Financial Performance - Revenue for the six months ended September 30, 2021, was HK$1,359,791,000, an increase of 42.3% compared to HK$955,834,000 in the same period of 2020[12] - Gross profit for the period was HK$191,875,000, representing a gross margin of 14.1%, up from HK$140,288,000 in the previous year[12] - Profit for the period was HK$49,154,000, a significant increase from HK$1,635,000 in the same period last year[12] - Basic earnings per share attributable to owners of the Company was HK7.73 cents, compared to HK0.07 cent in the previous year[12] - Operating profit increased to HK$100,611,000, compared to HK$51,475,000 in the same period of 2020[12] - Total comprehensive income for the period reached HK$73,052,000, up from HK$58,139,000 in the previous year, indicating an increase of about 25.6%[15] - Profit for the period increased significantly to HK$49,154,000 for the six months ended September 30, 2021, compared to HK$1,635,000 in the same period of 2020, representing a growth of approximately 2,908%[15] - The company reported a profit for the period of HK$1,635,000 for the six months ended 30th September 2021, compared to HK$466,000 for the same period in 2020, indicating a significant increase[30] - Profit before income tax for the Group was HK$6,741,000, a significant recovery from a loss of HK$33,305,000 in the previous year[109] - The profit attributable to owners of the Company for the six months ended 30th September 2021 was HK$49,563,000, a significant increase from HK$466,000 in 2020, representing a growth of approximately 10,563%[135] Costs and Expenses - The Company reported a finance cost of HK$30,821,000, slightly down from HK$33,489,000 in the previous year[12] - The total cost of sales for the period was HK$1,167,916,000, which is an increase from HK$815,546,000 in the same period of 2020[12] - Employee benefit expenses increased to HK$68,597,000, compared to HK$51,622,000 in the prior year, reflecting a rise of 32.8%[119] - The Group reported net finance costs of HK$30,187,000 for the six months ended September 30, 2021, a decrease from HK$33,358,000 in the same period of 2020[123] Assets and Liabilities - Total assets as of September 30, 2021, amounted to HK$3,235,006,000, a rise from HK$2,960,770,000 as of March 31, 2021, reflecting an increase of approximately 9.2%[18] - Total equity attributable to owners of the Company increased to HK$952,297,000 from HK$887,721,000, marking a growth of about 7.3%[18] - Current liabilities rose to HK$1,279,711,000, compared to HK$1,065,294,000 in the previous period, representing an increase of approximately 20.1%[20] - Non-current assets totaled HK$1,915,951,000, up from HK$1,881,726,000, indicating an increase of about 1.8%[18] - The Group's borrowings as of September 30, 2021, amounted to HK$1,659,069,000, with HK$893,898,000 due within one year[77] - The total financial liabilities as of September 30, 2021, were HK$1,987,952,000, compared to HK$1,855,498,000 as of March 31, 2021[77] - The Group's liquidity risk is highlighted by trade and bill payables of HK$173,837,000 due within one year as of September 30, 2021[77] Cash Flow - Cash flows from operating activities showed a net cash outflow of HK$108,526,000 for the six months ended 30th September 2021, compared to a net cash inflow of HK$107,489,000 in 2020, reflecting a change of approximately HK$215,015,000[30] - Net cash outflow from investing activities was HK$140,876,000 for the six months ended 30th September 2021, a decrease from a net cash inflow of HK$73,390,000 in the same period of 2020[30] - The company experienced a net cash inflow from financing activities of HK$188,549,000 for the six months ended 30th September 2021, compared to a net cash outflow of HK$72,599,000 in 2020[32] - Cash and cash equivalents increased to HK$158,756,000 from HK$119,098,000, reflecting a growth of approximately 33.3%[18] - Cash and cash equivalents at the end of the period were HK$158,756,000, an increase from HK$95,297,000 at the end of the same period in 2020, representing a growth of approximately 66.4%[32] Dividends and Shareholder Returns - The company paid dividends amounting to HK$6,412,000 to owners for the six months ended 30th September 2021, with no dividends paid in the same period of 2020[32] - An interim dividend of HK1.50 cents per ordinary share was declared, totaling approximately HK$9,614,000, which was not recognized as a liability in the interim financial information[128] Business Operations - The company’s principal activities include distribution and processing of construction materials, trading of sanitary wares, and property investment, indicating a diversified business model[36] - Sales of goods contributed HK$1,312,812,000, while service income and rental income were HK$23,224,000 and HK$23,755,000 respectively[98] - The construction materials business generated revenue of HK$1,115,710,000, while the BDS business and property investment and project management business reported revenues of HK$197,102,000 and HK$46,965,000 respectively[105] Financial Instruments and Valuation - The fair value of financial assets measured at fair value as of September 30, 2021, was HK$5,260,000, while financial liabilities were recorded at (HK$909,000)[89] - The fair value estimation of financial instruments is categorized into three levels, with Level 1 assets valued at HK$5,260,000 and Level 2 liabilities at (HK$909,000)[89] - The company has not made any transfers between valuation levels during the reporting period, maintaining consistency in valuation techniques[94] Risk Management - The Group's interest rate risk is primarily from borrowings, with HK$97,840,000 converted from variable to fixed interest rates through interest rate swaps as of September 30, 2021[80] - The Group is exposed to commodity price risk due to trading in steel products, with committed sales orders exceeding on-hand inventories[73] - The Group's financial risk management policies have not changed significantly since the annual financial statements as of March 31, 2021[75] Future Outlook - The Group is in the process of assessing the impact of new standards and amendments that will become effective in the future on its results and financial position[64] - The Group adopted HKFRS 16 (Amendments) – COVID-19-Related Rent Concessions retrospectively from April 1, 2021, allowing lessees to account for qualifying rent concessions as if they were not lease modifications[54] - The newly adopted amendments to existing standards did not have any material impact on the results and financial position of the Group[54]
沪港联合(01001) - 2022 - 中期财报