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