Financial Performance - Revenue for the six months ended June 30, 2022, was HK$241,864,000, a decrease of 41.0% compared to HK$410,020,000 for the same period in 2021[12] - Gross loss for the period was HK$24,079,000, compared to a gross profit of HK$59,129,000 in the previous year[12] - Loss before taxation was HK$82,353,000, a significant decline from a profit of HK$2,941,000 in the same period last year[12] - Loss attributable to owners of the Company was HK$83,149,000, compared to a profit of HK$1,083,000 in the prior year[12] - Total comprehensive loss for the period was HK$148,408,000, compared to a comprehensive income of HK$36,661,000 in the previous year[14] - The Group reported a segment loss of HK$64,370,000 for the six months ended June 30, 2022, compared to a segment profit of HK$18,849,000 for the same period in 2021, indicating a significant deterioration in performance[57] - The Group incurred a loss before taxation of HK$82,353,000 for the six months ended June 30, 2022, compared to a profit before taxation of HK$2,941,000 in the same period of 2021, indicating a substantial decline in profitability[57] - For the six months ended June 30, 2022, the company reported a loss of HK$83,149,000 compared to a profit of HK$1,083,000 for the same period in 2021, indicating a significant decline in performance[79] - EBITDA decreased by HK$96.6 million, from HK$55.0 million to HK$-41.6 million, with a loss for the period of HK$83.1 million recorded in the first half of 2022[142] Assets and Liabilities - Non-current assets decreased to HK$1,050,268,000 as of June 30, 2022, from HK$1,153,150,000 at the end of 2021[16] - Current assets decreased to HK$355,307,000 from HK$490,295,000 at the end of 2021[16] - Current liabilities decreased to HK$193,751,000 from HK$265,334,000 at the end of 2021[16] - Net current assets were HK$161,556,000, down from HK$224,961,000 at the end of 2021[16] - As of June 30, 2022, the net assets decreased to HK$1,101,167,000 from HK$1,249,575,000 as of December 31, 2021, representing a decline of approximately 11.9%[19] - The total equity attributable to owners of the Company decreased to HK$1,101,167,000, down from HK$1,249,575,000, indicating a reduction of about 11.9%[19] - The reserves decreased from HK$1,167,811,000 as of December 31, 2021, to HK$1,019,403,000, reflecting a reduction of approximately 12.7%[19] - The Group's total liabilities as of June 30, 2022, were HK$143,829,000, a decrease from HK$147,233,000 as of December 31, 2021[104] Cash Flow and Financing - The operating cash flows before movements in working capital were negative at HK$44,379,000, compared to positive cash flows of HK$53,513,000 in the same period of 2021[28] - Cash generated from operations was HK$19,312,000, a significant recovery from a cash usage of HK$60,577,000 in the previous year[28] - The Company’s cash from operating activities was HK$18,846,000, a recovery from a net cash usage of HK$62,020,000 in the prior year[28] - Net cash used in financing activities was HK$85,626,000, significantly higher than HK$32,118,000 in the previous year, indicating increased cash outflow[30] - Cash and cash equivalents decreased by HK$65,825,000, compared to a decrease of HK$107,663,000 in the same period last year[30] - Total cash and cash equivalents as of June 30, 2022, were HK$188.1 million, down from HK$246.7 million as of December 31, 2021[143] - Total bank borrowings decreased from HK$226.9 million as of December 31, 2021, to HK$145.6 million as of June 30, 2022, with a gearing ratio falling from 18.2% to 13.2%[148] Operational Highlights - The Group's operations are primarily based in the PRC, focusing on the manufacture and sale of containerboard and corrugated packaging products[51] - The Group plans to complete the annual review of its boiler license and resume production in 2023, coinciding with the installation of a new pulp production line in the Philippines[152] - The Group aims to maintain price leadership and improve production efficiency to mitigate rising costs and achieve long-term stable growth in profitability[153] - The Group emphasizes environmental protection as part of its operational strategy to contribute to society[153] Shareholder Information - Mr. Hui Sum Ping holds 130,512,681 shares, representing approximately 15.96% of the issued share capital[158] - Mr. Hui Sum Tai owns 150,556,430 shares, which is approximately 18.41% of the issued share capital[158] - The total issued share capital of Hop Fung GM is HK$3,000,100, divided into 100 ordinary shares and 3,000,000 non-voting deferred shares[166] - As of June 30, 2022, Mr. Hui Sum Ping holds 258,022,081 shares and 3,984,000 options, representing approximately 32.04% of the issued share capital[175] - The company did not declare or propose any dividends for the six months ended June 30, 2022, consistent with the previous year[82] Employee and Governance - The group employed around 750 full-time staff as of June 30, 2022, a decrease from 805 staff as of December 31, 2021[199] - The company emphasizes high standards of corporate governance to enhance shareholder value and safeguard shareholder interests[200] - Share options may be granted to employees based on performance, with competitive remuneration packages offered[199]
合丰集团(02320) - 2022 - 中期财报