Financial Performance - Total revenue for Johnson Electric Holdings Limited reached $1,937 million, a 9% increase compared to the same period last year, with a 10% increase excluding currency fluctuations and acquisitions [2]. - Gross profit rose to $430 million, representing 22.2% of revenue, up from 20.0% in the previous year [2]. - Adjusted EBITDA was $180 million, or 9.3% of revenue, compared to $111 million or 6.3% in the same period last year [2]. - Net profit attributable to shareholders increased by 115% to $120 million, equivalent to $0.1299 per share [2]. - Basic net profit, excluding unrealized gains or losses related to currency fluctuations and restructuring costs, rose by 66% to $130 million [2]. - Free cash flow from operations was $208 million, significantly up from $80 million in the previous year [2]. - For the first half of the fiscal year 23/24, revenue increased by USD 167.2 million or 9% to USD 1,937.1 million compared to USD 1,769.9 million in the same period of the previous fiscal year [18]. - The gross profit for the first half of fiscal year 23/24 was USD 429.6 million, with a gross margin of 22.2%, up from 20.0% in the previous year [16]. - Adjusted EBITA for the first half of fiscal year 23/24 was USD 180.0 million, representing an adjusted EBITA margin of 9.3%, compared to 6.3% in the previous year [16]. - For the first half of the fiscal year 23/24, the profit attributable to shareholders was $120.1 million, an increase of $64.2 million compared to $55.9 million in the first half of the fiscal year 22/23 [31]. Segment Performance - The automotive segment accounted for 84% of total revenue, with a 17% increase in revenue at constant exchange rates, while global automotive production grew by approximately 10% [5]. - The industrial products segment, which represents 16% of total revenue, saw a 17% decline in revenue at constant exchange rates, primarily due to macroeconomic factors [7]. - The automotive products segment's revenue increased by 17% compared to the first half of the fiscal year 22/23, while global light vehicle production rose by 10% during the same period [23]. - In the Asia-Pacific region, the automotive products segment's revenue grew by 12%, outpacing the region's light vehicle production increase of 9% [23]. - The automotive products segment accounted for 84% of the total group revenue in the first half of fiscal year 23/24, up from 79% in the same period of 22/23 [23]. - The industrial products segment's revenue decreased by 17% compared to the first half of fiscal year 22/23, impacted by inflation and economic uncertainty [27]. Debt and Cash Management - As of September 30, 2023, the total debt-to-capital ratio was 13%, with cash reserves of $440 million [10]. - The total debt decreased to USD 368.3 million from USD 474.0 million, improving the debt-to-capital ratio to 13% from 16% [16]. - 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 [45]. - Cash increased by $31.5 million to $440.2 million as of September 30, 2023, compared to $408.7 million on March 31, 2023 [49]. - Net cash increased by $137.2 million to $71.9 million as of September 30, 2023, from $65.3 million on March 31, 2023 [51]. - The debt-to-capital ratio decreased to 13% as of September 30, 2023, compared to 16% on March 31, 2023 [59]. - The interest coverage ratio increased to 13.8 times as of September 30, 2023, compared to 9.8 times on March 31, 2023 [59]. Dividends and Shareholder Returns - The company maintained an interim dividend of HKD 0.17 per share, equivalent to USD 0.0218 per share, with a scrip dividend option available [2]. - The company declared an interim dividend of HKD 0.17 per share, equivalent to USD 0.0218, consistent with the previous fiscal year's interim dividend [11]. - The company paid $37.4 million in cash dividends during the first half of the 23/24 fiscal year, compared to $7.2 million in the same period of the previous year [45]. - The company plans to offer a scrip dividend option to shareholders, allowing them to receive new shares instead of cash [104]. Corporate Governance - The company continues to adhere to high corporate governance standards as outlined in its 2023 annual report [76]. - The board of directors remains unchanged as of September 30, 2023, maintaining compliance with corporate governance practices [76]. - The company has complied with the standard code of conduct for securities trading as per the listing rules [81]. - The interim results for the six months ended September 30, 2023, have been reviewed by the audit committee and the company's auditors [82]. Investments and Capital Expenditures - The company invested $3.0 million in the joint venture Lean AI during the first half of the 23/24 fiscal year [45]. - The company’s capital expenditures for property, plant, and equipment were $87,673 thousand for the six months ended September 30, 2023, down from $119,920 thousand in the same period of 2022 [122]. - The group invested $80.4 million in non-current segment assets during the first half of the 23/24 fiscal year, compared to $112.7 million in the same period of the previous year [140]. Foreign Exchange and Hedging - The company utilizes forward foreign exchange contracts to hedge against foreign exchange risks, with contracts maturing between 1 to 60 months as of September 30, 2023 [62]. - The fair value net gain from foreign exchange contracts decreased by $32.6 million to $183.6 million as of September 30, 2023, compared to $216.2 million on March 31, 2023 [63]. - The financial assets from ordinary RMB contracts decreased significantly by $50.5 million to a liability of $5.6 million as of September 30, 2023, due to the depreciation of the RMB against the dollar [68]. - The estimated future cash flow benefits from ordinary foreign exchange contracts and cross-currency swaps are projected to be $203 million as of September 30, 2023, down from $222 million on March 31, 2023 [70]. - The net cash flow from operating activities generated by hedging contracts is $11.9 million for the first half of the fiscal year 23/24, compared to $25.2 million for the first half of the fiscal year 22/23 [177]. Miscellaneous - The company has not recorded any significant changes in director information that require disclosure as of September 30, 2023 [80]. - Major shareholders include Wang Guo Yizhen with 57.07% ownership, Deltec Bank & Trust Limited with 23.82%, and HSBC International Trustee Limited with 23.31% [89]. - The company approved a new Restricted and Performance-Based Share Unit Plan on July 13, 2023, replacing the 2015 plan [92].
德昌电机控股(00179) - 2024 - 中期业绩