Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 374,119,000, a decrease of 66.0% compared to HKD 1,099,391,000 in 2020[2] - Gross profit for the same period was HKD 45,200,000, down 61.1% from HKD 116,097,000 in the previous year[2] - Net profit for the period was HKD 64,315,000, a decline of 17.8% from HKD 78,228,000 in 2020[5] - Basic and diluted earnings per share were both HKD 6.65, compared to HKD 7.89 in the prior year, reflecting a decrease of 15.7%[2] - Total comprehensive income for the period was HKD 67,649,000, down 48.9% from HKD 132,198,000 in 2020[8] - Revenue from external sales for the six months ended September 30, 2021, was HKD 374,119 thousand, a decrease from HKD 1,099,391 thousand in 2020[36] - The pre-tax profit for the period was HKD 63,696 thousand, with a net profit of HKD 64,315 thousand[39] - The total financial expenses for the period were HKD 36,021 thousand, down from HKD 41,976 thousand in 2020[55] - The company incurred a loss of HKD (51,624) thousand from fair value changes of financial assets, compared to a loss of HKD (8,767) thousand in the previous year[54] - Basic and diluted earnings per share for the six months ended September 30, 2021, were HKD 64,354, compared to HKD 78,260 for the same period in 2020, representing a decrease of approximately 17.7%[64]. - The interim dividend declared for the year 2021 is HKD 0.03 per share, consistent with the previous year, with total dividends for the period amounting to HKD 29,037, a slight decrease from HKD 29,692 in 2020[65]. Assets and Liabilities - Non-current assets, including investment properties, increased to HKD 4,097,970,000 from HKD 3,946,423,000 as of March 31, 2021[13] - Current assets totaled HKD 2,997,262,000, an increase from HKD 2,641,975,000 at the end of March 2021[17] - Current liabilities rose to HKD 2,005,370,000 from HKD 1,530,245,000, indicating a significant increase in obligations[16] - The company reported a net cash position of HKD 1,018,923,000 as of September 30, 2021, compared to HKD 1,095,051,000 at the end of March 2021[13] - The total cash and cash equivalents decreased by HKD 74,013 thousand, compared to an increase of HKD 106,489 thousand in the prior year[24] - As of September 30, 2021, the total borrowings of the group amounted to approximately HKD 4,349,000,000, with a repayment period of 30 years[106] - The capital-to-debt ratio as of September 30, 2021, was 1.25, compared to 1.24 on March 31, 2021, calculated based on long-term bank borrowings of approximately HKD 3,233,000,000 and shareholder equity of approximately HKD 2,591,000,000[106] - The total cash and bank deposits as of September 30, 2021, were approximately HKD 1,019,000,000, a decrease from HKD 1,095,000,000 as of March 31, 2021[106] - 86% of the group's borrowings were in HKD, 10% in CAD, 2% in JPY, 1% in USD, and 1% in GBP as of September 30, 2021[107] - As of September 30, 2021, approximately HKD 5,438,000,000 worth of properties and bank deposits were pledged as collateral for bank financing[110] Cash Flow - For the six months ended September 30, 2021, the net cash used in operating activities was HKD (262,995) thousand, compared to HKD (147,395) thousand for the same period in 2020[21] - The net cash used in investing activities for the same period was HKD (9,455) thousand, a significant decrease from HKD (194,692) thousand in 2020[22] - The net cash generated from financing activities was HKD 198,437 thousand, down from HKD 448,576 thousand in the previous year[23] Property and Development - The company reported a significant increase in revenue from Hong Kong and China, reaching HKD 362,448 thousand compared to HKD 192,069 thousand in the previous year[51] - The group completed the sale of two villas in a joint venture project, contributing to the revenue for the six months ended September 30, 2021[99] - The acquisition of all shares and related shareholder loans of Jietuo Limited was completed on October 29, 2021, for a consideration of HKD 132,558,000[94][96] - The group expects gradual improvement in revenue and profit for its watch and watch accessories business despite ongoing COVID-19 impacts[100] - The hotel business is anticipated to see steady increases in occupancy rates and rental income as travel restrictions ease[100] - The group has completed renovation and expansion works at a villa on Deep Water Bay Road and has begun interior decoration plans[101] - Construction of a luxury residential project at South Bay Road is progressing as planned[102] - The foundation work for the third phase of a residential apartment in Toronto is nearing completion, with superstructure work set to commence soon[102] - The group will continue to seek property investment and development opportunities in Hong Kong, Toronto, and London[105] Corporate Governance and Compliance - The group has complied with the corporate governance code, except for certain provisions regarding the appointment and re-election of non-executive directors[122] - The audit and risk management committee has reviewed the accounting principles and practices adopted by the group for the six months ended September 30, 2021[126] - The company is committed to adhering to the standards set forth in the listing rules, ensuring transparency and governance[128] - The company is actively managing its property portfolio to maximize returns and ensure compliance with listing rules[128] Employee and Management Costs - The total staff costs, including directors' remuneration, were HKD 50,124 thousand, slightly down from HKD 51,022 thousand in the same period last year[60] - Management compensation for the period was approximately HKD 17,826,000, down from HKD 22,159,000 for the same period last year, reflecting a decrease of about 19.5%[82] - Employee costs recognized in the profit and loss statement included director remuneration of approximately HKD 50,000,000 for the period[111] Share Repurchase - The group repurchased a total of 4,276,000 shares during the six months ended September 30, 2021, at a total cost of approximately HKD 4,572,386[121]
NATIONAL ELEC H(00213) - 2022 - 中期财报