Revenue and Financial Performance - The company's revenue for the six months ended June 30, 2021, was approximately HKD 42.2 million, an increase of about HKD 10.5 million compared to the same period last year[11]. - Revenue from property investment and wine business was approximately HKD 20.7 million and HKD 11.7 million, respectively, for the six months ended June 30, 2021[11]. - The company reported a loss attributable to owners of approximately HKD 26.0 million for the six months ended June 30, 2021, compared to a profit of approximately HKD 287.8 million in the same period last year[11]. - The group reported a revenue of approximately HKD 20.7 million for the property investment segment for the six months ended June 30, 2021, an increase of about HKD 2.1 million compared to HKD 18.6 million for the same period in 2020[19]. - The city storage and workspace segment generated revenue of approximately HKD 18.0 million for the six months ended June 30, 2021, up by about HKD 2.8 million from HKD 15.2 million in the same period last year[20]. - The property management services segment reported revenue of approximately HKD 4.8 million for the six months ended June 30, 2021, significantly up from HKD 1.0 million in the same period last year[23]. - The financing segment generated revenue of approximately HKD 2.5 million for the six months ended June 30, 2021, a decrease of about HKD 0.7 million compared to HKD 3.2 million in the same period in 2020[24]. - The construction and renovation segment reported revenue of approximately HKD 2.1 million for the six months ended June 30, 2021, an increase from HKD 1.0 million in the same period last year[25]. - The wine business segment confirmed revenue of approximately HKD 11.7 million for the six months ended June 30, 2021, an increase of about HKD 4.9 million compared to HKD 6.8 million in the same period last year[26]. - The company reported a total comprehensive loss of HKD 28,363,000, compared to a total comprehensive income of HKD 294,190,000 for the same period in 2020[102]. - The company experienced a net cash outflow from operating activities of HKD 117,267,000 for the six months ended June 30, 2021, compared to a net cash inflow of HKD 7,963,000 for the same period in 2020[108]. - The company reported a significant increase in cash inflow from the sale of a subsidiary, amounting to HKD 980,000,000 during the investment activities for the six months ended June 30, 2021[108]. - The company’s total revenue for the six months ended June 30, 2021, was HKD 1,422,741,000, compared to HKD 826,830,000 for the same period in 2020, reflecting a growth of approximately 72%[102]. - The company’s net loss for the six months ended June 30, 2021, was HKD 26,041,000, compared to a profit of HKD 287,843,000 for the same period in 2020[102]. Assets and Liabilities - The group’s investment property portfolio had a total carrying value of approximately HKD 994.8 million as of June 30, 2021, down from HKD 1,050.7 million as of December 31, 2020[20]. - As of June 30, 2021, the total equity of the group was approximately HKD 1,395.3 million, a decrease from HKD 1,413.7 million as of December 31, 2020[30]. - The group's current assets increased to approximately HKD 3,184.4 million from HKD 2,942.2 million as of December 31, 2020, primarily due to an increase in properties classified as held for sale[30]. - Current liabilities rose to approximately HKD 2,718.0 million from HKD 2,557.1 million as of December 31, 2020, mainly due to increased pre-sale contract liabilities and bank borrowings[30]. - The total assets of the group as of June 30, 2021, were HKD 4,279,571,000, compared to HKD 4,133,608,000 as of December 31, 2020, reflecting a growth of 3.5%[157]. - The total liabilities increased to HKD 2,884,244,000 from HKD 2,719,928,000, marking a rise of 6.0%[157]. Shareholder Information - The total number of issued shares as of June 30, 2021, is 641,498,000 shares[71]. - Star Properties Holdings (BVI) Limited holds 432,140,800 shares, representing 67.36% of the total issued shares[68]. - Metropolitan Lifestyle (BVI) Limited has an interest in 836,000,000 shares, which is 130.32% of the total issued shares[68]. - The total equity held by Mr. Chen Wenhui in the company amounts to HKD 418,000,000[64]. - The company granted 10,000,000 stock options to Mr. Chen Wenhui, which was approved by independent shareholders and the Stock Exchange[77]. - A total of 27,250,000 stock options were granted to selected employees and directors at an exercise price of HKD 0.418 per share[77]. - As of June 30, 2021, Mr. Chen Wenhui held 440,640,800 shares, representing approximately 68.69% of the company's issued share capital[87]. Dividends and Share Options - The board did not recommend an interim dividend for the six months ended June 30, 2021, compared to 2.0 HKD cents per share for the same period in 2020[53]. - The company has not declared a final dividend for the year ended December 31, 2020, compared to 0.2 HKD cents per share for the previous year[53]. - The company reported a decrease in dividends paid, totaling HKD 1,283,000 for the six months ended June 30, 2021, consistent with the previous period[108]. - The company reported a total of 16,766,800 stock options remaining unexercised as of June 30, 2021[80]. Risk Management and Market Conditions - The group has identified potential risks including economic conditions affecting property markets and rising construction costs, which may impact project costs[46]. - The group has established a risk control committee to manage and respond to identified risks effectively[47]. - The group has implemented measures to ensure business continuity during the COVID-19 pandemic, including health monitoring and sanitation protocols[50]. - The retail store transaction volume increased by 273% year-on-year in the first five months of 2021, indicating strong demand in the market[51]. - The group anticipates that the fully vaccinated population in Hong Kong will soon exceed 70%, which is expected to positively impact the property market[51]. - The group is optimistic about the Hong Kong property market's recovery, especially with the reopening of borders with mainland China[51]. Corporate Governance - The company maintained compliance with the corporate governance code, except for the separation of the roles of Chairman and CEO[91]. - The company has maintained a strong leadership structure with a focus on independent board oversight to address potential power concentration issues[92]. - The board believes that the current leadership arrangement is beneficial for the overall interests of the company and its shareholders[92]. Acquisitions and Financing - The company completed the acquisition of Metropolitan Group for a total consideration of HKD 460,000,000, which included cash payment of HKD 42,000,000 and convertible bonds worth HKD 418,000,000[112]. - The company entered into a financing agreement for a loan of up to HKD 255,048,000 with a bank, with a term of 21 months[85]. - The company established a loan agreement totaling HKD 1,241,677,000 for land and construction financing, with a term of 24 months[86]. - The company has foreign borrowings of approximately KRW 28 billion (approximately HKD 195.4 million) as of June 30, 2021, compared to KRW 22 billion (approximately HKD 155.8 million) as of December 31, 2020[36]. Taxation - The company’s effective tax rates in Hong Kong are 8.25% for the first HKD 2 million of profits and 16.5% for profits exceeding that amount[180]. - There were no estimated taxable profits for the periods, resulting in no provisions for Korean corporate income tax[180].
星星集团(01560) - 2021 - 中期财报