Revenue and profitability
- Revenue: HKD 7,728,854,478
- Cost of revenue: HKD 7,700,641,499
- Gross profit: HKD 28,212,979; gross margin 0.37%
- Research and development expenses: HKD 525,113,592
- Selling, general and administrative expenses: HKD 642,912,365
- Operating expenses (cost and expenses): HKD 8,868,667,458
- EBITDA: HKD -375,205,069; EBITDA margin -4.85%
- Operating income: HKD -1,139,812,980; operating margin -14.75%
- Interest expense: HKD 186,155,963
- Depreciation & amortization: HKD 573,394,895
- Income before tax: HKD -1,103,883,159
- Income tax expense: HKD 873,991
- Net income: HKD -822,769,969; net margin -10.65%
- Earnings per share (diluted): HKD -0.36; weighted average shares: 2,276,874,050
Cash flow and liquidity
- Net cash provided by operating activities: HKD -321,800,239
- Net income adjusted for non-cash: depreciation & amortization HKD 573,394,895
- Change in working capital: HKD 134,134,077; accounts receivable impact: -HKD 1,326,538,455; inventory impact: -HKD 291,115,765; accounts payable: +HKD 1,504,042,067; other working capital: +HKD 247,746,231; other non-cash items: +HKD 1,053,842,701
- Net cash used in investing activities: HKD -337,856,034
- Net cash provided by financing activities: HKD 4,598,311,183
- Effect of foreign exchange changes on cash: HKD -10,128,818,728
- Net change in cash: HKD 4,094,342,505
- Cash at end of period: HKD 10,437,090,124
- Free cash flow: HKD -177,715,030
Balance sheet highlights
- Total assets: HKD 39,659,072,965
- Total liabilities: HKD 24,787,193,928; total current liabilities: HKD 16,564,676,934
- Total stockholders’ equity: HKD 12,453,822,506; accumulated other comprehensive income: HKD 12,144,852,885
- Cash and cash equivalents: HKD 10,437,090,124; net debt: HKD 203,640,845 (cash net of debt)
- Long-term debt: HKD 7,060,492,000; short-term debt: HKD 2,604,067,000
- Current ratio: 1.283; quick ratio: 1.072
- Price/book: 3.99; price/sales: 6.42; P/E: negative
Operational indicators and efficiency
- Days sales outstanding: 77.24 days; days inventory outstanding: 40.93 days; cash conversion cycle: 24.85 days
- Asset turnover: 0.195; fixed asset turnover: 0.427
- Receivables turnover: 1.165; payables turnover: 0.964
- Capital expenditure: HKD 144,085,209; free cash flow to firm negative, reflecting early-stage profitability challenges.