Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 1,926,401, a decrease of 6.3% compared to HKD 2,055,381 for the same period in 2023[9]. - Gross profit for the same period was HKD 794,933, down 9.4% from HKD 877,319 in 2023[9]. - Operating profit decreased to HKD 125,387, a decline of 14.5% from HKD 146,614 in the previous year[9]. - Profit before tax was HKD 97,141, down 15.5% from HKD 114,985 in 2023[9]. - Net profit for the period was HKD 63,903, a decrease of 18.1% compared to HKD 78,105 in the same period last year[9]. - Basic earnings per share for the period was HKD 0.23, down from HKD 0.27 in 2023[9]. - Total revenue for the group was HKD 1,993,621,000, compared to HKD 2,095,573,000 in the prior period, reflecting a decrease of 4.9%[17]. - The group reported a net profit of HKD 63,903,000, down from HKD 78,105,000, indicating a decline of 18.1%[17]. Assets and Liabilities - Total assets as of June 30, 2024, were HKD 1,824,950, slightly down from HKD 1,843,724 at the end of 2023[11]. - As of June 30, 2024, the total equity amounted to HKD 1,177,650, a decrease of 2.3% from HKD 1,205,058 as of December 31, 2023[12]. - The company's non-current liabilities decreased to HKD 775,119 as of June 30, 2024, down from HKD 804,497 at the end of 2023, reflecting a reduction of 3.6%[12]. - Current liabilities decreased to HKD 1,123,794 from HKD 1,107,123 at the end of 2023, reflecting a slight increase in financial stability[11]. - Cash and bank balances decreased to HKD 182,822,000 as of June 30, 2024, down 60.5% from HKD 462,655,000 as of December 31, 2023[47]. Inventory and Receivables - Inventory increased to HKD 952,122,000, up from HKD 741,108,000 at the end of 2023, indicating a 28.4% rise[11]. - The company experienced an increase in inventory write-downs to HKD 27,564 for the six months ended June 30, 2024, compared to HKD 16,622 in the previous year, representing a 65.5% increase[15]. - Accounts receivable as of June 30, 2024, amounted to HKD 401,677,000, a decrease of 4.3% from HKD 421,889,000 as of December 31, 2023[45]. - The aging of accounts receivable shows that amounts less than 3 months increased to HKD 572,031,000 from HKD 523,316,000, representing a growth of 9.3%[45]. Segment Performance - Revenue for the apparel segment reached HKD 1,040,680,000, an increase from HKD 966,921,000 in the previous year, representing a growth of 7.6%[17]. - Brand business revenue was HKD 952,941,000, down from HKD 1,128,652,000, indicating a decline of 15.6%[17]. - The pre-tax profit for the apparel segment was HKD 122,085,000, compared to HKD 124,548,000 in the previous year, showing a decrease of 2.0%[17]. - Nautica's revenue decreased by 20% in the first half of 2024 compared to the same period in 2023, reflecting a weaker domestic market in China and cautious consumer spending[63]. - Reebok's revenue in the first half of 2024 decreased by 17% compared to the previous year, attributed to slowing consumer demand and ongoing brand restructuring efforts[63]. Cash Flow and Dividends - The operating cash flow for the six months ended June 30, 2024, was a net cash outflow of HKD 212,768, a significant decline from a net inflow of HKD 82,267 in the prior year[15]. - The company paid dividends to non-controlling interests amounting to HKD 3,309 during the period[13]. - The interim dividend declared on August 26, 2024, is HKD 0.06 per share, consistent with the previous year[34]. Shareholder Information - The total issued and fully paid ordinary shares increased to 272,601,253 as of June 30, 2024, from 271,607,253 as of December 31, 2023[54]. - The company’s major shareholder, New Perfect Global Limited, holds 182,577,000 shares, also accounting for approximately 66.98% of the total issued share capital[75]. - The company has a stock option plan adopted on June 6, 2016, to grant options to eligible persons to subscribe for shares[77]. Corporate Governance - The company has adhered to the principles of the Corporate Governance Code, with a noted deviation regarding the roles of the Chairman and CEO being held by the same individual[83]. - All directors confirmed compliance with the Standard Code for securities trading during the reporting period[85]. - The audit committee reviewed the interim financial statements for the six months ended June 30, 2024[90].
联亚集团(00458) - 2024 - 中期财报