海港企业(00051) - 2021 - 中期财报

Financial Performance - The company reported a basic net loss of HKD 29 million for the first half of 2021, compared to a profit of HKD 171 million in 2020[4]. - The loss attributable to shareholders was HKD 1.04 billion, a significant improvement from a loss of HKD 12.81 billion in 2020[4]. - Revenue increased to HKD 1.813 billion, up from HKD 654 million in the same period last year, marking a substantial growth[12]. - The group reported a revenue of HKD 1.81 billion for the six months ended June 30, 2021, compared to HKD 654 million in 2020, reflecting a significant increase[30]. - The group recorded a loss attributable to shareholders of HKD 90 million for the six months ended June 30, 2021, a significant improvement from a loss of HKD 1.32 billion in 2020[30]. - The group recorded a loss before tax of HKD 23 million for the six months ended June 30, 2021, compared to a loss of HKD 1,665 million in the same period of 2020[41]. - Basic and diluted loss per share for the six months ended June 30, 2021, was HKD 1.04, compared to HKD 12.81 in 2020[47]. Revenue Breakdown - Development property revenue reached HKD 1.402 billion, significantly higher than HKD 303 million in 2020, driven by sales from the Suzhou International Finance Center[12]. - Hotel revenue rose to HKD 2.332 billion, compared to HKD 1.391 billion in 2020, with a narrowed operating loss of HKD 1.611 billion[13]. - Hotel segment revenue increased to HKD 232 million in 2021 from HKD 139 million in 2020, reflecting a growth of 67%[39]. - Sales of developed properties surged to HKD 1,402 million in 2021, compared to HKD 303 million in 2020, marking a growth of 362%[39]. Operating Performance - The operating profit before depreciation, interest, and tax for the same period was HKD 249 million, up from HKD 116 million in 2020[30]. - Operating profit for the six months ended June 30, 2021, was HKD 142 million, compared to HKD 11 million in 2020, indicating a substantial improvement[41]. - The group reported a revaluation loss of HKD 22 million for investment properties, compared to a loss of HKD 524 million in 2020[14]. - Impairment provisions for hotels in mainland China amounted to HKD 67 million, down from HKD 1,043 million in 2020[15]. Assets and Liabilities - Total assets decreased to HKD 22.71 billion from HKD 23.97 billion in 2020, with operating assets in Hong Kong accounting for 66% of total operating assets[19]. - The net debt as of June 30, 2021, was HKD 1.30 billion, with a total equity to debt ratio of 8%, down from 10% in 2020[25]. - Cash and cash equivalents as of June 30, 2021, amounted to HKD 1,143 million, an increase from HKD 702 million at the end of June 2020[34]. - As of June 30, 2021, trade receivables amounted to HKD 192 million, a decrease from HKD 214 million as of December 31, 2020[49]. - Trade payables as of June 30, 2021, were HKD 20 million, slightly up from HKD 19 million as of December 31, 2020[50]. Cash Flow - The group recorded a net cash inflow from operating activities of HKD 196 million, compared to a cash outflow of HKD 411 million in 2020, primarily from dividend income[27]. - Operating cash inflow for the six months ended June 30, 2021, was HKD 196 million, a significant improvement from a cash outflow of HKD 411 million in the same period of 2020[34]. - Investment activities generated a net cash inflow of HKD 75 million for the six months ended June 30, 2021, compared to HKD 25 million in the previous year[34]. - Financing activities resulted in a net cash outflow of HKD 417 million, an improvement from HKD 806 million in the same period of 2020[34]. Dividends - The company did not declare an interim dividend for this period, contrasting with a special interim dividend of HKD 0.07 per share in 2020[5]. - The company paid a special interim dividend of HKD 50 million during the reporting period[33]. Shareholder Information - Shareholders' equity increased to HKD 15.81 billion, up from HKD 15.48 billion in 2020, equivalent to HKD 22.32 per share[18]. - The company has contingent liabilities of HKD 34.3 billion as of June 30, 2021, unchanged from December 31, 2020[55]. - As of June 30, 2021, the major shareholder Kowloon Warehouse Company Limited holds 506,946,196 shares, representing 71.53% of the total issued shares[63]. Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange, except for the provision A.2.1, which states that the roles of Chairman and CEO should be held by different individuals[58]. - The company has adopted a strict code governing securities transactions by directors, in line with the standards set out in the Listing Rules[59]. - The company has maintained compliance with the Securities and Futures Ordinance regarding the disclosure of interests by directors[62]. - The company’s board consists of a mix of executive and independent directors, enhancing governance and oversight[67].