Financial Performance - The company reported revenue of SGD 22,812,000 for the six months ended September 30, 2019, compared to SGD 15,066,000 for the same period in 2018, representing a year-over-year increase of 51.5%[5] - Gross profit for the period was SGD 6,156,000, up from SGD 2,970,000 in the previous year, indicating a significant increase of 106.5%[5] - The company achieved a profit before tax of SGD 3,034,000, compared to a loss of SGD 940,000 in the prior year, marking a turnaround in profitability[11] - The company reported a basic and diluted earnings per share of SGD 0.49 for the period, compared to a loss per share of SGD 0.06 in the previous year[14] - The company reported a pre-tax profit of SGD 2,518,000 for the six months ended September 30, 2019, compared to a pre-tax loss of SGD 87,000 in the same period of 2018[53] - The company reported a net profit attributable to equity holders of SGD 2,182,000 for the six months ended September 30, 2019, compared to a loss of SGD 235,000 in the same period of 2018[67] Assets and Liabilities - Total assets increased to SGD 42,387,000 as of September 30, 2019, up from SGD 39,654,000 as of March 31, 2019, reflecting a growth of 6.2%[16] - The company's net asset value rose to SGD 23,805,000, compared to SGD 21,623,000 in the previous period, representing an increase of 10.1%[19] - Total trade receivables increased to SGD 9,002,000 from SGD 7,132,000, indicating a growth of 26.3%[16] - As of September 30, 2019, total borrowings amounted to approximately SGD 11.6 million, a decrease from SGD 12.1 million as of March 31, 2019[115] - The company’s expected credit loss provision for trade receivables increased to SGD 234,000 as of September 30, 2019, from SGD 133,000 as of March 31, 2019, reflecting a rise of approximately 76%[87] Cash Flow - For the six months ended September 30, 2019, the net cash generated from operating activities was SGD 3,136,000, compared to a net cash used of SGD 500,000 in the same period of 2018[35] - The net cash used in investing activities for the same period was SGD 4,152,000, an increase from SGD 1,038,000 in 2018[35] - The net cash used in financing activities was SGD 1,120,000, a significant decrease from the net cash generated of SGD 9,184,000 in the previous year[35] - The cash and cash equivalents decreased by SGD 2,136,000, compared to an increase of SGD 7,646,000 in the prior year[35] - As of September 30, 2019, the cash and cash equivalents at the end of the period were SGD 7,775,000, down from SGD 8,445,000 in 2018[35] Operational Highlights - The company operates in two segments: fresh eggs and processed eggs, with performance evaluated based on profit generated by each segment[52] - The company is primarily engaged in the production and sale of fresh eggs and processed egg products in Singapore[37] - The company harvested 66,698,054 eggs in the six months ended September 30, 2019, compared to 47,738,964 eggs in the same period of 2018, indicating a growth of approximately 39.6%[77] - Revenue from fresh eggs accounted for approximately 64% of total revenue, increasing from approximately SGD 9.1 million to approximately SGD 14.5 million, driven by an expanded customer base[102] - Revenue from processed eggs represented approximately 36% of total revenue, rising from approximately SGD 6.0 million to approximately SGD 8.3 million, mainly due to increased sales of pasteurized peeled eggs and salted eggs[103] Expenses and Costs - The cost of goods sold amounted to SGD 13,023,000, with a total operating expense of SGD 22,867,000 for the six months ended September 30, 2019, compared to SGD 17,004,000 in the same period of 2018[63] - The company incurred finance costs of SGD 222,000 for the six months ended September 30, 2019, up from SGD 187,000 in the same period of 2018[62] - The company reported a net tax expense of SGD 336,000 for the six months ended September 30, 2019, compared to SGD 148,000 in the same period of 2018[66] - Sales and distribution expenses increased by approximately SGD 0.6 million (or about 46%) from approximately SGD 1.3 million for the six months ended September 30, 2018, to approximately SGD 1.9 million for the six months ended September 30, 2019, primarily due to increased sales leading to higher employee benefits and vehicle maintenance costs[111] - Other administrative expenses rose from approximately SGD 0.9 million for the six months ended September 30, 2018, to approximately SGD 1.6 million for the six months ended September 30, 2019, mainly due to higher compliance costs since the company’s listing in September 2018[112] Future Plans and Commitments - The company plans to continue expanding its market presence and invest in new product development to drive future growth[4] - The company plans to expand existing laying facilities and develop quail egg farms to strengthen its market position as a leading egg distributor in Singapore[101] - As of September 30, 2019, the company had capital commitments of approximately SGD 5.617 million related to the expansion of existing farms, which were not recognized in the unaudited financial statements[99] Governance and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and are unaudited but reviewed by the audit committee[49] - The company has adopted IFRS 16 regarding leases, which impacts the recognition of lease liabilities and right-of-use assets[49] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[167] - The audit committee reviewed the unaudited consolidated financial statements for the six months ending September 30, 2019, confirming compliance with applicable accounting standards[167] Shareholding and Management - The chairman and CEO roles are held by the same individual, Mr. Ma, which the board believes is in the best interest of the group[151] - As of September 30, 2019, Mr. Ma and Ms. Lam each hold 294,800,000 shares, representing approximately 58.96% of the company's shares[160] - Radiant Grand International Limited is wholly owned by Mr. Ma, who is considered to have an interest in the company's shares[161] - As of September 30, 2019, Radiant Grand International Limited holds 294,800,000 shares, representing approximately 58.96% of the company's shares[163] - Elite Ocean Ventures Limited, also controlled by Mr. Lin, holds 80,200,000 shares, accounting for approximately 16.04% of the company's shares[163]
永续农业(08609) - 2020 - 中期财报