2022Interim Report
Contents | Corporate Profile |
Corporate Profile
Corporate Information
Financial Highlights
Management Discussion and Analysis
Other Information
Independent Review Report
Interim Condensed Consolidated Statement of Profit or Loss
Interim Condensed Consolidated Statement of Comprehensive Income
Interim Condensed Consolidated Statement of Financial Position
Interim Condensed Consolidated Statement of Changes in Equity
Interim Condensed Consolidated Statement of Cash Flows
Notes to Interim Condensed Consolidated Financial Information
- Since its establishment in 1995, Samson Group, including Samson Holding Ltd. (the "Company") and
- its subsidiaries (the "Group" or "Samson"), has now become a fully vertically-integrated furniture company
- and ranks as one of top 10 furniture wholesalers in
- the United States of America (the "U.S."). We currently market a wide range of our furniture products through a
7 portfolio of brand names including Universal Furniture,
Legacy Classic Furniture, Legacy Classic Kids,
- Craftmaster Furniture, Baker, Milling Road, McGuire, LacquerCraft Hospitality, Universal Furniture China and
- Athome, and licensed with Paula Deen, Rachael Ray, Miranda Kerr, Nina Magon and Coastal Living in the
-
U.S..
In May 2016, we have successfully acquired Grand - Manor Furniture Inc., a Lenoir North Carolina U.S. based manufacturer established in 1960s which specialises
in hospitality seating design and manufacturing. Its
- major customers include but not limited to Marriott, Hilton, Grand Hyatt and Western hotel chains. In February 2017, we have successfully acquired Baker
- Interiors Group, LTD. (formerly known as Kohler Interiors Group, LTD. ) and its subsidiaries (collectively referred to as "BIG"), which owns three global luxury
-
furniture brands, namely, "Baker", "Milling Road" and "McGuire", each with a history of leading design, quality and craftsmanship. BIG sells its products through showrooms in North America, England, and France, and furniture dealer locations across the U.S., Europe, Asia and the Middle East. BIG maintains relationships with interior designers who recommend the products to consumers worldwide.
Our team of experienced executives, employees and sales force, comprising the U.S. market expertise, combining with Vietnam and the People's Republic of China (the "PRC" or "China") manufacturing know-how, creates a globally-integrated products and services logistics platform that brings forth effective means of business operations by which we strive to maximise ultimate benefits to our customers and shareholders.
Samson Holding Ltd. Interim Report 2022 | 1 |
Corporate Information
Executive Directors
Mr. Shan Huei KUO (Chairman)
Ms. Yi-MeiLIU (Deputy Chairman)
Mr. Mohamad AMINOZZAKERI
Non-Executive Director
Mr. Sheng Hsiung PAN
Independent Non-Executive Directors
Mr. Ming-Jian KUO
Mr. Siu Ki LAU
Mr. Sui-Yu WU
Audit Committee
Mr. Siu Ki LAU (Chairman)
Mr. Sheng Hsiung PAN
Mr. Sui-Yu WU
Remuneration Committee
Mr. Ming-Jian KUO (Chairman)
Mr. Sheng Hsiung PAN
Mr. Sui-Yu WU
Nomination Committee
Mr. Shan Huei KUO (Chairman)
Mr. Ming-Jian KUO
Mr. Sui-Yu WU
Company Secretary
Mr. Kwong Cho SHEUNG
Authorized Representatives
Ms. Yi-Mei LIU
Mr. Kwong Cho SHEUNG
Registered Office
Grand Pavilion
Hibiscus Way
802 West Bay Road
P.O. Box 31119, KY1-1205
Cayman Islands
Stock Code
The Stock Exchange of Hong Kong Limited: 531
Websites
http://www.samsonholding.com/
http://www.universalfurniture.com/
http://www.legacyclassic.com/
http://www.legacyclassickids.com/
http://www.cmfurniture.com/
http://www.lacquercrafthospitality.com/
https://www.bakerfurniture.com/
Principal Places of Business
Vietnam:
6th Road Tam Phuoc Industrial Zone,
Bien Hoa City, Dong Nai Province Vietnam
China:
China Timber Industry City Development Area
No. 2 Taicheng Road
Jia Shan County
Zhejiang Province
China, 314100
Unit 1007, 10th Floor, Haleson Building
1 Jubilee Street, Central,
Hong Kong
United States of America:
2575 Penny Road
High Point, NC 27265
U.S.A.
221 Craftmaster Road
Hiddenite, NC 28636
U.S.A.
1 Baker Way
Connelly Springs, NC 28612
U.S.A.
Auditor
Ernst & Young
Certified Public Accountants
Registered Public Interest Entity Auditor
Legal Adviser
TW Partners
Principal Bankers
CTBC Bank
UBP Bank
DBS Bank
Taishin International Bank
MEGA Bank
SINOPAC Bank
East West Bank
Share Registrars and Transfer Offices
Principal:
Royal Bank of Canada Trust Company (Cayman) Limited
4th Floor, Royal Bank House
24 Shedden Road, George Town
Grand Cayman KY1-1110
Cayman Islands
Hong Kong Branch:
Computershare Hong Kong Investor Services Limited
Shops 1712-16, 17/F
Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
2 Samson Holding Ltd. Interim Report 2022
Financial Highlights
Six months | Six months | Six months | Six months | |
ended | ended | ended | ended | |
30 June | 30 June | 30 June | 30 June | |
2022 | 2021 | 2022 | 2021 | |
US$'000 | US$'000 | HK$'000* | HK$'000* | |
Operating results | ||||
Revenue | 278,995 | 237,342 | 2,176,161 | 1,851,268 |
Earnings before interest and tax | 12,845 | 17,702 | 100,191 | 138,076 |
Profit for the period | 8,473 | 14,353 | 66,089 | 111,953 |
Earnings per share attributable | ||||
to ordinary equity holders of the parent | ||||
(US/HK cent) | 0.28 | 0.46 | 2.18 | 3.59 |
As at | As at | As at | As at | |
30 June | 31 December | 30 June | 31 December | |
2022 | 2021 | 2022 | 2021 | |
US$'000 | US$'000 | HK$'000* | HK$'000* | |
Financial position | ||||
Total assets | 685,423 | 600,535 | 5,346,299 | 4,684,173 |
Net current assets | 218,991 | 148,706 | 1,708,130 | 1,159,907 |
Shareholders' equity | 317,894 | 323,624 | 2,479,573 | 2,524,267 |
- Exchange rate: US$1 to HK$7.8 (for reference only)
Revenue & profit/(loss) for the period
(US$ MN)
14.4
7.7 | 8.5 |
1.8
(16.6)279
228 | 237 |
200 | |
172 |
2018-1H | 2019-1H | 2020-1H2021-1H2022-1H |
Earnings/(loss) per share attributable to ordinary
equity holders of the parent
(US cent)
0.46 | ||
0.25 | 0.28 | |
0.06 | 2020-1H | |
2018-1H | 2019-1H | 2021-1H2022-1H |
(0.48)
Revenue
Profit/(loss) for the period
Samson Holding Ltd. Interim Report 2022 | 3 |
Management Discussion and Analysis
Business Review
Over the past decade, Samson has successfully transformed from an original equipment manufacturer to a leading furniture wholesaler with a strong brand-led business. Through our strategic acquisition of a luxury furnishing brand BIG in 2017, the Group has further enhanced the diversified brand portfolio covering mid to high-end markets. The Group has continued to expand production capacities by globalizing the supply chain from China to Vietnam, Bangladesh, Indonesia and the U.S.. Based on the effective strategies, Samson was able to record growing sales and margin for the six months ended 30 June 2022 (the "Period").
During the Period, as the effect of the COVID-19 was mitigated, the macroeconomy has recovered gradually from the pandemic. However, the bounce back in demand has stressed supply chains and caused inflation to rise. On demand front, the Federal Reserve Board ("FED") continued to follow tightened policy and has raised interest rate since March 2022, adding pressures to the market demand. Meanwhile, consumer price index has soared over the past year, leading to a tight grip on the U.S. economy outlook. On the supply side, as the logistic costs showed an upward trend resulting from an increased delivery expense, Samson has partnered with several shipping service providers to ensure container availability and cost reductions.
Despite the economy headwinds, the Company was able to capture the opportunity for further market penetration through its diverse product offerings and multi-distribution channels and recorded growth. Samson has been striving to expand by forming partnership with online retailers to enhance sales on e-commerce channel. For the traditional channel, High Point Market, the home furnishings trade show in the U.S. was postponed to June 2022, and the number of participants had increased comparing to last year, showing a stable demand for orders. Moreover, our mass merchant channels had been performing well throughout the Period, and it is expected to continue in the second half of 2022.
With a globalized supply chain, Samson has built up stronger production capabilities to cope with geopolitical instabilities and to improve cost controls. Samson's capacity across the Asia region including Vietnam and Bangladesh has enhanced through factory investment and acquisitions in the last three years. Samson is confident in continuing to improve manufacturing efficiency of its factories across Asia to further enhance the operation and management efficiency across the brands.
As Samson adopts a unique multi-brand strategy based on the successful transformation from a China-centric manufacturing base to a globally production base, it is able to leverage the synergies across diversified business lines to drive organic growth, with the business of BIG turning from operating loss to operating profit, and our business in casegoods, upholstery as well as hospitality recording double-digit growth in sales during the Period. In the future, Samson will focus on improving overall profitability based on higher cost efficiency and operating system optimization. The Group looks forward to unlocking the growth opportunities in the second half of 2022.
4 Samson Holding Ltd. Interim Report 2022
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Samson Holding Limited published this content on 31 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 September 2022 10:49:13 UTC.