Financial Performance - Revenue for the six months ended September 30, 2022, was HK$3,326,866,000, a decrease of 21.2% from HK$4,221,533,000 in the same period of 2021[18]. - Gross profit for the period was HK$391,472,000, down 27.9% from HK$543,111,000 in the previous year[18]. - Profit for the period decreased to HK$84,875,000, a decline of 57.4% compared to HK$199,222,000 in 2021[20]. - Basic and diluted earnings per share were HK$0.28, down from HK$0.67 in the previous year, representing a decrease of 58.2%[18]. - Total comprehensive expenses for the period amounted to HK$465,973,000, compared to total comprehensive income of HK$275,948,000 in the same period last year[20]. - Operating profit was HK$120,862,000, a decrease of 49.3% from HK$237,868,000 in the previous year[18]. - Finance costs increased to HK$58,559,000, up 55.0% from HK$37,777,000 in 2021[18]. - The company reported a net loss from joint ventures of HK$47,767,000, compared to a profit of HK$10,772,000 in the previous year[18]. - The company experienced a significant foreign exchange loss of HK$489,187,000 related to overseas subsidiaries, compared to a gain of HK$43,746,000 in the previous year[20]. Assets and Liabilities - As of September 30, 2022, total assets amounted to HK$11,653,883,000, a decrease from HK$12,009,836,000 as of March 31, 2022, representing a decline of approximately 3%[24]. - Current liabilities totaled HK$6,569,218,000, an increase from HK$6,332,687,000, reflecting an increase of about 4%[26]. - Net current assets decreased to HK$1,377,237,000 from HK$1,872,372,000, indicating a decline of approximately 26%[26]. - Total equity decreased to HK$10,633,985,000 from HK$11,226,593,000, representing a decrease of about 5%[26]. - Investment properties were valued at HK$4,457,835,000, down from HK$4,749,247,000, a decrease of approximately 6%[24]. - Properties under development increased to HK$1,809,248,000 from HK$1,482,036,000, reflecting an increase of about 22%[24]. - Bank balances and cash decreased to HK$2,064,313,000 from HK$2,667,092,000, a decline of approximately 23%[24]. - The company reported outstanding insurance claims of HK$574,665,000, an increase from HK$437,031,000, representing an increase of about 32%[26]. - Deferred tax liabilities amounted to HK$369,291,000, down from HK$403,943,000, indicating a decrease of approximately 9%[26]. - Share capital remained unchanged at HK$377,411,000, while reserves decreased to HK$9,673,685,000 from HK$10,211,964,000, a decline of about 5%[26]. Cash Flow and Investments - For the six months ended September 30, 2022, net cash used in operating activities was HK$391,056,000, compared to a cash inflow of HK$39,752,000 in the same period of 2021[39]. - Interest received increased to HK$18,382,000 from HK$11,953,000 year-over-year, reflecting a growth of approximately 54.5%[41]. - Net cash inflows from investing activities amounted to HK$35,334,000, a significant recovery from net outflows of HK$91,265,000 in the previous year[41]. - Cash and cash equivalents at the end of the period were HK$2,027,363,000, down from HK$2,718,293,000 at the end of the same period in 2021, representing a decrease of approximately 25.4%[41]. - The company reported a decrease in dividends received from associates to HK$46,033,000, down from HK$60,924,000, indicating a decline of about 24.5%[41]. - Total drawn down of bank and other borrowings was HK$1,019,238,000, with repayments amounting to HK$1,067,046,000, reflecting a net cash outflow in financing activities of HK$41,483,000[41]. Segment Performance - Group revenue from construction and engineering was HK$1,308,466, while property investment generated HK$92,935, and healthcare investment contributed HK$283,801[60]. - Segment profit before finance costs was HK$186,822, down from HK$341,206 in the previous year, indicating a decrease of about 45.5%[68]. - The share of revenue from associates and joint ventures was HK$1,185,632, reflecting a decrease from HK$1,319,736 year-over-year[66]. - Revenue from contracts recognized at a point in time was HK$1,301,121, while revenue recognized over time was HK$1,932,292, showing a shift in revenue recognition methods[67]. - The company reported a segment profit after finance costs of HK$313,349, down from HK$341,206, indicating a decline of approximately 8.2%[69]. Regulatory and Accounting Changes - The adoption of new accounting standards had no material impact on the condensed consolidated financial statements for the current and prior periods[50]. - HKFRS 17, which will replace HKFRS 4, introduces significant changes in insurance contract measurement and profit recognition, effective from January 1, 2023[54]. - The Group is currently assessing the impact of HKFRS 17 on its financial statements[54]. - Management's significant judgments and estimates in preparing the financial statements remain consistent with those applied in the previous annual consolidated financial statements[54]. Market and Operational Insights - The impact of COVID-19 has been acknowledged, with the company taking necessary measures to address potential volatility and uncertainty in the global financial market[45]. - The company plans to focus on market expansion and new product development to drive future growth[60]. - The Group maintained a balanced customer portfolio, with no single customer accounting for 10% or more of total revenue for the six months ended September 30, 2022[92]. - The Group operates primarily in Hong Kong, Mainland China, and Canada across various segments including construction, property investment, and healthcare[87].
CHEVALIER INT'L(00025) - 2023 - 中期财报