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尚晋国际控股(02528) - 2022 - 中期财报
FW FASHION INTFW FASHION INT(HK:02528)2022-09-19 08:43

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 495.78 million, a decrease of 20.8% compared to HKD 625.80 million for the same period in 2021[6] - Gross profit for the same period was HKD 244.29 million, down 24.3% from HKD 322.33 million in 2021[6] - The company reported a loss of HKD 22.69 million for the six months ended June 30, 2022, compared to a profit of HKD 15.8 million in the previous year[6] - The company reported a basic and diluted loss per share of HKD 0.06 for the six months ended June 30, 2022, compared to earnings of HKD 0.04 in 2021[8] - The company reported a loss of HKD 23,141 thousand for the period, compared to a profit of HKD 15,556 thousand in the same period of 2021[17] - The group recorded a net loss of HKD 22.7 million for the six months ended June 30, 2022, compared to a profit of HKD 15.8 million for the same period in 2021, primarily due to a revenue decrease of HKD 130.0 million[122] Assets and Liabilities - Total assets as of June 30, 2022, were HKD 1,014.95 million, down from HKD 1,129.37 million as of December 31, 2021[13] - Non-current assets decreased to HKD 390.06 million from HKD 481.25 million in the previous year[13] - Cash and cash equivalents increased to HKD 196.65 million from HKD 115.89 million as of December 31, 2021[13] - Current liabilities totaled HKD 579,321 thousand as of June 30, 2022, compared to HKD 642,126 thousand in 2021, indicating a reduction of about 9.8%[15] - Total liabilities decreased to HKD 744,949 thousand in 2022 from HKD 829,736 thousand in 2021, reflecting a decline of approximately 10.2%[15] - The total equity as of June 30, 2022, was HKD 270,004 thousand, down from HKD 299,636 thousand in 2021, indicating a decrease of approximately 9.9%[17] Revenue Breakdown - Total revenue for the six months ended June 30, 2022, was HKD 495.776 million, with external customer revenue contributing HKD 495.776 million[63] - The total segment revenue for Mainland China was HKD 250.536 million, while Hong Kong and Macau contributed HKD 208.794 million and HKD 36.446 million respectively[63] - Retail segment revenue decreased to HKD 465,685,000 from HKD 613,663,000, representing a decline of 24.1% year-over-year[70] - Revenue from mainland China was HKD 250.5 million, representing a 13.0% decrease year-on-year, while Macau's revenue fell by 28.9% to HKD 208.8 million[115] Cash Flow and Financing - Operating cash flow for the six months ended June 30, 2022, was negative at HKD (11,679) thousand, compared to positive HKD 176,213 thousand in 2021[19] - The company’s financing activities generated a net cash inflow of HKD 33,628 thousand in the first half of 2022, compared to a net cash outflow of HKD (241,340) thousand in the same period of 2021[19] - The company’s financing costs for the period were HKD 10,737,000, leading to a net financing cost of HKD 10,181,000[72] - Financing costs decreased to HKD 9.6 million, a year-on-year decrease of 5.3%, primarily due to lower interest expenses from lease liabilities and bank borrowings[120] Cost Management - The group implemented cost control measures on merchandise costs, rental expenses, and employee costs to maintain cash flow stability[111] - Total operating expenses for the six months were HKD 504,121,000, a decrease of 16.3% from HKD 602,798,000 in 2021[73] - Operating expenses for sales and marketing decreased to HKD 201.7 million, down 18.0% year-on-year, mainly due to a reduction in employee benefits expenses by HKD 21.8 million[119] Inventory and Receivables - Inventory as of June 30, 2022, was HKD 264.59 million, slightly up from HKD 260.41 million in the previous year[13] - Trade receivables from third parties amounted to HKD 46,334,000 as of June 30, 2022, a decrease of 8.4% from HKD 50,470,000 as of December 31, 2021[14] - The net amount of trade receivables was HKD 45,983,000, down from HKD 49,791,000, reflecting a decline of 7.3% year-over-year[14] Corporate Governance - The company has complied with the corporate governance code during the six months ended June 30, 2022, ensuring a balanced composition of executive and independent non-executive directors[149] - The board of directors does not recommend the declaration of an interim dividend for the six months ended June 30, 2022, consistent with the previous year[148] Future Outlook - The company plans to focus on expanding its retail and wholesale segments to recover from the decline in revenue[68] - The group anticipates that the impact of the pandemic will diminish, and it will continue to strengthen existing prudent measures, including cost control and efficiency optimization[131]