Financial Performance - Revenue for the six months ended June 30, 2021, was HK$15,180,233, an increase of 37.5% compared to HK$11,070,855 in the same period of 2020[7] - Gross profit for the period was HK$3,337,836, representing a gross margin of 22%[7] - Profit for the period reached HK$2,000,183, a 42.8% increase from HK$1,400,873 in the previous year[7] - Total comprehensive income for the period was HK$2,585,932, significantly up from HK$196,077 in the same period last year[7] - Profit for the period attributable to owners of the Company increased to HK$1,935,969, representing a 45% increase from HK$1,336,120 in 2020[8] - Total comprehensive income attributable to owners of the Company rose to HK$2,521,682, up from HK$131,424 in the previous year, marking a significant increase[8] - Earnings per share improved to HK$44.54, compared to HK$30.68 in 2020, indicating a 45% increase[8] - The profit for the period was HK$1,935,969,000, with a comprehensive income of HK$2,585,932,000 for the six months ended June 30, 2021[15] - The profit for the period rose by 42.8% to HK$2.0 billion, with earnings per share reaching HK$44.54 cents, up from HK$30.68 cents in 2020[77] Income and Expenses - Other income increased to HK$392,801, compared to HK$343,203 in the previous year, reflecting a growth of 14.5%[7] - Distribution and selling expenses rose to HK$503,774, up from HK$307,664, indicating a 63.7% increase[7] - Finance costs decreased to HK$32,784 from HK$81,164, showing a reduction of 59.6%[7] - The income tax expense recognized in profit or loss for the six months ended June 30, 2021, was HK$332,391, compared to HK$240,807 for the same period in 2020, representing an increase of about 38.0%[41] - Total employee benefit expenses amounted to HK$825,998,000, up from HK$591,595,000 in the previous year, reflecting a 39.5% increase[43] - General and administrative expenses increased to HK$724 million, accounting for 4.8% of revenue, compared to 4.5% in the previous year, also due to Southeast Asia market expansion[92] Assets and Liabilities - Current assets increased to HK$14,647,255 from HK$12,002,566, showing a growth of approximately 22%[10] - Non-current assets rose to HK$36,545,208, up from HK$34,797,925, reflecting a growth of about 5%[10] - The company reported a net current assets value of HK$1,980,515, down from HK$3,417,804, indicating a decrease in liquidity[11] - Trade receivables increased to HK$3,682,011,000 from HK$3,296,960,000, representing an increase of 11.7%[51] - Trade and bills payables increased to HK$1,626,168,000 as of June 30, 2021, up from HK$1,455,188,000 as of December 31, 2020, representing an increase of 11.7%[54] - Other payables rose significantly to HK$456,723,000 from HK$219,753,000, marking a 107.5% increase[54] - Outstanding bank borrowings increased to HK$13,990 million from HK$11,327 million at the end of 2020, with a net debt-to-equity ratio rising from 0.33 to 0.38[99] Market and Business Expansion - The company is focused on expanding its market presence and enhancing product offerings to drive future growth[6] - The Group is targeting the Southeast Asian market for international development, with new production capacities introduced in Vietnam, Malaysia, and Indonesia[82] - The tissue paper business has maintained steady growth, with an annual production capacity of about 900,000 tons[83] - The second paper-making machine in the Malaysian plant has an annual production capacity of 350,000 tons and was put into production in April 2021[84] - The Group has acquired a Cambodian company to further expand its local paper-making business[84] Dividends and Shareholder Information - Dividends paid increased to HK$782,396 from HK$565,063, reflecting a 38.5% growth[8] - The Company declared an interim dividend of HK$0.15 per share, an increase from HK$0.12 per share in 2020, marking a 25% rise[45] - The directors and chief executives held significant interests in the Company, with Dr. Lee Man Chun Raymond and Mr. Lee Man Bun each owning 1,358,991,040 ordinary shares, representing 31.27% of the issued share capital[106] Compliance and Governance - The Company complied with the Model Code for Securities Transactions throughout the six months ended June 30, 2021[113] - The Company has adopted the Corporate Governance Practices code and complied with it during the reporting period[114] - The Audit Committee reviewed the Group's unaudited interim financial statements for the six months ended June 30, 2021[116]
理文造纸(02314) - 2021 - 中期财报