Financial Performance - The Group's revenue for the Reporting Period was approximately HK$73.8 million, a decrease of approximately 56.6% compared to HK$170.0 million for the same period in 2021[10]. - Loss attributable to owners of the Company for the Reporting Period amounted to approximately HK$16.4 million, compared to a loss of approximately HK$15.6 million in the same period last year[10]. - The Group's total gross loss increased to approximately HK$17.2 million, representing a 13.2% increase from approximately HK$15.2 million in the corresponding period of 2021[21]. - Revenue from LNG trading was approximately HK$5.3 million, a significant decrease of 90.6% from approximately HK$56.2 million in the previous year[19]. - The overall gross loss margin during the Reporting Period was approximately 23.3%, compared to approximately 8.9% in 2021[21]. - Revenue for the Group was approximately HK$73.8 million, a decrease of approximately HK$96.2 million or 56.6% compared to approximately HK$170 million in the same period last year, primarily due to a lack of new projects and reduced demand for natural gas in China[26]. - The total gross loss for the Group was approximately HK$17.2 million, an increase of approximately HK$2 million or 13.2% from approximately HK$15.2 million in the same period last year, with a gross loss margin of approximately 23.3% compared to 8.9% in the previous year[26]. - LNG trading revenue decreased to approximately HK$5.3 million, down approximately HK$50.9 million or 90.6% from approximately HK$56.2 million in the same period last year, significantly impacted by the COVID-19 outbreak in Shanghai[25]. - The total loss before taxation for the period was HK$16,662,000, compared to a loss of HK$15,752,000 in the previous year, indicating a slight increase in losses[88]. - Total comprehensive expense for the period was HK$16,597,000, compared to HK$15,584,000 in the same period last year, representing an increase of 6.5%[55]. Revenue Sources - The Group recognized approximately HK$67.9 million in revenue from four ongoing projects, with a total contract sum of approximately HK$533.1 million as of September 30, 2022[15]. - Revenue from construction and site formation services in Hong Kong was HK$68,480,000, down 39.8% from HK$113,805,000 in the previous year[79]. - The Group's other revenue for the Reporting Period was approximately HK$4.2 million, a slight decrease of 2.3% compared to approximately HK$4.3 million in the previous year[23]. - Sales of goods amounted to HK$5,306,000, a significant decline of 90.6% from HK$56,195,000 in the prior period[79]. - Other income, including government grants related to Covid-19, amounted to HK$4,216,000, with HK$3,100,000 specifically for Covid-19 related subsidies[89][90]. Expenses and Costs - Administrative expenses decreased by approximately 26.5% to approximately HK$3.6 million, down from approximately HK$4.9 million in the same period last year[23]. - The Group's administrative expenses were approximately HK$3.6 million, a decrease of approximately HK$1.3 million or 26.5% from approximately HK$4.9 million in the same period last year, mainly due to reduced employee costs[27]. - Total staff costs for the six months ended September 30, 2022, were HK$33,597,000, down from HK$39,395,000 in the previous year, reflecting a reduction of approximately 14.3%[100]. - Finance costs for the period were HK$117,000, indicating a minimal financial burden[88]. Cash Flow and Assets - Net cash used in operating activities was HK$7,735,000, compared to HK$1,308,000 in the same period last year, indicating a worsening cash flow situation[79]. - Net cash generated from investing activities was HK$694,000, a decrease of 87.4% from HK$5,475,000 in the previous year[79]. - Net cash generated from financing activities was HK$7,031,000, a turnaround from a net cash used of HK$7,518,000 in the same period last year[79]. - Cash and cash equivalents at the end of the period were HK$5,982,000, a decrease from HK$6,200,000 at the beginning of the period[79]. - Current assets decreased slightly to HK$87,661,000 as of September 30, 2022, from HK$88,822,000 as of March 31, 2022[56]. - Current liabilities increased to HK$83,776,000 from HK$68,955,000, resulting in a net current assets value of HK$3,885,000, down from HK$19,867,000[56]. - Non-current assets decreased to HK$1,299,000 from HK$2,038,000, primarily due to reductions in plant and equipment and right-of-use assets[56]. Shareholder Information - The Group did not declare any interim dividend for the Reporting Period, consistent with the previous year[10]. - The Company reported a basic and diluted loss per share of HK$2.04 for the six months ended September 30, 2022, compared to HK$1.94 in the previous year[55]. - The total equity of the Company as of September 30, 2022, was HK$5,184,000, a significant decrease from HK$21,781,000 as of March 31, 2022[56]. - The Company’s reserves turned negative to HK$2,864,000 as of September 30, 2022, compared to positive reserves of HK$13,733,000 in the previous year[56]. - As of 30 September 2022, the company had 804,750,000 ordinary shares issued and fully paid, unchanged from 31 March 2022[14]. - No dividends were paid or proposed for ordinary shareholders during the reporting period[142]. Governance and Compliance - The Company has complied with all code provisions of the Corporate Governance Code during the reporting period[144][145]. - All directors confirmed compliance with the Model Code regarding securities transactions during the reporting period[146]. - The Group's governance framework aims to manage business risks and protect stakeholder interests[149]. - The Company has established an Audit Committee to assist the Board in fulfilling its responsibilities related to financial reporting and internal controls[155]. - The Audit Committee comprises three independent non-executive directors, ensuring effective communication regarding financial reporting and risk management[153]. - The Group's governance practices are aligned with the requirements of the Listing Rules, ensuring compliance and best practices[151]. - The Group's interim results reflect a commitment to high standards of corporate governance, which is crucial for business stability[149]. Employment and Staff - The Group employed 182 staff as of September 30, 2022, an increase from 150 staff as of March 31, 2022, with total staff costs amounting to approximately HK$33.6 million, down from approximately HK$39.4 million in the same period last year[41][48]. - The Group did not experience any significant problems with employees due to labor disputes during the reporting period[42]. - The aged analysis of trade receivables showed that amounts overdue by 0 to 30 days increased significantly to HK$11,338,000 from HK$1,626,000, indicating a substantial rise in short-term receivables[111]. Risks and Challenges - The Group does not hold any collateral over trade and other receivables, indicating a potential risk in credit management[107]. - The construction industry in Hong Kong is expected to develop steadily, with various short-term, medium-term, and long-term projects underway, which may provide strong momentum for further growth[30][31]. - No significant investments, acquisitions, or disposals of subsidiaries or associated companies occurred during the reporting period[125][130]. - The company has no plans for material investments or capital assets in the future[126][131].
世纪集团国际(02113) - 2023 - 中期财报