Financial Performance - The revenue from continuing operations for the first half of the year was HKD 3,373,000,000, a decrease of 5.9% compared to HKD 3,584,000,000 in the same period last year[9]. - The profit attributable to the owners of the company from continuing operations was HKD 62,400,000, an increase of 12.4% from HKD 55,600,000 in the previous year[9]. - The earnings per share for continuing and discontinued operations was HKD 0.0682, up from HKD 0.0513 in the previous year[9]. - The gross profit for the first half of the year decreased by 8.1% to HKD 858,700,000, with a gross margin of 25.46%, down from 26.08% in the previous year[10]. - Other income and gains increased significantly from HKD 47,000,000 to HKD 221,000,000, primarily due to a profit of HKD 127,200,000 from battery business sales and foreign exchange gains of HKD 46,900,000[12]. - The battery business revenue for the first half was HKD 464,600,000, a decline of 4.7%[14]. - Sales of disposable batteries and rechargeable batteries decreased by 3.3% and 13.7%, respectively[15]. - The sales in North and South America and Europe decreased by 25.2% and 11.6%, while sales in Asia increased by 5.3%[16]. - The brand audio business revenue slightly decreased by 0.3%, with KEF product sales down by 4% in North and South America and Europe, while Asia saw an increase[20]. - Celestion's professional speaker unit business revenue increased by 18.4%, despite a decrease in sales in North and South America[20]. - The gross margin for the electronics and speaker business was impacted by high material prices and a slowdown in sales, leading to a decline in marginal profit[20]. Expenses and Liabilities - Administrative expenses increased by 4.8% to HKD 464,000,000, mainly due to rising employee costs and depreciation from new facilities[12]. - Financial costs rose by 25.5% to HKD 85,200,000 due to rapidly increasing interest rates[13]. - As of September 30, 2022, the group's net bank loans decreased by HKD 73 million to HKD 2,564 million, with a debt-to-equity ratio of 0.95[24]. - The group's current liabilities exceeded current assets by approximately HKD 292 million as of September 30, 2022, primarily due to a HKD 70 million term loan drawn by GP Industrial[25]. - The company’s total liabilities decreased to HKD 4,393,125,000 from HKD 5,106,968,000, reflecting a reduction of approximately 13.9%[37]. - The company’s equity attributable to owners decreased to HKD 1,807,756,000 from HKD 1,916,312,000, a decline of about 5.7%[37]. - The company’s bank loans and other borrowings decreased to HKD 2,631,455,000 from HKD 3,082,962,000, indicating a reduction of approximately 14.6%[35]. - The group’s total accounts payable as of September 30, 2022, was HKD 1,537,592,000, compared to HKD 1,764,823,000 as of March 31, 2022[77]. Cash Flow and Investments - The company reported a net cash outflow from operating activities of HKD 6,188,000 for the six months ended September 30, 2022, compared to a much larger outflow of HKD 223,444,000 in the same period of 2021[39]. - Cash and cash equivalents at the end of the period were HKD 1,164,993,000, an increase from HKD 972,080,000 at the end of the previous year[39]. - The group invested approximately HKD 159,445,000 in property, plant, and equipment for the six months ended September 30, 2022, up from HKD 111,828,000 for the same period in 2021[70]. - The company plans to continue focusing on investment activities, with cash outflows for property, plant, and equipment purchases amounting to HKD 159,046,000 during the reporting period[39]. Shareholder Information - As of September 30, 2022, the company's share capital was HKD 998,666,000, an increase from HKD 921,014,000 as of September 30, 2021, representing an increase of approximately 8.4%[41]. - The total equity attributable to the owners of the company as of September 30, 2022, was HKD 1,916,312,000, compared to HKD 1,598,774,000 as of September 30, 2021, indicating an increase of approximately 19.8%[44]. - The company did not declare an interim dividend for the six months ended September 30, 2022[107]. - As of September 30, 2022, the largest shareholder held 10.75% of the company's issued shares[113]. - The company’s directors and president collectively own 26.54% of the company's ordinary shares[108]. Corporate Governance - The company has complied with the corporate governance code, with the exception of the separation of the roles of Chairman and CEO, which are held by the same individual[118]. - All directors have adhered to the standards set forth in the code of conduct regarding securities transactions during the reporting period[119]. - An audit committee has been established to review and monitor the group's financial reporting and internal controls, consisting of four independent non-executive directors and one non-executive director[121]. - The board of directors includes a mix of executive and independent non-executive members, ensuring a balance of power[122]. Other Significant Events - The company completed the sale of its subsidiary, Times Battery, during the reporting period ending September 30, 2022[99]. - The company received cash consideration of HKD 165,831,000 from the sale of assets[100]. - The net cash inflow from the sale of assets amounted to HKD 154,299,000 after deducting deposits and cash[100]. - The net asset value of the sold subsidiary was HKD 73,765,000, resulting in a loss on sale of HKD 16,739,000[105]. - The company recognized a gain of HKD 60,245 from the sale of a subsidiary, which was not present in the previous year[56].
金山科技工业(00040) - 2023 - 中期财报