Financial Performance - For the first half of 2024, the company recorded a revenue decrease of 5% to HKD 36,841,000 compared to HKD 38,618,000 for the same period in 2023[7]. - The company's profit attributable to shareholders decreased to HKD 1,034,000, down from HKD 16,377,000 in the previous year[7]. - The group’s overall profit attributable to equity holders was HKD 1,034,000 for the first half of 2024, significantly down from HKD 16,377,000 for the same period in 2023[21]. - The group reported a profit of HKD 1,034,000 for the period, compared to HKD 16,377,000 in the same period last year, indicating a substantial decrease[43]. - The group’s basic earnings per share decreased to HKD 0.02 from HKD 0.31 year-on-year, reflecting the overall decline in profitability[29]. - The group’s pre-tax profit decreased to HKD 1,446,000 from HKD 16,792,000 year-on-year, with net profit for the period at HKD 1,034,000 compared to HKD 16,377,000 previously[29]. Revenue Breakdown - The Canadian oil assets contributed revenue of HKD 32,605,000, with EBITDA of HKD 18,865,000 and operating profit of HKD 7,182,000 for the first half of 2024[6]. - The solar energy business generated revenue of HKD 3,759,000, with EBITDA of HKD 3,638,000 and operating profit of HKD 998,000 during the same period[6]. - Revenue from the solar energy business in the first half of 2024 was HKD 3,759,000, a slight decrease from HKD 3,790,000 in the previous period, while operating profit decreased by 18% to HKD 998,000[10]. - The group reported total revenue of HKD 36,841,000 from oil sales, a decrease from HKD 38,618,000 in the same period last year, while electricity sales remained relatively stable at HKD 3,759,000 compared to HKD 3,790,000[29]. - Oil sales revenue was HKD 32,605,000, slightly down from HKD 32,804,000 in the previous year, reflecting a decrease of 0.6%[40]. Credit Loss Provisions - The expected credit loss provision for debt instruments decreased to HKD 350,000 from HKD 3,824,000 in the previous year[7]. - The expected credit loss provision for receivables was HKD 395,000, compared to a reversal of HKD 9,719,000 in the previous year[7]. - Expected credit loss provisions amounted to HKD 395,000, primarily due to a decrease in the market value of properties pledged by borrowers[11]. - The expected credit loss provision for the period was HKD 395,000, compared to a reversal of HKD 9,719,000 for the same period last year[68]. - The total expected credit loss provision as of January 1, 2023, was HKD 23,800,000, with adjustments made throughout the year[70]. Asset and Liability Management - The total assets of the group as of June 30, 2024, were HKD 436,969,000, a decrease from HKD 445,095,000 as of December 31, 2023[22]. - The group's current assets increased to HKD 215,799,000 as of June 30, 2024, compared to HKD 199,209,000 as of December 31, 2023[22]. - The company's total liabilities decreased from HKD 31,405,000 to HKD 28,966,000, a reduction of approximately 7%[30]. - Total liabilities decreased to HKD 34,905,000 from HKD 41,642,000, reflecting a reduction in financial obligations[47]. - The group's debt instruments measured at fair value through other comprehensive income totaled HKD 3,312,000 as of June 30, 2024, down from HKD 3,662,000 as of December 31, 2023, with a fair value loss of HKD 350,000 recognized[19]. Investment and Capital Expenditures - The company invested a total of HKD 58,265,000 in solar power projects under the feed-in tariff scheme by June 30, 2024[6]. - Capital expenditures for EPR in the first half of 2024 amounted to CAD 21,000 (equivalent to HKD 119,000), primarily for new well drilling[9]. - The group currently operates 50 solar photovoltaic systems with a total grid-connected capacity of approximately 3,200 kW, with total investment in these solar projects reaching HKD 58,265,000[10]. Employee and Management Costs - As of June 30, 2024, the group had 24 employees, an increase from 22 employees as of June 30, 2023, with total employee costs amounting to HKD 6,393,000, up from HKD 5,610,000 in the previous year, reflecting an increase of HKD 783,000 due to the rise in employee numbers[27]. - The company reported a total remuneration for key management personnel of HKD 1,272,000 for the six months ended June 30, 2024, compared to HKD 1,176,000 for the same period in 2023, reflecting an increase of approximately 8.15%[92]. Corporate Governance and Compliance - The company has complied with all applicable provisions of the corporate governance code, except for the vacancy in the positions of Chairman and CEO[100]. - The company is in the process of identifying suitable candidates to fill the vacancies for Chairman and CEO[101]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, which were formally approved by the board[105].
长盈集团(控股)(00689) - 2024 - 中期财报