Financial Performance - Revenue for the six months ended September 30, 2022, was HK$1,352,305, a slight decrease of 0.3% compared to HK$1,359,791 for the same period in 2021[13] - Gross profit for the period was HK$175,453, down 8.5% from HK$191,875 in the previous year[13] - Operating profit decreased to HK$94,772, compared to HK$100,611 in the prior year, reflecting a decline of 5.5%[13] - Profit for the period was HK$49,724, a marginal increase from HK$49,154 in the same period last year, representing a growth of 1.2%[13] - Basic earnings per share attributable to owners of the Company were HK7.48 cents, down from HK7.73 cents in the previous year, indicating a decrease of 3.2%[13] - The Company reported finance costs of HK$34,116, an increase from HK$30,821 in the previous year, reflecting a rise of 7.4%[13] - Non-controlling interests contributed HK$1,797 to the profit, compared to a loss of HK$409 in the previous year, showing a significant turnaround[13] - The Company experienced a net loss of HK$1,419 from investments accounted for using the equity method, an improvement from a loss of HK$8,314 in the previous year[13] - Total comprehensive income for the period will be detailed in the subsequent financial statements, indicating ongoing assessments of financial performance[16] - Profit for the period increased to HK$49,724,000 from HK$49,154,000, representing a growth of 1.16%[17] - Total comprehensive loss for the period amounted to HK$105,988,000, compared to a total comprehensive income of HK$73,052,000 in the previous period[17] - Other comprehensive loss for the period was HK$155,712,000, significantly higher than the previous period's income of HK$23,898,000[17] Assets and Liabilities - Total assets decreased to HK$2,998,454,000 from HK$3,368,221,000, reflecting a decline of approximately 10.98%[20] - Total liabilities decreased to HK$2,000,920,000 from HK$2,253,993,000, a reduction of about 11.19%[22] - Total equity attributable to owners of the Company decreased to HK$890,157,000 from HK$990,835,000, a decline of approximately 10.13%[22] - Non-current assets totaled HK$1,752,353,000, down from HK$1,966,749,000, indicating a decrease of about 10.87%[20] - Current assets decreased to HK$1,246,101,000 from HK$1,401,472,000, reflecting a decline of approximately 11.14%[20] - Cash and cash equivalents stood at HK$150,239,000, down from HK$188,931,000, a decrease of about 20.39%[20] Cash Flow and Financing Activities - For the six months ended September 30, 2022, the company reported a net cash outflow from operating activities of HK$54,237,000, compared to HK$140,876,000 in the same period of 2021[30] - The company experienced a net cash inflow from financing activities of HK$23,924,000, a decrease from HK$188,549,000 in the previous year[33] - The company recorded a net cash outflow from investing activities of HK$4,292,000, compared to HK$8,495,000 in the previous year[30] - Interest received during the period was HK$582,000, while interest paid amounted to HK$32,904,000[30] - The Group's borrowings as of 30th September 2022 amounted to HK$1,481,504,000, with HK$775,110,000 due within one year[57] - The total financial liabilities as of 30th September 2022 were HK$1,868,256,000, compared to HK$2,071,447,000 as of 31st March 2022, indicating a decrease[57] Market and Risk Management - The Group is exposed to commodity price risk due to trading in steel products, with committed sales orders exceeding on-hand inventories[55] - Management considers the price risk from investments classified as financial assets at fair value through profit or loss to be insignificant[55] - The Group's liquidity risk is managed by analyzing financial liabilities based on their maturity, with HK$1,146,423,000 due within one year[57] - The Group's income and operating cash flows are largely independent of market interest rate changes due to low-interest-bearing assets[63] - The Group is closely monitoring steel product market prices to manage commodity price risks effectively[55] Segment Performance - Revenue from the Steels Distribution and Processing Business was HK$1,295,958, while the Building Products Distribution Business generated HK$169,524, and Property Investment and Fund Management Business contributed HK$56,333[95] - Operating profit for the Group was HK$94,772, with the Steels Distribution and Processing Business contributing HK$58,038 and the Building Products Distribution Business contributing HK$23,219[95] - The Group operates predominantly in three segments: Steels Distribution and Processing, Building Products Distribution, and Property Investment and Fund Management[89] Shareholder Information - An interim dividend of HK1.00 cent per ordinary share was declared, totaling approximately HK$6,404,000, down from HK1.50 cents per share in 2021, which totaled HK$9,606,000[123] - The weighted average number of ordinary shares in issue during the period is 640,414,000, slightly down from 641,196,000 in 2021[130] - The company has not recognized the interim dividend as a liability in the unaudited condensed consolidated interim financial information[123] Accounting and Valuation - The accounting policies applied are consistent with those of the annual consolidated financial statements for the year ended 31st March 2022[39] - New accounting standards adopted did not have any material impact on the results and financial position of the Group[42] - The total fair value of financial assets as of September 30, 2022, was HK$11,091,000, with HK$4,573,000 classified under Level 1 and HK$2,610,000 under Level 2[69] - The carrying amounts of the Group's financial assets and liabilities approximated their fair values, reflecting effective financial risk management[78] Other Financial Metrics - Employee benefit expenses for the six months ended September 30, 2022, were HK$54,536, down from HK$68,597 in the same period of 2021[110] - The current income tax expense for Hong Kong profits tax is HK$3,779,000, while the China corporate income tax is HK$6,381,000, totaling HK$10,095,000 for the six months ended 30th September 2022, a decrease from HK$12,956,000 in 2021[121] - The provision for impairment for trade and bill receivables was HK$15,597,000 as of September 30, 2022, compared to HK$16,536,000 as of March 31, 2022[164]
沪港联合(01001) - 2023 - 中期财报