Financial Performance - The group recorded revenue from electric vehicle sales of approximately HKD 29.7 million, an increase from HKD 21.5 million in the same period last year[10]. - Gross profit was approximately HKD 4.1 million, with a gross margin of 13.7%, down from 32.5% in the previous year[10]. - The group incurred a loss of approximately HKD 53.9 million, compared to a loss of HKD 29.2 million in the same period last year[11]. - The company's revenue for the first half of the year increased to approximately HKD 29,700,000, up from approximately HKD 23,800,000 for the entire previous year[24]. - The gross profit margin decreased to 13.7% from 32.5% due to intense industry competition[24]. - For the six months ended September 30, 2021, the company reported revenue of HKD 29,717,000, an increase from HKD 21,454,000 in the same period last year, representing a growth of approximately 38.5%[80]. - The gross profit for the same period was HKD 4,078,000, down from HKD 6,974,000, indicating a decline of about 41.0%[80]. - The company incurred a loss before tax of HKD 55,044,000, compared to a loss of HKD 29,651,000 in the previous year, reflecting an increase in losses of approximately 85.5%[80]. - The total comprehensive loss for the period was HKD 21,944,000, a significant decrease from a comprehensive income of HKD 76,749,000 in the prior year[80]. - The basic and diluted loss per share was HKD 0.0058, compared to HKD 0.004 in the previous year, indicating a worsening in per-share performance[83]. Expenses and Liabilities - Administrative expenses increased to approximately HKD 54.7 million, primarily due to legal and professional fees related to a proposed secondary listing amounting to HKD 5.2 million[11]. - The company's administrative and other expenses increased to HKD 54,724,000 from HKD 38,031,000, representing a rise of approximately 43.8%[80]. - Current liabilities rose to HKD 109,732 thousand from HKD 91,493 thousand, marking an increase of about 19.9%[88]. - The company reported a net impairment loss on trade receivables of HKD 286,000, down from HKD 1,104,000 in the previous year, showing an improvement in receivables management[80]. - Other payables and accrued liabilities increased by 5% to HKD 149,000,000 as of September 30, 2021, compared to HKD 142,000,000 as of March 31, 2021[37]. Investments and Orders - The group has received a significant order for 12-meter electric chassis and another large order for 12-meter city buses in Latin America, which are expected to positively impact overall financial performance[18]. - The company has developed a customized city bus named COMET, with plans to deliver at least 500 units within the next 24 months, starting with approximately 100 units by the end of 2022[17]. - The company is negotiating new smart electric bus orders through the Hong Kong Productivity Council and plans to sell fully electric 65-seat buses in Hong Kong[20]. - The company has launched a fully electric 19-seat low-floor minibus, with initial small-scale trial orders received, targeting a market demand exceeding 4,000 units in Hong Kong[20]. - The company agreed to invest €2,027,929.91 (approximately HKD 19,062,000) to acquire 2,698 shares of Quantron AG, representing about 4.98% of the expanded share capital[21]. - The company further agreed to invest €5,000,000 (approximately HKD 45,848,191) to acquire 6,459 shares of Quantron, representing about 10.18% of the expanded share capital, resulting in a total holding of 9,157 shares or approximately 14.43%[21]. Production and Facilities - The company is currently utilizing its existing production facility in Wulong District, Chongqing, to meet increasing overseas order volumes[24]. - The new production facility in Qijiang District, Chongqing, has been completed but has not yet begun installing production equipment[24]. - The company has delivered 12-meter fully electric buses and 4.5-ton fully electric micro trucks to Europe, with plans to deliver a hydrogen bus by the end of 2021[21]. Market Outlook - The company is optimistic about the recovery of the tourism industry post-pandemic, which is expected to drive demand for electric buses in Hong Kong[20]. - The electric vehicle sector is expected to grow rapidly, driven by increasing global focus on air pollution reduction and sustainable economic development[46]. - The company anticipates a return to a more favorable business environment in the next fiscal year, despite the ongoing challenges posed by the COVID-19 pandemic[46]. Legal and Compliance - A contractor initiated arbitration against the company's subsidiary Guangxi Weiri, seeking to freeze assets worth up to RMB 2,055,087[27]. - The company is actively seeking legal advice regarding ongoing litigation related to its subsidiary Guangxi Weiri, which involves a claim for unpaid capital of RMB 21,700,000[29]. - The company has adopted the corporate governance code as per the listing rules and has complied with the relevant principles during the reporting period[75]. Assets and Equity - The company's net asset value as of September 30, 2021, was approximately HKD 2,145,000,000, an increase from HKD 2,071,500,000 as of March 31, 2021[36]. - Total assets as of September 30, 2021, amounted to HKD 2,342,044,000, up from HKD 2,243,525,000 as of March 31, 2021[115]. - The company's equity attributable to owners increased to HKD 2,184,760 thousand from HKD 2,107,732 thousand, reflecting a growth of approximately 3.7%[88]. - The total equity increased from HKD 82,902,000 on March 31, 2021, to HKD 90,096,000 on September 30, 2021, due to share issuance[174]. Employee and Shareholder Information - Employee expenses decreased by 3.8% to HKD 15,300,000 compared to HKD 15,900,000 for the same period last year[51]. - The company employs 106 full-time management and technical staff primarily in Hong Kong and China as of September 30, 2021[51]. - As of September 30, 2021, major shareholders included Mr. Zhang Ren with a beneficial interest of 8.04% and Entrust Limited with a beneficial interest of 10.91%[70]. - The company did not recommend any interim dividend for the six months ended September 30, 2021, consistent with the previous year where no dividend was declared[136].
科轩动力控股(00476) - 2022 - 中期财报