Financial Performance - The company's revenue increased by approximately HKD 38.1 million, or about 71.2%, to HKD 91.6 million for the six months ended June 30, 2022, compared to HKD 53.5 million for the same period in 2021[5] - Gross profit for the six months ended June 30, 2022, was approximately HKD 12.7 million, with a gross margin of about 13.9%, down from 15.5% in the same period of 2021[9] - The net loss for the period was approximately HKD 4.8 million, compared to a net loss of about HKD 5.1 million for the same period in 2021, indicating a relatively stable performance[17] - Revenue for the six months ended June 30, 2022, was HKD 91,605,000, representing an increase of 71.2% compared to HKD 53,499,000 for the same period in 2021[55] - Gross profit for the same period was HKD 12,748,000, up 53.5% from HKD 8,319,000 year-on-year[55] - The company reported a loss before tax of HKD 3,949,000, an improvement from a loss of HKD 5,238,000 in the previous year[55] - The total comprehensive income for the period was a loss of HKD 6,997,000, which includes a loss of HKD 4,822,000 and other comprehensive expenses of HKD 2,175,000[59] - The company reported a net loss of HKD 4,822,000 for the six months ended June 30, 2022, compared to a loss of HKD 5,107,000 in the same period of 2021[80] Costs and Expenses - The cost of sales rose by approximately 74.5% to about HKD 78.9 million for the six months ended June 30, 2022, from about HKD 45.2 million in the previous year[8] - The total employee cost for the six months ended June 30, 2022, was approximately HKD 19.5 million, an increase from HKD 13.3 million for the same period in 2021[32] - The company's financing costs rose from approximately HKD 61,000 to about HKD 236,000, primarily due to interest expenses on additional short-term borrowings[15] - The company incurred financing costs of HKD 236,000 for the six months ended June 30, 2022, compared to HKD 61,000 in 2021, primarily due to short-term loan interest expenses[76] Assets and Liabilities - As of June 30, 2022, the company's cash and cash equivalents were approximately HKD 75.5 million, slightly down from HKD 76.3 million at the end of 2021[19] - The company's total equity attributable to owners was approximately HKD 153.3 million as of June 30, 2022, compared to HKD 160.3 million at the end of 2021[19] - The asset-to-liability ratio increased to about 10.8% as of June 30, 2022, from 4.7% at the end of 2021, mainly due to additional short-term borrowings[19] - Total assets as of June 30, 2022, were HKD 200,517,000, an increase from HKD 185,971,000 at the end of 2021[57] - Current liabilities increased to HKD 77,111,000 from HKD 66,650,000 at the end of 2021[57] - The company's net asset value decreased to HKD 153,290,000 from HKD 160,287,000 year-on-year[57] - Trade payables increased to HKD 40,949,000 as of June 30, 2022, compared to HKD 39,261,000 as of December 31, 2021, reflecting a growth of 4.3%[89] - Short-term borrowings rose significantly to HKD 16,517,000 from HKD 7,590,000, marking an increase of 117.5%[89] Cash Flow - For the six months ended June 30, 2022, the company reported a net cash outflow from operating activities of HKD 8,457,000, compared to HKD 2,402,000 for the same period in 2021[61] - The company reported a net cash outflow from investing activities of HKD 438,000 for the six months ended June 30, 2022, compared to a cash inflow of HKD 631,000 in the previous year[61] - The company’s financing activities generated a net cash inflow of HKD 9,474,000 for the six months ended June 30, 2022, compared to a net cash outflow of HKD 585,000 in the same period last year[61] Revenue Breakdown - Revenue from low-voltage distribution cabinets increased to HKD 27,169,000, up 53.2% from HKD 17,753,000 in the previous year[71] - Revenue from motor control centers rose to HKD 15,245,000, representing a 32.5% increase from HKD 11,550,000 in the same period last year[71] - The company’s revenue from motor on-site control panels increased significantly to HKD 36,349,000, up 118.5% from HKD 16,606,000 in the prior year[71] - Revenue from Hong Kong reached HKD 68,803,000, up 42.5% from HKD 48,242,000 in 2021, while revenue from Macau surged to HKD 21,025,000 from HKD 2,325,000[73] Shareholding and Governance - As of June 30, 2022, the total shares held by Mr. Leung Ka Wai and Mr. Yuen Man Keung in the company and its associated entities amount to 1,350,000,000 shares, representing 75% of the issued share capital[40] - Unique Best Limited, WANs Limited, REM Enterprises, and WAN Union collectively hold 1,350,000,000 shares, each accounting for 75% of the issued share capital[46] - The board of WAN Union is composed solely of Mr. Yuen Man Keung and his family members, indicating a concentrated control structure[44] - The significant shareholding by the directors and their related entities suggests a strong alignment of interests between management and shareholders[40] - The company’s governance structure reflects a family-controlled entity, which may influence strategic decision-making and market positioning[42] Compliance and Corporate Governance - The company has complied with all applicable corporate governance codes during the reporting period[39] - The company maintains compliance with the Securities and Futures Ordinance regarding the disclosure of interests and short positions[41] - The company has confirmed that there are no other significant interests or short positions held by directors or key executives as of June 30, 2022[45] Future Plans and Commitments - The company plans to enhance cost control measures and expand supply chain operations to mitigate business risks and improve competitiveness[5] - The group has a capital commitment of HKD 1,000,000 for investments in subsidiaries as of June 30, 2022[28] - The board has decided to reallocate unutilized listing proceeds for maintenance and renovation of the Dongguan factory due to ongoing impacts from the COVID-19 pandemic[34] Other Information - The company did not declare any interim dividend for the six months ended June 30, 2022, consistent with the previous year[79] - There were no purchases, sales, or redemptions of the company's listed securities during the six months ended June 30, 2022[37] - The company has no significant events occurring after June 30, 2022, up to the report date[95] - The company has no unexercised share options under the share option scheme adopted in April 2018[50] - There were no changes in the information of directors and key executives during the six months ended June 30, 2022[52]
全达电器集团控股(01750) - 2022 - 中期财报