Financial Performance - Revenue for the six months ended September 30, 2021, was HK$412.2 million, down 18.1% from HK$503.3 million in 2020[8] - Gross profit decreased to HK$52.0 million, resulting in a gross profit margin of 12.6%, compared to 18.0% in 2020[8] - The company recorded a loss attributable to equity holders of HK$23.5 million, compared to a profit of HK$4.6 million in 2020[8] - Revenue from the headsets and headphones segment was HK$297.3 million, accounting for 72.1% of total revenue, down from HK$369.4 million in 2020[9] - The accessories and components segment generated revenue of HK$114.9 million, down from HK$133.9 million in 2020, with segment profit decreasing to HK$4.4 million from HK$17.3 million[14] - Operating loss for the period was HK$18,022,000 compared to an operating profit of HK$12,884,000 in the previous year[142] - Loss attributable to equity holders of the Company was HK$23,471,000, a significant decline from a profit of HK$4,587,000 in the same period last year[144] - Total comprehensive loss for the period was HK$15,544,000, compared to a comprehensive income of HK$20,947,000 in the prior year[144] Cash Flow and Liquidity - The Group's cash and cash equivalents were approximately HK$413.9 million, representing a decrease of about 15.1% from HK$487.4 million as of March 31, 2021[26] - Cash and cash equivalents at the end of the period decreased to HK$413,896,000 from HK$448,373,000 year-over-year, a decline of approximately 8%[149] - Net cash used in operating activities for the six months ended 30 September 2021 was HK$52,795,000, compared to a net cash generated of HK$38,783,000 in the same period of 2020, representing a significant decline[149] - The Group's total cash outflow from financing activities was HK$16,828,000, which is consistent with the HK$16,773,000 reported in the previous year[149] Assets and Liabilities - As of September 30, 2021, the Group's net current assets amounted to approximately HK$566.5 million, a decrease from HK$591.4 million as of March 31, 2021[25] - Total non-current assets amounted to HK$135,064,000, a decrease from HK$140,417,000 as of March 31, 2021[137] - Current assets increased to HK$815,468,000 from HK$788,956,000, driven by a rise in inventories to HK$182,230,000 from HK$141,090,000[137] - Total current liabilities increased to HK$248,928,000 from HK$197,518,000, primarily due to a rise in trade payables to HK$140,920,000 from HK$94,808,000[137] - Net assets decreased to HK$695,468,000 from HK$723,787,000, reflecting a decline in equity reserves[139] Employee and Operational Metrics - Employee costs during the Interim Period amounted to approximately HK$142.7 million, down from HK$146.5 million in the previous year[33] - The Group employed approximately 2,500 employees as of September 30, 2021, a decrease from 3,100 employees in 2020[33] - The company plans to address rising staff costs by increasing automation and optimizing workforce and workflows[23] Dividends and Shareholder Information - An interim dividend of HK1.0 cent per ordinary share was declared for the Period, down from HK2.0 cents in the previous year[44] - The total number of shares issued as of September 30, 2021, is 425,839,000[55] - Johnny Yeung holds a total of 54,328,500 shares, representing approximately 12.76% of the total shareholding[54] - Simon Yuen has a total of 64,982,500 shares, which is approximately 15.26% of the total shareholding[54] - Michael Chow owns 78,926,500 shares, accounting for approximately 18.53% of the total shareholding[54] Governance and Compliance - The company complied with the Corporate Governance Code during the period, with a noted deviation regarding the separation of roles for chairman and CEO[104] - The company has adopted a code of conduct for securities trading that complies with the standards set out in the Listing Rules[107] - The Remuneration Committee is responsible for reviewing and determining the remuneration policies for directors and senior management, with packages based on market conditions and individual contributions[111] Market and Economic Outlook - The International Monetary Fund projects global economic growth of 5.9% in 2021 and 4.9% in 2022, reflecting a cautious macroeconomic outlook[15] - Challenges included shortages of critical components and shipping containers, with initial signs of improvement noted[16] Financial Risks and Management - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk[167] - There have been no changes in the Group's risk management policies since March 31, 2021[167] - The Group's financial risk management information should be read in conjunction with the annual financial statements for a comprehensive understanding[167]
富士高实业(00927) - 2022 - 中期财报