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].

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 2023 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2023 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（「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 ● 綜合收入增加百分之六十七至為港幣4.52億元 ● 綜合營業虧損減少百分之八十一至為港幣2,100萬元 ● 本公司股東應佔虧損為港幣2.21億元 ● 每股基本虧損：港幣10.85分 ● 董事會不宣派中期股息 ...

Financial Performance - The company recorded a consolidated revenue of HKD 561 million for the fiscal year ending December 31, 2022, representing a 20% increase from approximately HKD 467 million in the previous fiscal year[18]. - The consolidated operating loss for 2022 was HKD 215 million, an improvement from a loss of HKD 358 million in 2021[18]. - The net loss attributable to shareholders for 2022 was HKD 598 million, compared to a loss of HKD 825 million in 2021, with a basic loss per share of HKD 0.2934[18]. - The group's consolidated gross profit for the year was HKD 333 million, up 8% from HKD 307 million in 2021, with a gross margin of 59% compared to 66% in the previous year[42]. - The group reported a consolidated net loss of HKD 598 million for the year, an improvement from a net loss of HKD 825 million in 2021, with basic loss per share decreasing from HKD 0.4246 to HKD 0.2934[43]. - The company’s income tax expense for the year ended December 31, 2022, was HKD 54 million, an increase from HKD 42 million in 2021[54]. - The company reported a comprehensive income statement for the year ending December 31, 2022, with significant financial data included in the annual report[141]. Operational Highlights - The occupancy rate of the Niseko Hanazono Resort increased to 62% in December 2022, up from 38% in 2021, benefiting from the easing of border restrictions[20]. - The rental rate for Pacific Century Place, Jakarta, was 81% as of December 31, 2022, compared to 80% in 2021, reflecting positive impacts from the gradual easing of pandemic restrictions in Indonesia[20]. - The hotel business in Japan generated revenue of HKD 150 million in 2022, a substantial increase from HKD 74 million in 2021, with occupancy rising from 38% to 62%[36]. - The group's golf business in Thailand recorded revenue of HKD 5 million in 2022, up from HKD 2 million in 2021, due to a significant increase in visitor numbers[33]. - Revenue from property development in Thailand was HKD 24 million in 2022, significantly up from HKD 8 million in 2021, with 33% of Phase 1A villas sold or reserved[33]. Strategic Plans and Market Outlook - The company plans to continue focusing on market opportunities and is cautiously optimistic about the long-term prospects of the real estate sectors in Hong Kong, Japan, Thailand, and Indonesia[15]. - The company has established long-term property development plans in Hokkaido, Japan, and Phang-Nga, Thailand, aiming to create world-class luxury resort developments[7]. - The group plans to focus on developing existing land reserves in Japan and Thailand, as well as the Hong Kong project at 3-6 Gilman Road, to maintain long-term growth and profitability[28]. - Yingda Real Estate has outlined a future outlook with a projected revenue growth of 10% for the next fiscal year, driven by new market expansions and product offerings[65]. - Yingda Real Estate plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by 2025[67]. Corporate Governance - The company emphasizes good corporate governance, integrating key elements into its management structure and internal procedures[76]. - The board consists of two executive directors, two non-executive directors, and three independent non-executive directors, responsible for overall strategy and management oversight[80]. - The board has established a systematic procedure for annual self-evaluation of its performance and contributions[83]. - The company confirms that its financial statements reflect a true and fair view of its financial position and performance for the year ended December 31, 2022[84]. - Independent non-executive directors constitute at least one-third of the board, complying with the listing rules[84]. Risk Management - The company has established a risk management and internal control system, which is reviewed at least annually by the audit committee to ensure its effectiveness[114]. - The risk management framework follows a "three lines of defense" model, with business units identifying and managing risks, the risk management and compliance department providing oversight, and internal audit offering independent assurance[115][116]. - The internal audit department adopts a risk-based audit approach and reports its findings to senior management and the audit committee regularly[118]. - The company integrates its risk management system into daily operations, continuously assessing potential risks that may impact business objectives[121]. - A whistleblowing policy has been established to allow employees and stakeholders to report misconduct, ensuring independent investigations and confidentiality[122]. Sustainability Initiatives - The company is focusing on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[71]. - The PCP Jakarta office has received multiple prestigious certifications, including LEED Platinum and Greenship Platinum, highlighting its commitment to sustainability[155]. - The company has received various environmental accolades, including the Hong Kong Green Organization Certification, demonstrating its commitment to sustainable practices[157]. - The company is committed to achieving green building certifications for all new development projects and reducing energy consumption across its properties[154]. - The group has saved over 290,000 kWh of electricity in 2022 through energy-saving initiatives in its property management division[156]. Shareholder Communication and Dividends - The board does not recommend the distribution of a final dividend for the year ending December 31, 2022, reflecting the ongoing recovery phase post-pandemic[19]. - The company has adopted a dividend policy aimed at providing stable and sustainable returns to shareholders, considering various factors such as financial condition and operational performance when proposing dividends[129]. - The company encourages two-way communication with institutional and private investors, maintaining regular contact with institutional investors and welcoming inquiries from individual investors[130]. - The company conducted a review of its shareholder communication policy in 2022, finding it to be appropriately implemented and effective[129]. - The company reported no interim dividends for the year ended December 31, 2022, consistent with 2021 results[175].

Financial Performance - For the six months ended June 30, 2022, the group recorded consolidated revenue of HKD 271 million, compared to HKD 212 million for the same period in 2021[11]. - The consolidated operating loss for the group was HKD 108 million, an improvement from an operating loss of HKD 209 million in the first half of 2021[11]. - The net loss attributable to shareholders for the six months ended June 30, 2022, was HKD 336 million, compared to a net loss of HKD 417 million for the same period in 2021[11]. - The basic loss per share for the six months ended June 30, 2022, was HKD 0.1649, compared to HKD 0.2255 for the same period in 2021[11]. - The consolidated gross profit for the same period was HKD 133 million, a decrease of 8% from HKD 145 million in 2021, resulting in a gross margin of 49% compared to 68% in 2021[22]. - Financing costs increased to HKD 216 million for the six months ended June 30, 2022, compared to HKD 192 million in the same period of 2021[27]. - The group reported a consolidated net loss of HKD 336 million for the six months ended June 30, 2022, an improvement from a net loss of HKD 417 million in 2021[27]. - Basic loss per share was HKD 16.49 for the six months ended June 30, 2022, compared to HKD 22.55 in the same period of 2021[27]. - Total comprehensive loss for the period was HKD 864 million, compared to HKD 712 million in the same period last year[55]. - The comprehensive loss for the period was HKD 864 million, compared to a loss of HKD 712 million for the same period in 2021[60]. Revenue Sources - The occupancy rate of the Pacific Century Place, Jakarta, was approximately 80% as of June 30, 2022, with total rental income of HKD 122 million, slightly down from HKD 124 million in the same period of 2021[15]. - The group recorded no revenue from property development in Japan for the six months ended June 30, 2022, compared to HKD 21 million for the same period in 2021[16]. - Revenue from property development in Thailand for the six months ended June 30, 2022, was HKD 24 million[17]. - Revenue from the golf business in Thailand for the six months ended June 30, 2022, was HKD 3 million[18]. - Revenue from the hotel business in Japan for the six months ended June 30, 2022, was HKD 60 million, an increase from HKD 21 million in the same period in 2021[20]. - Revenue from property management services in Hong Kong was HKD 15 million for the six months ended June 30, 2022, unchanged from the same period in 2021[22]. - Revenue from other businesses, including property management services in Japan, was HKD 14 million for the six months ended June 30, 2022, compared to HKD 12 million in 2021[23]. - The group recognized land sale income of HKD 113 million from a property in Japan, contributing to the overall revenue[81]. - Revenue for the six months ended June 30, 2022, was HKD 271 million, an increase of 27.8% compared to HKD 212 million in the same period of 2021[75]. - Revenue from the Japanese hotel business reached HKD 60 million, up from HKD 21 million in 2021, representing a 185.7% increase[75]. Assets and Liabilities - The group’s total borrowings amounted to HKD 89.26 billion as of June 30, 2022, down from HKD 113.07 billion as of December 31, 2021[27]. - As of June 30, 2022, the group's total assets amounted to HKD 79.54 billion, a decrease from HKD 82.45 billion as of December 31, 2021[33]. - The company has a loan balance of HKD 11.70 billion as of June 30, 2022, unchanged from December 31, 2021, after deducting deferred loan arrangement fees of HKD 8 million[33]. - Current liabilities decreased to HKD 14.00 billion as of June 30, 2022, from HKD 33.63 billion as of December 31, 2021[27]. - The company’s total non-current liabilities were HKD 8,499 million, a decrease from HKD 9,139 million at the end of 2021[66]. - The group’s liabilities totaled HKD 9,899 million as of June 30, 2022, compared to HKD 12,502 million at the end of 2021, a reduction of 20.9%[77]. - The company reported a decrease in cash and cash equivalents to HKD 911 million as of June 30, 2022, down from HKD 1,516 million at the beginning of the year[68]. - The company’s retained earnings showed a cumulative loss of HKD 312 million as of June 30, 2022, compared to a profit of HKD 432 million at the end of 2021[66]. Corporate Governance and Compliance - The company maintains high standards of corporate governance, ensuring compliance with applicable laws and regulations[165]. - The audit committee reviewed the unaudited condensed consolidated interim financial information for the six months ending June 30, 2022[164]. - The company has adopted its own securities trading code applicable to all directors and employees, ensuring adherence to ethical standards[167]. - The company has not violated any financial covenants related to its borrowings as of June 30, 2022[113]. Strategic Initiatives and Outlook - The company remains optimistic about the real estate markets in Hong Kong, Japan, Indonesia, and Thailand despite global economic uncertainties[36]. - The company is actively developing a strategic blueprint for future growth and sustainable development, integrating sustainability elements into projects[36]. - The company is focused on prudent investment and resource optimization to drive sustainable growth[36]. - The company is adapting to the new normal by leveraging opportunities arising from the gradual easing of travel restrictions in various countries[36]. - The company is committed to strict cost control to enhance the performance of its property portfolio[36]. - The company is exploring strategic acquisitions to enhance its portfolio, with a focus on companies that align with its growth strategy[173]. - Sustainability initiatives are being prioritized, with plans to reduce carbon emissions by I% over the next five years[173].

Financial Performance - The company recorded a consolidated revenue of approximately HKD 467 million for the fiscal year ending December 31, 2021, a decrease of about 75% compared to HKD 1.843 billion in 2020[21]. - The consolidated operating loss for 2021 was approximately HKD 358 million, compared to a loss of HKD 462 million in 2020[21]. - The net loss attributable to shareholders for 2021 was approximately HKD 825 million, compared to a loss of HKD 749 million in 2020, with a basic loss per share of HKD 0.4246[21]. - For the year ended December 31, 2021, the group recorded a consolidated net loss of approximately HKD 825 million, compared to a net loss of approximately HKD 749 million in 2020[49]. - The consolidated revenue for the year ended December 31, 2021, was approximately HKD 467 million, a decrease of 75% from approximately HKD 1.843 billion in 2020[49]. - The consolidated gross profit for the year ended December 31, 2021, was approximately HKD 307 million, a decrease of 32% from approximately HKD 449 million in 2020, resulting in a gross margin of 66% compared to 24% in 2020[49]. - General and administrative expenses for the year ended December 31, 2021, were approximately HKD 652 million, a decrease of 5% from approximately HKD 687 million in 2020[49]. - Financing costs for the year ended December 31, 2021, were approximately HKD 432 million, an increase from approximately HKD 246 million in 2020[49]. - The company reported an income tax of approximately HKD 42 million for the year ended December 31, 2021, down from approximately HKD 50 million in 2020, primarily due to a one-time withholding tax provision related to property sales in Japan[56]. Property Development and Operations - The occupancy rate of the Pacific Century Place in Jakarta, Indonesia, was approximately 80% as of December 31, 2021[22]. - The company plans to commence foundation work for its property development project at 3-6 Gilman Road, Central, Hong Kong, in the first quarter of 2022[22]. - The first batch of villas in the project in Phang Nga, Thailand, began delivery in December 2021, with the golf course and clubhouse having commenced operations in the third quarter of 2021[22]. - Revenue from property development in Japan was approximately HKD 42 million for the year ended December 31, 2021, a significant decrease from HKD 1.364 billion in 2020 due to most income from the Hanazono Resort being recognized in 2020[37]. - In Thailand, 40% of the Phase 1A villas have been sold or reserved, with revenue from property development recorded at approximately HKD 8 million for the year ended December 31, 2021[38]. - The golf club and 18-hole golf course in Thailand commenced operations in August 2021, generating revenue of approximately HKD 2 million for the year ended December 31, 2021, impacted by COVID-19 on tourism[38]. - The company aims to focus on developing and investing in premium properties to maintain long-term growth and profitability, with a strategy to explore suitable development projects and joint ventures[29]. - The company plans to leverage its past success and brand reputation to enhance opportunities in the global real estate market through new projects and potential acquisitions[29]. Challenges and Market Outlook - The company remains optimistic about the real estate markets in Hong Kong, Japan, and Thailand despite ongoing challenges from the pandemic and inflationary pressures[24]. - The company continues to face challenges in its tourism business in Hokkaido, Japan, due to travel restrictions and social distancing measures[22]. - The company is committed to a cautious approach in navigating current challenges and uncertainties while looking for opportunities in the post-pandemic era[18]. - The company is optimistic about the real estate markets in Hong Kong, Japan, Indonesia, and Thailand, and is actively planning for future developments in these regions[61]. Corporate Governance and Compliance - The company continues to integrate good corporate governance elements into its management structure and internal procedures[73]. - The board consists of two executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balanced governance structure[77]. - The company has adopted its own securities trading code applicable to all directors and employees, ensuring compliance with the relevant regulations[75]. - The company has confirmed compliance with its securities trading code throughout the year ending December 31, 2021[76]. - The board is responsible for overall strategy formulation, management goal setting, and monitoring management performance[77]. - The company emphasizes ethical conduct, transparency, accountability, and integrity in all business operations[74]. - The non-executive chairman ensures effective board operations and leads the board in establishing the company's purpose and objectives[79]. - The company has a clear division of responsibilities between the non-executive chairman and the group managing director[79]. - The company provides all directors with timely access to relevant information, including monthly updates and reports from board committees[79]. - The company requires directors to disclose their public company positions and significant commitments upon appointment and to report any changes promptly[79]. - The board of directors conducted a self-evaluation process to assess their performance and contributions, which was deemed satisfactory for the year ending December 31, 2021[80]. Risk Management - The company has established a risk management and internal control system, which is reviewed at least annually by the audit committee to ensure its effectiveness[107]. - The risk management framework follows a "three lines of defense" model, with the first line being business units responsible for risk identification and management[108]. - The second line, comprising the group risk management and compliance department, provides policies and tools to ensure effective risk monitoring and compliance[111]. - The internal audit department adopts a risk-based audit approach, reporting directly to the board and providing independent assurance on governance and risk management effectiveness[112]. - The company integrates its risk management system into daily operations, continuously assessing potential risks that may impact business objectives[117]. - A whistleblowing policy has been established to allow employees and stakeholders to report misconduct, ensuring transparency and confidentiality[117]. - The company utilizes the principles of ISO 31000:2018 for managing operational risks, which includes risk identification, assessment, and treatment processes[114]. - Regular evaluations of the internal control system are conducted to ensure it meets business needs and effectively addresses potential risks[117]. - The audit committee monitors the implementation of risk reduction measures and reports significant findings to the board[111]. Sustainability and Community Engagement - The company has established a sustainability committee and adopted a sustainability policy aimed at achieving green building certifications for all new development projects[153]. - The main office building in Jakarta, PCP Jakarta, has received multiple prestigious green building certifications, including LEED Platinum and Greenship Platinum[155]. - Since 2005, the property management division has achieved ISO 14001 certification, implementing energy-saving measures that saved over 270,000 kWh of electricity in 2021[156]. - The company has received various environmental accolades, including the "Waste Reduction Certificate" and "Energy Saving Certificate," demonstrating its dedication to maintaining environmental efficiency[160]. - The company has been actively supporting community initiatives during the COVID-19 pandemic, including distributing resources to affected individuals[169]. - The company has committed to continuous improvement in service standards through regular tenant satisfaction surveys[165]. Shareholder Information - The company has not declared any interim dividends for the year ended December 31, 2021, similar to 2020[180]. - As of December 31, 2021, the company's distributable reserves amounted to HKD 4.541 billion, an increase from HKD 4.414 billion in 2020[190]. - Revenue from the top five customers accounted for approximately 34.28% of total revenue for the year ended December 31, 2021[191]. - The company issued 450,980,764 rights shares at a subscription price of HKD 0.82 per share, completing the rights issue on March 24, 2021[186]. - The company raised approximately USD 793.3 million from the issuance of guaranteed notes due in 2026, with net proceeds used for general corporate purposes[189]. - The company has maintained compliance with applicable laws and regulations in its property management operations in Hong Kong, Japan, Indonesia, and Thailand[173][174]. - The company has not recommended any final dividends for the year ended December 31, 2021, consistent with the previous year[180]. - The company’s total issued shares as of December 31, 2021, amounted to 2,038,236,743 shares[186].

Financial Performance - For the six months ended June 30, 2021, the group recorded consolidated revenue of approximately HKD 2.12 billion, compared to approximately HKD 16.02 billion for the same period in 2020[10] - The group reported a consolidated operating loss of approximately HKD 2.09 billion for the first half of 2021, compared to an operating loss of approximately HKD 1.14 billion for the same period in 2020[10] - The loss attributable to shareholders for the six months ended June 30, 2021, was approximately HKD 4.17 billion, compared to a net loss of approximately HKD 2.53 billion for the same period in 2020[10] - The basic loss per share for the six months ended June 30, 2021, was approximately HKD 22.55, compared to a loss per share of approximately HKD 15.91 for the same period in 2020[10] - The group's consolidated revenue for the six months ended June 30, 2021, was approximately HKD 2.12 billion, a decrease of about 87% compared to HKD 16.02 billion in the same period of 2020[22] - The group recorded a net loss attributable to shareholders of approximately HKD 4.17 billion for the six months ended June 30, 2021, compared to a net loss of approximately HKD 2.53 billion in the same period of 2020[20] - The gross profit for the six months ended June 30, 2021, was approximately HKD 1.45 billion, a decrease of about 48% from HKD 2.77 billion in the same period of 2020, resulting in a gross margin of 68%[22] - Financing costs for the six months ended June 30, 2021, were approximately HKD 1.92 billion, an increase from HKD 1.18 billion in the same period of 2020[20] - The group’s administrative expenses for the six months ended June 30, 2021, were approximately HKD 3.55 billion, a decrease of 9% compared to HKD 3.91 billion in the same period of 2020[22] - The company reported a total comprehensive loss of HKD 712 million for the period, compared to a loss of HKD 335 million in the same period of 2020[58] Assets and Liabilities - The group's current assets as of June 30, 2021, were approximately HKD 54.51 billion, compared to HKD 25.99 billion as of December 31, 2020[22] - The total borrowings of the group as of June 30, 2021, amounted to approximately HKD 113.46 billion, up from HKD 82.03 billion as of December 31, 2020[24] - The current liabilities of the group as of June 30, 2021, were approximately HKD 34.09 billion, compared to HKD 20.03 billion as of December 31, 2020[22] - As of June 30, 2021, the total value of assets pledged as collateral for loans was approximately HKD 8.144 billion[34] - The total liabilities as of June 30, 2021, were HKD 12,555 million, compared to HKD 9,646 million at the end of 2020, indicating an increase in financial obligations[72] Cash Flow and Financing - Cash used in operating activities for the six months ended June 30, 2021, was approximately HKD 298 million, a decrease from HKD 997 million in the same period of 2020 due to significant property sales in 2020[32] - The net cash generated from financing activities was HKD 3,265 million, a significant increase compared to a net cash outflow of HKD 426 million in the same period of 2020[63] - The company reported a net cash outflow from operating activities of HKD 298 million for the first half of 2021, compared to a cash inflow of HKD 997 million in the same period of 2020[63] - The company completed the repurchase of approximately USD 384 million of its guaranteed notes on June 18, 2021[25] - The group issued USD 800 million bonds due in 2026 at a rate of 5.125%, part of which will be used to redeem USD 700 million bonds maturing in March 2022[10] Market Outlook and Strategy - The group anticipates that the tourism and consumption demand in Japan will gradually improve in the coming months as vaccination rates increase and government relief measures are implemented[5] - The company remains optimistic about future performance despite uncertainties due to the COVID-19 pandemic and variants like Delta[38] - The management team will continue to monitor market conditions closely and plan cautiously in a challenging and rapidly changing environment[38] - The company provided a positive outlook for the second half of 2021, projecting a revenue growth of 10% to 12%[42] - New product launches are expected to contribute an additional HKD 300 million in revenue by the end of the fiscal year[42] Shareholder Information - The company’s shareholding by PCCW Limited decreased to approximately 31.17% as of June 30, 2021, down from 40.03% as of December 31, 2020[125] - The company reported a total of 2,038,236,743 issued and fully paid ordinary shares as of June 30, 2021[114] - Major shareholder PCCW holds 635,354,407 shares, accounting for 31.17% of the total issued shares[166] Corporate Governance - The audit committee reviewed the unaudited condensed consolidated interim financial information for the six months ending June 30, 2021[176] - The company maintains high standards of corporate governance, adhering to applicable laws and regulations[177] - No significant risks or internal control deficiencies were identified during the risk management and internal control system assessment[178] - All directors confirmed compliance with the company's securities trading code during the six months ending June 30, 2021[180]