Financial Performance - The group's consolidated revenue for the six months ended December 31, 2022, was approximately HKD 265 million, an increase of 12% compared to HKD 237 million in the same period last year[6]. - Operating profit for the first half was approximately HKD 4 million, up from approximately HKD 3 million in the same period last year, attributed to sales growth and improved operational efficiency[6]. - The carpet business generated sales of approximately HKD 256 million, a 13% increase from approximately HKD 227 million last year, despite some decline in Asian revenues due to sporadic COVID-19 outbreaks[8]. - Revenue for the six months ended December 31, 2022, was HKD 265,148,000, an increase of 12.0% compared to HKD 236,884,000 for the same period in 2021[44]. - Gross profit for the same period was HKD 151,015,000, representing a gross margin of 56.9%[44]. - Operating profit increased to HKD 4,407,000, up 33.8% from HKD 3,294,000 in the previous year[44]. - Profit attributable to owners of the company for the period was HKD 4,031,000, compared to HKD 2,170,000 in the prior year, marking an increase of 85.5%[44]. - Basic and diluted earnings per share for the period were HKD 1.90, up from HKD 1.02 in the previous year[44]. - The company reported a profit of HKD 4,031,000 for the period, compared to HKD 2,170,000 in the previous year, an increase of approximately 85.5%[56]. - The operating profit for the group was HKD 4,407,000 for the six months ended December 31, 2022, up from HKD 3,294,000 in the same period of 2021, reflecting a growth of 33.8%[82][84]. - The group’s gross profit for the six months ended December 31, 2022, was HKD 149,823,000, compared to HKD 134,292,000 in the previous year, indicating an increase of 11.6%[82][84]. Cash and Liquidity - As of December 31, 2022, the group's cash and cash equivalents totaled approximately HKD 195 million, an increase from HKD 163 million as of June 30, 2022, with no bank borrowings[16]. - Cash and cash equivalents increased from HKD 163,018,000 to HKD 193,428,000, an increase of about 18.6%[59]. - Operating cash flow generated was HKD 28,345,000, down from HKD 36,673,000, a decrease of approximately 22.7%[59]. - Net cash generated from investing activities was HKD 31,655,000, compared to a cash outflow of HKD 4,349,000 in the previous year[59]. - The group continues to monitor its cash flow forecasts to ensure sufficient liquidity for business needs and compliance with any borrowing covenants[71]. Investments and Capital Expenditures - The group plans to increase investment in the Premier Yarn Dyers facility in Georgia to expand carpet manufacturing in the U.S., supporting long-term growth plans[10]. - Capital expenditures for the period amounted to approximately HKD 4 million, unchanged from the previous year[15]. - Capital expenditures for the six months ended December 31, 2022, totaled HKD 3,572,000, a decrease from HKD 4,265,000 in the same period of 2021, reflecting a reduction of 16.3%[82][84]. - The company has approved but not contracted capital commitments of HKD 915,000 as of December 31, 2022, down from HKD 3,526,000 as of June 30, 2022[115]. Liabilities and Equity - The group reported a total contingent liability of approximately HKD 16 million as of December 31, 2022, compared to HKD 7 million as of June 30, 2022[23]. - Total assets decreased from HKD 788,009,000 to HKD 754,789,000, a decline of approximately 4.2%[50]. - Total equity decreased from HKD 429,131,000 to HKD 404,228,000, representing a decline of approximately 5.8%[53]. - Total liabilities decreased from HKD 358,878,000 to HKD 350,561,000, a decline of about 2.3%[53]. - The group’s total liabilities as of December 31, 2022, amounted to HKD 154,507,000, compared to HKD 162,905,000 as of June 30, 2022, indicating a decrease of approximately 5.2%[73]. - The total reserves as of December 31, 2022, decreased to HKD 247,037,000 from HKD 281,614,000 as of June 30, 2022, reflecting a decline of 12.2%[112]. Employee and Management Information - The total number of employees at the end of December 2022 was 731, a slight decrease from 751 at the end of June 2022[20]. - The company’s management compensation for the six months ended December 31, 2022, was HKD 17,117,000, a decrease of 42.7% from HKD 29,909,000 in the same period last year[121]. Dividends and Shareholder Returns - The group did not recommend the payment of an interim dividend for this period, consistent with the previous year[14]. - The company did not recommend any interim dividend for the six months ended December 31, 2022[32]. - The company paid dividends of HKD 12,731,000 during the period, compared to HKD 6,267,000 in the previous year[59]. - The total number of issued and fully paid ordinary shares remained at 212,187,488 as of December 31, 2022[19]. Risk Management and Financial Health - The group has not made any changes to its risk management team or policies since June 30, 2022, maintaining consistency in its financial risk management approach[70]. - The group’s financial risk factors include foreign exchange risk, price risk, credit risk, liquidity risk, and cash flow and fair value interest rate risk, which are critical for assessing overall financial health[69]. - The group’s management has made significant judgments and estimates in preparing the financial statements, which may affect reported assets, liabilities, income, and expenses[68]. Other Financial Metrics - The company experienced a foreign exchange loss of HKD 16,203,000, compared to a gain of HKD 3,779,000 in the previous year[47]. - The company reported a net other income of HKD 3,143,000, down from HKD 5,719,000 in the previous year[44]. - The net financing costs for the six months ended December 31, 2022, were HKD (64,000), significantly improved from HKD (846,000) in the previous year[89]. - The net exchange gain for the six months ended December 31, 2022, was HKD 1,032,000, compared to HKD 980,000 in the same period of 2021, indicating a growth of 5.3%[88].
TAI PING CARPET(00146) - 2023 - 中期财报