嘉里物流(00636) - 2023 - 中期财报

Financial Performance - Revenue for the first half of 2023 decreased by 47% to HKD 25.315 billion, compared to HKD 48.034 billion in the same period of 2022[16] - Core operating profit fell by 84% to HKD 568 million, down from HKD 3.461 billion year-on-year[17] - Core net profit decreased by 85% to HKD 368 million, compared to HKD 2.372 billion in the previous year[16] - Shareholders' profit attributable to the company was HKD 368 million, an 85% decline from HKD 2.377 billion in the first half of 2022[17] - The international freight segment experienced a significant loss of HKD 505 million, compared to a profit of HKD 3.398 billion in the same period last year, representing an 82% decline[17] - The company reported a net profit for the period of HKD 300,179 thousand, a significant drop of 88.8% compared to HKD 2,694,592 thousand in the prior year[58] - Basic earnings per share decreased to HKD 0.20 from HKD 1.32, reflecting a decline of 84.8%[57] - The company reported a net profit attributable to shareholders of HKD 367,619, down from HKD 2,376,815, representing a decrease of approximately 85%[79] - The company experienced a foreign exchange loss of HKD 775,802 during the period, impacting overall profitability[66] Segment Performance - The logistics segment reported a profit of HKD 718 million, a slight increase of 0.2% from HKD 717 million in the previous year[17] - The group's international freight business, primarily from the trans-Pacific trade route, accounts for over 80% of revenue, despite a 22% decline in freight volume[19] - In Q2 2023, the group's international freight performance grew by 28% compared to the previous quarter[19] - The overall performance of the integrated logistics business remained stable in the first half of 2023[18] - The total revenue for the logistics segment reached HKD 20,565,326 thousand for the six months ended June 30, 2023, compared to HKD 20,408,930 thousand for the same period in 2022, reflecting a growth of approximately 0.77%[83] - Revenue from the International Freight Forwarding segment was HKD 15,947,479, down from HKD 38,417,874, indicating a decrease of about 58%[81] - Revenue from Mainland China was HKD 8,088,765, a decline of 36% compared to HKD 12,652,059 in the previous period[79] - The electronic commerce and express segment reported revenues of HKD 3,038,878,000 for the six months ended June 30, 2023, slightly down from HKD 3,057,128,000 in the same period of 2022[78] Capital and Investments - Capital expenditure for the first half of 2023 was HKD 5.786 billion, including investments in properties, machinery, and equipment[7] - The company issued convertible securities amounting to HKD 780,000,000 with an annual distribution rate of 3.30%[45] - The net proceeds from the issuance of convertible securities, after transaction costs, were approximately HKD 774,101,000, intended for supporting future growth in Southeast Asia's international express business[45] - The company acquired subsidiaries, contributing HKD 62,392,000 to property, plant, and equipment in the first half of 2023[93] - The total cash consideration paid for the acquisition of a controlling stake in a logistics company was HKD 142,323,000, with additional payable consideration of HKD 10,931,000, totaling HKD 153,254,000[111] Debt and Financial Position - The asset-liability ratio stood at 44.5%[6] - As of June 30, 2023, the total bank loans amounted to HKD 81.96 billion, with HKD 26.51 billion (32%) in foreign currency borrowings[23] - The debt repayment schedule indicates that HKD 28.90 billion (35%) is due within one year, while HKD 19.35 billion (24%) is due in the second year[23] - The group's debt-to-equity ratio improved to 44.5% as of June 30, 2023, down from 48.3% on December 31, 2022[23] - The company reported a significant reduction in bank loans drawn, totaling HKD 2,992,574 compared to HKD 7,730,786 in the previous year[63] - The company has approximately 99% of its bank loans on an unsecured basis, with only HKD 78 million (1%) secured against certain non-current assets[23] Employee and Governance - The group has approximately 36,100 employees, with a competitive salary structure and performance-based compensation policies[24] - The company has implemented a strategy to incentivize employees through share grants, aligning their interests with shareholders[37] - The company has adopted the standard code of conduct for securities trading, with all directors confirming compliance during the reporting period[47] - The company has complied with the corporate governance code during the six months ending June 30, 2023[46] Future Outlook and Strategy - The company is focusing on expanding its logistics capabilities and enhancing operational efficiency amid challenging market conditions[16] - The group anticipates that the Kerry Express Thailand business will stabilize in Q4 2024[22] - The group is actively seeking new market opportunities and developing boutique routes, including a new freight route from Abu Dhabi to Europe and Africa[19] - The company plans to focus on expanding its logistics and international freight forwarding services to recover from the current downturn[80] - The management emphasized the importance of sustainability initiatives, aiming for a 40% reduction in carbon emissions by 2025[117] Shareholder Information - The majority shareholder, Mr. Wang, holds 972,698,478 shares, representing 53.82% of the issued share capital[26] - The company has a total of 4,895,202,373 shares issued as of June 30, 2023[28] - The company declared an interim dividend of HKD 0.09 per share[6] - The group declared an interim dividend of HKD 0.09 per share for the six months ended June 30, 2023, down from HKD 0.28 per share in the same period of 2022[89]