Financial Performance - Revenue for the six months ended September 30, 2021, was RMB 415,599,000, an increase of 1.3% from RMB 410,539,000 in the same period of 2020[11]. - Gross profit decreased to RMB 119,451,000, down 19.0% from RMB 147,554,000 year-on-year[12]. - Operating profit for the period was RMB 63,154,000, a decline of 31.7% compared to RMB 92,413,000 in the previous year[14]. - Profit before tax was RMB 51,194,000, down 38.4% from RMB 82,893,000 in the same period of 2020[16]. - Net profit for the period was RMB 38,488,000, a decrease of 37.7% from RMB 61,876,000 year-on-year[18]. - Basic and diluted earnings per share decreased to RMB 0.03 from RMB 0.07 year-on-year[23]. - The company reported a profit of RMB 38,488 thousand for the period, compared to RMB 61,876 thousand in the previous period, reflecting a decline of 37.7%[33]. - The company recorded a net profit of approximately RMB 38.5 million for the six months ended September 30, 2021, a decrease of about 37.8% compared to RMB 61.9 million for the same period in 2020[161]. Assets and Liabilities - Total assets as of September 30, 2021, amounted to RMB 2,871,646,000, an increase from RMB 2,481,740,000 as of March 31, 2021[27]. - Non-current assets increased to RMB 1,670,025,000 from RMB 1,340,719,000 in the previous period[27]. - Total liabilities increased to RMB 1,311,072 thousand as of September 30, 2021, up from RMB 930,811 thousand as of March 31, 2021, representing a growth of 40.9%[31]. - Current liabilities rose significantly to RMB 732,081 thousand, compared to RMB 432,131 thousand, marking an increase of 69.5%[31]. - Non-current liabilities totaled RMB 578,991 thousand, an increase from RMB 498,680 thousand, reflecting a growth of 16.1%[31]. - Total equity reached RMB 1,560,574 thousand as of September 30, 2021, up from RMB 1,550,929 thousand, indicating a slight increase of 0.6%[33]. - Total borrowings as of September 30, 2021, were RMB 571,637 thousand, with RMB 124,279 thousand due within one year[69]. - The total financial liabilities as of September 30, 2021, amounted to RMB 1,217,934 thousand, with RMB 697,002 thousand due within one year[69]. Cash Flow - Cash and cash equivalents increased to RMB 209,632,000 from RMB 149,515,000 in the previous period[27]. - Net cash inflow from operating activities was RMB 93,146 thousand, down from RMB 123,862 thousand, a decrease of 24.9%[37]. - The financing activities generated a net cash inflow of RMB 69,674 thousand, compared to RMB 64,729 thousand, an increase of 7.5%[37]. - Cash and cash equivalents at the end of the period were RMB 209,632 thousand, compared to RMB 96,291 thousand at the end of the previous period, showing a growth of 117.5%[37]. Trade Receivables and Credit Risk - Trade receivables rose to RMB 587,921,000, up from RMB 454,428,000 as of March 31, 2021[27]. - As of September 30, 2021, the total trade receivables amounted to RMB 593,652 thousand, with overdue amounts exceeding 180 days totaling RMB 35,529 thousand[60]. - The expected loss rate for trade receivables was 0.97% overall, with the highest rate of 3.82% for amounts overdue for more than 2 years[60]. - The impairment provision for trade receivables as of September 30, 2021, was RMB 5,731 thousand, an increase from RMB 5,695 thousand as of March 31, 2021[63]. - Credit risk related to cash and cash equivalents is managed primarily with reputable banks, with expected credit losses close to zero[54]. - The group applies a simplified approach to measure expected credit losses for trade receivables, using lifetime expected loss provisions[57]. Revenue Sources - Revenue from tower crane services, including operating leases and lifting services, contributed significantly to total revenue, with RMB 192,806,000 from operating leases and RMB 220,460,000 from lifting services for the six months ended September 30, 2021[91]. - Major customers contributing over 10% of total revenue included Customer A, which generated RMB 82,295,000 in revenue for the six months ended September 30, 2021, compared to RMB 65,916,000 in the same period of 2020[82]. Expenses and Costs - The company's cost of sales increased by approximately 12.6% to about RMB 296.1 million for the six months ended September 30, 2021, primarily due to an increase in subcontracting labor costs from RMB 108.2 million to RMB 133.3 million[166]. - Overall gross profit decreased by approximately 19.0% to about RMB 119.5 million, with the gross profit margin declining from approximately 36.0% to 28.8%[167]. - General and administrative expenses rose by approximately 17.6% to about RMB 46.7 million, primarily due to a 10% increase in average employee salaries[172]. - Financing costs increased by approximately 27.8% to about RMB 12.4 million, mainly due to foreign exchange losses from foreign currency borrowings[173]. Shareholder Information - The company declared a dividend of RMB 29,081,000 for the year ended September 30, 2021, compared to RMB 7,646,000 for the previous year, representing an increase of approximately 280%[98]. - A special dividend of HKD 0.03 per share was proposed, totaling approximately HKD 35.0 million, to reward shareholders[193]. - As of September 30, 2021, Mr. Huang holds 758,507,878 ordinary shares, representing 65.0% of the company's total issued share capital[198]. Ownership Structure - Tat Hong China Equipment (China) Pte. Ltd. owns approximately 61.5% of the company's issued share capital, while TH Straits 2015 Pte. Ltd. owns about 3.5%[198]. - The overall ownership structure indicates a strong concentration of control within a small group of individuals and related entities[199]. - The company has a complex ownership structure involving multiple layers of subsidiaries and trusts, impacting governance and decision-making[198]. Employee Information - The total employee cost for the six months ended September 30, 2021, was approximately RMB 49.2 million, an increase of about 39.0% compared to the same period in 2020, driven by an increase in employee numbers and salary increments[188]. - The company employed a total of 1,180 employees as of September 30, 2021[188].
达丰设备(02153) - 2022 - 中期财报