Financial Performance - For the six months ended September 30, 2023, the company reported a revenue of HKD 1,359.5 million, a decrease of 23.7% compared to HKD 1,782.8 million for the same period in 2022[7]. - The gross profit for the same period was HKD 61.98 million, down 63.5% from HKD 169.97 million year-on-year[7]. - The company recorded a loss attributable to shareholders of HKD 95.23 million, compared to a profit of HKD 12.83 million in the previous year, indicating a significant downturn[10]. - The adjusted gross margin for the first half of the fiscal year 2024 was 7.3%, a decline of 2.2% from the previous year, primarily due to increased product price competition and inventory reduction measures[11]. - The company reported a loss before tax of HKD 96,712 thousand, compared to a profit of HKD 16,558 thousand in the previous year[90]. - The net loss for the period was HKD 95,264 thousand, a significant decline from a profit of HKD 12,821 thousand in the prior year[90]. - The company reported a basic loss per share of HKD 108.68, compared to earnings of HKD 14.78 per share in the same period last year[90]. - The company reported a net loss of HKD 95,227,000 for the six months ended September 30, 2023, compared to a loss of HKD 136,283,000 in the same period last year, representing a 30% improvement[99]. Revenue Breakdown by Segment - Automotive electronics segment revenue decreased by 11.2% to HKD 401.4 million in the first half of FY2024 from HKD 451.8 million in the same period of FY2023[13]. - Industrial segment revenue fell by 39.8% to HKD 280.4 million, significantly impacted by weak export and domestic demand in China[14]. - Home appliances segment revenue decreased by 17.6% to HKD 248.8 million, affected by a sluggish global consumer electronics market and cooling measures in China's real estate sector[15]. - Electronic manufacturing services segment revenue grew by 13.0% to HKD 125.4 million, driven by a major project acquired in the previous fiscal year[18]. - Telecommunications segment revenue declined by 34.2% to HKD 92.4 million due to reduced consumer spending affecting smartphone demand[19]. - Audio-visual segment revenue decreased by 34.9% to HKD 83.7 million, reflecting challenges in the Chinese consumer electronics and export markets[20]. - Distributor segment revenue fell by 17.8% to HKD 79.8 million, influenced by weak demand for consumer electronics[21]. - Lighting segment revenue dropped by 43.7% to HKD 33.4 million, indicating weak demand in consumer and commercial lighting markets[22]. Inventory and Financing - Inventory provisions increased by HKD 37.0 million in the first half of fiscal year 2024, while no provisions were made in the same period of the previous year[11]. - Financing costs increased by HKD 16.8 million due to a rise in the weighted average effective interest rate compared to the previous year[11]. - The group employed 382 full-time employees as of September 30, 2023, an increase from 377 employees as of March 31, 2023[49]. - The group has unutilized bank financing of HKD 273.0 million as of September 30, 2023, down from HKD 416.6 million as of March 31, 2023[40]. - The group reported cash used in investing activities of HKD 2,159,000 for the six months ended September 30, 2023, compared to HKD 2,512,000 in the previous year[99]. Corporate Governance and Compliance - The board of directors believes that the company has complied with all corporate governance codes as of September 30, 2023[69]. - The board composition was noted to have discrepancies with Singapore corporate governance codes during specific periods in 2023, but compliance was achieved by increasing the number of independent non-executive directors[70]. - The company has appointed independent non-executive directors to ensure compliance with Hong Kong Listing Rules from August 11, 2023[73]. - All directors confirmed compliance with the Hong Kong Standard Code for the six months ending September 30, 2023[74]. - The Audit Committee, consisting of four independent non-executive directors, reviewed the group's unaudited interim results for the six months ending September 30, 2023[75]. Shareholder Information - As of September 30, 2023, the total shares held by the chairman and non-executive director, Mr. Xie, amount to 18,614,309 shares, representing 21.24% of the total issued shares[57]. - The total issued shares as of September 30, 2023, is 87,622,049 shares[57]. - Major shareholders include Shanghai Yachuang, Kunshan Yachuang, and Yachuang Taixin, each holding 18,614,309 shares, which is 21.24% of the total shares[56]. - Mr. Yeo holds a total of 8,410,984 shares, representing 9.60% of the total shares[59]. - Ms. Lim also holds 8,410,984 shares, representing 9.60% of the total shares[59]. Cash Flow and Assets - Operating cash flow decreased by HKD 259.2 million, primarily due to cash outflows from operating activities of HKD 58.6 million and financing activities of HKD 194.4 million[37]. - Cash and cash equivalents decreased significantly to HKD 58,000 thousand from HKD 317,230 thousand, reflecting liquidity challenges[92]. - The company’s total equity as of September 30, 2023, was HKD 574,540,000, a decrease from HKD 690,616,000 as of April 1, 2023[96]. - The company incurred financing costs of HKD 31,644 thousand, which is a substantial increase from HKD 14,806 thousand in the previous year[90]. Impairment and Losses - The company recognized an impairment loss of HKD 8,388,000 under the expected credit loss model during the period[122]. - The group recognized a net impairment loss of HKD 9,568,000 on trade receivables for the six months ended September 30, 2023, with no impairment loss recorded in the same period of 2022[147].
威雅利(00854) - 2024 - 中期财报