Financial Performance - For the six months ended June 30, 2023, the company's revenue was HKD 1,680,743,000, representing an increase of 7.8% compared to HKD 1,559,192,000 for the same period in 2022[12] - The operating profit for the same period was HKD 104,129,000, slightly up from HKD 103,532,000 in the previous year[12] - The net profit attributable to the company's owners for the six months ended June 30, 2023, was HKD 89,411,000, down from HKD 95,535,000 in 2022, reflecting a decrease of 6.4%[12] - The company reported a basic and diluted earnings per share of HKD 0.19 for the period, down from HKD 0.20 in the previous year, indicating a slight decline in profitability per share[12] - The group reported a profit attributable to owners of the company of HKD 89,411,000 for the six months ended June 30, 2023, compared to HKD 95,535,000 for the same period in 2022[84] Dividends and Shareholder Returns - The company declared a dividend of HKD 14,354,000 for the period, compared to HKD 9,570,000 in the previous year, indicating a significant increase in shareholder returns[12] - The company declared an interim dividend of HKD 0.03 per share[83] - The interim dividend declared is HKD 0.03 per share, an increase from HKD 0.02 per share in the previous year[157] Debt and Financing - As of June 30, 2023, the net bank loans amounted to HKD 670,600,000, down from HKD 806,000,000 as of December 31, 2022, showing a reduction in debt levels[3] - The company reported a financing cost of HKD 44,200,000 for the period, which increased from HKD 21,461,000 in the previous year, indicating higher borrowing costs[12] - The profit attributable to the company's owners for the six months ended June 30, 2023, was HKD 89,400,000, down from HKD 95,500,000 in the previous year, primarily due to increased financing costs of HKD 22,700,000[158] - The company has entered into an interest rate swap agreement with a notional principal amount of HKD 1,500,000,000 to hedge against interest rate risks[158] - The company has established interest rate swap contracts to hedge against the risk of rising interest rates on floating-rate loans[36] Assets and Equity - The total equity attributable to the company's owners as of June 30, 2023, was HKD 4,387,366,000, slightly down from HKD 4,413,093,000 at the end of 2022[28] - The company’s total equity as of June 30, 2023, was HKD 4,387,366,000, a decrease from HKD 4,478,537,000 as of January 1, 2022[29] - As of June 30, 2023, total assets reported were HKD 7,202,586,000, a decrease from HKD 7,392,372,000 as of December 31, 2022[49] - The fair value of investment properties as of June 30, 2023, was HKD 1,959,947,000, slightly up from HKD 1,959,215,000 at the end of 2022[115] Operational Efficiency - The company experienced a decrease in employee benefit expenses to HKD 209,319,000 from HKD 235,444,000, reflecting cost management efforts[12] - The total operating expenses for the six months ended June 30, 2023, amounted to HKD 118,965,000, compared to HKD 117,195,000 for the same period in 2022[79] - The depreciation expense for property, plant, and equipment was HKD 34,886,000 for the six months ended June 30, 2023, compared to HKD 35,651,000 for the same period in 2022[79] Segment Performance - For the six months ended June 30, 2023, external revenue from the EMS segment was HKD 1,649,523,000, compared to HKD 1,528,011,000 for the same period in 2022, representing an increase of 7.97%[48] - The EMS segment reported a profit of HKD 74,500,000 for the six months ended June 30, 2023, compared to HKD 41,200,000 for the same period in 2022, indicating a significant improvement[48] - The property holding segment reported a profit of HKD 54,559,000 for the six months ended June 30, 2023, compared to HKD 54,753,000 for the same period in 2022, showing a slight decline[48] Cash Flow and Liquidity - The group’s cash and cash equivalents at the beginning of the period were HKD 20,109,000, increasing to HKD 20,304,000 by June 30, 2023[69] - Cash and cash equivalents, short-term bank deposits, and restricted cash totaled HKD 1,243,000,000 as of June 30, 2023, compared to HKD 1,217,000,000 in December 2022[180] Risk Management - The company is aware of the currency risk from RMB fluctuations and will closely monitor and actively manage the associated risks[181] - The company does not use any foreign exchange hedging products, aligning with its prudent financial risk management policies[181] - The company has taken measures to hedge against rising interest rates, which are expected to remain high in the second half of the year[151] Economic Environment - Global economic conditions remain uncertain, with potential impacts from ongoing inflation and rising bank interest rates affecting recovery[183] - The semiconductor and component shortages have further eased, significantly shortening delivery cycles, but geopolitical tensions may still impact profitability in the second half of the year[183] Employee and Corporate Governance - The company has approximately 3,000 employees and regularly reviews its compensation policies, which include year-end bonuses and performance-based discretionary bonuses[163] - The company is committed to maintaining strict confidentiality regarding all reports and ensuring that whistleblowers are protected from retaliation[174]
王氏国际(00099) - 2023 - 中期财报