Financial Performance - The company reported a loss attributable to shareholders of HKD 7,737 million for the six months ended June 30, 2020, a decrease of 197% compared to a profit of HKD 7,939 million in the same period last year[8]. - Basic loss per share for 'A' shares was HKD (5.15), down 197% from HKD 5.29 in the previous year[8]. - Revenue for the period was HKD 39,056 million, representing a 9% decrease from HKD 42,870 million in the prior year[8]. - Operating loss was HKD (1,670) million, a decline of 115% compared to an operating profit of HKD 10,866 million in the previous year[8]. - The group recorded a profit attributable to shareholders of HKD 534 million for the first half of 2020, a decrease from HKD 535 million in the same period of 2019[57]. - The total profit for the period was HKD 14,962 million, down 8.3% from HKD 16,317 million year-on-year[120]. - The group reported a net loss of HKD 3,951 million from other income/expenses for the six months ended June 30, 2020[140]. Dividends - The company declared an interim dividend of HKD 0.70 per 'A' share, a decrease of 48% from HKD 1.35 in the previous year[8]. - The board declared an interim dividend of HKD 0.70 per 'A' share and HKD 0.14 per 'B' share, reflecting a reduction in dividends due to the challenging business environment[10]. - The company declared dividends totaling HKD 2,478 million during the six months ended June 30, 2020, a decrease of 8.3% compared to HKD 2,703 million in the previous year[123]. Cash Flow and Liquidity - The net cash inflow from operations was HKD 5,176 million, an increase of 18% from HKD 4,368 million in the previous year[8]. - The company’s net cash flow from financing activities showed an increase of HKD 3,830 million during the six months ended June 30, 2020[105]. - The cash and cash equivalents held by the company were HKD 22,432 million as of June 30, 2020, compared to HKD 21,345 million as of December 31, 2019[106]. - The company’s total assets as of June 30, 2020, were HKD 67.832 billion, reflecting changes in currency exchange rates and asset sales[150]. Debt and Liabilities - The net debt was HKD 49,277 million, reflecting a 1% increase from HKD 48,630 million in the previous year[8]. - The total liabilities increased to HKD 71,709 million as of June 30, 2020, from HKD 68,033 million as of December 31, 2019[105]. - The company has 74% of its borrowings arranged at fixed interest rates and 26% at floating rates as of June 30, 2020, compared to 73% and 27% respectively as of December 31, 2019[111]. - The total borrowings for the Cathay Pacific Group reached HKD 55,154 million as of June 30, 2020, up from HKD 41,904 million at the end of 2019[114]. Segment Performance - The aviation segment, specifically Cathay Pacific Group, reported an operating loss of HKD 4,440 million for the period[125]. - The property investment segment generated external revenue of HKD 6,121 million, with an operating profit of HKD 4,317 million, while the hotel segment reported an external revenue of HKD 274 million and an operating loss of HKD 197 million[125]. - The beverage segment in mainland China achieved external revenue of HKD 10,904 million, with an operating profit of HKD 867 million[125]. - The trading and industrial segment reported an operating profit of HKD 1,287 million, with a significant loss of HKD 611 million attributed to other expenses[126]. Impairments and Valuations - The company incurred a significant impairment loss of HKD 5,380 million on property, plant, and equipment for the six months ended June 30, 2020[103]. - The group recognized an impairment loss of HKD 4,361 million on property, plant, and equipment for the six months ended June 30, 2020[140]. - The fair value loss on investment properties for the six months ended June 30, 2020, was HKD 2.601 billion, resulting in a carrying amount of HKD 272.684 billion[152]. Market Outlook - The company anticipates a soft demand for office space in Hong Kong in the second half of 2020 due to economic weakness[14]. - The beverage market in Hong Kong is expected to be negatively impacted by the COVID-19 pandemic in the second half of 2020, leading to increased depreciation and operating costs[76]. - The company plans to continue focusing on strategic expansions and new product developments to enhance market presence and recover from the impacts of the pandemic[134].
太古股份公司B(00087) - 2020 - 中期财报