Revenue and Profitability - Total revenue for the six months ended December 31, 2022, was HKD 956,486,000, an increase from HKD 932,622,000 in the same period of 2021, representing a growth of approximately 2.9%[7] - Adjusted profit before tax for continuing operations was HKD 137,191,000, compared to HKD 54,571,000 in the previous year, marking a significant increase of approximately 151.5%[7] - The group's revenue increased by approximately 2.6% from about HKD 932.6 million to approximately HKD 956.5 million for the six months ended December 31, 2022, primarily due to increased demand from brand customers in the manufacturing sector[122] - The group's gross profit rose by approximately 21.4% from about HKD 258.7 million to approximately HKD 314.2 million, with the gross profit margin improving from 27.7% to 32.8% due to the depreciation of the RMB against the USD[124] - Net profit for the period was HKD 106,103,000, compared to HKD 6,538,000 in the same period last year, indicating a substantial increase[176] Segment Performance - Retail segment revenue was HKD 232,518,000, down from HKD 272,898,000 in the previous year, indicating a decline of about 14.8%[7] - Manufacturing segment revenue increased to HKD 716,923,000 from HKD 652,251,000, reflecting a growth of approximately 9.9%[7] - Property investment segment generated revenue of HKD 7,045,000, slightly down from HKD 7,473,000, showing a decrease of about 5.7%[7] - For the six months ended December 31, 2022, the manufacturing segment generated revenue of HKD 193,496,000 from a major customer, accounting for over 10% of the group's revenue[20] - The manufacturing segment generated revenue of approximately HKD 716.9 million from external customers, with a segment profit before tax of about HKD 107.9 million, reflecting a 9.9% increase in procurement orders from external clients compared to the previous year[115] Assets and Liabilities - Total assets as of December 31, 2022, amounted to HKD 3,207,718,000, a decrease from HKD 3,278,492,000 as of June 30, 2022[11] - Total liabilities were HKD 1,568,484,000, down from HKD 1,641,165,000, indicating a reduction of approximately 4.4%[11] - The total non-current assets as of December 31, 2022, amounted to HKD 1,084,141,000, a slight decrease from HKD 1,102,138,000 as of June 30, 2022[179] - Current assets totaled HKD 1,063,055,000, down from HKD 1,113,928,000 in the previous period, reflecting a decrease of 4.5%[179] - Current liabilities decreased to HKD 343,662,000 from HKD 419,286,000, showing a reduction of 18.1%[179] Cash Flow and Expenditures - Cash flow from operating activities was HKD 164,366,000, a substantial improvement from a cash outflow of HKD 81,260,000 in the previous year[193] - Capital expenditure for the period was HKD 6,838,000, compared to HKD 5,508,000 in the previous year, indicating an increase of approximately 24.1%[7] - The group’s capital expenditure for the six months ended December 31, 2022, was approximately HKD 6.8 million, primarily for expanding retail operations and upgrading manufacturing facilities[138] Earnings Per Share and Dividends - The basic earnings per share from continuing operations for the six months ended December 31, 2022, was 11.02 HK cents, up from 4.57 HK cents in the previous year[58] - The diluted earnings per share from continuing operations for the six months ended December 31, 2022, was 10.99 HK cents, compared to 4.57 HK cents for the same period in 2021[58] - The company declared an interim dividend of 4 HK cents per share for the six months ended December 31, 2022, an increase from 2 HK cents for the same period in 2021[55] - The total ordinary share dividends declared for the six months ended December 31, 2022, amounted to HKD 38,618,000, compared to HKD 19,309,000 for the same period in 2021[50] Taxation and Expenses - The income tax expense for the six months ended December 31, 2022, totaled HKD 31,088,000, compared to HKD 10,576,000 in the previous year, reflecting an increase of approximately 194%[41] - The actual tax rate for the group was 22.7% for the six months ended December 31, 2022, compared to 19.4% for the same period in 2021[128] - Sales and distribution expenses increased by approximately 5.1% from about HKD 88.8 million to approximately HKD 93.3 million, mainly due to several marketing activities launched in the retail business[125] - Administrative expenses decreased by approximately 6.2% from about HKD 112.3 million to approximately HKD 105.3 million, attributed to the depreciation of the RMB against the HKD[126] Shareholder Information and Corporate Governance - The group has issued 965,430,000 shares as of December 31, 2022, with no significant changes in share capital during the reporting period[75] - Major shareholder Samarang Ucits holds 48,543,000 shares, representing approximately 5.03% of the company's issued shares[159] - The company has adopted a corporate governance code that complies with the requirements of the Listing Rules and has confirmed adherence to these standards for the six months ending December 31, 2022[161] - The board is committed to enhancing corporate governance practices to ensure transparency and accountability to shareholders[161] Market and Operational Strategies - The company aims to enhance its competitive edge by optimizing production processes and sourcing competitively priced quality raw materials[110] - The internal creative and R&D center provides one-stop design, research, development, and manufacturing solutions to meet changing consumer preferences and fashion trends[117] - The company plans to strengthen its original design manufacturing portfolio, combining superior craftsmanship and service with innovative handbag and footwear designs to attract more brand clients[117] - The group plans to enhance its manufacturing, design, and R&D capabilities for bags, small leather goods, and travel products to meet diverse customer needs[119] Employee and Compensation - Total short-term employee benefits for 2022 were HKD 5,531 million, a decrease of 2.67% from HKD 5,683 million in 2021[87] - Total remuneration paid to key management personnel in 2022 was HKD 5,585 million, down from HKD 5,761 million in 2021, reflecting a decrease of 3.06%[87] - The group had approximately 4,500 employees as of December 31, 2022, with competitive compensation and benefits compared to market standards[148]
时代集团控股(01023) - 2023 - 中期财报