Financial Performance - Revenue for the six months ended September 30, 2021, increased by approximately 33.0% to HK$2,460,817,000 from HK$1,850,031,000 in the corresponding period last year[7] - Gross profit for the same period rose from HK$286,206,000 to HK$421,214,000[7] - Profit attributable to owners of the Company for the six months ended September 30, 2021, was HK$37,989,000, compared to HK$31,413,000 in the same period of 2020[7] - Earnings per share attributable to owners of the Company were HK$0.7 cent for the six months ended September 30, 2021, up from HK$0.6 cent in the previous financial period[7] - Operating profit decreased to HK$50,501,000, down 21% from HK$64,007,000 in the previous year[78] - Profit for the period was HK$36,881,000, compared to HK$30,958,000 in the same period of 2020, reflecting a 19% increase[78] - Total comprehensive income for the period was HK$57,060,000, a decrease of 60% compared to HK$142,405,000 in the same period last year[80] - Profit for the period attributable to owners of the Company was HK$37,989,000, up from HK$31,413,000, representing a 21% increase[80] Expenses and Costs - Other income, gains, and losses for the six months ended September 30, 2021, recorded losses of HK$87,606,000, compared to gains of HK$17,787,000 in 2020[7] - Selling and distribution costs increased by approximately 17.6% compared to the same period last year[7] - Administrative expenses for the six months ended September 30, 2021, increased by approximately 19.9% compared to the same period last year[7] - Selling and distribution costs increased to HK$238,757,000 from HK$202,985,000 year-on-year[78] - Administrative expenses rose to HK$44,350,000, compared to HK$37,001,000 in the previous year[78] - Financing costs decreased by approximately 6.7% to approximately HK$32.5 million, attributed to a decrease in borrowings for purchasing automobile inventories[51] Assets and Liabilities - Total assets increased to HK$4,283,876, up from HK$4,086,152, representing a growth of approximately 4.8% year-over-year[14] - Total liabilities rose to HK$1,533,796, compared to HK$1,426,856, indicating an increase of about 7.5%[14] - Net assets reached HK$2,750,080, reflecting a growth of 3.4% from HK$2,659,296[14] - Current ratio decreased slightly to 1.63 from 1.71, indicating a reduction in short-term liquidity[14] - Gearing ratio increased to 22.5%, up from 17.2%, suggesting a higher level of financial leverage[14] - Non-current assets totaled HK$2,482,756,000, an increase from HK$2,575,366,000 as of March 31, 2021[81] - Current assets increased to HK$1,801,120,000 from HK$1,510,786,000, marking a 19.2% rise[81] - Inventories rose significantly to HK$930,216,000, up from HK$696,224,000, indicating a 33.5% increase[81] - Total equity attributable to owners of the Company was HK$2,713,081,000, compared to HK$2,654,955,000, reflecting a growth of 2.2%[83] Market Trends and Outlook - China's luxury goods market is projected to grow, contributing €60 billion or 21% of the global market, making it the second largest after the US[16] - The luxury market in China accounts for over 35% of global luxury spending, with a rising trend expected[16] - The emergence of Gen Z and millennials as key consumers is reshaping the luxury market dynamics in China[16] - Economic growth in China is expected to slow to 5.5% in 2022 from an anticipated 8.2% in 2021, indicating potential challenges ahead[16] - The Group anticipates stable performance in automobile sales for the second half of the financial year[39] - The property management business is expected to continue declining due to tightening real estate policies in China and increased competition[43] Business Segments Performance - Rolls-Royce Motor Cars delivered 1,380 motor cars in Q1 2021, a 62% increase compared to the same period in 2020, surpassing the previous record set in 2019[22] - Bentley's sales increased by approximately 28.4% to HK$1,011.8 million, with 277 units sold, representing a 19.4% increase from 232 units sold last year[22] - Lamborghini recorded a 11.4% increase in unit sales to 49 units, with total sales revenue of approximately HK$180.0 million, up 26.7% from HK$142.1 million last year[22] - Revenue from after-sales services increased to approximately HK$45.0 million, a 9.2% rise compared to the previous year, but gross profit margin decreased from 45.9% to 32.1%[22] - Non-auto dealership division sales increased by approximately 24.5% to HK$187.1 million, compared to HK$150.3 million in the previous financial period[26] - Revenue from the property management business decreased by approximately 18.2% to HK$41.4 million, down from HK$50.6 million in the previous financial period[28] - The film business generated no revenue during the financial period due to delays caused by the COVID-19 Delta variant[29] Shareholder Information - No interim dividend was declared for the six months ended September 30, 2021[7] - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2021, as it aims to reserve more capital for future opportunities[70] - The total number of shares under the New Scheme as of September 30, 2021, was 297,982,885, representing 10% of the issued share capital[72] Legal Matters - On September 9, 2021, the Plaintiff's action against the Company and the Secretary was dismissed by the High Court[66] - The Company received a writ of summons claiming damages of approximately HK$143 million, but the preliminary legal advice indicated that the claim lacked sufficient particulars[66]
新耀莱(00970) - 2022 - 中期财报