JTF International Holdings Limited Interim Report 2024 | 01 |
CORPORATE INFORMATION
Executive Directors
Mr. Xu Ziming (Chairman)
Ms. Huang Sizhen (Managing Director)
Mr. Choi Sio Peng
Ms. Xu Yayi
Independent Non-Executive Directors
Mr. Chan William
Mr. Tsui Hing Shan
Mr. Kan Siu Chung
Audit Committee
Mr. Chan William (Chairman)
Mr. Tsui Hing Shan
Mr. Kan Siu Chung
Remuneration Committee
Mr. Tsui Hing Shan (Chairman)
Mr. Chan William
Mr. Kan Siu Chung
Nomination Committee
Mr. Kan Siu Chung (Chairman)
Mr. Chan William
Mr. Tsui Hing Shan
Company Secretary
Mr. Ng Ka Chai
Authorised Representatives
Ms. Xu Yayi
Mr. Ng Ka Chai
Principal Bankers
Nanyang Commercial Bank, Limited Bank of Dongguan Co., Ltd.
Registered Office
Cricket Square, Hutchins Drive
P.O. Box 2681
Grand Cayman KY1-1111
Cayman Islands
Headquarters And Principal Place Of Business In The PRC
No. 35, Yanjiang Road
Shazhuang Tujiang Village
Shitan Town
Zengcheng District
Guangzhou City
Guangdong Province
PRC
Principal Place Of Business In Hong Kong
Unit 1102, 11/F
29 Austin Road
Tsim Sha Tsui
Kowloon
Hong Kong
02 JTF International Holdings Limited Interim Report 2024
CORPORATE INFORMATION (Continued)
Legal Advisor As To Hong Kong | Hong Kong Branch Share Registrar |
Law | And Transfer Office |
ZM Lawyers | Tricor Investor Services Limited |
20/F | 17/F |
Central 88 | Fast East Finance Centre |
88-98 Des Voeux Road Central | 16 Harcourt Road |
Central, Hong Kong | Hong Kong |
Auditor | Company Website |
PricewaterhouseCoopers | www.jtfoil.com |
Certified Public Accountants | |
Registered Public Interest Entity Auditor | |
Compliance Advisor | |
Honestum International Limited | |
Unit 703, 7/F | |
Nam Wo Hong Building | |
148 Wing Lok Street | |
Sheung Wan | |
Hong Kong | |
Principal Share Registrar And | |
Transfer Office In The Cayman | |
Islands | |
Conyers Trust Company (Cayman) Limited | |
Cricket Square, Hutchins Drive | |
P.O. Box 2681 | |
Grand Cayman KY1-1111 | |
Cayman Islands |
JTF International Holdings Limited Interim Report 2024 | 03 |
The board (the "Board") of directors (the "Directors") of JTF International Holdings Limited (the "Company") announces the unaudited condensed consolidated interim financial results of the Company and its subsidiaries (the "Group" or "our Group") for the six months ended 30 June 2024 together with comparative figures for the corresponding period in 2023 as follows:
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months | |||
ended 30 June | |||
2024 | 2023 | ||
Note | RMB'000 | RMB'000 | |
(Unaudited) | (Unaudited) | ||
Revenue | 5 | 770,418 | 749,480 |
Cost of sales | 7 | (759,053) | (711,789) |
Gross profit | 11,365 | 37,691 | |
Other gains/(losses) - net | 6 | 60 | (12,263) |
Distribution expenses | 7 | (5,160) | (17,097) |
Administrative expenses | 7 | (6,839) | (14,505) |
Operating loss | (574) | (6,174) | |
Finance income - net | 8 | 541 | 715 |
Loss before income tax | (33) | (5,459) | |
Income tax expense | 9 | (714) | (3,040) |
Loss for the period | (747) | (8,499) | |
Other comprehensive income | - | - | |
Total comprehensive loss | |||
for the period | (747) | (8,499) | |
Loss per share | 10 | ||
- Basic and diluted (RMB) | (0.1 cents) | (0.9 cents) | |
The accompanying notes form an integral part of these condensed consolidated financial statements.
04 JTF International Holdings Limited Interim Report 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At | At | ||
30 June | 31 December | ||
2024 | 2023 | ||
Note | RMB'000 | RMB'000 | |
(Unaudited) | (Audited) | ||
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 12 | 14,471 | 14,948 |
Right-of-use assets | 3,036 | 3,156 | |
Deferred income tax assets | 2,205 | 2,181 | |
Prepayments | 4,194 | 4,194 | |
23,906 | 24,479 | ||
Current assets | |||
Inventories | 156,387 | 58,298 | |
Prepayments | 185,905 | 144,934 | |
Amount due from related parties | - | 14,624 | |
Trade and other receivables | 13 | 70,402 | 64,706 |
Cash and cash equivalents | 85,779 | 189,706 | |
498,473 | 472,268 | ||
Total assets | 522,379 | 496,747 | |
EQUITY | |||
Equity attributable to the | |||
owners of the Company | |||
Share capital | 15 | 7,980 | 7,980 |
Other reserves | 306,922 | 306,924 | |
Retained earnings | 115,850 | 116,595 | |
Total equity | 430,752 | 431,499 | |
JTF International Holdings Limited Interim Report 2024 | 05 |
At | At | ||
30 June | 31 December | ||
2024 | 2023 | ||
Note | RMB'000 | RMB'000 | |
(Unaudited) | (Audited) | ||
LIABILITIES | |||
Non-current liabilities | |||
Lease liabilities | 3,194 | 3,295 | |
Deferred income tax liabilities | 20,918 | 20,757 | |
24,112 | 24,052 | ||
Current liabilities | |||
Trade and other payables | 14 | 19,359 | 31,345 |
Contract liabilities | 45,903 | 7,600 | |
Lease liabilities | 198 | 193 | |
Current income tax liabilities | 2,055 | 2,058 | |
67,515 | 41,196 | ||
Total liabilities | 91,627 | 65,248 | |
Total equity and liabilities | 522,379 | 496,747 | |
The accompanying notes form an integral part of these condensed consolidated financial statements.
06 JTF International Holdings Limited Interim Report 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2024
Other reserves | ||||||||
Share | Recapitalisation | Share | Capital | Statutory | Safety | Retained | ||
capital | reserves | premium | reserves | reserves | reserves | earnings | Total | |
RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | RMB'000 | |
(Note a) | (Note b) | |||||||
Balances at 1 January 2023 | ||||||||
(Audited) | 7,980 | 56,125 | 169,321 | 300 | 25,388 | 40,439 | 118,831 | 418,384 |
Loss and total comprehensive | ||||||||
loss for the period | - | - | - | - | - | - | (8,499) | (8,499) |
Usage of safety reserves | - | - | - | - | - | (567) | 567 | - |
Balance at 30 June 2023 | ||||||||
(Unaudited) | 7,980 | 56,125 | 169,321 | 300 | 25,388 | 39,872 | 110,899 | 409,885 |
Balances at 1 January 2024 | ||||||||
(Audited) | 7,980 | 56,125 | 169,321 | 14,924 | 26,816 | 39,738 | 116,595 | 431,499 |
Loss and total comprehensive | ||||||||
loss for the period | - | - | - | - | - | - | (747) | (747) |
Usage of safety reserves | - | - | - | - | - | (2) | 2 | - |
Balance at 30 June 2024 | ||||||||
(Unaudited) | 7,980 | 56,125 | 169,321 | 14,924 | 26,816 | 39,736 | 115,850 | 430,752 |
The accompanying notes form an integral part of these condensed consolidated financial statements.
JTF International Holdings Limited Interim Report 2024 | 07 |
Notes:
-
Statutory reserves
In accordance with the Company Law of the People's Republic of China ("PRC") and the articles of association of the Group's PRC subsidiary, the Group's PRC subsidiary is required to appropriate 10% of its profits after tax, as determined in accordance with relevant accounting principles generally accepted in the PRC and other applicable regulations, to the statutory reserve until such reserve reaches 50% of its registered capital. The appropriation to the reserve must be made before any distribution of dividends to equity holders of the PRC subsidiary. The statutory reserve can be used to offset previous years' losses, if any, and part of the statutory reserve can be capitalised as the PRC subsidiary's capital provided that the amount of such reserve remaining after the capitalisation shall not be less than 25% of its capital. - Safety reserves
Pursuant to certain regulations issued by the Ministry of Finance and the State Administration of Work Safety of the PRC, since 14 February 2012 the Group's PRC subsidiary was required to set aside an amount to safety reserve at progressive rates from 0.2% to 4% of the total revenue of the previous year from the sales of hazardous chemical. Pursuant to the amendment of the regulations in November 2022, the range of aforesaid appropriation rates has been revised as 0.2% to 4.5%, and the PRC subsidiary can temporarily suspend the appropriation to the safety reserve when the unused monthly opening balance of the safety reserve exceeds three times of the required appropriation amount of the previous year. The reserve can be utilised for the spending in improvements and maintenances of work safety on the Group's daily operations, which are considered expenses in nature and charged to the profit and loss as incurred.
08 JTF International Holdings Limited Interim Report 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended 30 June | ||
2024 | 2023 | |
RMB'000 | RMB'000 | |
(Unaudited) | (Unaudited) | |
Cash flows from operating activities | ||
Cash (used in)/generated from operations | (118,416) | 8,207 |
Income tax paid | (580) | (10,620) |
Net cash used in operating activities | (118,996) | (2,413) |
Cash flows from investing activities | ||
Interest income on bank deposits | 571 | 653 |
Net cash generated from investing | ||
activities | 571 | 653 |
Cash flows from financing activities | ||
Principal elements of lease payments | (96) | (281) |
Interest paid | (84) | (98) |
Contribution from the controlling shareholders | 14,624 | - |
Net cash generated from/(used in) | ||
financing activities | 14,444 | (379) |
Net decrease in cash and cash equivalents | (103,981) | (2,139) |
Cash and cash equivalents at beginning | ||
of the period | 189,706 | 106,445 |
Exchange differences on cash and | ||
cash equivalents | 54 | 160 |
Cash and cash equivalents at end of the period | 85,779 | 104,466 |
The accompanying notes form an integral part of these condensed consolidated financial statements.
JTF International Holdings Limited Interim Report 2024 | 09 |
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
-
GENERAL INFORMATION
The Company was incorporated in the Cayman Islands on 23 October 2014 as an exempted company with limited liability under the Companies Law Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The address of the Company's registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands.
The Company is an investment holding company. The Group is principally engaged in the sale of refined oil, other petrochemical products, and the blending and sale of fuel oil in the PRC.
The Company's shares were listed on GEM of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 17 January 2018 and subsequently its listing was transferred to the Main Board of the Stock Exchange on 17 May 2023.
The ultimate holding company of the Company is Thrive Shine Limited ("Thrive Shine"), a company incorporated in the British Virgin Islands, which is owned as to 80% and 20% by Mr. Xu Ziming ("Mr. Xu") and Ms. Huang Sizhen ("Ms. Huang"), respectively. The ultimate controlling party of the Group is Mr. Xu and Ms. Huang (collectively, the "Controlling Shareholders").
The unaudited condensed consolidated interim financial statements are presented in Renminbi ("RMB"), unless otherwise stated, and have been approved for issue by the Company's Board on 21 August 2024. - BASIS OF PREPARATION AND ACCOUNTING POLICIES
The condensed consolidated interim financial statements of the Group for the six months ended 30 June 2024 have been prepared in accordance with Hong Kong Accounting Standard 34, "Interim Financial Reporting". The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2023, which have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs").