(Incorporated in Bermuda with limited liability)
INTERIM REPORT
中期報告
2023/24
Financial Highlights
For the six months | |||
ended 30 September | |||
2023 | 2022 | Change | |
(Unaudited) | (Unaudited) | ||
RESULTS HIGHLIGHTS (HK$'000) | |||
Revenue | 1,002,400 | 1,321,680 | -24% |
Profit before tax | 63,722 | 92,177 | -31% |
Profit attributable to equity holders | |||
of the Company | 50,501 | 75,104 | -33% |
Total assets | 3,925,071 | 3,962,299 | -1% |
Shareholders' equity | 2,935,393 | 2,933,529 | 0% |
Issued share capital | 63,053 | 63,053 | 0% |
Net current assets | 1,926,849 | 1,869,375 | 3% |
PER SHARE DATA | |||
Basic earnings per share (HK cents) | 8.0 | 11.9 | -33% |
Cash dividends per share (HK cents) | 3.0 | 4.5 | -33% |
Net assets per share (HK dollars) | 4.7 | 4.7 | 0% |
KEY FINANCIAL RATIOS | |||
Return on average shareholders' equity (%) | 1.7 | 2.4 | -29% |
Return on average total assets (%) | 1.3 | 1.8 | -28% |
CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24 | 1 |
Corporate Information
Directors | Executive Directors |
Ms. Lai Yuen CHIANG (Chairman and Chief Executive Officer) | |
Mr. Stephen Hau Leung CHUNG | |
Independent Non-executive Directors | |
Mr. Bernard Charnwut CHAN | |
Mr. Harry Chi HUI (appointed with effect from 1 July 2023) | |
Mr. Anish LALVANI | |
Mr. Michael Tze Hau LEE | |
Mr. Johnson Chin Kwang TAN | |
Audit Committee | Mr. Anish LALVANI (Chairman) |
Mr. Bernard Charnwut CHAN | |
Mr. Harry Chi HUI (appointed with effect from 1 July 2023) | |
Mr. Michael Tze Hau LEE | |
Mr. Johnson Chin Kwang TAN | |
Remuneration Committee | Mr. Bernard Charnwut CHAN (Chairman) |
Mr. Anish LALVANI | |
Mr. Michael Tze Hau LEE | |
Mr. Johnson Chin Kwang TAN | |
Ms. Lai Yuen CHIANG | |
Nomination Committee | Mr. Johnson Chin Kwang TAN (Chairman) |
Mr. Bernard Charnwut CHAN | |
Mr. Anish LALVANI | |
Mr. Michael Tze Hau LEE | |
Corporate Governance | Mr. Michael Tze Hau LEE (Chairman) |
Committee | Mr. Bernard Charnwut CHAN |
Mr. Harry Chi HUI (appointed with effect from 1 July 2023) | |
Mr. Anish LALVANI | |
Mr. Johnson Chin Kwang TAN | |
Company Secretary | Mr. Chi Ngai CHAN |
Authorized Representatives | Ms. Lai Yuen CHIANG |
Mr. Chi Ngai CHAN |
2 | CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24 |
Auditor | Ernst & Young |
Registered Public Interest Entity Auditor | |
Principal Bankers | China Construction Bank (Asia) Corporation Limited |
Hang Seng Bank Limited | |
Industrial and Commercial Bank of China (Asia) Limited | |
The Hongkong and Shanghai Banking Corporation Limited | |
Principal Share Registrar | MUFG Fund Services (Bermuda) Limited |
4th Floor North | |
Cedar House | |
41 Cedar Avenue | |
Hamilton HM 12 | |
Bermuda | |
Branch Share Registrar | Tricor Tengis Limited |
17/F, Far East Finance Centre | |
16 Harcourt Road | |
Hong Kong | |
Registered Office | Victoria Place |
5th Floor, 31 Victoria Street | |
Hamilton HM 10 | |
Bermuda | |
Head Office & Principal | Unit 2001, 20th Floor |
Place of Business | Citicorp Centre |
18 Whitfield Road | |
Hong Kong | |
Corporate Communications & | Company Secretary |
Investor Relations | Tel: (852) 2665 3888 |
Fax: (852) 2664 8202 | |
E-mail:comm@chenhsong.com | |
Website: www.chenhsong.com | |
Stock Code | 00057 |
CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24 | 3 |
Interim Results
The board of directors (the "Board") of Chen Hsong Holdings Limited (the "Company") announces that the unaudited consolidated profit attributable to equity holders of the Company for the six months ended 30 September 2023 amounted to HK$50,501,000, as compared with the profit attributable to equity holders of HK$75,104,000 for the corresponding period of last year. Basic earnings per share for the six months ended 30 September 2023 was HK8.0 cents, as compared with the basic earnings per share of HK11.9 cents for the corresponding period of last year. These unaudited interim results have been reviewed by the Company's Audit Committee.
Condensed Consolidated Income Statement
For the six months ended 30 September 2023
Six months ended | |||||
30 September | |||||
2023 | 2022 | ||||
(Unaudited) | (Unaudited) | ||||
Notes | HK$'000 | HK$'000 | |||
REVENUE | 2 | 1,002,400 | 1,321,680 | ||
Cost of sales | (755,902) | (1,012,808) | |||
Gross profit | 246,498 | 308,872 | |||
Other income and gains, net | 61,377 | 39,960 | |||
Selling and distribution expenses | (120,670) | (146,024) | |||
Administrative expenses | (75,179) | (73,092) | |||
Other operating expenses, net | (47,719) | (36,772) | |||
Finance costs | (639) | (493) | |||
Share of profits less losses of associates | 54 | (274) | |||
PROFIT BEFORE TAX | 3 | 63,722 | 92,177 | ||
Income tax expense | 4 | (13,223) | (17,854) | ||
PROFIT FOR THE PERIOD | 50,499 | 74,323 | |||
ATTRIBUTABLE TO: | |||||
50,501 | |||||
Equity holders of the Company | 75,104 | ||||
Non-controlling interests | (2) | (781) | |||
50,499 | 74,323 | ||||
EARNINGS PER SHARE ATTRIBUTABLE TO | |||||
EQUITY HOLDERS OF THE COMPANY | 6 | 8.0 | |||
Basic (HK cents) | 11.9 | ||||
Diluted (HK cents) | 8.0 | 11.9 | |||
4 | CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24 |
Condensed Consolidated Statement of
Comprehensive Income
For the six months ended 30 September 2023
Six months ended | ||||
30 September | ||||
2023 | 2022 | |||
(Unaudited) | (Unaudited) | |||
HK$'000 | HK$'000 | |||
PROFIT FOR THE PERIOD | 50,499 | 74,323 | ||
OTHER COMPREHENSIVE INCOME/(EXPENSE) | ||||
Other comprehensive expense | ||||
that may be reclassified to the income statement in | ||||
subsequent periods: | ||||
Exchange differences: | ||||
Exchange differences on translation of | (118,185) | |||
foreign operations | (276,701) | |||
Share of other comprehensive expense | (1,344) | |||
of associates | (3,291) | |||
Net other comprehensive expense that may | ||||
be reclassified to the income statement in | (119,529) | |||
subsequent periods | (279,992) | |||
Other comprehensive income that will not | ||||
be reclassified to the income statement | ||||
in subsequent periods: | 123 | |||
Actuarial gains on defined benefit obligations | 109 | |||
OTHER COMPREHENSIVE EXPENSE | ||||
FOR THE PERIOD | (119,406) | (279,883) | ||
TOTAL COMPREHENSIVE EXPENSE | ||||
FOR THE PERIOD | (68,907) | (205,560) | ||
ATTRIBUTABLE TO: | ||||
(68,203) | ||||
Equity holders of the Company | (203,124) | |||
Non-controlling interests | (704) | (2,436) | ||
(68,907) | (205,560) | |||
CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24 | 5 |
Condensed Consolidated Statement of
Financial Position
As at 30 September 2023
30 September | 31 March | ||||
2023 | 2023 | ||||
(Unaudited) | (Audited) | ||||
Notes | HK$'000 | HK$'000 | |||
NON-CURRENT ASSETS | 550,899 | ||||
Property, plant and equipment | 7 | 585,382 | |||
Investment properties | 317,568 | 332,866 | |||
Right-of-use assets | 58,862 | 40,362 | |||
Goodwill | 51,905 | 51,905 | |||
Intangible assets | 3,016 | 3,579 | |||
Investments in associates | 24,372 | 25,663 | |||
Deferred tax assets | 34,637 | 37,014 | |||
Deposits for purchases of items of property, | 8,017 | ||||
plant and equipment | 15,248 | ||||
Trade and bills receivables | 8 | 69,512 | 82,200 | ||
Finance lease receivables | 9 | 399 | 202 | ||
Defined benefit assets | 3,128 | 2,611 | |||
Pledged bank deposits | 655 | 1,353 | |||
Total non-current assets | 1,122,970 | 1,178,385 | |||
CURRENT ASSETS | |||||
692,376 | |||||
Inventories | 791,763 | ||||
Trade and bills receivables | 8 | 1,255,150 | 1,397,251 | ||
Deposits, prepayments and other receivables | 111,346 | 111,344 | |||
Finance lease receivables | 9 | 2,540 | 1,414 | ||
Pledged bank deposits | 32,461 | 24,490 | |||
Cash and bank balances | 708,228 | 644,662 | |||
Total current assets | 2,802,101 | 2,970,924 | |||
CURRENT LIABILITIES | |||||
577,837 | |||||
Trade and bills payables | 10 | 623,367 | |||
Other payables, accruals and contract liabilities | 253,894 | 314,905 | |||
Lease liabilities | 3,308 | 2,862 | |||
Tax payable | 40,213 | 39,386 | |||
Total current liabilities | 875,252 | 980,520 | |||
NET CURRENT ASSETS | 1,926,849 | 1,990,404 | |||
TOTAL ASSETS LESS CURRENT LIABILITIES | 3,049,819 | 3,168,789 | |||
6 | CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24 |
Condensed Consolidated Statement of
Financial Position (continued)
As at 30 September 2023
30 September | 31 March | ||||
2023 | 2023 | ||||
(Unaudited) | (Audited) | ||||
Notes | HK$'000 | HK$'000 | |||
NON-CURRENT LIABILITIES | |||||
Other payables and accruals | 5,260 | 6,364 | |||
Lease liabilities | 15,384 | 17,064 | |||
Deferred tax liabilities | 75,445 | 77,180 | |||
Total non-current liabilities | 96,089 | 100,608 | |||
NET ASSETS | 2,953,730 | 3,068,181 | |||
EQUITY | |||||
Equity attributable to equity holders | |||||
of the Company | |||||
Issued share capital | 11 | 63,053 | 63,053 | ||
Reserves | 2,872,340 | 2,986,087 | |||
2,935,393 | 3,049,140 | ||||
Non-controlling interests | 18,337 | 19,041 | |||
TOTAL EQUITY | 2,953,730 | 3,068,181 | |||
CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24 | 7 |
Condensed Consolidated Statement of
Changes in Equity
For the six months ended 30 September 2023
2023 | ||||||||||||
Attributable to equity holders of the Company | ||||||||||||
Issued | Share | Capital | ||||||||||
share | premium | redemption | Capital | Statutory | ||||||||
capital | account | reserve | reserve | reserve | ||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||
Notes | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | |||||||
At 1 April 2023 | 63,053 | 509,580 | 295 | 57,030 | 149,641 | |||||||
Profit/(loss) for the period | - | - | - | - | - | |||||||
Other comprehensive | ||||||||||||
income/(expense) for | ||||||||||||
the period: | ||||||||||||
Exchange differences on | ||||||||||||
translation of foreign | ||||||||||||
operations | - | - | - | - | - | |||||||
Share of other | ||||||||||||
comprehensive | ||||||||||||
expense of | ||||||||||||
associates | - | - | - | - | - | |||||||
Actuarial gains on | ||||||||||||
defined benefit | ||||||||||||
obligations | - | - | - | - | - | |||||||
Total comprehensive | ||||||||||||
income/(expense) for | ||||||||||||
the period | - | - | - | - | - | |||||||
Equity-settled share option | ||||||||||||
arrangements | 12 | - | - | - | 485 | - | ||||||
Transfer to retained | ||||||||||||
earnings | - | - | - | 242 | - | |||||||
Final dividend for the year | ||||||||||||
ended 31 March 2023 | 5 | - | - | - | - | - | ||||||
At 30 September 2023 | 63,053 | 509,580* | 295* | 57,757* | 149,641* | |||||||
* These reserve accounts comprise the consolidated reserves of HK$2,872,340,000 (31 March 2023: HK$2,986,087,000) in the condensed consolidated statement of financial position as at 30 September 2023.
8 | CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24 |
2023
Attributable to equity holders of the Company
Asset | Exchange | Non- | ||||
General | revaluation | fluctuation | Retained | controlling | Total | |
reserve | reserve | reserve | profits | Total | interests | equity |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 |
2,351 | 81,231 | 162,954 | 2,023,005 | 3,049,140 | 19,041 | 3,068,181 |
- | - | - | 50,501 | 50,501 | (2) | 50,499 |
- | - | (117,483) | - | (117,483) | (702) | (118,185) | |||||||
- | - | (1,344) | - | (1,344) | - | (1,344) | |||||||
- | - | - | 123 | 123 | - | 123 | |||||||
- | - | (118,827) | 50,624 | (68,203) | (704) | (68,907) | |||||||
- | - | - | - | 485 | - | 485 | |||||||
- | - | - | (242) | - | - | - | |||||||
- | - | - | (46,029) | (46,029) | - | (46,029) | |||||||
2,351* | 81,231* | 44,127* | 2,027,358* | 2,935,393 | 18,337 | 2,953,730 | |||||||
CHEN HSONG HOLDINGS LIMITED INTERIM REPORT 2023/24 | 9 |
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Chen Hsong Holdings Limited published this content on 08 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 December 2023 13:04:16 UTC.