智通财经APP讯，盈大地产(00432)公布2025年中期业绩，综合收入同比增长35%至7.36亿港元，净亏损 约2.49亿港元，同比增长62.75%;每股亏损12.23港分。 公告称，亏损增加主要是由于担保票据的汇兑亏损及投资物业公平价值亏损。 ...

盈大地产(00432)公布2025年中期业绩，综合收入同比增长35%至7.36亿港元，净亏损约2.49亿港元，同 比增长62.75%;每股亏损12.23港分。 公告称，亏损增加主要是由于担保票据的汇兑亏损及投资物业公平价值亏损。 ...

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告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED 盈科大衍地產發展有限公司* （於百慕達註冊成立的有限公司） （股份代號：00432） 截至2025年6月30日止六個月中期業績公告 盈科大衍地產發展有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公司（「本集團」）截 至2025年6月30日止六個月之未經審核綜合業績。本中期財務資料乃未經審核，惟已經由本公司的審核 委員會及本公司獨立核數師根據香港會計師公會頒佈的《香港審閱委聘準則》2410號「由實體獨立核數師 執行中期財務資料審閱工作」審閱。 摘要 日本的物業發展 日本北海道二世古花園柏悅居至今已售出或預留一百一十一個單位。 截至2025年6月30日止六個月，本集團自日本的物業發展錄得港幣1.02億元收入，而2024年同期並無同類 收入。 泰國的物業發展及高爾夫球業務 – 1 – ‧ 綜合收入增加百分 ...

Financial Performance - The company recorded a consolidated revenue of HKD 901 million for the fiscal year ending December 31, 2024, representing a 10% increase from approximately HKD 822 million in the previous fiscal year[18]. - The net loss attributable to shareholders for 2024 was HKD 230 million, a significant improvement from the net loss of HKD 466 million in 2023[18]. - The consolidated gross profit for the year ended December 31, 2024, was HKD 620 million, up 13% from HKD 547 million in 2023, with a gross margin of 69% compared to 67% in 2023[51]. - The group recorded a net loss attributable to shareholders of HKD 230 million for the year ended December 31, 2024, a significant reduction from a net loss of HKD 466 million in 2023[52]. - The group generated revenue of HKD 349 million from its hotel operations in Japan for the year ended December 31, 2024, an increase from HKD 276 million in 2023[42]. - Revenue from recreational activities in Japan rose to HKD 206 million for the year ended December 31, 2024, compared to HKD 156 million in 2023[44]. - The group’s total rental income for 2024 was HKD 206 million, down from HKD 239 million in 2023[34]. - The group’s administrative expenses decreased by 2% to HKD 654 million for the year ended December 31, 2024, from HKD 665 million in 2023, due to better cost control[51]. - Cash used in operating activities for the year ended December 31, 2024, was HKD 75 million, compared to HKD 245 million generated in 2023[60]. - The group's income tax for the year ended December 31, 2024, was HKD 24 million, a decrease from HKD 66 million in 2023, mainly due to increased withholding tax on internal loan interest[61]. - As of December 31, 2024, the total current liabilities of the group amounted to HKD 1.54 billion, an increase from HKD 1.17 billion as of December 31, 2023, primarily due to the rise in borrowings due within one year[54]. - The group's borrowings as of December 31, 2024, were HKD 9.84 billion, up from HKD 9.44 billion as of December 31, 2023[55]. - The net debt-to-equity ratio as of December 31, 2024, was 13,912%, compared to 1,257% as of December 31, 2023[59]. - As of December 31, 2024, the company's distributable reserves amounted to HKD 4.516 billion, slightly down from HKD 4.523 billion in 2023[193]. - The company reported no interim dividends for the year ending December 31, 2024, consistent with 2023[186]. Property and Development - The occupancy rate for Pacific Century Place, Jakarta, was 85% in 2024, up from 83% in 2023[20]. - The occupancy rate and revenue for the Niseko Hanazono Resort significantly increased due to a rise in Japanese tourist numbers[19]. - The company plans to optimize its property asset portfolio and enhance marketing and risk management strategies moving forward[16]. - The company is focused on expanding its luxury property developments in Japan and Thailand, with ongoing projects in Hokkaido and Phang Nga[8]. - The group has commenced construction on the property development project at 3-6 Gilman Street, Central, Hong Kong, with completion expected in early 2026[39]. - The group aims to maintain long-term growth and profitability by focusing on developing and investing in premium properties, including land reserves in Japan and Thailand[27]. - The company aims to enhance the occupancy rate of the Park Hyatt Hotel in Niseko and expand its ski business in the Niseko Hanazono resort area[68]. - The company plans to implement diversified sales and marketing activities in other regions where it operates, targeting high-quality tenants and travelers[68]. Corporate Governance - The board consists of two executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse governance structure[86]. - The company emphasizes good corporate governance, adhering to the principles of ethics, transparency, accountability, and integrity[83]. - The independent non-executive chairman ensures effective board operations and the establishment of good governance practices[88]. - The company has a systematic procedure for annual self-evaluation of board performance, which is deemed satisfactory for the year ending December 31, 2024[89]. - The board has received written confirmations regarding the independence of all independent non-executive directors[90]. - The company ensures that the financial statements reflect the true and fair view of the financial position and performance of the group[90]. - The executive committee is authorized by the board to operate and make decisions swiftly in a fast-paced business environment[93]. - The board adopted a diversity policy on February 25, 2013, aiming for a long-term target of 30% female representation, currently at 17%[104]. - The nomination committee is responsible for ensuring a fair and transparent process for appointing and reappointing directors[103]. - The audit committee ensures the objectivity and credibility of the group's financial reporting and compliance with regulatory responsibilities[112]. - The audit committee's responsibilities include assessing the effectiveness of risk management and internal control systems[113]. - The audit committee met with external auditors without management present to ensure independent oversight[118]. - The external auditor, PwC, charged approximately HKD 5 million for audit and non-audit services for the fiscal year ending December 31, 2024[121]. Risk Management - The company has established a risk management and internal control system that is reviewed at least annually by the audit committee[123]. - The group risk management and compliance department is responsible for overseeing the enterprise risk management and reporting on significant risks to the audit committee[128]. - The internal audit department adopts a risk-based audit approach, focusing on major risks affecting the group's operations and reporting findings to the audit committee[129]. - The company aims to ensure that assets are protected from misuse and complies with relevant rules and regulations[124]. - The governance framework follows a "three lines of defense" model to manage risks effectively[125]. - The group faces significant risks related to property development, including potential adverse changes in government policies and regulations affecting land use and ownership[137]. - Construction project timelines and costs may be impacted by various adverse factors, including material shortages and adverse weather conditions, potentially leading to project delays and cost overruns[139]. - The group conducts extensive research and market analysis before the development phase to manage risks at acceptable levels[137]. - The group has implemented financial management policies to address risks associated with foreign currency exchange and interest rate fluctuations[138]. - The group maintains a vigilant approach to emerging risks, adapting monitoring measures as necessary to mitigate potential impacts on overall business performance[136]. Sustainability and Community Engagement - The company is committed to sustainable development, ensuring its operations positively contribute to society and the environment[120]. - The group aims to achieve green building certification for all new development projects[164]. - PCP Jakarta received the USGBC LEED Platinum certification in 2018 and has recently renewed its Greenship Platinum certification in 2023[165]. - The group plans to optimize energy consumption with equipment upgrades at PCP Jakarta, targeting a 10.14% improvement by Q3 2024[165]. - Park Hyatt Niseko Hanazono achieved over a 40% reduction in food waste through the use of smart food waste tracking equipment to promote dynamic food production management[168]. - The company has established a transparent procurement process, ensuring that suppliers and contractors align with its sustainability goals[179]. - The procurement practices focus on providing high-quality materials and services that meet strict environmental and safety standards[179]. - The company sponsored two organic farming events in February and May 2024, engaging over 10 employees and their families[180]. - Approximately 20 employees participated in a charity walk to celebrate the 55th anniversary of a charity organization, raising funds for family welfare services[180]. - The company has been awarded the "Caring Company" logo for 17 consecutive years, recognizing its efforts in building a harmonious society through strategic partnerships[181]. Employee and Shareholder Relations - The number of employees hired by the group in Hong Kong and overseas totaled 1,403 as of December 31, 2024, an increase from 1,353 in 2023[64]. - The company emphasizes the importance of attracting and retaining skilled personnel, as key personnel turnover could adversely affect business performance[144]. - The company has implemented a shareholder communication policy to ensure timely and appropriate information dissemination to shareholders and investors[148]. - The board has adopted a dividend policy aimed at providing stable and sustainable returns to shareholders, considering various financial factors[148]. - The company encourages two-way communication with institutional and private investors, ensuring timely responses to inquiries[149]. - All directors actively participated in board meetings, with attendance rates of 100% for key meetings in 2024[145].

Financial Performance - Consolidated revenue increased by 10% to HKD 901 million for the year ended December 31, 2024[5]. - The loss attributable to shareholders was HKD 230 million, with a basic loss per share of HKD 11.29[5][17]. - The company recorded a pre-tax loss of HKD 206 million, a significant improvement from a loss of HKD 400 million in 2023[17]. - The company reported a loss attributable to shareholders of HKD 230 million for the year ended December 31, 2024, compared to a loss of HKD 466 million in 2023, indicating a 50.7% improvement in losses year-over-year[26]. - The consolidated net loss after tax for the year ended December 31, 2024, was HKD 230 million, a significant reduction from HKD 466 million in 2023, driven by improved performance in the hotel and recreational activities in Niseko, Japan[65]. - The pre-tax loss narrowed to HKD 230 million in 2024 from HKD 466 million in 2023, showing an improvement in financial performance[50]. Revenue Breakdown - Revenue from the hotel business in Japan increased to HKD 349 million, compared to HKD 276 million in 2023, benefiting from a 6% rise in average occupancy[10]. - Revenue from recreational and leisure operations in Japan rose to HKD 206 million, up from HKD 156 million in 2023[12]. - Revenue from property management services in Japan increased to HKD 87 million, compared to HKD 68 million in 2023[14]. - Total revenue for the year was HKD 901 million, up from HKD 822 million in 2023, representing a year-over-year increase of 9.6%[32]. - Revenue from external customers increased to HKD 901 million in 2024, up from HKD 822 million in 2023, representing a growth of 9.6%[37]. - The revenue from Japan's leisure activities business was HKD 206 million, a 32.1% increase from HKD 156 million in 2023[32]. Assets and Liabilities - Total assets decreased to HKD 13,867 million from HKD 14,025 million in 2023, while total liabilities increased to HKD 10,801 million from HKD 10,343 million[19][21]. - The company's assets totaled HKD 10,867 million as of December 31, 2024, down from HKD 11,025 million in 2023, reflecting a decrease of 1.4%[34]. - The liabilities of the company were HKD 10,801 million as of December 31, 2024, compared to HKD 10,343 million in 2023, indicating an increase of 4.4%[34]. - Current assets as of December 31, 2024, amounted to HKD 4.537 billion, an increase from HKD 4.461 billion in 2023, primarily due to the increase in properties under development[66]. - Current liabilities totaled HKD 1.540 billion as of December 31, 2024, up from HKD 1.172 billion in 2023, mainly due to an increase in borrowings due within one year[66]. - The total value of assets pledged as collateral for bank loans was HKD 7.765 billion as of December 31, 2024, slightly down from HKD 7.782 billion in 2023[77]. Cash Flow and Financing - The company experienced negative cash flow from operations of HKD 75 million in 2024, a significant decline from positive cash flow of HKD 245 million in 2023[26]. - The group reported a cash outflow from operating activities of HKD 75 million for the year ended December 31, 2024, compared to an inflow of HKD 245 million in 2023[74]. - Financing costs decreased slightly to HKD 313 million in 2024 from HKD 332 million in 2023, reflecting a weighted average interest rate of 5.2%[42]. - The group has a loan agreement with a total amount of HKD 1.5 billion, which was newly drawn as of December 31, 2024[73]. - The group has successfully maintained compliance with financial covenants across all loan agreements as of December 31, 2024[71]. Dividends and Tax - The company does not recommend the payment of a final dividend for the year[5]. - The company did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[48]. - The total tax provision for the year was HKD 24 million in 2024, down from HKD 66 million in 2023, reflecting a decrease in taxable profits[47]. - The group’s income tax expense for the year ended December 31, 2024, was HKD 24 million, a decrease from HKD 66 million in 2023[76]. Corporate Governance and Compliance - The audit committee reviewed the audited consolidated financial statements for the year ending December 31, 2024, and held two meetings during the year[85]. - The company adheres to high standards of corporate governance and complies with the applicable codes and regulations as of December 31, 2024[86]. Future Outlook - The global economic growth rate is projected to be 3.2% in 2025, remaining stable compared to 2024, despite geopolitical tensions and trade frictions affecting the outlook[89]. - The company aims to enhance the occupancy rate of the Park Hyatt Hotel in Niseko and expand its ski business in the Niseko Hanazono resort area[89]. - The company plans to implement diversified sales and marketing activities in regions where it operates, aiming to attract high-quality tenants, travelers, and high-net-worth buyers[89]. - The company maintains a cautiously optimistic outlook on the real estate sectors in Hong Kong, Japan, Thailand, and Indonesia, focusing on improving performance and maximizing returns for stakeholders in 2025[89].

Financial Performance - For the six months ended June 30, 2024, the group recorded consolidated revenue of HKD 545 million, compared to HKD 452 million for the same period in 2023, representing a growth of approximately 20.6%[4] - The group's consolidated operating profit for the period was HKD 49 million, a significant recovery from an operating loss of HKD 21 million in the same period of 2023[4] - The loss attributable to shareholders for the first six months of 2024 was HKD 153 million, an improvement from a loss of HKD 221 million in the same period last year[4] - The basic loss per share for the first half of 2024 was HKD 7.52, compared to HKD 10.85 for the same period in 2023[4] - The total comprehensive loss for the period was HKD 658 million, compared to a loss of HKD 217 million in the previous year[27] - The company reported a loss of HKD 153 million for the six months ended June 30, 2024, compared to a loss of HKD 221 million for the same period in 2023, representing a 30.8% improvement in losses[42] Revenue Breakdown - The hotel business in Japan recorded revenue of HKD 221 million for the six months ended June 30, 2024, compared to HKD 153 million in the same period of 2023, reflecting a significant increase[10] - The group's golf business in Thailand recorded revenue of HKD 6 million for the first half of 2024, compared to HKD 5 million in the same period of 2023, reflecting a growth of 20%[8] - The occupancy rate of Pacific Century Place, Jakarta, was 87% as of June 30, 2024, with total rental income of HKD 100 million for the period, down from HKD 121 million in the same period of 2023[6] - Revenue from other businesses, primarily property investment in Hong Kong, was HKD 7 million for the six months ended June 30, 2024, compared to HKD 6 million in the same period of 2023[13] Asset and Liability Management - As of June 30, 2024, the group's current assets amounted to HKD 4.175 billion, a decrease of 8.7% from HKD 4.461 billion on December 31, 2023[15] - The total current liabilities of the group as of June 30, 2024, were HKD 1.097 billion, down from HKD 1.172 billion on December 31, 2023[15] - The group's borrowings stood at HKD 9.482 billion as of June 30, 2024, compared to HKD 9.441 billion on December 31, 2023[15] - The total liabilities decreased slightly to HKD 10,218 million as of June 30, 2024, from HKD 10,343 million as of December 31, 2023[30] - The company’s total assets decreased to HKD 14,242 million as of June 30, 2024, from HKD 14,925 million as of December 31, 2023[30] Cash Flow and Financing - The group generated cash from operating activities of HKD 78 million for the six months ended June 30, 2024, compared to HKD 39 million for the same period in 2023, indicating a 100% increase[17] - The company reported a net cash generated from operating activities was negative HKD 78 million for the first half of 2024, contrasting with a positive cash flow of HKD 39 million in the same period of 2023[31] - The financing costs decreased to HKD 170 million from HKD 183 million year-on-year, indicating improved cost management[27] - The interest expense on bank loans for the six months ended June 30, 2024, was HKD 92 million, an increase from HKD 60 million in the same period of 2023[37] Strategic Initiatives and Market Outlook - The group aims to continue identifying new opportunities for property development and investment to deliver sustainable returns to stakeholders[1] - The company anticipates strong performance from its hotel and leisure businesses in Japan, contributing significantly to overall results[20] - The company plans to implement effective sales and promotional activities in various markets during the remaining months of 2024[20] - The board remains cautiously optimistic about the long-term prospects of the real estate sectors in Hong Kong, Japan, Thailand, and Indonesia[20] - The geopolitical situation and slow economic recovery continue to create uncertainty in the market outlook for 2024[20] Shareholder and Corporate Governance - The board did not declare an interim dividend for the six months ending June 30, 2024, consistent with the previous year[20] - The company has established a stock option plan effective from May 7, 2015, to incentivize eligible participants[20] - The audit committee reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2024, and held one meeting during the review period[81] - The company has adhered to the principles of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during the six months ended June 30, 2024[82]

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) The company reported a significant increase in comprehensive revenue and a turnaround to operating profit in the first half of 2024, while net loss attributable to shareholders narrowed Key Financial Indicators for H1 2024 | Indicator | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Comprehensive Revenue | HKD 545 million | HKD 452 million | | Comprehensive Operating Profit / (Loss) | HKD 49 million | (HKD 21 million) | | Loss Attributable to Company Shareholders | HKD 153 million | HKD 221 million | | Basic Loss Per Share | HKD 7.52 cents | HKD 10.85 cents | | Interim Dividend | Not Declared | Not Declared | [Business Review](index=2&type=section&id=Business%20Review) The group's diverse business segments, including property, hospitality, and leisure, showed varied performance, with strong growth in Japan offsetting declines in some property sectors [Property Investment and Development](index=2&type=section&id=Property%20Investment%20and%20Development) The group's property development projects show mixed progress, with stable performance in Jakarta but declining rental income, while Hong Kong projects advance and Japan and Thailand recorded no revenue - PCP Jakarta, a prime commercial property in Jakarta, Indonesia, maintained stable performance with an office occupancy rate of **87%** as of June 30, 2024, though total rental income for the first half decreased year-on-year from **HKD 121 million** to **HKD 100 million**[57](index=57&type=chunk) - Superstructure works for the property development project at 3-6 Glenealy, Central, Hong Kong, commenced in April this year, with completion planned for early **2026**[60](index=60&type=chunk) - For the six months ended June 30, 2024, the group recorded no property development revenue from Japan and Thailand[58](index=58&type=chunk)[59](index=59&type=chunk) [Japan Hotel, Recreation and Leisure Business](index=2&type=section&id=Japan%20Hotel%2C%20Recreation%20and%20Leisure%20Business) Benefiting from Japan's strong tourism recovery and Yen depreciation, the group's hotel and recreation businesses in Japan performed exceptionally, driving significant revenue growth for the group Revenue Contribution from Japan Operations (For the six months ended June 30) | Business Segment | 2024 Revenue (HKD) | 2023 Revenue (HKD) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Hotel Business | 221 million | 153 million | +44.4% | | Four Seasons Recreation Business | 136 million | 96 million | +41.7% | - Park Hyatt Niseko Hanazono in Hokkaido performed exceptionally due to booming tourism and a robust operating model, with significant year-on-year increases in occupancy rates and average room rates[35](index=35&type=chunk) - Ski visits during the 2023/24 winter season increased by **61%** compared to pre-pandemic levels (2019/20 winter season), indicating strong growth for Niseko Resort driven by Japan's tourism boom[63](index=63&type=chunk) [Thailand Golf Business](index=2&type=section&id=Thailand%20Golf%20Business) As Thailand's tourism continues to flourish, the group's golf business experienced significant visitor growth, leading to a year-on-year increase in revenue - Benefiting from Thailand's booming tourism, Aquella Golf & Country Club saw significant growth in visitor numbers, with golf business revenue increasing from **HKD 5 million** in the prior period to **HKD 6 million**[31](index=31&type=chunk) [Property and Facilities Management](index=3&type=section&id=Property%20and%20Facilities%20Management) Property and facilities management revenue in Hong Kong remained stable, while property management service revenue in Japan recorded significant growth - Property and facilities management services in Hong Kong generated stable revenue of **HKD 15 million**, consistent with the prior period[64](index=64&type=chunk) - Property management service revenue in Japan increased from **HKD 41 million** in the prior period to **HKD 60 million**[65](index=65&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) The group's financial performance in the first half of 2024 showed significant improvement, driven by revenue growth and reduced financing costs, leading to a turnaround in operating profit and narrowed net loss [Overall Performance](index=14&type=section&id=Overall%20Performance) In H1 2024, the group's revenue grew by 21% to HKD 545 million, primarily driven by Japan operations, achieving a turnaround to operating profit of HKD 49 million with improved gross margin and reduced net loss H1 2024 Performance Overview (For the six months ended June 30) | Financial Indicator | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Comprehensive Revenue | HKD 545 million | HKD 452 million | +21% | | Comprehensive Gross Profit | HKD 385 million | HKD 306 million | +26% | | Gross Margin | 71% | 68% | +3 p.p. | | Comprehensive Operating Profit / (Loss) | HKD 49 million | (HKD 21 million) | Turnaround to Profit | | Financing Costs | HKD 170 million | HKD 183 million | -7.1% | | Comprehensive Net Loss After Tax | HKD 153 million | HKD 221 million | Loss narrowed by 30.8% | | Basic Loss Per Share | HKD 7.52 cents | HKD 10.85 cents | Loss narrowed | - Revenue growth was primarily attributable to increased income from the hotel business and Four Seasons recreation activities in Niseko, Hokkaido, Japan[8](index=8&type=chunk) - The decrease in financing costs was mainly due to the settlement of guaranteed notes with an interest rate of **4.75%** in March **2023**[9](index=9&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=14&type=section&id=Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) The group maintained a stable liquidity ratio of 3.81 with total borrowings of HKD 9.482 billion at period-end, experiencing a shift from net cash inflow to outflow from operating activities, and facing currency risks due to asset distribution across Indonesia, Japan, and Thailand Capital and Liquidity Indicators (As of June 30, 2024) | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Borrowings | HKD 9.482 billion | HKD 9.441 billion | | Current Assets | HKD 4.175 billion | HKD 4.461 billion | | Current Liabilities | HKD 1.097 billion | HKD 1.172 billion | | Current Ratio | 3.81 | 3.81 | - Cash used in operating activities for the six months ended June 30, 2024, was **HKD 78 million**, compared to cash generated from operating activities of **HKD 39 million** in the prior period[1](index=1&type=chunk) - The group faces foreign currency exchange rate fluctuation risks, with assets in Indonesia, Japan, and Thailand accounting for **35%**, **25%**, and **9%** of total assets, respectively[103](index=103&type=chunk) [Pledge of Assets](index=16&type=section&id=Pledge%20of%20Assets) As of June 30, 2024, the group pledged and mortgaged certain assets with a total book value of HKD 7.683 billion to banks as security for loan financing - As of June 30, 2024, the group had pledged and mortgaged certain assets with a total book value of **HKD 7.683 billion** to banks as security for loan financing[105](index=105&type=chunk) [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) As of the period-end, the group employed 997 staff, with remuneration policies aligned with industry practices and an employee share option scheme in place to incentivize staff - As of June 30, 2024, the group employed a total of **997** staff in Hong Kong and overseas, with remuneration policies consistent with industry practices and a share option scheme in place[106](index=106&type=chunk) [Consolidated Financial Statements and Notes](index=4&type=section&id=Consolidated%20Financial%20Statements%20and%20Notes) This section presents the group's condensed consolidated financial statements, including the statement of comprehensive income and financial position, along with detailed notes on accounting policies, segment information, and loss per share [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The financial statement shows the group's revenue at HKD 545 million for the six months ended June 30, 2024, a 21% year-on-year increase, with operating profit of HKD 49 million, reversing the prior year's loss, and a narrowed loss attributable to shareholders of HKD 153 million Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Item (HKD million) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Revenue | 545 | 452 | | Gross Profit | 385 | 306 | | Operating Profit / (Loss) | 49 | (21) | | Loss Before Tax | (116) | (192) | | Loss Attributable to Company Shareholders | (153) | (221) | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the group's total assets were HKD 10.242 billion, total liabilities HKD 10.218 billion, and net assets HKD 24 million, a significant decrease from HKD 682 million at the end of 2023 Summary of Condensed Consolidated Statement of Financial Position (HKD million) | Item | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Non-current Assets | 6,067 | 6,564 | | Current Assets | 4,175 | 4,461 | | **Total Assets** | **10,242** | **11,025** | | Current Liabilities | 1,097 | 1,172 | | Non-current Liabilities | 9,121 | 9,171 | | **Total Liabilities** | **10,218** | **10,343** | | **Net Assets** | **24** | **682** | [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) The notes provide detailed information on the basis of financial statement preparation, accounting policies, revenue and segment information, taxation, and loss per share, highlighting Japan operations as a primary contributor to revenue and segment results [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) The group's revenue primarily stems from Japan's Four Seasons recreation activities and hotel businesses, collectively contributing over 65% of total revenue, with Japan operations and Indonesian property investment being key profit drivers, while Hong Kong and Thailand property development recorded losses Revenue and Results by Segment (For the six months ended June 30, HKD million) | Business Segment | 2024 Revenue | 2023 Revenue | 2024 Pre-tax Results | 2023 Pre-tax Results | | :--- | :--- | :--- | :--- | :--- | | Japan Four Seasons Recreation Activities Business | 136 | 96 | 54 | 23 | | Japan Hotel Business | 221 | 153 | 6 | (39) | | Indonesia Property Investment | 100 | 121 | 55 | 73 | | Hong Kong Property Development | — | — | (7) | (4) | | Thailand Property Development and Golf Business | 6 | 20 | (17) | (18) | [Loss Per Share](index=11&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2024, basic and diluted loss per share was HKD 7.52 cents, a reduction from HKD 10.85 cents in the prior period, with the weighted average number of ordinary shares used for calculation remaining unchanged Loss Per Share Calculation | Item | For the six months ended June 30 (2024) | For the six months ended June 30 (2023) | | :--- | :--- | :--- | | Loss (HKD million) | (153) | (221) | | Weighted Average Number of Ordinary Shares | 2,038,276,786 | 2,038,276,786 | | **Basic and Diluted Loss Per Share** | **(7.52) cents** | **(10.85) cents** | [Other Matters](index=16&type=section&id=Other%20Matters) This section covers the board's decision on dividends, the company's adherence to corporate governance principles, and the absence of share repurchases during the reporting period [Dividends and Distributions](index=16&type=section&id=Dividends%20and%20Distributions) The Board of Directors did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the prior period and the 2023 final dividend policy - The Board of Directors did not declare an interim dividend to shareholders for the six months ended June 30, 2024[107](index=107&type=chunk) - The Board of Directors also did not recommend a final dividend for the year ended December 31, 2023[3](index=3&type=chunk) [Corporate Governance and Compliance](index=16&type=section&id=Corporate%20Governance%20and%20Compliance) During the reporting period, the company complied with all applicable corporate governance code provisions, and the audit committee reviewed the interim financial information, with no purchases, sales, or redemptions of listed securities - For the six months ended June 30, 2024, the company consistently applied the principles of the Corporate Governance Code and complied with all applicable code provisions[110](index=110&type=chunk) - The Audit Committee reviewed the group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2024[109](index=109&type=chunk) - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[108](index=108&type=chunk) [Outlook](index=17&type=section&id=Outlook) Despite global economic uncertainties, the group is confident in maintaining growth in the second half, particularly expecting significant contributions from Japan's hotel and recreation businesses, and remains cautiously optimistic about the long-term prospects of real estate in key markets - The group is confident in maintaining its growth momentum in the second half, anticipating strong performance from its hotel and recreation and leisure businesses in Japan, which are expected to make significant contributions to the group[6](index=6&type=chunk) - A series of effective sales and promotional activities will be launched across various business markets, aimed at attracting potential high-quality travelers, tenants, and buyers globally[6](index=6&type=chunk) - The group maintains a cautiously optimistic outlook on the long-term prospects of the real estate industry in Hong Kong, Japan, Thailand, and Indonesia[6](index=6&type=chunk)

Financial Performance - The company recorded a consolidated revenue of HKD 822 million for the fiscal year ending December 31, 2023, representing a 46% increase compared to approximately HKD 561 million in the previous fiscal year[20]. - The consolidated operating loss for 2023 was HKD 89 million, a significant improvement from the HKD 215 million operating loss in 2022[20]. - The net loss attributable to shareholders for 2023 was HKD 466 million, down from HKD 598 million in 2022, with a basic loss per share of HKD 22.89 compared to HKD 29.34 in the previous year[20]. - The consolidated gross profit for the same period was HKD 547 million, up 64% from HKD 333 million in 2022, with a gross margin of 67% compared to 59% in the previous year[46]. - The company’s general and administrative expenses were HKD 665 million, a slight increase of 0.4% from HKD 662 million in 2022, primarily due to rising operational costs[46]. - The group recorded financing costs of HKD 332 million for the year ended December 31, 2023, a decrease from HKD 343 million in 2022, primarily due to reduced financing costs of guaranteed notes[47]. - The group reported a consolidated net loss after tax of HKD 466 million for the year ended December 31, 2023, compared to a net loss of HKD 598 million in 2022, with basic loss per share improving to HKD 0.2289 from HKD 0.2934[47]. - As of December 31, 2023, the company's distributable reserves amounted to HKD 4.523 billion, slightly down from HKD 4.530 billion in 2022[194]. Market and Business Development - The international tourism sector showed signs of recovery, with international visitor numbers in the Asia-Pacific region returning to 62% of pre-pandemic levels during the first three quarters of 2023[18]. - The hotel occupancy rate and revenue for the company's Niseko Hanazono Resort in Hokkaido experienced strong growth during the winter season, with international visitor numbers in Q4 2023 increasing over fivefold compared to the same period last year[22]. - The rental rate for the Pacific Century Place, Jakarta was 83% in 2023, supported by a series of sales and marketing initiatives to attract potential tenants[22]. - The company plans to continue developing high-quality property projects and is optimistic about the long-term prospects of the real estate industry in Hong Kong, Japan, Thailand, and Indonesia[18]. - The company is focusing on developing and investing in premium properties in Niseko and Thailand, as well as exploring suitable high-end development projects for long-term growth[28]. - The company aims to leverage its past successes and brand reputation to enhance opportunities in the global real estate market through new projects and joint ventures[28]. - The company is focused on identifying and developing potential projects to create better returns for stakeholders amid a continuously uncertain economic outlook[19]. Corporate Governance - The company emphasizes a corporate culture of integrity, respect, collaboration, inclusiveness, and care, aiming for continuous development[79]. - The company has adopted a self-developed securities trading code applicable to all directors and employees, ensuring compliance with the Hong Kong Stock Exchange's standards[83]. - The company has confirmed compliance with its securities trading code for the fiscal year ending December 31, 2023[84]. - The board includes independent non-executive directors with extensive experience in finance and property development, enhancing governance and oversight[72][74][76]. - The company is committed to integrating good corporate governance elements into its management structure and internal procedures[81]. - The company has maintained high levels of corporate governance, ensuring ethical conduct and compliance with applicable laws and regulations[82]. - The board comprises members with significant contributions to education, housing, and technology development, reflecting a strong governance framework[72][74]. - The board is responsible for the overall strategy, management goals, and monitoring management performance, with a focus on maintaining effective risk management and internal control systems[86]. Risk Management - The company has established a risk management and internal control system that is reviewed at least annually by the Audit Committee[122]. - The company’s risk management framework follows a "three lines of defense" model to guide its operations[123]. - The group has adopted multiple policies and procedures to assess and prudently enhance the effectiveness of its enterprise risk management and internal control systems, requiring management to conduct evaluations at least annually[129]. - The internal audit department directly reports to the board and operates independently from management functions, ensuring objective assurance on governance, risk management, and internal control effectiveness[127]. - The group utilizes the principles outlined in ISO 31000:2018 for managing business and operational risks, ensuring a structured approach to risk identification, assessment, and management[127]. - Major risks include project development risks, which may lead to delays and cost overruns due to various adverse factors[135]. - Cybersecurity threats pose significant risks, with measures in place to mitigate data breaches and operational disruptions[139]. - Business interruption risks remain high due to pandemics, cybersecurity threats, and climate change impacts, with updated continuity management policies implemented[140]. Community Engagement and Sustainability - The group has established a sustainable development committee and adopted a self-developed sustainability policy focusing on energy efficiency and waste reduction[163]. - The group’s environmental policy includes commitments to achieve green building certifications for all new development projects[163]. - The group has actively participated in community outreach activities, including charity events and blood donation drives[168]. - The company has established strategic partnerships with non-profit organizations to promote community welfare and support youth services[182]. - The company continues to support underprivileged communities through various charitable initiatives, including flea markets for residents in subdivided flats[179]. - The company has been awarded the "Caring Company" logo for five consecutive years, recognizing its efforts in corporate social responsibility[182]. Employee and Board Development - The company secretary has completed no less than 15 hours of relevant professional training to update skills and knowledge[146]. - The board of directors has participated in multiple training and continuous professional development activities during the year, enhancing their knowledge and skills[145]. - The company has adopted a shareholder communication policy to ensure timely and appropriate information is provided to shareholders and investors[147]. - The board diversity policy aims to achieve a long-term target of 30% female representation, with current female representation at 17%[104]. - The gender diversity ratio among total employees is 1:1.39, and among senior staff, it is 1:1.25[104].

Financial Performance - For the year ended December 31, 2023, the group reported a consolidated operating loss of HKD 89 million, a decrease from HKD 215 million in 2022, primarily due to improved performance in the hotel business in Hokkaido, Japan, and seasonal recreational activities[1] - The group recorded a net loss attributable to shareholders of HKD 466 million for the year ended December 31, 2023, an improvement from a loss of HKD 598 million in 2022[1] - The group's basic loss per share for the year ended December 31, 2023, was HKD 22.89 cents, an improvement from HKD 29.34 cents in 2022[16] - Total reported revenue for the year was HKD 822 million, an increase from HKD 561 million in 2022, representing a growth of approximately 46.4%[33] - Consolidated gross profit reached HKD 547 million, up 64% from HKD 333 million in 2022, with a gross margin of 67% compared to 59% in the previous year[36] - The pre-tax loss for the year was HKD 466 million, an improvement from a loss of HKD 598 million in 2022[54] - Consolidated revenue increased by 46% to HKD 822 million[75] - Consolidated operating loss decreased by 59% to HKD 89 million[75] - Loss attributable to shareholders was HKD 466 million, with a basic loss per share of HKD 22.89[75] Assets and Liabilities - The group's total current assets as of December 31, 2023, amounted to HKD 4.461 billion, significantly up from HKD 1.811 billion in 2022, mainly due to the reclassification of properties under development to current assets[2] - The group's current liabilities decreased to HKD 1.172 billion as of December 31, 2023, down from HKD 1.495 billion in 2022, mainly due to the settlement of amounts payable to the government under the Cyberport agreement[2] - The group's total assets less current liabilities amounted to HKD 9.853 billion as of December 31, 2023, compared to HKD 9.795 billion in 2022[21] - The group's assets totaled HKD 11,025 million as of December 31, 2023, a decrease from HKD 11,290 million in 2022[35] - The group's liabilities increased to HKD 10,343 million in 2023 from HKD 10,077 million in 2022[35] - The total amount of cash and cash equivalents as of December 31, 2023, was HKD 8.65 billion[92] - The group's total borrowings as of December 31, 2023, were HKD 94.41 billion, an increase from HKD 89.74 billion in 2022[4] - The total amount of loans drawn down as of December 31, 2023, was HKD 12.08 billion, down from HKD 12.58 billion on December 31, 2022[91] - As of December 31, 2023, the group's total assets pledged as collateral for bank loans amounted to HKD 7.759 billion, compared to HKD 7.713 billion in 2022[103] Revenue Streams - The revenue from property management services in Japan increased to HKD 68 million for the year ended December 31, 2023, compared to HKD 27 million in 2022, reflecting a growth of 152%[11] - The revenue from the Japanese hotel business was HKD 276 million in 2023, up from HKD 150 million in 2022, marking an increase of 84%[33] - Revenue from external customers in Japan was HKD 511 million in 2023, a significant increase from HKD 259 million in 2022[40] - Revenue from property development in Thailand increased to HKD 30 million in 2023 from HKD 24 million in 2022[78] - Revenue from the golf business in Thailand rose to HKD 9 million in 2023, compared to HKD 5 million in 2022, marking a 52% increase in visitor rounds[78] - Revenue from leisure activities in Japan grew significantly to HKD 156 million in 2023, compared to HKD 74 million in 2022[82] - Rental income from properties remained stable at HKD 239 million in 2023, unchanged from 2022[76] Financing and Costs - The group's financing costs decreased to HKD 332 million for the year ended December 31, 2023, compared to HKD 343 million in 2022, attributed to lower costs of guaranteed notes[1] - The group's financing costs totaled HKD 486 million for the year, with interest expenses from bank loans amounting to HKD 145 million, up from HKD 77 million in 2022[45] - The weighted average interest rate on borrowings for the group was 5.3% in 2023, up from 4.34% in 2022[45] Operational Insights - The group employed a total of 1,353 staff as of December 31, 2023, an increase from 1,188 in 2022[104] - The occupancy rate of office space in Jakarta was 83% in 2023, up from 81% in 2022[76] - Operating cash flow for the year ended December 31, 2023, was HKD 248 million, an increase from HKD 101 million in 2022[101] Future Outlook - The company maintains a cautiously optimistic outlook for the real estate sectors in Hong Kong, Japan, Thailand, and Indonesia, preparing for various scenarios to enhance business performance[109] - The company is actively seeking new opportunities amid global economic uncertainties, with expectations of a gradual recovery in the global economy in 2024[122] - The global tourism industry is anticipated to return to pre-pandemic levels within the next year, providing growth opportunities, particularly in the Asia-Pacific region[123] Accounting and Compliance - The group has adopted several new and revised accounting standards effective from January 1, 2023, which did not have a significant impact on the consolidated financial statements[28] - The group expects that the adoption of new accounting standards will not have a significant impact on future reporting periods[31] - The company had no impairment provisions recognized for the year ended December 31, 2023, consistent with 2022[88] - The company has not recognized any deferred tax assets as of December 31, 2023, indicating no anticipated taxable profits to offset temporary differences[84] - The company has complied with all financial ratio covenants related to its loans as of December 31, 2023[96] Dividends - No final dividends were declared for the years 2023 and 2022[52] - The board did not declare an interim dividend for the year ended December 31, 2023, consistent with 2022[105]

Financial Performance - The group reported a shareholder loss of HKD 221 million for the six months ended June 30, 2023, with a net decrease in cash and cash equivalents of HKD 139 million[5]. - Total revenue for the group was HKD 452 million, an increase from HKD 271 million in the same period of 2022, representing a growth of 66.9%[7]. - The pre-tax loss for the first half of 2023 was HKD 221 million, compared to a loss of HKD 336 million in the first half of 2022, indicating an improvement[24]. - The company reported a net loss attributable to shareholders of HKD 221 million, down from HKD 336 million in the previous year[74]. - Total comprehensive loss for the period was HKD 217 million, significantly improved from HKD 864 million in the same period of 2022[74]. - The consolidated operating loss for the period was HKD 21 million, an improvement from an operating loss of HKD 108 million in the same period of 2022[159]. - The net loss attributable to the group for the first half of 2023 was HKD 221 million, an improvement from a net loss of HKD 336 million in the same period of 2022[173]. Revenue Breakdown - The group's revenue from Japan's hotel business was HKD 153 million, up from HKD 60 million in 2022, marking a significant increase of 155%[7]. - The group's revenue from property management in Japan was HKD 50 million, down from HKD 72 million in 2022, indicating a decline of 30.6%[9]. - The group's revenue from property development in Hong Kong was HKD 2,614 million, an increase from HKD 2,491 million in 2022, reflecting a growth of 4.9%[9]. - The golf business in Thailand generated revenue of HKD 5 million in the first half of 2023, up from HKD 3 million in the same period of 2022, reflecting a growth of 66.67%[170]. - Revenue from the hotel business in Japan reached HKD 153 million for the first half of 2023, compared to HKD 60 million in the same period of 2022, marking an increase of 155%[171]. - The overall consolidated revenue for the group was HKD 452 million for the first half of 2023, a 67% increase from HKD 271 million in the same period of 2022[173]. Assets and Liabilities - The group's total assets as of June 30, 2023, were HKD 10,303 million, slightly down from HKD 10,359 million at the end of 2022[9]. - The group's liabilities as of June 30, 2023, were HKD 2,065 million, a slight decrease from HKD 2,070 million at the end of 2022[9]. - The total development properties held for sale increased to HKD 3,268 million as of June 30, 2023, compared to HKD 2,927 million in the previous year, representing an increase of approximately 11.65%[33]. - The total borrowings amounted to HKD 8,940 million as of June 30, 2023, slightly decreasing from HKD 8,974 million as of December 31, 2022, a reduction of about 0.38%[43]. - The company's total liabilities remained stable, with no significant changes in the overall debt structure compared to the previous reporting period[43]. - The company's current liabilities increased to HKD 2,112 million from HKD 1,495 million as of December 31, 2022, representing a 41.3% increase[88]. Cash Flow and Financing - The company generated cash from operations of HKD 39 million for the six months ended June 30, 2023, compared to HKD 167 million for the same period in 2022[182]. - The company reported a net cash inflow from investing activities of HKD 54 million for the six months ended June 30, 2023, compared to HKD 1,920 million in the same period of 2022[91]. - The company’s financing activities resulted in a net cash outflow of HKD 232 million for the six months ended June 30, 2023, compared to an outflow of HKD 2,643 million in the same period of 2022[91]. - The company has secured a loan financing agreement for up to HKD 1.382 billion, with a maturity date of April 13, 2026, and a current drawn amount of HKD 916 million as of June 30, 2023[178]. - The company has HKD 4.69 billion in bank credit that has not yet been drawn down as of June 30, 2023[62]. Corporate Governance - The company has complied with the Corporate Governance Code as per the Listing Rules during the reporting period[138]. - The company’s board confirmed adherence to the requirements of the Corporate Governance Code during the reporting period[139]. - The company maintains high standards of corporate governance emphasizing ethics, transparency, and compliance with applicable laws[142]. - The company’s audit committee reviewed the unaudited condensed consolidated interim financial information for the six months ended June 30, 2023[141]. Future Outlook and Strategy - The company remains optimistic about growth opportunities in the real estate markets of Hong Kong, Japan, Indonesia, and Thailand despite global economic challenges[186]. - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[75]. - The group plans to launch multiple marketing activities in Southeast Asia in the second half of the year to attract potential buyers[159]. - The company is focused on enhancing its operational strategies to ensure sustainable development in the post-pandemic environment[186]. - The board has approved a new strategy focused on digital transformation to improve operational efficiency[188].