Financial Performance - Revenue for the fiscal year 2023 was HKD 2,810.1 million, a decrease of 29.8% compared to HKD 4,005.2 million in 2022[3]. - Gross profit for the fiscal year 2023 was HKD 1,128.5 million, down 34.6% from HKD 1,726.4 million in 2022[3]. - Operating profit before depreciation, financing costs, and tax was HKD 280.4 million, a decline of 74.3% from HKD 1,089.6 million in the previous year[3]. - The core business reported a loss of HKD 318.4 million, compared to a profit of HKD 194.3 million in 2022, indicating a significant shift in performance[3]. - The loss attributable to equity holders of the parent company was HKD 670.4 million, an increase of 322.4% from a loss of HKD 158.7 million in the previous year[3]. - The basic loss per share attributable to equity holders was HKD 0.2323, up 245.7% from HKD 0.0672 in 2022[3]. - The group recorded a consolidated loss attributable to shareholders of HKD 670,400,000, compared to a loss of HKD 158,700,000 in the previous fiscal year[26]. - The group reported a loss of HKD 1,684.6 million for the year ended December 31, 2023, compared to a loss of HKD 399.5 million in 2022[125]. - The total comprehensive loss for the year was HKD 2,103.8 million, significantly higher than the loss of HKD 695.6 million in the prior year[154]. - The total loss before tax for the year was HKD 1,699.0 million, compared to a loss of HKD 285.3 million in the previous year[191]. Depreciation and Expenses - Total depreciation expense for the 11 owned hotels was HKD 689.5 million, including HKD 123.4 million for the newly opened hotel[9]. - The group incurred total depreciation expenses of HKD 689,500,000 for its 11 wholly-owned hotels in Hong Kong, which negatively impacted financial performance despite having no immediate cash flow effect[26]. - Financing costs increased to HKD 1,222.9 million in 2023, up from HKD 601.9 million in 2022, reflecting a rise in interest expenses[174]. - Administrative expenses decreased slightly to HKD 408.5 million in 2023 from HKD 423.4 million in 2022[148]. - The company incurred depreciation expenses of HKD 728.7 million in 2023, slightly down from HKD 736.3 million in 2022[191]. Assets and Liabilities - The total assets of the group were HKD 40,137 million as of December 31, 2023, compared to HKD 42,094.7 million in 2022[100]. - As of December 31, 2023, the debt-to-asset ratio was 44.3%, up from 40.7% in 2022, with total liabilities amounting to HKD 17,785.2 million[100]. - The company's non-current assets decreased from HKD 29,302.1 million to HKD 28,804.2 million, a decline of approximately 1.7% year-over-year[130]. - Current assets also saw a reduction from HKD 12,792.6 million to HKD 11,332.8 million, representing a decrease of about 11.4%[130]. - Total current liabilities decreased from HKD 9,946.0 million to HKD 7,844.7 million, a reduction of approximately 21.2%[131]. - The total liabilities increased slightly to HKD 23,740.5 million in 2023 from HKD 23,413.1 million in 2022[192]. Revenue Breakdown - The company’s revenue from external customers in property development and investment for 2023 was HKD 945.3 million, a decrease of 56.7% from HKD 2,184.2 million in 2022[191]. - The company’s hotel ownership and management segment reported a revenue of HKD 1,736.2 million in 2023, a slight increase from HKD 1,694.0 million in 2022[191]. - Hotel operations and management services generated revenue of HKD 1,670.6 million, up from HKD 1,626.9 million in the previous year[195]. - The financial assets investment segment generated revenue of HKD 20.9 million in 2023, down from HKD 32.3 million in 2022, a decrease of 35.0%[191]. - The Hong Kong market contributed HKD 2,684.2 million in revenue, down from HKD 2,946.3 million in 2022[193]. Future Outlook and Strategy - The management is confident in overcoming challenges and aims to turn losses into profits as the economy recovers[7]. - The company plans to continue reviewing opportunities that promote long-term development[27]. - The company plans to focus on market expansion and new product development to drive future growth[192]. - Century Creative Technology is exploring partnerships with leading global education platforms to enhance its social impact and brand recognition[23]. Investments and Projects - The group completed the acquisition of a local securities brokerage firm in February 2023, which has since been renamed to Cheng Li Securities Limited, although its business progress has been slow due to a weak stock market[35]. - The hotel project near Hong Kong International Airport has a site area of approximately 6,650 square meters and a total gross floor area of 33,700 square meters[58]. - The luxury residential project consists of 136 apartment units and 24 independent garden houses, with a total gross floor area of approximately 32,474 square meters[74]. - The integrated development project in Chengdu has a total floor area of approximately 495,000 square meters, with 4,002 square meters of retail space sold for a total consideration of RMB 93.2 million (approximately HKD 100.6 million)[88]. - The company is considering alternative commercial plans for a historical property in London due to recent market changes[82].

Financial Performance - For the six months ended June 30, 2023, the group recorded a loss attributable to shareholders of HKD 243.7 million, compared to a profit of HKD 137.3 million in the same period of 2022[9]. - For the six months ended June 30, 2023, the company recorded a consolidated loss attributable to shareholders of HKD 762.6 million, compared to a profit of HKD 138.3 million in the same period of 2022[47]. - The group recorded a net loss attributable to shareholders of HKD 651.7 million for the six months ended June 30, 2023, compared to a profit of HKD 298.9 million in the same period last year[93]. - The group’s net loss attributable to shareholders, excluding fair value changes and depreciation, was HKD 234.4 million during the review period[20]. - The core business of the company recorded a loss of HKD 14.8 million during the period, primarily due to a significant increase in financing costs from bank loans linked to the Hong Kong Interbank Offered Rate (HIBOR) which surged since the second quarter of this year[51]. - The company reported a significant increase in dividends received from non-listed investments to HKD 4.7 million from HKD 0.8 million, a rise of 487.5%[126]. - The total revenue for the six months ended June 30, 2023, was HKD 1,602.7 million, a decrease of 45.0% compared to HKD 2,915.0 million for the same period in 2022[184]. Hotel Operations - The average hotel occupancy rate in Hong Kong increased from 63.0% in 2022 to 80.0% in 2023, with average room rates rising by 25.3%, leading to a 59.1% increase in RevPAR year-on-year[22]. - The hotel business underperformed expectations due to the slow recovery of flight numbers and overall commercial activity around the airport, impacting the performance of the hotel operated by the company[50]. - The hotel property in Mong Kok has officially opened in April 2023, featuring 1,208 rooms and sustainable design certifications[102]. - Rental income from hotel properties was HKD 23.6 million, slightly up from HKD 22.2 million year-on-year[184]. Property Development and Sales - The company sold or contracted to sell a total of 20 garden houses and 53 apartment units, with total sales amounting to HKD 4,299.3 million, including 17 garden houses and 47 apartment units sold during the review period[42]. - The company plans to continue gradually launching the sale of remaining properties, including 3 garden houses and 83 apartment units, which hold significant sales value[42]. - The group has sold nearly all residential units in the Chengdu project, but the sales progress for the commercial complex is relatively slow[109]. - Revenue from property development and investment reached HKD 764.7 million, while hotel operations generated HKD 708.1 million, contributing to a total customer contract revenue of HKD 1,514.3 million[162]. Financial Position - The total asset value adjusted for the hotel property portfolio in Hong Kong was HKD 51.15 billion, with a debt-to-asset ratio of 34.0%[88]. - The group’s total liabilities as of June 30, 2023, amounted to HKD 17,391.6 million, compared to HKD 17,132.5 million at the end of 2022[115]. - The total equity attributable to shareholders was HKD 18,681.6 million, down from HKD 17,783.0 million, reflecting a decrease of approximately 4.8%[122]. - The retained earnings as of June 30, 2023, were HKD 4,333.3 million, down from HKD 4,065.5 million, indicating a decrease of about 6.2%[122]. - The company’s bank borrowings decreased from HKD 7,929.2 million to HKD 5,906.4 million, a reduction of approximately 25.6%[144]. Cash Flow and Financing - The group reported a net cash flow of HKD 367.2 million for the period, compared to HKD 360.8 million in the previous year[87]. - The net cash flow from operating activities for the six months ended June 30, 2023, was HKD 367.2 million, compared to HKD 360.8 million for the same period in 2022, reflecting a slight increase of 1.1%[126]. - The net cash flow used in investing activities was HKD (32.2) million for the six months ended June 30, 2023, compared to HKD 5.8 million for the same period in 2022, indicating a significant decrease in cash flow from investments[126]. - The net cash flow used in financing activities was HKD (678.6) million for the six months ended June 30, 2023, compared to HKD (1,226.2) million for the same period in 2022, showing an improvement in cash flow management[126]. Market Conditions - The economic activity in China rebounded in early 2023, with GDP growth estimated at 5.5% year-on-year for the first half of the year[21]. - The property market in China showed a moderate rebound in the first quarter of 2023, benefiting from the government's supportive policies, but the momentum did not sustain into the second quarter due to weak export trade and domestic consumption[57]. - The company remains optimistic about the future outlook, supported by a solid business foundation established over the years[35]. - The company is optimistic about the recovery of the Hong Kong tourism and hotel market, expecting its hotel operations to continue contributing stable income[60]. Other Developments - The group is currently undertaking a commercial/residential redevelopment project in Hong Kong, indicating ongoing market expansion efforts[55]. - The group is exploring alternative business and redevelopment plans for a historical heritage property due to recent market changes[105]. - The group is in discussions with government departments regarding a proposal that combines development and conservation of historical heritage[73]. - The group has initiated the pre-sale of residential units, with some units being converted for rental purposes due to changing market conditions[75]. - The group employs approximately 1,810 staff, with overall compensation levels in line with market standards[119].

[Financial and Business Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E5%8F%8A%E6%A5%AD%E5%8B%99%E6%91%98%E8%A6%81) Financial Highlights for the Six Months Ended June 30, 2023 | Financial Metric | Six Months Ended June 30, 2023 (Unaudited) | Six Months Ended June 30, 2022 (Unaudited) | % Change | | :--- | :--- | :--- | :--- | | Revenue | HK$1,602.7 million | HK$2,915.0 million | -45.0% | | Gross Profit | HK$642.5 million | HK$1,341.8 million | -52.1% | | Profit/(Loss) from Core Business | HK$(70.5) million | HK$307.7 million | N/A | | Profit/(Loss) Attributable to Shareholders | HK$(243.7) million | HK$137.3 million | N/A | | Basic EPS/(LPS) | HK$(8.66) cents | HK$3.64 cents | N/A | | **As of** | **June 30, 2023 (Unaudited)** | **December 31, 2022 (Audited)** | **% Change** | | Book NAV per Share | HK$2.35 | HK$2.47 | -4.9% | | Adjusted NAV per Share | HK$3.48 | HK$3.51 | -0.9% | - The Group reported a consolidated loss attributable to shareholders of **HK$243.7 million** for the first six months of 2023, a significant downturn from the **HK$137.3 million profit** recorded in the same period of 2022[12](index=12&type=chunk)[35](index=35&type=chunk) - The loss was primarily attributed to lower revenue from property and hotel segments, a substantial increase in financing costs, and significant non-cash depreciation charges[12](index=12&type=chunk)[14](index=14&type=chunk) - Excluding non-cash items, the Group's core business recorded a **net loss attributable to shareholders of HK$70.5 million**[12](index=12&type=chunk)[37](index=37&type=chunk) [Management's Discussion and Analysis](index=4&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E4%B9%8B%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Review](index=4&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group operates as a conglomerate of five listed companies, with core businesses in property and hotels managed through its main subsidiary, Paliburg Holdings Limited - The Group is composed of five listed companies, with Century City holding approximately **62.3% of Paliburg Holdings**, which manages the core property and hotel businesses[2](index=2&type=chunk)[1](index=1&type=chunk) - In February 2023, the Group acquired a local securities brokerage, renamed **CityLink Securities Limited**, to diversify its business and leverage its existing client network[12](index=12&type=chunk)[19](index=19&type=chunk) Performance of Listed Subsidiaries (H1 2023 vs H1 2022) | Company | H1 2023 Attributable Profit/(Loss) | H1 2022 Attributable Profit/(Loss) | | :--- | :--- | :--- | | Paliburg Holdings Limited | HK$(383.1) million | HK$230.9 million | | Regal Hotels International Holdings Limited | HK$(762.6) million | HK$138.3 million | | Regal REIT | HK$105.2 million | HK$613.1 million | | Cosmopolitan International Holdings Limited | HK$(98.3) million | HK$87.8 million | [Property Business](index=9&type=section&id=%E7%89%A9%E6%A5%AD%E6%A5%AD%E5%8B%99) The Group's property business includes luxury residential sales in Hong Kong and ongoing commercial and residential developments in Mainland China [P&R Holdings Limited](index=9&type=section&id=P%26R%20HOLDINGS%20LIMITED%20%E7%99%BE%E5%AF%8C%E6%8E%A7%E8%82%A1%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) - **The Summit, Sha Tin:** Sales transactions for 2 houses and 8 apartment units were completed, generating revenue of **HK$597.9 million** during the period[71](index=71&type=chunk)[72](index=72&type=chunk) - **We Go MALL, Ma On Shan:** The shopping mall's business remained stable, with leasing conditions expected to improve gradually[56](index=56&type=chunk) - **iclub Mong Kok Hotel:** This 288-room hotel project is operated by P&R and managed by the Regal Group[57](index=57&type=chunk) - **Cheung Sha Wan Projects:** The Group is undergoing legal procedures for compulsory sale to consolidate 100% ownership for a comprehensive redevelopment[5](index=5&type=chunk)[58](index=58&type=chunk) [Regal Hotels International Holdings Limited](index=11&type=section&id=%E5%AF%8C%E8%B1%AA%E9%85%92%E5%BA%97%E5%9C%8B%E9%9A%9B%E6%8E%A7%E8%82%A1%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) - **Regal Skycity Hotel, Hong Kong International Airport:** The new hotel, featuring **1,208 rooms and suites**, officially opened in April 2023[60](index=60&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - **The QUEENS, Queen's Road West:** Due to changing market conditions, some residential units in this 130-unit development are being converted for rental purposes[61](index=61&type=chunk)[77](index=77&type=chunk)[82](index=82&type=chunk) - **Regal Crest, Stanley:** The Group retains 9 houses in this development, which will be put up for sale if attractive offers are received[62](index=62&type=chunk)[84](index=84&type=chunk) [Cosmopolitan International Holdings Limited (China Projects)](index=13&type=section&id=%E5%9B%9B%E6%B5%B7%E5%9C%8B%E9%9A%9B%E9%9B%86%E5%9C%98%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8) - **Chengdu Project - Regal International New Town:** Nearly all residential units in Phase 3 have been sold, with construction of the remaining commercial complex progressing steadily[117](index=117&type=chunk)[129](index=129&type=chunk)[131](index=131&type=chunk) - **Tianjin Project - Regal Xinkaimen:** The superstructure of two office towers and a commercial podium is completed, but the new sales launch has been deferred due to market conditions[120](index=120&type=chunk)[121](index=121&type=chunk)[133](index=133&type=chunk) - **Xinjiang Project:** The Group is communicating with government authorities to resolve illegal occupation issues to proceed with land development[122](index=122&type=chunk)[134](index=134&type=chunk)[151](index=151&type=chunk) [Other Investments](index=8&type=section&id=%E5%85%B6%E4%BB%96%E6%8A%95%E8%B3%87) The Group's other investments include an edutainment associate, a financial assets portfolio, and overseas properties in Europe - The Group holds a **48% interest** in its associate, Century Innovative Technology Group, which is developing ESG-themed bilingual children's educational books[28](index=28&type=chunk)[44](index=44&type=chunk)[52](index=52&type=chunk) - The financial assets investment business was adversely affected by volatile global capital markets, resulting in a **net loss** for this segment[123](index=123&type=chunk)[151](index=151&type=chunk) - The Group owns overseas properties in London, Lisbon, and Barcelona at various stages of planning, renovation, or leasing[9](index=9&type=chunk)[78](index=78&type=chunk)[86](index=86&type=chunk) [Financial Review](index=15&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's financial position is characterized by an adjusted NAV of HK$3.48 per share, an adjusted gearing ratio of 34.0%, and a significant increase in net interest expenses Net Asset Value (NAV) per Share as of June 30, 2023 | Metric | Amount (HK$ million) | Per Share (HK$) | | :--- | :--- | :--- | | Book NAV Attributable to Shareholders | 7,268.6 | 2.35 | | Adjustment for HK Hotel Portfolio at Market Value | 3,480.2 | 1.13 | | **Adjusted NAV Attributable to Shareholders** | **10,748.8** | **3.48** | Debt and Gearing Ratio | Metric | As at June 30, 2023 | As at Dec 31, 2022 | | :--- | :--- | :--- | | Net Debt | HK$17,391.6 M | HK$17,132.5 M | | Gearing Ratio (Book Total Assets) | 42.2% | 40.7% | | Gearing Ratio (Adjusted Total Assets) | 34.0% | 33.3% | - Net interest expense for the period increased significantly to **HK$469.4 million**, compared to HK$157.4 million in the same period last year[154](index=154&type=chunk) - The Board of Directors resolved **not to declare an interim dividend** for the financial year ending December 31, 2023[141](index=141&type=chunk)[160](index=160&type=chunk) [Condensed Consolidated Financial Statements](index=19&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Income Statement](index=19&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) The Group's revenue fell 45.0%, leading to a loss attributable to shareholders of HK$243.7 million, driven by lower gross profit and higher finance costs Key Income Statement Figures (Six Months Ended June 30) | Item | 2023 (Unaudited HK$M) | 2022 (Unaudited HK$M) | | :--- | :--- | :--- | | Revenue | 1,602.7 | 2,915.0 | | Gross Profit | 642.5 | 1,341.8 | | Operating Profit/(Loss) | (84.1) | 637.9 | | Finance Costs | (523.6) | (193.4) | | Loss Before Tax | (615.5) | 440.9 (Profit) | | **Loss for the Period** | **(651.7)** | **298.9 (Profit)** | | **Loss Attributable to Shareholders** | **(243.7)** | **137.3 (Profit)** | [Condensed Consolidated Balance Sheet](index=22&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2023, the Group's total assets stood at HK$41,165.1 million, with total equity of HK$17,783.0 million and total bank borrowings of HK$19,358.9 million Key Balance Sheet Figures | Item | As at June 30, 2023 (Unaudited HK$M) | As at Dec 31, 2022 (Audited HK$M) | | :--- | :--- | :--- | | Total Non-current Assets | 28,937.2 | 29,302.1 | | Total Current Assets | 12,227.9 | 12,792.6 | | **Total Assets** | **41,165.1** | **42,094.7** | | Total Current Liabilities | (7,743.1) | (9,946.0) | | Total Non-current Liabilities | (15,639.0) | (13,467.1) | | **Total Liabilities** | **(23,382.1)** | **(23,413.1)** | | **Net Assets / Total Equity** | **17,783.0** | **18,681.6** | [Notes to the Financial Statements](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) Segment information shows revenue declines in Property and Hotel businesses, with the latter swinging to a loss, while finance costs more than doubled Segment Revenue (External Sales) | Business Segment | H1 2023 (HK$M) | H1 2022 (HK$M) | | :--- | :--- | :--- | | Property Development & Investment | 794.3 | 1,849.8 | | Hotel Operation, Management & Ownership | 744.2 | 1,012.0 | | Aircraft Owning & Leasing | 13.0 | 12.0 | | Financial Asset Investment | 9.4 | 11.6 | | Others | 41.8 | 29.6 | Segment Results | Business Segment | H1 2023 (HK$M) | H1 2022 (HK$M) | | :--- | :--- | :--- | | Property Development & Investment | 211.0 | 538.1 | | Hotel Operation, Management & Ownership | (192.8) | 181.8 | | Aircraft Owning & Leasing | 7.2 | 7.1 | | Financial Asset Investment | (32.8) | (30.4) | - Total finance costs rose to **HK$523.6 million** for the period, compared to HK$193.4 million in H1 2022, mainly driven by higher interest on bank loans[103](index=103&type=chunk)[195](index=195&type=chunk) - **No dividend** was paid or declared during the six months ended June 30, 2023, and no dividend has been proposed since the end of the reporting period[106](index=106&type=chunk)[198](index=198&type=chunk) [Corporate Governance and Other Information](index=34&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Corporate Governance](index=34&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Group complied with the Corporate Governance Code, with the exception of the non-segregation of the Chairman and CEO roles, and the interim financials were reviewed by the Audit Committee - The Audit Committee has reviewed the Group's condensed consolidated financial statements for the six months ended June 30, 2023, with the company's external auditors[110](index=110&type=chunk) - The company complied with the Corporate Governance Code, except for the deviation that the roles of the **Chairman and the Chief Executive Officer are not separate**[115](index=115&type=chunk)[206](index=206&type=chunk) - Neither the company nor any of its subsidiaries repurchased, sold, or redeemed any of the company's listed securities during the period[109](index=109&type=chunk)[201](index=201&type=chunk)

Business Development and Redevelopment - The group is exploring alternative business and redevelopment plans for a historical property to optimize its intrinsic value due to recent market changes[1] - The group has completed judicial procedures for compulsory sale of land, now owning 100% interest in a redevelopment property with a total site area of 431 square meters (4,644 square feet) and a total floor area of approximately 3,691 square meters (39,733 square feet)[7] - A historical building in London, acquired in 2019, has a total floor area of approximately 2,150 square meters (23,140 square feet) and is currently vacant[4] - The group is conducting a commercial/residential redevelopment project in Sham Shui Po, Hong Kong, and still owns 9 garden houses in Favour Bay, which may be sold if the price is right[90] - The group has a renovation project for a property in Lisbon, Portugal, and a historical building in a prime location in London without a confirmed development plan[91] Property and Hotel Operations - The group retains ownership of 9 garden houses with a total floor area of approximately 4,178 square meters (44,972 square feet), with 3 for investment, 4 for sale, and 2 for property, plant, and equipment[2] - The hotel property has a total of 186 rooms, acquired in 2014, and has recently reached a formal settlement with the tenant regarding overdue and disputed rent[3] - The group's hotels generated stable income during the first half of 2022 by operating as quarantine facilities under government programs[42] - The group anticipates a transitional period for its hotels to return to normal operations following the end of the quarantine program in late September 2022, which may affect second-half revenue[43] - The average hotel occupancy rate in Hong Kong for 2022 was 66.0%, a 3.0 percentage point increase from the previous year, with RevPAR increasing by 29.7%[107] Financial Performance - The group recorded an unaudited consolidated profit of HKD 137,300,000 for the six months ended June 30, 2022, primarily due to property sales from developments in Hong Kong and Chengdu, China[42] - For the year ended December 31, 2022, the group reported a consolidated loss attributable to shareholders of HKD 158,700,000, an improvement from the loss of HKD 296,800,000 in the previous year[67] - The group recorded a comprehensive profit of HKD 929,900,000 for the year, up from HKD 577,100,000 in the previous fiscal year, driven by a fair value gain of HKD 754,700,000 from investment properties[83] - The group recorded a total depreciation expense of HKD 693,800,000 for its 11 wholly-owned hotels, including HKD 121,000,000 for the newly opened Lihau Hotel[69] - The group reported a loss attributable to shareholders of HKD 158,700,000, impacted by rising financing costs and tax expenses related to property projects in China[69] Market Conditions and Economic Outlook - The average price of residential units in Hong Kong fell by over 15% during the year, ending a decade-long upward trend in property prices[76] - The overall GDP growth in China for 2022 was only 3.0%, below the initial target of 5.5%, due to COVID-19 restrictions impacting economic activities[93] - The Chinese real estate market remains weak, with both primary and secondary property sales volumes further declining compared to 2021[122] - The overall economic sentiment in Hong Kong is improving, with the government forecasting a significant economic rebound of 3.5% to 5.5% for the year[153] - The Hong Kong property market is expected to gradually recover, driven by strong potential demand across various property types, despite uncertainties from high interest rates and external factors[160] Strategic Initiatives and Acquisitions - The group completed the acquisition of a local securities brokerage company in February 2023, which is expected to diversify its business and revenue base[48] - The group is actively promoting the services of the newly acquired securities brokerage to its extensive customer base, aiming for mutual benefits[48] - The group is expanding into the financial services sector with a new securities brokerage business[132] - The group is in discussions regarding the potential acquisition of a hotel within its integrated project[123] - The company continues to seek suitable business expansion opportunities aligned with its development goals[158] Asset Management and Investments - The group holds approximately 62.3% equity in Paliburg Holdings Limited, which operates its core property and hotel businesses[45] - The group holds a 49.2% stake in Sihai International Holdings, which could increase to 65.6% if all convertible bonds and preferred shares are converted[72] - The group has a solid portfolio of quality assets and diversified business interests, positioning it well for recovery[127] - The company has established a solid and diversified asset portfolio through its various subsidiaries, engaging in different business categories and regions[161] Future Expectations - The group is optimistic about its business performance following the recovery of the Hong Kong and Chinese economies[131] - The reopening of travel between Hong Kong and mainland China is expected to lead to a strong rebound in the tourism sector in 2023[154] - The company anticipates significant cash flow from remaining sales of its integrated property projects in Chengdu and Tianjin over the next few years[158] - The group anticipates a steady recovery in property prices and transaction volumes in the primary and secondary markets in the coming months[129] Community and Social Impact - The company is exploring partnerships with leading global education platforms to enhance its social impact and brand awareness, focusing on sustainable development education[189] - The company is considering specific ideas such as "learn-and-earn" virtual games to provide engaging learning experiences related to sustainable consumption[189] - The joint venture P&R, co-owned by the company and another partner, focuses on real estate project development for sale and/or lease, as well as related investment activities[191] Government Policies and Initiatives - The Hong Kong government is actively promoting the "Hello, Hong Kong" campaign, including the distribution of 500,000 free tickets to attract global tourists[126] - The Hong Kong government has introduced policies to attract overseas investment and talent, which will help enhance the competitiveness of Hong Kong in the long term[159]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 (股份代號：355) 二零二二年度集團全年業績公佈 財務及業務摘要 二零二二年度 二零二一年度 %轉變 港幣百萬元 港幣百萬元 收入 4,005.2 4,019.0 -0.3% 毛利 1,726.4 1,494.8 +15.5% 減除折舊及攤銷、 融資成本及稅項前之 經營業務盈利 1,089.6 583.8 +86.6% 母公司股份持有人應佔 年內虧損 (158.7) (296.8) -46.5% 母公司股份持有人應佔 每股普通股基本虧損 港幣(6.72)仙 港幣(10.93)仙 -38.5% ...

Financial Performance - Century City International Holdings Limited reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the first half of 2022, representing a 15% growth compared to the same period last year[1]. - The company’s net profit for the first half of 2022 was HKD 300 million, which is a 20% increase year-on-year, indicating strong operational performance[1]. - The group achieved an unaudited consolidated profit attributable to shareholders of HKD 137.3 million for the six months ended June 30, 2022, compared to a loss of HKD 85.5 million in the same period last year[16]. - The significant improvement in performance was primarily due to substantial growth in property sales and hotel operations revenue[16]. - Gross profit for the period was HKD 1,341.8 million, up from HKD 449.9 million in the previous year[17]. - Operating profit before depreciation, amortization, financing costs, and taxes was HKD 1,015.7 million, compared to HKD 256.6 million in the prior year[17]. - The group achieved an unaudited consolidated profit attributable to shareholders of HKD 230,900,000 for the six months ended June 30, 2022, compared to a loss of HKD 136,400,000 in the same period last year[26]. - The gross profit for the group was HKD 1,344,700,000, significantly up from HKD 447,000,000 in the previous year[26]. - The operating profit before depreciation, financing costs, and tax was HKD 1,009,000,000, compared to HKD 243,300,000 in the previous year[26]. - The overall profit for the company reached HKD 87,800,000 for the six months ended June 30, 2022, a significant increase from HKD 1,200,000 in the same period of 2021[53]. Revenue Growth and Projections - The company has outlined a future outlook with a projected revenue growth of 12% for the next fiscal year, driven by ongoing property developments and market expansion initiatives[1]. - New product launches in the hospitality sector are expected to contribute an additional HKD 150 million in revenue by the end of 2022, enhancing the company’s portfolio[1]. - Revenue for the six months ended June 30, 2022, was HKD 2,915.0 million, an increase from HKD 1,114.0 million for the same period in 2021, representing a growth of 161.5%[128]. - Revenue from property sales amounted to HKD 1,826.9 million, compared to HKD 661.8 million in the previous year, indicating an increase of about 176.5%[191]. - Hotel management and operation services generated revenue of HKD 981.8 million, up from HKD 322.0 million, reflecting a growth of approximately 205.3%[191]. Market Expansion and Strategic Initiatives - Century City is actively pursuing market expansion in mainland China, targeting a 25% increase in property acquisitions over the next two years[1]. - The company is exploring potential mergers and acquisitions to enhance its market position, with a focus on strategic partnerships in the hospitality industry[1]. - The company is currently undertaking a commercial/residential development project named "The Queens" in Hong Kong, consisting of 130 residential units[49]. - The company is in preliminary discussions regarding the potential acquisition of a hotel within the comprehensive project in Chengdu[55]. - The company is maintaining a cautious approach towards new property projects in light of changing market conditions[55]. Operational Efficiency and Investments - Investment in new technologies for property management is set to increase by 30% in 2023, aimed at improving operational efficiency and customer experience[1]. - The company’s cash flow from operations improved by 18%, reaching HKD 400 million, providing a solid foundation for future investments and growth initiatives[1]. - The group is closely collaborating with hotel managers to develop new business and development strategies, including phased renovations and upgrades of certain hotel properties[60]. - The company is actively monitoring the performance of its various business segments to make informed decisions regarding resource allocation and performance evaluation[179]. Challenges and Market Conditions - The GDP of China grew by only 2.5% year-on-year in the first half of 2022, significantly impacted by COVID-19 outbreaks and strict lockdown measures[32]. - The property prices and transaction volumes in Hong Kong decreased in the first half of 2022 compared to the previous year due to market uncertainties[27]. - Despite challenges in the market environment, the group achieved satisfactory performance during the review period[66]. Future Outlook and Strategic Partnerships - The management remains optimistic about the future prospects of the group, supported by a strong asset base[61]. - The group is exploring more collaboration opportunities with leading global education platforms to enhance its social impact and brand awareness[72]. - The group plans to continue its partnership with KFC to distribute educational materials, having already distributed over 4.7 million books since 2017[71]. - The group aims to leverage its recent investments in the metaverse and Web3 to provide engaging and immersive learning experiences in the coming years[72]. Financial Position and Liabilities - As of June 30, 2022, the group's cash and bank deposits amounted to HKD 2,235.4 million, down from HKD 3,218.8 million as of December 31, 2021[114]. - The group's debt-to-asset ratio increased to 39.9% as of June 30, 2022, compared to 37.6% as of December 31, 2021[114]. - The group’s total liabilities, excluding cash and bank deposits, were HKD 16,959.2 million as of June 30, 2022, compared to HKD 16,875.4 million as of December 31, 2021[114]. - The company’s total liabilities increased to HKD 8,514.4 million as of June 30, 2022, compared to HKD 8,582.2 million in the previous period[145]. Asset Management and Investments - The company acquired a stake in Sygnum Bank AG, a digital asset bank, to expand its investment portfolio into the digital asset market[106]. - The group also purchased an estate in The Sandbox for its MetaGreen project, aiming to promote eco-friendly choices in the metaverse[108]. - The company is in discussions with government departments regarding a proposal to preserve historical heritage in a new development project in Cheung Sha Wan[86].

Financial Performance - Century City International Holdings Limited reported a significant increase in revenue, achieving a total of HKD 1.2 billion, representing a 15% growth compared to the previous year[10] - The company’s net profit for the year was HKD 300 million, reflecting a 20% increase year-on-year, driven by improved operational efficiency and cost management[10] - The group recorded a shareholder attributable comprehensive loss of HKD 296.8 million for the year ended December 31, 2021, significantly improved from a loss of HKD 539.7 million in the previous year[17] - For the year ended December 31, 2021, the company recorded a consolidated loss attributable to shareholders of HKD 397,500,000, significantly improved from a loss of HKD 874,200,000 in the previous year[29] - The gross profit for the year reached HKD 1,494.8 million, compared to HKD 403.3 million in 2020[19] - The adjusted operating profit before depreciation, amortization, financing costs, and taxes was HKD 583.8 million, a turnaround from an operating loss of HKD 191.8 million in the previous year[19] - The net profit before distribution to fund unit holders for the year ended December 31, 2021, was HKD 577.1 million, compared to a loss of HKD 2.31 billion in 2020[41] - The total distributable income for the year was HKD 310.8 million, down from HKD 491.4 million in 2020, primarily due to the adverse impact of the pandemic on rental income[41] Market Expansion and Development - The company plans to expand its market presence in mainland China, targeting a 30% increase in market share over the next three years[10] - New product development initiatives are underway, with an investment of HKD 50 million allocated for research and development in innovative real estate solutions[10] - The group is developing a commercial/residential project in Hong Kong with 130 residential units, and the first batch of units was launched for pre-sale in April 2021[51] - The group is in preliminary discussions regarding a potential acquisition of a hotel under development in Chengdu[58] - The company has completed the construction of the residential and commercial buildings in the Tianjin project, with the office building construction also completed[101] Operational Efficiency and Sustainability - The company reported a 5% increase in operational efficiency, attributed to the implementation of advanced technology in property management[10] - The management emphasized the importance of sustainability in new projects, aiming for a 40% reduction in carbon footprint by 2025[10] Shareholder Value and Dividends - Century City International Holdings Limited is committed to enhancing shareholder value, with plans to increase dividends by 10% in the next fiscal year[10] - The company did not declare an interim dividend for ordinary shareholders during the year[175] - The board recommended not to declare a final dividend for the year ending December 31, 2021, similar to the previous year[176] Hotel Operations and Impact of COVID-19 - The company’s hotel operations were significantly impacted by travel restrictions, resulting in a consolidated loss of HKD 494,400,000 for the year, an improvement from a loss of HKD 885,900,000 in the previous year[36] - The average hotel occupancy rate in Hong Kong was 63.0%, an increase of 17.0 percentage points compared to 2020, while the average room rate decreased by 3.0%, resulting in a 32.8% year-on-year increase in RevPAR[38] - The group participated in various designated quarantine hotel programs to support the Hong Kong government's pandemic measures[46] - Six hotels in the group's portfolio are currently operating under the community isolation hotel program, providing some stable income amid local economic challenges[61] Financial Position and Debt Management - The group's debt-to-asset ratio increased to 37.6% as of December 31, 2021, compared to 35.9% in 2020[156] - The group completed a refinancing in February 2021, securing a three-year loan of HKD 4,125,000,000, secured against the "Regal Mountain" property[158] - The group repaid HKD 2,690,500,000 of medium-term notes using internal resources in July 2021[158] Future Outlook and Economic Conditions - The company has outlined a future outlook projecting a revenue growth of 10-15% for the upcoming fiscal year, supported by ongoing projects and market expansion[10] - The global outlook is overshadowed by multiple downside risks, including potential COVID-19 outbreaks and geopolitical tensions in Eastern Europe[60] - The fifth wave of the pandemic is expected to negatively impact Hong Kong's economy at least through the first half of 2022, delaying plans for the gradual resumption of international travel and reopening of mainland borders[61] - The group remains optimistic about recovering profitability as social and business activities in Hong Kong are expected to gradually resume in the second half of 2022[62] Property Sales and Development Projects - The sales of luxury residential units at the company's development project in Shatin have seen satisfactory pricing, with 17 garden houses and 46 apartments sold as of December 31, 2021[32] - Approximately 60% of the pre-sold units in the Chengdu project were delivered to buyers by the end of 2021, contributing to revenue recognition in the financial results[57] - The property income from the sale of residential units in Chengdu before tax and selling expenses was HKD 599.4 million, while impairment losses totaled HKD 237.3 million[54] - The group completed the development of the second hotel at Hong Kong International Airport, with 1,208 rooms, which began trial operations in December 2021[40] Corporate Governance and Share Structure - The company has a permitted indemnity provision in favor of its directors, which is currently effective[185] - The company has received annual confirmations of independence from its independent non-executive directors[182] - The company holds 69.33% of the issued shares, totaling 623,140,161 shares as of December 31, 2021[190]

Financial Performance - The company reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the first half of 2021, representing a 15% year-on-year growth[2]. - The company reported a net profit margin of 25% for the first half of 2021, up from 22% in the previous year[2]. - The group recorded an unaudited consolidated loss attributable to shareholders of HKD 85.5 million for the six months ended June 30, 2021, a significant improvement compared to a loss of HKD 365.5 million in the same period last year[15]. - The group recorded an unaudited consolidated loss attributable to shareholders of HKD 136.4 million for the six months ended June 30, 2021, compared to a loss of HKD 558.8 million in the same period last year, indicating a significant improvement[26]. - The company reported a loss attributable to equity holders of HKD 245.7 million for the six months ended June 30, 2021, compared to a loss of HKD 825.2 million for the same period in 2020, representing a 70.3% improvement[127]. - The company’s total comprehensive loss for the period was HKD 309.3 million, an improvement from HKD 568.7 million in the previous year, indicating a 45.5% reduction in losses[127]. Revenue Sources - Property sales generated HKD 661.8 million in revenue, up from HKD 400.9 million, reflecting a 64.9% increase year-over-year[165]. - Hotel operations and management services revenue decreased to HKD 322.0 million from HKD 344.3 million, a decline of 6.7%[165]. - The company reported a total of HKD 400.9 million in property sales, which is a key driver of revenue growth[178]. - Total customer contract revenue reached HKD 770.6 million, with property sales contributing HKD 661.8 million, accounting for approximately 86% of total revenue[172]. - Hotel operations generated revenue of HKD 342.5 million, representing a significant portion of the overall income from hotel management services[173]. Market Outlook - The company provided an optimistic outlook for the second half of 2021, projecting a revenue growth of 10% to 15%[2]. - The company is optimistic about the future of the Chinese economy and will continue to seek suitable investment opportunities in the mainland as part of its business development strategy[58]. - The outlook for the Hong Kong residential property market remains strong, supported by robust purchasing sentiment and ample market liquidity[60]. - Future outlook includes potential market expansion and new product development strategies to enhance revenue streams[165]. - Future outlook includes continued focus on market expansion and potential acquisitions to enhance service offerings and revenue streams[173]. Strategic Initiatives - New product launches are expected to contribute an additional HKD 200 million in revenue by the end of 2021[2]. - The company is investing HKD 50 million in research and development for new technologies aimed at enhancing user experience[2]. - Market expansion plans include entering two new regions in Asia, projected to increase market share by 5%[2]. - The company is considering strategic acquisitions to bolster its portfolio, with a budget of up to HKD 300 million allocated for potential deals[2]. - A new marketing strategy has been implemented, focusing on digital channels, which is expected to increase customer engagement by 30%[2]. Operational Performance - The core hotel business continues to be severely impacted by the COVID-19 pandemic, with overall operating profit significantly below pre-pandemic levels[16]. - Gross profit from operations, including all subsidiaries, was HKD 449.9 million, compared to HKD 212 million in 2020, indicating a recovery in operational performance[17]. - The hotel segment recorded an unaudited consolidated loss attributable to shareholders of HKD 276.4 million for the six months ended June 30, 2021, a reduction from a loss of HKD 853.3 million in the same period last year[30]. - The hotel operations maintained overall operating profit despite the ongoing impact of the COVID-19 pandemic, aided by strategic adjustments and operational streamlining[30]. - The average hotel occupancy rate in Hong Kong increased by 17 percentage points year-on-year to 56% as of June 30, 2021, despite a 99% year-on-year drop in total visitor numbers[34]. Investment and Assets - The adjusted net asset value per share as of June 30, 2021, was HKD 3.19, reflecting the independent market valuation of hotel properties[17]. - The group has a significant investment portfolio, including listed securities, private equity, and bonds, aimed at enhancing returns[100]. - The company has retained 9 garden houses at 富豪海灣, with a total gross floor area of approximately 4,178 square meters, with plans to sell some of these units if satisfactory offers are received[87]. - The company has acquired the remaining 10% equity in the property project in Lisbon, now fully owned, with a total development area of approximately 1,836 square meters, and renovation expected to complete in Q4 2021[90]. - The company owns one Boeing B737-800F cargo aircraft, leased to a logistics operator with a return rate of 17.4%, which was sold after the lease expired in June 2021[160]. Financial Position - As of June 30, 2021, the group's cash and bank balances, along with time deposits, amounted to HKD 4,409.5 million, an increase from HKD 3,361.6 million as of December 31, 2020[109]. - The debt-to-asset ratio as of June 30, 2021, was 35.4%, slightly down from 35.9% as of December 31, 2020[109]. - The company's cash and bank balances rose to HKD 3,186.0 million, up from HKD 2,666.7 million, representing a 19.5% increase[129]. - The company has sufficient operating funds for the next twelve months based on estimated cash flows, available bank credit, and refinancing of certain bank loans secured by properties[152]. - The company’s financial position shows a significant increase in cash and cash equivalents, indicating improved liquidity[149].

0 世紀城市國際控股有限公司 Century City International Holdings Limited (於百慕逵註冊成立之有限公司) (股份代號 : 355) (Diffinia 202 目錄 | --- | --- | |-------|--------------------| | | | | 2 | 公司資料 | | 3 | 董事簡介 | | 5 | 主席報告書 | | 29 | 管理層之討論及分析 | | 40 | 董事會報告書 | | 60 | 企業管治報告書 | | 69 | 財務報表 | | | 69 綜合損益表 | | | 70 綜合全面收益表 | | | 71 綜合財務狀況表 | | | 73 綜合權益變動表 | | | 75 綜合現金流量表 | | | 78 財務報表附註 | | 201 | 獨立核數師報告 | | 206 | 主要物業表 | | 215 | 已公佈五年財務摘要 | 公司資料 | --- | --- | |--------------------------|-------------------------------------------------- ...

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