盈大地产(00432) - 2024 - 中期业绩

Performance Highlights 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 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 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] - 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] - For the six months ended June 30, 2024, the group recorded no property development revenue from Japan and Thailand[58][59] Japan Hotel, Recreation and Leisure Business 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] - 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] Thailand Golf Business 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] Property and Facilities Management 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] - Property management service revenue in Japan increased from HKD 41 million in the prior period to HKD 60 million[65] Financial Review 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 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] - 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] Capital Structure, Liquidity and Financial Resources 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] - 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] Pledge of Assets 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] Employees and Remuneration Policy 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] Consolidated Financial Statements and Notes 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 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 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 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 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 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 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 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] - The Board of Directors also did not recommend a final dividend for the year ended December 31, 2023[3] Corporate Governance and Compliance 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] - The Audit Committee reviewed the group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2024[109] - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[108] 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] - 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] - 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]