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Half-yearly Report

24 Sep 2014 10:07

WALCOM GROUP LTD - Half-yearly Report

WALCOM GROUP LTD - Half-yearly Report

PR Newswire

London, September 24

24 September 2014 WALCOM GROUP LIMITED ("Walcom" or "the Company") Interim results for the six months ended 30 June 2014 The Company's today announces its interim results for the six months ended 30June 2014. These results are also available from the Company's website athttp://www.walcomgroup.com/ Further enquiries: Walcom Group Limited +852 2494 0133Francis Chi (Chief Executive Officer)Albert Wong (Chief Financial Officer) Sanlam Securities UK Limited +44 20 7628 2200Virginia Bull CHAIRMAN'S STATEMENT Introduction Continuing the downturn in the Chinese pig farming industry from late 2013, theCompany experienced an unusually long weak animal feed market during the firstsix months of 2014. The Company's revenue dropped by 22 per cent. compared withthe same period last year. With the aggregate effect of escalating productioncosts and operating expenses, the Company incurred a loss per share for theperiod. This loss was increased by 57 per cent. for the period to HK$4.98 cents(June 2013: loss HK$3.18 cents). Results for the Period The Company generated revenues of HK$16.8 million during the period (June 2013:HK$21.5 million) and gross profits of HK$10.0 million (June 2013: HK$13.5million), representing decreases of 22 per cent. and 26 per cent. respectivelycompared with the same period last year. In addition, the gross profit marginfor the period reduced from 63 per cent. in the same period last year to 60 percent. during this financial period. This decrease is mainly due to a higherunit production cost as a result of a decrease in the production volume, and adrop in sales in Thailand, where profit margins are higher than in otherregions. The Company increased its net loss by 105 per cent. to HK$3.5 million(June 2013: loss of HK$1.7 million) and incurred a loss of HK$3.1 million at anEBITDA level, an increase of 418 per cent. over the same period last year (June2013: HK$0.6 million). Review of Activities and Market In the six months to 30 June 2014, sales in the PRC and overseas dropped by 28per cent. and 9 per cent. to HK$10.7 million (June 2013: HK$14.9 million) andHK$6.1 million (June 2013: HK$6.6 million) respectively. During the financial period, the pig farming industry in the PRC market hasdeclined owing to an unusually long slump in the pig farm gate price since late2013. This situation has improved slightly in August this year. As a result,the animal feed market has weakened whilst pig farms cut down the feedconsumption. This in turn affected the sales of the Company's products. The overseas market was weakened mainly due to a decrease in sales in the Thaimarket, although the Korean market had picked up during the period underreview. Sales in Thailand have been affected by the political instability in thecountry. They decreased by 22 per cent. to HK$5.0 million (June 2013: 6.4million) during the period. As the portfolio of customers is increasing, themarket opportunity will be improved when the political situation becomesstable. Sales in Korea performed extremely well during the period and increasedby 500 per cent. to HK$1.0 million (June 2013: 0.17 million). Outlook The unfavourable market conditions faced by the Company in the past few yearsremained in the first six months of 2014; in particular, slower growth in theChinese economy, the slow recovery in the United States and the major Europeaneconomies, and higher production costs and operating expense has all had aneffect. In addition to the weak animal feed markets, all these factors make thetrading conditions difficult for the Company. However, the Company's portfolioof customers, both in the PRC and overseas, is improving despite theseunfavourable conditions. The Directors believe that the full year results forthe year 2014 will be more optimistic as the animal feed markets in the PRC andThailand are expected to pick up in the remaining months of the year. Eddie K M Chan Chairman 24 September 2014 WALCOM GROUP LIMITED UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE SIX MONTHS ENDED 30 JUNE 2014 Note Unaudited Unaudited Audited six months six months year ended ended ended 30 June 2014 30 June 2013 31 December 2013 HK$ HK$ HK$ Revenue 3 16,753,820 21,499,898 48,621,608 Cost of sales (6,735,341) (8,027,980) (17,869,133) Gross profit 10,018,479 13,471,918 30,752,475 Other income 4 20,557 19,590 327,506 Research and development (771,360) (819,412) (1,298,237)expenses Selling and distribution (5,748,635) (5,143,730) (12,114,993)expenses General and administrative (6,958,016) (8,667,359) (15,134,308)expenses (Loss) / profit from 5 (3,438,975) (1,138,993) 2,532,443operations Net finance expenses 6 (29,686) (34,889) (30,612) (Loss) / profit before income (3,468,661) (1,173,882) 2,501,831tax Income tax expense 7 (20,864) (526,482) (1,638,901) (Loss) / profit for the period (3,489,525) (1,700,364) 862,930/ year (Loss) / profit attributableto: Owners of the Company (3,429,897) (2,187,134) (114,899) Non-controlling interests (59,628) 486,770 977,829 (Loss) / profit for the period (3,489,525) (1,700,364) 862,930/ year Loss per share - basic, HK 8 (4.98) (3.18) (0.17)cents - diluted, HK cents (4.98) (3.18) (0.17) UNAUDITED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2014 Note Unaudited Unaudited Audited six months six months year ended ended ended 30 June 2014 30 June 2013 31 December 2013 HK$ HK$ HK$ (Loss) / profit for the period (3,489,525) (1,700,364) 862,930/ year Other comprehensive income Exchange difference ontranslation offinancial statements of (277,288) 434,206 577,371overseas subsidiaries Total comprehensive (loss) /incomefor the period / year (3,766,813) (1,266,158) 1,440,301 Total comprehensive (loss) /income attributable to: Owners of the Company (3,728,093) (1,717,700) 622,646 Non-controlling interests (38,720) 451,542 817,655 Total comprehensive (loss) /incomefor the period/year (3,766,813) (1,266,158) 1,440,301 UNAUDITED CONSOLIDATED BALANCE SHEET AT 30 JUNE 2014 Note Unaudited Unaudited Audited 30 June 201 30 June 201 4 3 31 December 2013 HK$ HK$ HK$ ASSETS NON-CURRENT ASSETS Property, plant and equipment 2,006,869 2,316,211 2,171,788 Patents 2,520,948 2,842,405 2,655,975 Goodwill - - - 4,527,817 5,158,616 4,827,763 CURRENT ASSETS Inventories 2,038,576 2,703,695 1,652,877 Trade and other receivables 10 6,316,821 7,529,722 5,776,820 Cash and cash equivalents 11 12,540,165 10,566,479 18,535,663 20,895,562 20,799,896 25,965,360 TOTAL ASSETS 25,423,379 25,958,512 30,793,123 EQUITY AND LIABILITIES EQUITY Share capital 12 688,344 688,344 688,344 Reserves 15,476,589 16,864,336 19,204,682 TOTAL EQUITY ATTRIBUTABLE TO 16,164,933 17,552,680 19,893,026 OWNERS OF THE COMPANY Non-controlling interests 1,839,229 2,147,848 1,877,949 TOTAL EQUITY 18,004,162 19,700,528 21,770,975 CURRENT LIABILITIES Trade and other payables 13 4,879,593 5,743,447 5,641,215 Tax payables 20,098 514,537 837,051 Bank borrowings 14 2,519,526 - 2,543,882 7,419,217 6,257,984 9,022,148 TOTAL LIABILITIES 7,419,217 6,257,984 9,022,148 TOTAL EQUITY AND LIABILITIES 25,423,379 25,958,512 30,793,123 NET CURRENT ASSETS 13,476,345 14,541,912 16,943,212 TOTAL ASSETS 18,004,162 19,700,528 21,770,975 LESS CURRENT LIABILITIES WALCOM GROUP LIMITED UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2014 Share-based Non- Share Share Merger compensation Exchange Surplus Accumulated controlling Total capital premium reserve reserve reserve reserve losses Total interests equity HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ At1Jan-uary 688,344 95,298,644 23,852,469 2,455,408 2,187,379 1,931,761 (107,261,852) 19,152,153 1,696,306 20,848,4592013 Comprehensiveloss Lossforthe - - - - - - (2,187,134) (2,187,134) 486,770 (1,700,364)period Othercomprehensiveincome Exchangediffer-ence ontrans-lation offinan-cial - - - - 469,434 - - 469,434 (35,228) 434,206statementsofoverseassubsidiaries Total - - - - 469,434 - (2,187,134) (1,717,700) 451,542 1,266,158compre-hensiveloss for theperiod Recog-nitionofequitysettledshare-based - - - 118,227 - - - 118,227 - 118,227payments At 30June 688,344 95,298,644 23,852,469 2,573,635 2,656,813 1,931,761 (109,448,986) 17,552,680 2,147,848 19,700,5282013 At 1Jan-uary 688,344 95,298,644 23,852,469 1,591,595 2,924,924 2,525,302 (106,988,252) 19,893,026 1,877,949 21,770,9752014 Comprehensiveloss Lossforthe - - - - - - (3,429,897) (3,429,897) (59,628) (3,489,525)period Othercomprehensiveincome Exchangediffer-ence ontrans-lation offinan-cial - - - - (298,196) - - (298,196) 20,908 (277,288)statements ofoverseassubsidiaries Total - - - - (298,196) - (3,429,897) (3,728,093) (38,720) (3,766,813)compre-hensivelossfortheperiod Recog-nitionofequity-settledshare-based - - - - - - - - - -payments At 30June 688,344 95,298,644 23,852,469 1,591,595 2,626,728 2,525,302 (110,418,149) 16,164,933 1,839,229 18,004,1622014 UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2014 Note Unaudited Unaudited Audited six months six months year ended ended ended 30 June 201 30 June 201 31 December 4 3 2013 HK$ HK$ HK$ Cash flow from operatingactivities (Loss) / profit before income tax (3,468,661) (1,173,882) 2,501,831 Amortisation of patents 135,027 141,940 277,524 Bad debts written off - - 508,758 Interest received (62,065) (52,547) (112,204) Depreciation 173,037 174,147 355,301 Foreign exchange (gain) / loss, (206,935) 295,581 699,677net Interest paid 91,751 87,436 142,816 (Gain) / loss on disposal of - (12,603) (8,392)property, plant and equipment Patents written off - 113,351 164,197 Inventories written off - - 42,840 Share-based compensation - 118,227 118,227 Operating profit before working capital changes (3,337,846) (308,350) 4,690,575 Increase in inventories (385,699) (1,285,031) (277,053) (Increase) / decrease in trade (540,001) 2,056,672 3,193,866and other receivables Decrease in trade and other (761,622) (714,478) (816,710)payables Net cash (used in) / generated (5,025,168) (251,187) 6,790,678from operations Corporate income tax paid (837,817) (1,015,441) (1,698,396) Interest paid (91,751) (87,437) (142,816) Net cash (used in) / generated (5,954,736) (1,354,065) 4,949,466from operating activities Cash flow from investingactivities Purchase of property, plant and (7,942) (676,923) (762,411)equipment Proceeds from sales of property, - 43,735 42,388plant and equipment Interest received 62,065 52,547 112,204 Net cash generated from / (used 54,123 (580,641) (607,819)in) investing activities Cash flow from financingactivities Repayment of bank borrowings - (2,466,395) (2,466,395) Dividend paid to minority - - (636,012)interests Proceeds from new bank borrowings - - 2,543,882 Net cash used in financing - (2,466,395) (558,525)activities Net (decrease) / increase in cash (5,900,613) (4,401,101) 3,783,122and cash equivalents Cash and cash equivalents at the 18,535,663 14,831,853 14,831,853beginning of the period / year Exchange (loss) / gain on cash (94,885) 135,727 (79,312)and cash equivalents Cash and cash equivalents at the 11 12,540,165 10,566,479 18,535,663end of the period / year NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2014 (1) BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES The unaudited consolidated financial statements have been prepared usingaccounting policies consistent with International Financial Reporting Standardsand in accordance with International Accounting Standard (IAS) 34 InterimFinancial Reporting. The unaudited consolidated financial statements have been prepared under thehistorical cost convention. The same accounting policies, presentation andmethods of computation are followed in these unaudited consolidated financialstatements as were applied in the preparation of the group's financialstatements for the year ended 31 December 2013. (2) SEGMENT REPORTING (a) Primary reporting format - Geographical Segment The group's operations are mainly located in Hong Kong, PRC, Thailand. Thegroup's sales revenue by geographical location of customers are analysed asfollows: Unaudited Unaudited Audited six months six months year ended ended ended 30 June 201 30 June 201 31 December 4 3 2013 HK$ HK$ HK$ PRC 10,682,919 14,852,920 32,645,259 Thailand 4,981,397 6,415,474 15,607,565 Others 1,089,504 231,504 368,784 16,753,820 21,499,898 48,621,608 (b) Secondary reporting format - Business Segment The Group is principally engaged in the manufacture, distribution and sale ofchemical feed and additive products. All of the group's products are of asimilar nature and subject to similar risk and returns. Accordingly, thegroup's activities are attributable to a single business segment and nobusiness segment analysis is presented. (c) Segment assets by geographical location of assets Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 31 December 2014 2013 2013 HK$ HK$ HK$ PRC 15,951,260 14,920,728 19,227,186 Thailand 5,339,232 7,062,212 7,987,858 Hong Kong 1,611,939 1,133,167 1,414,752 Others 2,520,948 2,842,405 2,163,327 25,423,379 25,958,512 30,793,123 (3) REVENUE Revenue represents the sales value of goods supplied to the customers lessreturns, discounts, value added tax and sales taxes. (4) OTHER INCOME Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 2013 31 December 2014 2013 HK$ HK$ HK$ Government subsidy - - 284,915 Sundry income 20,557 19,590 42,591 20,557 19,590 327,506 (5) OPERATING (LOSS) / PROFIT Operating (loss) / profit is stated after charging the following items:- Unaudited Unaudited Audited six months six months year ended ended ended 30 June 30 June 2013 31 December 2014 2013 HK$ HK$ HK$ Amortisation of patents 135,027 141,940 277,524 Auditor's remuneration 160,000 155,000 288,407 Cost of inventories 6,392,200 7,745,254 17,157,736 Depreciation 173,037 114,216 236,910 (Gain) / loss on disposal of - (12,603) -property, plant and equipment Rental charges under operating 386,657 397,902 857,894leases in respect of land andbuildings Staff costs (including directors'emoluments) - wages and salaries 5,993,319 6,391,246 11,504,604 - contributions to retirement 415,222 424,084 849,510benefits - share-based compensation - 118,227 118,227 - other staff benefits 1,419,026 1,347,684 2,976,576 (6) NET FINANCE COST Unaudited Unaudited Audited six months six months year ended ended ended 30 June 201 31 December 30 June 201 3 2013 4 HK$ HK$ HK$ Bank interest income 62,065 52,547 112,204 Interest expense on bank loans (91,751) (87,436) (142,816) (29,686) (34,889) (30,612) (7) INCOME TAX EXPENSE No provision for Hong Kong Profits Tax has been made (June 2013: HK$nil; 2013:HK$nil) as the group companies did not have assessable profit subject to HongKong profits tax purposes for the period/year. Taxation on overseas profits has been calculated on the estimated assessableprofit for the period/year at the rate of taxation prevailing in the countriesin which the group companies operate. The overseas income tax provided for thesix months ended 30 June 2014 is HK$20,864 (June 2013: HK$526,482; 2013:HK$1,638,901). (8) (LOSS) / EARNINGS PER SHARE The calculation of the basic loss per share for the six months ended 30 June2014, is based on the loss attributable to ordinary equity shareholders of thecompany of HK$3,429,897 (June 2013: HK$2,187,134; 2013: loss of HK$114,899)during the period and the weighted average number of 68,834,388 ordinary shares(June 2013: 68,834,388; 2013: 68,834,388) in issue during the period/year. Nodiluted loss per share is to be reported for the period/year. (9) DIVIDENDS No payment of dividend was recommended for the first six months of 2014 (June2013: HK$ nil; 2013: HK$nil). (10) TRADE AND OTHER RECEIVABLES Unaudited Unaudited Audited 30 June 30 June 2013 31 December 2014 2013 HK$ HK$ HK$ Trade receivables 5,961,942 6,507,779 5,502,500 Less: provision for (741,562) (387,346) (743,813)impairment loss 5,220,380 6,120,433 4,758,687 Other receivables - 544,196 120,533 Prepayments and deposits 1,096,441 865,093 897,600 6,316,821 7,529,722 5,776,820 (a) All trade and other receivables, are expected to be recovered within oneyear. (b) Impairment of trade receivables The movement in the provision of impairment for doubtful debts during theperiod/year, including both specific and collective loss components, is asfollows: Unaudited Unaudited Audited six months six months year ended ended ended 31 December 2013 30 June 2014 30 June 2013 HK$ HK$ HK$ At 1 January 743,813 440,942 440,942 Impairment loss - - 508,758recognised Written off - (44,758) (213,047) Exchange difference (2,251) (8,838) 7,160 At 30 June/31 741,562 387,346 743,813December At 30 June 2014, the Group's trade receivables of HK$741,562 (June 2013:HK$387,346, 2013: HK$743,813) have been outstanding for a certain period oftime. The management assessed that only a portion of the receivables isexpected to be recoverable. Consequently, specific allowance for doubtful debtswas recognised for the individually impaired receivables. The Group does not hold any collateral over these balances. (11) CASH AND CASH EQUIVALENTS Unaudited Unaudited Audited 30 June 2014 30 June 2013 31 December 2013 HK$ HK$ HK$ Cash at bank and on 12,540,165 10,566,479 18,535,663hand Cash and cash 12,540,165 10,566,479 18,535,663equivalents in the cash flowstatement (12) SHARE CAPITAL Unaudited Unaudited Audited 30 June 201 30 June 201 31 December 4 3 2013 HK$ HK$ HK$ Authorised 150,000,000 (June 2013: 1,500,000 1,500,000 1,500,000150,000,000 and Dec 2013:150,000,000) ordinary shares ofHK$0.01 each Issued and fully paid 68,834,388 (June 2013: 688,344 688,344 688,34468,834,388 and Dec 2013: 68,834,388) ordinary shares of HK$0.01 each The holders of ordinary shares are entitled to receive dividends as declaredfrom time to time and are entitled to one vote per share at meetings of theCompany. All ordinary shares rank equally with regard to the Company's residualassets. (13) TRADE AND OTHER PAYABLES Unaudited Unaudited Audited 30 June 2014 30 June 2013 31 December 2013 HK$ HK$ HK$ Trade payables 1,572,518 2,624,381 2,206,357 Other payables and accrued 3,307,075 3,119,066 3,434,858expenses 4,879,593 5,743,447 5,641,215 All of the trade and other payables are expected to be settled within one year. (14) BANK BORROWINGS Unaudited Unaudited Audited 30 June 201 30 June 201 31 December 4 3 2013 HK$ HK$ HK$ Current Bank borrowings, unsecured (a) 2,519,526 - 2,543,882 a. The effective interest rate per annum for bank borrowings at balance sheet date is at 7.2% (June 2013: Nil, 2013: 7.2%) per annum. (15) RELATED PARTY TRANSACTIONS Unaudited Unaudited Audited six months six months year ended ended ended 31 December 30 June 201 30 June 2013 2013 4 HK$ HK$ HK$ Related companies Legal and professional fees 67,620 67,620 109,125paid Spouse of a director 60,469 - 10,176 Staff quarter expenses (16) RECONCILIATION OF (LOSS) / PROFIT BEFORE INCOME TAX TO EBITDA Unaudited Unaudited Audited six months six months year ended ended ended 31 December 30 June 201 30 June 201 2013 4 3 HK$ HK$ HK$ (Loss) / profit before income (3,468,661) (1,173,882) 2,501,831tax Depreciation 173,037 174,147 355,301 Amortisation of patents 135,027 141,940 277,524 Interest income (62,065) (52,547) (112,204) Interest expenses 91,751 87,436 142,816 Patents written off - 113,351 164,197 (Gain) / loss on disposal of - (12,603) (8,392)property, plant and equipment Bad debts written off - - 508,758 Share-based compensation - 118,227 118,227 EBITDA (3,130,911) (603,931) 3,948,058 EBITDA is defined herein as earnings before depreciation, amortization,interest and tax, plus specific charges which are considered non-recurring innature. Specific charges include impairment loss in value and gain/loss indisposal of non-current assets, and amortization of fair value of share-basedcompensation. EBITDA is not a recognised term under generally acceptedaccounting principles and does not purport to be an alternative to net incomeas a measure of operating performance or to cash flows from operatingactivities as a measure of liquidity. Because not all companies use identicalcalculations, this presentation may not be comparable to other similarly titledmeasures of other companies.
Date   Source Headline
30th Jun 20204:22 pmPRNBoard Change
22nd Jun 20201:21 pmRNSSuspension - Walcom Group Limited
22nd Jun 20201:16 pmPRNResignation of Nominated Adviser and Broker
22nd Jun 20208:16 amPRNCompany update
15th Jun 20207:36 amPRNTrading Update
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29th May 20207:00 amPRNCompany Update
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9th Apr 20208:19 amPRNCompany update and further re director loan
3rd Apr 20208:27 amPRNCompany update and further re director loan
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18th Mar 20202:13 pmPRNCompany update and further re director loan
12th Mar 202010:46 amPRNCompany Update
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21st Feb 20208:48 amRNSCompany Update
14th Feb 202012:06 pmPRNReplacement: Company Update
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31st Jan 20209:55 amPRNTrading Update
13th Jan 202012:23 pmPRNFurther Director Loan
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23rd Dec 20199:57 amPRNBoard Change
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29th Nov 201911:05 amPRNCompany Update
30th Oct 201910:23 amPRNTrading Update
26th Sep 20199:27 amPRNDirector Loan
18th Sep 201910:58 amPRNHalf-year Report
9th Sep 201911:20 amPRNCompany Update & Notice of Interim Results
14th Aug 201911:03 amPRNCompany Update
3rd Jul 201910:24 amPRNCompany update
12th Jun 20198:53 amPRNResult of AGM and update on legal proceedings
4th Jun 201912:49 pmPRNCompany update
15th May 201910:03 amPRNPosting of Annual Report and Notice of AGM
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20th Mar 20198:26 amPRNFurther re. disposal of Walcom Bio-Chem (Thailand)
13th Mar 20197:00 amPRNProposed Disposal of Walcom Bio-Chem (Thailand) Company
28th Feb 201910:10 amPRNDeath of Non-Executive Director
27th Feb 201911:44 amPRNTrading update
14th Dec 201811:06 amPRNBoard Change
21st Nov 201810:02 amPRNFurther re Customer Payment and Trading Update
8th Oct 20181:11 pmPRNReceipt of further customer payments
18th Sep 20181:58 pmPRNHalf-year Report
3rd Sep 201811:45 amPRNReceipt of initial customer payment
31st Jul 201811:38 amPRNFurther re Customer payment
19th Jul 201812:58 pmPRNFurther re Customer payment

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