Financial Performance - The company recorded a loss of approximately HKD 186,896,000 for the six months ended September 30, 2023[10]. - Revenue for the six months ended September 30, 2023, decreased by 39.5% to approximately HKD 44,605,000 compared to HKD 73,748,000 in the same period of 2022[68]. - Gross profit fell to HKD 20,873,000, down 54.7% from HKD 46,101,000 year-on-year[68]. - The company reported an operating loss of HKD 146,147,000, compared to an operating loss of HKD 32,804,000 in the previous year, representing a significant increase in losses[68]. - Loss attributable to the company's owners for the period was HKD 186,884,000, compared to HKD 54,156,000 in the same period last year, marking a 245.5% increase in losses[68]. - Total comprehensive loss for the period amounted to HKD 243,055,000, compared to HKD 182,853,000 in the same period last year[71]. - The company recorded a foreign exchange loss of HKD 30,038,000 for the period, compared to a loss of HKD 128,681,000 in the previous year, indicating a significant improvement in foreign exchange impacts[82]. - The company reported a net cash inflow from investment activities of HKD 41,541,000, a significant turnaround from a cash outflow of HKD 2,729,000 in the same period last year[93]. - The company incurred interest expenses of HKD 13,243,000, slightly down from HKD 13,309,000 in the previous year, showing a marginal decrease in financing costs[93]. - The company reported a loss of HKD 17,444,000 from the early repayment of amounts due to a related company[147]. Assets and Liabilities - As of September 30, 2023, the company's equity was approximately HKD 1,278,661,000, down from HKD 1,521,716,000 as of March 31, 2023, indicating a decrease of about 15.9%[9]. - The total liabilities decreased to HKD 1,246,896,000 from HKD 1,814,088,000, indicating a reduction of approximately 31.3% in total liabilities[82]. - Non-current assets, including investment properties, totaled HKD 1,605,567,000 as of September 30, 2023, down from HKD 1,766,460,000 at the end of March 2023[80]. - Current liabilities increased to HKD 393,612,000, down from HKD 967,113,000, reflecting a significant reduction in financial obligations[80]. - As of September 30, 2023, total assets amounted to HKD 1,733,288, a decrease of 32.3% from HKD 2,558,371 as of March 31, 2023[120]. - The total liabilities as of September 30, 2023, were HKD 454,627, down 56.2% from HKD 1,036,655 as of March 31, 2023[120]. - The company’s accumulated losses increased to HKD 3,412,954,000 as of September 30, 2023, compared to HKD 3,029,526,000 in the previous year, indicating a rise in cumulative losses[82]. Cash Flow and Liquidity - The company’s cash and bank deposits amounted to approximately HKD 72,288,000 as of September 30, 2023, an increase from HKD 60,746,000 as of March 31, 2023, representing a growth of about 19.4%[9]. - The current ratio decreased to 0.32 as of September 30, 2023, down from 0.82 as of March 31, 2023, indicating a decline in liquidity[9]. - The company is actively negotiating the sale of hotel properties to improve its liquidity situation[12]. - The total borrowings amounted to approximately HKD 254,859,000 as of September 30, 2023, with a significant portion due within twelve months[12]. - A major shareholder has agreed to provide ongoing financial support for the company's operations over the next twelve months[34]. - The management believes the group will be able to fund its operations and meet its financial obligations based on cash flow forecasts[34]. Operational Efficiency and Strategy - The company plans to continue controlling administrative costs and managing capital expenditures to improve operational efficiency[12]. - The company has accumulated years of experience in property investment and is seeking related investment opportunities to drive long-term growth[7]. - The company is focused on enhancing risk control measures to navigate the challenging political and economic environment[7]. - The company is considering ceasing operations in the securities investment and financing segment to allocate more resources to other divisions[105]. Shareholder and Governance - The board has decided not to declare any interim dividend for the six months ended September 30, 2023, consistent with the previous year[23]. - The company has not granted or agreed to grant any share options under the new share option plan as of September 30, 2023[43]. - The total number of share options available for issuance under the plan is 729,436,936 shares, representing about 10% of the issued shares as of September 30, 2023[43]. - The company has complied with the Corporate Governance Code during the review period, with the exception of certain deviations noted[45]. - The independent non-executive directors are aware of their roles and responsibilities, and the board believes sufficient measures have been taken to ensure compliance with the Corporate Governance Code[45]. - The chairman of the board did not attend the annual general meeting held on September 28, 2023, due to other commitments, but other directors were present and capable of addressing shareholder questions[45]. Market and Segment Performance - Revenue from agricultural operations decreased by 28.5% to approximately HKD 30,151,000, accounting for 67.6% of total revenue[75]. - The average selling price of soybeans decreased by 17.4% to USD 380 per ton, contributing to a loss of approximately HKD 11,242,000 in the farming segment[75]. - The property investment segment reported revenue of HKD 14,454,000 for the six months ended September 30, 2023, with a loss of HKD 71,031,000, compared to a loss of HKD 59,850,000 in the same period of 2022[115]. - The hotel segment recorded no revenue for the six months ended September 30, 2023, with a loss of HKD 31,330,000, compared to a loss of HKD 566,000 in the same period of 2022[115]. - Revenue from the Chinese market was HKD 14,454, down 54.3% from HKD 31,565 in the previous year[138]. - Revenue from Bolivia was HKD 30,151, a decrease of 28.5% from HKD 42,183 in the previous year[138]. Other Financial Information - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended September 30, 2023[44]. - The company has adopted the standard code of conduct for securities transactions by directors as per the listing rules, and all directors confirmed compliance as of September 30, 2023[48]. - The audit committee has reviewed the interim report for the six months ending September 30, 2023[49]. - The interim financial statements include a consolidated income statement and other comprehensive income statement for the six months ending September 30, 2023[67]. - Basic and diluted loss per share for the six months ended September 30, 2023, was HKD (186,884,000), compared to HKD (54,156,000) in the same period of 2022[160].
润中国际控股(00202) - 2024 - 中期财报