万科海外(01036) - 2024 - 中期业绩

Financial Highlights Consolidated Statement of Profit or Loss The Group swung to a loss in H1 2024, with revenue down 9.1% to HKD 165 million, primarily due to reduced fair value gains on investment properties and expanded losses from associates Consolidated Statement of Profit or Loss | Metric | H1 2024 (Unaudited) | H1 2023 | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 165 million | HKD 182 million | -9.1% | | Gross Profit | HKD 73.281 million | HKD 92.238 million | -20.5% | | Operating Profit | HKD 3.65 million | HKD 132 million | -97.2% | | (Loss)/Profit for the Period | (HKD 29.323 million) | HKD 2.535 million | Swung from Profit to Loss | | (Loss)/Earnings Per Share | (HKD 0.08) | HKD 0.01 | Swung from Profit to Loss | - Fair value gain on investment properties significantly decreased from HKD 74.303 million in the prior period to HKD 9.9 million, a key factor in the decline of operating profit[2] - Share of loss from associates was HKD 21.374 million, narrowing from HKD 109 million in the prior period[2] Consolidated Statement of Financial Position As of June 30, 2024, the Group's total assets slightly decreased to HKD 4.90 billion, with net assets stable at HKD 4.24 billion, and all bank loans reclassified as current liabilities Consolidated Statement of Financial Position | Metric | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | HKD 4.898 billion | HKD 5.111 billion | -4.2% | | Total Liabilities | HKD 655 million | HKD 816 million | -19.7% | | Net Assets | HKD 4.243 billion | HKD 4.296 billion | -1.2% | | Bank Balances and Cash | HKD 480 million | HKD 610 million | -21.3% | - As of June 30, 2024, all bank loans of HKD 354 million were classified as current liabilities, compared to HKD 367 million in non-current liabilities at the end of 2023[4][39] Management Discussion and Analysis Business Review The Group's total revenue decreased by 9% to HKD 165 million, primarily due to reduced interest income and asset management fees, partially offset by new hotel revenue - Revenue for the period was approximately HKD 165.2 million, a 9% decrease from HKD 181.8 million in the prior period[28] - The revenue decline was primarily due to: 1) an investment tool, whose principal was fully recovered in the previous fiscal year, no longer generating interest income; 2) decreased asset management service income due to reduced investment capital[28] - The 'The Stellar' hotel, which commenced operations in September 2023, provided a new revenue stream, partially offsetting declines in other business segments[28] Asset Management Asset management revenue decreased by 13% to HKD 95.3 million, but segment profit increased by 3% to HKD 32.6 million due to lower operating expenses Asset Management | Metric | H1 2024 | H1 2023 | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 95.3 million | HKD 109.6 million | -13% | | Segment Profit | HKD 32.6 million | HKD 31.7 million | +3% | Property Investment Property investment revenue decreased to HKD 46 million, with Regent Centre's occupancy rate falling to 91% and average rent slightly declining, leading to a 7% decrease in segment profit - Regent Centre's occupancy rate decreased from 95% in the prior period to 91%, and average rent declined from HKD 9.5 per sq. ft. to HKD 9.4 per sq. ft.[31] Property Investment | Metric | H1 2024 | H1 2023 | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 46 million | HKD 48.8 million | -5.7% | | Segment Profit (before fair value changes) | HKD 23.1 million | HKD 24.8 million | -7% | Property Development Property development loss narrowed by 20% to HKD 94.8 million, primarily due to the absence of a significant fair value loss from the US Mission project, partially offset by a HKD 72 million impairment provision for 'The Henley I' - Segment loss decreased from HKD 117.9 million in the prior period to HKD 94.8 million[33] - The narrowed loss was mainly attributable to the absence of a fair value decrease of approximately HKD 87.8 million from the US Mission project in the prior period[33] - An impairment provision of HKD 72 million was recognized for the Hong Kong 'The Henley I' project during the period[33] Hotel and Serviced Apartments The new Hotel and Serviced Apartments segment, with 'The Stellar' opening in September 2023, contributed HKD 23.9 million in revenue and HKD 3.3 million in segment profit Hotel and Serviced Apartments | Metric | H1 2024 | | :--- | :--- | | Revenue | HKD 23.9 million | | Segment Profit | HKD 3.3 million | | Average Occupancy Rate | 88% | | Average Daily Room Rate | HKD 902 | Financial Review The Group maintains a robust financial position, with equity attributable to owners slightly decreasing to HKD 4.24 billion, a low gearing ratio of 9.1%, zero net gearing, and ample cash of HKD 480 million Liquidity, Financial Resources, Gearing Ratio, and Capital Structure As of June 30, 2024, the Group's gearing ratio remained stable at 9.1%, with a zero net gearing ratio, and bank balances and cash of approximately HKD 480 million, indicating sufficient liquidity Liquidity, Financial Resources, Gearing Ratio, and Capital Structure | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Equity attributable to owners of the Company | HKD 4.243 billion | HKD 4.296 billion | | Interest-bearing bank and other borrowings | HKD 387 million | HKD 385 million | | Bank Balances and Cash | HKD 480 million | HKD 610 million | | Gearing Ratio | 9.1% | 9.0% | | Net Gearing Ratio | Zero | Zero | - The Group has available bank facilities of approximately HKD 708 million, of which approximately HKD 354 million has been utilized[38] Dividends The Board does not recommend an interim dividend for H1 2024, while the FY2023 final dividend of HKD 0.06 per share was paid on July 2, 2024 - The Directors do not recommend the payment of an interim dividend for the period (prior period: nil)[17][46] - The 2023 final dividend of HKD 0.06 per share, totaling HKD 23.372 million, was approved and paid[18] Outlook The Group anticipates continued market uncertainty in H2 2024 due to high interest rates and geopolitical tensions, but expects stable performance from investment properties and hotels, with revenue from 'The Henley I' sales - 2024 is expected to be a year of uncertainty, primarily influenced by high interest rates, tight monetary policies, and geopolitical tensions[47] - Despite pressure on the Hong Kong property market, the Group expects its investment properties (Regent Centre) and hotel ('The Stellar') to maintain stable performance in H2[47] - Sales of 'The Henley I' residential project are expected to contribute revenue to the Group upon delivery in H2 2024[47] - The asset management business is expected to generate stable revenue and profit in H2 2024[47] Other Information Corporate Governance and Compliance The Company consistently complied with the Listing Rules' Corporate Governance Code and the Model Code for Securities Transactions by Directors throughout the period - The Company has complied with the code provisions set out in Appendix C1 of the Listing Rules' Corporate Governance Code throughout the period[48] - All Directors confirmed compliance with the required standards set out in the Model Code throughout the period[49] Review of Interim Financial Information The Group's unaudited interim financial information for H1 2024 has been reviewed by KPMG and the Company's Audit Committee - The interim financial information is unaudited but has been reviewed by independent auditor KPMG in accordance with Hong Kong Standard on Review Engagements 2410[50] - The interim financial information has also been reviewed by the Company's Audit Committee, with no disagreements noted[50]