Shareholding Structure - Magical Profits Limited holds 29,179,480 shares, representing 39.43% of the total issued share capital of 73,988,403 shares as of September 30, 2024[5]. - Sea Rejoice Limited owns 9,929,664 shares, accounting for 13.42% of the total issued share capital[4]. - Koon Wing Yee has an interest in 10,002,664 shares, which is 13.51% of the total issued share capital[4]. - The Winterbotham Trust Company Limited, as trustee, holds 29,179,480 shares through a series of controlled entities[3]. - Christopher Geoffrey Douglas Hooper and Ivan Geoffrey Douglas Hooper own approximately 99.99% of Winterbotham Holdings Limited and Markson International Holding Limited, respectively[3]. - No other persons, apart from directors or chief executives, have been reported with interests in the shares as of September 30, 2024[6]. Share Option Scheme - The 2012 Share Option Scheme allowed for the issuance of options up to 10% of the shares in issue as of August 8, 2019, totaling 91,320,403 shares[11]. - The 2012 Share Option Scheme expired on July 4, 2022, and no further options will be granted[11]. - As of September 30, 2024, a total of 365,000 share options were granted, with 292,000 options outstanding[13]. - Ms. Lui, an executive director, was granted 73,000 share options under the 2012 Share Option Scheme[4]. - No share options were granted, exercised, lapsed, or cancelled under the 2012 Share Option Scheme during the reporting period[42]. - The company has no performance targets attached to the 2012 Share Option Scheme[21]. - As of September 30, 2024, the company has no other share option schemes following the expiry of the 2012 Share Option Scheme[43]. Financial Performance - Revenue for the six months ended 30 September 2024 was HK$219,199,000, a significant increase from HK$101,460,000 in the same period of 2023, representing a growth of approximately 116.5%[66]. - Gross profit for the period was HK$5,888,000, down from HK$34,065,000 in the previous year, indicating a decline of approximately 82.7%[66]. - Loss for the period attributable to owners of the Company was HK$709,482,000, compared to a loss of HK$70,544,000 in the same period last year, reflecting a substantial increase in losses[67]. - The Company does not recommend the payment of an interim dividend for the period, consistent with the previous year where no dividend was paid[66]. - The Group reported a loss before tax of HK$22,787,000, a recovery from a loss of HK$37,929,000 in the prior year[66]. - Other comprehensive income for the period amounted to HK$38,527,000, compared to an expense of HK$17,642,000 in the previous year, indicating a positive shift[67]. - The Company recorded a write-down on properties held for sale of HK$79,511,000, compared to HK$39,471,000 in the previous year, highlighting increased impairment[66]. - The Company experienced a loss from discontinued operations of HK$733,816,000, compared to a loss of HK$147,703,000 in the same period last year, indicating a significant increase in losses from discontinued operations[67]. - The total comprehensive expense for the period was HK$670,968,000, compared to HK$203,202,000 in the previous year, reflecting a worsening financial position[67]. - The loss for the period attributable to owners of the Company was HK$709,495,000, compared to a loss of HK$185,560,000 in the same period last year, representing an increase of 282%[68]. - Total comprehensive income attributable to owners from continuing operations was HK$62,861,000, a significant recovery from a loss of HK$37,784,000 in the previous year[68]. Assets and Liabilities - Non-current assets decreased from HK$2,404,846,000 as of March 31, 2024, to HK$1,503,984,000 as of September 30, 2024, reflecting a decline of 37.4%[70]. - Current liabilities increased to HK$1,454,170,000 from HK$2,788,134,000, indicating a reduction of 47.8%[71]. - The net current assets were HK$647,209,000, down from HK$3,546,059,000, a decrease of 81.8%[71]. - The company reported a basic and diluted loss per share of HK$9.59, compared to a loss of HK$0.95 in the previous year[68]. - Total assets less current liabilities were HK$2,151,193,000, down from HK$5,950,905,000, a decrease of 63.9%[71]. - The secured bank borrowings decreased significantly from HK$2,323,047,000 to HK$1,100,923,000, a reduction of 52.5%[71]. - The company’s equity attributable to owners decreased from HK$2,407,053,000 to HK$1,736,098,000, a decline of 27.9%[71]. Strategic Focus - The company is focusing on restructuring and optimizing its asset portfolio to improve financial stability and operational efficiency moving forward[72]. - The company is focusing on market expansion and new product development as part of its strategic initiatives for future growth[79]. - The interim report indicates that the company is actively pursuing new technologies to enhance its product offerings and improve operational efficiency[79]. - The company plans to continue its efforts in mergers and acquisitions to strengthen its market position and expand its portfolio[79]. - The management has provided guidance for the upcoming quarter, anticipating a gradual recovery in revenue as market conditions improve[79]. Property Development and Sales - The company held 27,428,937 shares of Gao Shan, representing approximately 8.11% of the total issued share capital after a placement of up to 235,000,000 new shares at a price of HK$0.18 per share[22]. - The property development segment includes ongoing projects such as the redevelopment of Chatham Road North, expected to be completed by the end of 2024[150]. - The Group recorded HK$84,828,000 in revenue from property sales during the Period, with 7 units sold, compared to no sales in the 2023 Period[143]. - Revenue from property development recognized during the period was approximately HK$219,199,000, compared to HK$101,460,000 in the 2023 period[166]. - The Group launched a new residential project "Garden Crescent" in November 2023, consisting of 56 luxury apartments ranging from 260 to 2,597 square feet[166]. - As of September 30, 2024, the occupancy rates for the Group's investment properties were 0.0% for residential units, 98.7% for commercial units, and 77.2% for industrial units[174]. - The Group recorded a loss on changes in fair value of investment properties of approximately HK$530,000 during the period, compared to approximately HK$6,000,000 in the 2023 period[174]. Loan Portfolio and Financing - The Group had a total of 8 borrowers under its loan portfolio as of September 30, 2024, primarily funded by the Group's internal resources[188]. - The Group recorded interest income from its loan financing business of approximately HK$1,956,000 for the current period, a decrease of about 65.9% compared to approximately HK$5,744,000 for the same period in 2023[190]. - As of 30 September 2024, the gross carrying amount of loans receivable was HK$114,863,000, down from HK$195,657,000 as of 31 March 2024, with 48% secured by marketable securities or properties[192]. - The net carrying amount of unsecured loan receivables was HK$28,774,000 as of 30 September 2024, a decrease from HK$56,009,000 as of 31 March 2024[193]. - The Group's largest borrower accounted for approximately 42% of the total loans receivable as of 30 September 2024, up from 21% as of 31 March 2024[192]. - The Group's total bank borrowings amounted to approximately HK$1,447,835,000 as of 30 September 2024, significantly reduced from approximately HK$3,671,861,000 as of 31 March 2024[197]. - The gearing ratio of the Group remained stable at approximately 0.8 for both the current period and as of 31 March 2024[197]. - 40% of new and renewed loans had a repayment period of less than one year, while 60% had a repayment period between one and three years[195]. - The Group conducts regular reviews of loan recoverability based on borrowers' financial conditions and repayment capabilities[195]. - The Group assesses expected credit losses based on changes in credit risk since initial recognition, reflecting market conditions and borrower performance[195]. - The Group is not permitted to sell or repledge collateral in the absence of borrower default, ensuring the security of its loan portfolio[192].
永义国际(01218) - 2025 - 中期财报