Financial Performance - The company reported a revenue of HKD 42,000,000 for the six months ended January 31, 2023, a decrease of 34.6% compared to HKD 64,211,000 in the same period last year[4]. - Gross profit for the same period was HKD 34,855,000, down 20.4% from HKD 43,822,000 year-on-year[4]. - The company incurred a loss before tax of HKD 79,747,000, compared to a profit of HKD 608,000 in the previous year[4]. - The net loss attributable to the owners of the company was HKD 79,747,000, compared to a profit of HKD 608,000 in the prior period[4]. - Total revenue and other income for the group decreased to HKD 47,782,000, down 34.6% from HKD 73,104,000 in the previous year[21]. - The revenue from the apparel and related accessories business was HKD 24,066,000, a decline of 47.8% from HKD 46,076,000 in the prior year[21]. - The property investment and leasing business generated revenue of HKD 23,716,000, down 12.8% from HKD 27,028,000 in the previous year[21]. - The group reported a loss before tax of HKD 79,747,000, compared to a profit of HKD 608,000 in the same period last year[21]. - The company reported a net loss of HKD 79,747,000 for the six months ended January 31, 2023, compared to a profit of HKD 608,000 in the same period of 2022[33]. Assets and Liabilities - Total assets as of January 31, 2023, were HKD 2,111,164,000, an increase from HKD 2,065,155,000 as of July 31, 2022[6]. - The company's cash and cash equivalents stood at HKD 274,236,000, slightly down from HKD 277,756,000 in the previous period[6]. - The company’s equity totalled HKD 1,519,448,000 as of January 31, 2023, compared to HKD 1,493,427,000 as of July 31, 2022[6]. - Trade receivables decreased from HKD 16,209,000 to HKD 10,131,000, a reduction of approximately 37.5%[40]. - The total outstanding borrowings as of January 31, 2023, were HKD 790 million, down from HKD 838 million as of July 31, 2022[76]. - Bank borrowings decreased from HKD 809,407,000 to HKD 784,012,000, a decrease of approximately 3.1%[42]. - The total amount of trade payables increased from HKD 3,523,000 to HKD 3,380,000, a decrease of about 4.1%[43]. - The non-current liabilities for bank borrowings remained stable at approximately HKD 554,620,000 compared to HKD 559,960,000[42]. Share Capital and Financing - The company issued new shares amounting to HKD 47,377,000 during the reporting period[8]. - The total issued and paid-up ordinary shares increased from 947,543,695 to 1,421,315,542 shares, reflecting a growth of approximately 50%[44]. - The total cash consideration from the rights issue was HKD 47,377,000, with expenses of HKD 5,064,000 deducted[44]. - The company raised approximately HKD 42.3 million from a rights issue completed in November 2022, with HKD 3 million used to repay bank loans and HKD 5 million allocated for opening two new retail stores[72]. - The debt-to-equity ratio improved from 56% as of July 31, 2022, to 52% as of January 31, 2023[78]. - The company issued a total of 473,771,847 shares at a subscription price of HKD 0.1 per share, increasing the total issued shares to 1,421,315,542 shares after the rights issue[87]. Investment Properties - The company reported a fair value loss on investment properties of HKD 69,707,000 for the period[4]. - The company recorded a fair value loss of HKD 69,707,000 on investment properties for the six months ended January 31, 2023, compared to a loss of HKD 47,588,000 in the previous year[37]. - The total value of investment properties at the end of the reporting period was HKD 1,753,257,000, up from HKD 1,673,478,000 at the end of July 2022[37]. - The rental income from investment properties in Hong Kong and mainland China was HKD 24 million for the six months ended January 31, 2023, a decrease of HKD 3 million or 12% compared to HKD 27 million in the same period last year[66]. - The fair value loss on investment properties amounted to HKD 70 million, compared to a loss of HKD 0.1 million in the previous year[66]. Operational Highlights - The net cash generated from operating activities for the six months ended January 31, 2023, was HKD 12,484,000, a decrease of 61.5% compared to HKD 32,471,000 in the same period of 2022[10]. - Interest income received increased significantly to HKD 3,340,000 from HKD 440,000, marking a rise of 657.0%[10]. - The group incurred higher financing costs of HKD 13 million, up from HKD 5 million in 2022, due to tightening monetary policies[59]. - The treasury management segment recorded a profit of HKD 10 million, recovering from a loss of HKD 6 million in the same period last year[67]. - Retail revenue in Hong Kong and Macau increased by 16% to HKD 17 million, up from HKD 15 million in 2022, excluding the previous year's "Lacoste" sales[62]. - Retail revenue in mainland China decreased by 69% to HKD 1.3 million, down from HKD 4 million in 2022, while patent fee income remained stable at approximately HKD 5 million[63]. Corporate Governance - The company has complied with all applicable provisions of the corporate governance code, with the exception of the separation of roles between the Chairperson and CEO[83]. - The independent auditor, Ernst & Young, was appointed on December 16, 2022, to conduct the audit for the year ending July 31, 2023[101]. - The audit committee, composed of three independent non-executive directors, reviewed the interim report for the period[103]. - The company has confirmed that all directors have complied with the securities trading code during the reporting period[84]. - The company has adopted a securities trading code for directors and designated employees, ensuring compliance with the standards set out in the listing rules[84]. Employee and Management - The total number of employees decreased to 113 as of January 31, 2023, from 124 as of July 31, 2022[81]. - The company expressed gratitude to all employees and management for their contributions and support[104]. - Lin Wei Shan serves as both the Chairperson and CEO, leading the company's long-term strategic planning and execution[83].
鳄鱼恤(00122) - 2023 - 中期财报