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森美控股(00756) - 2020 - 年度财报
SUMMISUMMI(HK:00756)2020-10-29 10:05

Financial Performance - The company reported revenue of approximately RMB 51,000,000 and a gross profit of RMB 7,700,000 for the reporting period[13]. - The net profit for the period was approximately RMB 315,400,000, marking a significant turnaround compared to a net loss of RMB 2,383,670,000 in the previous year[9][13]. - Cash and cash equivalents increased by 57% to RMB 6,842,000 compared to RMB 4,364,000 in the previous year[9]. - Trade receivables decreased by 86% to RMB 2,629,000 from RMB 19,252,000 in the previous year[9]. - The gross profit for the current reporting period was approximately RMB 7,727,000, compared to a gross loss of approximately RMB 19,700,000 in the previous year[35]. - The net profit for the current reporting period was approximately RMB 315,416,000, a significant improvement from a net loss of approximately RMB 2,383,670,000 in the previous year[40]. - As of June 30, 2020, the net current liabilities were approximately RMB 294,934,000, down from RMB 831,853,000 in the previous year[41]. - The group reported a reserve deficit of approximately RMB 480,961,000 as of June 30, 2020, compared to RMB 630,771,000 in 2019[84]. - The group’s financial performance and position over the past five fiscal years are summarized in the annual report, although this summary is not part of the audited consolidated financial statements[79]. Operational Challenges - The company faced significant operational disruptions due to COVID-19, impacting business in China, Hong Kong, and Malaysia, leading to lower-than-expected revenue[12]. - The company reported a significant decline in revenue during the first half of 2020 due to COVID-19 related restrictions, with operations in China and Malaysia temporarily halted[23]. - Sales of frozen concentrated orange juice and related products decreased from approximately RMB 27,376,000 in the previous year to about RMB 15,685,000 in the current reporting period, a decline of approximately RMB 11,691,000 due to interruptions caused by COVID-19[32]. - The company expects its financial performance for the fiscal year ending June 30, 2020, to be negatively impacted by COVID-19, although the extent remains uncertain[23]. Debt Management - The company reduced its bank borrowings from approximately RMB 768,000,000 to about RMB 274,000,000 following a loan repayment agreement with several banks[12]. - The company successfully negotiated a loan repayment agreement with several banks, resulting in a waiver of approximately USD 20,490,000 in outstanding debts, improving the financial situation significantly[22]. - The company anticipates further improvement in its financial condition following the restructuring of approximately USD 17,555,000 in bank loans, which is expected to be deferred until 2024[22]. - The total remaining outstanding bank loans after the repayment agreement is approximately HKD 209,000,000[22]. - The company plans to issue bonds and convertible bonds totaling HKD 180,000,000 to repay part of its outstanding debts[108]. - The convertible bonds can be converted into approximately 395,721,925 shares, representing about 22.7% of the enlarged issued share capital post-conversion[108]. - The company expects to raise HKD 42,300,000 from the exercise of warrants, which will be used for financing costs and operational restructuring in China[109]. - The total consideration payable by the controlling shareholder for the subscription agreement is approximately HKD 186,000,000[107]. - After the completion of the fundraising and loan repayment, the company's outstanding debt is expected to decrease to HKD 209,000,000, significantly reducing its liabilities[113]. - The company anticipates a substantial improvement in its liquidity position and a relief in interest burden following the debt restructuring[113]. Corporate Governance - The company has adopted a dividend policy that considers its ability to pay dividends based on financial performance, cash flow, and overall business conditions[185]. - The board has the discretion to declare dividends, subject to shareholder approval, and may consider special dividends in addition to interim or final dividends[185]. - The company will regularly review and reassess its dividend policy and its effectiveness[186]. - The company aims to enhance corporate governance and welcomes shareholder feedback to improve transparency[188]. - The company has adhered to all applicable code provisions in the Corporate Governance Code during the reporting period[138]. - The board consists of two executive directors and three independent non-executive directors, maintaining a high level of independence with over one-third being independent[141]. - The company has established a nomination committee to identify suitable candidates for directorship, ensuring qualifications align with business operations[148]. - The company has purchased directors and officers liability insurance to cover legal claims against directors and executives[152]. - The company’s governance policies and the latest developments in applicable laws and regulations are regularly updated and communicated to the directors[156]. Risk Management - The company has established a risk management and internal control system that ensures timely, accurate, and complete information transmission for monitoring and improving risk management[169]. - The board of directors is responsible for assessing the nature and extent of risks the company is willing to take to achieve strategic objectives, ensuring an effective risk management system is in place[170]. - The internal audit department reviewed significant monitoring aspects, including financial and operational controls, to reduce overall business and operational risks[175]. - The company has implemented measures to improve liquidity and financial conditions in response to significant uncertainties affecting its ability to continue as a going concern[176]. - The risk management system includes identifying risks, assessing risk parameters, and implementing key risk control points across business divisions[174]. - The company adheres to international financial reporting standards and accounting principles to ensure the integrity and reliability of its financial statements[174]. - The audit committee supervises the management in identifying uncertainties and determining the level of associated risks[174]. Employee and Operational Developments - The company had 113 employees as of June 30, 2020, compared to 104 employees in the previous year[53]. - Employee compensation for the group was approximately RMB 13,074,000 during the reporting period, down from RMB 25,033,000 in 2019[93]. - The company has been actively rebuilding its sales network and developing new products related to its brand, aiming to capitalize on the brand's advantages[31]. - The company is developing a new product line, with samples sent to distributors, and plans to launch these products within 2020 to expand its product range and leverage its strengths in the food service industry[31]. Environmental and Sustainability Practices - The group has implemented sustainable agricultural guidelines to protect soil, conserve water, and minimize greenhouse gas emissions in its self-operated orange orchards[72]. - The group has adhered to all relevant environmental protection laws and regulations in China, although future changes in these laws could lead to significant capital expenditures[74].