顺豪控股(00253) - 2024 - 中期财报

Company Information This section details Shun Ho Holdings Limited's corporate information, including directors, registered office, bankers, auditors, and legal advisors - The chapter details Shun Ho Holdings Limited's essential corporate contacts, including its board of directors, registered office, principal bankers, auditors, and legal firms[1][2] Financial Highlights and Management Discussion Interim Results Net profit attributable to owners, before revaluation and depreciation, increased 25% to HKD 30 million for the period Core Net Profit Performance | Metric | Six Months Ended June 30, 2024 (HKD) | Six Months Ended June 30, 2023 (HKD) | Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Owners (Before Revaluation & Depreciation) | 30,000,000 | 24,000,000 | +25% | Interim Dividend The Board decided not to declare an interim dividend for the period to preserve cash flow amid challenging economic conditions - To navigate the challenging economic environment, the Board decided not to declare an interim dividend for 2024, consistent with the prior year's policy[4] Business Performance Review The Group's hotel business revenue grew 36% and total revenue 27%, while commercial property rental income remained stable Hotel Business Hotel business revenue grew 36% to HKD 260 million, with Wah Da Hotel Group's core net profit surging 132% to HKD 42 million Hotel Business Financial Performance | Metric | Six Months Ended June 30, 2024 (HKD) | Six Months Ended June 30, 2023 (HKD) | Change | | :--- | :--- | :--- | :--- | | Hotel Business Revenue | 260,000,000 | 191,000,000 | +36% | | Wah Da Hotel Core Net Profit | 42,000,000 | 18,000,000 | +132% | - The increase in Wah Da Hotel Group's profit is primarily due to a 41% rise in hotel income and the absence of opening expenses, maintenance, and renovation costs for the Grand Bay Hotel[8] Commercial Property Rental Income Commercial property rental income remained stable at HKD 60 million, with London's Royal Scot Hotel annual rent increasing 34% from H2 2024 - Commercial property rental income remained stable at HKD 60 million compared to the prior year[11] - Management successfully increased the annual rent for London's Royal Scot Hotel by 34%, from GBP 3.546 million to GBP 4.737 million, with the new rental income to be reflected in the second half of 2024[10] Liquidity and Financial Position As of June 30, 2024, total debt was HKD 1.078 billion, with a stable 13% gearing ratio, but floating-rate loans pose foreign exchange risk Financial Position Overview | Metric | June 30, 2024 (HKD) | December 31, 2023 (HKD) | | :--- | :--- | :--- | | Total Debt | 1,078,000,000 | 1,075,000,000 | | Gearing Ratio (vs. Capital Employed) | 13% | 13% | | Debt-to-NAV Ratio (vs. Revalued NAV) | 7% | 7% | - The Group's employee count increased from 562 to 622[12] Key Business Achievements The Group maintained over 90% hotel occupancy, increased total revenue by 27% to HKD 320 million, and completed a major Hong Kong property acquisition - During the period, the Group's average hotel occupancy rate consistently exceeded 90%[13] - The Group's total revenue increased by 27% to HKD 320 million[13] - On April 15, 2024, the Group completed the acquisition of Jessville Manor on Pok Fu Lam Road, Hong Kong, for HKD 207 million[13] Future Outlook Future hotel and rental income prospects are challenging due to a weak Chinese economy, high HKD exchange rate, and trade war, with management focused on revenue and cost control - Weakness in the Chinese economy and a high Hong Kong dollar exchange rate against the RMB may lead to a slow recovery in Chinese tourist numbers, with more visitors opting for day trips within the Greater Bay Area[14] - The US-China trade war and declining import/export volumes in Hong Kong have impacted international trading company tenants in the Group's office buildings, putting pressure on occupancy rates[14] Significant Matters and Corporate Governance Significant Acquisition On April 15, 2024, the Group completed the acquisition of Jessville Manor in Hong Kong for HKD 207 million, constituting a major transaction - The Group completed the acquisition of Jessville Manor on April 15, 2024, for a total consideration of HKD 207 million[15] Directors' and Major Shareholders' Interests This section details directors' and major shareholders' interests in the company and its associates, with Chairman Mr. Cheng Kai Man holding approximately 74.40% as the controlling shareholder - Chairman Mr. Cheng Kai Man, as the controlling shareholder, holds a total of 226,454,825 shares in the company, personally and through his controlled entities, representing approximately 74.40% of the total share capital[17] - The ultimate holding company, Trillion Resources (BVI), beneficially owns and is deemed to own a total interest in 216,608,825 shares, representing 71.20%[20][21] Corporate Governance The company largely complied with the Corporate Governance Code, with the Chairman also serving as CEO for consistent leadership, and all directors adhered to securities transaction standards - One deviation from the Corporate Governance Code exists: the roles of Chairman and Chief Executive Officer are combined and held by Mr. Cheng Kai Man, which the Board believes provides robust leadership and cost savings[23] - Ms. Cheng Wai Kwan retired as an Executive Director of the company on May 24, 2024[25] Condensed Consolidated Financial Statements Independent Review Report Deloitte Touche Tohmatsu reviewed the Group's condensed consolidated financial statements for the period, issuing an unmodified report consistent with HKAS 34 - The auditor, Deloitte, issued an unmodified review conclusion on the interim financial statements[27][29] Condensed Consolidated Statement of Profit or Loss The Group reported a HKD 107 million loss for the period, primarily due to a HKD 92.23 million fair value loss on investment properties, despite a 27% increase in total revenue to HKD 320 million Condensed Consolidated Statement of Profit or Loss Summary | Metric | Six Months Ended June 30, 2024 (HKD '000) | Six Months Ended June 30, 2023 (HKD '000) | | :--- | :--- | :--- | | Total Revenue | 319,575 | 251,033 | | (Loss) Profit Before Tax | (98,835) | 6,983 | | (Loss) Profit for the Period | (106,520) | 1,488 | | (Loss) Profit Attributable to Owners of the Company | (54,034) | 3,069 | | Basic (Loss) Earnings Per Share | (22.35) HK cents | 1.27 HK cents | Condensed Consolidated Statement of Financial Position As of June 30, 2024, total assets were HKD 9.736 billion and total equity HKD 8.358 billion, with a shift from net current assets to a HKD 92.99 million net current liability Condensed Consolidated Statement of Financial Position Summary | Metric | June 30, 2024 (HKD '000) | December 31, 2023 (HKD '000) | | :--- | :--- | :--- | | Non-current Assets | 9,523,425 | 9,485,741 | | Current Assets | 212,226 | 373,141 | | Current Liabilities | 305,214 | 288,034 | | Net Current (Liabilities) Assets | (92,988) | 85,107 | | Total Equity | 8,357,564 | 8,478,028 | Condensed Consolidated Statement of Cash Flows Net cash from operations improved to HKD 107 million, but investing activities had a HKD 226 million outflow due to property acquisition, reducing cash and equivalents to HKD 185 million Condensed Consolidated Statement of Cash Flows Summary | Metric | Six Months Ended June 30, 2024 (HKD '000) | Six Months Ended June 30, 2023 (HKD '000) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 106,642 | 42,746 | | Net Cash Used in Investing Activities | (226,013) | (1,300) | | Net Cash Used in Financing Activities | (28,727) | (55,534) | | Net Decrease in Cash and Cash Equivalents | (148,098) | (14,088) | | Cash and Cash Equivalents at End of Period | 184,817 | 281,317 | Notes to the Financial Statements Basis of Preparation and Principal Accounting Policies These condensed consolidated financial statements adhere to HKAS 34, with directors deeming the going concern basis appropriate despite net current liabilities, given available resources and consistent accounting policies - The directors consider the preparation of financial statements on a going concern basis appropriate, given the Group's financial resources, despite a net current liability of HKD 92,988,000 at period-end[38] Revenue and Segment Information Total revenue was HKD 320 million, with hotel services contributing HKD 260 million and property investment HKD 59.82 million, both segments reporting losses due to fair value changes and operational shifts Segment Revenue and Results | Segment | Revenue (HKD '000) | Segment Results (HKD '000) | | :--- | :--- | :--- | | Hotel Services | 259,757 | (1,066) | | Property Investment | 59,818 | (34,276) | | Securities Investment | – | – | Earnings Per Share and Dividends Basic loss per share was 22.35 HK cents, based on a HKD 54.03 million loss attributable to owners, with no dividends declared or paid during the period - Basic loss per share was 22.35 HK cents, compared to earnings per share of 1.27 HK cents in the prior year[53] - The Board resolved not to declare an interim dividend for 2024[52] Analysis of Assets and Liabilities The Group acquired HKD 207 million in investment properties and recognized a HKD 92.23 million fair value decrease, with total pledged bank loans at HKD 1.025 billion at 5.80% effective annual interest - A fair value decrease of HKD 92,232,000 on investment properties was recognized in the statement of profit or loss[55] - The Group acquired investment properties for a consideration of HKD 207,000,000[55] - As of June 30, 2024, total pledged bank loans amounted to HKD 1,024,589,000 at an effective annual interest rate of 5.80%[60][61]