Revenue and Profit - Revenue for the six months ended June 30, 2019, was S$28,417,231, a decrease of 4.3% compared to S$29,687,441 in 2018[19] - Profit for the period decreased by 44.0% to S$1,686,660 from S$3,012,750 in 2018[19] - The Group's revenue decreased by approximately S$1.3 million or 4.3% from approximately S$29.7 million for the six months ended 30 June 2018 to approximately S$28.4 million for the six months ended 30 June 2019[26] - The Group reported a profit for the period of approximately S$1.7 million, a decrease of approximately S$1.3 million or 44.0% from approximately S$3.0 million for the six months ended June 30, 2018[74] - Basic and diluted earnings per share were 0.17 Singapore cents, down from 0.38 Singapore cents in the same period last year[94] - Net profit for the period was S$1,686,660, a decline of 44.0% compared to S$3,012,750 in 2018[141] Gross Profit and Margins - Gross profit for the same period was S$7,572,806, down 10.4% from S$8,454,664 in 2018[19] - Gross profit margin for the six months ended June 30, 2019, was 26.6%, compared to 28.5% in 2018[23] - The Group's total gross profit decreased by approximately S$0.9 million or 10.4% from approximately S$8.5 million for the six months ended 30 June 2018 to approximately S$7.6 million for the six months ended 30 June 2019[69] - The Group's overall gross profit margin decreased from approximately 28.5% for the six months ended 30 June 2018 to approximately 26.6% for the six months ended 30 June 2019[69] Assets and Liabilities - Non-current assets increased by 6.8% to S$20,755,095 as of June 30, 2019, compared to S$19,425,751 as of December 31, 2018[21] - Current assets rose significantly by 45.9% to S$38,839,016 from S$26,620,755[21] - Current liabilities decreased by 59.1% to S$4,199,930 from S$10,272,099[21] - Total equity increased by 49.9% to S$50,741,344 from S$33,842,744[21] - The Group's current ratio improved to 9.2 times as at 30 June 2019 from 2.6 times as at 31 December 2018[79] - The Group's bank borrowings decreased to approximately S$3.0 million as at 30 June 2019 from approximately S$5.0 million as at 31 December 2018[81] Revenue by Segment - Sales of nuts accounted for approximately 75.6% of total revenue, while chips accounted for 19.9% for the six months ended 30 June 2019[39] - Revenue from the "Nuts" segment was S$21,479,087, down 4.4% from S$22,477,969 in the previous year[141] - The "Chips" segment generated revenue of S$5,642,557, a decrease of 1.2% from S$5,713,391 in 2018[141] - The "Others" segment reported revenue of S$1,295,587, down 13.4% from S$1,496,081 in the prior year[141] Expenses - Selling and distribution expenses increased to S$1,306,712 from S$1,084,292, reflecting a rise of 20.5%[141] - Administrative expenses increased by approximately S$0.7 million or 35.5% to approximately S$2.8 million for the six months ended 30 June 2019, mainly due to increased staff costs[73] - Total staff costs increased to S$3,495,339, up 13.8% from S$3,071,945 in the previous year[171] Cash Flow and Financing - The company reported a net cash from operating activities of S$4,328,636 for the six months ended June 30, 2019, compared to S$1,220,294 in the same period of 2018, showing a significant increase[109] - The company reported a net cash from financing activities of S$13,506,506, a turnaround from a net cash used of S$2,926,702 in the previous period[112] - Cash and cash equivalents at the end of the period were S$20,093,465, compared to S$1,568,838 at the end of the previous period[112] Market Conditions and Trends - Demand for snack products with less sugar and artificial sweeteners has seen stronger growth in Singapore, Malaysia, and the PRC, indicating a positive market trend for healthier snack options[67] - The decrease in revenue was mainly attributed to a shorter Chinese New Year period in 2019 compared to 2018, affecting the sales ramp-up[26] - The Group recognizes the uncertain market conditions due to US-PRC trade tensions and Brexit but remains focused on achieving its business objectives[67] Corporate Developments - The Group has been accredited with various certifications related to quality management and food safety, ensuring compliance with legal requirements[26] - The Group has incorporated a wholly-owned subsidiary, TS Group Investment Limited, in the British Virgin Islands, which has a direct wholly-owned subsidiary, ZC China Limited, in Hong Kong[85] - The shares were listed on the Main Board of the Stock Exchange on 14 January 2019[83] IFRS 16 Adoption - The adoption of IFRS 16 Leases, effective from January 1, 2019, introduces significant changes in lease accounting, requiring the recognition of a right-of-use asset and a lease liability for all leases[120] - The Group recognized right-of-use assets of S$1,238,684 on January 1, 2019, with a net decrease in accumulated profits of S$119,936[133]
TS WONDERS(01767) - 2019 - 中期财报