Financial Performance - For the six months ended September 30, 2023, the company reported revenue of HKD 84,674,000, a 38.3% increase compared to HKD 61,197,000 for the same period in 2022[5] - Gross profit for the six months was HKD 23,898,000, representing a slight increase of 3.8% from HKD 23,019,000 in the previous year[5] - The company achieved a profit before tax of HKD 5,370,000, up 47.0% from HKD 3,656,000 in the same period last year[5] - Net profit attributable to owners of the company for the six months was HKD 3,743,000, an increase of 49.1% compared to HKD 2,509,000 in 2022[7] - Basic and diluted earnings per share for the six months were HKD 0.94, compared to HKD 0.63 for the same period in 2022, reflecting a 49.2% increase[7] - The company reported a total comprehensive income of HKD 3,723,000 for the six months, up from HKD 2,339,000 in the previous year[7] - The company reported a net profit of HKD 3,743,000 for the six months ended September 30, 2023, compared to HKD 2,509,000 for the same period in 2022, representing a year-on-year increase of 49.0%[12] - The company’s total comprehensive income for the six months ended September 30, 2023, was HKD 3,781,000, compared to HKD 2,509,000 in the previous year, reflecting a growth of 50.7%[12] Assets and Liabilities - The company’s total assets as of September 30, 2023, were HKD 269,082,000, a decrease from HKD 276,840,000 as of March 31, 2023[9] - The company’s cash and cash equivalents decreased significantly to HKD 105,000 from HKD 5,754,000 at the end of the previous reporting period[9] - The company’s inventory increased to HKD 144,167,000 from HKD 138,765,000, indicating a 3.0% rise[9] - The company’s non-current assets increased to HKD 154,296,000 from HKD 154,524,000, showing a slight decrease[9] - Total equity as of September 30, 2023, was HKD 267,027,000, up from HKD 246,948,000 as of March 31, 2022, indicating a growth of 8.2%[12] - The company’s total liabilities decreased from HKD 1,069,000 to HKD 1,350,000, indicating a reduction in financial obligations[12] Cash Flow and Financing - Operating cash flow before changes in working capital for the six months ended September 30, 2023, was HKD 14,214,000, an increase of 25.5% from HKD 11,339,000 in the same period of 2022[13] - The company raised new bank borrowings of HKD 40,652,000 during the six months ended September 30, 2023, slightly down from HKD 41,709,000 in the same period of 2022[14] - The net cash used in investing activities was HKD 307,000 for the six months ended September 30, 2023, compared to HKD 33,000 in the previous year[14] - The company reported a decrease in cash and cash equivalents of HKD 5,490,000 for the period, compared to a decrease of HKD 226,000 in the same period of 2022[14] - Financing costs for the six months ended September 30, 2023, totaled HKD 4,372,000, up from HKD 2,162,000 in the same period of 2022, marking an increase of 102%[29] Revenue Sources - For the three months ended September 30, 2023, total customer contract revenue was HKD 45,818,000, a significant increase from HKD 27,950,000 in the same period of 2022, representing a growth of 64%[23] - Wine product sales accounted for HKD 45,037,000 for the three months ended September 30, 2023, compared to HKD 3,707,000 in the same period of 2022, indicating a substantial increase of 1,115%[23] - The total revenue from other income for the six months ended September 30, 2023, was HKD 30,000, down from HKD 373,000 in the same period of 2022, indicating a decline of 92%[26] Expenses - Selling and distribution expenses decreased from about HKD 7.0 million to about HKD 5.9 million due to ongoing cost reduction efforts[51] - Administrative expenses reduced from about HKD 10.9 million to about HKD 8.1 million, mainly due to decreased employee costs and depreciation[53] - The company’s total employee costs for the six months ended September 30, 2023, were HKD 5,510,000, a decrease from HKD 7,030,000 in the same period of 2022, representing a reduction of 22%[30] - Income tax expenses rose by approximately 26.0% from about HKD 1.3 million to about HKD 1.7 million due to increased taxable profits[55] Corporate Governance - The company has adopted all applicable principles of the corporate governance code as per GEM Listing Rules Appendix 15, except for the separation of roles between the Chairman and the CEO, which is currently held by Ms. Wang Zilu[92] - Ms. Wang Zilu was appointed as the Chairman of the Board and CEO on September 14, 2023, which deviates from the corporate governance code[92] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated results for the period and confirmed compliance with applicable accounting standards and GEM Listing Rules[95] - The company is committed to maintaining a high level of corporate governance to protect shareholder interests and enhance company value[92] Shareholder Information - As of September 30, 2023, the company has a total of 400,000,000 shares issued, with major shareholders holding 70% of the shares[78] - Ms. Wang Zilu and Mr. Ding Zhiwei collectively hold 280,000,000 shares, representing 70% of the company's issued share capital[80] - The company is committed to ensuring that its major shareholders maintain at least 50% beneficial ownership[82] Future Outlook - The company is exploring collaborations with other alcoholic beverage brands to expand revenue sources and achieve synergies with existing operations[76] - The company aims to enhance its business portfolio and believes that ongoing developments will drive sustainable growth in the long term[76]
威扬酒业控股(08509) - 2024 - 中期财报