天安(00028) - 2021 - 中期财报

Revenue and Profitability - Revenue for the six months ended June 30, 2021, was HK$519,703,000, a decrease of 37.8% from HK$835,273,000 in the same period of 2020[17] - Gross profit for the period was HK$306,535,000, down 22.5% from HK$395,630,000 year-on-year[17] - Profit before tax increased significantly to HK$608,352,000, compared to HK$322,233,000 in the previous year, representing an increase of 88.9%[17] - Profit for the period was HK$347,881,000, up 72.6% from HK$201,449,000 in the same period last year[17] - The profit for the period attributable to owners of the Company was HK$366,052,000, a significant increase from HK$200,205,000 in the previous year, representing an 83% growth[20] - Basic earnings per share rose to HK$24.39, compared to HK$13.34 in the prior year, reflecting an increase of 83%[20] - Total comprehensive income for the period was HK$451,784,000, compared to a loss of HK$447,162,000 in the previous year, indicating a turnaround in performance[23] Expenses and Financial Performance - Other income and gains rose to HK$185,752,000, an increase of 12.5% from HK$165,161,000 in 2020[17] - Marketing and distribution expenses increased to HK$39,695,000, up 81.9% from HK$21,799,000 in the previous year[17] - Administrative expenses totaled HK$166,122,000, an increase from HK$142,598,000 in the same period of 2020[17] - The net impairment losses on loans were HK$19,096,000, compared to a gain of HK$520,000 in the previous year[17] - Interest paid increased to HK$164,880,000 in 2021 from HK$133,744,000 in 2020, reflecting a rise of approximately 23.2%[54] Assets and Liabilities - Non-current assets increased to HK$28,835,662,000 from HK$27,020,468,000, showing a growth of approximately 6.7%[25] - Current liabilities increased to HK$10,702,769,000 from HK$8,247,983,000, reflecting a rise of 29.8%[27] - The total equity attributable to owners of the Company was HK$26,176,441,000, compared to HK$25,659,355,000, an increase of 2%[27] - The Company reported a net current assets position of HK$6,329,422,000, down from HK$7,352,196,000, indicating a decrease of 13.9%[27] - Interest-bearing borrowings increased to HK$2,638,544,000 from HK$1,827,289,000, representing a rise of 44.4%[27] Cash Flow and Financing Activities - Net cash used in operating activities for the six months ended June 30, 2021, was HK$227,598,000, an improvement from HK$950,663,000 in the same period of 2020[52] - Net cash from financing activities for the six months ended June 30, 2021, was HK$249,437,000, compared to a net cash outflow of HK$114,475,000 in the same period of 2020[54] - The net decrease in cash and cash equivalents for the six months was HK$608,975,000, compared to a decrease of HK$1,425,887,000 in the prior year[54] - The company raised new bank and other loans amounting to HK$1,311,203,000, a significant increase from HK$464,720,000 in the previous year[54] - The repayment of bank and other loans was HK$578,972,000, up from HK$304,189,000 in the same period of 2020[54] Investment and Property Development - The Group's interests in associates amounted to HK$2,755,593,000, and interests in joint ventures were HK$8,134,208,000[75] - The Group acquired an additional 40% interest in a subsidiary for HK$45,556,000, which is engaged in property development in China[49] - The addition of investment properties netted HK$89,020,000 after value-added tax, compared to HK$2,212,000 in the previous year[52] - The Group transferred completed property inventories amounting to HK$127,423,000 to investment properties during the six months ended June 30, 2021, compared to HK$224,123,000 in 2020[108] - The Group's investment properties saw a fair value increase of HK$200.7 million compared to a decrease of HK$31.8 million in the same period last year[190] Market Conditions and Future Outlook - The Group remains confident in the long-term prospects of the property market in Mainland China and Hong Kong[195] - The Chinese government has introduced measures to limit property speculation, which has curbed the rise in housing prices, while a new policy allowing couples to have three children is expected to increase the population in the long run[195] - Despite the recovery of the economies in China and Hong Kong, market confidence has been affected by geopolitical tensions and strict global travel restrictions[195] Financial Guarantees and Contingent Liabilities - Guarantees provided by the Group for mortgage loans and loan facilities amounted to approximately HK$2,895.3 million as of June 30, 2021, with possible contingent liabilities from legal actions estimated at approximately HK$279.4 million[194] - Financial guarantees provided to banks for joint ventures amount to HK$510,477,000, an increase from HK$363,363,000[1] Employee and Operational Measures - The Group employed 1,323 staff as of June 30, 2021, maintaining competitive remuneration packages and performance-related rewards[194] - The Group has implemented various COVID-19 preventive measures, including flexible working plans and temperature screenings, to ensure the health and safety of employees[195]