德永佳集团(00321) - 2024 - 中期业绩

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 2,644,314 thousand, a decrease from HKD 3,397,908 thousand in the same period of 2022, representing a decline of approximately 22.2%[33]. - Gross profit for the same period was HKD 672,544 thousand, down from HKD 975,825 thousand, indicating a decrease of about 31.1%[33]. - The net profit for the period was HKD 45,081 thousand, compared to HKD 110,546 thousand in the previous year, reflecting a decline of approximately 59.1%[36]. - The total comprehensive income for the period was HKD 43,695,000, compared to HKD 113,018,000 in the previous year, a decrease of approximately 61.3%[57]. - The profit attributable to ordinary equity holders for the period was HKD 44 million, a decrease of 61.1% from HKD 113 million in the previous year[90]. - Operating loss for the six months ended September 30, 2023, was HKD (120) million, compared to HKD (146) million for the same period in 2022[118]. Assets and Liabilities - The company reported a total non-current asset value of HKD 2,197,759 thousand as of September 30, 2023, down from HKD 2,345,914 thousand, a decrease of approximately 6.3%[37]. - Total current liabilities increased to HKD 1,749,531 thousand from HKD 1,527,093 thousand, reflecting an increase of about 14.5%[37]. - The company's total assets less current liabilities decreased from HKD 5,419,529,000 to HKD 5,172,250,000, a decline of about 4.6%[54]. - Non-current liabilities decreased from HKD 403,966,000 to HKD 361,945,000, a reduction of approximately 10.4%[55]. - Total equity attributable to the company's ordinary equity holders decreased from HKD 5,015,563,000 to HKD 4,810,305,000, a decline of approximately 4.1%[39]. Cash Flow and Investments - Operating cash inflow for the six months ended September 30, 2023, was HKD 186,089, compared to HKD 252,404 for the same period in 2022, representing a decrease of approximately 26.3%[58]. - The net cash outflow from investing activities for the six months ended September 30, 2023, was HKD 407,927, compared to HKD 347,115 in the same period of 2022, indicating an increase in cash used for investments[58]. - The group acquired property, plant, and equipment valued at HKD 55,634,000 during the six months ended September 30, 2023, compared to HKD 80,989,000 in the same period of 2022, reflecting a decrease of approximately 31.2%[71]. - Capital expenditures for the six months ended September 30, 2023, were HKD 62 million, down from HKD 111 million for the same period in 2022[92]. Revenue Breakdown - Revenue from external customers for knitted fabrics, cotton yarn, and garments was HKD 1,980,996 thousand, down from HKD 2,577,274 thousand in the previous year[78]. - Retail sales net amount for the six months ended September 30, 2023, was HKD 661 million, down from HKD 820 million for the same period in 2022, with a comparable store sales growth rate of (13.4)%[118]. - Retail sales net amount in Mainland China for the six months ended September 30, 2023, was HKD 387 million, a decrease of 30% compared to HKD 553 million for the same period in 2022[119]. - The retail business in Hong Kong showed slight growth, with sales increasing to HKD 257 million and a gross margin increase of 13.7 percentage points to 62.9%[93]. Dividends - The company declared an interim dividend of HKD 69,085,000, consistent with the previous year's interim dividend[57]. - The interim dividend declared for the six months ended September 30, 2023, is HKD 0.05 per share, down from HKD 0.10 per share for the same period in 2022[112]. - The group reported a mid-term dividend of HKD 69,085 for the six months ended September 30, 2023, down from HKD 138,170 in the same period of 2022, indicating a 50% reduction[70]. Employee and Corporate Governance - As of September 30, 2023, the company had approximately 8,921 employees, down from 9,784 as of March 31, 2023[106]. - The board of directors has complied with all provisions of the Corporate Governance Code, except for the attendance of the chairman at the annual general meeting[159]. - The company will seek suitable candidates to fulfill the independent director role following a recent board change[158]. Acquisitions and Future Plans - The company is in the process of acquiring Fashion Time Viet Nam Limited for USD 78,591,942[88]. - The acquisition of Fashion Time is pending completion, which will make it a wholly-owned subsidiary of the company[142]. - The company plans to actively reduce or close physical stores in mainland China while expanding overseas and e-commerce sales, expecting a significant reduction in retail losses[108]. Risk Management - The company has assessed that the credit risk associated with its bank loans is not significant as of September 30, 2023[18]. - The company maintains a prudent financial strategy to navigate future opportunities and challenges amid high inflation and rising interest rates[146][147]. - The company has arranged forward foreign exchange contracts to mitigate currency risk[141].