Financial Performance - The Group registered a consolidated profit of HK$50.7 million in the first half of 2023, compared to HK$4.3 million in 2022, resulting in a net profit attributable to equity shareholders of HK$48.5 million, up from HK$4.5 million the previous year [13]. - Consolidated revenue reached HK$415.8 million, a 32.9% increase from 2022, with gross profit of HK$164.8 million, reflecting a 58.6% rise and a gross profit margin of 39.6% [14]. - Total sales increased by 28% year-on-year due to strong export growth, leading to a turnaround from loss to profit in the first half of 2023 [26]. - Profit for the period reached HKD 50,725,000, a significant increase from HKD 4,327,000 in the prior year, marking a 1,073.5% growth [102]. - Earnings per share increased to 13.0 cents from 1.2 cents, reflecting a substantial improvement in profitability [102]. - Total comprehensive income for the period was HKD 46,031,000, compared to HKD 825,000 in the same period last year [105]. Cash and Assets - As of June 30, 2023, cash and cash equivalents totaled HK$160.7 million, up from HK$114.0 million as of December 31, 2022 [14]. - Net current assets improved to HKD 201,703,000 from HKD 153,537,000 at the end of the previous year [108]. - The balance of equity attributable to equity shareholders increased to HKD 632,014,000 as of June 30, 2023, from HKD 571,102,000 at the beginning of the year, reflecting a growth of about 10.7% [110]. - The company’s cash and cash equivalents at June 30, 2023, stood at HKD 160,668,000, up from HKD 69,143,000 at the same date in 2022, marking an increase of approximately 132% [113]. - Inventory decreased to $71,793,000 as of June 30, 2023, from $89,643,000 at the end of 2022, reflecting a reduction of approximately 20% [168]. Market Performance - The Hong Kong beer market grew by 6.2%, with the Company reversing its negative on-premise volume performance from 2022, while total domestic volumes remained on par with last year [21]. - Robust export growth resulted in a 28% increase in total volumes compared to the same period last year, contributing to improved operating results [22]. - San Miguel (Guangdong) Brewery Co., Ltd. experienced significant growth in domestic volumes and operating profit in the first semester of 2023 due to improved market conditions [30]. - The company plans to recover market share in Hong Kong and South China by enhancing brand preference and distribution coverage [35]. Corporate Governance - The Company has applied the principles of the Governance Code during the reporting period, with some deviations noted [80]. - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and compliance [86]. - The remuneration committee includes three independent non-executive directors and two non-executive directors, focusing on fair executive compensation [89]. - There was no non-compliance by the directors with the required standards set out in the Code of Conduct during the reporting period [81]. Shareholder Information - David K. P. Li holds 12,000,000 shares, representing 3.21% of the total issued shares [48]. - Ramon S. Ang holds 131,734,338 common shares in Top Frontier Investment Holdings, Inc., representing 34.86% of the total issued shares [53]. - As of June 30, 2023, Iñigo Zobel and Top Frontier Investment Holdings, Inc. each hold 245,720,800 ordinary shares, accounting for 65.78% of the total issued shares [72]. - The total number of shares held by directors in San Miguel Brewery Inc. is minimal, with Ramon S. Ang holding only 5,000 shares, representing 0.000033% of the total [61]. Related Party Transactions - The company continues to engage in significant related party transactions, which are considered connected transactions under the Listing Rules [188]. - Purchases from related companies totaled HK$10,211,000, a decrease of 17.3% from HK$12,341,000 in the previous year [187]. - Sales to an intermediate holding company increased to HK$251,652,000, up 48.0% from HK$169,817,000 in the previous year [187]. Future Outlook - The company recognizes challenges such as potential interest rate increases that may impact consumer demand [36]. - The company is focused on maintaining its market position and exploring new strategies for growth and expansion [189].
香港生力啤(00236) - 2023 - 中期财报