Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 386.2 million, a decrease of 15.7% from HKD 458.4 million in 2021[2] - The company's net profit attributable to shareholders for the period was HKD 38.6 million, compared to HKD 126.6 million in the same period last year, representing a decline of 69.5%[2] - The gross loss for the six months was HKD 4.2 million, compared to a gross profit of HKD 20.16 million in the same period last year[12] - The total comprehensive income attributable to shareholders for the period was HKD 32.231 million, significantly lower than HKD 124.886 million in the previous year[15] - The company reported a basic earnings per share of HKD 0.0424, down from HKD 0.1394 in the previous year[10] - The total revenue for the six months ended September 30, 2022, was HKD 376.3 million, a decrease of approximately 17.7% compared to HKD 457.4 million in the same period of 2021[99] - The venture capital segment recorded a loss of HKD 9.9 million, compared to a loss of HKD 1.0 million in 2021, indicating a worsening performance[99] Segment Performance - Semiconductor distribution segment generated a profit of HKD 72.1 million, down from HKD 156.9 million in the previous year[2] - Semiconductor distribution segment revenue was HKD 378,896,000, down 14.3% from HKD 442,078,000 year-over-year[49] - Procurement business revenue decreased to HKD 7,126,000 from HKD 15,923,000, representing a decline of 55.3%[49] - The semiconductor distribution business generated revenue of HKD 378.9 million, down from HKD 442.1 million in 2021, reflecting a significant decline in chip sales prices[99][100] - The company's share of profit from its joint venture, Tongyi Group, decreased significantly, with revenue falling 21.3% to HKD 10.685 billion from HKD 13.582 billion in 2021[101] Assets and Liabilities - Total assets as of September 30, 2022, were HKD 1,723.6 million, a slight decrease from HKD 1,745.5 million as of March 31, 2022[4] - Total liabilities were reported at HKD 105,682,000, compared to HKD 123,426,000 as of March 31, 2022[44] - Trade receivables, net of impairment, were HKD 40,297,000, down from HKD 53,203,000 as of March 31, 2022[70] - The fair value of listed equity investments as of September 30, 2022, was HKD 1,143,000, down from HKD 1,635,000 as of March 31, 2022[82] - The fair value of listed bond investments as of September 30, 2022, was HKD 629,000, a decrease from HKD 1,186,000 as of March 31, 2022[82] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 112.5 million from HKD 152.2 million, reflecting a reduction in liquidity[4] - The net cash used in operating activities for the six months ended September 30, 2022, was HKD (1,166,000), a significant decrease from HKD 24,709,000 in the previous year[28] - The total cash and cash equivalents at the end of the period were HKD 112,506,000, down from HKD 120,799,000 at the end of the previous period, indicating a decrease of approximately 6.7%[28] - The current ratio of the group was 210% as of September 30, 2022, compared to 239% on March 31, 2022, indicating a decrease in liquidity[120] Investment Activities - The company engaged in investment activities, receiving HKD 23,214,000 from the sale of investment properties during the reporting period[28] - The group expects to record an unaudited gain of approximately HKD 20,464,000 from the sale of an office unit in Singapore, with a cash consideration of SGD 4,100,480 (approximately HKD 22,348,000)[91] - The group aims to maintain a prudent investment strategy in its venture capital business to achieve stable returns amid significant market volatility[109] Market Outlook and Strategy - The management remains optimistic about future growth prospects, aiming to leverage its investment activities for capital gains in the upcoming periods[33] - The company plans to focus on expanding its semiconductor distribution business and exploring new market opportunities[3] - The company is actively pursuing market expansion strategies, particularly in the semiconductor and consumer products sectors, to enhance its competitive position[33] - The company plans to continue expanding its business in Southeast Asia, leveraging the growth of the electronic economy in the region[104] - The semiconductor distribution business is closely monitoring market developments and adjusting resources to respond to short-term fluctuations in demand[103] Shareholder Information - Dr. Su Yu-Jun holds a beneficial interest in 507,275,468 shares of the company, representing approximately 61.56% of the issued share capital[127] - Mr. Su Chi-Shen has a beneficial interest in 220,000 shares of 830 Lab Limited, representing approximately 30.98% of the issued share capital of that subsidiary[128] - The company declared an interim dividend of HKD 0.01 per share, totaling approximately HKD 9,087,000, consistent with the previous year's interim dividend[64] - Major shareholders include BKS with 410,507,602 shares (45.18%) and Jade Concept with 96,767,866 shares (10.65%) [140] Corporate Governance - The company has complied with the corporate governance code, except for the combined roles of Chairman and CEO held by Dr. Su [145] - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting procedures and internal controls [147] - The board consists of three executive directors and three independent non-executive directors, ensuring a balanced power structure [152]
AV CONCEPT HOLD(00595) - 2023 - 中期财报