Zicom Cesco Engineering Company Limited
Director of Emage Vision Pte. Ltd.
Relevant interests in shares and options as at date of signing the Directors' Report
1,350,253 ordinary shares and
400,000 options
Experience and expertise
Appointed to the Board on 13 November 2019, Ms Jenny Lim has been the Group's Financial Controller since 2005. She is responsible for accounting, finance, tax and corporate secretarial matters of the Group. Ms Lim also assumed the role of Joint Company Secretary since 6 June 2008. Before joining the Group, Ms Lim was with an international public accounting firm for more than 10 years specialising in audit and tax. She is a Fellow of the Association of Chartered Certified Accountants.
LIM BEE CHUN, JENNY, FCCA
Group Financial Controller and Joint
Company Secretary, Age 49
Other current directorships and former directorships in last 3 years
None
Special responsibilities
Joint Company Secretary
Director of Zicom Private Limited
Director and Company Secretary of
Zicom Holdings Private Limited
Director of Zicom Cesco Engineering
Company Limited
Relevant interests in shares and options as at date of signing the Directors' Report
944,563 ordinary shares and 250,000 options
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Zicom Group Limited published this content on 18 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2022 05:12:08 UTC.
