Financial Performance - The company recorded a net profit of approximately HKD 29,981,000, an increase of about HKD 23,565,000 compared to the same period last year, driven by a revenue increase of approximately HKD 41,653,000[10]. - Revenue for the period was approximately HKD 139,968,000, compared to HKD 98,315,000 for the same period last year, reflecting a significant growth[10]. - The company reported a net cash inflow of approximately HKD 151,825,000, compared to HKD 15,939,000 for the same period last year[11]. - The company reported a profit attributable to owners of the company of HKD 16,020,000 for the six months ended September 30, 2020[82]. - The total comprehensive income for the period was HKD 59,037,000, compared to a loss of HKD 27,919,000 in the previous year[68]. - The company reported a net cash flow from operating activities of HKD 51,785,000 for the six months ended September 30, 2020, compared to HKD 39,460,000 for the same period in 2019, representing a 31.5% increase[80]. - The company’s total comprehensive income for the period was HKD 16,020,000, reflecting the overall financial performance during the reporting period[82]. Revenue and Sales - The company sold 1,541 burial plots during the period, an increase from 1,334 burial plots sold in the same period last year[10]. - Total revenue from China reached HKD 139,968,000 for the six months ended September 30, 2020, up from HKD 98,315,000 in the same period of 2019, indicating a growth of 42.3%[93]. - Sales of burial plots and niches contributed HKD 126,970,000, up 43.3% from HKD 88,586,000 in the previous year[102]. Assets and Equity - As of September 30, 2020, the company's net asset value was approximately HKD 870,866,000, up from HKD 680,328,000 as of March 31, 2020[10]. - Non-current assets totaled HKD 775,880,000 as of September 30, 2020, an increase from HKD 758,110,000 as of March 31, 2020[70]. - Current assets increased to HKD 487,386,000 from HKD 310,919,000, showing a growth of 56.7%[70]. - Total equity increased to HKD 870,866,000 from HKD 680,328,000, representing a growth of 28.0%[72]. Cash and Cash Equivalents - The company has cash and cash equivalents of approximately HKD 235,802,000 as of September 30, 2020, significantly up from HKD 77,657,000 as of March 31, 2020[11]. - The company’s cash and cash equivalents increased by HKD 151,825,000 during the period, compared to an increase of HKD 15,939,000 in the previous period[80]. - The company’s cash and cash equivalents rose to HKD 235,802,000, up from HKD 77,657,000, indicating a significant increase of 203.5%[70]. Share Capital and Rights Issue - The company completed a rights issue on July 30, 2020, raising approximately HKD 131,500,000, with a total of 1,332,817,890 shares issued at a subscription price of HKD 0.1 per share[20]. - As of September 30, 2020, the total number of issued ordinary shares was 2,221,363,150, an increase from 888,545,260 shares on March 31, 2020[20]. - The net proceeds from the rights issue completed on July 30, 2020, amounted to approximately HKD 131,501,000 after deducting related expenses of about HKD 1,780,000[18]. - The company’s total issued share capital increased significantly due to the rights issue, reflecting a strategic move to enhance capital structure[18]. Dividends - The interim dividend declared for the six months ended September 30, 2020, was HKD 0.008 per share, compared to no dividend for the same period in 2019[24]. - The company declared an interim dividend of HKD 0.008 per share, compared to no dividend declared for the same period in 2019[125]. Debt and Liabilities - The debt-to-asset ratio at the end of the period was 0.31, down from 0.36 on March 31, 2020[12]. - The group had bank loans of HKD 133,558,000 as of September 30, 2020, down from HKD 141,578,000 as of March 31, 2020[146]. - The actual interest rate for secured bank loans was 4.75% with maturity between October 2020 and July 2021[138]. Employee Costs - The total employee cost for the period was approximately HKD 17,764,000, down from HKD 19,351,000 for the six months ended September 30, 2019[17]. - Employee benefits expenses (excluding directors and key management personnel) amounted to HKD 15,736,000, a decrease of 9.0% from HKD 17,293,000 in the previous year[104]. Corporate Governance - The company has made changes to its board of directors, with Mr. Yao Hong resigning and Ms. Hong Lianfang appointed as an independent non-executive director effective October 19, 2020[38][53]. - The company has not complied with the listing rules regarding the minimum number of independent non-executive directors on the board and the audit committee prior to the appointment of Ms. Hong Lianfang[52]. - The audit committee, consisting of three independent non-executive directors, has reviewed the financial reporting procedures and internal controls as of September 30, 2020[58]. Social Responsibility and Initiatives - The company has engaged in social responsibility initiatives, including donations to welfare organizations during the pandemic, earning recognition as a "Caring Enterprise"[8]. - The company aims to promote green funerals and modernize the funeral service industry in China, aligning with cultural and environmental values[9]. - The company has initiated remote memorial services such as "cloud memorial" and "proxy memorial" to adapt to the ongoing public health situation[8]. Strategic Investments - The company is exploring several potential strategic investment opportunities following the termination of a memorandum of understanding with Fuyang Tianshou Garden[18]. - The company has approximately HKD 81,490,000 in unutilized net proceeds from the rights issue earmarked for potential strategic investment opportunities[22].
安贤园中国(00922) - 2021 - 中期财报