资本策略地产(00497) - 2024 - 中期财报

Financial Performance - The company's revenue for the interim period ending September 30, 2023, was 324,000,000 HKD, compared to 230,700,000 HKD in the previous interim period, with a consolidated profit of 56,000,000 HKD, a decrease of 37,100,000 HKD from the previous period[23] - The company recorded a net profit attributable to owners of approximately HKD 57,600,000 for the six months ended September 30, 2023, compared to HKD 61,600,000 in the same period last year[39] - The group's revenue for the six months ended September 30, 2023, was HK$323.983 million, compared to HK$230.732 million in the same period last year[103] - Gross profit for the period was HK$191.964 million, up from HK$124.515 million in the previous year[103] - Profit before tax for the six months ended September 30, 2023, was HK$52.209 million, a decrease from HK$114.199 million in the same period last year[103] - Net profit for the period was HK$55.989 million, down from HK$93.071 million in the previous year[103] - Revenue from property sales and rental income increased to HKD 323,983 thousand in the first six months of 2023, up from HKD 230,732 thousand in the same period of 2022[119] - Net profit for the period decreased to HKD 55,989 thousand in the first six months of 2023, down from HKD 93,071 thousand in the same period of 2022[126] - The company's total revenue for the six months ended September 30, 2023, was HK$1,100,928 thousand, with a significant portion coming from residential property sales[141] - Revenue from securities investments for the six months ended September 30, 2023, was HK$26,877 thousand[141] - The company's total revenue from external customers for the six months ended September 30, 2023, was HK$323.983 million, compared to HK$230.732 million in the same period last year[176] - Basic earnings per share attributable to the company's owners were calculated based on a profit of HKD 57,579 thousand, compared to HKD 61,570 thousand in the previous year[186] Assets and Liabilities - The company's total external borrowings (including bank loans and guaranteed notes) amounted to approximately 10,710,700,000 HKD as of September 30, 2023, with a total liabilities to total assets ratio of 38.2%[22] - The company's investment properties and properties held for sale were valued at 3,174,482,000 HKD and 6,100,536,000 HKD, respectively, as of September 30, 2023[18] - The company's total issued and fully paid shares as of September 30, 2023, were 9,218,939,676, with a total value of 73,752,000 HKD[3] - The company's fair value of guaranteed notes listed on the Singapore Exchange was 1,873,477,000 HKD as of September 30, 2023, down from 2,017,530,000 HKD as of March 31, 2023[5] - The company's bank balance and cash included 5,297,000 HKD in fixed deposits with original maturities exceeding three months as of September 30, 2023[1] - The company's total assets as of September 30, 2023, were HKD 60,576,712,000, with total liabilities of HKD 55,609,799,000[53] - The company's non-current assets and current assets were HKD 47,827,000 and HKD 60,576,712,000, respectively, as of September 30, 2023[53] - The company's total assets as of September 30, 2023, were HK$28,040,914 thousand, with commercial property holdings accounting for HK$15,502,062 thousand[149] - Total liabilities as of September 30, 2023, were HK$2,805,783 thousand, with residential property holdings contributing HK$2,375,735 thousand[149] - The company's total liabilities as of September 30, 2023, were HK$13,843.359 million, compared to HK$13,366.733 million as of March 31, 2023[173] - Total assets minus current liabilities stood at HK$22.338 billion as of September 30, 2023, compared to HK$23.629 billion as of March 31, 2023[106] - The company's non-current assets as of September 30, 2023, totaled HKD 18,039,522, compared to HKD 17,681,238 as of March 31, 2023[92] - The company's current assets as of September 30, 2023, were HKD 10,001,392, compared to HKD 10,085,267 as of March 31, 2023[92] - The company's current liabilities as of September 30, 2023, were HKD 5,701,976, compared to HKD 4,137,013 as of March 31, 2023[92] - The company's net current assets as of September 30, 2023, were HKD 4,299,416, compared to HKD 5,948,254 as of March 31, 2023[92] - Non-current liabilities decreased to HKD 8,141,383 thousand as of September 30, 2023, from HKD 9,229,720 thousand as of March 31, 2023, primarily due to reductions in bank loans and deferred tax liabilities[129] - Total equity attributable to the company's owners stood at HKD 14,164,464 thousand as of September 30, 2023, compared to HKD 14,364,292 thousand as of March 31, 2023[129] - The group's equity attributable to owners of the company was HK$14.197 billion as of September 30, 2023, compared to HK$14.399 billion as of April 1, 2023[109] Investments and Projects - The company sold its entire stake in Marble Range Limited for a total cash consideration of 106,836,000 HKD, with the sale generating a net cash inflow of 106,836,000 HKD[14][15] - The company's joint venture luxury residential project "The Grand Mayfair" has sold 12 out of 16 units at premium prices, with efforts ongoing to sell the remaining units at high prices[26] - The company is collaborating with other firms to develop a high-end residential project "The Peak" on Po Shan Road, with one unit pre-sold at a high price and further sales expected[27] - The company holds two large-scale residential land plots in the "Northern Metropolis" area of the New Territories, supporting the government's development plan for the region[28] - The company's joint venture project in Wong Chuk Hang, "THE SOUTHSIDE," is expected to complete construction by 2025, with residential units expected to be pre-sold in 2024[45] - The company's joint venture project in Kwu Tung has a future attributable gross floor area of approximately 1,200,000 square feet, with the company holding a 40% interest in the project[46] - The company's rental rate for the "Four Seasons Place" shopping mall in Shanghai increased from 70% to 90% after renovation, achieving significant value growth[47] - The company sold 49% of its stake in Star Trail Limited and its subsidiaries to two independent third parties, with the remaining 51% classified as a joint venture. The joint venture issued a promissory note of HKD 152,000,000, bearing interest at HIBOR plus 1.2% per annum, with a maturity date of August 12, 2024, or 6 months from the issuance of the occupancy permit for the development property, whichever is earlier[66] - The group's landmark luxury property at 45 Barker Road, The Peak, was sold in October 2023, covering an area of 4,200 square feet[97] - Segment revenue from commercial properties was HKD 391,760 thousand, while residential properties contributed HKD 1,124,689 thousand in the first six months of 2023[120] - Revenue from commercial property holdings for the six months ended September 30, 2023, was HK$271,164 thousand, while residential property holdings generated HK$801,627 thousand[141] - The company's share of losses in joint ventures was HKD 390,590 thousand, a decrease from HKD 457,231 thousand at the end of the previous period[192] - The principal amount of payable to joint ventures was HKD 108,700 thousand, with an interest rate of 2% to 3% per annum[193] - Capital expenditure for properties held for sale was HKD 1,239 thousand, compared to HKD 147 thousand in the previous year[196] Financial Instruments and Market Valuation - The company's net loss on market valuation was HKD 118,700,000, including a net loss of HKD 117,400,000 on listed debt securities and a net loss of HKD 4,100,000 on equity securities[48] - The fair value of investment properties decreased by HKD 27,244,000 for the six months ended September 30, 2023, compared to zero for the same period in 2022[75] - The fair value of financial assets measured at fair value through profit or loss was HKD 211,897 as of September 30, 2023, compared to HKD 337,317 as of March 31, 2023[92] - As of September 30, 2023, HK$9.5 million of listed securities were pledged as collateral for bank financing, down from HK$30.3 million as of March 31, 2023[98] - Interest income from financial assets at fair value through profit or loss for the six months ended September 30, 2023, was HK$10,816 thousand[155] - Dividend income from financial assets at fair value through profit or loss for the six months ended September 30, 2023, was HK$3,929 thousand[155] - The company reported a fair value loss on financial assets at fair value through profit or loss of HK$120,264 thousand for the six months ended September 30, 2023[155] - Listed debt securities had a fair value of HKD 4,289 thousand, with fixed annual interest rates ranging from 2.5$323.748 million, compared to HK$191.438 million in the same period last year[180] Employee and Operational Costs - The company's total number of employees as of September 30, 2023, was 102, down from 106 as of March 31, 2023[33] - The company's short-term benefits and retirement benefits expenses were HKD 16,402,000 and HKD 688,000, respectively, for the six months ended September 30, 2023, compared to HKD 22,089,000 and HKD 664,000 in the same period last year[36] - Total employee costs for the six months ended September 30, 2023, were HK$48.515 million, a decrease from HK$61.338 million in the same period last year[160] Taxation and Dividends - The company's subsidiaries in Macau did not generate taxable profits exceeding MOP 600,000 during the period, thus no provision for Macau supplementary income tax was required[158] - The company's subsidiaries in China had accumulated losses that could offset future profits, resulting in no provision for Chinese corporate income tax[159] - Hong Kong profits tax for the period was HKD 1,440 thousand, compared to HKD 22,413 thousand in the previous year, with an over-provision of HKD 140 thousand[181] - Deferred tax for the period was HKD (5,080) thousand, compared to HKD (1,334) thousand in the previous year[181] - The final dividend per share for the period was HKD 0.42, totaling HKD 39,350 thousand, consistent with the previous year[184] - The company did not recommend the payment of any interim dividend for the six months ended September 30, 2023, consistent with the same period in 2022[96] Other Income and Expenses - Other income, including bank interest income and loan interest income, totaled HK$167,942 thousand for the six months ended September 30, 2023[155] - Other income (loss) for the six months ended September 30, 2023, amounted to HK$31.385 million, compared to HK$13.76 million in the same period last year, primarily due to exchange gains and reversal of impairment losses on financial guarantee contracts[156] - Revenue from customer contracts for the six months ended September 30, 2023, was HK$203.298 million, with no comparable figure for the previous year[165] - The company did not acquire any property, plant, and equipment during the period, compared to HKD 17,000 in the previous year[188] - The company's bank balances and cash, as well as other payables and accrued expenses, were detailed in the financial statements[200]