汤臣集团(00258) - 2023 - 中期财报

Financial Performance - Consolidated profit after taxation for the first half of 2023 decreased to HK$19,387,000, a 38.15$31,346,000 in the same period of 2022[14] - Basic earnings per share decreased to 0.98 HK cents from 1.59 HK cents in 2022[14] - Revenue for the six months ended 30th June 2023 was HK$304,291 thousand, a slight increase from HK$301,780 thousand in the same period in 2022[101] - Gross profit for the six months ended 30th June 2023 was HK$179,908 thousand, compared to HK$181,201 thousand in 2022[101] - Profit before taxation for the six months ended 30th June 2023 was HK$93,464 thousand, down from HK$107,710 thousand in 2022[101] - Profit for the period attributable to owners of the company was HK$19,387 thousand in 2023, compared to HK$31,346 thousand in 2022[101] - Earnings per share (basic) decreased to 0.98 HK cents in 2023 from 1.59 HK cents in 2022[101] - Total comprehensive expense for the period was HK$431,657 thousand in 2023, compared to HK$521,198 thousand in 2022[103] - Total revenue for the six months ended 30th June 2023 was HK$304.29 million, compared to HK$301.78 million in the same period last year[118] - Profit before taxation for the six months ended 30th June 2023 was HK$93.46 million, compared to HK$107.71 million in the same period last year[125] - Group revenue for the period was HK$304,291,000, a slight increase from HK$301,780,000 in 2022[128] - Basic earnings per share attributable to owners of the company were HK$19,387,000 in 2023, down from HK$31,346,000 in 2022[140] Property Development and Investment - Property development and trading segment revenue decreased to HK$148,822,000, down from HK$164,374,000 in 2022, with a drop in gross profit margin[13] - Property investment segment contributed a segment profit of HK$73,413,000, down from HK$80,732,000 in 2022, primarily from rental and property management fees in Shanghai[16] - Property development and trading segment profit decreased to HK$11,713,000 from HK$37,995,000 in 2022, mainly due to property sales in Shanghai[16] - Property development and investment contributed a segment profit of HK$85,126,000, accounting for 81.49$278,420,000 for the first half of 2023[21][25] - Tomson Riviera generated HK$226.23 million in revenue, representing 66.22$47.63 million in rental income, contributing 13.94% of the Group's total revenue, but recorded an unrealized loss of HK$17.04 million[23][27] - The Jinqiao Town project in Shanghai is planned to be developed in six phases over four years, with the first phase expected to deliver properties in the first half of 2024[29][33] - The second and third phases of the Jinqiao Town project, with a total residential gross floor area of approximately 100,000 square meters, are expected to be completed by 2026[30][33] - The Group holds a 70$193 million, which is expected to generate stable recurring rental income[35] - The Group anticipates that Tomson Riviera and One Penha Hill will be the principal sources of profit in 2023, with the Jinqiao Town project expected to contribute significantly in the coming years[60][64] - Revenue from property sales decreased to HK$148.82 million in 2023 from HK$164.37 million in 2022[118] - Segment profit for property investment was HK$73.41 million in 2023, compared to HK$80.73 million in 2022[125] - Revenue from property management fees increased to HK$15.30 million in 2023 from HK$13.44 million in 2022[118] - The fair value of the group's investment properties was HK$7,473,519,000 as of 30th June 2023[143] - An unrealized loss on property valuation of HK$17,042,000 was charged in the condensed consolidated statement of profit or loss for the six months ended 30th June 2023[143] - Commitments for properties under development surged to HK$2,199,169,000 in June 2023 from HK$384,951,000 in December 2022[159] Securities and Investments - Securities trading business generated a segment profit of HK$825,000, down from HK$8,937,000 in 2022, from sale proceeds and fair value changes of trading securities in Hong Kong[20] - Dividend income from a long-term equity investment recognized at HK$18,470,000, compared to nil in 2022[14] - Net gain on trading securities investment decreased to HK$828,000 from HK$8,940,000 in 2022[14] - Share of results of a joint venture improved, recording a net profit of HK$8,314,000 compared to a loss of HK$12,009,000 in 2022[14] - The company's securities trading business in Hong Kong generated revenue of HK$37,357,000, accounting for 10.93% of the group's gross proceeds, with a net gain of HK$828,000 from trading securities[42][46] - The company holds a 13.483$302,244,000, representing 1.66% of the group's total assets, and recognized dividend income of HK$18,470,000[44][48] - Net gain on financial assets at fair value through profit or loss decreased significantly to HK$828 thousand in 2023 from HK$8,940 thousand in 2022[101] - Securities trading segment revenue was HK$37.36 million in 2023, a decrease from HK$60.36 million in 2022[118] - Financial assets at fair value through profit or loss (FVTPL) decreased to HK$2,173,000 in June 2023 from HK$36,724,000 in December 2022[163] - Unlisted equity instruments at fair value through other comprehensive income (FVTOCI) decreased to HK$302,244,000 in June 2023 from HK$312,824,000 in December 2022[163] - Unlisted equity investment fair value as of June 30, 2023, was HK$302,244,000, compared to HK$287,349,000 in 2022[167] - Fair value gain recognized in other comprehensive income for the six months ended June 30, 2023, was HK$1,634,000, down from HK$6,931,000 in 2022[167] - Foreign exchange rate changes negatively impacted the fair value by HK$12,214,000 for the six months ended June 30, 2023[167] Cash Flow and Financial Position - The company's cash and cash equivalents decreased by 2.87% to HK$3,771,927,000 as of June 30, 2023, with 89.45$400,161,000, representing 3.36% of the equity attributable to owners, with 58.14% denominated in RMB and 41.86% in HKD[52] - The Group's commitments for properties under development increased to HK$2,199,169,000 as of the reporting period, up from HK$384,951,000 at the end of 2022, primarily due to the Jinqiao Town project in Shanghai[53][55] - The Group's cash and cash equivalents decreased by 2.87% to HK$3,771,927,000 as of June 30, 2023, compared to HK$3,883,335,000 at the end of 2022[54] - The Group's gearing ratio increased slightly to 49.68% as of June 30, 2023, from 49.15% at the end of 2022, mainly due to new borrowings[53][55] - The Group's liabilities totaled HK$5,923,785,000 as of June 30, 2023, with 62.50$400,161,000 as of June 30, 2023, representing 3.36% of equity attributable to owners, up from 1.96% at the end of 2022[54] - The Group's assets with a carrying value of HK$647.50 million were pledged for securing bank facilities as of June 30, 2023, up from HK$476.32 million at the end of 2022[56][62] - The Group's cash and cash equivalents are primarily denominated in RMB (89.45%) and HKD (9.14%) as of June 30, 2023[54] - The Group's foreign exchange exposure is manageable, with most assets and liabilities denominated in RMB, and the rest in HKD or USD[57][63] - Non-current assets as of 30th June 2023 were HK$7,473,519 thousand, down from HK$7,794,927 thousand at the end of 2022[105] - Current assets as of 30th June 2023 were HK$9,769,550 thousand, slightly lower than HK$10,058,240 thousand at the end of 2022[105] - Total equity as of 30th June 2023 was HK$12,234,167 thousand, compared to HK$12,706,582 thousand at the end of 2022[107] - Total equity decreased by HK$447,018 thousand (3.4$12,706,582 thousand as of June 30, 2023[108] - Retained earnings increased by HK$19,387 thousand to HK$9,410,846 thousand[108] - Net cash used in operating activities was HK$207,788 thousand, a significant increase from HK$48,167 thousand in the same period last year[110] - Net cash from investing activities was HK$44,989 thousand, compared to a net cash used of HK$209,651 thousand in 2022[110] - New borrowing raised amounted to HK$167,500 thousand[110] - Cash dividend paid decreased to HK$37,758 thousand from HK$108,406 thousand in 2022[110] - Cash and cash equivalents decreased by HK$47,027 thousand to HK$3,771,927 thousand as of June 30, 2023[110] - Foreign exchange rate changes had a negative impact of HK$147,117 thousand on cash and cash equivalents[110] - The Group's pledged assets increased to HK$647.5 million in June 2023 from HK$476.32 million in December 2022[156] Leisure and Entertainment - Tomson Shanghai Pudong Golf Club generated HK$24,275,000 in revenue, contributing 7.11$12.01 million[36] - InterContinental Shanghai Pudong hotel achieved an average occupancy rate of 70% in H1 2023, with the company sharing a net profit of HK$8,314,000 (2022: net loss of HK$12,009,000)[37][41] - Revenue from golf club operations increased to HK$24.28 million in 2023 from HK$14.08 million in 2022[118] - Revenue from media and entertainment business increased to HK$1.60 million in 2023 from HK$0.37 million in 2022[118] - Segment loss for leisure business was HK$0.62 million in 2023, compared to a loss of HK$8.57 million in 2022[125] Corporate Governance and Shareholding - Madam Hsu Feng holds a 41.798% interest in the company's total issued shares, including 270,389,412 shares (13.176%) directly and 457,083,484 shares (22.273%) through controlled companies[75][76] - Mr. Albert Tong holds a 14.819% interest in the company's total issued shares, amounting to 304,108,315 shares[76] - Mr. Tong Chi Kar Charles holds a 15.118% interest in the company's total issued shares, amounting to 310,244,303 shares[76] - Madam Hsu Feng holds a 54% personal interest in Tomson Entertainment, with the company holding an additional 45% through its wholly-owned subsidiary, totaling 99% interest[77] - King China Holdings Limited holds 266,357,280 shares, representing 12.979% of the company's issued shares[82][85] - E-Shares Investments Limited holds 190,726,204 shares, representing 9.294% of the company's issued shares[82][85] - Step Famous Investment Limited holds 130,291,582 shares, representing 6.349% of the company's issued shares[82][85] - Madam Hsu Feng is the beneficial owner of King China Holdings Limited and E-Shares Investments Limited, and holds 66% interest in Step Famous Investment Limited[86][89] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended 30th June, 2023[91][95] - Madam Hsu Feng serves as both Chairman of the Board and Managing Director, deviating from the Corporate Governance Code but providing strong leadership[92][95] - The company has three independent non-executive directors, including Mr. Cheung Siu Ping, Oscar, who chairs the Audit Committee[94][97] - Mr. Sean S J Wang retired as an independent non-executive director and from the Audit, Nomination, and Remuneration Committees in June 2023[98] - The company issued 81,122,062 new shares as a scrip dividend of HK$129,779,000 for the year ended December 31, 2022[173] - Short-term employee benefits and post-employment benefits for key management personnel totaled HK$13,123,000 for the six months ended June 30, 2023[172] Taxation and Finance Costs - Total tax charges for the period were HK$73,001,000, a decrease from HK$76,306,000 in 2022[135] - Finance costs decreased to HK$7,124,000 in 2023 from HK$8,013,000 in 2022[132] - Profit before taxation included interest income of HK$33,212,000 in 2023, down from HK$35,725,000 in 2022[133] - Net exchange loss decreased to HK$9,977,000 in 2023 from HK$13,530,000 in 2022[130] Employee and Remuneration - The Group engaged around 400 employees as of June 30, 2023, with total emoluments paid to staff and directors amounting to HK$31.76 million during the period[65] - The company employed approximately 400 employees across multiple offices, including Hong Kong and Shanghai, as of June 30, 2023, with total employee and director remuneration amounting to HKD 31,760,000[67] Other Financial Metrics - The Group purchased property, plant, and equipment for administrative purposes amounting to HK$1,168,000 in 2023, a significant decrease from HK$3,772,000 in 2022[145] - The Group recognized right-of-use assets and lease liabilities of HK$20,355,000 in 2023, compared to nil in 2022, due to new lease agreements with three-year terms[145] - Trade receivables aged 0-3 months increased to HK$623,000 in June 2023 from HK$339,000 in December 2022[149] - Trade payables aged 0-3 months decreased to HK$15,867,000 in June 2023 from HK$24,125,000 in December 2022[151]