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蚬壳电业(02381) - 2020 - 年度财报
2021-04-26 08:46
Financial Performance - For the fiscal year 2020, the group's revenue decreased to approximately HKD 249.4 million, a decline of 10.3% compared to the previous year[9] - The gross profit for the fiscal year 2020 was HKD 76.2 million, down 12.8% from HKD 87.5 million in the previous year[9] - The profit attributable to owners of the company was HKD 36.4 million, representing a decrease of 19.8% from HKD 45.4 million in the fiscal year 2019[9] - The gross margin for the fiscal year 2020 was 30.6%, slightly down from 31.5% in the previous year, primarily due to strict cost control measures[15] Cash and Liquidity - The company reported a total cash and bank balance of approximately HKD 77.5 million as of December 31, 2020, significantly up from HKD 19.3 million at the end of 2019[17] - As of December 31, 2020, the group's current ratio was approximately 3.53, compared to 2.93 as of December 31, 2019[18] - The group's debt ratio was zero as of December 31, 2020, with no bank borrowings, compared to HKD 14.6 million in borrowings as of December 31, 2019[20] - The interest coverage ratio for the year ended December 31, 2020, was 216.6 times, up from 88.8 times in the previous year[20] Operational Strategy - The company plans to improve risk management, operational cost control, supply chain flexibility, and enhance liquidity in response to ongoing challenges[14] - The company anticipates that the fiscal year 2021 will remain challenging due to uncertainties in the global economy and geopolitical tensions[13] - The company aims to gradually restore import demand for fans and power tools as the COVID-19 pandemic is expected to ease with vaccine rollouts[13] Corporate Governance - The company has maintained compliance with the corporate governance code as per the listing rules from June 2, 2020, to December 31, 2020[47] - The board of directors is responsible for the overall leadership and strategic decision-making of the group, with three committees established for oversight[49] - The company has a strong management team with extensive experience in the electric appliance industry, including over 20 years in manufacturing and operations[44] - The independent non-executive directors bring over 40 years of experience in export and corporate finance, enhancing the company's strategic judgment[39] Risk Management - The company has established a risk management and internal control system to protect shareholder investments and group assets, which is reviewed annually by the board[96] - The risk management framework includes identifying significant risks, assessing risk levels, and implementing strategies to mitigate those risks[99] - The audit committee assists the board in reviewing the effectiveness of the internal control and risk management systems[98] Environmental Impact - The company reported a total nitrogen oxide emissions of 239.70 kg in 2020, an increase of 20.4% from 199.01 kg in 2019[128] - Sulfur oxide emissions were recorded at 0.13 kg in 2020, up from 0.11 kg in 2019, reflecting an 18.2% increase[128] - The company generated approximately 430 tons of non-hazardous waste during the reporting period[142] - The total direct emissions from fuel consumption by trucks amounted to 20.94 tons in 2020, compared to 18.16 tons in 2019, marking a 15.3% increase[128] Employee Management - The total number of employees as of December 31, 2020, was 140, down from 163 as of December 31, 2019[27] - Employee turnover rate for 2020 was 1.49%, indicating a stable workforce[156] - The company employed 140 staff members as of December 31, 2020, with a gender ratio of 1:2.78[155] - The company recorded a total of 4,839 training hours for employees during the reporting period, with an average training time of approximately 35 hours per employee[198] Safety and Compliance - The company has a zero-tolerance policy towards workplace accidents and aims to provide a safe working environment[175] - All safety equipment meets local fire department standards and is regularly inspected to prevent malfunctions[185] - The company conducts regular safety inspections and audits at production sites to ensure compliance with local laws and regulations[183] - The company prohibits any form of child labor or forced labor in its production facilities and requires suppliers to adhere to the same standards[199]
蚬壳电业(02381) - 2020 - 中期财报
2020-09-24 08:31
Financial Performance - For the six months ended June 30, 2020, the company reported revenue of HKD 116,620,000, a decrease of 23.4% compared to HKD 152,143,000 for the same period in 2019[6] - Gross profit for the same period was HKD 36,447,000, down 24.2% from HKD 48,137,000 in the previous year[6] - The net profit attributable to the company's owners was HKD 14,654,000, representing a decline of 47.3% from HKD 27,623,000 in the prior year[6] - The company reported a total comprehensive income of HKD 14,373,000 for the period, a decrease of 47.3% compared to HKD 27,282,000 in 2019[6] - For the six months ended June 30, 2020, total segment revenue was HKD 116,620,000, a decrease of 23.3% from HKD 152,143,000 for the same period in 2019[48] - The segment profit for the same period was HKD 36,447,000, down 24.3% from HKD 48,137,000 in 2019[48] - Revenue from the SMC segment was HKD 18,920,000, a decline of 30.5% compared to HKD 27,280,000 in the previous year[48] - The non-SMC segment generated revenue of HKD 97,700,000, a decrease of 21.8% from HKD 124,863,000 in 2019[48] - The pre-tax profit for the period was HKD 19,035,000, down from HKD 34,497,000 in the same period of the previous year, representing a decline of 44.0%[48] - The company incurred tax expenses of HKD 4,381,000 for the period, compared to HKD 6,874,000 in 2019, a decrease of 36.3%[56] - Profit attributable to owners for the six months was HKD 14.6 million, a decrease of HKD 13.0 million or 47.1% from HKD 27.6 million in 2019, mainly due to the aforementioned revenue decline[105] Assets and Liabilities - The company's total assets as of June 30, 2020, were HKD 179,761,000, down 31.2% from HKD 261,435,000 at the end of 2019[8] - Current liabilities decreased to HKD 65,246,000 from HKD 89,090,000, a reduction of 26.8%[8] - The company’s total equity as of June 30, 2020, was HKD 120,173,000, down from HKD 179,833,000 at the end of 2019, reflecting a decrease of 33.1%[8] - The company had bank borrowings of HKD 8,539,000 as of June 30, 2020, down from HKD 14,572,000 as of December 31, 2019, indicating a reduction of 41%[77] - The total trade payables were HKD 21,806,000 as of June 30, 2020, a decrease of 5% from HKD 22,893,000 as of December 31, 2019[71] Cash Flow - For the six months ended June 30, 2020, the net cash generated from operating activities was HKD 7,220,000, compared to a cash used of HKD 19,152,000 in the same period of 2019[13] - The total cash and cash equivalents increased by HKD 54,801,000, up from HKD 13,064,000 in the previous year[13] - The financing activities generated a net cash inflow of HKD 47,732,000, compared to HKD 32,441,000 in the prior period[13] - The cash flow from investing activities showed a net cash outflow of HKD 151,000, compared to HKD 225,000 in the previous year[13] - The company’s initial cash and cash equivalents were HKD 19,291,000, compared to HKD 6,889,000 at the start of the previous year[13] - As of June 30, 2020, the group's cash and bank balances totaled approximately HKD 74.0 million, significantly up from HKD 19.3 million as of December 31, 2019[106] Share Capital and Equity - The company’s earnings per share for the period was HKD 0.828, down 48.3% from HKD 1.601 in the same period last year[6] - The average number of ordinary shares issued during the period was 1,768,819,000, an increase from 1,725,000,000 in the previous year[62] - The company did not declare an interim dividend for the six months ended June 30, 2020, consistent with the previous year[59] - The company's authorized share capital increased from HKD 380,000 (38,000,000 shares) to HKD 50,000,000 (5,000,000,000 shares) as of June 30, 2020[84] - The company issued 37,999,999 shares to acquire SMC Electric Holdings, resulting in a share premium of HKD 45,572,000[84] - The company issued 275,000,000 new shares at HKD 0.25 each during its listing, raising a total of HKD 68,750,000[86] Market and Operational Insights - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[5] - Sales revenue from electric fans in the Middle East, Asia, and Australia decreased during the first half of 2020, while sales in Africa and Hong Kong showed moderate growth[100] - The company expects a gradual recovery in electric fan sales in the second half of 2020 as the COVID-19 pandemic is largely under control in China[100] - The company anticipates that the sales of power tools will improve in the second half of 2020, driven by the completion and delivery of delayed orders[100] - The company plans to enhance risk management and operational efficiency while exploring new customer development and opportunities in emerging markets[101] - The company has signed confidentiality agreements and provided preliminary pricing proposals to two large well-known clients in the power tools sector[101] Compliance and Governance - The company’s financial reports are prepared in accordance with Hong Kong Accounting Standards and the relevant listing rules, ensuring compliance with applicable disclosure requirements[33] - The company has complied with the corporate governance code during the reporting period[132] - The audit committee reviewed the interim results and financial information for the six months ended June 30, 2020, with no disagreements noted[136]