Financial Performance - The group's revenue for the six months ended December 31, 2023, increased by approximately 30% to about HKD 10,000,000, while the loss was approximately HKD 16,000,000, compared to a loss of HKD 20,000,000 in the same period last year[6]. - Revenue for the six months ended December 31, 2023, was HKD 10,324,000, an increase of 29.7% compared to HKD 7,954,000 in 2022[50]. - Gross profit for the same period was HKD 5,698,000, up 31.7% from HKD 4,329,000 in the previous year[50]. - Operating loss decreased to HKD 12,860,000 from HKD 18,206,000, representing a 29.5% improvement year-over-year[50]. - Loss before tax improved to HKD 15,638,000, down 22.1% from HKD 20,051,000 in the prior year[50]. - Total comprehensive loss for the period was HKD 17,087,000, a reduction of 16.5% compared to HKD 20,472,000 in 2022[52]. - Basic loss per share improved to HKD 0.96 from HKD 1.24, reflecting a 22.6% decrease in loss per share[52]. - The group reported a net cash outflow from operating activities of HKD 11,991,000 for the six months ended December 31, 2023, compared to HKD 17,577,000 for the same period in 2022, representing a 31% improvement[60]. - The group incurred a loss of approximately HKD 15,638,000 for the six months ended December 31, 2023, with current liabilities totaling approximately HKD 83,424,000, highlighting significant uncertainty regarding the group's ability to continue as a going concern[64]. Revenue Sources - Rental income from investment properties for the same period was approximately HKD 4,000,000, unchanged from the previous year[7]. - Revenue from external customers for the six months ended December 31, 2023, totaled HKD 10,324,000, with property investment contributing HKD 4,341,000 and R&D contributing HKD 5,983,000[88]. - The total segment loss for the same period was HKD 14,480,000, with property investment losses at HKD 2,605,000 and R&D losses at HKD 11,875,000[88]. Investment and Development - The company has invested approximately HKD 160,000,000 in collaboration with the Finnish National Technology Innovation Agency and plans to make significant investments in the coming years[9]. - The technology department aims to generate USD 33,000,000 in revenue by 2027[9]. - The company continues to develop new high-tech applications, including imaging, monitoring, navigation, and advanced semiconductor processing[9]. - Dynim Oy is focusing on developing a camera product line that integrates seamlessly with the IPESSA positioning solutions, aimed at providing robotic sensing, navigation, and perception capabilities[18]. - The 2024 product development roadmap centers around the RTK Vins series, with collaborative development planned with Kindhelm[18]. Shareholder Information - As of December 31, 2023, the total number of shares held by the directors and their associates in the company is 55,497,189, representing 3.96% of the total equity[33]. - Major shareholders include Basurto Holdings Limited, Cityguard Holdings Limited, and Five Star Investments Limited, each holding 508,848,531 shares, accounting for 36.31% of the total equity[36]. - Gold Seal Holdings Limited holds 537,993,892 shares, which is 38.39% of the total equity, including 309,388,211 ordinary shares and 228,605,681 convertible securities[36]. - The total equity held by major shareholders, including related entities, amounts to 1,176,614,613 shares, representing 83.96% of the total equity[36]. Corporate Governance - The company has adhered to the corporate governance code based on the listing rules, with some exceptions noted for future review[47]. - The audit committee reviewed the accounting principles and practices used by the company, discussing internal controls and financial reporting matters[45]. - The company confirmed compliance with the standard code of conduct for securities trading by its directors during the reporting period[48]. - The company plans to review its existing corporate bylaws at an appropriate time in the future[47]. Liabilities and Financial Position - As of December 31, 2023, the group's current liabilities net amount to approximately HKD 83 million, with a current ratio of 0.31[24]. - The group's total outstanding liabilities are approximately HKD 142 million, including trade and other payables of about HKD 17 million and bank loans of approximately HKD 80 million[24]. - The capital debt ratio is approximately 17.71%, calculated as total liabilities divided by total assets[26]. - The group has mortgage loans of approximately HKD 80,454,000 with repayment terms, and the bank will not exercise its discretion to demand immediate repayment[64]. - Shareholder Gold Seal Holdings Limited has agreed not to demand repayment of approximately HKD 13,799,000 owed to the group until the group's financial condition allows[64]. Cash Flow and Assets - The group's cash and cash equivalents decreased by HKD 17,366,000, down from HKD 21,880,000 in the previous year, indicating a 20% reduction in cash outflow[60]. - The group’s financing activities resulted in a net cash outflow of HKD 5,503,000, an increase of 40% from HKD 3,943,000 in the previous year[60]. - As of December 31, 2023, the total fair value measurement amounted to HKD 554,686,000, with HKD 528,884,000 classified under Level 3 inputs[72]. - The fair value of golf memberships decreased from HKD 11,084,000 to HKD 10,884,000, reflecting a loss of HKD 200,000 during the period[76]. - Investment properties remained stable at HKD 518,000,000, with no changes in value reported for the period[76]. Stock Options and Shares - The company has granted a total of 397,721,900 share options under its share option plan since its adoption in December 2015[40]. - The exercise price for share options ranges from HKD 0.179 to HKD 0.321, with various exercise periods extending until November 2028[40]. - The company has a stock option plan in place for eligible participants, including executive directors[136]. - The average remaining contractual life of unexercised stock options is 3.56 years, with exercise prices ranging from HKD 0.179 to HKD 0.321[137]. - The company has a total of 397,721,900 unexercised stock options at an average exercise price of HKD 0.268 as of December 31, 2023[137]. Customer and Supplier Concentration - The largest customer accounted for 42% of total revenue, while the top five customers represented 80% of total revenue for the six months ending December 31, 2023[44]. - The largest supplier accounted for 38% of total cost of sales, and the top five suppliers accounted for 65% of total cost of sales for the same period[44].
PALADIN(00495) - 2024 - 中期财报