东京中央拍卖(01939) - 2023 - 中期财报

Financial Performance - The Group reported interim results for the six months ended September 30, 2022, with comparative figures for the same period in 2021[11]. - The Group's revenue for the Reporting Period was approximately HK$45.4 million, a decrease of approximately HK$2.1 million or 4.4% compared to the same period in 2021[30]. - Revenue from art auction and related business was approximately HK$38.7 million, while revenue from artwork sales increased to approximately HK$6.7 million from approximately HK$0.5 million in the same period last year[30]. - Gross profit decreased by approximately 30.1$37.4 million, with a gross profit margin dropping to approximately 69.1% from 93.5% in the previous year[31]. - The profit attributable to owners of the Company decreased to approximately HK$7.6 million, representing a decline of approximately 34.5$11.6 million in the same period of 2021[47]. - The total comprehensive loss for the period was HK$7,024,000, compared to a total comprehensive income of HK$11,661,000 in the same period last year[108]. - Basic earnings per share for the six months ended September 30, 2022, was HK1.52 cents, down from HK2.32 cents in the same period of 2021, representing a decline of 34.5%[184]. Expenses and Losses - Other losses amounted to approximately HK$275,000 due to exchange loss during the Reporting Period[32]. - Other income was approximately HK$585,000, primarily from government grants and penalties from buyers, compared to approximately HK$277,000 in the same period last year[33]. - Selling and distribution expenses remained stable at approximately HK$11.9 million, compared to approximately HK$12.0 million in the previous year[40]. - Administrative expenses decreased by approximately 12.5$15.4 million, mainly due to reduced employee benefits and amortization of intangible assets[41]. - Finance income was approximately HK$31,000, while finance costs were approximately HK$581,000 during the Reporting Period[42]. Assets and Liabilities - Current assets as of 30 September 2022 amounted to approximately HK$504.0 million, a decrease from approximately HK$550.0 million as of 31 March 2022[48]. - Cash and cash equivalents were approximately HK$82.2 million as of 30 September 2022, down from approximately HK$108.7 million as of 31 March 2022[48]. - Interest-bearing bank borrowings were approximately HK$44.4 million as of 30 September 2022, reduced from approximately HK$59.9 million as of 31 March 2022[49]. - Total liabilities increased to HK$256,623,000 as of September 30, 2022, compared to HK$297,060,000 as of March 31, 2022, indicating a decrease of about 13.6%[113]. - The Group's total trade and other receivables stood at HK$250,958,000 as of September 30, 2022, slightly up from HK$250,271,000 as of March 31, 2022, showing a marginal increase of 0.3%[194]. Business Strategy and Development - The Group has strengthened its market position and share in the Chinese and Japanese art auction market in Hong Kong and Japan, enhancing brand recognition[13]. - The Group diversified its business scope by venturing into contemporary artwork and fine & rare whisky and Moutai[13]. - The Group plans to accelerate the formation of its online auction platform to adapt to current trends and enhance the number and scale of online auctions[19]. - The development of an online trading and information platform is aimed at expanding the Group's business and providing flexibility amid economic uncertainty[19]. - The Group aims to establish and enhance its brand image and influence in other major Asian cities and the global market[13]. - The Group has adopted professional marketing techniques to maximize transaction prices of auctioned artworks[13]. - The Group is focused on recruiting high-caliber managers and experts to strengthen its management and operating teams[13]. Governance and Compliance - The Company has complied with the Corporate Governance Code during the Reporting Period[92]. - The audit committee comprises three independent non-executive Directors, ensuring oversight of financial practices[98]. - All Directors confirmed compliance with the required standards for securities transactions during the Reporting Period[93]. - The Company has maintained a sufficient public float as required under the Listing Rules as of the report date[97]. Taxation and Dividends - The Group's effective tax rate during the Reporting Period was 24.9%, slightly up from 24.1% for the six months ended 30 September 2021[46]. - The Group did not hold any material investments or make any significant acquisitions or disposals during the Reporting Period[58]. - The Directors do not recommend the payment of an interim dividend for the Reporting Period[60]. - The Group's assessable profits in Hong Kong are subject to a two-tiered profits tax rate, with the first HK$2 million taxed at 8.25% and profits above this threshold taxed at 16.5%[178]. Employment and Staffing - As of September 30, 2022, the company employed 47 full-time staff across Japan, Hong Kong, Taiwan, and China[70].