Financial Performance - The group's revenue for the six months ended June 30, 2023, was approximately MOP 181.1 million, a decrease of about 22.3% compared to MOP 233.2 million for the same period in 2022[7]. - The profit for the period was approximately MOP 13.4 million, down from MOP 28.6 million in the previous year, reflecting the impact of reduced ongoing renovation projects[16]. - Revenue from renovation services decreased from approximately MOP 202.3 million to MOP 165.3 million, primarily due to a reduction in the value of ongoing projects[8]. - Revenue from financial services dropped from approximately MOP 30.9 million to MOP 15.9 million, attributed to a decrease in the number of initial public offerings in Hong Kong[8]. - The group's gross profit decreased to approximately MOP 44.0 million, down from MOP 72.4 million, with a gross profit margin declining to about 24.3% from 31.1%[10]. - Operating profit decreased to MOP 25,941,000, representing a decline of 40.5% from MOP 43,634,000 year-on-year[53]. - Profit before tax was MOP 16,249,000, down 53.4% from MOP 34,902,000 in the prior year[53]. - The net profit for the period was MOP 13,441,000, a decrease of 53.0% compared to MOP 28,610,000 in the same period last year[53]. - Total comprehensive income for the period was MOP 14,075,000, down 51.5% from MOP 28,962,000 in the prior year[54]. - The company reported a profit of MOP 13,772,000 for the six months ended June 30, 2023, compared to a profit of MOP 28,896,000 for the same period in 2022, representing a decrease of approximately 52.3%[59]. - Total comprehensive income for the six months ended June 30, 2023, was MOP 14,406,000, down from MOP 29,234,000 in the previous year, indicating a decline of about 50.8%[59]. Expenses and Costs - Administrative and other expenses were reduced by approximately 37.2% to about MOP 18.1 million, due to effective cost control measures[13]. - Financing costs increased to approximately MOP 9.7 million from MOP 8.7 million, primarily due to rising interest rates[14]. - The total tax expense for the six months ended June 30, 2023, was 2,808,000 MOP, down from 6,292,000 MOP in the same period of 2022, indicating a reduction of about 55%[84]. Cash Flow and Assets - The group's cash and bank balances as of June 30, 2023, were approximately MOP 27.5 million, a decrease of about MOP 27.4 million from MOP 54.9 million at the end of 2022[17]. - The company had cash and cash equivalents of MOP 27,526,000 at the end of June 30, 2023, compared to MOP 19,924,000 at the same time last year, showing an increase of about 38.2%[60]. - Cash generated from operating activities was MOP 5,331,000 for the six months ended June 30, 2023, a significant improvement compared to cash used of MOP 12,423,000 in the same period of 2022[60]. - The company's total assets as of June 30, 2023, were MOP 1,110,087,000, slightly up from MOP 1,106,190,000 at the end of the previous period[56]. - The company's total equity attributable to owners was MOP 676,314,000, an increase from MOP 629,037,000 year-on-year[56]. - As of June 30, 2023, trade and other receivables amounted to 632,028,000 MOP, an increase from 578,159,000 MOP as of December 31, 2022, representing an increase of approximately 9%[88]. - The company’s total assets as of June 30, 2023, were MOP 1,000,000,000, reflecting a growth of 5% compared to the previous year[59]. Shareholder Information - As of June 30, 2023, the total number of issued shares was 967,200,000, an increase from 806,000,000 shares as of December 31, 2022[23]. - Major shareholders include Space Investment, holding approximately 30.09% of the issued shares, and Wu Lijun, holding approximately 30.25%[38]. - The share options plan has not granted any options since its adoption, with 76,000,000 options available for grant as of June 30, 2023[42]. - The board does not recommend the payment of any dividend for the period[50]. - The company did not declare any dividends for the six months ended June 30, 2023, consistent with the previous year[96]. Future Outlook - The company anticipates an increase in renovation projects, particularly in casinos, as the pandemic eases and the gaming license renewal was completed in December 2022[31]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[58]. - The expected completion of construction projects is anticipated within the next 6 to 24 months[70]. Acquisitions and Investments - The acquisition of Hongzhi Financing Limited was completed for a total consideration of approximately 31,891,000 HKD, which included cash payment of 30,000,000 HKD[91]. - The acquired company contributed revenue of 13,042,000 MOP and net profit of 5,136,000 MOP during the reporting period[95]. - The company has no significant investments or capital asset plans as of June 30, 2023[44]. - The company has no capital commitments as of June 30, 2023, consistent with the previous reporting period[24]. Debt and Liabilities - The debt-to-equity ratio improved to 0.60 as of June 30, 2023, down from 0.71 at the end of 2022, due to an increase in capital and reserves[18]. - The group's total debt included approximately MOP 405.2 million in bank loans and overdrafts, secured by bank deposits[17]. - As of June 30, 2023, approximately 111.3 million Macanese Patacas of bank deposits were pledged as collateral for bank financing, down from approximately 126.1 million Macanese Patacas as of December 31, 2022[27]. - As of June 30, 2023, trade payables totaled 99,691,000 MOP, an increase from 79,496,000 MOP as of December 31, 2022, reflecting an increase of approximately 25%[89]. - As of June 30, 2023, the group's contingent liabilities were approximately 13.0 million Macanese Patacas, unchanged from December 31, 2022[26].
恒宇集团(02448) - 2023 - 中期财报