MEWAH INTERNATIONAL INC. Unaudited ... - Mewah Group

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MEWAH INTERNATIONAL INC.(Incorporated in the Cayman Islands. Registration Number: CR-166055)Unaudited Financial Statements For The Second Quarter and Half Year Ended 30 June 20117. NET ASSET VALUE (FOR THE ISSUER AND GROUP) PER ORDINARY SHARE BASED ON THE TOTALNUMBER OF ISSUED SHARES EXCLUDING TREASURY SHARES OF THE ISSUER AT THE END OF THE:-(a) current financial period reported on; and(b) immediately preceding financial year.For computing net asset value per share, the Company’s subdivision of shares and pre-invitation capitalshares were assumed to be issued throughout the relevant periods.GroupCompanyAs atAs at30 Jun 2011 31 Dec 2010 30 Jun 2011 31 Dec 2010Net asset value per ordinary share based onissued share capital as at end of the period (UScents per share)35.44 33.79 12.72 12.208. A REVIEW OF THE PERFORMANCE OF THE GROUP, TO THE EXTENT NECESSARY FOR A REASONABLEUNDERSTANDING OF THE GROUP’S BUSINESS. IT MUST INCLUDE A DISCUSSION OF THE FOLLOWING:-(a) any significant factors that affected the turnover, costs, and earnings of the group for the currentfinancial period reported on, including (where applicable) seasonal or cyclical factors; and(b) any material factors that affected the cash flow, working capital, assets or liabilities of the groupduring the current financial period reported on.Consolidated income statementThe Group’s business consists of two segments namely Bulk segment and Consumer Pack segment.The Bulk segment sources, manufactures and sells edible oils and fats (including specialty fats) in bulk towholesalers and processors for a variety of end uses including applications in the food, pharmaceuticaland oleochemical industries.The Consumer Pack segment manufactures, packs and sells a wide range of edible oils and fats andspecialised bakery and confectionery oils and fats which are sold to end customers in consumer packsunder the Group’s own brands or to customers who then sell the products under their own brands.We measure and track our profitability in terms of Operating Margin (“OM”) per metric tonne (“M.T.”)of sales volume. OM is calculated as revenue, less cost of sales (excluding depreciation), selling anddistribution expenses and foreign exchange gains/(losses). OM relating to inter-segment sales arereported under the segment where the final sales to third parties are made.OM and the related ratios in this document are supplemental measures of our performance and are notrequired by, or presented in accordance with FRS and should not be considered as alternatives to netincome, operating income or any other performance measures derived in accordance with FRS. Othercompanies may calculate OM differently from us, limiting its usefulness as comparative measures.The Group usually experiences stronger demand in sales of its products during the second half of theyear due to the Hindu festival of Deepavali and the Muslim fasting month of Ramadan.12
MEWAH INTERNATIONAL INC.(Incorporated in the Cayman Islands. Registration Number: CR-166055)Unaudited Financial Statements For The Second Quarter and Half Year Ended 30 June 2011The following table summarises the sales volume, sales revenue and OM:Total Bulk Consumer PackQ2 2011 Q2 2010 Inc/(Dec) Q2 2011 Q2 2010 Inc/(Dec) Q2 2011 Q2 2010 Inc/(Dec)Sales volume (M.T.'000) 981.2 948.7 3.4% 753.1 740.1 1.8% 228.2 208.6 9.4%Sales revenue (US$'million) 1,247.4 823.1 51.5% 905.1 606.4 49.3% 342.2 216.7 57.9%Average selling prices (US$) 1,271.2 867.6 46.5% 1,201.9 819.4 46.7% 1,500.0 1,038.9 44.4%OM (US$'million) 22.6 31.2 -27.4% 13.4 18.3 -26.9% 9.3 12.9 -28.1%OM per M.T. (US$) 23.1 32.9 -29.8% 17.8 24.7 -28.1% 40.6 61.8 -34.3%Total Bulk Consumer PackH1 2011 H1 2010 Inc/(Dec) H1 2011 H1 2010 Inc/(Dec) H1 2011 H1 2010 Inc/(Dec)Sales volume (M.T.'000) 1,837.6 1,909.1 -3.7% 1,413.0 1,483.6 -4.8% 424.6 425.5 -0.2%Sales revenue (US$'million) 2,362.7 1,623.3 45.6% 1,729.4 1,181.3 46.4% 633.3 442.0 43.3%Average selling prices (US$) 1,285.7 850.3 51.2% 1,223.9 796.2 53.7% 1,491.6 1,038.7 43.6%OM (US$'million) 59.2 69.8 -15.2% 34.9 41.2 -15.2% 24.3 28.6 -15.1%OM per M.T. (US$) 32.2 36.6 -12.0% 24.7 27.8 -11.0% 57.2 67.2 -14.9%Sales volumeFor the second quarter ended 30 Jun 2011 (“Q2 2011”), the Group achieved total sales volume of 981.2thousand M.T., 3.4% up from corresponding quarter last year (“Q2 2010”). Sales volume for Bulksegment was increased by 1.8% to 753.1 thousand M.T. and for Consumer Pack segment, the salesvolume increased by 9.4% to 228.2 thousand M.T.. Bulk segment and Consumer Pack segmentcontributed 76.7% and 23.3% of total sales volume respectively (Q2 2010: 78.0% and 22.0%respectively).For the half year ended 30 Jun 2011 (“H1 2011”), total sales volume was 1,837.6 thousand M.T., 3.7%lower than the corresponding period last year (“H1 2010”). Sales volume for Bulk segment declined by4.8% to 1,413.0 thousand M.T. and for Consumer Pack segment, the sales volume declined by 0.2% to424.6 thousand M.T.. Bulk segment and Consumer Pack segment contributed 76.9% and 23.1% of totalsales volume respectively (H1 2010: 77.7% and 22.3% respectively).RevenueFor Q2 2011, revenue increased by 51.5% to US$1,247.4 million on the back of higher average sellingprice. For Bulk segment, revenue increased by 49.3% to US$905.1 million and for Consumer Packsegment, revenue increased by 57.9% to US$342.2 million. Bulk segment and Consumer Pack segmentcontributed 72.6% and 27.4% of total revenue respectively. (Q2 2010: 73.7% and 26.3% respectively).For H1 2011 revenue increased by 45.6% to US$2,362.7 million. For Bulk segment, revenue increased by46.4% to US$1,729.4 million and for Consumer Pack segment, revenue increased by 43.3% to US$633.3million. Bulk segment and Consumer Pack segment contributed 73.2% and 26.8% of total revenuerespectively (H1 2010: 72.8% and 27.2% respectively).13
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