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信星集团(01170) - 2023 - 中期财报
KINGMAKERKINGMAKER(HK:01170)2022-12-13 08:40

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$639.2 million, an increase of 68.5% compared to HK$379.4 million in 2021[9]. - Gross profit for the same period was HK$57.3 million, compared to a gross loss of HK$12.7 million in 2021, resulting in a gross profit margin of 9.0%[9]. - Profit attributable to equity holders of the Company for the period was HK$28.8 million, a significant recovery from a loss of HK$15.5 million in the previous year[9]. - Basic earnings per share for the period was HK$4.28, compared to a loss of HK$2.30 per share in 2021[9]. - Profit before tax for the period was HK$20.6 million, recovering from a loss of HK$25.4 million in the previous year[14]. - Total comprehensive income for the period was a loss of HK$28,347,000, compared to a loss of HK$7,881,000 in the prior year[23]. - The profit for the period ended September 30, 2022, was HK$28,804,000, compared to HK$29,079,000 for the previous period, indicating a slight decline[32]. - The overall profit for the period was HK$29,079,000, compared to a loss of HK$17,438,000 in the same period last year[70]. Dividends and Shareholder Returns - Proposed interim dividend per share is HK$1.8, with a total dividend per share for the period of HK$2.3, reflecting a 15.0% increase from HK$2.0 in 2021[9]. - Dividends paid during the period amounted to HK$13,486,000, a decrease from HK$18,824,000 in the same period of 2021, showing a reduction in shareholder returns[41]. - The company declared a special final dividend of HK$8,740,000 for the year 2021, reflecting ongoing shareholder returns despite the losses reported[37]. - An interim dividend of HK$0.018 per ordinary share was declared for the six months ended September 30, 2022, compared to no interim dividend in 2021[108]. - A special interim dividend of HK$0.005 per ordinary share was declared for the six months ended September 30, 2022, down from HK$0.020 in 2021[108]. Cash Flow and Liquidity - Net cash and cash equivalents as of September 30, 2022, were approximately HK$296.9 million[9]. - Cash and cash equivalents at the end of the period were HK$20,894,000, down from HK$68,580,000 in the previous year, indicating a decrease of 69%[44]. - For the six months ended 30 September 2022, net cash flows from operating activities increased to HK$32,996,000, compared to HK$8,507,000 in the same period of 2021, representing a significant increase of 287%[41]. - The company’s cash and bank balances decreased to HK$20,894,000 from HK$68,580,000, a decline of 69% year-over-year[46]. - The Group's cash and cash equivalents were approximately HK$311.1 million, compared to approximately HK$304 million as of March 31, 2022[200]. - The Group's total bank borrowings were approximately HK$14.2 million, with a gearing ratio of approximately 1.2%[200]. Assets and Liabilities - Non-current assets decreased to HK$789,159,000 from HK$856,893,000 as of March 31, 2022[25]. - Current assets increased to HK$818,584,000 from HK$800,439,000 as of March 31, 2022[25]. - Total assets as of 30 September 2022 were HK$1,607,743,000, a decrease from HK$1,657,332,000 as of 31 March 2022[73]. - Total liabilities as of 30 September 2022 were HK$429,201,000, down from HK$437,591,000 as of 31 March 2022[73]. - Total equity attributable to equity holders of the company decreased to HK$1,169,354,000 from HK$1,210,828,000[28]. - The total non-current liabilities decreased to HK$106,299,000 from HK$112,848,000 as of March 31, 2022[28]. Operational Performance - The Group's performance for the six months ended 30 September 2022 showed a recovery in the global footwear retail sector, with uninterrupted production leading to increased shipment volume and higher capacity utilization[145]. - Shipment volume increased by 41.8%, while the average selling price (ASP) rose by 16.2% during the same period[149]. - The Group's consolidated production capacity reached approximately 8,700,000 pairs of footwear with a utilization rate of 83.3% as of September 30, 2022, up from 78.6% in 2021[163]. - The rugged-shoe category contributed 72.2% of total revenue, an increase from 65.4% in 2021, while premium casual footwear's contribution rose to 14.2% from 11.4%[166]. - The southern Vietnam manufacturing site contributed 61.3% to total volume output, rebounding from 55.0% in 2021, following a robust order pipeline[169]. Market and Customer Insights - Revenue from the United States for the six months ended 30 September 2022 was HK$269,732,000, up from HK$157,041,000 in the same period of 2021[76]. - Revenue from Europe for the six months ended 30 September 2022 was HK$176,412,000, an increase from HK$102,896,000 in the same period of 2021[76]. - Major customers, including Cat, Chaco, Dr. Martens, Merrell, and Wolverine, accounted for 96.0% of total revenue during the period, slightly down from 96.2% in 2021[167]. Strategic Outlook - The Group remains cautiously optimistic about its full-year results despite headwinds from interest rate hikes and rising inflation, which are expected to slow demand growth[191]. - The Group is focusing on six strategic action areas to enhance its revenue portfolio and operational excellence[192]. - The Group is implementing a conservative cash flow management policy and strict cost controls to sustain financial strength amid macroeconomic uncertainties[198]. - The Group anticipates a moderation in second-half orders due to lower visibility in the business pipeline[191]. - The Group's management is cautious about increasing geopolitical tensions and their impact on inflation and economic uncertainty[145].