Financial Performance - The group reported a revenue increase of 26% to HKD 4,678,000,000 for the six months ended June 30, 2021[10]. - Gross profit margin decreased from 11% in the first half of 2020 to 7% in the current period, resulting in a gross profit reduction of HKD 73,000,000[10]. - Net profit after tax decreased from HKD 208,000,000 to HKD 147,000,000, a decline of HKD 61,000,000[10]. - Service revenue for the six months ended June 30, 2021, was HKD 4,677,801 thousand, an increase from HKD 3,719,131 thousand in the same period of 2020, representing a growth of approximately 25.8%[47]. - The gross profit for the six months ended June 30, 2021, was HKD 342,400 thousand, down from HKD 415,184 thousand in 2020, indicating a decrease of about 17.5%[47]. - The net profit for the period was HKD 146,857 thousand, compared to HKD 208,387 thousand in the previous year, reflecting a decline of approximately 29.5%[50]. - The total comprehensive income for the six months ended June 30, 2021, was HKD 150,777 thousand, down from HKD 202,852 thousand in 2020, a decrease of about 25.7%[50]. - The company's profit attributable to owners for the six months ended June 30, 2021, was HKD 147,389,000, a decrease of 29.5% compared to HKD 209,130,000 for the same period in 2020[86]. Project and Contract Information - The group successfully secured five projects with a total contract value of HKD 5,200,000,000, including a major project worth HKD 4,000,000,000 expected to be completed by 2026[10]. - The total amount of unfinished projects as of the report date is HKD 27,000,000,000, consistent with the level at the end of 2020[10]. - The construction contract revenue for Hong Kong was HKD 4,602,176, while the revenue from China was HKD 75,625, contributing to the overall revenue[69]. - The company reported construction material purchases from subsidiaries amounting to HKD 70,684,000 for the six months ended June 30, 2021, compared to HKD 31,240,000 in 2020, representing a significant increase of 126%[125]. - Construction contract revenue from a joint venture with a major holding company was HKD 29,146,000, down from HKD 289,258,000 in the previous year, indicating a decline of 90%[125]. - The company recorded construction contract revenue of HKD 41,389,000 for the six months ended June 30, 2021, up from HKD 29,881,000 in 2020, reflecting an increase of 38%[125]. Financial Position and Equity - The group’s cash and cash equivalents amounted to HKD 1,534,000,000 as of June 30, 2021, compared to HKD 1,515,000,000 at the end of 2020[16]. - Total equity increased to HKD 1,653,000,000 from HKD 1,589,000,000 at the end of 2020, reflecting a 4% increase[18]. - The group’s debt-to-equity ratio rose to 47% from 33% at the end of 2020, indicating increased leverage[18]. - The total liabilities increased to HKD 4,109,686 thousand as of June 30, 2021, from HKD 3,779,807 thousand at the end of 2020, indicating a rise of about 8.7%[52]. - The company’s total liabilities increased to HKD 2,867,274,000 as of June 30, 2021, from HKD 2,616,149,000 as of December 31, 2020, reflecting a rise of 9.6%[107]. - The company’s non-current liabilities totaled HKD 1,720,295 as of June 30, 2021, compared to HKD 1,663,437 at the end of 2020, reflecting an increase of approximately 3.4%[55]. Cash Flow and Financing Activities - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 209,291, a significant improvement compared to a net cash outflow of HKD 52,950 for the same period in 2020[61]. - The company raised new bank loans totaling HKD 395,908 during the financing activities, compared to HKD 59,045 in the previous period[61]. - The cash outflow from investing activities was HKD 342,090 for the six months ended June 30, 2021, compared to an inflow of HKD 47,239 in the same period of 2020[61]. - The company paid dividends amounting to HKD 86,931 during the period, compared to HKD 59,610 in the previous period[61]. Governance and Management - The company has complied with the corporate governance code as per the listing rules, except for the separation of roles between the chairman and CEO[35]. - The company has maintained a clear distinction of responsibilities between the board and management, ensuring governance balance[35]. - The company’s governance structure is believed to be beneficial for its operations and business[35]. - Mr. Dan Wei Biao's annual salary was adjusted from HKD 3,000,000 to HKD 8,000,000 effective January 1, 2021[41]. - The company has no other disclosures regarding the interests of directors or their associates in the company's shares or related securities[29]. Assets and Liabilities - Non-current assets increased to HKD 1,008,418 thousand as of June 30, 2021, from HKD 935,295 thousand as of December 31, 2020, representing a growth of approximately 7.8%[52]. - Current assets totaled HKD 4,821,563 thousand as of June 30, 2021, compared to HKD 4,507,949 thousand at the end of 2020, an increase of about 6.9%[52]. - The total reserves increased to HKD 1,487,045 as of June 30, 2021, up from HKD 1,456,715 as of December 31, 2020, indicating a growth of approximately 2.2%[55]. - The accounts receivable from trade contracts aged 0 to 60 days amounted to HKD 190,491,000, down from HKD 231,232,000 as of December 31, 2020[96]. - The total contract assets as of June 30, 2021, were HKD 1,931,199,000, an increase from HKD 1,793,164,000 at the end of 2020[100]. - The company reported a decrease in trade receivables over 90 days to HKD 35,883,000 from HKD 226,630,000 in the previous year[96]. Taxation and Compliance - The total tax expense for the six months ended June 30, 2021, was HKD 39,476,000, significantly higher than HKD 13,185,000 in the same period of 2020, reflecting an increase in the effective tax rate[8]. - The company adopted revised Hong Kong Financial Reporting Standards during the reporting period, which did not have a significant impact on the financial position or performance[66].
利基控股(00240) - 2021 - 中期财报