Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 2,489,078 thousand, a decrease of 12.4% compared to HKD 2,841,692 thousand in the same period of 2022[2] - Gross profit increased to HKD 576,567 thousand, representing a 16.3% increase from HKD 495,692 thousand year-on-year[2] - Operating profit rose significantly to HKD 420,621 thousand, up 59.4% from HKD 263,916 thousand in the previous year[2] - Profit for the period was HKD 333,848 thousand, an increase of 65.5% compared to HKD 201,524 thousand in the same period of 2022[3] - Basic and diluted earnings per share increased to HKD 0.493, compared to HKD 0.298 in the previous year, reflecting a growth of 65.5%[2] - The company reported a total comprehensive income of HKD 327,650 thousand for the period, compared to HKD 202,416 thousand in the previous year[4] - The group’s adjusted profit before interest, tax, depreciation, and amortization (EBITDA) for the six months ended June 30, 2023, was HKD 510,817 thousand, an increase of 30.6% from HKD 390,917 thousand in 2022[15] - Reported segment profit for the six months ended June 30, 2023, was HKD 510,817,000, an increase of 30.7% from HKD 390,917,000 in 2022[16] - The consolidated profit before tax for the six months ended June 30, 2023, was HKD 416,177,000, compared to HKD 259,508,000 in 2022, marking a growth of 60.4%[16] - Total tax expenses for the period were HKD 82,329,000, an increase from HKD 57,984,000 in the previous year, representing a rise of 42.0%[19] Revenue Breakdown - Revenue from plush toys increased significantly to HKD 1,239,913 thousand in 2023 from HKD 850,863 thousand in 2022, representing a growth of 45.7%[13] - Revenue from plastic model kits decreased to HKD 911,871 thousand in 2023 from HKD 1,577,166 thousand in 2022, a decline of 42.0%[13] - Revenue from North America decreased to HKD 1,194,381 thousand in 2023 from HKD 1,953,068 thousand in 2022, a decline of 38.9%[14] - Revenue from Japan increased to HKD 654,266 thousand in 2023 from HKD 446,301 thousand in 2022, representing a growth of 46.6%[14] - The plush toy segment saw a revenue increase of 45.7% to HKD 1,239,900,000, accounting for 49.8% of total revenue[34] - The plastic model segment's revenue decreased to HKD 911,900,000, down from HKD 1,577,200,000, representing 36.6% of total revenue[35] - The waterproof cover segment reported revenue of HKD 242,100,000, a decline of 20.3% from HKD 303,900,000, making up 9.7% of total revenue[36] Assets and Liabilities - Total assets less current liabilities amounted to HKD 3,371,667 thousand, an increase from HKD 3,257,923 thousand as of December 31, 2022[5] - Non-current assets were valued at HKD 1,440,902 thousand, a slight decrease from HKD 1,484,800 thousand at the end of 2022[5] - Current liabilities decreased to HKD 1,003,162 thousand from HKD 1,126,744 thousand, indicating improved liquidity[5] - Reportable segment assets totaled HKD 3,862,718 thousand as of June 30, 2023, compared to HKD 3,740,386 thousand as of December 31, 2022, reflecting an increase of 3.3%[15] - The group’s reportable segment liabilities increased to HKD 1,349,675 thousand as of June 30, 2023, from HKD 1,222,165 thousand as of December 31, 2022, indicating a rise of 10.4%[15] Dividends and Shareholder Returns - The interim dividend declared was HKD 135,373,000, up from HKD 67,687,000 in the previous year, reflecting an increase of 100%[21] - The board declared an interim dividend of HKD 0.20 per share for the six months ended June 30, 2023, up from HKD 0.10 per share for the same period last year, totaling HKD 135.373 million compared to HKD 67.687 million previously[46] Operational Insights - The company continues to focus on the design, development, manufacturing, and sales of plastic models and plush toys, indicating ongoing commitment to core business activities[8] - The average utilization rate of the company's 27 factories was approximately 87% as of June 30, 2023[39] - The group is focusing on increasing automation levels to enhance overall production efficiency and is analyzing production activities to strengthen capabilities and expedite delivery times[40] - The group plans to continue diversifying its business and improving capacity and efficiency to seize potential market opportunities[40] - The group is committed to sustainable development and will integrate sustainability elements into products while regularly assessing the effectiveness of related measures[40] Financial Position - The company maintained a strong financial position with cash and cash equivalents totaling HKD 845,900,000 as of June 30, 2023, compared to HKD 761,600,000 at the end of 2022[34] - The total accounts receivable as of June 30, 2023, was HKD 891,215,000, a decrease from HKD 946,892,000 at the end of 2022, representing a decline of 5.9%[31] - The company recorded inventory write-downs of HKD 7,569,000 for the six months ended June 30, 2023, compared to HKD 8,852,000 in 2022, showing a decrease of 14.5%[29] - The group’s net current assets as of June 30, 2023, were HKD 1,930.8 million, an increase from HKD 1,773.1 million on December 31, 2022[42] - The total cash and cash equivalents as of June 30, 2023, were HKD 661.3 million, slightly down from HKD 669.3 million on December 31, 2022[42] - The group maintained a capital debt ratio of 5.2% as of June 30, 2023, compared to 6.0% on December 31, 2022[42] Risk Management - The group has maintained a prudent approach to foreign exchange risk management, primarily financing non-HKD assets with local currency liabilities[42] - The group has pledged assets totaling HKD 189.1 million as collateral for bank loans amounting to HKD 172.8 million as of June 30, 2023[43] Governance and Reporting - The mid-term report for the six months ending June 30, 2023, has been published and is available on the company's website and the Hong Kong Stock Exchange website[48] - The board of directors includes key executives such as the chairman and independent non-executive directors, indicating a diverse leadership structure[49]
德林国际(01126) - 2023 - 中期业绩