Financial Performance - Revenue for the six months ended December 31, 2021, was HKD 275,231,000, a decrease of 1% from HKD 280,311,000 in the same period last year[2]. - Gross profit for the same period was HKD 11,267,000, down 15% from HKD 13,194,000 year-on-year[2]. - Operating loss increased to HKD 55,998,000 compared to HKD 40,690,000 in the previous year, reflecting a 37% rise in losses[2]. - The company reported a net loss of HKD 55,845,000, compared to a loss of HKD 40,838,000 in the prior year, marking a 37% increase in net losses[3]. - The basic loss per share was HKD 3.34, compared to HKD 2.18 in the previous year, reflecting a 53% increase in loss per share[2]. - The group reported a total loss of HKD 55,845,000 for the six months ended December 31, 2021, compared to a loss of HKD 40,838,000 for the same period in 2020[23]. - The group’s gross profit for the six months ended December 31, 2021, was HKD 20,142,000, down from HKD 23,561,000 in the previous year[23]. - The net loss increased primarily due to a decrease in revenue of about 1.8%, a reduction in gross margin of about 0.6%, and a decrease in other income and revenue of approximately HKD 15.9 million[46]. Assets and Liabilities - Total assets decreased to HKD 1,382,601,000 from HKD 1,407,545,000, a decline of 2%[4]. - Non-current assets decreased to HKD 530,522,000 from HKD 628,530,000, a drop of 16%[4]. - Current assets increased to HKD 852,079,000 from HKD 779,015,000, an increase of 9%[5]. - The company's equity attributable to owners decreased to HKD 1,265,691,000 from HKD 1,301,759,000, a decline of 3%[5]. - The company's trade receivables amounted to HKD 302,769,000, an increase from HKD 273,943,000 as of June 30, 2021, representing a growth of approximately 10.5%[31]. - The company's trade payables were HKD 70,685,000 as of December 31, 2021, compared to HKD 66,452,000 as of June 30, 2021, showing an increase of approximately 6.5%[34]. - The group's total assets were approximately HKD 1,382.6 million as of December 31, 2021, down from HKD 1,407.5 million on June 30, 2021, with total liabilities at approximately HKD 116.9 million[59]. Cash Flow and Investments - Operating cash flow before changes in working capital showed a loss of HKD 19,118,000, compared to a loss of HKD 11,273,000 in the previous year, indicating a deterioration of approximately 69%[6]. - Total cash used in operating activities was HKD 30,754,000, down from HKD 50,263,000, representing a 39% improvement year-over-year[6]. - The net cash used in investing activities was HKD 46,397,000, significantly higher than HKD 9,385,000 in the prior year, indicating increased investment outflows[6]. - The cash balance as of December 31 was HKD 143,396,000, down from HKD 289,942,000, indicating a significant reduction in liquidity[6]. - The company completed the acquisition of a 17.5% stake in First Bullion Holdings Inc. for approximately HKD 23,800,000, enhancing its investment portfolio in the digital asset trading sector[53]. - The fair value of the investment in China Smart Health's convertible bonds was approximately HKD 72.3 million as of December 31, 2021, down from HKD 85 million on June 30, 2021, representing a loss of about HKD 3.5 million during the period[55]. Revenue Breakdown - Revenue from consumer goods sales decreased to HKD 154,986,000 from HKD 173,889,000, a decline of approximately 11%[15]. - Revenue from agricultural products increased to HKD 117,615,000, up from HKD 103,303,000, reflecting a growth of about 14%[15]. - The fast-moving consumer goods trading business contributed approximately 56% to the group's total revenue during the period, with packaging food accounting for 77% of this segment[48]. - The agricultural products business saw a revenue increase of about 13.9%, primarily due to rising prices and increased production from upstream farming operations[49]. - Revenue from upstream farming operations increased by approximately 26.4%, driven by expanded cultivated land and higher selling prices[50]. - Logistics services revenue decreased by about 73.5% to HKD 500,000, reflecting the impact of pandemic-related restrictions in China[51]. Operational Changes and Future Outlook - The company decided to scale down unprofitable businesses, such as logistics services and travel retail, due to the bleak outlook for the tourism industry in Hong Kong[47]. - The company terminated most logistics operations to reduce significant administrative expenses[44]. - The company anticipates a challenging and uncertain overall operating environment due to ongoing pandemic impacts and geopolitical tensions, prompting a cautious approach to future investments[54]. - The pandemic has led to significant supply chain challenges, including increased procurement costs and difficulties in replenishing inventory, affecting the gross margin of the fast-moving consumer goods segment[48]. - The company is actively developing a new agricultural product processing and storage facility in Dongguan, China, to enhance its local fresh agricultural product trade operations[49]. Corporate Governance - The group did not recommend any interim dividend for the six months ended December 31, 2021, consistent with the previous year[24]. - The company has adhered to the Corporate Governance Code principles and complied with all applicable provisions, except for a deviation regarding the separation of the roles of Chairman and CEO[75][76]. - The company has adopted the "Standard Code" as the code of conduct for securities trading by directors[77]. - All directors confirmed full compliance with the "Standard Code" for the six months ending December 31, 2021[77]. - The interim report for the six months ending December 31, 2021, has been reviewed by the company's audit committee but not audited by external auditors[78].
亨泰(00197) - 2022 - 中期财报