Trek 2000 Annual Report 2019 Final.Pdf
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TREK 2000 International Ltd Annual Report 2019 1 Annual Report 2019 CONNECTING PEOPLE THROUGH SMART INNOVATIONS 30 Loyang Way #07-13/14/15 Loyang Industrial Estate Singapore 5087 Telephone : (5) 54 088 Fax : (5) 54 0 www.trek2000.com.sg 2 TREK 2000 International Ltd Annual Report 2019 C Introduction 1 Group President’s Message 2 O Intellectual Property 4 N Trek’s Patented Solutions 6 T Pillars of Innovation 8 E Financial Review 9 Board of Directors 12 N Group Structure 14 T Key Management 15 S Corporate Information 17 TREK 2000 International Ltd Annual Report 2019 1 Trek 2000 International Ltd (“Trek”) is a global industry innovator, patent owner and inventor of the revolutionary ThumbDrive USB flash drive. Our vision and mission are to be a leading solutions provider for the Internet-of-Things (“IoT”) ecosystem. Listed on the Singapore Stock Exchange (SGX:5AB) in 2000, we offer state-of-the-art design solutions ranging from Interactive Consumer Solutions, Wireless, Antipiracy, Compression and Encryption to sophisticated Enterprise Solutions. As a design solutions provider, Trek operates under an asset-light business models, supported by a portfolio of patents granted across the world. We have offices in the U.S., the Netherlands, China, Japan, India, Vietnam, Thailand, Hong Kong, Malaysia, Indonesia and Singapore in order to serve the rapidly growing digital market. Trek was named by Forbes Global as one of the Best Small Companies in the World in 2000 and 2002. We were also ranked as the Best Managed Small Company in Singapore by AsiaMoney (of Euromoney). Trek also received the INVENT Singapore Award 2000, the ASEAN Business Award for Innovation in 2011, Asia- Pacific Enterprise Leadership Awards for Spirit of Innovation Award in 2013, and SD Association Leadership Award in 2014. We were also conferred the One Asia – Avant-Garde Award and International Management Action Award in 2015. Upholding our tagline. “Innovation: Inside Out”, Trek’s core differentiation lies in its R&D expertise. Supported by a team of visionary leaders, we strive to innovate relentlessly and change peoples’ lives for the better. 2 TREK 2000 International Ltd Annual Report 2019 GROUP PRESIDENT’S MESSAGE Dear Shareholders, ensuring long-term success in the IoT market. Concurrently, we will be boosting our marketing On behalf of the Board of Directors of Trek 2000 initiatives in key target markets to accelerate International Ltd (“Trek” or “the Group”), I am the sales of our latest products. Furthermore, deeply honoured to present our annual report our asset-light business model will enhance our for the financial year ended 31 December 2019 strategy to grow. It has allowed us to stay nimble (“FY2019”). and mitigate our risks. Navigating a Challenging FY2019 A Resilient Financial Position to Fuel Future Growth The weak global economic sentiment, along with an I would like to express my appreciation to the uncertain business landscape amid the US-China management for their relentless efforts to improve trade war presented challenges to our operations our financial systems and get an unqualified in FY2019. Furthermore, we were impacted by opinion for FY2019. price pressure owing to the unfavourable and unpredictable market conditions during the To fuel future growth and navigate potential year. These factors weighed on our financial business headwinds, we remain in a healthy performance during the year. financial position to weather severe market conditions and ensure our long-term business Despite the challenges, we managed to narrow sustainability. In FY2019, our financial position the Group’s losses through our fiscal prudence remains resilient supported by cash and cash and discipline over the year from a loss of US$3.7 equivalents of US$16.7 million and quoted million in FY2018 to a net loss of US$1.4 million in investments in current and non-current assets of FY2019. US$24.2 million as shown in our balance sheet. A New Decade of Challenges with New Management The strong balance sheet and healthy financial position is a result of our financial prudence. It Over the last two years, the new management team allows us to pursue our future growth without has coped well with the transition and restructuring much difficulty and ensure long-term sustainability. process. Our next goal is to harness the waves of To safeguard our shareholders’ interest, we will 5G technology into the next era. continue to remain prudent and exercise cost management in our pursuit of growth & expansion Amidst the challenging business environment, the in the regional market. management team is cautiously optimistic with long term objectives embedded in our corporate To further strengthen our financial position, we plan. have chosen to exercise fiscal prudence by writing off significant parts of our development costs in A Culture of Relentless Innovation our books even though we are in the final stages of development for these products. By doing so, it will To stay ahead of the technological curve and enable us to manage our financial position better staying relevant in this dynamic business once these revolutionary solutions are launched in landscape, Trek will continue to actively invest in the market. R&D initiatives and innovations to come up with new solutions. Embracing change has allowed us In 2020, we will further strengthen our human to ensure business sustainability into the next lap. capital as we position ourselves for a new decade of challenges. We will continue to recruit and groom Despite the current global uncertainties such as talent to support our ambitious journey ahead. Covid-19 and depressed oil prices at the onset of FY2020, we are well-positioned to launch two Challenging Outlook as a Result of COVID-19 new patented solutions on digital storage/media towards the second half of the year. On 11 March 2020, the World Health Organisation declared COVID-19 outbreak to be a global Backed by the potential of these new innovative pandemic. The rapid spread of the virus has solutions, we are optimistic and confident in caused major disruptions to worldwide supply TREK 2000 International Ltd Annual Report 2019 3 chains, dampened economic sentiment and led to this challenging period, we will be selective in several countries declaring national emergencies exercising priority on projects and continue to while closing their borders to contain the outbreak. exercise prudence in our financial management. The semiconductor industry, which the Group is Appreciation in, has also been adversely affected. We foresee that due to the widespread economic and social On behalf of the Board of Directors, I would damages caused by the pandemic in the global like to extend our heartfelt appreciation to our economy, coupled with the extended Circuit Breaker shareholders who continue to support us in our measures adopted in Singapore and our markets vision for the company. I would also like to extend in the region, it is uncertain as to when the global my sincere gratitude to all our business associates, economy will recover and global supply chain will customers and shareholders who have stood by stabilize. us through thick and thin. We look forward to your continued support as we seek to chart our growth As a result, the Group foresees the industry to into the future. remain challenging in the next 12 months. In Wayne Tan Group President & Executive Director Trek 2000 International Ltd 4 TREK 2000 International Ltd Annual Report 2019 INTELLECTUAL PROPERTY The strength of our R&D remains an integral component for future growth and sustainability. OUR IP REACH • Australia • Germany • New Zealand • Thailand • Brazil • Hong Kong • Philippines • UAE • Brunei • India • Saudi Arabia • United Kingdom • Canada • Indonesia • Singapore • USA • China • Israel • South Africa • Vietnam • Eurasia • Japan • South Korea • Europe • Malaysia • Taiwan OUR PATENTED CORE TECHNOLOGY SOLUTIONS Wireless USB Anti-piracy Security/Encryption Centralised Management Portable Storage PC and Mobile Apps System (CMS) Solutions encompassing Flash Memory TREK 2000 International Ltd Annual Report 2019 5 TREK 2000’s MedTech Architecture Trek is in a transformative era as we seek to penetrate the IoT segment, in particular Medtech. By embedding devices with proprietary software and sensors, we aim to leverage on our Smart Gateway and Cloud platforms to seamlessly collect and exchange data. MedTech Cloud Smart sensor for Patient Alert diapers Vital Signal Data Storage System (PAS) Vital Signal Data Analytic Humidity Detection Vital Signal Data manage console Real-time tracking of patient activity Temperature Detection Wireless Sensing Wireless sensor for 24x7 sample ECG data Heart rate HRV Respiration rate Fall down detection Fitness Wrist Smart Getaway Band Monitoring Personal Vital Signal Storage Heart Rate Personal Vital Signal Collection Personal Vital Signal Tracking SpO2 Personal Vital Signal Analytic Smart Toy with built- Body Temperature Tracking Vital Signal in anywhere Activity and any time in camera Fall down detection Real time tracking of user activity In - built self-motion-sensing ability 6 TREK 2000 International Ltd Annual Report 2019 TREK’S PATENTED SOLUTIONS Patient Alert System Flucard® Flucard® Ultra Ai-Ball Smart Gateway Smart Sensor for diapers 1. WIRELESS SOLUTIONS a. Patient Alert System d. Ai-Ball Targeted at patients with dementia, this wearable Ai-Ball is the world’s smallest portable videocamera. device comes with in-built sensors and is attached The device boasts high quality 2-megapixel video to the base of a patient’s foot. When the device with Wi-Fi streaming of up to 20 metres. comes into contact with the floor, it will set off an alert via bluetooth to nearby attending medical e. Smart Gateway staff. Trek Smart Gateway is a platform that supports the multiple usage of applications for both clinical and b. Flucard® home monitoring in the healthcare domain. The Flucard® is a revolutionary SD card that enables system connects seamlessly to Trek’s Cloud which the seamless connection and transfer of digital then collects a client’s personal information and content between electronic devices.