JANCO HOLDINGS(08035)

Search documents
骏高控股(08035) - 2019 - 中期财报
2019-11-27 14:39
Financial Performance - The company reported revenue of HKD 210,992,000 for the six months ended June 30, 2019, representing a 27% increase from HKD 165,976,000 in the same period of 2018[8]. - Gross profit for the six months was HKD 9,667,000, a decrease of 4.2% compared to HKD 10,091,000 in the previous year[8]. - The company incurred a loss before tax of HKD 13,109,000 for the six months, compared to a loss of HKD 9,766,000 in the same period of 2018, indicating a 34% increase in losses[8]. - The company reported a basic loss per share of HKD 2.19 for the six months ended June 30, 2019, compared to HKD 1.73 in the same period of 2018[8]. - The total comprehensive expenses for the period amounted to HKD 13,161,000, leading to a cumulative loss of HKD 25,672,000 as of June 30, 2019[13]. - The company incurred a net loss of approximately HKD 13,147,000 for the six months ended June 30, 2019, indicating significant uncertainty regarding its ability to continue as a going concern[19]. - Loss attributable to owners increased by approximately 26.0% from about HKD 10.4 million to about HKD 13.1 million, mainly due to a decrease in gross margin from logistics and shipping operations[61]. Assets and Liabilities - Total assets as of June 30, 2019, were HKD 167,692,000, up from HKD 159,777,000 at the end of 2018[10]. - Current liabilities decreased to HKD 198,540,000 from HKD 225,705,000 at the end of 2018, showing a reduction of approximately 12%[10]. - The company’s equity decreased to HKD 50,499,000 as of June 30, 2019, from HKD 63,660,000 at the end of 2018, indicating a decline of approximately 21%[11]. - The company has a net current liability of approximately HKD 80,792,000 as of June 30, 2019, raising concerns about its financial stability[19]. - Trade receivables decreased from HKD 107.1 million as of December 31, 2018, to HKD 77.3 million as of June 30, 2019, representing a decline of approximately 28%[41]. - Trade and other payables decreased from HKD 49.4 million as of December 31, 2018, to HKD 29.1 million as of June 30, 2019, a reduction of approximately 41%[45]. Cash Flow and Financing - The company reported a net cash inflow from operating activities of HKD 26,193,000 for the six months ended June 30, 2019, compared to HKD 8,862,000 for the same period in 2018, representing an increase of approximately 195%[16]. - The company received new bank loans totaling HKD 7,922,000 during the period, while repaying HKD 15,363,000 in bank loans[16]. - The company reported a decrease in financing cash flow, with a net cash outflow of HKD 26,837,000 compared to an inflow of HKD 458,000 in the previous year[16]. - The company has drawn new bank loans amounting to HKD 7.9 million during the interim period, with interest rates ranging from 4.26% to 4.46%[49]. Expenses - The company’s administrative expenses rose to HKD 21,155,000 for the six months, compared to HKD 18,685,000 in the previous year, marking a 13% increase[8]. - The total employee costs for the six months ended June 30, 2019, amounted to HKD 20,945,000, down from HKD 23,653,000 in 2018[36]. - The company reported an administrative expense of HKD 21,155,000 and financing costs of HKD 3,217,000 for the six months ended June 30, 2019[31]. - Sales cost increased by approximately 29.1% from about HKD 155.9 million for the six months ended June 30, 2018, to about HKD 201.3 million for the six months ended June 30, 2019[57]. - Gross profit decreased by approximately 4.0% from about HKD 10.1 million to about HKD 9.7 million, with gross margin dropping from approximately 6.1% to 4.6%[57]. - Administrative expenses rose by approximately 13.4% from about HKD 18.7 million to about HKD 21.2 million, primarily due to an increase in legal and professional fees of about HKD 1.3 million[58]. Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO, which is held by Mr. Ng[88]. - The company appointed a new compliance advisor, Da Yu Financing Limited, effective April 12, 2019, following the termination of the previous advisor[85]. - The company has established an audit committee, nomination committee, and remuneration committee to ensure proper governance[88]. - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2019, and believes they comply with applicable accounting standards[99]. - The Audit Committee currently consists of three independent non-executive directors, with Mr. Li Guangze serving as the chairman[97]. - The company has established internal policies, procedures, and control measures as part of its remedial actions[93]. Future Plans and Strategies - The company plans to expand its e-commerce and fulfillment business and is looking for opportunities to set up different warehouses to enhance its logistics operations in Asia[54]. - The company aims to become a major logistics service provider in the region by improving last-mile delivery times and streamlining e-commerce processes[54]. Shareholder Information - As of June 30, 2019, Million Venture holds 450,000,000 shares, representing 75% of the company's issued share capital[78]. - Mr. Zheng is the beneficial owner of 1 share in Million Venture, holding 100% of that entity[77]. - The company has not granted, exercised, canceled, or allowed any stock options under the stock option plan since its adoption on September 23, 2016[80]. - There were no arrangements made for directors to benefit from purchasing shares or bonds of the company or any other entity during the six months ending June 30, 2019[81]. - The company has not received any notifications from other individuals regarding their interests in the company's shares or bonds as of June 30, 2019[79]. Trading and Market Activity - The trading of the company's shares has been suspended since April 1, 2019, due to delays in announcing financial results for the fiscal year 2018[91]. - The company has applied to the Stock Exchange for the resumption of trading of its shares, effective from 9:00 AM on November 28, 2019[93]. - The company will publish its latest announcements on the GEM website and its own website for at least seven days from the publication date[100].
骏高控股(08035) - 2019 Q3 - 季度财报
2019-11-27 14:35
Financial Performance - The company reported revenue of HKD 110,950,000 for the first quarter of 2019, representing a 45% increase compared to HKD 76,625,000 in the same period of 2018[7]. - Gross profit for the first quarter was HKD 2,960,000, with a gross margin of approximately 2.67%, down from HKD 7,720,000 and a gross margin of 10.08% in the previous year[7]. - The company incurred a loss before tax of HKD 8,145,000, compared to a loss of HKD 4,861,000 in Q1 2018, indicating a deterioration in financial performance[7]. - The net loss for the period was HKD 8,147,000, which is a 54% increase from the net loss of HKD 5,277,000 in the same quarter of the previous year[7]. - Basic loss per share was HKD 1.36, compared to HKD 0.88 in Q1 2018, reflecting a significant increase in losses per share[7]. - The total comprehensive loss for the period amounted to HKD 8,189,000, compared to HKD 5,277,000 in the prior year, indicating a worsening overall financial position[7]. - The company reported other income of HKD 845,000, which is an increase from HKD 336,000 in the previous year, suggesting some improvement in non-operational income sources[7]. - Total sales costs increased by approximately 56.7% to HKD 108.0 million from HKD 68.9 million, primarily due to rising costs in logistics and e-commerce express services[29]. - The total loss and comprehensive expenses increased by approximately 54.7% from about HKD 5.3 million for the three months ended March 31, 2018, to about HKD 8.2 million for the three months ended March 31, 2019, primarily due to a decrease in gross margins from logistics, e-commerce express services, and shipping operations[32]. Revenue Breakdown - Air freight agency service revenue rose to HKD 30.51 million, up from HKD 20.27 million, while sea freight agency service revenue increased to HKD 38.65 million from HKD 26.73 million[19]. - Logistics service revenue grew to HKD 24.24 million from HKD 15.47 million, and e-commerce express service revenue surged to HKD 17.56 million from HKD 2.65 million[19]. - Revenue for the three months ended March 31, 2019, increased by approximately 44.9% to HKD 110.95 million from HKD 76.63 million for the same period in 2018[28]. - The increase in e-commerce express service revenue is attributed to higher order volumes from existing major e-commerce clients[28]. Cost Management - Administrative expenses decreased to HKD 10,242,000 from HKD 12,376,000 year-over-year, indicating cost control efforts[7]. - Administrative expenses decreased by approximately 17.7% from about HKD 12.4 million for the three months ended March 31, 2018, to about HKD 10.2 million for the three months ended March 31, 2019[30]. Future Outlook - The company has not disclosed specific future outlook or guidance in the report, focusing instead on current performance metrics[5]. - Future plans include expanding e-commerce and fulfillment services, as well as establishing additional warehouses to enhance logistics operations in Asia[27]. - The company aims to become a major logistics service provider in the region, focusing on improving last-mile delivery times and streamlining e-commerce processes[27]. Corporate Governance - The company has complied with the GEM Listing Rules regarding corporate governance, except for the separation of the roles of Chairman and CEO[54]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited financial statements for the three months ending March 31, 2019[58]. - The company has adopted a code of conduct for directors that is less stringent than the GEM Listing Rules regarding securities transactions[41]. Shareholder Information - As of March 31, 2019, the company’s major shareholder, Mr. Cheng, held 75% of the shares through a controlled corporation[45]. - The company has issued a total of 450 million shares, with a 75% ownership held by major shareholders[47]. - The company did not purchase, redeem, or sell any shares during the three months ended March 31, 2019[40]. - No stock options have been granted, exercised, canceled, or expired under the stock option plan since the listing date[48]. - There were no arrangements made for directors to benefit from purchasing shares or bonds of the company or any other entity during the reporting period[49]. - No significant contracts exist where directors have a substantial interest as of March 31, 2019[50]. Trading and Compliance - Trading of shares was suspended from April 1, 2019, due to delays in the announcement of the financial results for the fiscal year 2018[35]. - The company has taken appropriate steps to remedy the issues that led to the suspension of trading and believes it has met the resumption guidance[37]. - The company has engaged Ernst & Young to conduct a follow-up review of the remedial measures taken, which has been completed[37]. - The company appointed a new compliance advisor, Da You, effective April 12, 2019, after terminating the agreement with the previous advisor[52]. - The company has not disclosed any significant events that occurred after March 31, 2019, up to the report date[56]. - The company has not reported any business or interests that may compete with its operations as of March 31, 2019[51].
骏高控股(08035) - 2019 - 年度财报
2019-11-08 09:46
Financial Performance - The group faced significant operational losses in 2018 due to a decline in gross profit margins in the freight forwarding and logistics sectors, influenced by intense competition and economic uncertainties [7]. - Total revenue increased by approximately 4.5% from HKD 351.1 million in FY2017 to HKD 366.8 million in FY2018, primarily driven by increased air freight and logistics service revenues [13][14][16]. - The company reported a loss attributable to shareholders of approximately HKD 25.0 million in FY2018, compared to a profit of HKD 1.7 million in FY2017 [13]. - Gross profit decreased by approximately 48.5% from HKD 46.9 million in FY2017 to HKD 24.1 million in FY2018, with gross margin dropping from 13.4% to 6.6% [20]. - Sales costs increased by approximately 12.6% from HKD 304.3 million in FY2017 to HKD 342.7 million in FY2018, mainly due to rising air freight costs [18]. - The logistics segment reported a loss of HKD 320,000 in FY2018, compared to a profit of HKD 10.1 million in FY2017 [19]. - The company recorded a loss attributable to owners of approximately HKD 25.0 million for the fiscal year 2018, compared to a profit of approximately HKD 1.7 million in 2017, primarily due to decreased profit margins in freight forwarding and logistics services, as well as increased financing costs [26]. - The gross profit margin for the fiscal year 2018 was 6.6%, down from 13.4% in 2017 [171]. - The return on equity for the fiscal year 2018 was -39.2%, compared to 1.9% in 2017 [171]. - The net cash used in operating activities was HKD 9.1 million, a decrease from HKD 18.2 million in 2017 [171]. - Cash and cash equivalents at the end of fiscal year 2018 were HKD 5.6 million, down from HKD 7.0 million in 2017 [171]. E-commerce and Logistics Expansion - The group expanded its e-commerce business in the United States, contributing significantly to revenue growth in 2018 [7]. - Future plans include strengthening business relationships with large and well-known clients while expanding logistics services, particularly in Europe and U.S. e-commerce [8]. - The company is expanding its e-commerce business to capture increasing demand driven by cross-border logistics activities [13]. - The company plans to expand its e-commerce and fulfillment business and is looking for opportunities to set up different warehouses to enhance logistics operations in Asia [45]. - The company aims to become a major logistics service provider in the region, enhancing last-mile delivery times and streamlining e-commerce processes [45]. Operational Changes and Management - The group executed warehouse consolidation and upgraded warehouse management systems, which are expected to lead to rapid growth in storage capacity in the coming years [8]. - Administrative expenses increased by approximately 3.5% from HKD 42.9 million in 2017 to HKD 44.4 million in 2018, mainly due to higher employee costs [23]. - The company's financing costs, which include interest expenses on bank loans and finance leases, had an effective interest rate range of 3.26% to 3.83% for bank loans in 2018 [24]. - The current ratio decreased from 2.1 times in 2017 to 0.7 times in 2018, primarily due to a reduction in cash used for operations and an increase in bank borrowings [29]. - The company's operating lease commitments related to office and warehouse leases increased to approximately HKD 46.7 million in 2018 from HKD 22.9 million in 2017 [30]. - The company employed 129 full-time employees as of December 31, 2018, compared to 128 in 2017 [48]. - The company has utilized HKD 4.1 million to strengthen sales and marketing efforts by hiring 16 senior personnel [49]. Environmental, Social, and Governance (ESG) Practices - The company has adhered to the ESG reporting guidelines and has implemented policies in environmental protection and community engagement [66]. - The report covers the company's operations in Hong Kong, focusing on its main business activities and compliance with ESG guidelines [67]. - The company encourages stakeholder feedback on its ESG policies and performance through various communication channels [69]. - The management and employees participated in preparing the ESG report to identify relevant environmental and social issues [71]. - The total greenhouse gas emissions for the group amounted to 698.0 tons, with direct emissions from gasoline and diesel consumption at 232.5 tons, indirect emissions from purchased electricity at 339.3 tons, and other indirect emissions from paper usage at 126.2 tons [78]. - The group reported a total of 3,014.3 tons of nitrogen oxides (NOx) emissions, 15.0 tons of sulfur oxides (SOx) emissions, and 0.1 tons of particulate matter during the reporting period [75]. - The group implemented measures to reduce carbon emissions, improve energy efficiency, and conserve water resources as part of its commitment to environmental protection [73]. - The group has adopted policies to monitor and reduce emissions from high-polluting vehicles and has committed to using environmentally friendly vehicles for its logistics operations [80]. - The group actively promotes green office practices to minimize negative environmental impacts and encourages employees to reduce electricity, paper, and water consumption [82]. Corporate Governance - The company has adopted the principles and code provisions of the corporate governance code as per GEM Listing Rules Appendix 15, ensuring proper regulation of its business activities and decision-making processes [110]. - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balance of power and responsibilities [114]. - The company has complied with all provisions of the corporate governance code during the reporting period, except for the separation of the roles of Chairman and CEO [110]. - The company has established an audit committee, nomination committee, and remuneration committee to oversee its governance practices [110]. - The board believes that the diverse experience of its members contributes positively to the company's business development [115]. - The board's overall responsibility includes evaluating risks faced by the group and implementing appropriate risk management measures [124]. - The company has implemented effective reporting policies to minimize the risk of fraud and misconduct in the workplace, promoting a whistleblower protection mechanism [106]. - The company has not been aware of any significant non-compliance with relevant laws and regulations regarding bribery, corruption, fraud, and money laundering during the fiscal year 2018 [106]. Employee Relations and Training - As of December 31, 2018, the company had a total of 129 employees, with a turnover rate of 4.54% [92]. - The workforce composition included 58.9% male employees and 41.1% female employees [94]. - The average training hours per employee in the fiscal year 2018 was 3 hours [97]. - The company provided various training programs, including onboarding for new employees and skills training for existing staff [96]. - There were no recorded workplace injuries or lost workdays due to accidents in the fiscal year 2018 [95]. - The company strictly adhered to labor laws and did not identify any cases of child or forced labor in the fiscal year 2018 [100]. - The employee retention strategy included competitive compensation packages and performance-based bonuses [92]. - The company maintained a commitment to equal opportunity employment and diversity, with no significant violations reported in 2018 [98]. Shareholder and Financial Policies - The company has established multiple communication channels for shareholders and investors, including annual reports and a corporate website [154]. - The company has not made any changes to its constitutional documents since its listing date [155]. - The largest customer accounted for 10.8% of total revenue in the fiscal year 2018, down from 12.7% in 2017, while the top five customers represented 33.3% of total revenue, compared to 35.9% in 2017 [177]. - The top five suppliers accounted for 32.7% of total procurement in fiscal year 2018, an increase from 28.6% in 2017, with the largest supplier making up 10.9% of total procurement [177]. - The company confirmed it maintained the minimum public float required under GEM listing rules throughout the fiscal year 2018 [179]. - No final dividend was recommended by the board for the fiscal year 2018 [173]. - The company has adopted a dividend policy effective from January 1, 2019, considering factors such as financial performance and cash flow [156].