Financial Performance - The group reported revenue of HKD 282 million for the six months ended June 30, 2021, an increase of 46.1% compared to HKD 193 million in the same period last year, primarily due to the recovery of Ferrari agency operations[5]. - The loss attributable to equity holders of the parent company was HKD 82 million, a reduction of 68.5% from a net loss of HKD 260 million in the first half of last year, indicating an overall improvement in the group's main business performance[5]. - Revenue from continuing operations for the first half of 2021 was HKD 282 million, an increase of HKD 89 million or 46.1% compared to the same period in 2020[25]. - The overall loss for the period was HKD 84 million, a significant reduction from HKD 267 million in the previous year, reflecting improved operational performance[25]. - The total comprehensive loss for the six months was HKD 84 million, compared to HKD 267 million in the same period of 2020[60]. - The group incurred a loss from continuing operations before tax of HKD 84 million, significantly improved from a loss of HKD 265 million in the prior year[55]. - The group reported a pre-tax adjusted loss of HKD 31 million from the sale of antique cars[112]. Revenue Breakdown - The Ferrari agency business contributed HKD 202 million in revenue, accounting for 71.6% of total revenue, with a year-on-year increase of 39.3%[29]. - The antique car trading and logistics business saw a revenue increase of 283.3%, reaching HKD 46 million compared to HKD 12 million in the previous year[29]. - Total revenue from Hong Kong, Macau, and mainland China was HKD 250 million in H1 2021, an increase of 26.9% compared to H1 2020, primarily due to increased Ferrari sales[43]. - Revenue from Ferrari agency business was HKD 202 million, up 39.3% from HKD 145 million in the previous year[83]. - Revenue from antique car trading and logistics business increased to HKD 46 million from HKD 12 million, representing a growth of 283.3%[83]. - Total income from customer contracts was HKD 278 million, with HKD 261 million recognized at a point in time and HKD 17 million recognized over time[86]. Operating Segments - The group has various operating segments, including property development, securities business, and Ferrari agency business, which contribute to its diversified revenue streams[94]. - The group recorded an operating loss of HKD 3 million in the property business, significantly improved from an operating loss of HKD 92 million in the same period last year, with a net fair value gain of HKD 2 million[8]. - The securities business reported an operating loss of less than HKD 1 million, consistent with the previous year's performance, while the group maintained its investment in approximately 5.37 billion shares of GBA, representing about 29.2% of the total issued shares[9]. - The stage sound, lighting, and engineering segment recorded an operating loss of HKD 7 million, improved from a loss of HKD 21 million in the first half of 2020, a reduction of 66.7%[19]. - The film business recorded an operating loss of HKD 2 million in H1 2021, an improvement from a loss of HKD 4 million in H1 2020, due to no films being released during the period[37]. - Other businesses saw a revenue increase of 20.0% to HKD 18 million in H1 2021, with operating losses reduced to HKD 14 million from HKD 41 million in H1 2020[41]. Financial Position - Current assets as of June 30, 2021, were HKD 1,677 million, with a current ratio of 239.2%, reflecting high liquidity[48]. - The total capital debt ratio as of June 30, 2021, was 46.2%, slightly higher than 44.8% on December 31, 2020, indicating a stable financial position during challenging times[45]. - The total borrowings amounted to HKD 1,767 million as of June 30, 2021, compared to HKD 1,734 million on December 31, 2020, with most being long-term loans[46]. - The group’s total assets as of June 30, 2021, were HKD 3,917 million, compared to HKD 3,907 million as of December 31, 2020[98]. - The group’s liabilities as of June 30, 2021, were HKD 1,879 million, compared to HKD 1,916 million as of December 31, 2020[98]. - The total liabilities amounted to HKD 2,354 million, slightly up from HKD 2,330 million, marking an increase of about 1.0%[63]. Shareholder Information - The company declared no interim dividend for the six months ended June 30, 2021, consistent with the same period in 2020[121]. - The company’s total issued shares as of June 30, 2021, were 873,111,452, with a significant percentage of shares held by key executives[158]. - The company’s major shareholder, Mr. Mai, holds a beneficial interest in 446,025,079 shares through controlled entities[161]. - The company’s shareholding structure indicates that after the full conversion of the 2024 convertible bonds, public shareholders would hold 32.89% of the total shares[134]. - The company has approved the issuance of 87,311,145 share options under the 2021 plan, representing 10% of the total issued shares[179]. Corporate Governance - The board emphasizes the importance of good corporate governance to maximize shareholder benefits[192]. - The company did not comply with the corporate governance code regarding the separation of the roles of Chairman and CEO, as both roles are held by Mr. Mai[193]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balance of skills and experience[193]. - The company has adopted a code of conduct for directors' securities trading, which is not less stringent than the standard code[195]. - The audit committee has reviewed the group's interim report, including the unaudited consolidated financial statements for the six months ended June 30, 2021[195].
中建富通(00138) - 2021 - 中期财报