Financial Performance - Revenue for the six months ended September 30, 2022, increased to HK$84,037,000, representing a growth of 10.5% compared to HK$76,134,000 in the same period of 2021[12]. - Gross profit for the same period was HK$82,202,000, up from HK$75,372,000, indicating a gross margin improvement[12]. - Profit for the period surged to HK$95,320,000, a significant increase of 229.5% from HK$28,963,000 in the prior year[12]. - Profit attributable to owners of the Company was HK$76,885,000, compared to HK$10,879,000 in the previous year, reflecting a substantial rise[12]. - Basic and diluted earnings per share increased to 10.67 HK cents, compared to 1.51 HK cents in the same period last year[12]. - The company reported a profit for the period of HK$76,885, compared to a profit of HK$10,879 in the previous period[27]. - Reportable segment profit for the same period was HK$63,114,000, compared to HK$57,075,000 in 2021, indicating an increase of about 10.5%[78]. - The company reported a consolidated profit before income tax of HK$107,281,000 for the period, significantly higher than HK$41,038,000 in the previous year, marking an increase of approximately 161.5%[78]. Comprehensive Income - Other comprehensive expenses for the period amounted to HK$124,563,000, primarily due to exchange differences on translation of financial statements of foreign operations[17]. - Total comprehensive expenses for the period were HK$29,243,000, contrasting with a total comprehensive income of HK$54,462,000 in the previous year[17]. - Other comprehensive income included foreign exchange differences of HK$18,038, contributing to total comprehensive income of HK$54,462 for the period[27]. Expenses and Cost Management - Administrative expenses decreased to HK$13,914,000 from HK$19,145,000, indicating improved cost management[12]. - Finance costs reduced significantly to HK$7,735,000 from HK$12,822,000, reflecting better financial efficiency[12]. - Interest expense on bank and other borrowings for the period was HK$6,952,000, an increase from HK$4,739,000 in the previous year[74]. - Interest on bank and other borrowings increased to HK$7,318,000 from HK$5,186,000, reflecting a rise of 41% year-over-year[86]. - The Group's income tax expenses for the period were HK$11,961,000, slightly down from HK$12,075,000 in the previous year, indicating a decrease of 0.9%[88]. - Depreciation of property, plant, and equipment decreased to HK$240,000 from HK$900,000, showing a reduction of 73%[93]. Assets and Liabilities - As of September 30, 2022, total assets amounted to HK$1,990,563, a decrease from HK$2,349,270 as of March 31, 2022, representing a decline of approximately 15.2%[20]. - Total liabilities as of September 30, 2022, were approximately HK$880 million, compared to HK$1,109 million as of March 31, 2022, resulting in a gearing ratio of 0.44[150]. - Current liabilities decreased to HK$316,105 from HK$500,724, a reduction of about 37%[20]. - Net current assets improved to HK$167,170 compared to a net liability of HK$135,351 as of March 31, 2022[20]. - Non-current liabilities decreased to HK$563,679 from HK$608,678, reflecting a decline of approximately 7.4%[23]. - Total equity attributable to owners of the Company was HK$831,324, down from HK$901,948, a decrease of about 7.8%[23]. - Total assets as of 30 September 2022 were HK$1,990,563,000, down from HK$2,349,270,000 as of 31 March 2022, reflecting a decrease of approximately 15.3%[81]. - Segment liabilities as of 30 September 2022 were HK$830,160,000, down from HK$924,591,000 as of 31 March 2022, indicating a decrease of about 10.2%[83]. Cash Flow - Net cash generated from operating activities for the six months ended 30 September 2022 was HK$89,342,000, a significant increase from HK$18,266,000 in the same period of 2021[32]. - Net cash used in investing activities was (HK$105,720,000), compared to cash generated of HK$83,372,000 in the previous year[32]. - Net cash generated from financing activities was HK$18,838,000, improving from a net cash used of (HK$36,453,000) in the prior year[32]. - The net increase in cash and cash equivalents for the period was HK$2,460,000, a decrease from HK$65,185,000 in the same period last year[32]. - Cash and cash equivalents at the end of the period were HK$54,197,000, down from HK$83,730,000 at the end of the previous year[32]. - The effect of foreign exchange rate changes on cash and cash equivalents was (HK$6,178,000), compared to a positive impact of HK$4,865,000 in the prior year[32]. Business Operations - The principal activities of the Group include leasing oil and liquefied chemical terminals and providing insurance brokerage services[35]. - The Group's financial statements are prepared in accordance with Hong Kong Accounting Standards and applicable disclosure requirements[41]. - The Group adopted all amendments to HKFRSs effective from 1 April 2022, with no significant changes to accounting policies[41]. - The Oil and Liquefied Chemical Terminal segment represents the business of leasing port and storage facilities in Shandong Province, PRC, and trading of oil and liquefied chemical products, with customers primarily located in the PRC[69]. - The Insurance Brokerage Service segment provides insurance brokerage services in Hong Kong, with no inter-segment sales or transfers reported during the six months ended 30 September 2022[69]. - The Group has been actively promoting the continual construction of the Port and Storage Facilities since acquiring a 51% interest in Shundong Port in December 2015[153]. - The construction of the Port and Storage Facilities was completed in late September 2017, with partial operations commencing at that time[153]. Share Capital and Corporate Governance - The company consolidated every ten shares with a par value of HK$0.10 into one consolidated share with a par value of HK$1.00, effective from 15 September 2022, resulting in a total of 720,562,890 shares[118]. - The authorized share capital after the Share Consolidation became HK$1,500,000,000 divided into 1,500,000,000 consolidated shares of par value HK$1.00 each[158]. - The Board did not recommend any interim dividend for the period, consistent with the previous year[153]. - The Company expresses gratitude to shareholders for their continued support and acknowledges the contributions of Directors and staff[194]. - The Board has adopted and complied with the code provisions of the Corporate Governance Code, with a deviation from code provision C.1.6[189]. - The Company has adopted the Model Code and confirmed compliance by all Directors throughout the Period[192]. Legal Matters - The Group lost control over the assets of Qinghai Forest Source Mining Industry Developing Company Limited and Inner Mongolia Forest Source Mining Industry Developing Company Limited, leading to their deconsolidation since 2010[50]. - The Group is currently seeking legal advice to regain control over the exploration license lost in 2010, which was transferred without the Company's knowledge for RMB8,000,000[49]. - The final decision on the Change of Exploration Right Agreement deemed it invalid, but the Group is still in the process of resolving the matter with Yuen Xian Company[49]. - The Group's directors believe that the legal proceedings regarding QHFSMI and IMFSMI have no material impact on the financial position and operations of the Group[50]. Employee and Management Information - The Group employed 62 full-time employees as of September 30, 2022, a decrease from 71 employees as of March 31, 2022[153]. - The remuneration for key management personnel for the six months ended 30 September 2022 was HK$1,395,000, compared to HK$1,287,000 for the same period in 2021[132]. - Mr. Chan Wai Cheung Admiral's remuneration is revised to HK$100,000 per month following his resignation as company secretary[194].
能源国际投资(00353) - 2023 - 中期财报