Financial Performance - The group's revenue for the first half of 2021 was HKD 4,949 million, a decrease of 39.5% compared to HKD 8,184 million in the same period of 2020[6]. - The net profit for the period was HKD 647 million, a decrease of 18.3% compared to HKD 792 million in the first half of 2020[6]. - Total revenue, including the group's share from joint ventures and associates, was HKD 9,980 million, down 11.6% from HKD 11,293 million in the first half of 2020[6]. - Basic earnings per share for the first half of 2021 were HKD 0.43, down from HKD 0.57 in the same period of 2020[6]. - The real estate division reported property sales of RMB 37.361 billion in the first half of 2021, with a 90% increase compared to the same period last year[89]. - The group achieved property sales of RMB 38.102 billion and toll revenue of RMB 1.895 billion in the first half of 2021, totaling approximately RMB 40 billion, a significant increase from RMB 21.3 billion in the same period of 2020[88]. - The average selling price of properties in the first half of 2021 rose to RMB 31,900 per square meter, with the Hong Kong average at HKD 328,000 per square meter and mainland average at RMB 22,400 per square meter[91]. - The group's revenue for the six months ended June 30, 2021, was HKD 4,949 million, a decrease from HKD 8,184 million in the same period of 2020, while gross profit fell to HKD 1,276 million from HKD 2,593 million[155]. Asset and Financial Position - The total assets of the group increased to HKD 118,109 million as of June 30, 2021, compared to HKD 94,805 million at the end of 2020, representing a growth of 24.5%[6]. - Cash and bank deposits rose to HKD 22,337 million, up from HKD 14,983 million at the end of 2020, marking a 48.5% increase[6]. - As of June 30, 2021, the total borrowings amounted to HKD 43.26 billion, up from HKD 38.06 billion as of December 31, 2020, reflecting a significant increase in financial leverage[179]. - The net debt to equity ratio was reported at 62% as of June 30, 2021, indicating a stable financial position despite increased borrowings[184]. - Cash and cash equivalents stood at HKD 22.34 billion as of June 30, 2021, up from HKD 14.06 billion as of December 31, 2020, reflecting improved liquidity[191]. - The company issued a total of USD 2.596 billion in guaranteed senior notes with interest rates ranging from 4.7% to 7.875% during the reporting period, indicating active capital raising efforts[183]. - The company's net asset value per share increased to HKD 28.77 as of June 30, 2021, compared to HKD 27.93 as of December 31, 2020, reflecting positive growth in shareholder value[191]. Property Development and Projects - The land bank held by the company exceeds 7 million square meters, primarily located in key economic corridors[2]. - The total development area for properties held for sale is 7,240,000 square meters, with 95% (6,882,000 square meters) designated for sale and 5% (358,000 square meters) for investment purposes[33]. - The Yangtze River Delta region accounts for 51% of the total development area, with a total of 3,704,000 square meters[33]. - The company has several ongoing projects, including the "Lujing She Shan Courtyard" with a development area of 104,000 square meters, expected to be completed by 2024[35]. - The company is focusing on expanding its presence in the Yangtze River Delta region, which is a key area for future growth[33]. - The company has several ongoing residential projects in the Yangtze River Delta region, with a total development area of approximately 1,000,000 square meters across various properties[41][44][47]. - The company is expanding its market presence in the Yangtze River Delta region with multiple residential projects[50]. - The company is focused on residential and commercial property developments across various regions in China, indicating a strategic expansion in the real estate sector[50]. Toll Road and Infrastructure - The group’s toll road projects include a 105 km highway in Hebei with a 40% stake and a 58 km highway in Hebei with a 45% stake, among others[86]. - The group reported a significant increase in profit from infrastructure joint ventures, reaching HKD 346 million, compared to HKD 8 million in the same period last year[139]. - The MKTT highway, acquired on April 22, 2021, spans 61.7 kilometers and has a 40-year concession until 2056, with an average daily traffic of 17,100 vehicles and toll revenue of RMB 31 million from acquisition to June 30, 2021[151]. - The acquisition of the MKTT highway in Indonesia was completed on April 22, 2021, contributing to a 58% increase in toll revenue to RMB 263 million and a 130% rise in average daily mixed traffic volume[139]. - The group plans to continue seeking suitable new highway projects in mainland China and Belt and Road countries, particularly in Indonesia, to strengthen its highway business[140]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.15 per share, compared to HKD 0.20 per share in the first half of 2020[6]. - The board declared an interim dividend of HKD 0.15 per share for the six months ended June 30, 2021, down from HKD 0.20 per share in 2020[200].
路劲(01098) - 2021 - 中期财报