Financial Performance - For the six months ended June 30, 2020, the total revenue of C&N Holdings Limited was approximately SGD 13,079,000, a decrease of about SGD 1,108,000 or 7.8% compared to the same period in 2019[5]. - The loss attributable to owners of the company for the six months ended June 30, 2020, was approximately SGD 579,000, compared to a loss of SGD 947,000 for the same period in 2019[5]. - The gross profit for the six months ended June 30, 2020, was SGD 803,481, down from SGD 1,341,834 in the same period of 2019, reflecting a decline in sales and gross margin due to global uncertainties[6]. - Total revenue for the six months ended June 30, 2020, was SGD 13,079,404, down from SGD 14,187,322 in 2019, reflecting a decrease of 7.8%[25]. - The truck transportation segment generated revenue of SGD 10,674,976 for the six months ended June 30, 2020, compared to SGD 11,957,334 in 2019, a decline of 10.7%[27]. - Revenue from truck transportation services decreased by approximately SGD 1,282,000 to SGD 10,675,000, a decline of about 10.7% due to unfavorable trade economic outlook and port closures[63]. - Revenue from consolidation services increased by 7.8% or approximately SGD 174,000, indicating a shift in customer demand for storage services during shipping delays[64]. - Overall gross profit decreased from approximately SGD 1,342,000 for the six months ended June 30, 2019, to approximately SGD 803,000 for the same period in 2020[67]. - The overall gross profit margin fell from approximately 9.5% to 6.1% during the same periods[67]. Assets and Liabilities - The total assets less current liabilities as of June 30, 2020, amounted to SGD 21,381,463, a decrease from SGD 21,928,423 as of December 31, 2019[10]. - The net asset value of the company as of June 30, 2020, was SGD 20,059,302, down from SGD 20,638,458 as of December 31, 2019[10]. - Trade receivables as of June 30, 2020, were SGD 4,452,553, a slight decrease from SGD 4,717,865 as of December 31, 2019[9]. - The group reported a total of SGD 1,417,036 in other payables and accrued expenses as of June 30, 2020, an increase of 45.2% from SGD 976,017 at the end of 2019[49]. - Total liabilities decreased from SGD 2,406,795,000 as of December 31, 2019, to SGD 1,794,259,000 as of June 30, 2020[15]. - The company has secured bank loans backed by properties valued at SGD 921,697,000 as of June 30, 2020[56]. Cash Flow and Financing - The company reported other income of SGD 779,478 for the six months ended June 30, 2020, compared to SGD 77,989 in the same period of 2019, indicating a significant increase in other income sources[6]. - The company’s financing costs decreased to SGD 27,844 for the six months ended June 30, 2020, from SGD 56,704 in the same period of 2019[6]. - Operating cash flow for the six months ended June 30, 2020, was SGD 1,296,333, compared to SGD 842,581 for the same period in 2019, indicating a 53.8% increase[15]. - The company recorded a net cash outflow from investing activities of SGD 29,000 for the six months ended June 30, 2020, compared to a net inflow of SGD 379,982 in the same period of 2019[15]. - Cash and cash equivalents increased to SGD 6,770,081 as of June 30, 2020, from SGD 6,566,132 at the beginning of the period, marking a net increase of 3.1%[17]. Employee and Operational Costs - Employee benefits, excluding directors' remuneration, decreased to SGD 4,291,749 for the six months ended June 30, 2020, down 12.7% from SGD 4,919,503 in 2019[37]. - The total employee cost for the six months ended June 30, 2020, was approximately SGD 4,823,000, down from approximately SGD 5,309,000 for the same period in 2019[85]. - The group incurred depreciation of property, plant, and equipment amounting to SGD 829,889 for the six months ended June 30, 2020, a decrease of 24.1% from SGD 1,093,659 in 2019[35]. - Administrative expenses decreased by approximately SGD 201,000 or 8.7% from approximately SGD 2,315,000 for the six months ended June 30, 2019, to approximately SGD 2,114,000 for the six months ended June 30, 2020[71]. Shareholder Information - As of June 30, 2020, the company’s major shareholder, Mr. Cai Jianglin, holds approximately 50.78% of the shares through Ventris Global Limited[97]. - As of June 30, 2020, Ventris Global Limited holds approximately 325,000,000 shares, representing 50.78% of the company's equity[100]. - Dai Wangfei owns 79,000,000 shares, accounting for 12.34% of the company's equity[100]. Future Plans and Challenges - The company continues to face challenges due to the COVID-19 pandemic, impacting overall economic conditions and market status in Singapore[95]. - Future plans include maintaining industry growth, enhancing service capacity through new vehicle purchases, and expanding the workforce to meet business needs[95]. - The company remains cautious regarding its expansion plans due to uncertainties in global trade economics[95]. Governance and Compliance - The audit committee consists of three independent non-executive directors and has reviewed the financial statements for the six months ending June 30, 2020, ensuring compliance with applicable accounting standards[112]. - The company has adopted a code of conduct for securities trading, confirming compliance by all directors for the six months ending June 30, 2020[109]. - The company has adhered to the corporate governance code, with the exception of the separation of the roles of chairman and CEO, which is deemed appropriate under current circumstances[110]. - The company has established an audit committee to oversee financial reporting and internal control systems, ensuring transparency and accountability[112].
春能控股(08430) - 2020 - 中期财报