嘉里物流(00636) - 2023 - 中期业绩

Financial Performance - Revenue decreased by 47% year-on-year to HKD 25.31 billion (first half of 2022: HKD 48.03 billion) [3] - Core operating profit fell by 84% to HKD 568 million (first half of 2022: HKD 3.46 billion) [3] - Core net profit declined by 85% to HKD 368 million (first half of 2022: HKD 2.37 billion) [3] - The profit attributable to shareholders for the first half of 2023 was HKD 368 million, down 85% from HKD 2.38 billion in the same period last year [3] - The international freight business recorded a segment profit of HKD 621 million, down 82% from HKD 3.40 billion in the first half of 2022 [3] - The e-commerce and express business reported a segment loss of HKD 505 million (first half of 2022: HKD 393 million loss) [3] - Total revenue for 2023 was HKD 48,034,324, a decrease from HKD 54,559,322 in 2022, representing a decline of approximately 11.5% [12] - The company reported a core operating profit of HKD 367,561 for 2023, down from HKD 2,371,812 in 2022, a decrease of about 84.5% [12] - The company recorded a net profit attributable to shareholders of HKD 367,619 in 2023, down from HKD 2,376,815 in 2022, a decrease of about 84.6% [12] - The logistics segment's revenue was HKD 6,328,266 in 2023, compared to HKD 6,559,322 in 2022, reflecting a decrease of approximately 3.5% [14] - The company reported a loss of HKD 275,643 from joint ventures and associates in 2023, compared to a profit of HKD 82,596 in 2022 [12] Dividends and Earnings - The interim dividend per share is HKD 0.09, to be paid on or around September 22, 2023 [3] - The basic earnings per share for the first half of 2023 was HKD 0.20, compared to HKD 1.32 in the first half of 2022 [4] - The company declared an interim dividend of HKD 0.09 per share for the first half of 2023, down from HKD 0.28 per share in the same period of 2022 [22] Assets and Liabilities - Total assets less total liabilities stood at HKD 21.23 billion as of June 30, 2023 [7] - Non-current liabilities amounted to HKD 7.78 billion as of June 30, 2023 [7] - Total bank loans amounted to HKD 8.196 billion as of June 30, 2023, a decrease from HKD 8.813 billion at the end of 2022 [31] - The company had capital commitments of HKD 1.979 billion as of June 30, 2023, down from HKD 2.054 billion at the end of 2022 [30] - The total trade receivables as of June 30, 2023, were HKD 8,629,897, a decrease from HKD 10,198,194 as of December 31, 2022 [27] - The asset-to-liability ratio improved to 44.5% as of June 30, 2023, down from 48.3% at the end of 2022 [42] - As of June 30, 2023, the company had unused bank loans and credit facilities totaling HKD 6.496 billion available for significant capital expenditures [42] Operational Insights - The company plans to focus on market expansion and new product development to improve future performance [13] - The company's revenue from the integrated logistics segment for the first half of 2023 was significantly impacted by the performance of its three main business segments: integrated logistics, e-commerce and express, and international freight forwarding [15] - The total operating expenses for the first half of 2023 were HKD 18,946,476, compared to HKD 38,128,166 in the same period of 2022, indicating a significant reduction in costs [17] - Financing costs increased to HKD 275,643 in the first half of 2023 from HKD 150,592 in the same period of 2022, primarily due to higher interest expenses on bank loans [18] - The company experienced a more than 30% quarter-on-quarter growth in the second quarter of 2023, despite an 85% year-on-year decline in core net profit [36] - The company anticipates improvement in its Hong Kong logistics business due to economic recovery and increased retail activity [36] - Kerry Express Thailand is expected to stabilize by Q4 2024 despite ongoing losses in the e-commerce and express delivery segment [37] - The company is focused on strategic adjustments and cost improvements to capture market recovery opportunities [41] Compliance and Governance - The company is registered in the British Virgin Islands and has been listed on the Hong Kong Stock Exchange since 2000 [9] - The group operates in logistics, freight forwarding, e-commerce, and express services [9] - The unaudited interim financial data is prepared in accordance with Hong Kong Accounting Standards and is consistent with the annual financial statements for the year ended December 31, 2022 [9] - The group has adopted new accounting standards effective from January 1, 2023, with no significant impact on accounting policies [10] - The company has maintained compliance with corporate governance codes and standards throughout the reporting period [44] Future Outlook - The company plans to sell equity in ten subsidiaries engaged in express services in the Asia-Pacific and Europe regions for approximately HKD 243.196 million [33] - The company is enhancing its sustainability practices in line with international standards and plans to disclose climate-related financial assessments in 2024 [40] - The company will adopt new accounting standards that are yet to come into effect, expected to have no significant impact on the interim financial data [10]