Revenue Performance - For the first half of 2021, the total revenue of the company increased by 2087.3% to HKD 544,300,000 compared to HKD 24,900,000 in the same period last year[11]. - The revenue from property sales amounted to HKD 518,900,000, while rental income from investment properties was HKD 24,400,000, representing a 10.4% increase from HKD 22,100,000 in the previous year[11][17]. - Total revenue for the six months ended June 30, 2021, was HKD 544,263,000, a significant increase from HKD 24,883,000 in the same period of 2020[57]. - Property sales contributed HKD 518,857,000 to the total revenue, with rental income at HKD 24,432,000, compared to HKD 22,125,000 in 2020[57]. - For the six months ending June 30, 2021, the company reported segment revenues of HKD 24,432,000 from property investment, HKD 518,857,000 from property development and sales, and HKD 974,000 from financial management, totaling HKD 544,263,000[97]. Financial Losses - The net loss attributable to shareholders for the first half of 2021 was HKD 81,900,000, compared to a loss of HKD 43,200,000 in the same period last year, with a loss per share of HKD 0.102[14]. - The company reported a loss before tax of HKD 131,200,000, compared to a loss of HKD 46,139,000 in the previous year[57]. - The net loss for the period was HKD 111,258,000, with a loss attributable to equity holders of the company amounting to HKD 81,863,000[57]. - The company reported a significant increase in development properties to HKD 9,241,833,000 from HKD 8,104,321,000, suggesting ongoing expansion in property development[62]. - The basic loss attributable to ordinary shareholders for the six months ended June 30, 2021, was HKD 81,863,000, compared to a loss of HKD 43,190,000 for the same period in 2020, representing an increase in loss of approximately 89%[117]. Asset and Liability Management - The company’s net borrowings as of June 30, 2021, were HKD 1,646,800,000, a decrease from HKD 2,723,700,000 as of December 31, 2020, with a capital to debt ratio of 96.4%[29]. - As of June 30, 2021, the total borrowings amounted to HKD 2,522,800,000, down from HKD 3,811,900,000 as of December 31, 2020, with approximately 65.7% denominated in RMB and 34.3% in HKD[30]. - The company’s equity attributable to shareholders decreased to HKD 1,690,449,000 from HKD 1,775,427,000, indicating a decline in shareholder equity[64]. - Total assets less current liabilities decreased to HKD 4,385,935,000 as of June 30, 2021, down from HKD 6,021,560,000 at the end of 2020, showing a decline in net asset value[64]. - The total value of interest-bearing bank and other borrowings as of June 30, 2021, was HKD 2,522,764,000, down from HKD 3,811,881,000 as of December 31, 2020, indicating a reduction of approximately 34%[129]. Cash Flow and Liquidity - The company’s cash and cash equivalents, including restricted bank balances, were HKD 876,000,000 as of June 30, 2021, down from HKD 1,088,200,000 as of December 31, 2020, with approximately 90.6% in RMB[29]. - Operating cash generated amounted to HKD 1,471,546, a significant increase from HKD 43,029 in the previous year, representing a growth of approximately 3,328%[70]. - Net cash from operating activities reached HKD 1,364,914, compared to HKD 40,641 in the same period last year, indicating a substantial increase[70]. - The cash and cash equivalents balance decreased to HKD 475,639 from HKD 2,057,331, reflecting a decline of approximately 77%[70]. - The company had cash and bank balances of HKD 475,639, down from HKD 1,157,331, reflecting a decrease in liquidity[70]. Investment and Development Activities - The company successfully acquired land use rights for two plots in Dazhou, Sichuan, for a total consideration of RMB 902,607,000, with the first plot covering approximately 97,465 square meters and the second plot approximately 132,963 square meters[22]. - The company acquired development properties and land use rights amounting to approximately HKD 1,257,966,000 during the six months ended June 30, 2021, compared to HKD 1,333,173,000 in the same period of 2020[123]. - The company reported a significant increase in development properties to HKD 9,241,833,000 from HKD 8,104,321,000, suggesting ongoing expansion in property development[62]. - The company’s financing costs for the property development and sales segment were HKD 67,760,000, impacting overall financial performance[97]. - The company remains optimistic about the long-term economic outlook in China and the real estate market, planning to continue expanding its real estate business in China[28]. Corporate Governance and Compliance - The company maintained compliance with the Corporate Governance Code, with some deviations noted regarding the roles of the chairman and CEO[47]. - The company plans to continue reviewing its board structure to ensure a balance of power and authority between the board and management[47]. - The company did not engage in any share buybacks, sales, or redemptions during the reporting period[50]. - No share options were granted, exercised, or cancelled under the share option scheme during the reporting period[42]. - The interim financial information was approved by the board of directors on August 23, 2021[157].
渝太地产(00075) - 2021 - 中期财报