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森美控股(00756) - 2019 - 中期财报
SUMMISUMMI(HK:00756)2019-03-01 14:48

Financial Performance - For the six months ended December 31, 2018, the company's revenue was RMB 23,963,000, a decrease of approximately 92% compared to RMB 316,237,000 in the same period last year[7]. - The gross profit for the same period was RMB 1,366,000, reflecting a decline of approximately 99% from RMB 115,650,000 year-on-year, resulting in a gross margin of 5.70%, down 30.9 percentage points[7]. - The net loss for the period was RMB 97,500,000, compared to a profit of RMB 47,197,000 in the previous year, marking a significant shift to a loss[7]. - The revenue for the six months ending December 31, 2018, significantly decreased to approximately RMB 5,612,000, down about 92.7% from RMB 76,381,000 in the same period last year[22]. - The total comprehensive loss for the period was RMB 60,081 thousand, compared to a comprehensive income of RMB 73,227 thousand in the previous period[82]. - The group reported a pre-tax loss of RMB 98,063,000 for the six months ended December 31, 2018, compared to a pre-tax profit of RMB 46,730,000 for the same period in 2017[110]. - The group reported a loss of approximately RMB 97.5 million for the six months ended December 31, 2018[104]. Operational Challenges - The company faced operational challenges due to management changes and business restructuring, leading to significant revenue declines across all business segments[11]. - The harvesting season for the company's orchards was delayed to January 2019 due to health issues with fruit trees and soil nutrient deficiencies, compared to November in the previous year[11]. - The company is focusing on rebuilding stakeholder confidence during the restructuring phase, which has impacted operational performance[19]. Cash Flow and Liquidity - Cash and cash equivalents as of December 31, 2018, were RMB 19,340,000, down 96% from RMB 521,487,000 as of June 30, 2018[7]. - The current ratio decreased to 0.8 from 2.1 in the previous year, indicating a significant decline in liquidity[37]. - The group’s cash and cash equivalents were approximately RMB 19,340,000, down 96.3% from RMB 521,487,000 on June 30, 2018[35]. - The company incurred financing costs of RMB 29,632 thousand, slightly higher than RMB 28,662 thousand in the previous period[82]. Shareholder and Governance - The management team is committed to maintaining good communication with shareholders and potential investors to improve transparency[12]. - The company has established a remuneration committee to provide recommendations on the remuneration policies for directors and senior management[73]. - The company has confirmed compliance with the corporate governance code during the six-month period ending December 31, 2018, except for the separation of the roles of chairman and CEO[77]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[71]. Business Strategy and Future Plans - The company aims to regain customer confidence through the quality of its products and to recover from the current downturn[11]. - The company plans to enhance its core competitiveness to become a leading manufacturer in China's juice beverage industry[13]. - The sales strategy for fresh orange juice is shifting to direct sales, moving away from large-scale distribution in supermarkets[21]. Debt and Financing - The total bank loans amounted to RMB 615,772,000, a decrease of 30.9% from RMB 892,932,000 on June 30, 2018[35]. - The company has a financing agreement for up to $80 million, with specific conditions related to ownership and management control[64]. - The company is currently in discussions with banks, bondholders, and creditors to reach an agreement regarding the repayment of outstanding loans under the financing agreement, which includes an immediate payment of $8,301,798.79 (approximately HKD 64,720,823.37) due by November 5, 2018[66]. - The company is negotiating with banks to extend the repayment plan for bank loans[106]. Employee and Operational Structure - As of December 31, 2018, the group had 98 employees, a significant reduction from 912 employees in 2017, due to seasonal labor needs[48]. - The group operates approximately 146,000 acres of orange orchards, certified for sustainable agricultural practices, enhancing long-term relationships with major clients[45]. Segment Performance - Sales of frozen concentrated orange juice and related products dropped approximately 82% and 97%, with revenues falling from RMB 88,612,000 and RMB 65,079,000 to RMB 16,216,000 and RMB 2,135,000 respectively[23]. - The total segment performance showed a loss of RMB 68,655,000, with individual segments reporting losses of RMB (2,926,000) for agricultural products, RMB (40,924,000) for frozen concentrated orange juice, and RMB (24,805,000) for fresh orange juice[110]. - The group did not report any revenue from fresh orange sales for the six months ended December 31, 2018, compared to RMB 86,165,000 in the previous year[123].