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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board  >  Sino Agro Food Inc    SIAF

SINO AGRO FOOD INC

(SIAF)
End-of-day quote. End-of-day quote OTC Bulletin Board - 07/24
2.55 USD   -18.01%
08/15SINO AGRO : 2Q Earnings Snapshot
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08/14SINO AGRO FOOD : Reports 2019 Q2 Results
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07/02SINO AGRO FOOD : Proposed Tender Offer; Clarifies that offer has not yet commenced
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SINO AGRO FOOD : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q)

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08/14/2019 | 04:55pm EDT

This Quarterly Report on Form 10-Q (the "Form 10-Q") contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act. Forward-looking statements can be identified by the use of forward-looking terminology, such as "estimates," "projects," "plans," "believes," "expects," "anticipates," "intends," or the negative thereof or other variations thereon, or by discussions of strategy that involve risks and uncertainties These statements reflect management's current beliefs and are based on information now available to it. Accordingly, these statements are subject to certain risks, uncertainties and contingencies that could cause the Company's actual results, performance or achievements in 2018 and beyond to differ materially from those expressed in, or implied by, such statements. Such statements, include, but are not limited to, statements contained in this Form 10-Q relating to the Company's business, financial performance, business strategy, recently announced transactions and capital outlook. Important factors that could cause actual results to differ materially from those in the forward-looking statements include: a continued decline in general economic conditions nationally and internationally; decreased demand for our products and services; market acceptance of our products; the impact of any litigation or infringement actions brought against us; competition from other providers and products; the inability to raise capital to fund continuing operations; changes in government regulation; the ability to complete customer transactions, and other factors relating to our industry, our operations and results of operations and any businesses that may be acquired by us. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Readers of this Form 10-Q should not place undue reliance on any forward-looking statements. Except as required by federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.

You should read the following discussion and analysis of the financial condition and results of operations of the Company together with the financial statements and the related notes presented in Item 1 of this Form 10-Q.

Description and interpretation and clarification of business category on the consolidated results of the operations

The Company's strategy is to manage and operate its businesses under five (5) business divisions or units on a standalone basis, namely:

Beef & Organic Fertilizer Division (Marked 1. (i) SJAP & QZH (Derecognized as

                                   variable interest entity on December 30, 2018)
                                   and (ii) HSA)

Plantation Division                (Marked 2. JHST)
Fishery Division                   (Marked 3. A. CA Engineer & Technology and 3.B.
                                   Seafood sales - (Discontinued operation from
                                   October 5, 2016)
Cattle Farm Division               (Marked 4. MEIJI and JHMC)
Corporate & Others Division        (Marked 5. SIAF)




  1





A summary of each business division is described below:

• 1. Beef and Organic Fertilizer Division refers to:

(i) The operation of SJAP in manufacturing and sales of organic fertilizer, bulk

     livestock feed, concentrated livestock feed, and the sales of live cattle.
     Prior to December 30, 2018, QZH was a fully owned subsidiary of our partially
     owned subsidiary Qinghai Sanjiang A Power Agriculture Co., Ltd. ("SJAP"); as
     such, the financial statements of these three companies (SJAP, QZH and HSA)
     were consolidated into our wholly owned subsidiary, A Power Agro Agriculture
     Development (Macau) Limited ("APWAM"), as one entity. SJAP is a variable
     interest entity over which we exercise significant control. As of December
     30, 2018, QZH was derecognized as variable interest entity and its operating
     profit and/or loss is no longer accretive to the Company's 41.25% holding in
     SJAP.



(ii) The operation of Hunan Shenghua A Power Agriculture Co. Ltd. ("HSA") in

      manufacturing and sales of organic fertilizer.



• 2. Plantation Division refers to the operations of Jiangmen City Heng Sheng Tai

   Agriculture Development Co. Ltd. ("JHST") in the HU Plantation business where
   dragon fruit flowers (dried and fresh), crops of vegetables and immortal
   vegetables (dried) are sold to wholesale and retail markets. JHST's financial
   statements are consolidated into the financial statements of Macau EIJI Company
   Ltd. ("MEIJI") as one entity.



• 3. Fishery Division refers to the operations of Capital Award Inc. ("Capital

   Award" or "CA") covering its engineering, technology and consulting service
   management of fishery farms and seafood sales operations and marketing,
   whereby;



Capital Award generates revenues from providing engineering consulting services as turnkey contractor to owners and developers of fishery projects that are being designed and engineered into turnkey contracts by Capital Award in China using its A Power Module Technology Systems ("APM") as follows:

(A). Engineering and Technology Services; via Consulting and Service Contracts ("CSC's") for the development, construction, and supply of plant and equipment, and management of fishery (and prawn or shrimp) farms and related business operations.

(B). Seafood Sales from CA's projected farms; became a discontinued segment of operations as of October 5, 2016 when Tri-way was sold to third parties, and in turn Tri-way was reclassified as an unconsolidated equity investee on this same date.

• 4. Cattle Farm Division refers to the operations of Cattle Farm 1 under

   Jiangmen City Hang Mei Cattle Farm Development Co. Ltd ("JHMC") where cattle
   are sold live to third party livestock wholesalers who sell them mainly to
   Guangzhou and Beijing livestock wholesale markets. The financial statements of
   JHMC are consolidated into MEIJI as one entity along with MEIJI's operation in
   the consulting and service for development of other cattle farms (e.g., Cattle
   Farm 2) or related projects.



• 5. Corporate & Others Division refers to the trading segment of business

operations of the Group named internally under Corporate division of Sino Agro

Food, Inc., including import/export business and consulting and service

operations provided to projects that are not included in the above categories,

and not limited to corporate affairs.




  2






                  MD & A OF CONSOLIDATED RESULTS OF OPERATIONS

Part A. Unaudited Income Statements of Consolidated Results of Operations for the three months ended June 30, 2019 compared to the three months ended June 30, 2018.

© Edgar Online, source Glimpses

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Managers
NameTitle
Yip Kun Lee Chairman, President, Chief Executive Officer & CFO
Anthony C. Ostrowski Chief Scientific Officer
Paoy Teik Tan Executive Director & Chief Marketing Officer
Bor Hann Chen Secretary & Executive Director
Lim Chang Soh Independent Director
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SINO AGRO FOOD INC-32.72%8
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