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MERCHANT HOUSE INTERNATIONAL LIMITED
ARBN 065 681 138
APPENDIX 4E
PRELIMINARY FINAL REPORT
FOR THE YEAR ENDED
31 MARCH 2022
For personal use only
MERCHANT HOUSE INTERNATIONAL LIMITED | APPENDIX 4E | 31 MARCH 2022 | Results for announcement to the market
Rule 4.3A
APPENDIX 4E
Preliminary Final Report
Reporting period (current period) | Year ended 31 March 2022 | |
Previous corresponding period | 8 | |
Year ended 31 March 2021 | ||
Results for announcement to the market
Results performance | 2022 | 2021 | Change |
$'000 | $'000 | % | |
Revenue from ordinary activities | 22,905 | 18,574 | 23.32 |
Loss for the year from continuing operations | (8,483) | (8,640) | (1.82) |
Net profit / (loss) attributable to owners of the Company | 13,511 | (7,726) | 274.88 |
Basic earnings / (loss) per share (cents per share) | 14.33 | (8.20) | 274.39 |
Dividends
Franked | Amount per | ||||
Amount per | amount per | Security of | Total | Date of | |
security at | foreign source | ||||
Dividends | security | 30% tax | dividend | Amount | payment |
cents | cents | cents | $'000 | ||
2021 final dividend | Nil | Nil | Nil | - | - |
2021 special dividend | 1.0 | Nil | Nil | 943 | 11 June 2021 |
2022 interim dividend | - | Nil | Nil | - | - |
2022 final dividend | - | Nil | Nil | - | - |
At the date of this report, there are no dividend reinvestment plans in operation. |
Net tangible assets
2022 | 2021 | |
cents | cents | |
Net tangible asset backing per ordinary share | 41.35 | 27.57 |
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For personal use only
MERCHANT HOUSE INTERNATIONAL LIMITED | APPENDIX 4E | 31 MARCH 2022 | Results for announcement to the market
Earnings / (loss) per share
2022 | 2021 | |
cents | cents | |
Basic and diluted loss per share | ||
Basic and diluted loss per share - continuing operations | (9.00) | (8.38) |
Basic and diluted earnings per share - discontinued operations | 23.33 | 0.18 |
Profit / (loss) attributable to owners of the Company | 14.33 | (8.20) |
Weighted average number of ordinary shares outstanding | ||
during the year used in the calculation of basic and diluted EPS | 94,266,496 | 94,266,496 |
Explanation of results
After monitoring the home textile production business in China, Carsan (Shunde) Manufacturing Co. Ltd, the Group's 100% owned subsidiary in China, was disposed in April 2022.
Having completed the disposal of Carsan, and as the US economy continues to steadily recovery, the Group is mainly concentrated on the operations of both USA factories.
The USA home textile operations have seen improvements in efficiency and expansion of its customer base. Despite generating revenues of A$2.7 million, the results were a loss before interest, depreciation, and amortisation of A$3.5 million.
As a consequence of product development with sizable and stable customers, the USA footwear trading and manufacturing operations generated sales of A$3.3 million resulting in a loss of A$2.6 million before interest, depreciation, and amortisation.
For the year, the footwear trading business generated a small profit (A$439K).
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For personal use only
MERCHANT HOUSE INTERNATIONAL LIMITED | APPENDIX 4E | 31 MARCH 2022 | Results for announcement to the market
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2022
2022 | 2021 | |
$'000 | $'000 | |
Revenue | 22,905 | 18,574 |
Cost of sales | (24,668) | (21,091) |
Gross loss | (1,763) | (2,517) |
Other gains | 109 | 28 |
Government grants and subsidies | 951 | 914 |
Finance income | 11 | 28 |
Selling and distribution costs | (335) | (308) |
Personnel expenses | (3,580) | (3,304) |
Depreciation | (2,065) | (1,976) |
Amortisation - right-of-use assets | (115) | (191) |
General and administrative expenses | (1,377) | (1,339) |
Finance costs | (117) | (240) |
Net foreign exchange (losses) / gains | (131) | 352 |
Loss before income tax expense | (8,412) | (8,553) |
Income tax expense | (71) | (87) |
Loss for the year from continuing operations | (8,483) | (8,640) |
Profit from discontinued operations | 21,994 | 914 |
Profit / (loss) for the year | 13,511 | (7,726) |
Other comprehensive income, net of tax | ||
Items that may be reclassified subsequently to profit or loss: | ||
Exchange differences arising on translation of foreign operations | (4,626) | (8,406) |
Derecognition of foreign currency translation reserve | 4,937 | - |
Other comprehensive income / (loss) for the year, net of tax | 311 | (8,406) |
Total comprehensive income / (loss) for the year | 13,822 | (16,132) |
Profit / (loss) per share attributable to owners of the Company | ||
Basic and diluted (cents per share) - continuing operations | (9.00) | (8.38) |
Basic and diluted (cents per share) - discontinued operations | 23.33 | 0.18 |
Basic and diluted (cents per share) | 14.33 | (8.20) |
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MERCHANT HOUSE INTERNATIONAL LIMITED | APPENDIX 4E | 31 MARCH 2022 | Results for announcement to the market
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2022 (continued)
Notes to the statement of profit or loss and other comprehensive income
2022 | 2021 | |
$'000 | $'000 | |
Personnel expenses | ||
Key management personnel remuneration | 1,206 | 1,068 |
Wages and salaries | 5,315 | 4,372 |
Contributions to defined contribution plans | 35 | 39 |
Termination benefits | 111 | 9 |
Other employee benefits | 1,219 | 1,118 |
Total personnel expenses | 7,886 | 6,606 |
Less: amount allocated to cost of sales | (4,306) | (3,302) |
Amount allocated to personnel expenses | 3,580 | 3,304 |
General and administrative expenses
For personal
Auditors' remuneration
Legal and consultancy fees
Insurance
Travelling
Low value / short term lease payments
Others
Discontinued operations - summary
Gain on disposal of subsidiaries Gain on disposal of associate Share of profit of associate
(Loss) / profit on discontinued operations prior to disposal Profit after income tax expense on discontinued operations
213 | 219 |
418 | 476 |
58 | 74 |
89 | 49 |
102 | 24 |
497 | 497 |
1,377 | 1,339 |
21,433 | - |
31 | - |
531 | 742 |
(1) | 172 |
21,994 | 914 |
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Merchant House International Limited published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 02:39:05 UTC.