华众车载(06830) - 2025 - 中期业绩

Financial Summary The Group's revenue and profit attributable to owners of the parent grew, while gross profit margin slightly declined | Indicator | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 955,046 | 774,645 | 23.3% | | Profit attributable to owners of the parent | 25,891 | 18,240 | 41.9% | | Gross Profit Margin | 27.4% | 29.0% | -1.6 p.p. | | Basic earnings per share | RMB0.0146 | RMB0.0103 | 41.7% | - The Board of Directors resolved not to declare any interim dividend for the six months ended June 30, 2025 (H1 2024: Nil)[2] Unaudited Interim Results This section presents the unaudited condensed consolidated financial results for the six months ended June 30, 2025 - The unaudited condensed consolidated financial results of the Company and its subsidiaries (collectively, the "Group") for the six months ended June 30, 2025, together with the comparative figures for the six months ended June 30, 2024[3] Interim Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the Group's revenue grew significantly by 23.3% and profit attributable to owners of the parent increased by 41.9%, though gross margin slightly decreased | Indicator | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Revenue | 955,046 | 774,645 | | Cost of sales | (693,747) | (549,856) | | Gross profit | 261,299 | 224,789 | | Other income and gains | 22,984 | 21,719 | | Selling and distribution expenses | (71,008) | (58,253) | | Administrative expenses | (182,366) | (165,089) | | Profit before tax | 29,479 | 25,895 | | Income tax expense | (5,436) | (4,891) | | Profit for the period | 24,043 | 21,004 | | Profit attributable to owners of the parent | 25,891 | 18,240 | | Profit attributable to non-controlling interests | (1,848) | 2,764 | | Basic earnings per share | RMB0.0146 | RMB0.0103 | Interim Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, the Group recorded a total comprehensive income of RMB17,542,000, mainly driven by profit for the period | Indicator | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Profit for the period | 24,043 | 21,004 | | Exchange differences on translation of foreign operations | (145) | 2,892 | | Equity investments designated at FVOCI: Changes in fair value | (8,475) | (53,599) | | Income tax effect | 2,119 | 13,400 | | Other comprehensive loss for the period, net of tax | (6,501) | (37,307) | | Total comprehensive income/(loss) for the period | 17,542 | (16,303) | | Attributable to owners of the parent | 19,390 | (19,067) | | Attributable to non-controlling interests | (1,848) | 2,764 | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total non-current assets slightly increased, while a rise in both current assets and liabilities led to a significant drop in net current assets | Indicator | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Total non-current assets | 1,769,714 | 1,760,651 | | Total current assets | 2,124,244 | 2,023,857 | | Total current liabilities | 2,066,529 | 1,815,563 | | Net current assets | 57,715 | 208,294 | | Total assets less current liabilities | 1,827,429 | 1,968,945 | | Total non-current liabilities | 288,834 | 403,715 | | Net assets | 1,538,595 | 1,565,230 | | Equity attributable to owners of the parent | 1,403,862 | 1,388,885 | | Non-controlling interests | 134,733 | 176,345 | | Total equity | 1,538,595 | 1,565,230 | Notes to the Interim Condensed Consolidated Financial Information This section provides detailed notes on corporate information, basis of preparation, accounting policies, and segment data - This section details the notes to the Group's financial statements, including corporate information, accounting policies, segment information, revenue and expense components, dividend policy, earnings per share calculation, and major balance sheet item changes[13][14][15] Corporate Information Huazhong In-Vehicle Holdings Company Limited was incorporated in the Cayman Islands in 2010 and listed on the Hong Kong Stock Exchange in 2012 - The Company was incorporated in the Cayman Islands on December 3, 2010, and was listed on the Main Board of The Stock Exchange of Hong Kong Limited on January 12, 2012[13] - The Group is principally engaged in the manufacturing and sales of automotive interior and exterior structural and decorative parts, molds and tooling, air-conditioner housings and reservoirs, and other non-automotive products[13] Basis of Preparation The interim financial information is prepared in accordance with IAS 34 and should be read with the 2024 annual financial statements - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting[14] Changes in Accounting Policies and Disclosures Accounting policies are consistent with the previous year, except for the adoption of amended IFRSs, which had no material impact - The initial adoption of amendments to IAS 21, Lack of Exchangeability, had no impact on the interim condensed consolidated financial information as the currencies used by the Group are exchangeable[15][16][17] Operating Segment Information The Group is managed as a single business unit, thus no segment analysis is presented, with Mainland China being the primary source of revenue and location of assets - The Group is organized as a single business unit, primarily engaged in the production and sale of automotive parts and other non-automotive products, therefore no segment analysis is presented[18] Geographical Information Revenue from External Customers (based on customer location): | Region | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Mainland China | 918,078 | 734,408 | | Overseas | 36,968 | 40,237 | | Total | 955,046 | 774,645 | Non-current Assets (based on asset location): | Region | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Mainland China | 1,532,512 | 1,518,891 | | Overseas | 26,652 | 25,442 | | Total | 1,559,164 | 1,544,333 | Revenue, Other Income and Gains The Group's revenue is mainly from customer contracts, with sales of plastic and automotive parts being the primary contributors Disaggregation of Revenue from Contracts with Customers: | Category | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Sales of plastic parts and automotive parts | 867,017 | 678,160 | | Sales of molds and tooling | 88,029 | 96,485 | | Total revenue from contracts with customers | 955,046 | 774,645 | | Geographical markets: | | | | Mainland China | 918,078 | 734,408 | | Overseas | 36,968 | 40,237 | | Total revenue from contracts with customers | 955,046 | 774,645 | | Timing of revenue recognition: | | | | Goods transferred at a point in time | 955,046 | 774,645 | Analysis of Other Income and Gains: | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Rental income | 5,057 | 2,811 | | Government grants | 7,127 | 9,687 | | Management fee | 2,649 | 1,951 | | VAT incentives | 4,274 | 4,924 | | Gain on disposal of items of property, plant and equipment | 90 | 240 | | Gain on sales of scrap materials | 659 | 844 | | Exchange gains | 1,469 | 137 | | Others | 1,659 | 1,125 | | Total | 22,984 | 21,719 | Profit Before Tax The Group's profit before tax was affected by factors including inventory costs, depreciation, higher employee benefits, and reversal of financial asset impairments Profit Before Tax is Arrived at After Charging/(Crediting): | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Cost of inventories recognised | 693,747 | 549,856 | | Depreciation of property, plant and equipment | 61,829 | 55,456 | | Depreciation of right-of-use assets | 10,845 | 8,730 | | Depreciation of investment properties | 1,446 | 1,446 | | Amortisation of intangible assets | 299 | 744 | | Lease payments under short-term leases | 6,653 | 7,118 | | Employee benefit expense | 177,425 | 140,104 | | Net rental income | (5,057) | (2,811) | | Net exchange differences | (1,469) | (137) | | (Reversal of impairment)/impairment of financial assets | (1,389) | 883 | | Write-down of inventories to net realisable value | 3,488 | (1,148) | | Gain on disposal of items of property, plant and equipment | (90) | (240) | Income Tax The Group's income tax expense for the period totaled RMB5,436,000, an increase from the prior year's RMB4,891,000 Components of Income Tax Expense: | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Current income tax - charge for the period | 6,166 | 7,403 | | Deferred tax | (730) | (2,512) | | Total tax charge for the period | 5,436 | 4,891 | Dividend The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 (H1 2024: Nil)[25] Earnings Per Share Attributable to Ordinary Equity Holders of the Parent For the six months ended June 30, 2025, basic earnings per share attributable to owners of the parent was RMB0.0146 Calculation of Basic and Diluted Earnings Per Share: | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Profit attributable to owners of the parent for basic and diluted EPS | 25,891 | 18,240 | | Weighted average number of ordinary shares in issue during the period for basic EPS | 1,769,193,800 | 1,769,193,800 | - Basic earnings per share for the period was calculated based on the consolidated net profit attributable to owners of the parent and the weighted average number of 1,769,193,800 ordinary shares in issue[26] Property, Plant and Equipment During the period, the Group purchased property, plant and equipment costing RMB85,377,000 and disposed of assets with a net book value of RMB6,744,000 - The Group purchased property, plant and equipment at a cost of RMB85,377,000 (H1 2024: RMB101,639,000)[28] - Assets with a net book value of RMB6,744,000 were disposed of, resulting in a net gain on disposal of RMB90,000[28] Trade and Bills Receivables As of June 30, 2025, the Group's net trade receivables remained stable, while bills receivable increased Trade and Bills Receivables: | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Trade receivables | 716,598 | 773,395 | | Bills receivable | 245,665 | 190,378 | | Impairment of trade receivables | (85,556) | (86,945) | | Net carrying amount | 876,707 | 876,828 | Ageing Analysis of Trade Receivables (net of loss allowance): | Ageing | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Within 3 months | 556,549 | 642,655 | | 3 to 6 months | 47,097 | 29,688 | | 6 months to 1 year | 23,022 | 12,023 | | Over 1 year | 4,374 | 2,084 | | Total | 631,042 | 686,450 | Trade and Bills Payables As of June 30, 2025, the Group's total trade and bills payables increased, with payables within three months accounting for the largest portion Ageing Analysis of Trade and Bills Payables (based on invoice date): | Ageing | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Within 3 months | 887,797 | 825,536 | | 3 to 12 months | 395,939 | 378,355 | | 1 to 2 years | 7,528 | 5,227 | | 2 to 3 years | 880 | 3,518 | | Over 3 years | 6,094 | 3,712 | - Certain bills payable were secured by the Group's pledged deposits with a carrying value of RMB69,277,000 as at June 30, 2025 (December 31, 2024: RMB27,990,000)[32] Events After the Reporting Period The Group had no significant events after the reporting period as of June 30, 2025 - The Group had no significant events after June 30, 2025[33] Approval of the Interim Condensed Consolidated Financial Information The unaudited interim financial statements were approved and authorized for issue by the Board of Directors on August 29, 2025 - The unaudited interim condensed consolidated financial statements were approved and authorised for issue by the Board of Directors on August 29, 2025[34] Management Discussion and Analysis This section reviews the Group's business, market performance, financial results, liquidity, and future outlook - This section reviews the Group's business and market performance, analyzes changes in financial indicators, and discusses liquidity, capital structure, major investments, employee policies, and future outlook[35][63] Business and Market Review The Group's revenue for H1 2025 was approximately RMB955,046,000, a YoY increase of 23.3%, while profit attributable to owners of the parent grew by 41.9% - The Group is principally engaged in the manufacturing and sales of automotive interior and exterior structural and decorative parts, molds and tooling, air-conditioner housings and reservoirs, and other non-automotive products[35] | Indicator | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 955,046 | 774,645 | 23.3% | | Profit attributable to owners of the parent | 25,891 | 18,240 | 41.9% | Financial Review This section analyzes changes in the Group's financial indicators, including revenue, gross margin, expenses, and financing costs - The Group's revenue is primarily derived from five product categories: automotive interior and exterior parts, molds and tooling, air-conditioner housings and reservoirs, non-automotive products, and sales of raw materials[36] Revenue Revenue and Gross Profit Margin by Product Category: | Product Category | H1 2025 Revenue (RMB'000) | H1 2025 Gross Margin (%) | H1 2024 Revenue (RMB'000) | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Automotive interior and exterior structural and decorative parts | 735,473 | 29.4 | 543,222 | 32.2 | | Molds and tooling | 88,029 | 19.7 | 96,485 | 22.8 | | Air-conditioner housings and reservoirs | 59,780 | 21.4 | 78,729 | 20.4 | | Non-automotive products | 20,919 | 37.8 | 23,654 | 38.4 | | Sales of raw materials | 50,845 | 13.5 | 32,555 | 8.4 | | Total | 955,046 | 27.4 | 774,645 | 29.0 | - Revenue from automotive interior and exterior parts increased its share from 70.1% to 77.0%, but its gross margin decreased by 2.8 percentage points[37] - Revenue from molds and tooling decreased by 8.8%, and its gross margin fell by 3.1 percentage points[38] - Revenue from air-conditioner housings and reservoirs decreased by 24.0%, while its gross margin increased by 1.0 percentage point[39] - Revenue from sales of raw materials grew by 56.2%, with its gross margin increasing by 5.1 percentage points[40] - The overall gross profit margin decreased to approximately 27.4% (H1 2024: 29.0%)[40] Other Income and Gains | Indicator | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other income and gains | 22,984 | 21,719 | 5.8% | Selling and Distribution Expenses | Indicator | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 71,008 | 58,253 | 21.9% | Administrative Expenses | Indicator | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 182,366 | 165,089 | 10.5% | - The increase in administrative expenses was mainly due to higher research and development expenses during the period[43] Share of Profit of a Joint Venture | Indicator | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Share of profit of a joint venture | 9,555 | 15,274 | -37.5% | Finance Income | Indicator | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance income | 1,069 | 1,578 | -32.3% | Finance Costs | Indicator | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 11,058 | 12,847 | -13.9% | - The decrease in finance costs was mainly due to lower loan interest rates during the six months ended June 30, 2025[46] Tax Expenses | Indicator | H1 2025 (RMB'000) | H1 2024 (RMB'000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Tax expenses | 5,436 | 4,891 | 11.1% | - The increase in tax expenses was mainly due to a smaller decrease in deferred income tax expense in H1 2025 compared to H1 2024[47] Liquidity and Financial Resources The Group's net cash from operating activities decreased significantly, leading to a net cash outflow for the period Cash Flow Summary: | Item | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Net cash flows from operating activities | 29,384 | 130,412 | | Net cash used in investing activities | (75,481) | (86,771) | | Net cash flows from financing activities | 4,829 | 4,141 | | Net cash outflow/(inflow) for the period | (41,268) | 47,782 | Cash and Cash Equivalents: | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Cash and cash equivalents | 119,821 | 161,143 | Interest-bearing Bank and Other Borrowings: | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Total borrowings | 678,330 | 614,212 | | Due within one year | 434,070 | 256,041 | - The Group's borrowings are subject to interest payable at annual rates ranging from 2.06% to 4.55%[49] Capital Commitments As of June 30, 2025, the Group's capital commitments for the purchase of property, plant and equipment increased to approximately RMB142,462,000 | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Capital commitments (for purchase of property, plant and equipment) | 142,462 | 118,475 | Foreign Exchange Risk The Group's foreign exchange risk is not significant as most transactions are denominated in RMB and HKD, and no hedging policy is currently in place - The Group's sales and purchases are mainly denominated in RMB, cash and cash equivalents are mainly in RMB and HKD, and borrowings are in RMB[51] - As the Group's exposure to exchange rate fluctuations is not significant, no foreign currency hedging policy is currently adopted[51] - Management will closely monitor the Group's foreign exchange risk and consider hedging if it becomes significant[51] Capital Structure As of June 30, 2025, the total number of issued and fully paid-up ordinary shares of the Company was 1,769,193,800 | Item | June 30, 2025 (Shares) | | :--- | :--- | | Total issued and fully paid-up ordinary shares | 1,769,193,800 | Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities - As at June 30, 2025, the Group had no significant contingent liabilities (December 31, 2024: Nil)[53] Pledge of Assets As of June 30, 2025, assets of approximately RMB101,849,000 were pledged to secure certain interest-bearing bank and other borrowings Carrying Value of Pledged Assets: | Item | June 30, 2025 (RMB'000) | December 31, 2024 (RMB'000) | | :--- | :--- | :--- | | Property, plant and equipment | 33,628 | 34,624 | | Leasehold land | 38,221 | 38,794 | | Pledged deposits | 30,000 | 30,000 | | Total | 101,849 | 103,418 | Gearing Ratio As of June 30, 2025, the Group's gearing ratio was approximately 60.5%, a slight increase from 58.8% at the end of 2024 | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio | 60.5% | 58.8% | - The gearing ratio is calculated as net debt divided by total capital (including equity attributable to owners of the parent) plus net debt at the end of the review period[55] Significant Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures, and Future Plans for Material Investments or Capital Assets A subsidiary acquired a 15% stake in Ningbo Donghua Lotte Automotive Decorative Fabric Co, Ltd, increasing its holding to 80% to enhance control - The Company's wholly-owned subsidiary acquired a 15% equity interest in Ningbo Donghua Lotte Automotive Decorative Fabric Co, Ltd for a total consideration of EUR4,500,000 (approximately RMB34,290,000)[56] - Following the acquisition, the Group's shareholding in the target company increased from 65% to 80%, aiming to enhance control, improve decision-making, and reduce costs[57] - The Board and independent directors considered the transaction fair and reasonable, supporting the Group's core business of producing automotive parts in China[57] - As of the date of this announcement, the Board has not authorized any plans for material investments or additions of capital assets[59] Employees and Remuneration Policy As of June 30, 2025, the Group had 3,656 employees, with total staff costs increasing year-on-year | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of employees | 3,656 | 3,070 | | Total staff costs (RMB'000) | 177,425 | 140,104 | - The Group's remuneration policy complies with relevant legislation, market conditions, and employee performance, with a share option scheme to reward outstanding contributors[60] Events After the Reporting Period The Group had no significant events after the reporting period up to the date of this announcement - The Group had no significant events after June 30, 2025, and up to the date of this announcement[61] Outlook The Group will expand cooperation with automotive brands, develop lightweight products, and establish a new production facility in Mexico for global expansion - The China Association of Automobile Manufacturers expects total sales of new energy vehicles in China to reach 15.6 million units in 2025, a year-on-year increase of about 28%[62] - The Group will continue to expand cooperation with traditional and new energy vehicle brands to develop lightweight new products using high-performance plastics to replace metal parts[63] - The Group will strengthen its presence in the new energy market, enhance connections with NEV brands, and seek to expand economies of scale[63] - The Group plans to establish a new production facility in Mexico to achieve global business development and secure orders from overseas manufacturers[63] - The Group will focus on optimizing its product portfolio, improving capacity utilization, and strengthening expense management to enhance profitability[63] Forward-Looking Statements This analysis contains forward-looking statements involving known and unknown risks that may cause actual results to differ materially from expectations - Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results, performance, or events to differ materially from those expressed or implied in such statements[64][65] Corporate Governance Code This section details the company's compliance with the Corporate Governance Code, including deviations and committee reports - The Company has adopted the Corporate Governance Code and complied with all applicable code provisions during the reporting period, except for the deviation where the roles of Chairman and CEO are held by the same individual[66][67] Code Provision C.2.1 The Company deviates from Code Provision C.2.1 as Mr Zhou Minfeng serves as both Chairman and CEO, an arrangement the Board believes is effective - Mr Zhou Minfeng currently serves as both the Chairman and Chief Executive Officer of the Company, which deviates from Code Provision C.2.1 of the Corporate Governance Code[67] - The Board believes that the structure of having the same person as Chairman and CEO can effectively implement the Group's business strategies and operations[67] - The Board, comprising two executive directors, four non-executive directors, and four independent non-executive directors, possesses a balanced mix of skills and experience for the Group's development and will review this deviation from time to time[67] Model Code for Securities Transactions by Directors of Listed Issuers The Company has adopted the Model Code for Securities Transactions by Directors and all directors have confirmed compliance during the period - The Company has adopted the Model Code for Securities Transactions by Directors as set out in Appendix C3 to the Listing Rules, and all directors have confirmed their compliance during the reporting period[68] Purchase, Sale or Redemption of the Company's Listed Securities Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company's listed securities during the six months ended June 30, 2025[69] Interim Dividend The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025 (H1 2024: Nil)[70] Audit Committee The Audit Committee, comprising three independent non-executive directors, has reviewed the interim results and found them to be properly prepared - The Audit Committee comprises three independent non-executive directors, namely Ms Xu Li (Chairlady), Mr Wang Dongchen and Mr Xu Jiali[71] - The primary duties of the Audit Committee are to review and supervise the Group's financial reporting process, risk management, and internal control systems[71] - The Audit Committee has reviewed the interim results announcement for the six months ended June 30, 2025, and considers it to be prepared in accordance with applicable accounting standards, rules, and regulations with appropriate disclosures made[71][72] Acknowledgement The Chairman of the Board extends his gratitude to the directors for their guidance and to the employees for their diligent work - The Chairman of the Board thanks the directors for their valuable advice and guidance, and all employees for their hard work and dedication to the Group[73] Publication of Interim Results and Interim Report This interim results announcement is published on the websites of the Stock Exchange and the Company, with the interim report to follow - This interim results announcement is published on the website of the Stock Exchange (www.hkexnews.hk) and the Company's website (http://www.cn-huazhong.com)[74](index=74&type=chunk) - The interim report for the six months ended June 30, 2025 will be dispatched to shareholders and published on the websites of the Stock Exchange and the Company in due course[74]