德昌电机控股(00179) - 2023 - 中期财报

Financial Performance - The group's revenue reached $1,770 million, an increase of 6$355 million, representing 20.0% of revenue, down from 21.3% ($357 million) in the same period last year[3] - Adjusted EBITDA was$111 million, compared to $138 million in the same period last year[3] - Net profit attributable to shareholders decreased by 40$56 million, or $0.0621 per share, fully diluted[3] - Free cash flow from operations was$80 million, compared to a cash outflow of $56 million in the same period last year[3] - The net profit attributable to shareholders for the first half of the fiscal year 22/23 was$55.9 million, a decrease from $93.2 million in the same period of the previous year[12] - The operating profit for the six months ended September 30, 2022, was USD 69,031 thousand, down from USD 116,926 thousand in the previous year, reflecting a decline of approximately 41$55,884 thousand, down from $93,179 thousand in the same period of 2021[186] Revenue Segmentation - The automotive products segment accounted for 79$1,472.2 million, reflecting a 16% increase from $1,268.7 million in the previous year, while the industrial product segment's revenue decreased by 5$384.1 million[14] - Revenue for the first half of the fiscal year 22/23 increased by $182.2 million compared to the first half of the fiscal year 21/22, with the automotive segment contributing an increase of$203.5 million and the industrial segment decreasing by $21.3 million[16] Acquisitions and Investments - The company completed the acquisition of Halla Stackpole Corporation, increasing its stake to 100$17.1 million) for the year ending December 31, 2021[21] - The acquisition of an additional 50% stake in Halla Systech increased the company's ownership from 30% to 80%, with a purchase price of $83.2 million (939 billion KRW)[164] - The company completed the acquisition of the remaining 20$298 million[7] - The company reported a net cash flow change in working capital of $13.3 million, with total working capital amounting to$755.0 million as of September 30, 2022[30] - The company reported cash and cash equivalents of USD 298,165 thousand as of September 30, 2022, down from USD 345,404 thousand[83] - The company reported cash generated from operations for the six months ended September 30, 2022, was $212,578 thousand, significantly higher than$118,693 thousand in the same period of 2021[190] Debt and Financial Ratios - The total debt as of September 30, 2022, was $471.7 million, slightly reduced from$490.8 million as of March 31, 2022[12] - The company's market capitalization as of September 30, 2022, was $911.8 million, down from$1,239.4 million as of March 31, 2022[12] - The debt-to-capital ratio rose from 16% on March 31, 2022, to 17% on September 30, 2022[49] - The interest coverage ratio was 10.7 times as of September 30, 2022, down from 11.9 times on March 31, 2022[49] Shareholder Information - The company announced an interim dividend of HKD 0.17 per share, equivalent to USD 0.0218 per share, with a scrip dividend option available[8] - The company declared an interim dividend of HKD 0.17 per share for the first half of the 22/23 fiscal year, totaling $19.7 million, consistent with the previous year's interim dividend[49] - The company reported a total of 526,627,622 shares held by major shareholder Wang Guo Yizhen, representing 57.478$89.8 million, primarily due to the weakening of the Euro and Renminbi against the US dollar[16] - The euro weakened against the US dollar by 13%, impacting the company's hedging strategies[54] - The US dollar strengthened against the Chinese yuan by 12%, resulting in a decrease in the fair value of RMB contracts by $90.1 million to a liability of$0.7 million as of September 30, 2022[57] - The company continues to manage commodity price risks through cash flow hedging contracts with various expiration dates ranging from 1 to 30 months[62] Employee Compensation and Governance - The total remuneration for directors for the six months ended September 30, 2022, was $1.993 million, a decrease from$4.021 million in the same period of 2021[196] - Senior management compensation for six months ended September 30, 2022, was $3.517 million, down from$6.063 million in the prior year[197] - The company has complied with the standard code for securities transactions as per the listing rules, with all directors confirming adherence for the six months ending September 30, 2022[68] Market Position and Strategy - The company continues to invest in automation to standardize operations and improve product quality and reliability[33] - The company has not changed its risk management policies since March 31, 2022, which include market risk, credit risk, liquidity risk, and capital risk[198] - The company plans to utilize the net proceeds from the bond issuance for general corporate purposes, refinancing, and extending debt maturities[150]