Financial Performance - The group's consolidated revenue for the six months ended September 30, 2021, was HKD 74 million, a decrease from HKD 152 million for the same period in 2020, attributed to high base effects from previous property redevelopment project cash-outs[9] - Gross profit for the period was HKD 13 million, with a gross margin of 17.7%, compared to HKD 16 million and 10.5% in the prior year[9] - The group recorded a profit of HKD 3 million for the six months, down from HKD 61 million in the same period last year, with profit attributable to ordinary shareholders at HKD 7 million, compared to HKD 34 million previously[9] - Revenue for the six months ended September 30, 2021, was HKD 73.83 million, a decline of 51% from HKD 151.84 million in the same period of 2020[36] - The operating profit decreased significantly to HKD 4.05 million from HKD 52.04 million year-on-year, reflecting a decline of approximately 92%[36] - The profit attributable to equity shareholders was HKD 6.60 million, down from HKD 33.53 million in the previous year, indicating a decrease of about 80%[36] - Total comprehensive income for the period was HKD 4.62 million, compared to HKD 89.68 million in the same period last year, a decrease of approximately 95%[38] Assets and Liabilities - As of September 30, 2021, the total assets of the group were HKD 1.479 billion, down from HKD 1.549 billion as of March 31, 2021, with current assets at HKD 678 million[8] - The group’s current assets were approximately 3.28 times its current liabilities, compared to 3.16 times as of March 31, 2021[8] - As of September 30, 2021, the company's current liabilities totaled HKD 206,937,000, a decrease from HKD 269,868,000 as of March 31, 2021, representing a reduction of approximately 23.3%[43] - The total equity attributable to ordinary shareholders was HKD 1,273,633,000, slightly decreasing from HKD 1,277,154,000, a change of approximately 0.3%[44] - The group’s net asset liability ratio was 0.2% as of September 30, 2021, compared to 0% as of March 31, 2021, with net borrowings of HKD 2 million[27] - Total liabilities decreased from HKD 269,868,000 to HKD 206,937,000, a reduction of about 23.3%[74] Cash Flow and Financing - The company reported a net cash outflow from operating activities of HKD 33,388,000 for the six months ended September 30, 2021, compared to an inflow of HKD 151,956,000 for the same period in 2020[49] - Cash and cash equivalents decreased by HKD 200,714,000 during the six months, resulting in a closing balance of HKD 168,975,000 as of September 30, 2021[51] - The company’s bank loans decreased from HKD 240,991,000 as of March 31, 2021, to HKD 171,039,000 as of September 30, 2021, a reduction of approximately 29.0%[43] - The total bank borrowings amounted to HKD 171 million, a decrease from HKD 241 million as of March 31, 2021, representing a reduction of approximately 29%[27] Investments and Projects - The group continues to focus on two key property redevelopment projects in Hong Kong, achieving critical construction milestones during the review period[7] - The company completed the sale of the Singing Wood project in Arcadia, California, further strengthening its overseas development performance[17] - The company acquired a new residential redevelopment project, Anoakia, located in Arcadia, California, which is currently in the planning stage[17] - The company increased its stake in the Wong Chuk Hang project to approximately 24.21% through a fund subscription agreement during the review period[17] - The Wong Chuk Hang and Shek Pai Tau projects are progressing smoothly and are expected to be completed in March 2022 and June 2022, respectively[17] - The Graphite project in Vauxhall, London, is under construction and is expected to be completed by March 2025, with a total construction area of 27,523 square meters and the company's stake at 21.25%[15] Dividends and Shareholder Returns - The group did not recommend the payment of an interim dividend for the six months ended September 30, 2021[10] - The company declared a final dividend of HKD 0.03 per share, totaling HKD 11,263,000, compared to no dividend declared in the same period last year[94] - The company paid dividends amounting to HKD 11,263,000 during the reporting period[49] Employee and Management - The group employed 26 staff as of September 30, 2021, a slight decrease from 27 as of March 31, 2021[35] - The total employee compensation for the period was HKD 12 million, down from HKD 13 million in the previous year[35] - The remuneration for key management personnel increased to 8,132,000 HKD for the six months ended September 30, 2021, compared to 7,342,000 HKD in the previous year[106] Governance and Compliance - The company maintained sufficient public float during the interim reporting period as per the requirements of the Stock Exchange[124] - The company has adopted a code of conduct for securities trading by directors and senior management, ensuring compliance with the standards set out in the listing rules[127] - The company’s governance practices comply with the principles and applicable code provisions of the corporate governance code, with a noted deviation regarding the roles of the chairman and CEO[125] Miscellaneous - The report indicates that the company has not disclosed any new product or technology developments during this period[120] - There were no acquisitions or market expansions reported in the interim period[120] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[123]
宏基资本(02288) - 2022 - 中期财报