Financial Performance - Total revenue for the six months ended June 30, 2020, was HKD 174,563,000, a decrease of 5.6% compared to HKD 184,602,000 in 2019[12] - The company reported a gross profit of HKD 140,776,000, slightly down from HKD 140,941,000 in the previous year[12] - Operating loss for the period was HKD 120,602,000, compared to an operating profit of HKD 242,095,000 in 2019, indicating a significant decline[12] - The net loss attributable to shareholders was HKD 135,749,000, compared to a profit of HKD 188,054,000 in the same period last year[12] - The company's total comprehensive income for the period was a loss of HKD (135,749,000) compared to a profit of HKD 188,054,000 in the previous year, indicating a significant decline[25] - The group reported a total loss of HKD 133,542,000 for the period, compared to a profit of HKD 196,877,000 in the same period of the previous year[54] - The group recorded a comprehensive loss of HKD 133.5 million for the first half of 2020, compared to a profit of HKD 196.9 million in the same period of 2019, resulting in a loss per share of HKD 0.47[95] - Basic profit for the first half of 2020, excluding property revaluation losses, was approximately HKD 42.7 million, a decrease of HKD 6.6 million or 13.4% compared to HKD 49.3 million in the same period of 2019[95] Assets and Liabilities - Total assets as of June 30, 2020, amounted to HKD 11,123,922,000, an increase from HKD 10,839,171,000 at the end of 2019[9] - The company's total equity decreased to HKD 8,185,024,000 from HKD 8,203,398,000 at the end of 2019[9] - The company's total capitalized interest for development projects was HKD 13,062,000 for the period[61] - The company's net asset value as of June 30, 2020, was HKD 10,692,498,000, up from HKD 10,550,464,000 as of December 31, 2019[58] - The total liabilities as of June 30, 2020, were HKD 2,635,773,000, an increase from HKD 2,286,463,000 as of December 31, 2019[56] - Long-term bank loans amounted to HKD 1,933,703,000 as of June 30, 2020, compared to HKD 1,840,564,000 as of December 31, 2019[66] - The company's current liabilities net value as of June 30, 2020, was HKD 794,154,000, primarily consisting of short-term bank loans of HKD 478,957,000 and the current portion of long-term bank loans of HKD 513,543,000[31] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2020, was HKD 73,659,000, a decrease from HKD 85,573,000 in 2019, representing a decline of approximately 14%[22] - The net cash used in investing activities was HKD (149,308,000) for the six months ended June 30, 2020, compared to HKD (150,428,000) in 2019, showing a slight improvement of about 1%[22] - The net cash generated from financing activities increased significantly to HKD 210,537,000 in 2020 from HKD 72,840,000 in 2019, marking an increase of approximately 188%[22] - The total cash and cash equivalents as of June 30, 2020, amounted to HKD 246,532,000, a substantial increase from HKD 62,233,000 in 2019, reflecting a growth of approximately 296%[22] Dividends and Shareholder Information - The company paid dividends amounting to HKD 34,520,000 during the six months ended June 30, 2020, consistent with the previous year's payment[25] - The interim dividend declared for the six months ended June 30, 2020, remained unchanged at HKD 0.10 per share, totaling HKD 28,767,000[85] - The board declared an interim dividend of HKD 0.10 per ordinary share, unchanged from the previous year[97] - The company declared an interim dividend of HKD 0.10 per share, consistent with the previous year[110] - As of June 30, 2020, the chairman and CEO, Ma Qingwei, held 164,744,839 shares, representing 57.27% of the total[111] - Major shareholder Jin Can Company holds a total of 138,998,248 shares, accounting for 48.32% of the company[117] Investment Properties and Fair Value - The company recorded a fair value loss on investment properties of HKD 192,940,000 for the period[12] - The group's non-current assets, including investment properties, amounted to HKD 8,705,126,000 as of June 30, 2020[52] - The fair value of financial assets measured at fair value through other comprehensive income was HKD 10,712,916,000 as of June 30, 2020[52] - As of June 30, 2020, the group's investment properties were revalued at HKD 8.705 billion, an increase of HKD 76 million or 0.9% from HKD 8.6275 billion at the end of 2019[96] Management and Governance - The company has complied with the corporate governance code, except for the role of chairman and CEO being held by the same individual[123] - The company’s board believes that having the chairman also serve as CEO provides consistent leadership beneficial to strategic planning[123] - The company has not entered into any agreements that would allow directors and executives to benefit from acquiring shares of the company[114] - The company has not made any changes to its risk management policies since the end of last year[38] - The interim results for the six months ending June 30, 2020, were reviewed by the audit committee and were not audited[124] - The company’s independent auditor conducted a review of the interim financial information in accordance with the relevant standards[124] Economic Environment and Future Outlook - The group remains cautious about the economic impact of the COVID-19 pandemic and the current geopolitical tensions, while expressing confidence in the long-term stability of the Hong Kong market[98] - The group did not experience significant changes in the business or economic environment that would affect the fair value of its financial assets[40]
大生地产(00089) - 2020 - 中期财报