安全货仓(00237) - 2024 - 中期业绩

Financial Highlights Financial Highlights For the six months ended September 30, 2023, the Group's total revenue increased by 30.2% to HKD 88.86 million, and loss attributable to owners of the Company significantly narrowed by 61.6% to HKD 51.74 million. Excluding the impact of fair value loss on investment properties, the Group's underlying business turned from a loss in the prior period to a profit, indicating improved core operating performance Financial Highlights for the Six Months Ended September 30, 2023 | Indicator | 2023 Sep 30 (Six Months) | 2022 Sep 30 (Six Months) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | HKD 88,864,000 | HKD 68,243,000 | +30.2% | | Loss Attributable to Owners of the Company | HKD 51,740,000 | HKD 134,744,000 | -61.6% | | Loss Per Share | HKD 0.13 | HKD 0.33 | -60.6% | | Interim Dividend | HKD 2.5 HK cents per share | HKD 2.0 HK cents per share | +25.0% | - Excluding fair value loss on investment properties, the Group's underlying profit turned from a loss of HKD 15.60 million in the prior period to a profit of HKD 38.96 million for the period, indicating significant improvement in core business profitability[70] Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income During the reporting period, the Group's revenue increased by 30.2% to HKD 88.86 million, primarily due to increased property investment and interest income. Although impairment on fair value of investment properties was HKD 90.70 million, it narrowed from HKD 119.14 million in the prior year, leading to significant reductions in both loss before tax and loss attributable to owners of the Company Key Items from Statement of Profit or Loss (For the Six Months Ended September 30) | Item (HKD thousands) | 2023 | 2022 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 88,864 | 68,243 | +30.2% | | Impairment loss on fair value of investment properties | (90,700) | (119,140) | Loss reduced by 23.9% | | Staff costs | (10,923) | (8,950) | +22.0% | | Loss Before Tax | (44,397) | (128,340) | Loss reduced by 65.4% | | Loss Attributable to Owners of the Company for the Period | (51,740) | (134,744) | Loss reduced by 61.6% | | Loss Per Share (HKD) | (0.13) | (0.33) | Loss reduced by 60.6% | Condensed Consolidated Statement of Financial Position As of September 30, 2023, the Group's total assets increased to HKD 4.13 billion, and net assets (equity attributable to owners of the Company) were HKD 3.96 billion, showing growth from the beginning of the period. The asset structure is primarily non-current assets, especially investment properties. The company maintains a strong financial position with a current ratio of 16.93 times and no bank loans Key Items from Statement of Financial Position | Item (HKD thousands) | 2023 Sep 30 | 2023 Mar 31 | Change | | :--- | :--- | :--- | :--- | | Investment Properties | 2,916,700 | 2,854,500 | +2.2% | | Total Assets | 4,125,932 | 4,056,534 | +1.7% | | Total Liabilities | 165,194 | 155,461 | +6.3% | | Equity Attributable to Owners of the Company | 3,960,738 | 3,901,073 | +1.5% | - The Group has ample liquidity with a current ratio of approximately 16.93 times and no bank loans[43] Notes to the Financial Statements Revenue and Segment Information The Group's total revenue growth was primarily driven by the property investment and financial investments segments. Property investment revenue grew by 14.2%, and the financial investments segment saw a 167.3% increase in revenue due to significantly higher bank interest income. However, the core warehouse operations segment's revenue decreased by 12.6% year-on-year, reflecting challenges in this business Segment Revenue (For the Six Months Ended September 30) | Segment | 2023 (HKD thousands) | 2022 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Warehouse Operations | 9,000 | 10,293 | -12.6% | | Property Investment | 55,976 | 49,012 | +14.2% | | Financial Investments | 23,888 | 8,938 | +167.3% | | Consolidated Total Revenue | 88,864 | 68,243 | +30.2% | Segment (Loss) Profit (For the Six Months Ended September 30) | Segment | 2023 (HKD thousands) | 2022 (HKD thousands) | | :--- | :--- | :--- | | Warehouse Operations | (2,411) | 750 | | Property Investment | (53,435) | (88,706) | | Financial Investments | 16,094 | (36,084) | | Consolidated Segment (Loss) Profit | (39,752) | (124,040) | Dividends The Board of Directors resolved to declare an interim dividend of HKD 2.5 HK cents per share, a 25% increase from HKD 2 HK cents per share in the prior year, demonstrating confidence in the company's future cash flow. The total dividend amounted to approximately HKD 10.13 million - The Board of Directors resolved to declare an interim dividend of HKD 2.5 HK cents per share, higher than HKD 2 HK cents per share in the prior year[19] Dividend Distribution | Dividend Type | 2023 | 2022 | | :--- | :--- | :--- | | Interim Dividend (per share) | HKD 2.5 HK cents | HKD 2.0 HK cents | | Total Interim Dividend (HKD thousands) | 10,125 | 8,100 | Loss Per Share During the reporting period, basic loss per share was HKD 0.13, a significant narrowing from HKD 0.33 per share in the prior year. This was primarily due to a substantial reduction in loss attributable to owners of the Company. Diluted loss per share was not presented as there were no potential dilutive shares during the period - Basic loss per share is calculated based on the loss attributable to owners of the Company of HKD 51.74 million and 405,000,000 issued shares[20] Loss Per Share Comparison | Indicator | 2023 Sep 30 (Six Months) | 2022 Sep 30 (Six Months) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (HKD) | 51,740,000 | 134,744,000 | | Basic Loss Per Share (HKD) | 0.13 | 0.33 | Management Discussion and Analysis Business Review The Group's business segments showed mixed performance. Warehouse operations experienced a revenue decline due to a weak macroeconomic environment; property investment achieved revenue growth by successfully leasing new floor areas; and the financial investments segment benefited from a high-interest rate environment, with a significant increase in interest income, effectively offsetting the adverse impact on the warehouse business Warehouse Operations Segment Affected by global high-interest rates, trade disputes, and geopolitical tensions, the warehouse operations segment performed below expectations. Total storage volume dropped to its lowest point since the pandemic, leading to a 12.6% year-on-year revenue decrease to HKD 9.00 million. To address challenges, the Group has leased out some warehouse floors to reduce operating area and maintain storage rates - Due to continued weak overseas and mainland demand, revenue from the warehouse operations segment decreased by 12.6% to HKD 9.00 million[27] - Total storage volume fell to approximately 10,000 cubic meters at the end of September 2023, the lowest level since the 2020 pandemic[27] Property Investment Segment Despite increased office supply in the East Kowloon area and challenges from nearby construction, the property investment segment achieved revenue growth. By successfully leasing two floors of the Safety Godown Centre IV property in Kwai Chung, rental income for the first half increased to HKD 55.98 million, a 14.2% year-on-year increase - Successfully leasing two floors of the Safety Godown Centre IV property in Kwai Chung drove a 14.2% year-on-year increase in rental income to HKD 55.98 million for the first half[34] - Cheung Wan Plaza business faces continuous pressure from increased office supply in East Kowloon and ongoing improvement works at Kwun Tong Ferry Pier[34] Financial Investments Segment Benefiting from a conservative investment strategy, with most liquid assets placed in time deposits, the financial investments segment performed satisfactorily. Bank interest income increased by approximately 3.2 times year-on-year to HKD 20.42 million, leading to a net profit of HKD 16.09 million for the segment, effectively hedging risks from other businesses - Due to a conservative strategy, interest income from banks increased by approximately 3.2 times to HKD 20.42 million in the first half[29] - The segment recorded a net profit of HKD 16.09 million, with its revenue performance able to offset the adverse operating environment of warehouse logistics[29] Outlook and Investment Plans Looking ahead, the Group maintains cautious optimism for the warehouse business, expecting government stimulus plans to drive improvement. For property investment, high interest rates are anticipated to continue pressing property valuations. Concurrently, the Group is actively seeking new investment opportunities in the adjusted property market to generate higher returns for shareholders - Warehouse business: Expecting government stimulus consumption plans to drive an increase in storage rates and turnover rates in the second half[37] - Property investment: Anticipating interest rates to remain high, further losses are expected upon revaluation of investment properties[38] - Investment plans: The Group will closely monitor investment opportunities and has explored several, including engaging professional consultants for development studies[32][39] Financial Review During the period, the Group's total revenue reached HKD 88.86 million, a 30.2% year-on-year increase. Staff costs rose by 22.0% due to increased salaries and bonuses. Net assets increased by 1.5% to HKD 3.96 billion, and net asset value per share increased to HKD 9.78. The company maintains strong liquidity with a current ratio of 16.93 times and no bank borrowings - Staff costs increased by approximately 22.0% year-on-year to HKD 10.92 million, primarily due to increases in basic salaries and bonuses[41] - The Group recorded an impairment loss on fair value of investment properties of HKD 90.70 million, a reduction from HKD 119.14 million in the prior year[41] - The Group's net assets increased by approximately 1.5% to HKD 3.96 billion, with net asset value per share increasing to HKD 9.78[45] Other Information Employees and Risk Management As of the end of the reporting period, the Group's employee count remained stable at 39, but staff costs increased by 22.0% year-on-year. The Group's foreign exchange risk is primarily related to USD investments, but due to the HKD's peg to the USD, the risk is considered immaterial. No significant contingent liabilities or asset pledges were present during the period - As of September 30, 2023, the Group had 39 employees, consistent with the beginning of the period. Staff costs increased by approximately 22.0% to HKD 10.92 million during the period[46] - The Group's foreign currency risk is primarily related to USD-denominated securities investments and deposits, but management considers the risk immaterial. A foreign exchange loss of HKD 0.67 million was recorded during the period[48] - As of the end of the reporting period, the Group had no significant contingent liabilities or asset pledges[49][50] Corporate Governance The company complied with most corporate governance code provisions during the reporting period, but some deviations existed. Key issues included the continuous vacancy of the Chairman and Chief Executive Officer positions since 2015, and the number of independent non-executive directors falling below Listing Rules requirements due to a resignation. The company is actively seeking suitable candidates to fill the vacancies - The company deviated from the Corporate Governance Code, primarily because the roles of Chairman of the Board and Chief Executive Officer have been vacant since April 5, 2015[55] - Due to the resignation of an independent non-executive director, the Board of Directors did not meet the requirement of at least three independent non-executive directors as stipulated by Listing Rule 3.10(1)[57] - The company is seeking suitable candidates for appointment as independent non-executive directors to fill the vacancy and comply with the Listing Rules[58]