Financial Performance - The company's revenue for the six months ended September 30, 2021, was HKD 30,865,000, a decrease of 5.95% compared to HKD 32,824,000 for the same period in 2020[4] - Gross profit for the same period was HKD 30,224,000, down from HKD 31,953,000, reflecting a decline of 5.42%[4] - The company reported a profit attributable to shareholders of HKD 4,011,000, a significant recovery from a loss of HKD 59,223,000 in the previous year[4] - The total comprehensive loss attributable to shareholders was HKD 43,754,000, compared to a loss of HKD 7,303,000 in the prior year[4] - Basic and diluted earnings per share were HKD 0.0145, recovering from a loss of HKD 0.2136 per share in the previous year[4] - The net profit for the period was HKD 4,011, compared to a net loss of HKD 59,223 in the same period last year[9] - Total comprehensive income for the period was a loss of HKD 43,754, significantly improved from a loss of HKD 7,303 in the previous year[9] - The profit attributable to shareholders for the period was HKD 4.0 million, an increase due to a smaller decrease in the fair value of investment properties[77][78] - Earnings per share for the period were HKD 1.45, compared to a loss of HKD 21.36 per share in the previous year[80] Assets and Liabilities - Non-current assets, primarily investment properties, totaled HKD 2,217,420,000, slightly down from HKD 2,226,650,000 as of March 31, 2021[8] - Current assets increased to HKD 263,384,000 from HKD 244,535,000, indicating a growth of 7.87%[8] - Total assets less current liabilities amounted to HKD 3,016,366,000, down from HKD 3,149,758,000[8] - The company's total equity was HKD 2,832,778,000, a decrease from HKD 2,882,354,000 as of March 31, 2021[8] - As of September 30, 2021, total equity amounted to HKD 2,882,354, a decrease from HKD 2,963,500 as of April 1, 2021[9] - The total assets as of September 30, 2021, amounted to HKD 3,052,358,000, with total liabilities of HKD 219,580,000[21] - The company has bank borrowings totaling HKD 153,629,000 as of September 30, 2021, down from HKD 243,521,000 as of March 31, 2021[52][57] - The company's total bank borrowings as of September 30, 2021, were HKD 153.6 million, down from HKD 243.5 million as of March 31, 2021[81] Cash Flow - Cash generated from operating activities was HKD 16,436, down from HKD 19,383 in the previous year[11] - Net cash from investing activities was HKD 102,358, a decrease from HKD 180,906 in the same period last year[11] - The net cash used in financing activities was HKD 94,355, compared to HKD 65,704 in the previous year[11] - The cash and cash equivalents at the end of the period were HKD 183,471, an increase from HKD 156,702 at the end of the previous year[11] - The total cash outflow for leases was HKD 534,000, reflecting the company's leasing commitments[39] Dividends and Shareholder Information - Proposed dividends for the period amounted to HKD 3,327, down from HKD 7,485 in the previous year[9] - The company declared an interim dividend of HKD 0.012 per share, totaling approximately HKD 3,327,000, down from HKD 4,158,000 in the same period last year[33] - The total issued and fully paid ordinary shares remain at 277,232,883 shares with a value of HKD 229,386,000 as of September 30, 2021[53] - As of September 30, 2021, the total number of shares held by director Chen Haisou is 2,036,000, representing 73.82% of the issued share capital[101] - Major shareholder Chen Luoguoping holds 204,662,534 shares, also representing 73.82% of the issued share capital[109] Business Segments - The total revenue for the property investment segment was HKD 30,865,000, with property expenses of HKD (641,000), resulting in a gross profit of HKD 30,224,000[21] - The financial investment segment reported a loss of HKD (9,657,000) from realized financial assets and an unrealized loss of HKD (3,757,000) from financial assets measured at fair value[21] - The company continues to focus on property and securities investment as its main business activities[13] - The company generated rental income of approximately HKD 30.9 million, with the largest tenant contributing about HKD 3.1 million[26] - Employee costs, including director remuneration, totaled HKD 11,292,000 for the six months ending September 30, 2021[27] - The company reported a loss of HKD (72,200,000) for the property investment segment for the six months ending September 30, 2020[23] - The operating profit for the financial investment segment was HKD 1,906,000, with no significant losses reported[21] Economic Environment and Future Outlook - The global economy is slowly recovering, influenced by the progress of vaccination programs and pandemic control measures[99] - The Hong Kong economy has shown slight positive effects for retail tenants, particularly in the restaurant sector, due to reduced community infections and eased social distancing measures[99] - The group anticipates significant challenges in rental income from investment properties due to the ongoing severe business environment in the tourism sector, heavily reliant on mainland Chinese customers[99] - Management maintains a prudent financial approach to mitigate negative impacts and actively assess opportunities in the current uncertain economic environment[99] - The company’s investment properties continue to face heavy challenges in rental income for the remainder of the period[99] - The restaurant sector has shown improvement, but the recovery pace remains slow[99] - The group is focused on enhancing vaccination rates to facilitate the full reopening of borders with mainland China[99] - The company will continue to evaluate opportunities in the difficult market environment[99] Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which are held by the same individual, Mr. Chen Haisou[118] - The Audit Committee reviewed the accounting policies and practices adopted by the group and discussed internal controls and risk management systems with management[117] - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code for securities transactions by directors[119] - All directors confirmed compliance with the Model Code during the six-month period ending September 30, 2021[119] Shareholder Structure - Credit Suisse Trust Limited, as trustee of the Sow Pin Trust, holds 172,100,896 shares, with 146,278,000 shares held by Noranger Company Limited and 25,822,896 shares held by Yongzan Investment Limited[3] - Noranger Company Limited's issued share capital is wholly owned by Beyers Investments Limited, which is indirectly owned by the Sow Pin Trust[3] - Smartprint Development Limited is wholly owned by Mr. Chen Haisou[112] - Builtwin Ltd. is wholly owned by Hon Nicholas[113]
太兴置业(00277) - 2022 - 中期财报