Financial Performance - The unaudited consolidated profit attributable to owners for the six months ended June 30, 2019, was HKD 3,409 million, a significant increase from HKD 307 million in 2018[6]. - The profit attributable to owners after adjusting for unrealized fair value changes from investment properties was HKD 3,404 million, compared to HKD 186 million in 2018[6]. - Basic earnings per share for the period were HKD 1.127, up from HKD 0.101 in 2018[6]. - The group reported a total revenue of HKD 11,809,371,000 for the six months ended June 30, 2019, compared to HKD 1,995,986,000 for the same period in 2018, representing a significant increase[58]. - Operating profit for the same period was HKD 5,904,755,000, a substantial rise from HKD 558,380,000 in 2018[58]. - The net profit for the period was HKD 4,961,972,000, compared to HKD 492,815,000 in the previous year, indicating a strong growth[58]. - The total comprehensive income for the period was HKD 4,316,958,000, compared to HKD 1,235,316,000 in 2018, showing a significant increase[60]. Real Estate Development - The real estate segment recorded a profit of HKD 58,430 million for the first half of 2019, a substantial increase from HKD 17,900 million in the same period of 2018[8]. - The group delivered nearly 900 completed units from the residential development project in Macau, contributing to the profit recognition[8]. - The group has ongoing diversified real estate projects in China and Singapore, with most expected to launch in 2020[8]. - The Beijing Tongzhou comprehensive development project is expected to be completed in two phases in 2022 and 2023, with a total retail space of approximately 250,000 square meters[10]. - The Shanghai Qiantan comprehensive development project will include a five-star hotel with around 200 rooms, expected to be completed in 2023[11]. - The Hengqin comprehensive development project is progressing well, with a total site area of 23,834 square meters and expected to be pre-sold in 2020[12]. Hotel and Leisure Operations - The hotel and leisure division reported a loss of HKD 25 million in the first half of 2019, compared to a loss of HKD 8 million in the same period of 2018[32]. - Hong Kong SkyCity Marriott Hotel achieved a 19% year-on-year increase in revenue from its conference and exhibition business, leveraging its proximity to the AsiaWorld-Expo[33]. - The average occupancy rate of the Mandarin Oriental Macau reached approximately 74%, with an average room rate exceeding MOP 2,000[34]. - The average occupancy rate for the Luhuan Seaview Resort Hotel remained above 70% during the reporting period[35]. - The average occupancy rate of the Ascot Mall reached 100% in H1 2019 after expanding the number and variety of shops[18]. Transportation Services - The total passenger volume for the Hong Kong-Macau ferry service dropped by 32% year-on-year to 4.6 million in H1 2019, resulting in a loss of HKD 70 million[28]. - The new Taipa ferry route was launched in March 2019 to capture potential customers from the upcoming Macau Light Rail, with plans to expand services to new tourist attractions[29]. - Jetfoil partnered with Octopus to enhance ferry services and promote the "eBoarding" mobile app, aiming to expand regional and international markets[30]. - As of June 30, 2019, the company recorded revenue of HKD 70 million from its cross-border bus services, operating a fleet of 142 vehicles[31]. Financial Position and Commitments - As of June 30, 2019, the group's bank balances and deposits totaled HKD 17,111 million, an increase of HKD 2,793 million from December 31, 2018[51]. - The group's net debt at the end of the reporting period was HKD 897 million, with a capital-to-debt ratio of 2.5%[51]. - The group's capital commitments not yet fulfilled amounted to approximately HKD 557 million as of June 30, 2019[51]. - The maturity profile of the group's borrowings shows that 54% is due within one year, 13% within one to two years, 31% within two to five years, and 2% beyond five years[52]. - The company reported a significant increase in inventory, which rose to HKD 12,410,710 thousand from HKD 7,626,127 thousand, reflecting a growth of 62.5%[61]. Shareholder Activities - The company repurchased a total of 2,296,000 shares during the period, with a total expenditure of HKD 7,079,000[122]. - The highest price paid per share during the repurchase was HKD 3.12, while the lowest was HKD 3.01[156]. - The company believes that the share repurchase enhances the net asset value and earnings per share for shareholders[155]. - The interim dividend for the six months ended June 30, 2019, was zero, consistent with the previous year[111]. Accounting Standards and Financial Reporting - The adoption of HKFRS 16 "Leases" began on January 1, 2019, significantly changing the accounting treatment for leases, requiring recognition of right-of-use assets and lease liabilities on the balance sheet[86]. - The transition to HKFRS 16 did not require adjustments to the opening balance of retained earnings as the company opted for a modified retrospective approach[90]. - The impact of the new lease standard did not have a significant effect on the company's performance overall[88]. - The company will recognize lease payments related to short-term leases and low-value asset leases on a straight-line basis in the income statement[89]. Investment and Asset Management - The investment department reported a profit of HKD 89 million, up 20% from HKD 74 million in the first half of 2018, due to dividends from the group's stake in Macau's gaming operator[46]. - The fair value change of investment properties was HKD 5,836,899 for the six months ended June 30, 2019, compared to HKD 430,810 in the same period of 2018[106]. - The fair value of equity investments in a Macau-based company was adjusted to HKD 3,862,749,000 as of December 31, 2018, from HKD 2,483,726,000[83]. - The total value of financial assets as of June 30, 2019, was HKD 3,564,188,000, with first-level assets valued at HKD 473,644,000[135].
信德集团(00242) - 2019 - 中期财报