Preliminary Announcement of AFC Group Holdings Limited
28/5/2021, 5:05 pm FLLYR
Preliminary Announcement of AFC Group Holdings Limited
Financial Results
The financial statements of AFC Group Holdings Limited (“AFC Group”) are still in the process of being audited for the year ended 31 March 2021. The Company reports an unaudited net loss attributable to shareholders of $1,268,851 for the year. This compares with a net loss attributable to shareholders of $1,170,553 for the previous year. The loss for the year was mainly due to reduced sales due to COVID-19, the impairment of stock and fixed assets of AFC Biotechnology Manufacture Co Ltd.
For the year ended 31 March 2021, the net assets were NZ$1.29 million, Cash and cash equivalent products were NZ$ 0.003 million, and fixed assets were NZ$1.49 million. The annual sales revenue for the year ended 31 March 2021 was NZ$0.65 million. The market capitalisation value was NZ$3.66 million.
Please refer to the attached Unaudited Annual Results Announcement for the detailed results.
Outlook
In the 2021 financial year, AFC was aware of how uncertain of the future was. With the COVID-19 spread, NZ boarder closure and slow recover of overseas sale, AFC was facing some challenges. However, AFC has developed a list of actions to get thought the current difficult situation, to enable future revenue growth and return value to our shareholders:
AFC Longview Limited (“AFCLV” and “Longview Estate”)
1. AFCLV has updated its pricing strategy and launched the marketing campaign “White Diamond is back to the community”. The pricing strategy and marketing campaign was allowing more people to gain access to the White Diamond Wine.
2. Longview Estate has also participated in different wine exhibitions, such as Winetopia and NZWINE Roadshows, to promote wine and increase sales.
3. Longview Estate has taken actions to cut costs, such as better work schedules organisation and people management.
4. Longview Estate intends to revaluate its land. It will be a change of accounting policies from historical value to fair value.
AFC Biotechnology Manufacture Co Ltd (“AFCBIO”)
1. AFCBIO has restructured successfully that cut down more than $150,000 costs.
2. AFCBIO continuously reduced costs by preparing to sublease its premises.
3. AFCBIO will enhance the “Shoppertainment” in the future to increase sales.
AFC Group Holdings Limited (“AFC”)
1. Independent directors of AFC will continue to take a 30% reduction in remuneration. Other directors will voluntarily receive no director fees.
2. AFC prepared to lease its office which can cut down more than 120,000 expenses.
3. AFC engaged with “China (Anhui) 5G food city” and “EFOODLINE” to promote its products.
4. AFC attended the 3rd China International Import Expo (CIIE) to promote the group and products.
5. AFC employed more senior personnel who can bring sales and profit to the group.
On behalf of the Directors of AFC, the Company extends its thanks to the shareholders for their support of the Company.
Annual Report and Annual Meeting
AFC expect to release our Annual Report before the end of June, and we are planning to hold our Annual Meeting in early October 2021.
On behalf of the Board of Directors
HAO LONG
CFO
28/05/2021
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
AFC Group Holdings Limited (AFC) announces appointment to the Board
23/3/2021, 3:56 pm GENERAL
AFC is pleased to announce Ms Jingwei MA (Karen) has been appointed to the Board. Ms Ma’s appointment effectives from 29 March 2021.
Ms Jingwei Ma graduated from Japan Aichi University in 2010, major in International Relations. She is a visionary entrepreneur who own a business in the education sector and operates two female fitness clubs in Xi’an China. Both of her businesses have achieved remarkable results. Ms Ma will bring in her governance expertise and trading channels to AFC to stimulate the international trade sector.
On behalf of the Board of Directors
Yang Xia
Chairman
23 March 2021
Change of Director Announcement
22/3/2021, 10:42 am GENERAL
AFC Group Holdings Limited (the “Company”) announces that Mr. Hao Long has resigned as a director of AFC Group Holdings Limited. Mr. Long’s resignation is effective from 22 March 2021.
Mr. Long has been an executive member of the Board of Directors since October 2016 and contributed significantly to the growth and development of the company and its subsidiaries. Other than in respect of his resigning as a director, Mr. Long’s position remains unchanged as the Chief Financial Officer of AFC.
On behalf of the Board of Directors
Yang Xia
Chairman
22 March 2021
AFC Interim Condensed Consolidated Financial Statements
30/11/2020, 8:30 am INTERIM
AFC announces the availability of its Interim Condensed Consolidated Financial Statements
AFC Group Holdings Limited releases its Interim Condensed Consolidated Financial Statements for The Six Month Period Ended 30 September 2020.
On behalf of the Board of Directors.
Hao Long
Director
30/11/2020
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
More details: https://www.nzx.com/announcements/364142
AFC Annual General Meeting results
5/10/2020, 4:30 pm GENERAL
AFC Group Holdings Limited (AFC) held its annual meeting through a virtual meeting platform today.
At AFC Group Holdings Limited’s shareholder meeting, held through Zoom meeting today (5th October 2020), shareholders were asked to vote on five resolutions, which were supported by the Board.
The resolutions passed by shareholders were:
• To receive and consider the Annual Report, including the audit report and financial statements, for the year ended 31 March 2020.
• To reappoint the Company’s Auditors William Buck as auditors.
• To fix the remuneration of the auditors of the Company for the ensuing year.
• To re-elect Yang Xia as a director of the company.
• To re-elect Hao (Howard) Long as a director of the company.
On behalf of the Board of Directors
Hao Long
Director
05 October 2020
More details: https://www.nzx.com/announcements/360972
AFC Annual General Meeting Presentation 05 October 2020
5/10/2020, 1:41 pm ANNREP
AFC Group Holdings Limited Annual General Meeting Presentation 05 October 2020.
More Details: https://www.nzx.com/announcements/360961
Notice of Annual Meeting and Proxy Voting Form
18/9/2020, 10:22 am MEETING
Further to AFC Group Holdings Limited (AFC) announcement of 11 September 2019, the Annual Meeting of shareholders will be held online via Zoom link on Monday, 5 October 2019, commencing at 2:00 pm. Attached is a copy of the Notice of Annual Meeting and Proxy Voting Form.
Shareholders can watch the proceedings via this Zoom link
Topic: AFC AGM 2020
Time: Oct 5, 2020 02:00 PM Auckland, Wellington Join Zoom Meeting
https://zoom.us/j/2595915157?pwd=Rnh0NjByb3cydC9CWjd5NjRNSGoxUT09
Meeting ID: 259 591 5157
Passcode: AFC123
The Annual Report for the year ended 31 March 2020 has been mailed to those shareholders not registered to receive communications electronically. The Annual Report is also available on AFC’s website at www.afcnz.com.
On behalf of the Board of Directors
Hao Long
Director
18 September 2020
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
More details: https://www.nzx.com/announcements/359983
AFC releases Annual Report for the year ended 31 March 2020
27/8/2020, 10:29 am ANNREP
AFC announces the availability of its Annual Report
AFC Group Holdings Limited releases its Annual Report for the year ended 31 March 2020.
On behalf of the Board of Directors.
Hao Long
Director
27 August 2020
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
Preliminary Announcement of AFC Group Holdings Limited
It all begins with an idea.
Financial Results
The financial statements of AFC Group Holdings Limited (“AFC Group”) are still in the process of being audited for the year ended 31 March 2020. The Company reports an unaudited net loss attributable to shareholders of $1,170,553 for the year. This compares with a net loss attributable to shareholders of $980,148 for the previous year. The decline in profit was mainly caused by the loss of sales in China during the Chinese New Year COVID-19 lockdown, and an increase in the provision of inventory. The net assets were NZ$2.56 million, Cash and cash equivalent products were NZ$ 0.2 million, and fixed asset was NZ$2.39 million. The annual sales revenue for the year ended 31 March 2020 was NZ$1.24 million. The market capitalisation value was NZ$3.66 million.
Please refer to the attached Unaudited Annual Results Announcement for the detailed results.
Outlook
In the 2021 financial year AFC aware of how uncertain of the future is. The world is facing a very unpredictable short-term future. AFC plans to continue with its strategy to become a connection bridge between New Zealand and China. To deliver on this strategy, AFC has developed a list of actions to enable revenue growth and return value to our shareholders:
1. AFC implemented a new Livestreaming selling strategy in China.
2. AFC has renegotiated with the Landlord to have a 25% reduction in rent for three months.
3. AFC has started the restructure process to cut costs.
4. All directors of AFC will continue to take a 30% reduction in remuneration.
On behalf of the Directors of AFC, the Company extends its thanks to the shareholders for their support of the Company.
Annual Report and Annual Meeting
AFC expect to release our Annual Report before the end of August, and we are planning to hold our Annual Meeting in early October 2020.
On behalf of the Board of Directors
Hao Long
Director
29/06/2020
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
AFC Group Holdings Limited (AFC) Date of FY2020 Results Announcement
2/6/2020, 8:30 am MKTUPDTE
AFC Group Holdings Limited (AFC) Date of FY2020 Results Announcement
Notice of full-year result announcement AFC Group Holdings Limited full-year results preliminary announcement for its financial year ended 31 March 2020 will be released on 29 June 2020.
COVID-19 Class Waiver
COVID-19 Class Waiver As a result of the COVID-19 situation, on 19 March 2020 NZX Regulation granted a class waiver, under which the timing requirements for the release of results announcements and annual reports were extended for issuers with certain balance dates, if those issuers consider they require that additional time to meet these periodic reporting requirements. Under the class waiver, issuers have been given up to an additional 30 days to prepare and release results announcements, and up to an additional two months to prepare and release annual reports.
AFC has considered the impact of COVID-19 and has determined that additional time is required to meet its periodic reporting requirements. AFC will, therefore, be relying on the class waiver outlined above in relation to its full-year results announcement and the release of its annual report for the year ended 31 March 2020.
AFC currently expects to release its annual report via MAP no later than 28 August 2020.
On behalf of the Board of Directors
Hao Long
Director
29 May 2020
Impact of COVID-19 pandemic
23/3/2020, 4:27 pm MKTUPDTE
AFC Group Holdings Limited (NZX: AFC) advises that it is actively monitoring the COVID-19 pandemic and while there has been no material impact on business performance in the last month. The board is now seeing an impact on trading revenue due to the increase in coronavirus alert level 3 and will rise to alert level 4 in 48 hours. The extent to which AFC’s financial performance will be impacted is impossible to predict at this time given the increasing business disruption and the overall uncertainty regarding the potential duration of the pandemic.
Effective 1st April 2020 all directors of AFC have volunteered to take a 30% decrease in remuneration. In addition, the management of AFC has volunteered to take a 20% decrease in remuneration until the 30th June 2020, at which time this will be reviewed.
AFC has also prioritised implementation of appropriate measures to protect the health and safety of its people, in accordance with best practice and the guidelines issued by the Ministry of Health. Management has initiated contingency planning, including a requirement for some team members to work from home and/or part-time.
Further updates will be provided to the market as required if there is a material change to the situation noted above.
On behalf of the Board of Directors
Hao Long
Director
23 March 2020
For Further Information
Please contact Mr Howard Long
howard.long@afcnz.com
+64- 21- 244-8000
More details: https://www.nzx.com/announcements/350467