HC Surgical Specialists : Annual Report FY2022 and Proposed Renewal of The Share Buy-Back Mandate Download Annual Report | Download Appendix

HC SURGICAL

SPECIALISTS

LIMITED

SURGERY TO THE GUT

SERVICE FROM THE HEART

ANNUAL REPORT 2022

TABLE OF CONTENTS

01	Corporate
Profile
02	Chairman's
Message
04	CEO's
Statement
10	FY2022 Year
In Review
12	Performance
Review
14	Board of
Directors
16	Key
Management
17	Group
Structure

18

26

28

30

32

34

35

IBC

Our

Services

Our

Specialists

Our General Practitioners

Our

Team

Locations of Clinics

Our Endoscopy Centres

Financial

Contents

Corporate Information

This	annual	report	has	been prepared by
HC Surgical Specialists Limited ("the Company")
and	reviewed	by	the	Company's sponsor,

Novus Corporate Finance Pte. Ltd. (the "Sponsor"), in compliance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

This annual report has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this annual report, including the correctness of any of the statements or opinions made, or reports contained in this annual report.

The contact person for the Sponsor is Mr. Pong Chen Yih, Chief Operating Officer, at 7 Temasek Boulevard, #18-03B Suntec Tower 1, Singapore 038987, telephone [phone].

ANNUAL REPORT 2022

01

CORPORATE PROFILE

HC Surgical Specialists Limited operates a wide network of clinics and endoscopy centres throughout Singapore, providing specialist healthcare at your doorstep in both residential areas and central areas, making it conveniently accessible, with less waiting time and lower costs. As members of the same group, the clinics are dedicated to provide endoscopic procedures including gastroscopies and colonoscopies. Most of our clinics are equipped with the facilities to perform general surgery services with a focus on colorectal surgery procedures on site. Our endoscopy centres aim to provide maximum comfort, efficiency and safety to all our patients. Our clinics are also Medisave and Medishield Life accredited, enabling us to further enhance our services to our patients.

02	HC SURGICAL SPECIALISTS LIMITED

CHAIRMAN'S MESSAGE

With COVID-19 pandemic situation now under control, many countries have opened up their borders, and life is pretty much back to pre-pandemic mode. HCSS will continue to expand our network of specialists and centres both locally and regionally as the opportunity arises.

ANNUAL REPORT 2022

03

CHAIRMAN'S MESSAGE

DEAR SHAREHOLDERS,

On behalf of the Directors and Management of HC Surgical Specialists Limited ("HCSS" or "Company", and together with its subsidiaries, collectively, the "Group"), I am pleased to present the Annual Report for HCSS for the fnancial year ended 31 May ("FY") 2022.

FY2022 started on the back of an exceptionally good FY2021 performance, which was due to a pent-up demand after the circuit breaker measures were lifted on 2 June 2020. However, it was a period when the nation saw record high COVID-19 cases and deaths as we transited to living with COVID-19 pandemic before the situation came under control towards the end of FY2022. The global situation was not stable either, with the Russia-Ukraine war, and twin concerns of high inflation and the threat of a global recession. The Group's performance was affected as the number of patients seeking elective medical treatment decreased, and even more so when COVID-19 restrictions were lifted and borders restrictions were eased towards the end of FY2022, as many opted for overseas travel.

Nonetheless, the Group remained focused on its provision of medical services. During FY2022, the Group

1. acquired the remaining 49% stake in Jason Lim Endoscopy and Surgery Pte. Ltd. ("JLES") in August 2021; (ii) acquired the remaining 49% stake in Medical L & C Services Pte. Ltd. ("MLCS") in September 2021, thereby owning 100% of both JLES and MLCS; (iii) carried out an internal restructuring and closed Mount Alvernia and Dleedon clinics;

1. converted S$625,000 worth of convertible bonds to shares in Nuffield Dental Holdings Private

Limited in October 2021; and

1. signed a tenancy for a new centre in the east of Singapore in May 2022. These are steps taken to yield long- term benefts for the Group.

MOVING FORWARD

Moving forward, we are delighted to start the new fnancial year with the contract entered with AIA Singapore Private Limited ("AIA Singapore") for another three-year term. With COVID-19 pandemic situation now under control, many countries have opened up their borders, and life is pretty much back to pre-pandemic

mode. HCSS will continue to expand our network of specialists and centres both locally and regionally as the opportunity arises.

APPRECIATION

Last but not least, I would like to take this opportunity to thank our Shareholders, patients and business partners for their unwavering support to HCSS, my fellow Directors for their valuable insights throughout the past years, and the staff and Management for their dedication and commitment.