TIDMAFG
RNS Number : 6115Y
Aquatic Foods Group PLC
10 September 2015
Press Release 10 September 2015
Aquatic Foods Group Plc
("Aquatic Foods" or the "Group" or the "Company")
Interim Results
Aquatic Foods Group Plc (AIM: AFG), a leading Chinese marine
foods and seafood processor and producer, supplying to export and
local markets, today announces its unaudited results for the six
months ended 30 June 2015.
Financial Highlights
-- Revenue increased by 26% to RMB 444 million
(H1-2014: RMB 353 million)
-- Gross profit margins across all product categories
averaged 33%
-- Profit before tax increased 29% to RMB 102 million
(H1-2014: RMB 79 million)
-- Net profit after tax increased by 28% to RMB
78 million (H1-2014: RMB 61 million)
-- Earnings per share of RMB 0.69 (H1-2014: RMB
0.61)
-- Cash as at 30 June 2015 of RMB 367 million,
including net IPO proceeds of RMB 79 million
(as at 30 June 2014: RMB 167 million)
-- Maiden Interim dividend of 0.7 pence per share
declared
-- 51 regional distributors as at 30 June 2015
(H1-2014: 50)
*The illustrative exchange rate as at 30 June 2015 was 1 GBP:
9.8 RMB
Li Xianzhi, Chief Executive of Aquatic Foods Group, commented:
"The Board is pleased with the progress that the Group has made and
the positive performance during the first half of the year, which
shows a considerable increase in revenue and our continued strength
in maintaining our gross profit margins.
"Aquatic Foods adopts the highest standards for quality, safety
and sustainability and is committed to produce high-end,
pre-processed seafood products which provides confidence to both
local PRC and overseas suppliers alike. The Company's current
extensive distribution network has put us in a very strong trading
position and the Board is confident that despite current slowdown
of the Chinese economy, the Group will continue to adapt and to
expand its share in what is still a growing Chinese seafood and
marine food market. The Group also remains committed in growing
export sales and is confident that Aquatic Foods will continue to
leverage on its established position in the overseas market to
further benefit from the high growth potential of the international
seafood market.
"The Board continues to progress discussions in relation to new
premises for production facilities and will provide further updates
as appropriate."
For further information:
Aquatic Foods Group Plc
Sean Lim, Finance Director Tel: +44 (0) 20
7398 7719
www.aquatic-foods.com
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
David Facey Tel: +44 (0) 20
Stuart Gledhill 3470 0470
www.spangel.co.uk
Media enquiries:
Abchurch Communications Limited
Julian Bosdet /Jamie Hooper / Tel: +44 (0) 20
Canace Wong 7398 7719
AquaticFoods@abchurch-group.com www.abchurch-group.com
Chief Executive's Review
During the first half of the financial year 2015, Aquatic Foods
Group continued to experience strong growth. Revenue increased by
26% to RMB 444 million (H1-2014: RMB 353 million) and the Group's
gross profit margins were broadly stable across all product
categories, achieving approximately 33% in the year. The increase
in revenues has principally been driven by sales of fish including
mackerel (sourced from Iceland, Ireland, Norway and Scotland) and
saury as consumers continue to demand convenient and healthier food
options. This has led to pre-tax profits increasing 29% to RMB 102
million (H1-2014: RMB 79 million) and net profit after tax
increasing 28% to RMB 78 million (H1-2014: RMB 61 million).
Aquatic Foods remains highly cash generative and the Group
maintains its strong balance sheet with cash as at 30 June 2015
amounting to RMB 367 million (as at 30 June 2014: RMB 167 million).
As the Group expands, it is anticipated that the working capital
requirement will increase due to enhanced credit terms being
offered to key distribution partners in order to drive growth along
with the need to maintain higher inventory levels.
As at 30 June 2015, Aquatic Foods had 51 regional distributors
(H1-2014: 50), covering 16 provinces, municipalities and autonomous
regions in China. The Group works closely with its distributors to
monitor performance and grow sales and remains committed to
identifying and appointing new distributors to further expand its
coverage in both urban and rural areas in China.
Currently, approximately 60% of Aquatic Food's fish are sourced
from various overseas countries, including US, Canada, Norway, UK,
and Ireland. The Group will continue to look for strategic
alliances and partnerships to diversify the Company's supply
chain.
Aquatic Foods has also received increased sales enquiries from
overseas customers, driven by the Group's enhanced publicity
achieved through its AIM Admission in March 2015. The Group is
currently exploring the possibility to grow its exports sales,
leveraging the Group's already established position in the
international market.
Product categories
Revenue breakdown by product category
Six months Six months GROWTH Year ended
30 June 30 June % 31 December
2015 2014 2014
Unaudited Unaudited Audited
Currency: RMB'000
Fish 301,114 224,516 34.1 586,180
Sea Cucumbers 65,199 57,243 13.9 132,315
Cephalopods 26,923 22,608 19.1 44,003
Others 50,717 48,763 4.0 93,582
----------- ----------- ------- -------------
Total 443,953 353,130 25.7 856,080
Gross Margin by Product Category
Six months Six months Year ended
30 June 30 June 31 December
2015 2014 2014
Unaudited Unaudited Audited
Gross margin
Fish 32% 29% 29%
Sea Cucumbers 42% 43% 44%
Cephalopods 31% 27% 30%
Others 30% 29% 30%
----------- ----------- -------------
Total 33% 32% 32%
Fish
Sales of fish products have continued to increase (up 34% from
H1-2014 to H1-2015) with margins also increased from approximately
29% to 32%. The Group's top three fish products are mackerel,
greenling and cod.
Sea Cucumbers
Sales increased modestly by 14% compared to H1-2014 partly as a
result of the Chinese Government's anti-corruption policy, which
has led to increasing pressure towards the giving of high value
gifts, such as sea cucumbers. Margins have slightly decreased to
approximately 42%.
Cephalopods
Sales of Cephalopods (principally squid and cuttlefish) have
continued to grow in H1-2015 following a strong recovery in 2014 in
part due to increased focus of the Management team. Margins were
maintained at approximately 31%.
Others
Sales of gift boxes increased slightly with margins maintained
at approximately 30%.
Market
According to London-based technology research company,
Technavio, China's middle class population may surge to one billion
people by 2030 from about 150 million in 2014, boosting average
incomes that will drive demand for all kinds of higher-value foods.
The country already consumes 35 per cent of the world's seafood and
by 2019 is expected to boost consumption by another 50 per cent
compared to 2014. China's middle class population continues to grow
and seafood consumption patterns bode well for the future prospects
of Aquatic Foods, which continues to expand its share in the local
market.
Strategy
The Board continues to evaluate options for expanding capacity
through outsourcing parts of our products, increasing process
automation and expanding to an additional site or acquiring an
existing factory from a third party. The Group also requires
further cold storage capabilities in order to meet expected
increased production. Further updates will be made as
appropriate.
The Group believes that with its current cash resources and the
positive trading cash flow, the Group will have sufficient funds
internally to support the expected further growth of Aquatic
Foods.
Through successful marketing and promotion strategies, the
Group's core brand "Zhenhaitang" has, in recent years, achieved
wider recognition and awareness in the marine foods and seafood
industry in the PRC. The Group plans to focus on advertising and
promotion and will carry out further cross-promotion for our
different product types. The Group will also continue to support
its regional distributors to establish "Zhenhaitang" branded retail
stores. In the first six months of 2015, the Group established two
additional "Zhenhaitang" branded retail stores in Shenyang,
Liaoning Province.
Further expansion of the existing distribution network is
critical to increase the Group's market share and coverage in order
to capitalise on the increasing spending power of the end
consumers. This is especially important for smaller cities, which
have been benefiting from the PRC's continued economic development
and urbanisation. In the first six months of 2015, the Group
appointed three new regional distributors in Shanghai, and the
Jiangsu and Shandong Provinces. As part of the Group's distributor
monitoring activities, the Group ceased working with two
underperforming distributors during the period.
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Product development to expand and enhance product offerings is
an important factor to expand market share. The Group plans to
continue to invest in product development and innovation in order
to stand out from competition and to meet changing consumer
preferences.
Outlook
On the back of continuing growth in China's per capita wealth
and the resulting higher standard of living, demand has started to
move towards pre-processed and ready to eat products as opposed to
the procurement of daily foods from traditional markets. These
consumers are the major consumption group of natural seafood
products as they pursue a healthier lifestyle. Such consumers are
concerned about food hygiene and safety and look to recognised
branded goods, where the brand values support enhanced food
safety.
As a leading PRC marine foods and seafood processor, with a
history in servicing demanding export markets, Aquatic Foods is
known for adopting the highest standards for quality, safety and
sustainability, and the Board is optimistic that Aquatic Foods'
growth will be supported by its continued commitment to produce
high-end, pre-processed, seafood products.
The Company has continued to grow and trade in line with
expectations since 30 June and the Board looks forward to providing
a further trading update for the third quarter, along with guidance
in respect of trading expectations for 2016, in early November.
Appointment of Non-Executive Director
Aquatic Foods is pleased to appoint Jonathan Quirk a
Non-Executive Director of the Company, with effect from today.
Jonathan is a qualified accountant with over 40 years of experience
in the financial services sector, and brings with him extensive
knowledge of international capital markets and AIM as well as an
exposure and an understanding of Chinese markets. The Board is
confident that Jonathan will be instrumental to the Group's
expansion in both the local Chinese and international markets as
well as helping the Group to communicate with UK audiences. John
McLean retired as a Non-Executive Director on 20 July 2015 and the
Board would like to thank him for his significant contribution to
Aquatic Foods in particular his important role in the preparation
of Aquatic Foods for its Admission to AIM.
Dividends
The Board has adopted a dividend policy that fundamentally takes
into account the Group's profitability and growth and availability
of cash and distributable reserves after the requirement to finance
the development and expansion of business.
Given the positive cash flow of the Group and the Board's
continued optimism for future growth, the Board is pleased to
announce that the Group intends to pay a maiden interim dividend of
0.7 pence per share. The interim dividend will be payable around 22
October 2015 to shareholders on the register at the close of
business on Friday, 25 September 2015. The shares will go
ex-dividend on 24 September 2015. This is in line with the yield
indicated at IPO of a 2 per cent. annual yield based on the IPO
price of 70p. The Board intends that the full year dividend will
represent at least a 2 per cent. yield for the full year and may
seek to increase this should trading continue positively as
expected.
Li Xianzhi
Chief Executive Officer
10 September 2015
Condensed Consolidated Statements of Comprehensive Income
Pro forma
Six Six months
months 30 June Year ended
30 June 2014 31 December
2015 Unaudited 2014
Unaudited Audited
Note RMB'000 RMB'000 RMB'000
Revenue 443,953 353,130 856,080
Cost of sales (297,264) (241,033) (586,317)
----------- ----------- -------------
Gross profit 146,689 112,097 269,763
Other income 5,086 3,669 9,000
Selling and distribution
expenses (40,290) (29,158) (69,484)
Administrative expenses (9,186) (6,198) (17,409)
IPO expenses - - (7,838)
Other operating expenses (81) (183) (49)
----------- ----------- -------------
Operating profit 102,218 80,227 183,983
Finance income 477 293 739
Finance costs (1,219) (1,394) (2,777)
----------- ----------- -------------
Profit on ordinary activities
before taxation 101,476 79,126 181,945
Income tax expense 4 (23,728) (18,551) (44,939)
----------- ----------- -------------
Profit after taxation 77,748 60,575 137,006
Other comprehensive income
Items that will or may be
reclassified to profit or
loss:
----------- ----------- -------------
Exchange differences arising
on translation of foreign
operation 2,778 - 546
----------- ----------- -------------
Total comprehensive income
attributable to
owners of the parent 80,526 60,575 137,552
=========== =========== =============
Earnings per share (EPS):
Basic and diluted 5 0.70 0.61 1.37
=========== =========== =============
Condensed Consolidated Statements of Financial Position
As at 30 June 2015
Pro forma
As at As at As at
30 June 30 June 31 December
2015 2014 2014
Unaudited Unaudited Audited
Note RMB'000 RMB'000 RMB'000
Non-current assets
Property, plant and
equipment 6 21,238 22,226 22,314
Land use rights 7 1,898 1,942 1,920
----------- ----------- -------------
23,136 24,168 24,234
----------- ----------- -------------
Current assets
Inventories 8 36,827 44,704 47,510
Trade receivables 226,053 138,002 277,066
Other receivables,
deposit and prepayment 9 186 1,872 2,871
Cash and bank balances 366,630 167,299 193,903
----------- ----------- -------------
629,696 351,877 521,350
----------- ----------- -------------
Total Assets 652,832 376,045 545,584
=========== =========== =============
Current liabilities
Trade payables 71,917 34,345 102,934
Other payables and
accruals 26,085 20,836 44,393
Short term borrowings 37,042 33,134 41,470
Income tax payable 10,531 8,214 15,294
----------- ----------- -------------
145,575 96,529 204,091
----------- ----------- -------------
Equity
Stated capital 10 85,238 - -
Reserves 422,019 279,516 341,493
----------- ----------- -------------
507,257 279,516 341,493
----------- ----------- -------------
Total Equity and Liabilities 652,832 376,045 545,584
=========== =========== =============
Condensed Consolidated Statements of Changes in Equity
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For the six month period ended 30 June 2015 (Unaudited)
Stated Capital Statutory Merger Translation Retained Total
capital reserve reserve reserve reserve profits equity
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Proforma balance
at
1 January 2014 - 31 11,193 22,394 - 185,323 218,941
Profit for the
period - - - - - 60,575 60,575
-------- --------- --------- --------- ------------- ---------- --------
Total comprehensive
income
for the period - - - - - 60,575 60,575
-------- --------- --------- --------- ------------- ---------- --------
Dividends - - - - - - -
Proforma balance
at
30 June 2014 - 31 11,193 22,394 - 245,898 279,516
======== ========= ========= ========= ============= ========== ========
Profit for the
period - - - - - 76,431 76,431
Other comprehensive
income:
Foreign currency
translation differences
for foreign operations - - - - 546 - 546
-------- --------- --------- --------- ------------- ---------- --------
Total comprehensive
income
for the period - - - - 546 76,431 76,977
-------- --------- --------- --------- ------------- ---------- --------
Adjustment arising
from
restructuring
exercise - - - (15,000) - - (15,000)
-------- --------- --------- --------- ------------- ---------- --------
Balance at 31
December 2014 - 31 11,193 7,394 546 322,329 341,493
======== ========= ========= ========= ============= ========== ========
Profit for the
period - - - - - 77,748 77,748
Other comprehensive
income:
Foreign currency
translation differences
for foreign operations - - - - 2,778 - 2,778
-------- --------- --------- --------- ------------- ---------- --------
Total comprehensive
income
for the period - - - - 2,778 77,748 80,526
-------- --------- --------- --------- ------------- ---------- --------
Issuance of share
capital 87,167 - - - - - 87,167
Share issue costs (1,929) - - - - (1,929)
-------- --------- --------- --------- ------------- ---------- --------
Balance at 30
June 2015 85,238 31 11,193 7,394 3,324 400,077 507,257
======== ========= ========= ========= ============= ========== ========
Condensed Consolidated Statements of Cash Flows
For the six month period ended 30 June 2015
Proforma
Six Six Year ended
months months 31 December
30 June 30 June
2015 2014 2014
Unaudited Unaudited Audited
RMB'000 RMB'000 RMB'000
Cash flow from operating
activities
Profit before taxation 101,476 79,126 181,945
Adjustment for:
Amortisation of land use
rights 22 22 44
Depreciation of property,
plant and equipment 1,096 1,081 2,214
Interest expense 1,219 1,394 2,777
Loss on disposal of plant
and equipment - - 11
Interest income (477) (293) (739)
Operating cash flows before
movements in working capital 103,336 81,330 186,252
Decrease / (increase) in
inventories 10,683 (4,569) (7,375)
Decrease / (increase) in
trade and other receivables 53,697 4,220 (137,235)
(Decrease) / increase in
trade and other payables (49,325) (36,510) 57,692
Decrease / (increase) bank
balance restricted in use - 194 (1,361)
----------- ----------- -------------
Cash generated from operating
activities 118,391 44,665 97,973
Interest paid (1,219) (1,394) (2,777)
Income tax paid (28,491) (22,216) (41,524)
----------- ----------- -------------
Net cash generated from
operating activities 88,681 21,055 53,672
----------- ----------- -------------
Cash flows (for)/from investing
activities
Acquisition of property,
plant and equipment (20) (2,155) (3,389)
Proceeds from disposal
of property, plant and
equipment - 7 10
Interest received 477 293 739
Cash outflow on group construction - - (15,000)
----------- ----------- -------------
Net cash used in/ generated
from investing activities 457 (1,855) (17,640)
----------- ----------- -------------
Cash flows from/(for) financing
activities
Proceeds from issue -
of share capital 87,167 -
Share issue costs (1,929) - -
Net drawdown of interest-bearing
bank borrowings (4,428) (4,836) 3,500
----------- ----------- -------------
Net cash generated from/
(use in) financing activities 80,810 (4,836) 3,500
----------- ----------- -------------
Net increase in cash &
cash equivalents 169,948 14,364 39,532
Effects of foreign exchange
translation 2,779 72 (47)
Cash and equivalent at
beginning of year 187,576 148,091 148,091
----------- ----------- -------------
Cash and equivalent
at end of year 360,303 162,527 187,576
=========== =========== =============
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION AND PRINCIPAL ACTIVITIES
The Company was incorporated in Jersey as a public limited
company with company number 116402. The registered office of the
Company is Queensway House, Hilgrove Street, St Helier, Jersey, JE1
1ES.
This financial information is for the Company and its
subsidiaries undertakings (together, the "Group").
The principal activities of the entities of the Group are as
follows:-
Country
of
Name of Company Incorporation Principal Activities
i) Aquatic Foods Jersey Investment holding
Group Plc
ii) Hong Kong Hanhe Hong Investment holding
Holding Company Kong
Limited
iii) Yantai Kanwa PRC Processing and trading
Food Co., Limited of aquatic products
agricultural and meat
products.
iv) Yantai Zhenhaitang PRC Trading and distributing
Foodstuff Co., of processed frozen
Limited aquatic products and
pre-packaged food.
The principal place of business of the Group is in the People's
Republic of China ("PRC").
On 23 October 2014, the Company acquired the entire share
capital of Hong Kong Hanhe Holding Company Limited ("Hong Kong Han
He") via a Framework Agreement, pursuant to the reorganisation
which was effected by way of issue of shares.
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Therefore, although the Group reconstruction did not become
unconditional until 23 October 2014, these consolidated financial
statements are presented as if the Group structure has always been
in place, including the activity from incorporation of the Group's
principal subsidiary. Both entities had the same management as well
as majority of shareholders. Accordingly, comparative amounts for
the six month period ended 30 June 2014 are presented on a proforma
basis.
The interim consolidated financial statements are presented in
the nearest thousands of Renminbi (RMB'000), which is the
presentation currency of the group. The functional currency of each
of the individual entity is the local currency of each individual
entity. For reference the year end exchange rate from Pounds
Sterling to RMB was 9.748.
2. BASIS OF PREPARATION
The interim consolidated financial statements for the six months
ended 30 June 2015 have been prepared in accordance with IAS 34,
Interim Financial Reporting.
The principal accounting policies used in preparing the interim
results are the same as those applied in the Group's Financial
Statements as at and for the year ended 31 December 2014.
The interim financial information has not been reviewed nor
audited by the Company's auditors. A copy of the audited
consolidated financial statements for the period ended 31 December
2014, which was prepared under IFRS, is available on the Company's
website.
The interim report for the six months ended 30 June 2015 was
approved by the Directors on 9 September 2015.
3. OPERATING SEGMENTS
Operating segments are prepared in a manner consistent with the
internal reporting provided to the management as its chief
operating decision maker in order to allocate resources to segments
and to assess their performance.
Information on business segments is not presented as the Group
operates mainly in processing and trading of aquatic products
agricultural and meat products and all its assets, capital
expenditure and operations are in the PRC.
Geographical Segments
The analysis of the Group's revenue by geographical segments
based on customers' locations is as follows:-
Proforma
30 June 30 June 31 December
2015 2014 2014
RMB'000 RMB'000 RMB'000
PRC 414,041 326,084 776,562
Outside PRC 29,912 27,046 79,518
443,953 353,130 856,080
Non-current assets 23,136 24,168 24,234
------- ------- -------
The segment assets are based on geographical locations of the
assets, the entire non-current assets are based in the PRC at the
end of reporting period.
There was no customer which contributed more than 10% of the
revenue for the Group.
4. Income Tax Expense
Proforma
30 June 30 June 31 December
2015 2014 2014
RMB'000 RMB'000 RMB'000
Current tax expenses 23,728 18,551 44,939
According to the China Income Tax Law, income derived from
preliminary processing of fishery or aquiculture products are tax
exempted.
The Group's activities in the PRC are subject to corporation tax
of 25% during the financial year on profit before taxation in
accordance with the relevant laws and regulations in the PRC.
No deferred tax has been provided, as the Group did not have any
significant temporary differences which gave rise to a deferred tax
asset or liability at the reporting dates.
5. EARNINGS PER SHARE
On 3 February 2015, Aquatic Foods Group PLC's shares were
admitted to trading on the AIM market of the London Stock Exchange.
The Company issued 5,792,081 Placing Shares and 7,434,000
Subscription Shares at 70 pence per Share. The earnings per share
information based upon the 113,226,081 ordinary shares are as
follows:
Proforma
30 June 30 June 31 December
2015 2014 2014
Profit after taxation
(RMB) 77,748,000 60,575,000 137,006,000
Weighted average number
of ordinary shares 110,741,624 100,000,000 100,000,000
Basic earnings per share 0.70 0.61 1.37
------------ ------------ --------------
The diluted earnings per share was not applicable as there were
no dilutive potential ordinary shares outstanding at the end of the
reporting period.
6. PROPERTY, PLANT AND Equipment
Leasehold Office Research Plant Motor
buildings equipment equipment and machinery vehicles Total
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Cost
Pro forma as
at 1 January
2014 25,781 675 45 9,612 678 36,791
Additions 1 19 3 2,030 102 2,155
Disposals - - - - (39) (39)
---------- ---------- ---------- -------------- --------- -------
At 30 June /
1 July 2014 25,782 694 48 11,642 741 38,907
---------- ---------- ---------- -------------- --------- -------
Additions 22 9 - 1,204 - 1,235
Disposals - (28) - (54) - (82)
---------- ---------- ---------- -------------- --------- -------
At 31 December
2014 25,804 675 48 12,792 741 40,060
---------- ---------- ---------- -------------- --------- -------
Additions 14 - - 6 - 20
Disposals - - - - - -
---------- ---------- ---------- -------------- --------- -------
At 30 June 2015 25,818 675 48 12,798 741 40,080
---------- ---------- ---------- -------------- --------- -------
Accumulated
depreciation
Pro forma as
at 1 January
2014 8,839 475 28 5,960 329 15,631
Charge for the
period 584 26 3 416 52 1,081
Disposals - - - - (31) (31)
---------- ---------- -------------- ---------
At 30 June /
1 July 2014 9,423 501 31 6,376 350 16,681
---------- ---------- -------------- ---------
Charge for the
period 585 31 3 463 50 1,132
Disposals - (24) - (43) - (67)
---------- ---------- ---------- -------------- --------- -------
At 31 December
2014 10,008 508 34 6,796 400 17,746
---------- ---------- ---------- -------------- --------- -------
Charge for the
period 586 24 3 428 55 1,096
Disposals - - - - - -
At 30 June 2015 10,594 532 37 7,224 455 18,842
Net carrying
amount
As at 30 June
2015 15,224 143 11 5,574 286 21,238
========== ========== ========== ============== ========= =======
As at 31 December
2014 15,796 167 14 5,996 341 22,314
=========
As at 30 June
2014 16,359 193 17 5,266 391 22,226
=========
7. Land Use Rights
Proforma
30 June 30 June 31 December
2015 2014 2014
RMB'000 RMB'000 RMB'000
At cost:-
Opening / closing balance 2,228 2,228 2,228
-------- --------- ------------
Accumulated amortisation:-
Opening balance 308 264 264
Amortisation charge 22 22 44
---- ---- ----
Closing balance 330 286 308
---- ---- ----
Carrying amounts:-
At 30 June / 31 December 1,898 1,942 1,920
====== ====== ======
8. Inventories
Proforma
30 June 30 June 31 December
2015 2014 2014
RMB'000 RMB'000 RMB'000
At cost:-
Raw materials 23,332 29,129 27,599
Finished goods 13,495 15,575 19,911
36,827 44,704 47,510
9. Other Receivables, Deposit And Prepayment
Proforma
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