Financial Performance - The company's consolidated revenue for the first half of 2022 was RMB 1,024.0 million, an increase of approximately 6.6% compared to RMB 960.5 million in the same period last year[14]. - Revenue from the marine construction segment was RMB 240.3 million, while the municipal engineering segment generated RMB 783.7 million[10]. - The gross profit for the main business was RMB 80.9 million, a decrease of 8.5% from RMB 88.4 million in the same period last year[17]. - Operating profit for the first half of 2022 was RMB 29.2 million, down 22.1% from RMB 37.5 million in the previous year[18]. - Net profit attributable to shareholders for the period was RMB 15,328 thousand, down from RMB 22,710 thousand in the previous year, a decrease of around 32.5%[62]. - Basic and diluted earnings per share for the period were both RMB 1.87, compared to RMB 2.95 in the same period last year, a decline of approximately 36.6%[62]. - The total comprehensive income for the six months ended June 30, 2022, was RMB 45,128 thousand, with a profit of RMB 47,062 thousand during the period[69]. - The company reported a net profit of RMB 15,301 thousand for the six-month period[141]. Costs and Expenses - The cost of sales for the first half of 2022 was RMB 943.1 million, an increase of 8.1% from RMB 872.1 million in the previous year[17]. - Administrative expenses increased by 10.7% to RMB 52.8 million, compared to RMB 47.7 million in the previous year, primarily due to more construction projects and the recurring impact of COVID-19[19]. - The total operating expenses for the period were RMB 59,970 thousand, resulting in a profit before tax of RMB 18,709 thousand[141]. - The company incurred a financial cost of RMB 7,675,000 for the reporting period, indicating the cost of financing activities[143]. Assets and Liabilities - As of June 30, 2022, total assets amounted to RMB 3,222,289 thousand, and total liabilities were RMB 2,514,414 thousand[141]. - The group's debt-to-asset ratio was 78.0% as of June 30, 2022, slightly down from 78.9% as of December 31, 2021[24]. - The group's trade and other payables decreased to RMB 2,217.6 million as of June 30, 2022, down from RMB 2,436.1 million as of December 31, 2021, due to the impact of COVID-19 and supply chain disruptions[23]. - The total non-derivative financial liabilities were RMB 2,346,204 thousand, with bank borrowings of RMB 216,782 thousand[126]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2022, was RMB (259,654) thousand, compared to RMB (106,784) thousand in the same period of 2021, indicating a significant increase in cash outflow[73]. - Cash and cash equivalents as of June 30, 2022, were RMB 267,888 thousand, down from RMB 443,833 thousand at the end of 2021, a decrease of about 39.7%[64]. - The company reported a net cash inflow from financing activities of RMB 84,723 thousand for the six months ended June 30, 2022, compared to RMB 23,946 thousand in the same period of 2021[73]. Taxation - The group's income tax expense for the first half of 2022 was RMB 34 million, a decrease of 39.3% compared to RMB 56 million in the first half of 2021, primarily due to a reduction in pre-tax profit during the reporting period[20]. - The income tax expense for the six months ended June 30, 2022, was RMB 3,408,000, a decrease from RMB 5,640,000 in the same period of the previous year[156]. Shareholder Information - The board decided not to declare any dividends for the six months ended June 30, 2022, considering the need to maintain sufficient cash flow for ongoing operations and expansion[39]. - The total number of issued shares as of June 30, 2022, was 825,400,000[44]. - The company proposed a final dividend of HKD 0.016 per share, totaling approximately RMB 10,813,000, which was approved by shareholders[196]. Employee Information - As of June 30, 2022, the total number of employees in the group was 542, with employee costs amounting to approximately RMB 32.3 million, an increase from RMB 31.5 million for the same period in 2021[40]. - The company has no significant labor disputes or difficulties in hiring and retaining qualified employees during the reporting period[40]. Risk Management - The group has not experienced significant changes in its risk management policies since year-end[85]. - The group’s financial risk management plan focuses on minimizing potential adverse impacts on financial performance due to market unpredictability[84]. - The maximum credit risk exposure for the group is equivalent to the carrying amount of financial assets, including cash, trade receivables, and contract assets[90]. Receivables and Impairment - As of June 30, 2022, the total trade receivables and warranty receivables amounted to RMB 612,527,000, with an expected loss rate of 2.48% for receivables within one year[97]. - The total impairment provision for trade receivables was RMB 49,003,000, with the highest provision for receivables overdue for more than three years at RMB 33,619,000[97]. - The expected loss rate for warranty receivables was 3.46% for amounts due within one year, with a total value of RMB 16,742,000[97]. Market Strategy - The company plans to optimize project cost control and enhance risk management capabilities while focusing on environmental technology business to improve shareholder returns[12]. - The company aims to capture new market opportunities and increase market participation while emphasizing green construction and continuous investment in environmental technology[12]. - The company will expand its market share in Southeast Asia and participate in the "Belt and Road" initiative amid strong infrastructure demand in the region[13].
华滋国际海洋(02258) - 2022 - 中期财报