Financial Performance - Total revenue for the six months ended June 30, 2021, was approximately HKD 501.8 million, a decrease of about 60.2% compared to HKD 1,262 million for the same period in 2020[4] - The pre-tax loss for the period was approximately HKD 27.2 million, an increase of about 11.9% from a pre-tax loss of HKD 24.3 million in the same period of 2020[4] - Loss attributable to equity holders of the company was approximately HKD 28.6 million, up about 8.3% from HKD 26.4 million in the same period of 2020[4] - Basic and diluted loss per share was approximately HKD 2.22, compared to HKD 2.05 for the same period in 2020[5] - The company reported a total comprehensive loss of HKD 22.4 million for the six months ended June 30, 2021, compared to HKD 46.0 million for the same period in 2020[10] - The company reported a net loss of HKD 42,396,000 for the six months ended June 30, 2021, compared to a loss of HKD 40,526,000 for the same period in 2020[16] - The company recorded a loss before tax of HKD 27,180,000 for the six months ended June 30, 2021, compared to a loss of HKD 40,285,000 for the same period in 2020, showing an improvement of about 32.5%[32] - The company reported a total loss for the period of HKD 27,226,000, compared to a loss of HKD 40,526,000 in the same period last year, indicating a reduction in losses of approximately 32.8%[32] Assets and Liabilities - Non-current assets as of June 30, 2021, totaled HKD 192.8 million, an increase from HKD 167.8 million as of December 31, 2020[11] - Current assets as of June 30, 2021, were HKD 232.0 million, down from HKD 475.4 million as of December 31, 2020[11] - Total assets decreased to HKD 206,567,000 from a negative net current asset position of HKD 320,008,000 in the previous year[15] - Total assets as of June 30, 2021, amounted to HKD 424,735,000, compared to HKD 643,128,000 as of December 31, 2020, indicating a decrease of approximately 33.9%[37] - Total liabilities as of June 30, 2021, were HKD 829,633,000, a reduction from HKD 1,025,672,000 at the end of 2020, representing a decline of about 19.1%[40] - The company’s net debt position worsened to HKD (404,898,000) from HKD (382,544,000) year-over-year[15] - The company’s total liabilities increased significantly, with current liabilities at HKD 393,025,000 compared to HKD 402,334,000 in the previous year[15] - The company’s total current liabilities were HKD 89,448,000 as of June 30, 2021, down from HKD 129,196,000 as of December 31, 2020[77] Revenue Breakdown - The trading business generated revenue of HKD 486,943,000, down from HKD 1,256,548,000 in the previous year, indicating a decrease of about 61.3%[46] - The petrochemical storage business reported revenue of HKD 14,865,000, an increase from HKD 5,495,000 in the prior year, reflecting a growth of approximately 170.5%[46] - Revenue from external customers in Hong Kong was HKD 353,030,000, significantly down from HKD 1,207,432,000 in the previous year, a decrease of approximately 70.8%[43] - Revenue from external customers in China increased to HKD 139,920,000 from HKD 54,053,000, marking a growth of about 158.5%[43] Cash Flow and Expenditures - Operating cash flow for the period was negative HKD 190,705,000, a significant decline from positive cash flow of HKD 207,995,000 in the previous year[19] - Cash and cash equivalents increased to HKD 31.1 million from HKD 16.1 million as of December 31, 2020[11] - The company’s cash and cash equivalents at the end of the period were HKD 31,051,000, down from HKD 33,247,000 at the end of 2020[19] - The company acquired property, plant, and equipment at a cost of approximately HKD 600,000 during the period, a significant decrease from HKD 8,700,000 in the same period last year[58] - The company has capital expenditure commitments of approximately HKD 242,400,000 as of June 30, 2021, compared to HKD 209,500,000 at the end of 2020[129] Shareholder and Corporate Governance - The company did not recommend any interim dividend for the period, consistent with the previous year[55] - Major shareholders include Dafeng Port Overseas, Jiangsu Dafeng, and Jiangsu Yancheng, each holding approximately 57.46% of the issued share capital[136] - The company has not issued or granted any convertible securities, warrants, or similar rights as of June 30, 2021[132] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules, with no known violations during the reporting period[148] - The audit committee, established on August 3, 2013, includes independent non-executive directors and is responsible for reviewing financial statements and overseeing internal control procedures[150] Operational Insights - The company operates in two main segments: trading business and petrochemical product storage services, focusing on electronic products and supply chain management[26] - The company plans to streamline operations and focus on core business development amid ongoing COVID-19 uncertainties[126] - The company aims to identify investment opportunities through the integration and optimization of resources with Jiangsu Yancheng Port Holding Group[126] - The management team regularly reviews foreign currency risks and does not anticipate significant exposure[127] - Jiangsu Dafeng's subsidiary companies are engaged in various trading businesses, including coal, metal ores, and chemical products, which may pose potential competition to the company[145] - The board believes that the product types offered by Jiangsu Dafeng Group differ significantly from those of the company, targeting different customers, thus not posing a significant competitive threat[145] Employee and Operational Costs - As of June 30, 2021, the total employee cost, including director remuneration, was approximately HKD 9,500,000, up from HKD 8,200,000 in the same period last year[128] - The company employs a total of 122 employees as of June 30, 2021, down from 123 employees at the end of 2020[128] Other Financial Information - The total income tax expense for the six months ended June 30, 2021, was HKD 46, unchanged from the same period in 2020[53] - The company has not recognized any impairment for overdue receivables, as the credit quality has not significantly changed[67] - There were no significant contingent liabilities reported as of June 30, 2021[130] - The interim financial statements have not been audited but have been reviewed by the audit committee, which believes they comply with applicable accounting standards and legal requirements[150] - The company expresses gratitude to management, employees, business partners, customers, and shareholders for their ongoing support[153]
大丰港(08310) - 2021 - 中期财报