Financial Performance - Loss attributable to owners of the company for the six months ended June 30, 2021, was HK$251 million, representing a 66.23% increase compared to a loss of HK$151 million in the same period of 2020[4] - Basic loss per share for the period was HK(10.90) cents, a 66.16% increase from HK(6.56) cents in 2020[4] - The loss attributable to the owners of the Company increased to approximately HK$251,333,000 for Period 2021 from approximately HK$151,150,000 for Period 2020, representing an increase of about 66.4%[38] - The basic loss per share attributable to ordinary equity holders of the Company was 10.90 HK cents for Period 2021, compared to a basic loss per share of 6.56 HK cents for Period 2020, indicating an increase of approximately 66.4%[40] - Loss before taxation for the period was HK$343,425,000, significantly higher than the loss of HK$177,953,000 recorded in the same period of 2020[185] - The total comprehensive loss for the period amounted to HK$323,933,000, compared to HK$284,813,000 in the prior year, indicating an increase in losses of 13.8%[189] Assets and Liabilities - Net assets decreased by 3.53% to HK$7,060 million from HK$7,318 million year-over-year[4] - Total assets increased by 6.38% to HK$10,867 million compared to HK$10,215 million in the previous year[4] - The Group's total borrowings amounted to approximately HK$3,113,048,000, a decrease from HK$3,172,884,000 as of December 31, 2020[47][48] - The Group's net current assets were approximately HK$2,818,233,000 as of June 30, 2021, down from HK$3,221,138,000 at the end of 2020[52] - The Group's cash and bank balances were approximately HK$143,549,000 as of June 30, 2021, down from HK$793,520,000 at the end of 2020[52] - The carrying value of the NT Trust Scheme increased to approximately HK$ 557,689,000 as of June 30, 2021, compared to HK$ 556,027,000 as of December 31, 2020[24] Financial Ratios - The current ratio decreased to 4.3x from 5.3x, reflecting an 18.87% decline[4] - Gearing ratio increased to 49.22% from 34.6%, marking a 42.25% rise[4] - Adjusted gearing ratio rose to 46.95% from 31.2%, indicating a 50.48% increase[4] - Return on total assets decreased to (2.31%) from (3.0%), a decline of 23%[4] - The gearing ratio was 49.22% as of June 30, 2021, compared to 48.37% on December 31, 2020, indicating a slight increase in leverage[54] - The current ratio decreased to 4.33x as of June 30, 2021, down from 5.21x as of December 31, 2020, reflecting a reduction in liquidity[54] Revenue and Income - Rental income from the property leasing business was approximately HK$ 43,574,000 for 2021, a decrease of approximately HK$ 4,229,000 from HK$ 47,803,000 in 2020[29] - The decline in rental income was attributed to a decrease in occupancy rates due to the COVID-19 pandemic and certain tenants not renewing their leases[29] - Interest income (excluding bank deposits) increased from approximately HK$151,107,000 for Period 2020 to approximately HK$153,431,000 for Period 2021, showing a growth of about 1.5%[40] - Dividend income from listed and unlisted securities was HK$37,692,000, down from HK$41,674,000, reflecting a decline of 9.5% year-over-year[185] - Other income, gains, and losses increased to HK$155,684,000, compared to HK$151,767,000 in the previous year, marking a growth of 2.5%[185] Investments and Strategic Initiatives - The Group expanded its non-performing assets and loans portfolio, acquiring a non-performing loans portfolio valued at approximately RMB560 million[21] - The Group successfully developed an urban redevelopment fund with an initial phase of RMB200 million, targeting projects in the Guangdong-Hong Kong-Macao Greater Bay Area[21] - The Group is actively engaging in various types of non-performing assets investment projects, including debt restructuring and bankruptcy reorganization[21] - The establishment of a sound bankruptcy system is expected to promote the growth of the enterprise bankruptcy reorganization market in China[18] - The Group plans to support technological innovations, green development, and urban redevelopment in line with national policies[36] Corporate Governance and Management - The Company did not declare any interim dividend for the six months ended June 30, 2021, consistent with the previous year[126][128] - The Group's remuneration policies remained unchanged during the reporting period, with competitive packages offered to employees[125] - The Company has adopted codes of conduct regarding securities transactions by Directors that meet or exceed the standards set out in the Model Code[138] - The Company is committed to maintaining high standards of corporate governance in the interests of its shareholders[136] Debt and Financing Activities - The company issued senior notes with a total principal amount of US$19,800,000 (approximately HK$154,440,000) to investors, with net proceeds of about US$19,300,000 (approximately HK$150,540,000) allocated for general working capital[71] - The company entered into a subscription agreement for convertible bonds with a principal amount of up to HK$200,000,000, with a conversion price of HK$2.33 per ordinary share[74] - The issuance of senior notes and convertible bonds represents an opportunity for the company to secure funding for its operations[71] - The company’s financial strategies include leveraging both senior notes and convertible bonds to enhance liquidity and support growth initiatives[71] - The Group plans to dispose of short and medium-term investments to enhance working capital[52]
银建国际(00171) - 2021 - 中期财报