Final Results
8 May 2015
WALCOM GROUP LIMITED
("Walcom" or "the Company")
Final results for the year ended 31 December 2014
CHAIRMAN'S STATEMENT
On behalf of the board of directors (the "Board"), I am pleased to present the
final results for the year ended 31 December 2014.
Results
Although the global economy began to show signs of improvement during 2014,
under the present Chinese leadership, the slow growth in the PRC market
continues to impact the Company's results. The Company's sales were affected by
the poor performance of the pig farming industry during the period, and the
adverse impact of increasing production costs and operating expenses resulted
in a loss attributable to the equity shareholders of the Company of HK$0.3
million (2013: Loss HK$0.1 million) for the year under review. Turnover and
gross profit levels for the year decreased by 10 per cent. (2014: HK$43.6
million; 2013: HK$48.6 million) and 12 per cent. (2014: HK$27.2 million; 2013:
HK$30.8 million) respectively compared to the previous year. The Company
reported a minimal net loss of HK$0.03 million for the year under review as
compared to a net profit of HK$0.9 million in 2013. However EBITDA decreased by
63 per cent. to HK$1.5 million in 2014 from HK$3.9 million in 2013.
A summary of the results for the period is set out below:
Year ended Year ended Change
31 December 31 December
2014 2013
HK$'000 HK$'000 per cent.
Turnover 43,648 48,622 (10)
Gross profit 27,164 30,752 (12)
Operating profit 860 2,532 (66)
EBITDA 1,471 3,948 (63)
Net finance income / (expense) 18 (31) n/a
(Loss) / profit for the year (32) 863 n/a
Loss per share attributable to the (0.44) (0.17) 159
shareholders of the Company*
(0.44) (0.17) 159
- basic (HK cents)
- diluted (HK cents)
Year ended Year ended Change
31 December 31 December
2014 2013
per cent.
Net asset value per share attributable to 28.32 28.90 (2)
the shareholders of the Company (HK
cents)
* after taking away the non-controlling interests in overseas subsidiaries,
there is a loss attributable to the shareholders of the Company for the year
ended 31 December 2013.
Operation and market review
Under the new normal economic environment in China, the pig farming industry
and the animal feed market weakened during the period under review. Most of the
Company's customers had weaker performance in 2014 than 2013. This led to
disappointing year-on-year sales in China. The PRC sales dropped by 18 per
cent. in terms of sales value during the year when compared to 2013.
Sales in Thailand decreased by 12 per cent. to HK$13.7 million in 2014,
representing 31 per cent. (2013: 32 per cent.) of the Company's total sales.
Despite the change in government in May 2014, the economy in Thailand had not
recovered by the end of the year. This resulted in an overall drop in demand
which led to our poorer performance in the Thai market.
Although there was a decrease in demand in Thailand during 2014, the Company
has been trying to expand the sales to individual customers which showed
reasonable potential of growth. Owing to the credible brand recognition of the
Company's products in Thailand, the Directors expect better performance in
sales in the country in 2015.
Sales in Korea increased more than 7 times to HK$2.5 million in 2014,
representing approximately 6 per cent. (2013: 0.6 per cent.) of the Company's
total sales. The Directors remain confident that Korea is an emerging market
which has a high potential for growth for the Company in the future.
Although the significance of the Thai and Korean markets has increased, China
continues to act as the major market for the Company's products and this is
expected to continue for the foreseeable future.
Recent Developments
During the past few years, the Company has established itself as a provider of
trusted products within its specialized category in the industry. The Company
has built up its brand among its customers and potential customers. Better
channels of communication with existing customers; and direct and personal
relationship with potential customers have been developed and it is expected
that the sales of the Company's products will improve in line with the recovery
of the industry and economy in China in the future.
The Company is researching to develop a new line of composite feed products by
utilizing its in house core technology. If this becomes successful, the
Company's sales will no longer depend on a single line of products.
Patents
At the end of 2014 the Group held 46 granted patents in respect of:
* its core Cysteamine technology in China, North Korea, New Zealand, Ukraine,
Russia, South Africa, Australia, India, South Korea and Vietnam;
* poultry feed in the UK, North Korea, Taiwan, Russia, China, Australia and
Philippines;
* dairy cow feed in New Zealand, the UK, Europe, Mexico, India, China,
Russia, Australia and Malaysia;
* fish feed in the UK, Indonesia, Russia, China, Thailand, Philippines,
Vietnam and Taiwan; and
* shellfish feed in Europe, Vietnam, Indonesia, Malaysia, Taiwan, Philippines
and China.
Most of the patents which the Company applied for in the past years have been
granted. The Directors believe that there is wide patent coverage in places
where there are significant demands for the Company's products. Some patents
which the Directors believe have a reduced chance of commercialisation were
dropped during the year.
Debt
As at the year end, the Group had a short term bank loan of HK$2.5 million,
which was used to finance the Group's general working capital. The Company
intends to renew this loan in the ordinary course of business, in line with the
Group's prudent cash management policy. As at the financial year end, the Group
had cash and cash equivalents of HK$15.2 million. Accordingly, no further bank
loans will be needed as the Group has adequate working capital for its daily
operations.
Dividend
The Directors do not recommend any dividend payment for the year ended 31
December 2014.
Annual General Meeting
The Annual General Meeting will be held at the offices of the Company's
solicitors, Reeds Smith Richards Butler in Hong Kong at 2:30pm on Friday 12
June 2015.
Outlook
As the Chinese economy is entering into a new normal phase and is trying to
rebalance itself, it will be another difficult year for the Company in 2015. A
further slowing of growth in the Chinese economy may happen if the stimulus
measures implemented by the Central government prove to be insufficient. The
unstable recovery of the United States and the stagnant major European
economies collectively contribute towards an uncertain global economy.
Escalating production costs and operating expenses will continue to be an
adverse factor affecting the Company. However, the Directors are optimistic
that the improving performance in the Thai and Korean markets, coupled with the
Company's new research effort, will result in an increase in its portfolio of
customers which will result in an improved performance in 2015.
On behalf of the Board, I would like to express our gratitude to Mr Eddie K. M.
Chan, our ex non-executive chairman who served the Company as chairman since
the admission of the Company to trading on AIM in December 2006 until 31 March
2015. We would like to thank him for the major contributions and leadership
that he had provided during his term of chairmanship and wish him every success
in his other business interests.
Following Mr Eddie K. M. Chan's resignation, I have been appointed as chairman
of the audit committee and Mr Timothy Nelson has been appointed as chairman of
the remuneration committee.
I would also like to express our sincere thanks to the management team and
staff, professional advisers and shareholders for their continued support and
contributions during the year.
Frankie Y. L. Wong
Chairman
8 May 2015
Further enquiries:
Walcom Group Limited +852 2494 0133
Francis Chi (Chief Executive Officer)
Albert Wong (Chief Financial Officer)
Sanlam Securities UK Limited +44 20 7628 2200
Virginia Bull
Consolidated statement of profit or loss
For the year ended 31 December 2014
(Expressed in Hong Kong dollars)
Note 2014 2013
HK$ HK$
Revenue 43,647,716 48,621,608
Cost of sales (16,483,709 ) (17,869,133 )
Gross profit 27,164,007 30,752,475
Other income 3 506,442 327,506
Research and development expenses (1,227,825 ) (1,298,237 )
Selling and distribution expenses (11,643,034 ) (12,114,993 )
General and administrative expenses (13,940,044 ) (15,134,308 )
Profit from operations 859,546 2,532,443
Net finance income / (expense) 4 17,546 ( 30,612 )
Profit before income tax 5 877,092 2,501,831
Income tax expense 6 ( 908,987 ) ( 1,638,901 )
(Loss) / profit for the year ( 31,895 ) 862,930
(Loss) / profit attributable to:
Owners of the Company ( 300,602) ( 114,899)
Non-controlling interests 268,707 977,829
(Loss) / profit for the year ( 31,895 ) 862,930
Loss per share - basic, HK cents 8 (0.44) (0.17)
- diluted, HK cents (0.44) (0.17)
Consolidated statement of profit or loss and other comprehensive income
For the year ended 31 December 2014
(Expressed in Hong Kong dollars)
2014 2013
HK$ HK$
(Loss) / profit for the year (31,895 ) 862,930
Other comprehensive income
Exchange difference on translation of
financial statements of overseas subsidiaries ( 108,677 ) 577,371
Total comprehensive (loss) / income for the ( 140,572 ) 1,440,301
year
Total comprehensive (loss) / income
attributable to:
Owners of the Company ( 402,390 ) 622,646
Non-controlling interests 261,818 817,655
Total comprehensive (loss) / income for the ( 140,572 ) 1,440,301
year
Consolidated balance sheet as at 31 December 2014
(Expressed in Hong Kong dollars)
Note 2014 2013
HK$ HK$
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 1,869,520 2,171,788
Patents 2,385,921 2,655,975
Goodwill - -
4,255,441 4,827,763
CURRENT ASSETS
Inventories 2,343,521 1,652,877
Trade and other receivables 9 7,797,139 5,720,154
Tax recoverable 157,591 56,666
Cash and cash equivalents 10 15,229,576 18,535,663
Restricted cash 10 113,350 -
25,641,177 25,965,360
TOTAL ASSETS 29,896,618 30,793,123
EQUITY
Share capital 688,344 688,344
Reserves 18,802,292 19,204,682
Total equity attributable to OWNERs of the 19,490,636 19,893,026
Company
Non-controlling interests 2,139,767, 1,877,949
TOTAL EQUITY 21,630,403 21,770,975
CURRENT LIABILITIES
Trade and other payables 5,208,398 5,641,215
Tax payables 522,641 837,051
Bank borrowings 11 2,535,176 2,543,882
8,266,215 9,022,148
TOTAL LIABILITIES 8,266,215 9,022,148
TOTAL EQUITY AND LIABILITIES 29,896,618 30,793,123
NET CURRENT ASSETS 17,374,962 16,943,212
TOTAL ASSETS LESS CURRENT LIABILITIES 21,630,403 21,770,975
Consolidated statement of changes in equity
For the year ended 31 December 2014
(Expressed in Hong Kong dollars)
Share-based
Share Share Merger compensation Exchange
capital premium reserve reserve reserve
HK$ HK$ HK$ HK$ HK$
At 1 January 688,344 95,298,644 23,852,469 2,455,408 2,187,379
2013
Comprehensive
income
(Loss) / profit - - - - -
for the year
Other
comprehensive
income
Exchange
difference on
translation of
financial - - - - 737,545
statements of
overseas
subsidiaries
Total - - - - 737,545
comprehensive
income for the
year
Recognition of
equity-settled
share-based - - - 118,227 -
payments
Lapse of share - - - (982,040) -
options
Appropriation - - - - -
to surplus
reserve
Dividends to - - - - -
non-controlling
interests
At 31 December 688,344 95,298,644 23,852,469 1,591,595 2,924,924
2013
At 1 January 688,344 95,298,644 23,852,469 1,591,595 2,924,924
2014
Comprehensive
income
(Loss) / profit - - - - -
for the year
Other
comprehensive
income
Exchange
difference on
translation of
financial - - - - (101,788)
statements of
overseas
subsidiaries
Total - - - - (101,788)
comprehensive
income for the
year
Appropriation - - - - -
to surplus
reserve
At 31 December 688,344 95,298,644 23,852,469 1,591,595 2,823,136
2014
Non-
Surplus Accumulated controlling Total
reserve losses Total interests equity
HK$ HK$ HK$ HK$ HK$
At 1 January 1,931,761 (107,261,852) 19,152,153 1,696,306 20,848,459
2013
Comprehensive
income
(Loss) / profit - (114,899) (114,899) 977,829 862,930
for the year
Other
comprehensive
income
Exchange
difference on
translation of
financial - - 737,545 (160,174) 577,371
statements of
overseas
subsidiaries
Total - (114,899) 622,646 817,655 1,440,301
comprehensive
income for the
year
Recognition of
equity-settled
share-based - - 118,227 - 118,227
payments
Lapse of share - 982,040 - - -
options
Appropriation 593,541 (593,541) - - -
to surplus
reserve
Dividends to - - - (636,012) (636,012)
non-controlling
interests
At 31 December 2,525,302 (106,988,252) 19,893,026 1,877,949 21,770,975
2013
At 1 January 2,525,302 (106,988,252) 19,893,026 1,877,949 21,770,975
2014
Comprehensive
income
(Loss) / profit - (300,602) (300,602) 268,707 (31,895)
for the year
Other
comprehensive
income
Exchange
difference on
translation of
financial - - (101,788) (6,889) (108,677)
statements of
overseas
subsidiaries
Total - (300,602) (402,390) 261,818 (140,572)
comprehensive
income for the
year
Appropriation 398,212 (398,212) - - -
to surplus
reserve
At 31 December 2,923,514 (107,687,066) 19,490,636 2,139,767 21,630,403
2014
Consolidated statement of cash flows
For the year ended 31 December 2014
(Expressed in Hong Kong dollars)
Note 2014 2013
HK$ HK$
Cash flow from operating activities
Profit before income tax 877,092 2,501,831
Amortisation of patents 5(b) 270,054 277,524
Bad debts written off 5(b) - 508,758
Interest received 5 ( 183,538 ) ( 112,204 )
Depreciation 341,826 355,301
Foreign exchange loss, net 5(b) 175 699,677
Interest paid 4 165,992 142,816
Gain on disposal of property, plant and equipment 3 - ( 8,392 )
Patents written off 5(b) - 164,197
Inventories written off - 42,840
Share-based compensation 5(a) - 118,227
Operating profit before working capital changes 1,471,601 4,690,575
Increase in inventories ( 690,644 ) ( 277,053 )
(Increase) / decrease in trade and other (2,076,985 ) 3,193,866
receivables
Decrease in trade and other payables ( 432,817 ) ( 816,710 )
Net cash (used in) / generated from operations (1,728,845 ) 6,790,678
Corporate income tax paid (1,324,322 ) (1,698,396 )
Interest paid ( 165,992 ) ( 142,816 )
Net cash (used in) / generated from operating (3,219,159 ) 4,949,466
activities
Cash flow from investing activities
Purchases of property, plant and equipment ( 43,737 ) ( 762,411 )
Proceeds from sales of property, plant and - 42,388
equipment
Interest received 183,538 112,204
Net cash generated from / (used in) investing 139,801 ( 607,819 )
activities
Cash flow from financing activities
Dividends paid to minority interests - ( 636,012 )
Increase in restricted bank balances ( 113,350 ) -
Repayment of bank borrowings (2,543,882 ) (2,466,395 )
Proceeds from new bank borrowings 2,535,176 2,543,882
Net cash used in financing activities (122,056 ) (558,525 )
Net (decrease) / increase in cash and cash (3,201,414 ) 3,783,122
equivalents
Cash and cash equivalents at the beginning of the 18,535,663 14,831,853
year
Exchange loss on cash and cash equivalents (104,673 ) ( 79,312 )
Cash and cash equivalents at the end of the year 10 15,229,576 18,535,663
Notes to the consolidated financial statements
For the year ended 31 December 2014
(Expressed in Hong Kong dollars)
1 Publication of non-statutory accounts
The financial information set out in this preliminary announcement does not
constitute statutory accounts.
The financial information for the period ended 31 December 2014 has been
extracted from the Company's financial statements to that date which have
received an unqualified auditors' report.
2 Basis of preparation
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRSs"). These consolidated
financial statements also comply with the applicable disclosure provisions of
the AIM Rules for Companies of the London Stock Exchange. They have been
prepared under the historical cost convention.
The preparation of financial statements in conformity with IFRS requires the
use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Group's accounting
policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the consolidated
financial statements, are disclosed in note 27 of the full financial
statements.
3 Other income
2014 2013
HK$ HK$
Gain on disposal of property, plant and equipment - 8,392
Government subsidy 469,233 284,915
Tax refund 6,298 -
Sundry income 30,911 34,199
506,442 327,506
Note: During the years ended 31 December 2014 and 2013, the Group received
subsidies from local government bodies in the PRC, which aimed at the
technology development of the Group.
4 Net finance income / (expense)
2014 2013
HK$ HK$
Bank interest income 183,538 112,204
Interest expense on bank loan (165,992) (142,816)
17,546 (30,612)
5 Profit before income tax
Profit before income tax is stated after charging the following items :-
(a) Staff costs (including directors' emoluments)
2014 2013
HK$ HK$
Salaries, wages and commission 11,051,612 11,504,604
Contributions to defined contribution retirement 858,474 849,510
plans
Share-based compensation - 118,227
Other staff benefits 3,339,342 2,976,576
15,249,428 15,448,917
(b) Other items
2014 2013
HK$ HK$
Amortisation of patents 270,054 277,524
Auditor's remuneration 315,574 288,407
Bad debts written off - 508,758
Cost of inventories sold (note 17) 15,502,718 17,157,736
Depreciation 241,009 236,910
Exchange losses, net 175 699,677
Patents written off - 164,197
Rental charges under operating leases in respect of
land and buildings 856,824 857,894
6 Income tax expense
2014 2013
HK$ HK$
Current income tax
- Thailand corporate income tax 195,757 591,038
- Shanghai foreign enterprise income tax 713,230 1,047,863
908,987 1,638,901
(a) Taxation for the Company
No provision for profits tax has been made for the Company as it is exempted
from taxation in the British Virgin Islands.
No deferred taxation has been provided as the Company has no material
unprovided deferred tax assets or liabilities which are expected to be
crystallised in the foreseeable future (2013: HK$Nil).
(b) Taxation for the Group
(i) Taxation on overseas profits has been calculated on the estimated
assessable profit for the year at the rate of taxation prevailing in the
countries in which the Group companies operate. The income tax expense stated
in consolidated statement of profit or loss and other comprehensive income
represented the corporate income tax and foreign enterprise income tax arisen
from the business of subsidiaries operating in Thailand and Shanghai
respectively.
Hong Kong Profits Tax is calculated at 16.5% (2013: 16.5%) of the estimated
assessable profit for the year. However, no provision for Hong Kong profits tax
has been made (2013: HK$Nil) as the Group's assessable profit subject to Hong
Kong profits tax for the year is fully set-off by tax loss brought forward from
last year.
Provision for foreign enterprise income tax ("FEIT") in the People's Republic
of China ("PRC") has been made at 15% (2013: 15%) as Shanghai Walcom Bio-Chem
Co., Ltd. ("Shanghai Walcom"), a wholly owned subsidiary operating in Shanghai,
has assessable profits for the year.
Pursuant to the relevant income tax rules and regulations in the PRC, Shanghai
Walcom is granted tax relief whereby the applicable income tax rate was 15% for
the years 2013 and 2014.
Thailand Corporate Income Tax is calculated at 20% (2013: 20%) of the net
profit for the year.
(ii) A reconciliation between the Group's income tax expense and the accounting
profit, at the applicable tax rate, is set out below :-
2014 2013
HK$ HK$
Profit before income tax 877,092 2,501,831
Notional tax calculated on profit before income tax,
calculated
at the rates applicable to profits in the countries 68,999 423,420
concerned
Tax effect of:
Expenses not deductible for tax purpose 1,098,739 968,998
Non-taxable revenue (1,214) (5)
Temporary differences not recognised 507 (675)
Unused tax losses not recognised - 247,163
Utilisation of previously unrecognised tax losses (258,044) -
Income tax charges 908,987 1,638,901
(iii) A deferred tax asset amounting to HK$8,570,768 (2013: HK$8,828,812) in
respect of tax losses of a subsidiary incorporated in Hong Kong of
approximately HK$51,944,000 (2013: HK$53,508,000) has not been recognised in
the financial statements as it is not certain that future taxable profit will
be available against which these losses can be utilised.
7 Dividends
The Company does not recommend the payment of any dividend for the year ended
31 December 2014 (2013: HK$Nil).
8 Loss per share
There is no difference between basic and diluted loss per share. The basic and
diluted loss per share for the year ended 31 December 2014 are calculated by
dividing the Group's loss attributable to owners of the Group of HK$300,602
(2013: HK$114,899) by the weighted average number of 68,834,388 ordinary shares
(2013: 68,834,388 ordinary shares). The computation of diluted loss per share
does not assume the exercise of the Company's outstanding share options because
the exercise price of the options is higher than the average market price for
the years ended 31 December 2014 and 2013.
9 Trade and other receivables
Group
2014 2013
HK$ HK$
Trade receivables 7,079,319 5,502,500
Less: provision for impairment loss (508,758) (743,813)
Trade receivables - net 6,570,561 4,758,687
Deposits and prepayments 1,037,401 840,934
Other receivables 189,177 120,533
7,797,139 5,720,154
All trade and other receivables are expected to be recovered within one year.
a. Impairment of trade receivables
The movement in the provision of impairment for doubtful debts during the year,
including both specific and collective loss components, is as follows:
2014 2013
HK$ HK$
At 1 January 743,813 440,942
Impairment loss recognised - 508,758
Written off (235,055) (213,047)
Exchange difference - 7,160
At 31 December 508,758 743,813
At 31 December 2014, the Group's trade receivables of HK$508,758 (2013:
HK$743,813) have been outstanding for a certain period of time. The management
assessed that only a portion of the receivables is expected to be recoverable.
No further individual provision of impairment for doubtful debts was provided
in the year ended 31 December 2014 (2013: HK$508,758).
The Group does not hold any collateral over these balances.
b. Trade receivables that are not impaired
Majority of the Group's turnover are with credit terms ranging from 30 to 60
days. Ageing analysis of trade receivables that are neither individually nor
collectively considered to be impaired are as follows:
2014 2013
HK$ HK$
Neither past due nor impaired 5,581,041 4,655,477
Less than one month past due 986,427 -
1 to 4 months past due 3,093 103,210
989,520 103,210
6,570,561 4,758,687
Receivables that were neither past due nor impaired relate to a wide range of
customers for whom there was no recent history of default.
Receivables that were past due but not impaired relate to a number of
independent customers that have a good track record with the Group. Based on
past experience, management believes that no impairment allowance is necessary
in respect of these balances as there has not been a significant change in
credit quality and the balances are considered fully recoverable. The Group
does not hold any collateral over these balances.
(c) The carrying amounts of trade receivables are denominated in the following
currencies:
Group
2014 2013
Thai Baht THB 10,529,375 THB 7,877,900
Renminbi RMB 3,229,200 RMB 2,282,313
10 Cash and bank balances
Group
2014 2013
HK$ HK$
Cash at bank and on hand 15,342,926 18,535,663
Less: Cash at bank - restricted (113,350) -
Cash and cash equivalents in the statement 15,229,576 18,535,663
of cash flows
The Company
2014 2013
HK$) HK$)
Cash and cash equivalents in the balance 25,493 25,475
sheet
Included in the cash and cash equivalents of the Group, HK$9,842,160 (2013:
HK$12,650,102) were denominated in RMB and kept in PRC. The remittance of these
funds out of the PRC is subject to the foreign exchange control restrictions
imposed by the PRC government.
As at 31 December 2014, HK$113,350 (2013: HK$Nil) denominated in THB in a
saving bank account in Thailand has been pledged to a bank as security under a
forward exchange contract.
Included in cash and cash equivalents in the consolidated balance sheet are the
following amounts denominated in a currency other than the functional currency
of the entity to which they relate:
2014 2013
United States dollars US$ 458,733 US$ 88,151
British Pound GB£ 484 GB£ 484
Thai Baht THB 8,115,079 THB 19,554,135
11 Bank borrowings
At 31 December 2014, the bank borrowings were unsecured and repayable as
follows:
Group
2014 2013
HK$ HK$
Current liabilities
Bank borrowings - unsecured 2,535,176 2,543,882
Total borrowings 2,535,176 2,543,882
a. The maturity of borrowings is as follows:
Group
2014 2013
HK$ HK$
Within 1 year or on demand 2,535,176 2,543,882
b. The effective interest rate per annum for bank borrowings at balance sheet
date is at 7.8% (2013: 7.2%) per annum.
During the 2014 reporting period, the Group fully repaid a bank borrowing of
HK$2,543,882 denominated in RMB, which was unsecured.
On 13 October 2014, an indirectly held subsidiary of the Group situated in the
PRC ("the subsidiary") has obtained a bank borrowing of HK$2,535,176
denominated in RMB with maturity of 1 year. The bank borrowing was unsecured.
12 Copies of Report and Accounts
Copies of the Report and Accounts will be sent to shareholders shortly and will
be available from the principal place of business of the Company, Part D,
Mingtai Bldg, No 351 Guo Shai Jing Road, ZJ Hi-tech Park, Shanghai 201203, PRC,
and on the Company's website www.walcomgroup.com.
Friday, 17th May 2024
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