Financial Performance - For the six months ended June 30, 2021, the Group's revenue was US$63.37 million, an increase of 35.3% compared to US$46.83 million in the first half of 2020[6]. - Profit attributable to shareholders decreased by 42.0% to US$6.72 million in 1H21, compared to US$11.59 million in 1H20[6]. - Revenue for the six months ended June 30, 2021, was US$63,369,000, an increase of 35.2% compared to US$46,829,000 in the same period of 2020[57]. - Profit for the period decreased to US$7,702,000, down 38.5% from US$12,555,000 in the prior year[60]. - Total comprehensive income for the period was US$10,110,000, compared to US$9,623,000 in the previous year, reflecting a 5.1% increase[60]. - The Group's profit before tax was US$8,799,000, with a share of profits from joint ventures amounting to US$5,502,000[111]. - Profit before tax for the six months ended June 30, 2021, was reported at US$6,724,000, a decrease of 42.5% compared to US$11,586,000 for the same period in 2020[154]. Revenue Breakdown - Revenue contribution from China, Asia Pacific (excluding China), Americas, and elsewhere were 50.6%, 21.2%, 19.9%, and 8.3%, respectively[9]. - Revenue from Mainland China was US$32,069,000, significantly up from US$15,579,000 in 2020, representing a growth of 105%[129]. - Total revenue for the biochemical segment was US$63,369,000 for the six months ended June 30, 2021[104]. Cost and Profitability - Gross profit margin declined by 1.5 percentage points to 25.9% in 1H21, down from 27.4% in 1H20[6]. - The cost of inventories sold increased to US$46,955,000, up 37.9% from US$34,020,000 in 2020[143]. - Depreciation of property, plant, and equipment rose to US$3,529,000, compared to US$2,273,000 in the prior year, reflecting a 55.3% increase[143]. Assets and Liabilities - As of June 30, 2021, the Group's total assets increased by 4.2% to US$344.7 million compared to US$330.7 million as of December 31, 2020[27]. - Total current liabilities were US$44,404,000, compared to US$41,713,000 at the end of 2020, representing a 6.5% increase[64]. - Total liabilities as of June 30, 2021, were US$83,951,000, with unallocated corporate liabilities at US$41,866,000[115]. Cash Flow and Financing - Cash flows from operating activities resulted in a net outflow of US$10,629,000 for the first half of 2021, compared to a net inflow of US$5,883,000 in the same period of 2020[83]. - The company reported cash and cash equivalents of US$26,331,000 at the end of the period, down from US$30,525,000 at the end of June 2020, indicating a decrease of 13.1%[83]. - Total borrowings increased to US$35.8 million as of June 30, 2021, from US$20.5 million as of December 31, 2020[30]. Investments and Capital Expenditures - The company incurred US$4,251,000 in capital expenditures for property, plant, and equipment during the first half of 2021, a decrease from US$7,232,000 in the same period of 2020[83]. - The Group's capital expenditure for the period was US$13,384,000[123]. Joint Ventures and Associates - Share of profit from the joint venture ECI Metro declined to US$5.50 million in 1H21, down from US$11.03 million in 1H20[20]. - Share of profit from the associate Zhanjiang Deni increased to US$0.70 million in 1H21, up from US$0.46 million in 1H20[21]. - The Group's share of profits from joint ventures was US$11,031,000, while profits from associates were US$460,000, contributing to a total segment result of US$14,124,000[119]. Operational Changes and Market Response - The Group successfully shifted its key CTC customer group from feed mills to farms in response to regulatory changes regarding antibiotic use[15]. - Despite logistic issues due to COVID-19, the Group managed to increase orders from North America, maintaining stable overall overseas revenue compared to 1H20[16]. Employee and Corporate Structure - The Group employed around 900 employees in mainland China and Hong Kong as of June 30, 2021[41]. - The immediate holding company is Charoen Pokphand Foods Public Company Limited, which is listed on the Stock Exchange of Thailand[87]. Future Outlook - The Group remains cautious about its performance for the remainder of the year due to uncertainties from COVID-19 and intense competition in the construction machinery industry[26]. - A net gain attributable to shareholders of approximately US$12.4 million is expected to be recorded in the second half of 2021 from a relocation compensation agreement completed in July 2021[198].
正大企业国际(03839) - 2021 - 中期财报