Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 371.7 million, a decrease of 30% compared to HKD 530.6 million in 2021[10]. - The net loss attributable to shareholders for 2022 was HKD 383.7 million, compared to a profit of HKD 70.2 million in 2021[10]. - The company recorded a loss of HKD 383,700,000 for the fiscal year 2022, primarily due to non-cash items[49]. - In the fiscal year 2022, the company recorded revenue of HKD 371,700,000, a decrease of 29.9% compared to HKD 530,600,000 in the fiscal year 2021[55]. - The company reported a loss attributable to shareholders of HKD 383,700,000 in fiscal year 2022, compared to a profit of HKD 70,200,000 in fiscal year 2021, primarily due to a decline in financial investment returns and a fair value loss of HKD 235,000,000 on investment properties[55]. - Total assets as of December 31, 2022, were HKD 13,786.1 million, down from HKD 14,369.9 million in 2021[95]. - Total liabilities for 2022 were HKD 9,098.3 million, an increase from HKD 8,914.2 million in 2021[95]. - Basic earnings per share for 2022 was a loss of HKD 0.64, compared to a profit of HKD 0.11 in 2021[85]. - The company’s financial investment returns significantly decreased in 2022, contributing to the overall loss[108]. - As of December 31, 2022, the company's cash position was HKD 2,580,100,000, down from HKD 2,748,600,000 in 2021, with total available funds of HKD 6,879,400,000[62]. Property Development - The development project "Victoria Harbour" includes 1,437 residential units, with the first phase expected to complete in May 2023[17]. - The "Victoria Harbour" project has a total gross floor area of approximately 987,812 square feet, with a site area of approximately 208,262 square feet[17]. - The company completed the acquisition of a property at 89-93 Dugdale Hill Road, which will be redeveloped into low-density luxury residences, enhancing the property portfolio[50]. - The company holds a 14.5% stake in the "Victoria Harbour" waterfront residential project, which is expected to be completed in 2023, with over 900 units sold generating approximately HKD 14,000,000,000 in sales revenue[51]. - The property at 191,165 square feet is located in the Eastern Cluster of London, designated for skyscraper development[33]. - The company is focusing on expanding its property portfolio in Hong Kong and the UK, with significant projects in prime locations[30]. - The company plans to enhance its residential offerings by incorporating green and smart home designs in its developments[18]. Investment Strategy - The company is actively pursuing joint ventures and partnerships to optimize its development strategies and market presence[18]. - The company plans to explore land acquisition and investment opportunities cautiously in the future[47]. - The company maintains a balanced investment portfolio to mitigate business risks and ensure stable rental income[44]. - The company is focused on developing high-quality investment projects to enhance revenue and profitability[44]. - The company plans to continue developing partnerships with companies that own prime land for joint development, aiming to enhance property development strategies[60]. Market Outlook - The hotel sector is expected to recover in 2023 as travel restrictions are gradually lifted[43]. - The company anticipates an increase in hotel business and room rates in 2023 as border reopening is expected to boost tourist numbers[53]. - The company aims to improve investment sentiment in the Hong Kong residential market despite a decline in property prices during the year[44]. - The real estate market in Hong Kong is expected to continue growing, driven by returning Chinese buyers and government efforts to attract international capital[67]. - The hotel industry in Hong Kong is expected to rebound in 2023, with occupancy rates and demand significantly increasing following the removal of all social distancing and quarantine measures[142]. Corporate Governance - The company emphasizes the importance of good corporate governance and regularly reviews its governance practices to meet shareholder expectations[146]. - The board consists of seven members, including three executive directors and four independent non-executive directors[151]. - The board has established mechanisms to ensure strong independence and effective decision-making[153]. - The company has received annual confirmation letters regarding the independence of all independent non-executive directors, affirming their status as independent individuals[157]. - The board is responsible for executing corporate governance duties, including reviewing the company's governance policies and compliance with legal regulations[162]. - The company has a policy for the appointment and re-election of directors, ensuring that independent non-executive directors are subject to a vote if they have served for more than nine years[164]. - The board aims to appoint at least one female director by December 31, 2024, emphasizing gender diversity[167]. Employee and Training - The company provides training opportunities for employees to enhance their professional knowledge and potential[149]. - The group’s total employee cost for the year ended December 31, 2022, was HKD 82.8 million, slightly down from HKD 83.2 million in 2021, with a total of approximately 170 employees[134]. - As of December 31, 2022, the employee team consists of 51% male and 49% female[169]. Financial Management - The company has implemented effective internal control systems to manage risks and ensure the safeguarding of shareholder interests[199]. - The company ensures timely publication of its financial statements in accordance with legal requirements and appropriate reporting standards[198]. - The company has adopted standards for directors' securities trading to prevent insider trading based on their positions[196]. - The total annual director's remuneration is capped at HKD 5,000,000 as approved by shareholders in the 2019 Annual General Meeting[191]. - The remuneration for executive directors is determined by the board and/or the remuneration committee based on their roles, responsibilities, and the company's performance[194].

Financial Performance - The company reported a total comprehensive loss of HKD 737,911,000 for the year ended December 31, 2022, compared to a loss of HKD 411,438,000 in the previous year, representing an increase in loss of approximately 79%[5] - Total revenue for 2022 was HKD 371,721,000, a decrease of 30% from HKD 530,579,000 in 2021[18] - Profit before tax showed a loss of HKD 390,513,000 compared to a profit of HKD 129,375,000 in 2021[18] - The company's attributable loss for the year was HKD 383,659,000, a significant decline from a profit of HKD 70,162,000 in 2021[19] - Basic and diluted loss per share was HKD (63.7) compared to HKD 11.3 in the previous year[19] - The company reported a fair value loss on debt instruments of HKD 225,213,000 in 2022, compared to a loss of HKD 846,106,000 in 2021, showing an improvement of approximately 73%[5] - The company’s total comprehensive income for the year included other comprehensive expenses totaling HKD 354,252,000, down from HKD 481,600,000 in the previous year, indicating a reduction of about 26.4%[5] - The company reported a fair value loss on investment properties of HKD (234,954,000) compared to a gain of HKD 655,533,000 in 2021[18] - The company recorded a fair value loss on UK investment properties, contrasting with a fair value gain on other investment properties in 2021[88] - The group recorded an unrealized loss of HKD 152,400,000 primarily due to impairment losses on debt securities investments, which is a non-cash item[145] Assets and Liabilities - Non-current assets decreased to HKD 8,790,541,000 in 2022 from HKD 10,407,687,000 in 2021, reflecting a decline of about 15.5%[6] - Current assets increased to HKD 4,995,516,000 in 2022 from HKD 3,962,260,000 in 2021, marking an increase of approximately 25.9%[6] - The company's cash and cash equivalents stood at HKD 2,457,179,000, down from HKD 2,685,034,000 in the previous year, a decrease of about 8.5%[6] - Total liabilities related to assets classified as held for sale rose to HKD 466,656,000 in 2022 from HKD 160,491,000 in 2021, indicating a significant increase of approximately 190%[6] - The company’s total assets less current liabilities amounted to HKD 11,457,694,000, down from HKD 12,643,160,000 in the previous year, a decrease of about 9.4%[6] - Total equity decreased to HKD 4,687,728,000 from HKD 5,455,745,000 in 2021, reflecting a decline of approximately 14%[23] - Non-current liabilities increased to HKD 6,769,966,000 from HKD 7,187,415,000, indicating a slight reduction[23] - The group’s net debt as of December 31, 2022, was HKD 5,675,000,000, with an asset-to-liability ratio of 36.9%, compared to 27.6% in the previous year[146] Revenue Streams - Rental income from investment properties decreased to HKD 193,714,000, down 15% from HKD 227,555,000 in the previous year[18] - Hotel operating revenue from customer contracts reached HKD 82,788,000 for room revenue, an increase from HKD 63,913,000 in 2021, while food and beverage sales generated HKD 36,667,000, down from HKD 46,767,000[43] - Interest income from listed debt securities and time deposits was HKD 42,426,000, significantly lower than HKD 177,274,000 in 2021, reflecting a decline of about 76%[70] - The property development segment reported a profit of HKD 130,327,000, while the property investment segment incurred a loss of HKD 95,344,000[66] - Hotel operations generated a profit of HKD 6,483,000, and financial investments reported a loss of HKD 110,551,000, leading to a consolidated loss before tax of HKD 390,513,000[66] Investments and Acquisitions - The group increased its stake in the joint venture "Victoria Harbour" from 10.0% to 14.5%, with a related cost of approximately HKD 412,520,000 and a discount of HKD 158,896,000[46] - The group completed the acquisition of a luxury residential property in Jardine's Lookout, which will be redeveloped into low-density luxury housing for long-term investment[142] - The company recognized a discount amortization of HKD 101,800,000 related to additional investments in joint ventures during the year[67] - Approximately 900 units of the "Victoria Harbour" project have been sold, generating total sales proceeds of nearly HKD 13,600,000,000[140] Future Outlook and Strategy - The company plans to apply new accounting standards effective from January 2024, which may impact financial reporting[29] - The company aims to implement cost-saving measures and enhance service quality in its hotel operations to capture further market share during challenging times[96] - The economic outlook for Hong Kong is expected to improve in 2023, with a projected GDP growth rebound following a contraction of 3.5% in 2022 due to various challenges[151] - The hotel industry in Hong Kong is anticipated to rebound in 2023, with occupancy rates and demand significantly increasing following the removal of all social distancing and quarantine measures[153] - The group aims to identify new business opportunities and suitable investment opportunities to enhance its core business and competitiveness[134] - The company plans to continue its strategy of financial investments, particularly in fixed-income debt securities, to generate stable returns[64] Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code as per the listing rules appendix 14[188] - The company plans to adopt new articles of association to align with the current requirements under Bermuda law and enhance shareholder meeting formats[156] - The company will send the annual report containing all applicable information as required by the listing rules to shareholders in April 2023[157] - The company expressed gratitude to its founders, long-term business partners, customers, and shareholders for their contributions and support[158] Employee and Operational Metrics - The total number of employees increased to approximately 170 as of December 31, 2022, compared to 160 in 2021[129] - The average credit period for purchasing goods was 60 days, with current liabilities amounting to HKD 189.9 million and non-current liabilities at HKD 71.5 million as of the end of 2022[80]

Financial Performance - The group's revenue for the first half of 2022 was HKD 189.5 million, a decrease of 31% compared to HKD 276.1 million in the same period of 2021[7]. - Shareholders' attributable profit for the period was HKD 65.3 million, compared to a loss of HKD 65.6 million in the previous year[7]. - The loss for the period was HKD 65,300,000, compared to a profit of HKD 65,600,000 in 2021, primarily due to reduced financial investment returns and decreased fair value of investment properties[40]. - Total revenue for the group reached HKD 10,097.6 million, an increase from HKD 9,628.1 million in the previous period, representing a growth of approximately 4.9%[44]. - The company reported a net loss of HKD 65,262,000 for the six months ended June 30, 2022[148]. - The company reported a significant increase in investment activities, with cash outflows for purchasing property, plant, and equipment totaling HKD 1,190,896,000[151]. - The company recognized impairment losses on debt instruments measured at fair value through other comprehensive income amounting to HKD 93,143,000[148]. - The company reported a loss attributable to shareholders of HKD (65,262,000) for the six months ended June 30, 2022, compared to a profit of HKD 65,627,000 for the same period in 2021[191]. Asset and Equity Information - The net asset value attributable to shareholders as of June 30, 2022, was HKD 10.05 billion, with a net asset value per share of HKD 16.7[7]. - Shareholders' equity as of June 30, 2022, was HKD 4,984,000,000, down from HKD 5,455,700,000 as of December 31, 2021[41]. - The net asset value per share as of June 30, 2022, was HKD 8.3, compared to HKD 9.1 as of December 31, 2021[41]. - The group's consolidated financial position as of June 30, 2022, showed total assets of HKD 23,865.9 million and total liabilities of HKD 5,483.4 million[120]. - The company's total equity as of June 30, 2022, was HKD 4,983,995,000[148]. - The company’s capital and reserves decreased from HKD 5,395,533 to HKD 4,923,783, indicating a decline of 8.7%[143]. Property Development and Investment - The group is developing a residential project at 6 and 8 Lai Ying Street, with an estimated total area of 987,812 square feet and 1,437 residential units planned for completion by March 2023[12]. - The Shouson Hill project consists of 7 independent houses, with a total area of approximately 22,000 square feet and a 100% ownership status[15]. - The group is also developing a luxury residential project at Jardine's Lookout, with a site area of approximately 11,000 square feet[19]. - The group plans to enhance its market presence through strategic partnerships and new product offerings in the residential sector[12]. - The company aims to leverage its existing properties to expand its portfolio and increase overall asset value[12]. - The group successfully purchased a residential site in South Bay Road for HKD 1,188.2 million, with a total floor area of approximately 19,055 square feet, intended for luxury residential development[51]. - The group acquired an additional 4.5% stake in the "Victoria Harbour" residential project for HKD 413 million, increasing its ownership from 10% to 14.5%[51]. - The "Victoria Harbour" project has sold over 785 units, generating total sales proceeds of nearly HKD 11.3 billion[51]. Financial Strategy and Market Outlook - The group is committed to maintaining strong financial health while pursuing growth opportunities in the real estate market[12]. - Future outlook includes a focus on sustainable development and smart home designs in upcoming projects[12]. - The company aims to maintain a healthy financial and liquidity position while developing a more resilient business model[85]. - The company plans to continue focusing on market expansion and new product development to drive future growth[146]. - The company aims to reduce operational costs during challenging times while striving for increased market share[16]. - The group’s strategy focuses on property development and investment, continuously reviewing and optimizing its project portfolio[46]. Economic Environment and Challenges - The global economic growth slowed down in the first half of 2022, with China's economic slowdown exceeding expectations[79]. - Hong Kong's GDP contracted by 4.0% year-on-year in Q1 2022 due to strict social distancing measures and border closures[82]. - The average hotel occupancy rate in Hong Kong dropped from 71% in Q4 2021 to 57% in Q1 2022, with only 11,500 visitors recorded[84]. - The ongoing inflationary pressures and slow growth are expected to weaken business investment sentiment in the UK[80]. - The economic outlook for Hong Kong remains bleak for the remainder of the year due to ongoing challenges[82]. Shareholder Information and Corporate Governance - As of June 30, 2022, the total number of issued shares was 602,122,726[98]. - Major shareholders include NLI with 338,779,740 shares, representing approximately 56.26% of the issued share capital[106]. - The company regularly reviews the effectiveness and adequacy of its internal control systems, including financial, operational, compliance, and risk management functions[90]. - The board ensures that resources, employee qualifications, and training programs are sufficient for accounting and financial reporting functions[90]. - The company has established standards for managing the trading of its shares by directors and employees to prevent insider trading[91].

Financial Performance - Revenue for the year ended December 31, 2021, was HKD 530.6 million, a decrease of 12% from HKD 602.9 million in 2020[7] - Shareholders' profit for the same period was HKD 70.2 million, down 54% from HKD 151 million in 2020[7] - The company recorded a profit of HKD 70,200,000 for the fiscal year 2021, a decrease of 53.5% compared to HKD 151,000,000 in the previous fiscal year[42] - Total revenue for the fiscal year 2021 was HKD 530,600,000, down 12.0% from HKD 602,900,000 in fiscal year 2020, primarily due to a decline in financial investment returns[42] - Shareholders' profit for 2021 was HKD 70.2 million, down 53.5% from HKD 151.0 million in 2020[73] - Total assets as of December 31, 2021, were HKD 14,369.9 million, a decline of 15.3% from HKD 16,961.7 million in 2020[79] - Total liabilities decreased to HKD 8,914.2 million in 2021, down 16.9% from HKD 10,721.1 million in 2020[79] - Adjusted net asset value attributable to shareholders was HKD 10,509.5 million in 2021, compared to HKD 11,274.4 million in 2020, reflecting a decrease of 6.8%[79] - The total declared dividend for 2021 remained at HKD 5.0 cents per share, consistent with the previous years[73] Property Development - The company is developing a residential project "Victoria Harbour" with 1,437 units, expected to be completed by March 2023[14] - The "Victoria Harbour" project is located in a prime waterfront area in Southwest Kowloon, enhancing its market appeal[14] - The company holds a 14.5% stake in the joint venture for the "Victoria Harbour" project[14] - The company acquired an additional 4.5% stake in the West Kowloon waterfront residential project "Victoria Harbour" for HKD 413,000,000, increasing its ownership from 10% to 14.5%[38] - Over 700 units of the "Victoria Harbour" residential project have been sold, generating sales proceeds of approximately HKD 10,000,000,000[38] - The company successfully purchased a plot of land on South Bay Road for HKD 1,190,000,000, intended for development into luxury residential properties[38] - The company plans to develop a new luxury residential project on a site acquired for HKD 1,188.2 million, with a total floor area of approximately 19,055 square feet[97] Investment Properties - The investment property at 33 Old Broad Street in London has a total area of 191,165 square feet and is currently leased to the Bank of Scotland[21] - The property at 20 Moorgate in London has a total area of 154,854 square feet and is fully leased to the Prudential Regulation Authority[23] - The company’s investment properties in the UK, including 20 Moorgate and 33 Old Broad Street, have maintained rental income without any defaults during the pandemic[102] Financial Position and Strategy - The company maintains a strong financial position with approximately HKD 8,600,000,000 in available cash to ensure maximum financial flexibility[41] - The company continues to focus on property development and investment as its core business, leveraging a prudent investment strategy[30] - The company is committed to developing high-quality property assets to sustain future growth and liquidity[30] - The company plans to continue exploring new property investment and development opportunities for future growth[55] - The company aims to implement strict risk control measures and prudent financial management to seize opportunities when market conditions improve[58] - The company is optimistic about its future performance, expecting ongoing projects to generate strong cash flow in the coming years[58] Hotel Operations - The company has adjusted its hotel business strategy by participating in the government-designated quarantine hotel program to improve occupancy rates[39] - The hotel sector remains significantly impacted by the COVID-19 pandemic, with recovery dependent on the easing of travel restrictions[30] - The hotel revenue for the Hong Kong Crowne Plaza in Causeway Bay improved to HKD 119,300,000, a 166.5% increase from HKD 44,800,000 in the previous year, driven by room revenue from the designated quarantine hotel program and increased dining revenue[105] - The company successfully repositioned its hotels as quarantine hotels, generating stable income and profits[58] Corporate Governance - The board consists of seven members, including three executive directors and four independent non-executive directors, ensuring a balance of governance[127] - The company emphasizes the importance of good corporate governance and regularly reviews its practices to meet shareholder expectations and regulatory requirements[125] - Independent non-executive directors provide valuable insights and independent judgment to support the company's development and risk management[132] - The company is committed to monitoring compliance with legal and regulatory standards as part of its corporate governance responsibilities[133] - The board held four meetings during the year ending December 31, 2021, with all executive directors attending all meetings[139] - The company has adopted a board diversity policy since August 2013, emphasizing merit-based appointments while considering diversity benefits[137] - The company has implemented a policy to monitor compliance with corporate governance codes and disclose relevant information in its reports[135] Sustainability and Corporate Social Responsibility - The company has implemented energy-saving measures at its main office to reduce electricity consumption and paper usage, including setting devices to eco-friendly defaults and using LED lighting[199] - The company has adopted a climate change policy and supply chain management policy to address climate-related issues and manage environmental and social risks in its supply chain[197] - The company actively promotes material conservation and has implemented policies to reduce waste generated from its business activities[200] - The company encourages the recycling of electronic waste, including computers and printers, by sending them to recyclers[200] - The company promotes the circular use of materials such as paper, plastic bottles, and office supplies in its business operations[200] - The company has established a corporate social responsibility policy to demonstrate its commitment to environmental concerns[197]

Financial Performance - For the six months ended June 30, 2021, the group's revenue was HKD 276.1 million, a decrease of 12% compared to HKD 315.1 million in 2020[8]. - Shareholders' profit attributable to the group was HKD 65.6 million, representing a 17% increase from HKD 56 million in the previous year[8]. - Profit for the period was HKD 65,600,000, an increase of 17.9% from HKD 56,000,000 in 2020, primarily due to increased rental income and reduced financing costs[27]. - Earnings per share for shareholders was HKD 0.103, up from HKD 0.084 in the previous year, reflecting a growth of 22.6%[27]. - The total comprehensive income for the period was impacted by a loss on debt instruments measured at fair value through other comprehensive income of HKD 218,285,000[98]. - The company reported a profit before tax of HKD 73,381,000, compared to HKD 71,255,000 in the same period last year[96]. - The group reported a net profit of HKD 65,627,000 for the six months ended June 30, 2021[106]. - The total comprehensive income for the period was a loss of HKD 10,565,000, compared to a profit of HKD 65,627,000[106]. Property Development - The group has a significant property portfolio, including the residential project "Victoria Harbour" with a total area of 987,812 square feet, expected to be completed by March 2023[14]. - The group is developing a total of 1,437 residential units in the "Victoria Harbour" project, with the first phase providing 525 units[17]. - The "Shoushan Road East No. 1" project in Deep Water Bay has a total saleable area of 27,298 square feet and is fully owned by the group[19]. - The "Victoria Harbour" residential project in Hong Kong has sold over 440 units, generating total sales of approximately HKD 6,300,000,000[34]. - The company is focusing on property development and investment projects, with key projects including "Victoria Harbour" and two investment properties in London[32]. Financial Position - The net asset value attributable to shareholders was HKD 10.9 billion, with a net asset value per share of HKD 18.1[8]. - As of June 30, 2021, total equity attributable to shareholders was HKD 5,868,700,000, down from HKD 6,240,600,000 at the end of 2020[27]. - The total number of employees in Hong Kong increased to 159 from 135 in 2020, with total employee costs amounting to HKD 41,700,000[54]. - The total bank borrowings as of June 30, 2021, were HKD 8,905,400,000, a decrease from HKD 9,123,000,000 on December 31, 2020[48]. - The net debt recorded was HKD 3,004,100,000, compared to HKD 2,484,700,000 on December 31, 2020, with a debt-to-asset ratio of 21.1%[48]. Market Outlook - The global economy is projected to grow by 6.0% in 2021 and 4.9% in 2022 according to the IMF, with varying economic outlooks across different regions due to the uneven pace of vaccine rollout and policy support[55]. - Hong Kong's GDP recorded growth rates of 5.4% and 7.6% in Q1 and Q2 of 2021 respectively, marking a recovery from the previous year's decline[59]. - The property market in Hong Kong showed improvement in H1 2021, with increased transaction activity and a strong demand for luxury properties due to limited new supply and low interest rates[59]. - The company is optimistic about the economic outlook for Hong Kong, benefiting from the recovery in mainland China and the United States[59]. Investment Strategy - The group is focused on expanding its property portfolio in Hong Kong, the UK, and Australia, with ongoing developments in key locations[14]. - The group plans to enhance its market presence through strategic partnerships and new project developments in the coming years[17]. - The group’s strategy includes ongoing financial investments, particularly in fixed-income debt securities, to provide stable financial investment returns[124]. Shareholder Actions - The company announced an interim dividend of HKD 0.02 per share for the six months ended June 30, 2021, consistent with the previous year[31]. - The company repurchased a total of 40,116,000 shares at a total cash consideration of HKD 342,242,507[84]. - The company’s share repurchase led to an increase in the net asset value and earnings per remaining share[85]. Rental Income - Rental income from investment properties increased to HKD 115,706,000, up 11.4% from HKD 104,210,000 year-on-year[96]. - The rental income from the property at 20 Moorgate in London was £3,800,000, approximately HKD 40,600,000, an increase from HKD 36,800,000 in 2020[39]. - The property at 33 Old Broad Street generated rental income of £5,200,000, approximately HKD 55,600,000, up from HKD 50,400,000 in 2020[39]. - The Lizard Island resort in Australia produced rental income of HKD 8,700,000, compared to HKD 7,400,000 in 2020, reflecting a growth in revenue[42]. - The hotel revenue for the Crowne Plaza Hong Kong Causeway Bay increased to HKD 33,600,000, a 57% increase from HKD 21,400,000 in 2020, due to brand revitalization and new restaurant openings[43]. Financial Investments - The group’s financial investments amounted to HKD 3,544,400,000, down from HKD 4,412,300,000 on December 31, 2020[46]. - The fair value of listed debt securities held for long-term strategic purposes increased to HKD 573,908,000 as of June 30, 2021[156]. - The fair value of listed debt securities issued by China Evergrande further decreased by approximately HKD 230,000,000 after the reporting period[161]. - A provision for impairment loss of HKD 23,683,000 was recognized for the listed debt securities issued by China Evergrande, reflecting increased credit risk due to deteriorating credit ratings[161]. Risk Management - The company has adopted a risk management and internal control system to safeguard shareholder interests and assets[64]. - The company did not identify any significant issues that would lead to a belief that the financial statements were not prepared in accordance with HKAS 34[94]. - The review of the financial statements was conducted in accordance with the Hong Kong Institute of Certified Public Accountants' standards, ensuring compliance and accuracy[93].

1978 ANNUAL REPORT 年報 2020 Stock Code 股份代號: 25 1 哇集團 Group 目錄 | --- | --- | --- | --- | |-------|-------|-------|--------------------------| | | | | | | | | 2 | 公司資料 | | | | 3 | 摘要 | | | | 6 | 本集團之物業╱項目位置 | | | | 7 | 物業組合 | | | | 12 | 主席報告 | | | | 14 | 總裁報告 | | | | 19 | 董事個人資料 | | | | 22 | 財務摘要 | | | | 25 | 管理層論述與分析 | | | | 34 | 財務日誌 | | | | 35 | 企業管治報告 | | | | 52 | 董事會報告 | | | | 68 | 獨立核數師報告 | | | | 73 | 綜合損益表 | | | | 75 | 綜合損益及其他全面收益表 | | | | 76 | 綜合財務狀況表 | | | | 78 | 綜合權益變動表 | | | | 79 | 綜合現金流量表 | | | | ...

Financial Performance - For the period ending June 30, 2020, the company reported revenue of HKD 315,100,000, a decrease of 27% compared to HKD 433,900,000 in 2019[7] - The attributable profit to shareholders was HKD 56,000,000, down 40% from HKD 93,500,000 in the previous year[7] - The profit for the same period was HKD 56 million, down 40.1% from HKD 93.5 million in 2019, primarily due to reduced hotel operating returns[30] - Total revenue for the six months ended June 30, 2020, was HKD 315,145,000, a decrease of 27.3% compared to HKD 433,860,000 for the same period in 2019[98] - The company reported a total comprehensive loss of (105,462,000) HKD for the period, compared to a gain of 155,783,000 HKD in 2019, marking a substantial decline[102] - The total profit for the period was 55,955,000 HKD, down from 93,491,000 HKD in the same period of 2019, indicating a decrease of about 40.1%[102] - The company’s basic earnings per share (EPS) for the six months ended June 30, 2020, decreased to 8.4 HKD from 14.1 HKD in 2019, representing a decline of approximately 40.4%[100] Asset and Liabilities - The net asset value of the group was HKD 11,149,100,000, with a net asset value per share of HKD 16.8[7] - The net asset value per share as of June 30, 2020, was HKD 9.3, a slight decrease from HKD 9.4 as of December 31, 2019[32] - Total property assets by region as of June 30, 2020, were HKD 8,626.6 million, down from HKD 9,063.6 million as of December 31, 2019[33] - The market value of hotel properties as of June 30, 2020, was HKD 5.6 billion, compared to HKD 5.9 billion as of December 31, 2019[33] - The company's total equity as of June 30, 2020, was 6,125,257,000 HKD, down from 6,250,387,000 HKD at the end of 2019, a decrease of approximately 2.0%[106] - The total liabilities decreased to 7,060,078,000 HKD from 6,703,919,000 HKD, indicating an increase of about 5.3%[106] Property Development and Investments - The company is involved in a joint venture project in West Kowloon, covering approximately 1,000,000 square feet, with a 10% ownership stake[11] - The residential development project at 1 Shouson Hill Road East is currently under renovation, with a total saleable area of approximately 30,000 square feet[13] - The group is developing a high-end residential project "Grand Victoria" in West Kowloon, expected to be completed in 2022, with pre-sales tentatively starting in Q4 of the current year[37] - The company fully owns properties in key locations, including Hong Kong, London, and Queensland, Australia, with significant square footage[30][33] Hotel Operations - The Crowne Plaza Hotel in Causeway Bay has 263 rooms and has been operational since late 2009, catering to both business and leisure travelers[17] - The hotel operations revenue decreased significantly to HKD 21,420,000 from HKD 119,163,000, representing a decline of 82.0%[98] - The occupancy rate of the investment property at 50 Wellington Street, Central, Hong Kong was 84% as of June 30, 2020, generating rental income of HKD 9,300,000 for the six months ended June 30, 2020[37] Financial Stability and Strategy - The company is committed to maintaining its financial stability and exploring acquisition opportunities to strengthen its market position[12] - The group has implemented prudent risk and crisis management strategies to navigate the ongoing economic challenges[61] - The company plans to continue its market expansion efforts, focusing on enhancing its product offerings and exploring potential acquisitions[109] Employee and Corporate Governance - The group has adopted an employee stock option plan and a share award plan to retain and motivate management and high-performing employees[48] - As of June 30, 2020, the total number of employees in the group was 135, a decrease from 236 in 2019[52] - The board is responsible for maintaining effective risk management and internal control systems to protect shareholder interests[64] - The group has adhered to all principles and provisions of the corporate governance code as per the listing rules during the six months ended June 30, 2020[63] Market Conditions and Economic Outlook - The number of overnight visitors in the tourism sector decreased by 91% in the first half of 2020 compared to the same period last year[60] - The economic outlook remains uncertain, with expectations of continued contraction until widespread vaccination against COVID-19 occurs[57] - The group anticipates that local and external demand weakness will further hinder the expected slow recovery process[57] - Future guidance indicates a cautious optimism, with expectations for gradual recovery in market conditions and potential revenue growth in the upcoming quarters[109] Cash Flow and Financing - Net cash generated from operating activities for the six months ended June 30, 2020, was HKD 268,912, a decrease of 19.5% compared to HKD 334,365 in 2019[114] - The company incurred a net cash outflow from financing activities of HKD 2,437,234, a substantial increase from HKD 37,934 in the previous year[114] - The company's bank borrowings due within one year decreased to 4,519,751,000 HKD from 5,765,168,000 HKD, a reduction of about 21.6%[104] Shareholder Information - As of June 30, 2020, the total number of issued shares of the company was 662,288,726 shares[82] - Director Lu Rongzi held a total of 446,392,255 shares, representing approximately 67.40% of the issued share capital[70] - The major shareholder NLI held 338,779,740 shares, accounting for approximately 51.15% of the issued share capital[76]

Financial Performance - Revenue for the year ended December 31, 2019, was HKD 816.4 million, representing a 5% increase from HKD 778.8 million in 2018[6] - Shareholders' profit for the same period was HKD 173.1 million, a significant increase of 43% compared to HKD 121.0 million in 2018[6] - Basic earnings per share attributable to shareholders increased to HKD 0.26 from HKD 0.18 in 2018[14] - Profit attributable to shareholders for the year was HKD 173,100,000, up 42.8% from HKD 121,300,000 in 2018, resulting in a basic earnings per share of HKD 26.1 compared to HKD 18.2 in 2018[79] - The total proposed dividend for the year is HKD 5 per share, consistent with the previous year[85] Assets and Liabilities - The total assets as of December 31, 2019, amounted to HKD 20,537.8 million, up from HKD 19,986.1 million in 2018[14] - The adjusted net asset value attributable to shareholders was HKD 11,564.2 million, compared to HKD 11,405.4 million in the previous year[14] - The total liabilities as of December 31, 2019, were HKD 14,287.4 million, an increase from HKD 13,974.5 million in 2018[14] - As of December 31, 2019, the group's bank borrowings amounted to HKD 11,060,000,000, an increase from HKD 10,979,400,000 in 2018[97] - The net debt recorded was HKD 2,371,500,000, up from HKD 1,502,900,000 in 2018, with a debt-to-asset ratio of 16.5%, compared to 11.5% in 2018[97] Property Development and Investment - The company has developed over 200 residential, commercial, and industrial property projects across multiple countries, including Hong Kong, the UK, Australia, New Zealand, Canada, and mainland China[10] - The company is currently developing a waterfront residential project in West Kowloon, covering approximately 1,000,000 square feet, with a 10% ownership stake[29] - The company owns a commercial building in Central Hong Kong, with a total area of 58,207 square feet and a 58.83% ownership stake[41] - The Lizard Island Resort in Queensland, Australia, is recognized as one of the world's most luxurious island resorts, featuring 40 beachfront villas[50] - The group acquired a commercial property in Hong Kong for approximately HKD 780,000,000, generating revenue of HKD 3,300,000 for the year[88] Hotel Operations - The hotel operations segment showed a strong performance, achieving a revenue growth of 24.6% in 2019, up from 22.1% in 2018[21] - The group's hotel operations in Hong Kong experienced a decline in revenue due to social unrest, prompting cost-saving measures to increase market share[95] - The hotel industry in Hong Kong experienced significant challenges in 2019, with inbound tourism severely impacted in the second half of the year[106] Corporate Governance - The board consists of eight members, including two executive directors, two non-executive directors, and four independent non-executive directors, ensuring a balanced governance structure[113] - The board held four meetings in 2019, with all executive directors attending all meetings, demonstrating active engagement in governance[126] - The company has adopted a board diversity policy since August 2013, emphasizing the importance of diverse backgrounds and experiences in board appointments[121] - The company has implemented a comprehensive internal control and risk management system to ensure compliance with relevant regulations and standards[117] - The independent non-executive directors constitute over one-third of the board, providing valuable guidance and independent judgment for the group's development and risk management[133] Environmental Responsibility - The group has implemented energy-saving measures to reduce electricity consumption and paper usage, including the use of energy-efficient office equipment and LED lighting systems[200] - The group encourages material conservation and has policies in place to minimize waste generated from business activities[200] - Since 2015, the financial reports have been printed on Forest Stewardship Council (FSC) certified paper[200] - The group promotes the recycling of electronic waste, sending discarded electrical and electronic products to recyclers[200] - The group has a corporate social responsibility policy that reflects its commitment to environmental protection[200] Future Plans and Strategies - The company aims to continue enhancing its project portfolio to create greater value for shareholders while actively giving back to society[10] - The company plans to announce its annual results for the year 2019 on March 31, 2020, and interim results for 2020 by August 31, 2020[60] - The group plans to improve efficiency and cost management to maintain business development amid unprecedented challenges in the hotel sector due to the COVID-19 pandemic[106] - The UK real estate investment portfolio is expected to continue contributing stable rental income despite economic uncertainties caused by Brexit and the pandemic[107] - The group will cautiously plan and adjust sales and leasing strategies based on market conditions moving forward[107]

Financial Performance - For the six months ended June 30, 2019, revenue was HKD 433.9 million, representing a 14% increase from HKD 380.3 million in 2018[10]. - Shareholders' profit attributable to the company was HKD 93.5 million, also a 14% increase from HKD 82.1 million in 2018[10]. - Profit for the same period was HKD 93.5 million, up 13.4% from HKD 82.4 million in 2018, primarily due to increased returns from financial investments[28]. - Basic earnings per share increased to HKD 14.1 from HKD 12.3, representing a growth of 14.6%[91]. - The company reported a net profit of HKD 93,491,000[107]. - The company's adjusted profit attributable to shareholders for the six months ended June 30, 2019, was HKD 95,480,000, compared to HKD 75,816,000 in 2018, reflecting an increase of 25.9%[14]. - Total comprehensive income for the period was HKD 155,783,000, compared to HKD 38,396,000 in 2018, marking a substantial increase[94]. Assets and Liabilities - As of June 30, 2019, the net asset value attributable to shareholders was HKD 11.75 billion, with a net asset value per share of HKD 17.7[10]. - The group's total property assets as of June 30, 2019, amounted to HKD 7,916.1 million, up from HKD 7,717.9 million as of December 31, 2018[32]. - The group's total bank deposits, cash, and cash equivalents amounted to HKD 7,624,200,000, an increase from HKD 7,471,200,000 on December 31, 2018[42]. - The group's net debt as of June 30, 2019, was HKD 1,360,300,000, down from HKD 1,502,900,000 on December 31, 2018, with a debt-to-asset ratio of 10.1%[43]. - The total bank borrowings as of June 30, 2019, were HKD 11,143,500,000, compared to HKD 10,979,400,000 on December 31, 2018[43]. - Non-current assets totaled HKD 10,937,481,000, slightly down from HKD 10,971,977,000 at the end of 2018[96]. - Current liabilities decreased to HKD 7,711,875,000 from HKD 6,442,974,000, indicating improved liquidity management[96]. Property Development and Investment - The company has developed over 200 residential, commercial, and industrial projects across Hong Kong, the UK, Australia, New Zealand, Canada, and mainland China[9]. - The group is focusing on property development and investment projects, including residential projects in Hong Kong and investment properties in the UK and Australia[36]. - The group is currently developing a premium residential project in West Kowloon, expected to be completed in 2022[37]. - The West Kowloon waterfront residential development project covers approximately 208,200 square feet and is in partnership with several developers[12]. - The residential project at Shouson Hill Road East includes 20 independent houses, each with spacious private gardens and indoor parking[17]. Hotel Operations - The Hong Kong Crowne Plaza hotel offers 263 rooms and suites, making it one of the largest in the area, and has been operational since late 2009[14]. - The Hong Kong Crowne Plaza Hotel's operational performance in the first half of 2019 was lower than the same period in 2018 due to a general decline in the Hong Kong tourism market[41]. - Hotel operations revenue was HKD 119,163,000, slightly down from HKD 119,635,000 in the previous year[166]. - Hotel operating expenses were HKD 28,957,000, slightly down from HKD 29,307,000 year-on-year[184]. Financial Investments - Financial investment returns, specifically interest income, rose to HKD 214,087,000, a significant increase of 39.5% from HKD 153,401,000[89]. - The segment profit for the financial investment division was HKD 234,760,000, contributing to a total consolidated profit before tax of HKD 101,610,000[172]. - The company reported a total interest income from bank deposits of HKD (90,056,000) for the six months ended June 30, 2019, compared to HKD (70,482,000) in 2018, reflecting an increase of 27.7%[10]. Dividends and Shareholder Information - The board declared an interim dividend of HKD 0.02 per share for the six months ended June 30, 2019, consistent with the previous year[34]. - Major shareholders include NLI with 338,779,740 shares (51.16% of issued share capital) and NYH, SEA Fortune, and Port Lucky each holding 107,612,515 shares (16.25%)[68]. - The total number of issued shares as of June 30, 2019, was 662,208,726 shares[72]. - The company declared dividends amounting to HKD 19,780,000 during the reporting period[103]. Economic Outlook - The group anticipates a continued economic slowdown for the remainder of 2019, with the IMF lowering the global growth forecast from 3.5% to 3.2%[52]. - The group expects China's GDP growth to slow to 6.2% in 2019, the lowest since 1992, due to trade tensions and manufacturing weakness[52]. - Hong Kong's GDP growth for Q2 2019 was only 0.3%, leading the government to revise its growth forecast for the year from 2%-3% down to 0%-1%[53]. - Despite an increase in visitors from mainland China in the first half of 2019, social unrest significantly impacted inbound tourism, leading to a substantial decrease in visitor numbers and severely affecting the local hotel industry[53]. Accounting Standards and Compliance - The company applied the new and revised Hong Kong Financial Reporting Standards, including HKFRS 16, which replaced HKAS 17, impacting the accounting policies for leases[119]. - The implementation of HKFRS 16 resulted in the recognition of right-of-use assets and lease liabilities at the present value of future lease payments[128]. - The new accounting standards did not have a significant impact on the financial position and performance of the company during the reporting period[119]. - The company will continue to monitor the impact of these accounting changes on its financial reporting and compliance[119]. Valuation and Fair Value - The group utilizes market observable data to estimate the fair value of investment properties[200]. - Independent qualified external valuers conduct valuations at each reporting period end, ensuring they have relevant experience in the area[200]. - The highest and best use of properties is considered based on current usage situations when estimating fair value[200].

Financial Performance - Revenue from continuing operations for the year ended December 31, 2018, was HKD 778.8 million, an increase of 35% from HKD 576.4 million in 2017[5] - Profit from continuing operations for the year ended December 31, 2018, was HKD 121.3 million, a significant increase of 200% from HKD 40.4 million in 2017[5] - Shareholders' profit for the year was HKD 121.0 million, down from HKD 267.3 million in 2017[5] - Basic earnings per share attributable to shareholders for 2018 was HKD 0.18, compared to HKD 0.39 in 2017[14] - The profit attributable to shareholders for the year was HKD 121 million, down 54.7% from HKD 267.3 million in 2017, resulting in a basic earnings per share of HKD 0.182 compared to HKD 0.393 in 2017[64] Assets and Liabilities - As of December 31, 2018, the net asset value attributable to shareholders was HKD 11,405.4 million, with a net asset value per share of HKD 17.2[5] - The total assets as of December 31, 2018, were HKD 19,986.1 million, compared to HKD 19,011.1 million in 2017[12] - The total liabilities as of December 31, 2018, were HKD 13,974.5 million, up from HKD 12,867.0 million in 2017[12] - The net asset value per share remained stable at HKD 9.1 as of December 31, 2018, compared to HKD 9.1 as of December 31, 2017[68] - The group's investment properties in Hong Kong, the UK, and Australia had a total asset value of HKD 7,717.9 million as of December 31, 2018, down from HKD 8,593.6 million in 2017[69] Property Development and Investment - The company plans to continue its market expansion and enhance its property portfolio in response to changing market conditions[8] - The group plans to expand its property portfolio with new developments in both residential and hotel sectors[38] - The group continues to focus on property development and investment projects, with key projects including residential developments in Hong Kong and investment properties in London[72] - The group acquired a waterfront residential site in West Kowloon for HKD 17 billion, which is expected to be completed by 2022[73] - The residential development project in West Kowloon has a total floor area of approximately 91,700 square meters[38] Market Conditions and Economic Outlook - The company aims to expand market share despite challenging market conditions[77] - The economic outlook for 2019 is projected to grow between 6% to 6.5% in mainland China, supported by reduced reliance on external demand and government fiscal policies[88] - In 2018, Hong Kong's overall economic growth was 3.0%, but it slowed significantly in the fourth quarter to 1.3% due to external factors such as global economic slowdown and trade disputes[89] - The Hong Kong government forecasts economic growth of 2% to 3% for 2019, driven by strong local demand and ongoing supply constraints in the property market[89] - The company anticipates a slowdown in hotel business growth in 2019 due to global political uncertainties and economic pressures[94] Corporate Governance - The company has adopted a dividend policy outlining the frequency, form, and criteria for dividend distribution[106] - The board has established a three-year term for non-executive directors to enhance corporate governance practices[106] - The board consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors, ensuring over one-third of the board is independent[137] - The company has adopted a board diversity policy since August 2013, considering various factors such as cultural background, experience, and gender in director appointments[107] - The company confirmed that all directors complied with the standards set out in the code of conduct for securities trading during the year ended December 31, 2018[162] Internal Controls and Audit - The company has implemented an effective internal control system, including a clear management structure and regular reviews of financial performance by the board[173] - An independent consultant was hired to conduct an internal audit review, which did not identify any significant issues within the internal control system[174] - The independent auditor's report responsibilities and findings were discussed, ensuring the financial statements were prepared in accordance with applicable financial reporting standards[168] - The Audit Committee recommended the reappointment of the independent auditor and reviewed the related audit fees[148] - The total fees paid to Deloitte for audit and non-audit services for the year ended December 31, 2018, amounted to HKD 2,455,000, with audit services costing HKD 1,600,000 and non-audit services costing HKD 855,000[169]