亚洲速运(08620) - 2025 - 中期财报

Company Information This report provides essential company information for Asia Express Logistics Holdings Limited, including board composition, registered office, and key professional advisors - The report details fundamental company information for Asia Express Logistics Holdings Limited, covering its board, committees, registered office, and key professional relationships[5][6][7] Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended September 30, 2024, revenue decreased 4.5% to HKD 176 million, while profit for the period significantly declined 53.6% to HKD 1.133 million, with basic EPS at 0.21 HK cents Consolidated Statement of Profit or Loss Key Data | Indicator | For the six months ended September 30, 2024 ('000 HKD) | For the six months ended September 30, 2023 ('000 HKD) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 175,934 | 184,270 | -4.5% | | Profit before tax | 1,133 | 2,443 | -53.6% | | Profit for the period | 1,133 | 2,443 | -53.6% | | Total comprehensive income for the period | 1,315 | 2,681 | -50.9% | | Basic earnings per share (HK cents) | 0.21 | 0.47 | -55.3% | Condensed Consolidated Statement of Financial Position As of September 30, 2024, total assets were HKD 113 million, total liabilities HKD 75.67 million, and net assets HKD 37.78 million, representing a 3.6% increase from March 31, 2024, with net current assets turning positive Consolidated Statement of Financial Position Key Data | Indicator | As of September 30, 2024 ('000 HKD) | As of March 31, 2024 ('000 HKD) | Period Change | | :--- | :--- | :--- | :--- | | Non-current assets | 47,612 | 51,585 | -7.7% | | Current assets | 65,840 | 60,249 | +9.3% | | Current liabilities | 62,454 | 62,452 | +0.0% | | Non-current liabilities | 13,216 | 12,915 | +2.3% | | Net assets (Total equity) | 37,782 | 36,467 | +3.6% | Condensed Consolidated Statement of Changes in Equity As of September 30, 2024, total equity increased to HKD 37.782 million, primarily driven by HKD 1.133 million profit for the period and HKD 0.182 million in other comprehensive income - Total equity for the period increased by HKD 1.315 million from HKD 36.467 million to HKD 37.782 million, primarily contributed by profit for the period and changes in exchange reserves[18] Condensed Consolidated Statement of Cash Flows During the reporting period, net cash and cash equivalents decreased by HKD 2.145 million, with net cash inflow from operating activities significantly reduced to HKD 2.39 million, while net cash outflow from financing activities narrowed Cash Flow Statement Key Data | Activity Type | For the six months ended September 30, 2024 ('000 HKD) | For the six months ended September 30, 2023 ('000 HKD) | | :--- | :--- | :--- | | Net cash from operating activities | 2,390 | 13,897 | | Net cash from investing activities | 318 | 12,195 | | Net cash used in financing activities | (4,853) | (21,980) | | Net (decrease)/increase in cash and cash equivalents | (2,145) | 4,112 | Notes to the Condensed Consolidated Financial Statements The notes detail the basis of financial statement preparation, accounting policies, and specific item compositions, highlighting core business in Hong Kong and China, with revenue primarily from Hong Kong and high reliance on two major customers - The Group's principal activities involve providing air cargo terminal operations, transportation, and warehousing services in Hong Kong and China[25] 4. Revenue and Segment Information Total revenue for the period was HKD 176 million, down 4.5% year-on-year, with air cargo terminal operations revenue up 15.8% offsetting declines in transportation and warehousing, while Hong Kong contributed most revenue and two major customers accounted for 68.8% of total revenue Revenue by Service Type | Service Type | H1 2024 ('000 HKD) | H1 2023 ('000 HKD) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Air cargo terminal operations services | 65,045 | 56,158 | +15.8% | | Transportation services | 46,872 | 52,101 | -10.0% | | Warehousing and other value-added services | 64,017 | 76,011 | -15.8% | | Total | 175,934 | 184,270 | -4.5% | Revenue by Geographical Location | Region | H1 2024 ('000 HKD) | H1 2023 ('000 HKD) | | :--- | :--- | :--- | | Hong Kong | 170,298 | 177,674 | | China | 5,636 | 6,596 | - Revenue from Client A increased by 15.1% year-on-year to HKD 74.81 million, while revenue from Client B significantly decreased by 31.7% to HKD 46.32 million[41] 8. Earnings Per Share For the period, profit attributable to owners for basic EPS calculation was HKD 1.133 million, with 528 million weighted average ordinary shares, resulting in basic EPS of 0.21 HK cents Basic Earnings Per Share Calculation Data | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Profit attributable (HKD '000) | 1,133 | 2,443 | | Weighted average ordinary shares | 528,000,000 | 515,934,427 | 10. Trade and Other Receivables As of September 30, 2024, net trade receivables were HKD 44.77 million, up 20.9% from the period start, with approximately 89% of receivables within 30 days, indicating sound credit risk management - The Group generally provides customers with credit terms of 30 to 60 days[54] Trade Receivables Ageing Analysis (Net of Provision) | Ageing | As of September 30, 2024 ('000 HKD) | As of March 31, 2024 ('000 HKD) | | :--- | :--- | :--- | | Within 30 days | 39,971 | 25,454 | | 31 to 60 days | 3,656 | 10,689 | | 61 to 90 days | 663 | 576 | | Over 90 days | 480 | 325 | | Total | 44,770 | 37,044 | 12. Bank Borrowings As of September 30, 2024, secured floating-rate bank borrowings totaled HKD 12 million, a decrease of HKD 1.5 million from the period start, with an average effective annual interest rate of approximately 6.24%, collateralized by pledged bank deposits and company guarantees - As of September 30, 2024, the bank loan balance was HKD 12 million, a decrease from HKD 13.5 million as of March 31, 2024[66] - The loan interest rate is HIBOR plus 1.8%, with an average effective annual interest rate of approximately 6.24%[66] Management Discussion and Analysis Business Review and Prospects During the period, Group revenue and profit declined due to business restructuring by a major client, partially offset by sales growth from another key client, with the Group remaining cautiously optimistic about future prospects, focusing on client diversification and strategic adjustments for sustainable growth - During the reporting period, Group revenue decreased by approximately 4.5%, and profit decreased by approximately 53.6% year-on-year[74] - The decline in performance was primarily due to reduced sales from one of the top five clients undergoing restructuring, partially offset by sales growth from another top five client due to contract renewal price adjustments[75] - Looking ahead, the Group remains cautiously optimistic about its performance, aiming to sustain long-term growth through client diversification, innovation focus, and operational efficiency improvements[75] Financial Review This period's financial performance was impacted by changes in major client business, resulting in a 4.5% overall revenue decrease; cost control efforts saw stable employee benefits and dispatched labor costs, while warehousing operating costs and depreciation decreased due to business volume and asset changes, and finance costs reduced from partial bank loan repayment, leading to a 53.6% profit decline for the period Revenue Overall revenue decreased 4.5% from HKD 184 million to HKD 176 million, primarily due to a 31.6% sales reduction from a major client, though partially offset by a 15.8% increase in air cargo terminal operations revenue - Sales from one of the top five clients decreased by 31.6% from HKD 67.8 million to HKD 46.3 million, which was the primary reason for the revenue decline[79] Costs and Expenses Costs and expenses varied, with stable employee benefits and dispatched labor costs, a slight 1.2% increase in transportation costs, and significant decreases in warehousing operating costs, property, plant and equipment depreciation, and right-of-use asset depreciation by 11.8%, 5.1%, and 47.9% respectively, driven by volume adjustments and lease expirations - Employee benefits expenses and dispatched labor costs remained stable at approximately HKD 23.1 million and HKD 62.2 million, respectively[82][83] - Warehousing operating costs decreased by 11.8% to HKD 14 million due to lower business volume[87] - Depreciation of right-of-use assets significantly decreased by 47.9% to HKD 3.9 million due to the expiration of certain warehouse and office leases[89] Finance Costs Finance costs significantly decreased by 39.3% from HKD 1.8 million to HKD 1.1 million, primarily due to reduced interest expenses from partial repayment of bank borrowings during the period - Finance costs decreased by 39.3% year-on-year, primarily due to reduced interest expenses from partial repayment of bank borrowings[91] Profit for the Period Impacted by a significant sales reduction due to a major client's restructuring, the Group's profit for the period decreased 53.6% from HKD 2.4 million to HKD 1.1 million - The decrease in profit was primarily due to a significant reduction in sales from one of the top five clients undergoing restructuring[95] Borrowings As of September 30, 2024, bank borrowings decreased to HKD 12 million, leading to a reduction in the net debt-to-equity ratio (bank borrowings and lease liabilities/total equity) from 93.3% to 84.8% - The net debt-to-equity ratio decreased from 93.3% at the beginning of the period to 84.8%[97] Liquidity and Financial Resources The Group primarily relies on operating cash flow and bank borrowings for funding, with a liquidity ratio of approximately 1.1 and bank balances and cash of HKD 9 million as of September 30, 2024, indicating sufficient liquidity for its financing needs - As of September 30, 2024, the current ratio was approximately 1.1, and total bank balances and cash were approximately HKD 9 million[103] Capital Structure The Group's capital structure, comprising share capital and reserves, remained unchanged during the period, with 528 million shares issued as of September 30, 2024, and the Board regularly reviews it - The capital structure remained unchanged during the period, with 528,000,000 shares issued[108] Other Information Disclosure Directors' and Chief Executives' Interests Disclosures show Chairman Mr. Chan Lit Pong holds 62.5% of the company's shares through a controlled corporation as controlling shareholder, while Non-executive Director Mr. Choi Wing Hang holds 5.7% through a controlled corporation, with 3C Holding Limited (62.5%) and Keen City Limited (5.7%) as major shareholders Directors' and Major Shareholders' Shareholdings | Name/Entity | Capacity | Number of Shares Held | Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Chan Lit Pong | Controlling Shareholder | 330,120,000 | 62.5% | | Mr. Choi Wing Hang | Non-executive Director | 29,880,000 | 5.7% | | 3C Holding Limited | Major Shareholder | 330,120,000 | 62.5% | | Keen City Limited | Major Shareholder | 29,880,000 | 5.7% | Share Option Scheme For the six months ended September 30, 2024, no share options were granted, exercised, lapsed, or cancelled under the company's share option scheme, and no outstanding share options existed - No share options were granted, exercised, lapsed, or cancelled during the period, nor were there any outstanding share options[125] Corporate Governance The company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the GEM Listing Rules during the reporting period, with the Board ensuring a balance of power and accountability - For the six months ended September 30, 2024, the Company complied with all code provisions set out in Part 2 of Appendix C1 to the GEM Listing Rules[132] Audit Committee The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements and interim report for the period, deeming them prepared in compliance with applicable accounting standards and rules with adequate disclosures - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements and this interim report for the six months ended September 30, 2024[135]