Financial Performance - Revenue for the six months ended September 30, 2023, was HK$188,200,000, a decrease of 14.2% compared to HK$219,424,000 in the same period of 2022[8]. - Gross profit for the same period was HK$52,398,000, down 10.1% from HK$58,268,000 year-over-year[8]. - EBITDA decreased by 20.2% to HK$9,946,000 from HK$12,459,000 in the prior year[8]. - The company reported a loss attributable to equity holders of HK$2,289,000, compared to a profit of HK$2,587,000 in the previous year, marking a 188.5% decline[8]. - Basic loss per share was HK(1.1) cents, a decrease of 184.6% from earnings of HK1.3 cents per share in the prior year[8]. - The total profit for the period was HK$946,000, a significant decrease from HK$5,314,000 in the same period last year[148]. - Profit for the period decreased to HK$946,000 from HK$5,314,000, representing a decline of approximately 82.2% year-over-year[103]. - Total comprehensive expense for the period was HK$5,084,000, compared to HK$16,462,000 in the previous year, indicating a reduction of about 69.0%[103]. Assets and Liabilities - Total assets as of September 30, 2023, were HK$292,775,000, down 8.5% from HK$320,093,000 as of March 31, 2023[8]. - Net assets decreased by 3.5% to HK$166,590,000 from HK$172,674,000[8]. - Current assets also fell from HK$252,536,000 to HK$231,884,000, a decrease of about 8.2%[105]. - Current liabilities decreased from HK$134,883,000 to HK$118,571,000, a reduction of about 12.1%[106]. - The total equity as of 30 September 2023 was approximately HK$167 million, down from approximately HK$173 million as of 31 March 2023[82]. - The Group's net borrowings decreased to approximately HK$45 million as of 30 September 2023, down from approximately HK$51 million as of 31 March 2023[82]. - The net gearing ratio improved to 27% as of 30 September 2023, compared to 29% as of 31 March 2023[82]. Cash Flow - The net cash balance improved by 35.1%, from a negative balance of HK$19,190,000 to HK$12,451,000[8]. - The Group recorded a net operating cash inflow of approximately HK$14 million, compared to HK$15 million in the corresponding period last year[84]. - Net cash generated from operating activities for the six months ended 30 September 2023 was HK$14,434,000, a decrease of 5.8% compared to HK$15,322,000 in the same period of 2022[110]. - Net cash used in investing activities significantly improved to HK$853,000 from HK$8,605,000 in the previous year, indicating a reduction in investment outflows[110]. - Net cash used in financing activities increased to HK$18,549,000 from HK$7,403,000, reflecting higher financing costs or repayments[110]. - The total cash and cash equivalents at the end of the period decreased to HK$24,592,000 from HK$31,141,000, representing a decline of 21.0%[110]. Dividends - An interim dividend of HK$0.005 per ordinary share was declared, consistent with the previous year[11]. - The company declared an interim dividend of HK$0.005 per ordinary share, totaling HK$1,000,000, consistent with the previous year[172]. Shareholding Structure - As of September 30, 2023, Dr. Hung Kim Fung and Ms. Yeung Man Yi each hold 90,000,000 shares, representing 45% of the company's total shares[19]. - Mr. Hung Ying Fung holds 26,990,000 shares, accounting for 13.5% of the total shares[19]. - Mr. Yeung Kwok Leung holds 30,000,000 shares, which is 15% of the total shares[19]. - M2B Holding Limited, owned by Dr. Hung and Ms. Yeung, holds 90,000,000 shares, representing 45%[32]. - Bestmark Management Limited, owned by Mr. Yeung and his wife, holds 30,000,000 shares, accounting for 15%[32]. Governance and Compliance - The company has complied with the Corporate Governance Code throughout the period, with a noted deviation regarding director retirement by rotation[36]. - No significant contracts involving directors' material interests were reported during the period[24]. - The company did not redeem or trade any of its listed shares during the period[35]. - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with the required standards[23]. Business Segments - The Group's revenue from the Electronic and Electrical Trading Business was approximately HK$124 million, representing a decrease of approximately 17.3% from approximately HK$150 million in the corresponding period[61]. - The revenue from the Computer Retail Business was approximately HK$7 million, a decrease of approximately 22.2% from approximately HK$9 million in the corresponding period[64]. - The revenue from the Cosmetic Business and Online Retail Business decreased to approximately HK$27 million, or about 3.6%, from approximately HK$28 million in the corresponding period[70]. - Segment results for the electronic and electrical trading business showed a profit of HK$6,224,000, while the computer business reported a loss of HK$283,000[148]. Financial Risks and Management - The Group's financial risk management policy has remained unchanged since the year ended 31 March 2023, continuing to address market, credit, and liquidity risks[130]. - The Group is currently assessing the potential impact of new HKFRSs but has not yet determined if they will significantly affect operations or financial position[126]. - The Group's accounting policies remain consistent with those of the annual financial statements for the year ended 31 March 2023[120].
万保刚集团(01213) - 2024 - 中期财报