Financial Performance - Revenue for the six months ended June 30, 2023, was HK$310,166,000, a decrease of 17.0% compared to HK$373,902,000 in 2022[2]. - Profit before tax for the same period was HK$49,483,000, down 4.4% from HK$51,781,000 in 2022[2]. - Profit attributable to ordinary equity holders decreased by 5.5% to HK$42,567,000 from HK$45,047,000 in the previous year[2]. - The Group's turnover for the six months ended 30 June 2023 was approximately HK$310.2 million, representing a decrease of approximately 17.0% compared to approximately HK$373.9 million for the same period last year[28]. - The Group's gross profit margin for the six months ended 30 June 2023 was approximately 27.9%, representing an increase of approximately 5.8% over the gross profit margin of approximately 22.1% for the last corresponding period[28]. - The Group's EBITDA amounted to approximately HK$59.5 million for the six months ended 30 June 2023, compared to approximately HK$66.0 million for the last corresponding period[28]. - The Group recorded a net profit attributable to owners of the Company of approximately HK$42.6 million for the six months ended 30 June 2023, a decrease of approximately 5.3% from approximately HK$45.0 million for the same period last year[34]. - Other income and gains decreased by approximately HK$3.7 million, or 21.9%, to approximately HK$13.2 million for the six months ended June 30, 2023[29]. - Selling and distribution expenses increased by approximately HK$1.4 million, or 15.7%, to approximately HK$10.3 million for the six months ended June 30, 2023[30]. - Total employee benefit expenses for the six months ended June 30, 2023, were approximately HK$44.7 million, down from approximately HK$53.2 million for the same period in 2022[64]. Assets and Liabilities - Total assets as of June 30, 2023, were HK$1,016,383,000, a decline of 4.0% from HK$1,058,381,000 at the end of 2022[2]. - Net debts (excluding cash and cash equivalents) increased by 10.9% to HK$413,624,000 from HK$373,094,000[2]. - Shareholders' equity slightly decreased by 0.4% to HK$680,659,000 from HK$683,398,000[2]. - The net carrying amount of the Group's property, plant and equipment as at 30 June 2023 was approximately HK$273.7 million, representing a decrease of approximately HK$19.6 million from approximately HK$293.3 million as at 31 December 2022[42]. - As of June 30, 2023, the Group had total current assets of approximately HK$698.5 million, including cash and cash equivalents of approximately HK$413.6 million[45]. - The Group's current liabilities were approximately HK$195.7 million, down from HK$228.0 million as of December 31, 2022, resulting in a current ratio of 3.6 compared to 3.1 previously[50]. - The Group's total non-current liabilities were approximately HK$140.1 million, reduced from HK$147.0 million as of December 31, 2022[50]. - The Group's debt-to-equity ratio was 0 as of June 30, 2023, compared to approximately 0.05 as of December 31, 2022[51]. Market and Operational Insights - The proportion of revenue generated from automobile electronics has increased due to significant business opportunities in recent years[13]. - Continuous diversification of product mix and market coverage has allowed the company to adapt to changes in demand effectively[15]. - The Group has established long-term relationships with major OEM customers, some of whom have been partners for over a decade, enabling swift adaptation to evolving customer demands[16][19]. - The Group focuses on high-quality PCB manufacturing, complying with various international quality standards, including ISO9001, ISO14001, and IATF16949 certifications[17][20]. - The stability of precious metal prices significantly impacts PCB pricing strategies, with high production costs and environmental regulations increasing operational challenges[22][25]. - Labor costs in China have risen, prompting the Group to enhance production automation and optimize costs and quality to maintain competitiveness[23][26]. - The Group's diversification in product offerings and market coverage allows for quick adjustments to industry demand changes, reducing reliance on single products and markets[18]. - The Group is actively seeking opportunities to invest in establishing a PCB production base in the Greater Bay Area, with discussions ongoing with independent third parties[82]. Taxation and Financial Charges - The effective tax rate for Hong Kong profits tax remained at 16.5% for the period[148]. - The total tax charge for the period ended June 30, 2023, was HK$6,916,000, compared to HK$6,734,000 for the same period in 2022, reflecting an increase of approximately 2.7%[152]. - The deferred tax charge for the period was HK$879,000, compared to a deferred tax credit of HK$490,000 in the previous year[152]. Investment and Capital Expenditure - The Group acquired property, plant, and equipment amounting to HK$3,381,000 during the six months ended June 30, 2023, compared to HK$1,042,000 in the same period of 2022, indicating a significant increase of approximately 224%[160]. - Capital commitments for construction and purchases of property, plant, and equipment amounted to HK$194,000 as of June 30, 2023, down from HK$761,000 as of December 31, 2022, a reduction of approximately 74%[198]. Shareholder Information - The Board did not recommend any interim dividend for the six months ended June 30, 2023, consistent with the previous year[57]. - The final dividend declared for 2022 was HK$0.12 per ordinary share, totaling HK$28,800,000, compared to HK$0.06 per share in 2021, which amounted to HK$14,400,000[154]. - The basic earnings per share for the six months ended June 30, 2023, remained unchanged at HK$0.1778, based on a weighted average of 240,000,000 shares[159].
恩达集团控股(01480) - 2023 - 中期财报