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森美控股(00756) - 2019 - 年度财报
SUMMISUMMI(HK:00756)2019-10-29 08:47

Financial Performance - The group's revenue for the year ended June 30, 2019, was approximately RMB 57.1 million, a decrease of 89.6% compared to the previous year[8]. - The gross loss for the same period was approximately RMB 19.7 million, reflecting significant operational challenges[13]. - The net loss from continuing operations was approximately RMB 499.6 million, a substantial decline from a profit in the previous year[8]. - The adjusted EBITDA for the year was approximately RMB (386.4) million, indicating a severe downturn in profitability[8]. - Cash and cash equivalents decreased by 99.2% to RMB 4.4 million, highlighting liquidity issues[8]. - The sales of the company's products significantly decreased from approximately RMB 186,252,000 in the same period last year to about RMB 29,725,000, representing a decline of approximately 84.0%[45]. - The sales volume of frozen concentrated orange juice and related products decreased from approximately RMB 361,461,000 in the same period last year to about RMB 27,376,000, representing a decline of approximately 92.4%[47]. - The net loss for the reporting period was approximately RMB 2,383,670,000, compared to a net profit of approximately RMB 11,562,000 in the same period last year[57]. - The group experienced a gross loss of approximately RMB 19,700,000 during the reporting period, compared to a gross profit of approximately RMB 229,778,000 in the previous year[50]. Operational Challenges - The company completed the dissolution of its sales team in Xiamen by January 10, 2019, following a strategic review[20]. - Significant operational downturn was recorded during the restructuring phase, impacting all major divisions[21]. - The company terminated its agricultural division in Chongqing in June 2019 due to unsuccessful negotiations with local farmers[22]. - The financial impact of the termination of Chongqing Bangxing's operations is estimated to affect approximately 40% to 60% of the orange supply for other divisions[25]. - The company has identified major internal control deficiencies, particularly in payment and treasury procedures, which allowed senior executives to bypass board oversight[33][34]. - The company has not been able to contact former executives responsible for the operations of Chongqing Bangxing, complicating the investigation[25]. - The company anticipates that cost-cutting measures will help navigate through the current challenges[21]. Strategic Initiatives - The company plans to continue rebuilding the SUMMI brand and expanding its customer base both domestically and internationally[13]. - The management team has successfully retained key customers and acquired new ones despite operational setbacks[13]. - The company aims to enhance its core competitiveness to become a leading manufacturer in China's juice beverage industry[15]. - The company plans to shift its sales strategy for its products in China to a direct sales model, moving away from large-scale distribution in supermarkets due to unsustainable marketing expenses[45]. - The company has established a new subsidiary, Summi (Malaysia) Trading Sdn. Bhd., to engage in the sale of food and beverage products in Southeast Asia[46]. - The company has implemented a new sales strategy to retain and attract new customers following the loss of several key clients due to management changes[47]. Corporate Governance - The company has complied with all relevant laws and regulations in China and Hong Kong during the reporting period[87]. - The company has established a risk management and internal control system that includes identifying risks and managing them within the company's risk appetite[190]. - The Audit Committee is responsible for overseeing the management in identifying uncertainties and determining the level of those risks[191]. - The company has established a disclosure policy to guide directors, executives, and relevant employees in handling confidential information and regulatory disclosures[194]. - The company has adopted a board diversity policy effective from July 16, 2013, focusing on various criteria including skills, knowledge, gender, age, and professional experience[174]. - The board consists of two executive directors and three independent non-executive directors, maintaining a high level of independence with over one-third of members being independent[161]. - The company has provided appropriate directors' liability insurance for the fiscal year ending June 30, 2019[104]. - The company has maintained at least 25% of its issued share capital held by the public throughout the reporting period[136]. Human Resources - The group employed 104 staff as of June 30, 2019, a significant reduction from 932 employees in the previous year, reflecting a potential restructuring[71]. - The total employee compensation for the reporting period was approximately RMB 25,033,000, a decrease from RMB 112,713,000 in the previous year[105]. - The compensation range for senior management members varies, with two members earning up to HKD 1,000,000 (approximately RMB 870,000) and one member earning between HKD 1,000,001 and HKD 1,500,000 (approximately RMB 870,001 to RMB 1,305,000)[71]. - Continuous professional development is encouraged for all directors, with training provided on relevant laws, regulations, and governance policies[171]. Financial Position - As of June 30, 2019, the group's cash and cash equivalents were approximately RMB 12,608,000, down from approximately RMB 713,217,000 in the previous year[59]. - The current liabilities net amount was approximately RMB 831,853,000 as of June 30, 2019, compared to a net current asset value of approximately RMB 598,534,000 in the previous year[58]. - The total impairment loss recognized was RMB 241,506,000, which included impairments on property, plant, and equipment, goodwill, and trade and other receivables[53]. - The group’s financing costs increased to approximately RMB 67,540,000 during the reporting period, compared to RMB 50,759,000 in the previous year[56]. - The group has made a provision for a claim of HKD 2,520,000 (equivalent to RMB 2,192,000) related to unpaid wages and year-end payments from a former employee[68]. Environmental and Social Responsibility - The company has implemented sustainable agricultural guidelines to protect soil and conserve water in its self-operated orange orchards[86]. - The company is committed to improving energy efficiency and reducing greenhouse gas emissions through environmentally friendly policies[86].