Financial Overview - The interim financial information includes the consolidated statement of financial position as of September 30, 2022, and the comprehensive income statement for the six-month period then ended[9]. - The company reported compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" in the preparation of its interim financial information[10]. - PricewaterhouseCoopers conducted the review of the interim financial information and found no significant issues[10]. - The report outlines the responsibilities of the board of directors in preparing the interim financial information[9]. - Total assets as of September 30, 2022, amounted to HK$1,207,343,000, an increase from HK$1,177,075,000 as of March 31, 2022, representing a growth of 2.6%[16]. - Total equity attributable to owners of the Company increased to HK$758,241,000 from HK$736,620,000, reflecting a rise of 2.9%[16]. - Current liabilities totaled HK$444,625,000, slightly up from HK$436,239,000, indicating an increase of 1.0%[18]. - Cash and cash equivalents rose significantly to HK$90,060,000 from HK$24,882,000, marking an increase of 262.5%[16]. - Loans receivable decreased to HK$569,008,000 from HK$621,809,000, a decline of 8.5%[16]. Revenue and Profitability - Revenue for the six months ended September 30, 2022, was HK$76,772,000, an increase from HK$74,902,000 in the same period of 2021, representing a growth of 2.5%[14]. - Operating profit decreased to HK$43,315,000, down from HK$52,794,000 in the previous year, reflecting a decline of 17.9%[14]. - Profit attributable to owners of the Company for the period was HK$27,016,000, compared to HK$35,515,000 in 2021, a decrease of 23.8%[14]. - Basic and diluted earnings per share were both HK$6.51, down from HK$8.56 in the prior year, indicating a decline of 24.0%[14]. - Revenue from property mortgage loans was HK$50,376,000, up from HK$48,295,000, indicating a growth of 4.3%[38]. - Revenue from personal loans was HK$26,396,000, slightly down from HK$26,607,000, reflecting a decrease of 0.8%[38]. Expenses and Costs - For the six months ended September 30, 2022, employee benefit expenses increased to HK$12,217,000 from HK$10,473,000 in the same period of 2021, representing a 16.7% increase[46]. - Advertising and marketing expenses rose to HK$5,523,000, up from HK$3,637,000, reflecting a 51.9% increase year-over-year[46]. - Total finance costs for the six months ended September 30, 2022, were HK$10,135,000, a decrease from HK$10,837,000 in the previous year[48]. - The total administrative expenses for the six months ended September 30, 2022, were HK$26,274,000, an increase from HK$22,890,000 in the previous year[46]. Cash Flow and Investments - Net cash generated from operating activities for the six months ended September 30, 2022, was HK$81,575,000, compared to a net cash used of HK$27,253,000 in the same period of 2021, indicating a significant improvement[22]. - Total cash used in investing activities was HK$14,172,000, up from HK$873,000 in the prior year, indicating increased investment activity[22]. - The Group invested HK$14,000,000 in a joint venture during the reporting period, compared to no investment in the same period of the previous year[22]. Governance and Management - The company appointed new directors and committee members as of November 1, 2022, indicating a potential shift in governance[3]. - The management discussion and analysis section is included in the report, providing insights into the company's performance[2]. - The audit committee reviewed the unaudited interim results in conjunction with the management and independent auditors[189]. Shareholder Information - The Company declared dividends of HK$5,395,000, consistent with the previous year, maintaining a stable dividend policy[14]. - A final dividend of HK1.3 cents per share was declared, amounting to HK$5,395,000, related to the year ended March 31, 2022[59]. - The Company declared an interim dividend of HK1.3 cents per share for the current period, consistent with the previous year[190]. Risk Management - The Group's financial risk management includes exposure to market risk, credit risk, and liquidity risk, which are critical for maintaining financial stability[30]. - The Group has not made any changes to its risk management policies since year-end[32]. - The Group did not use derivative financial instruments to hedge against foreign exchange risks, as business activities were denominated in Hong Kong dollars[139]. Market Conditions and Outlook - The outlook for the second half of the financial year is expected to remain challenging, with potential interest rate increases by the Federal Reserve of 0.5% to 0.75%[142]. - The Centa-City Leading Index decreased by 8.1% from 179.36 in March 2022 to 164.78 in November 2022, indicating a correction in the Hong Kong property market[103].
香港信贷(01273) - 2023 - 中期财报