意达利控股(00720) - 2023 - 中期业绩

Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's loss for the period widened to HKD 127.7 million, driven by increased losses from continuing operations and fair value adjustments | Metric | For the six months ended June 30, 2023 (HKD thousands) | For the six months ended June 30, 2022 (HKD thousands) | | :--- | :--- | :--- | | Total Revenue | 25,737 | 14,560 | | Loss Before Tax | (128,025) | (105,633) | | Loss for the Period | (127,704) | (107,276) | | Loss for the Period Attributable to Owners of the Company | (117,400) | (109,947) | | Basic Loss Per Share (HK cents) | (2.22) | (2.08) | - Total comprehensive expense for the period slightly narrowed to HKD 121.5 million from HKD 130.1 million in the prior year, primarily due to exchange gains from translating overseas operations[27] Condensed Consolidated Statement of Financial Position As of June 30, 2023, the Group's total assets decreased to HKD 692.2 million from HKD 782.3 million, with total equity falling to HKD 282.1 million, primarily due to a decline in the fair value of an associate investment | Metric | As of June 30, 2023 (HKD thousands) | As of December 31, 2022 (HKD thousands) | | :--- | :--- | :--- | | Non-current Assets | 636,779 | 719,022 | | Current Assets | 55,418 | 63,240 | | Total Assets | 692,197 | 782,262 | | Current Liabilities | 377,155 | 357,342 | | Non-current Liabilities | 32,963 | 33,994 | | Total Liabilities | 410,118 | 391,336 | | Total Equity | 282,079 | 390,926 | | Net Current Liabilities | (321,737) | (294,102) | - Investment in an associate measured at fair value through profit or loss significantly decreased from HKD 237.4 million to HKD 141.8 million, primarily contributing to the decline in non-current assets and total equity[28] Notes to the Condensed Consolidated Financial Statements 1. Basis of Preparation Despite HKD 321.7 million in net current liabilities as of June 30, 2023, the Board deems the going concern basis appropriate due to management's actions to mitigate liquidity pressure, including loan extensions and new financing - As of June 30, 2023, the Group's net current liabilities increased to HKD 321.7 million from HKD 294.1 million at the end of 2022[16] - To alleviate liquidity issues, the Group extended the maturity of HKD 286.9 million in borrowings from May to September 2023, with refinancing underway, and extended HKD 28.59 million in acceptance bills from March 2024 to March 2026[6][7] - The Directors believe the Group has sufficient working capital to continue as a going concern, considering the financing and debt extension plans implemented[18] 2. Principal Accounting Policies Accounting policies for the period align with 2022 financial statements, with new HKFRS adoptions effective January 1, 2023, having no material impact, and new policies on business combinations and leases elaborated - The Group adopted several new and revised HKFRS, including standards on insurance contracts, accounting policy disclosures, and accounting estimate definitions, with no material impact on financial statements[20][35][36] - The report details newly applied accounting policies, specifically the acquisition method for business combinations and the recognition and measurement of right-of-use assets and lease liabilities[23][46][53] 3. Segment Information The Group's continuing operations are segmented into Automotive, Property Investment, and Financial Investment and Services, with total pre-tax loss of HKD 128 million primarily driven by a HKD 96.4 million fair value loss on an associate investment - The Group's continuing operations are categorized into three segments: (i) Automotive (car trading and after-sales services in Mainland China); (ii) Property Investment; and (iii) Financial Investment and Services[58][77] Segment Revenue and Result (Continuing Operations) | Segment (Continuing Operations) | For the six months ended June 30, 2023 (HKD thousands) | For the six months ended June 30, 2022 (HKD thousands) | | :--- | :--- | :--- | | Segment Revenue | | | | Automotive | 11,731 | – | | Property Investment | 14,006 | 14,560 | | Financial Investment and Services | – | – | | Total | 25,737 | 14,560 | | Segment Result (Loss/Profit) | | | | Automotive | (3,640) | – | | Property Investment | (14,448) | 6,893 | | Financial Investment and Services | (167) | (170) | | Total | (18,255) | 6,723 | - The Group's total assets are primarily concentrated in the Property Investment segment (HKD 485 million), followed by the newly acquired Automotive segment (HKD 20.27 million)[82] Key Financial Items Analysis Financial performance was significantly impacted by non-cash items, with other gains and losses showing a net loss of HKD 117.5 million, primarily from fair value losses on an associate investment and investment properties Other Gains and Losses | Other Gains and Losses (HKD thousands) | For the six months ended June 30, 2023 | For the six months ended June 30, 2022 | | :--- | :--- | :--- | | Fair value loss on investment in an associate | (96,400) | (92,579) | | Fair value (loss)/gain on investment properties | (22,635) | 1,672 | | Fair value gain on other financial assets | 680 | – | | Total | (117,482) | (90,909) | Finance Costs | Finance Costs (HKD thousands) | For the six months ended June 30, 2023 | For the six months ended June 30, 2022 | | :--- | :--- | :--- | | Interest on bank and other borrowings | 5,589 | 3,874 | | Interest on acceptance bills | 1,091 | 1,664 | | Others | 1,011 | 915 | | Total | 7,691 | 6,453 | - Basic and diluted loss per share from continuing operations was 2.22 HK cents, compared to 2.07 HK cents in the prior period[12][90] Management Discussion and Analysis Financial Review In H1 2023, total revenue increased to HKD 25.7 million due to the automotive segment, but overall gross margin declined to 48.7%, and loss attributable to owners widened to HKD 117.4 million, significantly increasing the debt-to-equity ratio to 136.0% - The automotive segment contributed HKD 11.7 million in revenue, but its lower gross margin led to a decline in the Group's overall gross margin from 78.8% to 48.7%[98][99] - Loss attributable to owners of the Company expanded to HKD 117.4 million, primarily due to unrealized fair value losses of HKD 96.4 million on an associate investment and HKD 22.6 million on investment properties[123] - The debt-to-equity ratio significantly increased from 95.4% at the end of 2022 to 136.0% as of June 30, 2023, mainly due to a reduction in total equity[125][104] Business Review All business segments progressed in H1, with property investments providing stable rental income, the automotive segment expanding its network in China, financial services maintaining prudence, and life science investments (CBL) achieving significant business development despite fair value decline - Automotive business: A 47,000 sq. ft. Maserati 4S dealership opened in Wuhan, with successful marketing campaigns significantly increasing showroom traffic by over 50%[136][158] - Property investment: The investment property portfolio in Hong Kong and Scotland continued to generate rental income, totaling HKD 14 million[135] - Life science investment: The fair value of the investment in CBL decreased to HKD 142 million; however, CBL made business development progress, securing USD 28.3 million in outstanding contracts and expanding its service capabilities[123][159] Outlook The Group anticipates a challenging macroeconomic environment due to rising interest rates and geopolitical tensions, but will actively seek new business opportunities and CDMO value chain investments to create long-term shareholder value - The Group anticipates a challenging macroeconomic environment due to rising interest rates and geopolitical tensions, and will continue to explore business opportunities for shareholder value growth[161] - Leveraging its investment in CBL, the Group is actively seeking new investment targets within the CDMO value chain, such as cell line development[160] Other Information Dividends, Securities and Corporate Governance The Board did not declare an interim dividend for H1 2023, and no listed securities were transacted; the company largely complied with corporate governance codes, with a noted deviation where the Chairman and CEO roles are combined - The Board did not declare an interim dividend for the six months ended June 30, 2023[162][91] - The company complied with the Corporate Governance Code, with a deviation from provision C.2.1 where the roles of Chairman and Chief Executive Officer are combined and held by Mr. Zhuang Tianlong[143][163] - All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period[144] Audit Committee and Review of Results The Group's interim results for H1 2023 were unaudited but reviewed by Deloitte Touche Tohmatsu in accordance with HKSRS 2410 and by the Audit Committee comprising independent non-executive directors - The Audit Committee comprises Mr. Kong Kai Chuen (Chairman), Mr. To Chun Wai, and Dr. Shum Chung Ping, all independent non-executive Directors[145] - These interim results are unaudited but have been reviewed by the Company's auditor, Deloitte Touche Tohmatsu, and the Audit Committee[146]