鹰君(00041) - 2020 - 中期财报

Financial Performance - The company reported a core profit after tax of approximately HKD 1.73 billion for the fiscal year 2019[4]. - Core business revenue decreased by 48.1% to HKD 1,666.3 million compared to HKD 3,211.7 million in the same period last year[12]. - The hotel segment revenue fell by 63.7% to HKD 734.2 million from HKD 2,023.4 million year-on-year[15]. - The net loss attributable to equity holders was HKD 6,512.8 million, compared to a profit of HKD 2,159.2 million in the previous year, marking a significant decline[12]. - The core earnings per share dropped by 89.2% to HKD 0.12 from HKD 1.17 in the prior period[12]. - The group's total comprehensive income for the first half of 2020 was a loss of HKD 9,422.1 million, compared to a profit of HKD 3,230.0 million in the first half of 2019[21]. - Total revenue for the six months ended June 30, 2020, was HKD 2,724,360, a decrease of 42% compared to HKD 4,697,213 for the same period in 2019[128]. - Operating profit for the same period was HKD 566,806, down 66% from HKD 1,657,316 in 2019[128]. - The company reported a loss of HKD 9,422,136 for the six months ended June 30, 2020, compared to a profit of HKD 3,229,966 in the prior year[129]. Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.33 per share and a special interim dividend of HKD 1.50 per share for the six months ending June 30, 2020[9]. - The interim dividend per share remained unchanged at HKD 0.33, while a special interim dividend of HKD 1.50 was not declared this year[12]. - As of June 30, 2020, the company has issued a total of 719,920,112 shares, with 11,538,064 shares issued at a price of HKD 20.32 per share under the scrip dividend scheme[99]. - Over 25% of the company's issued and outstanding shares are held by the public as of June 30, 2020, maintaining sufficient public float[100]. - Dr. Lo Ka Shing holds 59,356,775 shares (8.24%) as a beneficial owner and 88,813,415 shares (12.34%) through controlled companies[102]. Assets and Liabilities - Total assets as of June 30, 2020, amounted to HKD 100,782 million, with total liabilities of HKD 31,723 million, resulting in a net asset value of HKD 69,059 million[18]. - The company's total liabilities increased significantly, with a notable rise in borrowings, reflecting a potential increase in financial leverage[133]. - The company's equity attributable to shareholders decreased from HKD 68,008,740 thousand to HKD 60,728,130 thousand, reflecting a decline of about 10.5%[131]. - The company's investment properties decreased from HKD 87,322,962 thousand to HKD 77,375,611 thousand, a decline of about 11.3%[130]. - The company's total cash, bank deposits, and undrawn confirmed credit amounted to HKD 16,257 million, with most credit backed by sufficient property value[67]. Operational Challenges and Market Conditions - The hotel division's revenue decreased by 65.4% to HKD 979.4 million for the six months ended June 30, 2020, compared to HKD 2,833.6 million in the same period of 2019[21]. - The average occupancy rate for The Langham, Hong Kong was 14.4% in H1 2020, a significant drop from 90.0% in H1 2019, with average room rates decreasing by 31.3%[42]. - The company temporarily closed some hotels due to the COVID-19 pandemic, impacting operations and financial performance[137]. - The company recognized government subsidies related to COVID-19 to offset costs incurred during the pandemic[143]. - The company plans to continue monitoring the economic impact of COVID-19 and adjust strategies accordingly[137]. Development Projects and Future Outlook - The company has ongoing development projects in various locations, including a premium residential project in Hong Kong and hotel developments in the United States, Italy, and Japan[3]. - The group has made progress in obtaining development rights for projects in San Francisco, Seattle, and Toronto, although planning has been delayed due to market conditions[24]. - The company is evaluating market trends to determine the appropriate timing for the redevelopment of the Chelsea Hotel site into a 400-room hotel and residential project[31]. - Future outlook remains cautious with ongoing uncertainties in the market, particularly in the hospitality sector, as recovery is expected to be gradual[147]. Employee and Corporate Governance - As of June 30, 2020, the total number of employees decreased by approximately 15.1% to 5,404 from 6,366 as of December 31, 2019, primarily due to the impact of the COVID-19 pandemic on hotel operations[89]. - The company emphasizes the importance of employee training and development, having implemented programs to promote a culture of high performance since 2012[96]. - The company is committed to maintaining high standards of corporate governance to enhance its image and strengthen shareholder confidence[85]. - The board of directors has been monitoring and reviewing corporate governance practices to ensure integrity and accountability[86]. Cash Flow and Financial Management - The company reported a net cash from operating activities of HKD 3,799,852, significantly up from HKD 1,308,086 in the same period last year, representing an increase of approximately 190%[135]. - The company incurred a total tax payment of HKD 352,901, compared to HKD 6,366 in the previous year, indicating a substantial rise in tax obligations[135]. - The company's cash and cash equivalents decreased from HKD 20,527,787 thousand to HKD 11,753,969 thousand, a reduction of about 42.7%[130]. - The overall net interest coverage ratio was 2.7 times, with net financial costs of HKD 314 million during the reporting period[67].