Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 164,209,000, a decrease of 33.8% compared to HKD 248,012,000 for the same period in 2020[4] - Gross profit for the same period was HKD 118,589,000, down 38.4% from HKD 192,471,000 in 2020[4] - The operating loss after the valuation changes of investment properties was HKD 472,475,000, an improvement from a loss of HKD 603,217,000 in the previous year[4] - The net loss attributable to equity shareholders for the period was HKD 244,431,000, compared to HKD 315,770,000 in the same period last year, reflecting a reduction of 22.6%[4] - Basic and diluted loss per share for the period was HKD 0.51, an improvement from HKD 0.67 in the previous year[4] - For the six months ended September 30, 2021, the company reported a pre-tax loss of HKD 244,431,000, compared to a pre-tax loss of HKD 315,770,000 for the same period in 2020[35] - The net other income for the six months ended September 30, 2021, was HKD 576,000, a decrease from HKD 1,488,000 in the same period of 2020[18] - Financing costs for the six months ended September 30, 2021, totaled HKD 1,038,000, compared to HKD 1,818,000 in the previous year[27] - The company reported a net interest income of HKD 1,795,000 for the six months ended September 30, 2021, compared to HKD 4,683,000 in the same period of 2020[24] - The operating profit before investment property valuation changes for the half-year ended September 30, 2021, was HKD 101,600,000, down about 44.4% year-on-year, primarily due to rental concessions granted to tenants[45] Cash Flow and Assets - Cash and cash equivalents as of September 30, 2021, amounted to HKD 558,701,000, compared to HKD 571,023,000 at the end of the previous period[11] - The net cash generated from operating activities was HKD 116,325,000, an increase from HKD 97,807,000 in the same period last year[11] - Total assets less current liabilities were HKD 10,698,266,000, down from HKD 11,056,322,000 at the end of the previous period[6] - The total accounts receivable, net of credit loss provisions, was HKD 157,419,000 as of September 30, 2021, down from HKD 183,618,000 as of March 31, 2021[38] - Cash and cash equivalents amounted to HKD 558,701,000 as of September 30, 2021, compared to HKD 430,918,000 as of March 31, 2021, reflecting an increase of approximately 29.6%[40] Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.08 per share for the current period, down from HKD 0.10 per share in the previous year[32] - The major shareholder, Tiande Limited, holds 237,370,032 shares, representing 50.001% of the total voting shares[58] - The total beneficial interest of the directors and senior management in the company includes 4,625,792 shares (0.97%) held by Zhong Huihuang and 46,139,164 shares (9.72%) held by Zhong Qionglin[53] - The total beneficial interest of Zhong Qionglin and Lin Yuxun is the same, with both holding 46,139,164 shares collectively[58] Operational Performance - Rental income for the International Plaza was approximately HKD 159,700,000 for the half-year ended September 30, 2021, representing a decline of about 34.1% compared to the previous year[46] - The occupancy rate of the International Plaza as of September 30, 2021, was approximately 76.2%, down from 82.8% on September 30, 2020[46] - Management anticipates that the positive impacts from recent favorable factors in the local retail market will be short-term, with ongoing negative effects on rental income and operational performance expected in the second half of the year[52] - The company’s operational performance is expected to continue facing challenges, despite improvements in local employment and the introduction of a consumption voucher scheme[52] Employee and Administrative Expenses - The company reported a decrease in administrative expenses to HKD 19,349,000 from HKD 16,641,000 in the previous year[4] - As of September 30, 2021, the group employed 38 staff members, a decrease from 39 staff members on the same date in 2020, with related expenses amounting to approximately HKD 13,800,000, up from HKD 11,100,000 in the previous year[51] - The increase in employee-related expenses was primarily due to the absence of wage subsidies from the Hong Kong government's "Employment Support Scheme" in the previous year[51] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code during the six months ending September 30, 2021, except for certain disclosures[63] - The board believes that the risk of legal action against directors is low due to existing risk management and internal control systems[63] - The company currently does not have an internal audit function, but the board will review the necessity of establishing one annually[67] - The board has established a monitoring environment to enhance risk management and internal control effectiveness, including biannual risk assessments[67] - The company has not disclosed the remuneration details of senior management by pay grade in the annual report, believing it would not negatively impact the company[67] - All directors confirmed compliance with the standard code of conduct for securities trading during the six months ending September 30, 2021[69] - The company secretary reports directly to the vice-chairman instead of the chairman/CEO, which the board believes is appropriate for the company's situation[68] - The board consists of three independent non-executive directors with diverse expertise, ensuring a balance of power[63] - The company has established a compensation committee to determine senior management remuneration based on the company's compensation policy[67] - The board believes that the current company structure allows for swift and efficient decision-making[63] Accounting and Reporting - The interim financial report as of September 30, 2021, was prepared in accordance with Hong Kong Accounting Standards (HKAS) 34[74] - No significant issues were identified during the review that would indicate the financial report was not prepared in accordance with HKAS 34[74] - The review was conducted based on the Hong Kong Institute of Certified Public Accountants' standards, focusing on inquiries and analytical procedures[73] Investment Properties - As of September 30, 2021, the group's investment property valuation loss was HKD 574,100,000, compared to HKD 786,000,000 in the same period last year, indicating a decrease of approximately 26.9%[45] - The company has not disclosed any new product developments or market expansion strategies in this report[4] - The company did not have any customers contributing over 10% of revenue for the six months ended September 30, 2020, indicating a diversified customer base[22] - Depreciation expenses for the six months ended September 30, 2021, were HKD 2,134,000, slightly down from HKD 2,158,000 in the previous year[28]
天德地产(00266) - 2022 - 中期财报