英皇国际(00163) - 2021 - 中期财报

Financial Performance - Total revenue for the six months ended September 30, 2020, decreased to HKD 637.5 million, down 48.5% from HKD 1,238.0 million in 2019[6] - The company recorded a loss attributable to shareholders of HKD 990.2 million, compared to a profit of HKD 519.3 million in 2019[9] - Basic loss per share was HKD 0.27, compared to a profit of HKD 0.14 per share in 2019[9] - The group reported an operating loss of HKD 827,697,000 for the six months ended September 30, 2020, compared to an operating loss of HKD 12,348,000 in the same period of 2019[47] - The loss attributable to shareholders for the period was HKD 990,157,000, compared to a loss of HKD 519,311,000 in the same period of 2019, representing an increase in losses of approximately 90.5%[47] - The group reported a loss before tax of HKD 1,063,956,000 for the period, compared to a loss of HKD 354,199,000 in the same period last year[68] Revenue Breakdown - Rental income fell by 12.8% to HKD 447.6 million compared to HKD 513.5 million in 2019, impacted by rent concessions to retail tenants[8] - Hotel and related business revenue dropped to HKD 107.8 million, a decline of 85.1% from HKD 724.6 million in 2019, due to travel restrictions[8] - Property sales revenue was HKD 82.1 million, with contributions solely from the sale of properties[8] Dividends - The company declared an interim dividend of HKD 0.012 per share, down from HKD 0.035 per share in 2019[9] - The board declared an interim dividend of HKD 0.012 per share, down from HKD 0.035 per share in 2019, totaling approximately HKD 44,100,000 compared to HKD 128,700,000 in the previous year[44] Asset and Liability Management - The group's net asset value as of September 30, 2020, was HKD 26,474,300,000, down from HKD 27,200,200,000 as of March 31, 2020, representing a decrease of approximately 2.65%[40] - Cash, bank balances, and deposits amounted to HKD 3,850,400,000 as of September 30, 2020, compared to HKD 3,924,100,000 as of March 31, 2020, indicating a decline of about 1.88%[40] - The total external borrowings (excluding payables) were approximately HKD 27,611,900,000 as of September 30, 2020, an increase from HKD 27,087,300,000 as of March 31, 2020, reflecting a rise of about 1.94%[40] - The group's net debt ratio was 39.5% as of September 30, 2020, compared to 38.4% as of March 31, 2020, indicating a slight increase in leverage[40] Property Development and Projects - The group aims to diversify its rental income sources by expanding its property portfolio beyond Greater China to the UK[12] - The revitalization projects for several properties have received planning approval, allowing for increased non-residential plot ratios[15] - The group is developing a Grade A office building at 75-85 Lockhart Road, Wanchai, with a total floor area of approximately 96,000 sq ft, expected to be completed in 2021[20] - A 14-story industrial building at 4 Kin Fat Lane, Tuen Mun, with over 178,000 sq ft, is being transformed into a commercial building, with renovation and expansion works nearing completion[20] - The group is developing a mixed-use shopping mall and hotel or serviced apartment complex in Huangpu District, Shanghai, with a total floor area of approximately 1,300,000 sq ft[22] - The group has sold 39 units at the 29-story residential building at 8-10A Moro Temple Street, totaling approximately HKD 305.3 million in sales, with 1 unit remaining unsold as of September 30, 2020[25] - A new residential project at 9 Cheng Lai Road, Tuen Mun, will consist of 8 luxury sea-view houses with a total floor area of approximately 29,000 sq ft, expected to be completed in 2021[26] - The group has a 40% stake in a luxury residential project at 1198 Shoushan Mountain, with a total floor area of approximately 88,000 sq ft, expected to be completed in 2021[28] - A redevelopment project at 24-26A D'Aguilar Street, Central, is planned to be a 26-story luxury residential building, expected to be completed in 2023[29] Hotel and Hospitality Sector - The group has established the Emperor Hotel Group, which includes several hotels and serviced apartments in Hong Kong and Macau, contributing to the group's revenue from the hotel and gaming sectors[33] - The Emperor Hotel in Wanchai has 299 rooms and a total floor area of approximately 115,000 sq ft, enhancing the brand recognition of the hotel services division[34] - The group’s serviced apartment, MORI MORI, won the "Best Luxury Serviced Apartment" award at the Squarefoot Serviced Apartment Awards 2020, reflecting its modern design and high-quality service[34] Financial Condition and Cash Flow - The net cash flow from operating activities for the six months ended September 30, 2020, was HKD 133,718, compared to a negative cash flow of HKD 412,591 in the same period last year[57] - The company reported a net cash outflow from investing activities of HKD 1,388,670, which increased from HKD 867,605 in the previous year[57] - Total current liabilities reached HKD 8,971,821, up from HKD 8,189,937 as of March 31, 2020[53] - The total assets less current liabilities stood at HKD 51,245,887, a decrease from HKD 52,106,878 in the previous period[53] - Cash and cash equivalents at the end of the reporting period were HKD 1,801,199, down from HKD 2,943,493 at the beginning of the period[57] - The company’s total liabilities amounted to HKD 22,385,118, slightly up from HKD 22,384,674 in the previous period[53] - The company’s equity attributable to owners decreased to HKD 26,474,271 from HKD 27,200,235[53] - The company experienced a net decrease in cash and cash equivalents of HKD 1,152,355 during the reporting period[57] Market Outlook and Strategy - The group plans to continue monitoring market conditions and adjust strategies accordingly, focusing on identifying commercial properties with redevelopment potential[37] - The group has a cautious optimistic outlook for the long-term prospects of the property market, supported by limited land supply and rigid demand for residential units[39] Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period[127] - The interim financial statements have not been audited or reviewed by the company's auditor but were reviewed by the audit committee[129] - The board of directors has confirmed compliance with the trading rules during the reporting period[127] Shareholder Information - As of September 30, 2020, Ms. Lu held 2,747,610,489 shares, representing 74.71% of the voting shares of the company[118] - Mr. Yang, as a qualified beneficiary of a private discretionary trust, also holds 2,747,610,489 shares, equivalent to 74.71% of the voting shares[118] - The group has no other disclosed interests in shares or related securities by directors or key executives as of September 30, 2020[121]