Rofina Group Limited and Controlled Entities
ACN 635 120 517
Interim Financial Report
For the Half-Year Ended 30 November 2021
This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the Annual Report for the year ended 31 May 2021 and any public announcements made by Rofina Group Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.
Rofina Group Limited and Controlled Entities
ACN 635 120 517
CORPORATE DIRECTORY
Directors
Boon Chin Soo - Executive Chairman
Wei Yin Soo - Executive Director
Jacky Tran Cheung - Non-Executive Director
Chor Keat Ewe - Non-Executive Director
Su Hian Tan - Non-Executive Director
Company Secretary
Su Hian Tan
Registered Office and Principal Place of Business
Boardroom Pty Limited
Level 12, 225 George Street
Sydney NSW 2000
Website
https://www.rofinagroup.com
Share Registry
Boardroom Pty Limited
Level 12, 225 George Street,
Sydney NSW 2000
Auditors
Moore Australia Audit (WA)
Level 15, Exchange Tower,
2 The Esplanade,
Perth WA 6000
Stock Exchange Listing
Rofina Group Limited shares are listed on the National Stock Exchange of Australia (NSX), Code: 218
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Rofina Group Limited and Controlled Entities
ACN 635 120 517
Table of Contents | Page |
Directors' Report | 3 |
Auditor's Independence Declaration | 6 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income | 7 |
Consolidated Statement of Financial Position | 8 |
Consolidated Statement of Changes in Equity | 9 |
Consolidated Statement of Cash Flows | 10 |
Condensed Notes to the Consolidated Financial Statements | 11 |
Directors' Declaration | 21 |
Independent Auditor's Review Report | 22 |
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Rofina Group Limited and Controlled Entities
ACN 635 120 517
Directors' Report
30 November 2021
The Directors of Rofina Group Limited submit herewith the financial report for the consolidated entity for the half year ended 30 November 2021.
The following persons held office as Directors of Rofina Group Limited during the financial period until the date of this report:
Boon Chin Soo - Executive Chairman
Wei Yin Soo - Executive Director
Jacky Tran Cheung - Non-Executive Director
Chor Keat Ewe - Non-Executive Director
Su Hian Tan - Non-Executive Director
Review of Operations
The Group conducted a comprehensive review of the overall impact for the half year ended 30 November 2021. The consolidated loss after income tax for the half year ended 30 November 2021 was $156,399 (2020: $2,592,862). Profit before interest, tax, depreciation and amortisation was $243,544 (2020: Loss of $1,473,857).
In September 2021, the Malaysian Government announced phase 3 of the National Recovery Plan in various states in Malaysia to allow interstate travel from October 2021. As such, sales revenue increased significantly in the last two months of the current period.
In addition, with the implementation of cost reduction measures, the Group was able to reduce its monthly expenses in the current period.
As a result, the Group was able to reduce its losses significantly compared to the previous comparative period.
Principal Activity
During the half-year, the Group continued to operate in selling quality brands of travel goods, winter apparel and accessories through various sales channels including retail, business to business, e-commerce and wholesale, principally in Malaysia.
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Rofina Group Limited and Controlled Entities
ACN 635 120 517
Operating and Financial Review
The consolidated loss after income tax for the half year ended was $156,399 (2020: $2,592,862).
The Directors have not recommended any dividends for the half-year ended 30 November 2021 and at the date of this report.
The Group's basic loss per share for the period was $0.001 (2020: $0.017).
The Group's working capital, being current assets less current liabilities at 30 November 2021, was net current liabilities of $4,351,152 (31 May 2021: $3,949,755).
In the Director's opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
Please refer to the section below and note 1(c) for further information.
Likely developments and Business Strategies
The business division continues to explore potential channels to expand its development pipeline. The Group intends to significantly expand its product offering that suits different consumer segments. The primary objective of the Group's capital management policies is to safeguard its ability to continue as a going concern, to provide returns for shareholders, fund capital expenditure, operating expenses, working capital needs and to pay its debt obligations. The growth plans of the Group can be summarised as follows:
(a) Storewide Aggressive Promotion Campaigns
As the Malaysian Government announced Phase 3 of National Recovery Plan for various states in Malaysia in September 2021, the Group was able to reopen its retail outlets from October 2021. As a result, sales revenue increased significantly from October and November 2021 compared to the previous four months.
The Group will continue to employ targeted and focused advertising and promotion campaigns. From previous experience, the Group believes the success of its advertising campaigns will result in continuous future sales growth.
(b) Enhancing the growth for e-commerce platform
Over the past year, the Group has been implementing sustainable online marketing strategies to strive through the pandemic. The Group believes that communicating aggressively and strategically through advertising and promotion via social media platforms can bring significant results in sales and branding.
As the Group constantly provides training to e-commerce employees to ensure they are ready to provide great service to all customers, the sales generated from e-commerce platform has grown compared to previous years, and is expected to continue into the future.
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Rofina Group Ltd. published this content on 11 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 February 2022 05:27:06 UTC.