Financial Performance - For the six months ended June 30, 2023, the revenue was HK$19,145,000, a decrease of 49.3% compared to HK$37,727,000 for the same period in 2022[10]. - The gross profit for the same period was HK$7,184,000, down 56.5% from HK$16,502,000 in 2022[10]. - The loss before income tax for the six months was HK$13,186,000, compared to a loss of HK$20,318,000 in the previous year, indicating an improvement of 35.5%[10]. - The total comprehensive loss for the period was HK$11,119,000, compared to a loss of HK$20,427,000 in 2022, reflecting a 45.4% improvement[13]. - Basic loss per share for the six months was (8.94) cents, compared to (16.53) cents in the same period last year, showing a reduction in loss per share by 46.1%[16]. - The company reported a gross profit margin of 37.5% for the six months ended June 30, 2023, down from 43.5% in the same period of 2022[10]. - Other comprehensive income for the period included exchange differences on translating foreign operations amounting to HK$2,067,000[12]. - The company reported a loss for the period of HK$13,186,000 for the six months ended June 30, 2023, compared to a loss of HK$20,318,000 in the same period of 2022, showing an improvement of about 35.5%[25]. - Other net loss amounted to approximately HK$242,000 for the Half-Yearly Period, a significant decrease from approximately HK$6,637,000 in the corresponding period in 2022[99]. Expenses and Cost Management - Selling and distribution expenses increased to HK$9,140,000 for the six months, compared to HK$9,747,000 in 2022, a decrease of 6.2%[10]. - Administrative expenses decreased to HK$10,988,000 from HK$20,308,000, a reduction of 45.9% year-on-year[10]. - Staff costs decreased significantly to HK$1,535,000 in 2023 from HK$5,480,000 in 2022, a reduction of about 72%[61]. - Unallocated corporate expenses decreased to HK$16,597,000 in 2023 from HK$18,384,000 in 2022, a reduction of about 10%[48]. Assets and Liabilities - As of June 30, 2023, total current assets amounted to HK$108,521,000, an increase from HK$103,734,000 as of December 31, 2022, representing a growth of approximately 4.3%[19]. - Net current assets decreased to HK$85,898,000 from HK$96,116,000, reflecting a decline of about 11.5%[21]. - Total equity as of June 30, 2023, was HK$91,686,000, down from HK$102,805,000 at the end of 2022, indicating a decrease of approximately 10.8%[21]. - The total assets less current liabilities were HK$91,686,000 as of June 30, 2023, down from HK$102,805,000, reflecting a decrease of approximately 10.8%[21]. - The total accounts receivable decreased from HK$39,704,000 in December 2022 to HK$34,565,000 in June 2023, with a notable decline in receivables within 90 days from HK$11,971,000 to HK$9,350,000[75]. - The Group's consolidated net assets decreased to HK$91.7 million from HK$126.1 million in 2022, a reduction of approximately HK$34.4 million[127][131]. Cash Flow - For the six months ended June 30, 2023, the net cash used in operating activities was HK$706,000, a decrease of 52.4% compared to HK$1,481,000 in the same period of 2022[29]. - The Group's cash and cash equivalents at June 30, 2023, were HK$34,037,000, a decrease of 32.5% from HK$50,449,000 at the end of the previous period[29]. - The net cash generated by investing activities was HK$69,000 for the six months ended June 30, 2023, compared to a net cash used of HK$91,000 in the same period of 2022[29]. - The Group's net cash used in financing activities was HK$4,000 for the six months ended June 30, 2023, a significant decrease from HK$12,008,000 in 2022[29]. Segment Performance - The Travel Media segment generated revenue of HK$1,600,000 for the six months ended June 30, 2023, a decline of 71.6% from HK$5,634,000 in 2022[39]. - The Financial Magazine and Other Media Business reported revenue of HK$17,000,000 for the six months ended June 30, 2023, down 40.0% from HK$28,350,000 in 2022[39]. - Reportable segment revenue decreased to HK$19,145,000 in 2023 from HK$37,727,000 in 2022, representing a decline of approximately 49%[48]. - Reportable segment profit improved to HK$2,130,000 in 2023 from a loss of HK$6,932,000 in 2022, indicating a turnaround in profitability[48]. Future Outlook and Strategy - The company has not provided specific guidance for future performance but indicated ongoing efforts to improve operational efficiency and reduce costs[7]. - The outlook for 2023 appears positive due to China's COVID policy change, with expectations of increased advertising and exhibition spending[143][146]. - The Group plans to maintain its 2022 development strategy, targeting both state and privately-owned entities to drive revenue growth[147][150]. - The Group aims to actively expand its customer base and explore business opportunities in the financial magazine and other media sectors[148][150]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code throughout the half-yearly period[165]. - The audit committee has reviewed the accounting principles and practices adopted by the Group for the half-yearly period[179]. - The company confirmed compliance with the Required Standard of Dealings for securities transactions by directors during the half-yearly period[160]. Share Options and Capital Structure - The 2013 Share Option Scheme will expire on December 31, 2023, allowing the company to grant share options as incentives[166]. - The maximum number of shares that may be issued under the 2013 Share Option Scheme is capped at 10% of the issued shares[171]. - A total of 11,574,500 share options were granted between June 30, 2023, and the date of the interim report[174]. - The total number of share options that may be issued under the 2013 Share Option Scheme is capped at 1% of the shares in issue as of the grant date unless approved by shareholders[172].
华泰瑞银(08006) - 2023 - 中期财报