Financial Performance - Revenue decreased by approximately 14.9% to about HKD 813.8 million compared to the same period in 2022[44]. - Gross profit decreased by approximately 9.0% to about HKD 285.8 million compared to the same period in 2022[44]. - Net profit for the period was approximately HKD 53.6 million, down from approximately HKD 106.1 million in the same period of 2022[44]. - Basic earnings per share for the period were approximately HKD 5.55, compared to HKD 11.02 in the same period of 2022[44]. - The total comprehensive income for the period was HKD 75.4 million, compared to HKD 58.7 million in the previous period[60]. - The company reported a net foreign exchange loss of 9,027 thousand HKD for the six months ended December 31, 2023, compared to a gain of 22,376 thousand HKD in the same period of 2022[128]. - The group recorded a net profit of approximately HKD 53.6 million for the six months ended December 31, 2023, down from approximately HKD 106.1 million in the same period of 2022, primarily due to global inflationary pressures and exchange losses[170]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to HKD 1,791,309,000, an increase from HKD 1,779,748,000 in the previous period, reflecting a growth of approximately 0.9%[4]. - Current assets decreased to HKD 745,208,000 from HKD 758,992,000, representing a decline of about 1.9%[24]. - Non-current liabilities increased to HKD 32,858,000 from HKD 30,328,000, indicating a rise of approximately 5.0%[3]. - The company's net asset value as of December 31, 2023, was HKD 1,791,309,000, up from HKD 1,779,748,000, reflecting a growth of about 0.7%[4]. - The total value of non-current assets was HKD 1,051,084,000, with property, plant, and equipment valued at HKD 303,383,000, an increase from HKD 281,499,000, representing a growth of about 7.8%[17]. - The group reported total liabilities of HKD 358,991,000 as of December 31, 2023[95]. Revenue Breakdown - The company's revenue decreased by approximately 14.9% from about HKD 956.5 million for the six months ended December 31, 2022, to about HKD 813.8 million for the six months ended December 31, 2023, primarily due to a decline in demand from brand customers in the manufacturing business[78]. - Customer contract revenue for the six months ended December 31, 2023, was HKD 807,220,000, compared to HKD 949,441,000 for the same period in 2022, indicating a decrease of approximately 15%[101]. - Revenue from North America for the six months ended December 31, 2023, was HKD 170,438,000, down from HKD 217,139,000 in 2022, reflecting a decline of about 21%[113]. - The retail segment's revenue increased by approximately 8.1% year-on-year to about HKD 251.4 million, benefiting from improved retail channels, especially online and live sales[182]. Expenses - Selling and distribution expenses increased to HKD 103.4 million from HKD 93.3 million in the previous year[38]. - Administrative expenses rose to HKD 114.6 million from HKD 105.3 million in the previous year[38]. - The total tax expense for the six months ended December 31, 2023, was 14,043 thousand HKD, significantly lower than 31,088 thousand HKD in the same period of 2022, marking a decrease of approximately 54.8%[126]. - Other income and gains were HKD 10.2 million, down from HKD 31.9 million in the previous year[38]. - The cost of goods sold for the six months ended December 31, 2023, was 527,986 thousand HKD, down from 642,310 thousand HKD in the previous year, representing a reduction of about 17.7%[139]. Dividends and Shareholder Information - Declared an interim dividend of HKD 0.02 per ordinary share for the six months ended December 31, 2023[44]. - The company declared an interim dividend of 2 HKD cents per share for the six months ended December 31, 2023, compared to 4 HKD cents per share for the same period in 2022, reflecting a 50% decrease in dividend payout[127]. - The company plans to suspend shareholder registration from April 2, 2024, to April 5, 2024, for the distribution of interim dividends[82]. Employee and Operational Insights - As of December 31, 2023, the group had approximately 4,500 employees, with performance bonuses provided to well-performing staff[92]. - The group aims to improve the working environment and living conditions for employees, which is crucial for maintaining expertise in leather goods[92]. - The group plans to continue enhancing employee training programs to increase productivity and technical skills[92]. - The group has established a dedicated live sales team with over 70 members, achieving satisfactory results in e-commerce[183]. Future Plans and Investments - The company plans to expand its manufacturing facilities to Indonesia, acquiring approximately 22,000 square meters of land to build a factory exceeding 15,000 square meters, expected to commence trial production in 2024[189]. - The group anticipates the grand opening of the "Era E-commerce Center" in the second quarter of 2024[187]. - The group has transformed a four-story building in Dongguan into the "Era E-commerce Center," covering over 4,400 square meters, which will support e-commerce operations for various brand owners[187]. - The group aims to continue enhancing its competitive advantage by optimizing production processes and sourcing competitively priced quality raw materials[186]. Credit and Risk Management - The expected credit loss rate for receivables over 365 days was 38.76%, indicating a significant risk in long-term receivables[134]. - The expected credit loss rate for overdue receivables was 1.29% for amounts overdue over six months, with total expected credit losses amounting to approximately HKD 4.976 million[152]. - The group maintains strict control over its receivables and credit risk, with regular reviews of overdue balances by senior management[149].
时代集团控股(01023) - 2024 - 中期业绩