Financial Performance - The Group's revenue for the six months ended June 30, 2024, was HK$60.9 million, a slight decrease of 0.5% compared to HK$61.2 million in the same period of 2023[7]. - Adjusted operating profit increased by 3.1% to HK$36.4 million from HK$35.3 million year-on-year[7]. - Operating profit surged by 86.3% to HK$115.3 million, up from HK$61.9 million in the previous year[7]. - Profit attributable to equity holders plummeted by 97.2% to HK$4.5 million, down from HK$162.4 million in the same period last year[8]. - Earnings per share decreased to HK0.3 cents for the six months ended June 30, 2024, compared to HK10.4 cents for the same period in 2023[8]. - The Group's profit before income tax was HK$7.0 million, a significant decline from HK$165.1 million in the same period last year[7]. - The Group's total operating expenses, including depreciation and rental, showed a mixed trend with some costs increasing while others decreased[7]. - Excluding the revaluation gain of investment properties, the loss attributable to equity holders was HK$74.3 million, representing a year-on-year decrease of 154.6%[10]. - The Group's profit attributable to equity holders for the first half of 2024 was HK$86.3 million, a substantial increase from HK$39.4 million in the first half of 2023[22]. - The total comprehensive income for the six months ended June 30, 2024, was HK$4,310,000, down from HK$161,887,000 in the same period of 2023[91]. Investment Properties - The fair value gain on investment properties was HK$78.8 million, significantly higher than HK$26.3 million in the previous year[7]. - The Group's investment properties contributed a steady income stream of approximately HK$60.9 million for the six months ended June 30, 2024, compared to HK$61.2 million for the same period last year, reflecting a decrease of 0.5%[14]. - The fair value gain of the Group's investment properties increased by 199.6% to HK$78.8 million for the six months ended June 30, 2024, compared to HK$26.3 million for the same period in 2023[16]. - The Group's investment property portfolio remained diversified and stable during the reporting period, with no significant changes noted[13]. - The carrying amount of investment properties as of June 30, 2024, was HK$2,091,000,000, which has been pledged for bank borrowing[113]. - The fair value of investment properties increased to HK$3,411,900,000 as of June 30, 2024, up from HK$3,328,900,000 at the end of 2023, reflecting a fair value gain of HK$78,789,000[110]. - The Group's share of profits from associates decreased to HK$64.8 million for the six months ended June 30, 2024, down from HK$231.4 million for the same period in 2023[16]. Financial Position - As of June 30, 2024, the Group's cash and bank balances totaled approximately HK$191.2 million, down 17.8% from HK$232.5 million as of December 31, 2023[35]. - The Group's gearing ratio as of June 30, 2024, was 56.1%, slightly down from 56.2% as of December 31, 2023, indicating a stable financial position[36]. - The outstanding principal of unsecured shareholder loans decreased to HK$4,470.0 million as of June 30, 2024, from HK$5,370.0 million as of December 31, 2023[36]. - The Group's current ratio decreased to 0.04 as of June 30, 2024, from 0.05 as of December 31, 2023, indicating a tightening liquidity position[35]. - The company reported a net current liability of HK$5,328,701,000 as of June 30, 2024, which included loans from an intermediate holding company and bank borrowing totaling HK$4,470,000,000 and HK$848,607,000, respectively[95]. - The total liabilities increased to HK$5,577,697,000, up from HK$5,478,705,000, representing a rise of 1.81%[87]. - Total equity reached HK$4,005,856,000, a slight increase from HK$4,001,546,000, indicating a growth of 0.01%[87]. Financing Activities - Net finance costs increased to HK$173.1 million, compared to HK$128.2 million in the same period last year, reflecting a 35.0% rise[7]. - The Group's financing cash outflow increase was primarily due to bank borrowing proceeds of HK$850 million offset by a loan repayment of HK$900 million[39]. - The company entered into a loan agreement on April 26, 2024, for a committed term loan facility with a principal amount of up to HK$850,000,000 for a period of 364 days[69]. - A second loan agreement was also established on April 26, 2024, with the same principal amount of up to HK$850,000,000, but for a period of 5 years[69]. - The company has no available undrawn banking facilities as of June 30, 2024[128]. Corporate Governance - The Board resolved not to declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[42]. - The Audit Committee reviewed the unaudited condensed consolidated financial information for the six months ended June 30, 2024, ensuring compliance with applicable accounting standards[53]. - The Board has established three committees: Audit, Remuneration, and Nomination, to enhance corporate governance[67]. - All Directors confirmed compliance with the Model Code for securities transactions throughout the six months ended June 30, 2024[60]. - The Remuneration Committee consists of two independent non-executive Directors and one executive Director, ensuring a majority of independent members[58]. Economic Environment - Hong Kong's GDP grew by 2.7% year-on-year since the relaxation of pandemic measures in early 2023, indicating a rebound in the economy[46]. - The Board considers the overall financial and business positions of the Group to remain healthy despite challenges in the global macroeconomic environment[47].
长城环亚控股(00583) - 2024 - 中期财报