The American Club 2021/2022 Annual Report

PAGE 50 THE AMERICAN CLUB SINGAPORE ANNUAL REPORT 2021 / 2022

Looking Ahead

The past two years have no doubt been challenging. We expect the year ahead to remain volatile amidst the geopolitical tensions and economic uncertainties. Food and fuel pressures remain, implying further inflation risks. Payroll costs will continue to rise due to the ongoing labor crunch. Management has secured a one-year utility contract renewal until June 2023. We expect an increase of approximately $1.5 million in energy costs in FY2023. Management will leverage on the new ERP systems with mobile app capabilities to drive change in processes and workflow to enhance operational efficiencies and increased productivity.

In FY2022, the Club’s operating results and Club Reserves outperformed its Five-Year Business Plan (FY2022 to FY2026) that was approved by the General Committee on May 3, 2021. In time of extraordinary changes, we remain steadfast in our commitment in achieving operational break-even by FY2026 and to show significant improvement in Club Reserves over the next four-year period.

Let’s prevail as One Club, One Team!