Financial Performance - For the six months ended June 30, 2020, the group's unaudited revenue was approximately SGD 10.3 million, an increase of about SGD 4.1 million or 66.1% compared to SGD 6.2 million for the same period in 2019[4]. - The group reported an unaudited profit of approximately SGD 0.2 million for the six months ended June 30, 2020, compared to a loss of approximately SGD 1.7 million for the same period in 2019[4]. - Basic and diluted earnings per share for the six months ended June 30, 2020, were SGD 0.03, compared to a loss per share of SGD 0.43 for the same period in 2019[4]. - The group recorded a total comprehensive income of SGD 0.21 million for the six months ended June 30, 2020, compared to a total comprehensive loss of SGD 1.73 million for the same period in 2019[4]. - Total revenue for the six months ended June 30, 2020, was SGD 10,295 thousand, an increase from SGD 6,191 thousand in the same period of 2019, representing a growth of 66.5%[42]. - The net profit for the six months ended June 30, 2020, was approximately SGD 0.2 million, a significant improvement from a net loss of approximately SGD 1.7 million for the same period in 2019[119]. Assets and Liabilities - Total assets as of June 30, 2020, were SGD 30.4 million, an increase from SGD 17.8 million as of December 31, 2019[8]. - Total equity as of June 30, 2020, was SGD 17.4 million, up from SGD 8.0 million as of December 31, 2019[8]. - The group’s total liabilities as of June 30, 2020, were SGD 12.97 million, compared to SGD 9.78 million as of December 31, 2019[11]. - The total borrowings as of June 30, 2020, amounted to approximately SGD 6.6 million, an increase from SGD 5.5 million as of December 31, 2019[121]. - The company’s lease liabilities as of June 30, 2020, amounted to SGD 3,965,000, down from SGD 4,561,000 as of December 31, 2019[72]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2020, was SGD (23) thousand, a decrease from SGD 556 thousand in the same period of 2019[16]. - The company reported a net cash inflow from investing activities of SGD 50 thousand, compared to a net cash outflow of SGD (819) thousand in the prior year[18]. - Cash and cash equivalents increased by SGD 11 thousand, ending at SGD 3,488 thousand, compared to SGD 4,302 thousand at the end of the previous year[18]. - The company recorded a total cash outflow for leases of SGD 832,000 for the six months ended June 30, 2020, compared to SGD 692,000 in 2019[74]. Expenses and Costs - The company incurred total expenses of SGD 10,454 thousand for the six months ended June 30, 2020, compared to SGD 7,898 thousand in the previous year, representing a growth of 32.5%[45]. - Employee benefits expenses increased to SGD 2,870 thousand in 2020 from SGD 2,507 thousand in 2019, reflecting a rise of 14.5%[45]. - The cost of goods sold was SGD 4,563 thousand for the six months ended June 30, 2020, up from SGD 3,045 thousand in 2019, indicating a rise of 49.8%[45]. - The group's administrative expenses rose by approximately SGD 0.7 million or 46.7% to about SGD 2.2 million for the six months ended June 30, 2020, primarily due to increased salaries and benefits related to new business operations in China[117]. Shareholder Information - As of June 30, 2020, Mr. Pan Rui He and Ms. Huang Feng Jiao each held 204,000,000 shares, representing 44.35% ownership in the company[144]. - As of June 30, 2020, the major shareholder, Tianyun Global Limited, holds 204,000,000 shares, representing 44.35% of the company's total shares[150]. - Other significant shareholders include Ye Zu Jian with 45,000,000 shares (9.78%) and Xu Kai He with 29,176,000 shares (6.34%)[150]. Corporate Governance - The company has complied with the corporate governance code, except for the provision that the roles of chairman and CEO should be separated, which is currently not the case[159]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial statements for the six months ending June 30, 2020, ensuring compliance with applicable accounting standards[163]. Business Operations and Future Outlook - The group did not conduct its Chinese wine trading business during the pandemic, which significantly impacted market demand[112]. - The management believes that the demand for Chinese wine will gradually recover as the domestic pandemic stabilizes[109]. - The company plans to fully utilize the funds for business development by December 31, 2022, or earlier[136]. - The management noted that the delays in utilizing the funds were due to trade tensions and global economic uncertainties affecting revenue and production order demand[138].
官酝控股(08513) - 2020 - 中期财报