Financial Performance - The company reported a net loss attributable to equity holders of HKD 166 million for the six months ended June 30, 2024, an increase of 67.7% compared to a net loss of HKD 99 million in the same period last year[1]. - The loss was primarily due to an estimated unrealized fair value loss of approximately HKD 43 million on the property portfolio during the period[1]. - The company's revenue for the first half of 2024 was HKD 320 million, a decrease of 27.6% compared to HKD 442 million in the same period of 2023[16]. - The overall operating loss for the group was HKD 85 million, compared to a profit of HKD 9 million in the previous year[20]. - The company reported a basic and diluted loss per share of HKD 0.104, compared to HKD 0.094 in the previous year, an increase of 10.6%[16]. - The group recorded a net loss of approximately HKD 166 million for the six months ended June 30, 2024[56]. - The group reported a loss before tax of HKD 165 million for the six months ended June 30, 2024, compared to a loss of HKD 97 million for the same period in 2023[73]. Revenue Breakdown - Ferrari business generated revenue of HKD 190 million, maintaining stability compared to HKD 189 million in the first half of 2023[17]. - Maserati business revenue decreased by 40.9% to HKD 39 million, with an operating loss increasing to HKD 7 million from HKD 4 million in the previous year[24]. - Revenue from valuable collectibles and logistics business decreased by 30.5% to HKD 57 million, resulting in an operating loss of HKD 22 million compared to an operating profit of HKD 15 million in the first half of 2023[25]. - Cultural entertainment business generated no revenue in the current period, down from HKD 72 million in the previous year[63]. - Other businesses reported revenue of HKD 30 million, a slight increase from HKD 29 million[63]. Automotive Business Outlook - Blackbird Group continues to maintain a positive outlook on its multi-faceted automotive business despite a challenging business environment[6]. - The Ferrari business celebrated its 40th anniversary in Hong Kong with a series of events, including the launch of the new Roma Spider, which significantly boosted order volume for Q4 2023[7]. - The limited edition SF90 XX and XX Spider models received a large number of orders, with deliveries expected to begin by the end of 2024[7]. - The new V12 GT race car "12Cilindri" received substantial orders following its global debut, with the convertible model already sold out before its local launch[8]. - The Purosangue model is highly anticipated, with local Ferrari owners expressing satisfaction during its launch event, and deliveries expected to start in mid-2024[8]. - The demand for the 296 GTB and GTS convertible models remains strong, with stable growth in orders for the 819-horsepower V6 hybrid sports car in its third year of production[8]. - Ferrari's new flagship limited edition supercar, code-named "F250," is set to be launched in the second half of 2024, following the successful delivery of the Daytona SP3[9]. Cost Management and Financial Strategy - The company is committed to prudent financial management and cost-saving measures to navigate unprecedented challenges and enhance long-term shareholder value[14]. - The group plans to rely on cash generated from operations and additional borrowings to meet working capital and capital expenditure needs[33]. - The group plans to continue controlling administrative costs and managing capital expenditures[56]. - The company has streamlined its organizational structure by selling most of its investments in stage sound, lighting, and engineering businesses, which are no longer part of the group[13]. Corporate Governance and Compliance - The company maintains a commitment to high standards of corporate governance to ensure shareholder interests are maximized[44]. - The board of directors consists of two executive directors and three independent non-executive directors, ensuring a balance of responsibilities[45]. - The company has confirmed compliance with the standards for securities trading by all current directors as of June 30, 2024[46]. Asset Management - Total assets as of June 30, 2024, amounted to HKD 2,955 million, an increase from HKD 2,841 million as of December 31, 2023[54]. - The company's total liabilities decreased slightly to HKD 2,067 million from HKD 2,110 million[55]. - The group's bank borrowings amounted to HKD 1,207 million, representing 49.1% of total liabilities as of June 30, 2024[30]. - The group's equity attributable to shareholders increased by HKD 157 million to HKD 888 million as of June 30, 2024[30]. Employee and Operational Changes - The total number of employees decreased to 257 as of June 30, 2024, from 296 on December 31, 2023[40]. - The company has no outstanding share options as of June 30, 2024, maintaining a competitive compensation policy for employees[40]. Future Plans and Developments - The company will send the 2024 interim report to shareholders as appropriate, with the report also available on its website[50]. - The company is actively working with financial advisors on potential capital transactions to improve its net asset position[58]. - The group has ongoing discussions with potential buyers for the sale of long-term assets to generate cash flow[56].
中建富通(00138) - 2024 - 中期业绩