Financial Performance - Revenue for the six months ended September 30, 2022, decreased by approximately 13.7% from HK$2,460,817,000 to HK$2,123,602,000 compared to the same period last year[8]. - Gross profit for the same period decreased from HK$421,214,000 to HK$337,233,000, with a gross profit margin of 15.9%[8][12]. - Profit attributable to owners of the Company for the six months ended September 30, 2022, was HK$6,934,000, down from HK$37,989,000 in the corresponding period of 2021[8]. - Earnings per share attributable to owners of the Company were HK$0.1 cent for the six months ended September 30, 2022, compared to HK$0.7 cent in the last financial period[8]. - Total comprehensive income for the period was HK$ (422,879,000), a decrease from HK$ 57,060,000 in the previous year, reflecting a significant decline[123]. - Profit for the period was HK$3,484,000, a significant decrease from HK$36,881,000 in 2021[121]. - The company reported a profit for the period of HK$6,934,000, despite the overall comprehensive income loss[132]. Revenue Breakdown - The automobile segment generated revenue of HK$1,825.1 million, accounting for 85.9% of total revenue, a decrease of 16.4% from HK$2,184.4 million in the previous year[57]. - Revenue from after-sales services increased to approximately HK$46.4 million, up about 3.2% from the previous period, with gross profit margin rising from approximately 32.1% to 47.6%[34]. - Non-auto dealership sales performance increased by approximately 8.7% to about HK$203.3 million, compared to HK$187.1 million in the previous period[35]. - Revenue from the others division, including property management and film investments, rose by approximately 9.9% to about HK$48.8 million, compared to HK$44.4 million in the previous period[42]. - The Group's total revenue from external customers was HK$2,123,602,000, with HK$1,871,507,000 from the auto dealership segment and HK$203,320,000 from the non-auto dealership segment[156]. Expenses and Costs - Selling and distribution costs decreased by approximately 7.2% compared to the same period last year[8]. - Administrative expenses increased by approximately 5.3% compared to the same period last year[8]. - Finance costs increased by approximately 49.8% to approximately HK$48.7 million, driven by increased borrowings for automobile inventory purchases and property acquisitions[70]. - Staff costs for the six months ended 30 September 2022 amounted to approximately HK$42.6 million, compared to approximately HK$27.4 million for the same period in 2021, reflecting a significant increase[85]. - The impairment of loan receivables and loan interest receivables was recorded at HK$7,665,000, indicating a new expense not present in the previous year[174]. Assets and Liabilities - Total assets decreased to HK$4,063,355, down from HK$4,727,684 in FY2022, representing a decline of approximately 14%[15]. - Total liabilities decreased to HK$1,778,796, down from HK$2,002,361 in FY2022, reflecting a reduction of about 11%[15]. - Net assets decreased to HK$2,284,559, down from HK$2,725,323 in FY2022, indicating a decline of approximately 16%[15]. - The carrying amount of loan receivables as of 30 September 2022 was approximately HK$18.4 million, down from HK$34.5 million as of 31 March 2022, with accumulated impairment increasing to HK$61.9 million[67]. - The Group's cash and cash equivalents as of 30 September 2022 were approximately HK$164.9 million, an increase from approximately HK$151.5 million as of 31 March 2022[78]. Market and Economic Conditions - The IMF forecasts global economic growth of 3.2% for 2022 and 2.9% for 2023, indicating a potential economic downturn[18]. - China's GDP growth rate for the first three quarters of 2022 was 3.0% year-on-year, with a significant recovery in the third quarter at 3.9%[19]. - The decrease in revenue was primarily due to a series of lockdown measures against COVID-19 in the PRC, which caused logistics restrictions and reduced foot traffic[58]. Shareholder Actions and Corporate Governance - No interim dividend was declared for the six months ended September 30, 2022[8]. - A placing agreement was entered into on 9 September 2022 to issue up to 538,000,000 new shares at a price of HK$0.093 per share, with expected gross proceeds of approximately HK$50 million[92]. - The placing was terminated on 19 October 2022 due to uncertainties regarding the completion of the placing and the background information of a major placee[97]. - The Board proposed a share consolidation on 23 November 2022, consolidating every 16 existing shares into one consolidated share[98]. Segment Performance - Lamborghini sales increased by approximately 19.2% to HK$214.6 million, up from HK$180.0 million in the corresponding period last year[26]. - Rolls-Royce sales decreased by approximately 13.7% to HK$856.6 million, down from HK$992.6 million in the corresponding period last year[28]. - Bentley sales decreased by approximately 25.5% to HK$754.0 million, down from HK$1,011.8 million in the corresponding period last year[29]. - The reportable segment results for the six months ended September 30, 2022, amounted to HK$102,806,000, with the auto dealership segment generating HK$130,010,000 and the non-auto dealership segment reporting a loss of HK$23,357,000[156]. Accounting and Reporting Standards - The interim financial statements were prepared in accordance with HKAS 34 and were authorized for issue on 30 November 2022[142]. - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period[145]. - The Group's financial statements are reviewed by the Company's audit committee but not audited by external auditors[142].
新耀莱(00970) - 2023 - 中期财报