Financial Performance - The company recorded revenue of approximately HKD 380.8 million for the six months ended June 30, 2022, a decrease of about 39.0% compared to HKD 624.3 million in the same period last year[8]. - The company reported a gross profit of approximately HKD 157.3 million, a decrease of 33.7% from HKD 237.2 million in the previous year, with a gross margin of 41.3%, up 3.3% from 38.0%[9]. - The net profit for the period was approximately HKD 71.1 million, a significant decrease of about 48.7% from HKD 138.7 million in the same period last year[18]. - The company’s revenue for the six months ended June 30, 2022, was HKD 380,838,000, a decrease of 39% compared to HKD 624,314,000 for the same period in 2021[60]. - Gross profit for the same period was HKD 157,300,000, down 34% from HKD 237,187,000 in 2021[60]. - Operating profit decreased to HKD 118,555,000, a decline of 42% from HKD 204,617,000 in the previous year[60]. - Net profit for the period was HKD 71,059,000, representing a 49% decrease from HKD 138,649,000 in 2021[62]. - Total comprehensive income for the period was HKD 28,437,000, significantly lower than HKD 147,651,000 in 2021[62]. Revenue Breakdown - Toll revenue from the Suiyue Expressway and Qingping Expressway totaled approximately HKD 142.0 million, down 11.6% from HKD 160.7 million year-on-year[8]. - The group recorded liquor trading revenue of approximately HKD 238,900,000, a significant decrease of about 48.5% compared to the previous year[29]. - Alcohol sales generated HKD 238,861,000, a significant decline of 48% compared to HKD 463,626,000 in the previous year[90]. - Toll revenue amounted to HKD 141,977,000, down 12% from HKD 160,688,000 year-on-year[90]. Expenses and Costs - Administrative expenses were approximately HKD 28.3 million, a decrease of 4.7% from HKD 29.7 million year-on-year[15]. - The sales and distribution costs increased by 47.0% to approximately HKD 12.2 million from HKD 8.3 million year-on-year[16]. - The company incurred finance costs of HKD 28,678,000 for the six months ended June 30, 2022, compared to HKD 28,176,000 in the same period of 2021[107]. - The company recognized a depreciation expense of HKD 29,229,000 for the six months ended June 30, 2022, compared to HKD 35,555,000 in the same period of 2021[107]. Assets and Liabilities - The company had total bank loans of approximately HKD 1,131.8 million as of June 30, 2022, down from HKD 1,208.3 million at the end of 2021[19]. - Cash and cash equivalents totaled approximately HKD 278.7 million, down from HKD 332.6 million at the end of 2021[19]. - Non-current assets as of June 30, 2022, amounted to HKD 1,653,379,000, a slight decrease from HKD 1,688,205,000 at the end of 2021[64]. - Current assets totaled HKD 576,177,000, down from HKD 645,491,000 at the end of the previous year[64]. - The company's total liabilities decreased to HKD 1,082,784,000 from HKD 1,177,615,000 in the previous year[66]. - The total equity attributable to the company's equity holders was HKD 588,772,000, an increase from HKD 576,798,000 at the end of 2021[66]. Employee and Compensation - As of June 30, 2022, the group employed a total of 438 employees, a decrease from 480 employees as of December 31, 2021[22]. - Total employee compensation expenses for the period amounted to approximately HKD 31,000,000, compared to HKD 28,500,000 for the same period last year, reflecting an increase of about 5.3%[22]. Share Options and Corporate Governance - The total number of shares that can be issued under the share option plan is 41,260,800 shares, representing approximately 10.0% of the company's issued share capital as of the report date[44]. - On December 28, 2021, the company granted share options to eligible participants for 40,000,000 shares at an exercise price of HKD 2.89 per share, which accounted for about 9.69% of the issued share capital on the grant date[44]. - The company has adopted the corporate governance code as per the listing rules and has complied with it throughout the reporting period[50]. - The share options granted are valid for one year from December 28, 2021, to December 27, 2022[44]. Future Outlook and Strategic Plans - The management anticipates a recovery in highway toll revenue, which declined by approximately 11.6% due to external economic factors, as economic activities along the highways resume[31]. - The group plans to explore opportunities for acquiring other infrastructure projects in China and expanding into other promising business areas[32]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products and technologies were not detailed in the report[70].
华昱高速(01823) - 2022 - 中期财报