Financial Performance - The company reported revenue of approximately HKD 131.6 million for the six months ended January 31, 2023, a decrease of about 27.5% compared to HKD 181.5 million for the same period in 2022[6]. - The total profit and comprehensive income decreased by approximately 68.4% to HKD 5.4 million, down from HKD 17.1 million in the previous year[6]. - Earnings per share for the period were approximately HKD 0.54, compared to HKD 1.71 for the same period last year[6]. - The group reported a segment profit of HKD 6.580 million for the six months ended January 31, 2023, compared to HKD 20.328 million in the previous year, representing a decline of 67.6%[18]. - Total profit and comprehensive income for the period decreased by approximately 68.4% from about HKD 17.1 million to approximately HKD 5.4 million, with a net profit margin dropping from about 9.4% to approximately 4.1%[52]. Revenue Breakdown - Total revenue for the six months ended January 31, 2023, was HKD 131.606 million, a decrease of 27.5% from HKD 181.486 million in the same period last year[16]. - Revenue from heavy equipment and parts sales was HKD 62.686 million, down 13.4% from HKD 72.387 million year-on-year[16]. - Rental-related operating services revenue decreased by 54.3% to HKD 16.550 million from HKD 36.140 million[16]. - Maintenance and ancillary services revenue increased by 25.4% to HKD 5.917 million from HKD 4.718 million[16]. - Revenue decreased by approximately 27.5% from about HKD 181.5 million to approximately HKD 131.6 million, primarily due to a reduction in heavy equipment and parts sales by about HKD 9.7 million and a decrease in rental income by about HKD 41.4 million[43]. Expenses and Costs - The cost of goods sold for the period was HKD 47.038 million, down from HKD 61.177 million, reflecting a decrease of 23.1%[23]. - Employee costs, including directors' remuneration, decreased by 34.2% to HKD 35.218 million from HKD 53.543 million[23]. - Administrative and other operating expenses rose by approximately 16.0% from about HKD 20.0 million to approximately HKD 23.2 million, attributed to overall increases in operating costs[48]. - Financing costs increased by approximately 20.0% from about HKD 0.5 million to approximately HKD 0.6 million, primarily due to an increase in average bank borrowings[49]. Cash Flow and Assets - Operating cash flow for the six months ended January 31, 2023, was a net outflow of HKD 10.2 million, compared to a net inflow of HKD 49.7 million in the previous year[12]. - The company's cash and cash equivalents decreased to HKD 46.5 million at the end of the period from HKD 87.2 million at the beginning of the period[12]. - Total assets less current liabilities amounted to HKD 462.5 million as of January 31, 2023, compared to HKD 469.8 million as of July 31, 2022[9]. - Non-current assets decreased to HKD 172.9 million as of January 31, 2023, from HKD 190.0 million as of July 31, 2022[9]. - Trade and lease receivables decreased from HKD 97.2 million as of July 31, 2022, to HKD 85.0 million as of January 31, 2023[29]. Dividends and Shareholder Information - The company decided not to declare any interim dividend for the six months ended January 31, 2023, compared to a dividend of HKD 0.01 per share for the same period in 2022[6]. - The company did not declare any interim dividend for the six months ended January 31, 2023, compared to an interim dividend of HKD 0.01 per share for the same period in 2022[25]. - As of January 31, 2023, Generous Way Limited held 750 million shares, representing 75% of the company's issued shares[65]. Market and Operational Insights - The company continues to provide various heavy equipment for projects related to the expansion of Hong Kong's Terminal 2 and the three-runway system despite a decline in demand for heavy vehicles due to the COVID-19 pandemic[40]. - The company maintains a cautious optimism regarding the future demand for heavy equipment due to anticipated government infrastructure investments exceeding HKD 100 billion annually[41]. - The group did not report any significant new product developments or market expansions during this period[19]. - All revenue was generated in Hong Kong, with no identifiable assets or liabilities located outside of Hong Kong[19]. Governance and Compliance - The company has adhered to the corporate governance principles and complied with applicable code provisions, except for the separation of the roles of Chairman and CEO[60]. - The company has not granted or agreed to grant any share options under its share option scheme since its adoption on June 30, 2017, with a maximum of 100 million shares available for grant[66]. - The group has no significant contingent liabilities as of January 31, 2023, consistent with the previous year[57]. - The company has not identified any conflicts of interest related to its business operations during the period[67]. Audit and Reporting - The interim results for the period have not been audited but were reviewed by the audit committee consisting of three independent non-executive directors[74]. - No significant events affecting the group have occurred after the end of the reporting period up to the date of this report[73].
德利机械(02102) - 2023 - 中期财报