Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 505.43 million, an increase of 1.33% compared to HKD 495.78 million in the same period of 2022[6] - Gross profit decreased to HKD 235.43 million, down 3.54% from HKD 244.29 million year-on-year[6] - The company reported a loss of HKD 7.40 million for the period, significantly improved from a loss of HKD 22.69 million in the previous year[6] - Basic and diluted loss per share improved to HKD 0.02 from HKD 0.06 in the same period last year[9] - The company reported a net cash inflow from operating activities of HKD 111,249,000 for the six months ended June 30, 2023, compared to a cash outflow of HKD 11,679,000 in the same period of 2022[20] - The total comprehensive loss for the period was HKD 23,141,000, which includes a loss of HKD 6,261,000 and other comprehensive losses of HKD 5,183,000[18] - The company experienced a net loss of HKD 7,404 thousand for the six months ended June 30, 2023, compared to a net loss of HKD 22,686 thousand for the same period in 2022, indicating an improvement in financial performance[43] - The net loss attributable to equity holders of the company narrowed to HKD 6,261,000 in 2023 compared to HKD 23,141,000 in 2022, indicating improved financial performance[54] Assets and Liabilities - Current ratio remained stable at 1.0, while the debt-to-asset ratio increased slightly to 59% from 58%[6] - Non-current assets increased to HKD 398.46 million from HKD 391.90 million, driven by investments in property and equipment[14] - The company’s total liabilities increased, reflecting ongoing financial commitments and operational costs[30] - The group’s current liabilities net value was HKD 6.4 million, a decrease of HKD 6.7 million from December 31, 2022, primarily due to a reduction in current assets by HKD 28.8 million[104] - The group’s total borrowings amounted to HKD 80.8 million as of June 30, 2023, down from HKD 90.0 million as of December 31, 2022[105] - The asset-to-liability ratio was 59% as of June 30, 2023, compared to 58% as of December 31, 2022[105] Cash Flow and Financing - The company reported a decrease in cash flow from financing activities, with a net cash outflow of HKD 92,148,000 compared to a net inflow of HKD 33,628,000 in the previous year[20] - The company incurred capital expenditures of HKD 27,186,000 for the purchase of property, plant, and equipment during the first half of 2023[20] - The company reported a net financing cost of HKD 9.54 million, slightly improved from HKD 9.64 million in the previous year[9] - The financing costs net amount decreased to HKD 0.1 million, down 1.0% year-on-year due to a reduction in lease liabilities[100] Revenue Segments - Retail segment revenue was HKD 464,778 thousand, slightly down from HKD 465,685 thousand in the previous year, while the restaurant service segment generated HKD 10,342 thousand, a new addition to the revenue streams[46] - Revenue from single-brand stores decreased by 5.4% to HKD 363.7 million, while multi-brand stores saw a significant increase of 35.6% to HKD 93.9 million[93] - Revenue from mainland China decreased by 8.9% to HKD 228.1 million, while Macau's revenue increased by 8.1% to HKD 225.6 million, and Hong Kong and Taiwan saw a 41.8% increase to HKD 51.7 million[94] - Online sales experienced a decline of 39.2%, generating only HKD 7.2 million compared to HKD 11.8 million in the previous year[93] Expenses - The total expenses for the period were HKD 506,820,000 in 2023, slightly up from HKD 504,121,000 in 2022, reflecting a marginal increase of 0.5%[50] - The group’s administrative expenses for the period were HKD 49,371 thousand, slightly lower than HKD 50,908 thousand in the previous year[43] - The total employee cost for the six months ended June 30, 2023, was HKD 106.6 million, representing a year-on-year increase of 23.3%[116] - Employee benefit expenses rose to HKD 106,635,000 in the first half of 2023, up from HKD 86,518,000 in the same period of 2022, indicating a 23.2% increase[50] Inventory and Receivables - Inventory decreased to HKD 255.79 million from HKD 274.11 million, indicating a reduction in stock levels[15] - Trade receivables decreased to HKD 29.11 million from HKD 40.29 million, reflecting improved collection efforts[15] - Trade receivables decreased to HKD 29,562 thousand as of June 30, 2023, compared to HKD 40,741 thousand as of December 31, 2022, a decline of approximately 27.4%[65] - Inventory measured at cost decreased to HKD 216,747 thousand as of June 30, 2023, from HKD 242,727 thousand as of December 31, 2022, a reduction of about 10.7%[63] Corporate Governance and Strategy - The company has not adopted any new accounting standards that would significantly impact its financial performance for the current period[28] - The company has complied with the corporate governance code during the six months ended June 30, 2023, ensuring a balanced composition of executive and independent non-executive directors[128] - The audit committee has reviewed the accounting principles and practices adopted by the company, discussing risk management and internal controls for the six months ended June 30, 2023[129] - The group is committed to a cautious expansion strategy despite challenges in the retail sector, focusing on long-term growth[112] Market Outlook - The group anticipates that 2023 will remain challenging due to high interest rates and the uncertain outlook of the Russia-Ukraine conflict[112] - The company continues to face various financial risks, including market risk and liquidity risk, which may affect future performance[30]
尚晋国际控股(02528) - 2023 - 中期财报