Financial Performance - Revenue decreased by 43.7% to HKD 998.1 million, with SI business revenue at HKD 590.1 million (down 34.9%) and IBO business revenue at HKD 408.0 million (down 52.9%) [2] - Gross profit fell by 66.6% to HKD 136.4 million, resulting in a gross profit margin of 13.7% [2] - The company reported a loss attributable to owners of HKD 327.7 million, primarily due to declining gross profit, increased losses from joint ventures, and rising financing costs and other expenses [2] - The net loss for the period was HKD 327.5 million, compared to a profit of HKD 74.4 million in the same period last year [4] - The group reported a net loss of HKD 327.5 million for the six months ended June 30, 2023 [11] - The pre-tax loss for the six months ended June 30, 2023, was HKD 327,704,000, compared to a profit of HKD 60,650,000 for the same period in 2022, indicating a significant decline in performance [31] - The group recorded a loss of approximately HKD 345.5 million for the six months ended June 30, 2023, compared to a profit of approximately HKD 90.5 million in the same period of 2022, primarily due to a decline in gross profit and increased financing costs [57] Assets and Liabilities - Total assets decreased from HKD 3,140.1 million as of December 31, 2022, to HKD 2,815.0 million as of June 30, 2023 [7] - Current assets decreased from HKD 4,550.0 million to HKD 4,093.1 million, with inventory dropping from HKD 1,169.5 million to HKD 980.1 million [6] - Current liabilities decreased slightly from HKD 5,631.4 million to HKD 5,363.6 million [6] - Non-current liabilities totaled HKD 96.5 million as of June 30, 2023, down from HKD 139.8 million [7] - The total assets as of June 30, 2023, amounted to HKD 8,275,174, compared to HKD 8,911,328 as of December 31, 2022, indicating a decrease of approximately 7.1% [19][21] - The total liabilities as of June 30, 2023, were HKD 5,460,129, a decrease from HKD 5,771,271 as of December 31, 2022, reflecting a reduction of about 5.4% [19][21] Cash Flow and Financing - The company’s cash and cash equivalents decreased from HKD 122.3 million to HKD 111.9 million [6] - The group had cash and cash equivalents of HKD 111.9 million as of June 30, 2023 [11] - The group’s total bank and other borrowings amounted to approximately HKD 2,889.1 million as of June 30, 2023, a decrease of about 1.1% from HKD 2,921.2 million as of December 31, 2022 [66] - The company’s financing costs, excluding lease liabilities interest, amounted to HKD 133,031 for the six months ended June 30, 2023 [19] - Financing costs rose by 23.0% to approximately HKD 134.8 million for the six months ended June 30, 2023, compared to HKD 109.6 million in the same period of 2022, primarily due to an increase in average borrowing rates [62] - The group has received waivers from banks regarding non-compliance with certain financial covenants, valid for six months [11] - Management is actively negotiating with banks for loan agreement terms and financial covenant waivers [12] Revenue Breakdown - For the six months ended June 30, 2023, total revenue from external customers was HKD 998,123, a decrease of 43.5% compared to HKD 1,772,030 for the same period in 2022 [18][25] - The System Integration (SI) segment generated revenue of HKD 590,141, while the Investment, Construction, and Operation (IBO) segment contributed HKD 407,982 for the six months ended June 30, 2023 [18][25] - Revenue from Hong Kong and Mainland China for the six months ended June 30, 2023, was HKD 87,335, up from HKD 72,111 in the same period of 2022, representing an increase of 21.5% [23] - Revenue from other Asian countries decreased significantly from HKD 1,090,118 in 2022 to HKD 462,966 in 2023, a decline of approximately 57.5% [23] Operational Developments - The company continues to engage in the design, integration, sales, and installation of engine-driven generator sets and distributed generation solutions [9] - The group plans to reduce its business in Myanmar while exploring new projects in other regions to enhance the utilization of power generation assets [43] - The group has added two new projects in Indonesia with a combined capacity of 22.4 MW, and is currently constructing a gas power station with a capacity of 56.4 MW [44] - The group’s power projects in Brazil, China, and the UK have capacities of 70.3 MW, 14.4 MW, and 20.3 MW respectively, and are still operational as of June 30, 2023 [44] - The group anticipates expanding its market share in Indonesia by participating in more local tender projects as part of the energy transition plan [44] Corporate Governance and Compliance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules, with the exception of the separation of roles between the Chairman and CEO, which is currently held by Mr. Lin [76] - No securities transactions by the company's directors were reported to have violated the standard code during the six months ending June 30, 2023 [77] - The company and its subsidiaries did not purchase, sell, or redeem any listed securities during the six months ending June 30, 2023 [78] - The audit committee reviewed the accounting principles, internal controls, risk management, and financial reporting matters for the six months ending June 30, 2023 [79] Shareholder Information - The group did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year, where no dividend was declared either [30] - The interim results announcement is available on the company's website and is expected to be sent to shareholders in August 2023 [80] - The company expressed gratitude to shareholders, customers, suppliers, and partners for their support and confidence during this period [81]
伟能集团(01608) - 2023 - 中期业绩