德昌电机控股(00179) - 2024 - 中期财报

Financial Performance - The group achieved a total revenue of $1,937 million, an increase of 9$430 million, representing 22.2% of revenue, up from 20.0% in the same period last year[3] - Adjusted EBITDA was $180 million, or 9.3$111 million or 6.3% in the previous year[3] - Net profit attributable to shareholders increased by 115% to $120 million, or$0.1299 per share on a fully diluted basis[3] - Basic net profit, excluding unrealized gains or losses related to currency fluctuations and restructuring costs, rose by 66% to $130 million[3] - Free cash flow from operations was$208 million, significantly up from $80 million in the same period last year[3] - For the first half of the fiscal year 23/24, revenue increased by USD 167.2 million or 9$440 million[3] - Cash as of September 30, 2023, was USD 440.2 million, with total debt reduced to USD 368.3 million from USD 474.0 million[12] - The company generated a free cash flow of $208.0 million in the first half of the 23/24 fiscal year, an increase of$127.8 million compared to $80.2 million in the first half of the 22/23 fiscal year[30] - The company repaid$103.3 million in debt during the first half of the 23/24 fiscal year, compared to a repayment of $11.1 million in the same period of the previous year[31] - Cash and cash equivalents increased by$31.5 million to $440.2 million as of September 30, 2023, from$408.7 million as of March 31, 2023[35] Dividends and Shareholder Returns - The company maintained an interim dividend of HKD 0.17 per share (USD 0.0218), with a scrip dividend option available[3] - The interim dividend declared is HKD 0.17 per share, equivalent to USD 0.0218, consistent with the previous fiscal year's interim dividend[9] - The final dividend for the first half of the 23/24 fiscal year is $40.0 million, with$2.6 million settled through the issuance of new shares[43] - The interim dividend for the first half of the 23/24 fiscal year is set at $20.1 million, maintaining the same rate as the previous year[43] Debt and Financial Ratios - The total debt as of September 30, 2023, is$368.3 million, with a net debt after swaps of $358.1 million, reflecting a decrease of$10.2 million[40] - The debt-to-capital ratio decreased to 13% as of September 30, 2023, compared to 16% on March 31, 2023[42] - The total debt to adjusted EBITDA ratio decreased to 0.9 times as of September 30, 2023, from 1.3 times on March 31, 2023[42] - The interest coverage ratio increased to 13.8 times as of September 30, 2023, compared to 9.8 times on March 31, 2023[42] Market and Economic Conditions - The geopolitical environment remains unpredictable, prompting the company to adjust its business model to seize growth opportunities while maintaining flexibility against potential demand shocks[11] - The company is focusing on improving production efficiency and streamlining product lines to enhance competitiveness in the market[10] - The industrial products segment's revenue decreased by 17% in the first half of the 2023/24 fiscal year, impacted by inflation and economic uncertainty[18] Shareholder Structure and Governance - Major shareholder Wang Gu Yizhen holds 531,289,010 shares, representing 57.07% of the company's equity[68] - Deltec Bank & Trust Limited owns 221,760,000 shares, accounting for 23.82% of the equity[68] - HSBC International Trustee Limited holds 217,070,710 shares, which is 23.31% of the equity[68] - The company continues to comply with corporate governance practices as reported in the 2023 annual report[57] - The board of directors has not changed significantly in the six months ending September 30, 2023[61] Accounting and Reporting Changes - The company has adopted new accounting standards effective from April 1, 2023, which may impact future financial reporting[93] - The company is evaluating the impact of new accounting standards on its financial statements, particularly regarding deferred tax assets and liabilities related to international tax reforms effective from April 1, 2023[193] - The company is committed to maintaining compliance with the new accounting standards and will provide updates on any significant impacts in future reports[193]