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Nature Home Profit for FY2017 Surges by 28 times to RMB53.46 million

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Nature Home Profit for FY2017 Surges by 28 times to RMB53.46 million

Considerable Rise of 80.8% in Basic Earnings per Share

Sales Volumes of Flooring Products Reached Record High of 35 million sq. m. 

Financial Highlights

  • Revenue increases by 10.1% to approximately RMB2.55 billion (2016: approximately RMB2.32 billion)
  • Gross profit increased by 20.4% to approximately RMB777 million (2016: approximately RMB645 million)
  • Profit before taxation increased by 1.3 times to approximately RMB137 million (2016: approximately RMB59 million)
  • EBITDA increased by 64.1% to approximately RMB228 million (2016: approximately RMB139 million)
  • Profit for the Year Increased by 28.3 times to RMB53.47 million (2016: approximately RMB1.82 million)
  • Profit attributable to equity shareholders of the Company increased by 78.1% to approximately RMB68.18 million (2016: approximately RMB38.28 million)
  • Basic earnings per share increased by 80.8% to RMB0.047 (2016: RMB0.026)

 HONG KONG, CHINA – Media OutReach – 29 March 2018 – Nature Home Holding Company Limited (“Nature Home” or the “Company”, together with its subsidiaries, the “Group”; HKEx Stock Code: 2083), announced its audited annual results for year ended 31 December 2017 (the “Year”).

Benefiting from the steady growth of the overall economy and the real estate market in the People’s Republic of China (”PRC”), the Group achieved encouraging growth in overall sales. The Group’s overall turnover increased by 10.1% to RMB2.55 billion when compared to last year, which was mainly attributable to the net effect of (i) the increase in revenue from flooring products in the PRC; and (ii) the decrease in revenue from trading of timber resulted from a one-off clearance sale of inventories in Peru in 2016. Profit for the Year surged significantly by 28.3 times to RMB53.47 million from RMB1.82 million in 2016. The EBITDA and the profit attributable to shareholders were 64.1% and 78.1% respectively higher than those in 2016.

Due to the continuous growth in the sales of home decoration products of the Group in the PRC, manufacturing and sale of home decoration products, the Group’s core business, recorded an increase in sales amounts of 21.8% to approximately RMB2.03 billion. Among which, total sales volumes of flooring products consecutively reached a record high of approximately 35,000,000 square meters, representing an increase of 15.2% as compared to last year, boosting revenue from flooring products in the PRC (arising from manufacturing and sales of self-manufactured flooring products, fees income from authorised flooring products manufacturers and trading of flooring products) increased by 20.8% from approximately RMB1.52 billion in last year to approximately RMB1.911 billion for the Year. 

Mr. Se Hok Pan, Chairman of Nature Home said, “During the Year, we continued to restructure and optimise our sales channels and business, bringing in satisfactory result for flooring products business. In order to meet the needs of wider range of customers, the Group also continued to launch new home decoration products actively during the Year, such as kitchen and bathroom floorings, underfloor heating floorings, and water-based paint wooden doors. Furthermore, we had deepened the business development of wooden doors, wardrobes and cabinets, and established a number of sub-brands to further tap into the home decoration products market.”

On 1 Dec 2017, the Group has sold the entire issued share capital of the Nature Flooring (Europe) Company Limited and ceased to be engaged in trading of timbers business. This allows the Group to focus on the business of home decoration products, which mainly comprise of floorings, wooden doors, wardrobes, cabinets and wall paper. As at 31 Dec 2017, the Group has 3,604 flooring stores, 547 stores for wooden doors, 148 wardrobe and cabinet stores and 591 wall paper stores. Meanwhile, it currently owns 5 production plants for flooring products, 2 production plants for wooden door products, 2 production plants for wardrobes and cabinets products, and 1 production plants for wall papers products. To cope with market needs, the Group is now constructing two new plants to produce kitchen and bathroom floorings and laminated floorings, while an existing floor production plant is being transformed into a wooden door production plant.

Looking ahead, Mr. Se added, “We will move on to develop more diversified products that integrate environmental protection and smart home concept based on the household product strategy and provide consumers with environmental-friendly and smart products. Moreover, the Group will continue to strengthen its internal management and integrate its resources with an aim to improve product quality and operational efficiency comprehensively. We anticipate that the proportion of affordable housing and hardbound housing in the real estate market of the PRC will further increase in the future. In addition, benefiting from rising consumer spending in the PRC market, the demand for renovation will increase substantially. Therefore, we consider that the domestic home decoration product market in the PRC will continue to grow rapidly. We will seize this opportunity to increase our market share continuously to maintain our leading position in the flooring market and explore other home decoration product markets to create more values for our shareholders.”

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Australia says no further Facebook, Google amendments as final vote nears

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Australia says no further Facebook, Google amendments as final vote nears 1

By Colin Packham

CANBERRA (Reuters) – Australia will not alter legislation that would make Facebook and Alphabet Inc’s Google pay news outlets for content, a senior lawmaker said on Monday, as Canberra neared a final vote on whether to pass the bill into law.

Australia and the tech giants have been in a stand-off over the legislation widely seen as setting a global precedent.

Other countries including Canada and Britain have already expressed interest in taking some sort of similar action.

Facebook has protested the laws. Last week it blocked all news content and several state government and emergency department accounts, in a jolt to the global news industry, which has already seen its business model upended by the titans of the technological revolution.

Talks between Australia and Facebook over the weekend yielded no breakthrough.

As Australia’s senate began debating the legislation, the country’s most senior lawmaker in the upper house said there would be no further amendments.

“The bill as it stands … meets the right balance,” Simon Birmingham, Australia’s Minister for Finance, told Australian Broadcasting Corp Radio.

The bill in its present form ensures “Australian-generated news content by Australian-generated news organisations can and should be paid for and done so in a fair and legitimate way”.

The laws would give the government the right to appoint an arbitrator to set content licencing fees if private negotiations fail.

While both Google and Facebook have campaigned against the laws, Google last week inked deals with top Australian outlets, including a global deal with Rupert Murdoch’s News Corp.

“There’s no reason Facebook can’t do and achieve what Google already has,” Birmingham added.

A Facebook representative declined to comment on Monday on the legislation, which passed the lower house last week and has majority support in the Senate.

A final vote after the so-called third reading of the bill is expected on Tuesday.

Lobby group DIGI, which represents Facebook, Google and other online platforms like Twitter Inc, meanwhile said on Monday that its members had agreed to adopt an industry-wide code of practice to reduce the spread of misinformation online.

Under the voluntary code, they commit to identifying and stopping unidentified accounts, or “bots”, disseminating content; informing users of the origins of content; and publishing an annual transparency report, among other measures.

(Reporting by Byron Kaye and Colin Packham; Editing by Sam Holmes and Hugh Lawson)

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GSK and Sanofi start with new COVID-19 vaccine study after setback

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GSK and Sanofi start with new COVID-19 vaccine study after setback 2

By Pushkala Aripaka and Matthias Blamont

(Reuters) – GlaxoSmithKline and Sanofi on Monday said they had started a new clinical trial of their protein-based COVID-19 vaccine candidate, reviving their efforts against the pandemic after a setback in December delayed the shot’s launch.

The British and French drugmakers aim to reach final testing in the second quarter, and if the results are conclusive, hope to see the vaccine approved by the fourth quarter after having initially targeted the first half of this year.

In December, the two groups stunned investors when they said their vaccine would be delayed towards the end of 2021 after clinical trials showed an insufficient immune response in older people.

Disappointing results were probably caused by an inadequate concentration of the antigen used in the vaccine, Sanofi and GSK said, adding that Sanofi has also started work against new coronavirus variants to help plan their next steps.

Global coronavirus infections have exceeded 110 million as highly transmissible variants of the virus are prompting vaccine developers and governments to tweak their testing and immunisation strategies.

GSK and Sanofi’s vaccine candidate uses the same recombinant protein-based technology as one of Sanofi’s seasonal influenza vaccines. It will be coupled with an adjuvant, a substance that acts as a booster to the shot, made by GSK.

“Over the past few weeks, our teams have worked to refine the antigen formulation of our recombinant-protein vaccine,” Thomas Triomphe, executive vice president and head of Sanofi Pasteur, said in a statement.

The new mid-stage trial will evaluate the safety, tolerability and immune response of the vaccine in 720 healthy adults across the United States, Honduras and Panama and test two injections given 21 days apart.

Sanofi and GSK have secured deals to supply their vaccine to the European Union, Britain, Canada and the United States. It also plans to provide shots to the World Health Organization’s COVAX programme.

To appease critics after the delay, Sanofi said earlier this year it had agreed to fill and pack millions of doses of the Pfizer/BioNTech vaccine from July.

Sanofi is also working with Translate Bio on another COVID-19 vaccine candidate based on mRNA technology.

(Reporting by Pushkala Aripaka in Bengaluru and Matthias Blamont in Paris; editing by Jason Neely and Barbara Lewis)

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Don’t ignore “lockdown fatigue”, UK watchdog tells finance bosses

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Don't ignore "lockdown fatigue", UK watchdog tells finance bosses 3

By Huw Jones

LONDON (Reuters) – Staff at financial firms in Britain are suffering from “lockdown fatigue” and their bosses are not always making sure all employees can speak up freely about their problems, the Financial Conduct Authority said on Monday.

Many staff at financial companies have been working from home since Britain went into its first lockdown in March last year to fight the COVID-19 pandemic.

One year on, the challenges have evolved from adapting to working remotely to dealing with mental health issues, said David Blunt, the FCA’s head of conduct specialists.

“During this third lockdown, there has been a greater impact on mental well-being, with many people struggling with job security, caring responsibilities, home schooling, bereavements and lockdown fatigue.”

Bosses should continually revisit how they lead remote teams, he said.

“The impact of COVID-19 is creating a huge workload for those considered to be high performers, while the remote environment potentially makes it much more challenging for those who were previously considered low performers to change that perception,” Blunt told a City & Financial online event.

Companies should consider “psychological safety” or ensuring that all employees feel confident about speaking out and challenging opinions.

“We’ve heard varying reports of how successful this has been,” Blunt said.

Pressures in the financial sector were highlighted this month when accountants KPMG said its UK chairman Bill Michael had stepped aside during a probe into comments he made to staff.

The Financial Times said Michael, who later apologised for his comments, had told staff to “stop moaning” about the impact of the pandemic on their work lives.

Blunt was speaking as the FCA next month completes the full rollout of rules that force senior managers at financial firms to be personally accountable for their decisions to improve conduct standards.

There have only been a “modest” number of breaches reported to regulators so far as firms worry about being “tainted” but more cases will become public as sanctions are revealed, Blunt said.

“Regulators won’t be impressed by lowballing the figures.”

(Reporting by Huw Jones; Editing by Mark Heinrich)

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