LHN(01730) - 2025 - 中期财报

Financial Statements Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For 1H2025, the Group's total revenue increased by 29.4% to SGD 70.57 million, with net profit rising 12.7% to SGD 14.94 million and basic EPS growing to 3.38 Singapore cents Key Financial Performance for 1H2025 (SGD Thousands) | Metric | 1H2025 (Unaudited) | 1H2024 (Unaudited) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 70,569 | 54,547 | +29.4% | | Gross Profit | 40,637 | 32,995 | +23.2% | | Net Other Income | 11,337 | 2,595 | +336.9% | | Profit Before Tax | 18,049 | 15,253 | +18.3% | | Net Profit | 14,939 | 13,258 | +12.7% | | Profit Attributable to Owners of the Company | 14,121 | 12,973 | +8.8% | | Basic EPS (Singapore Cents) | 3.38 | 3.17 | +6.6% | | Diluted EPS (Singapore Cents) | 3.34 | 3.14 | +6.4% | - Net other income and other revenue significantly increased by 336.9%, primarily due to higher income from subleases classified as finance leases and foreign exchange gains from revaluation of USD-denominated balances (compared to a loss in the prior period)[9][66][113] Interim Condensed Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets increased to SGD 715 million, total liabilities were SGD 446 million, and total equity rose to SGD 269 million, driven by increases in investment properties, right-of-use assets, and finance lease receivables Summary of Statement of Financial Position (SGD Thousands) | Metric | March 31, 2025 (Unaudited) | September 30, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 584,629 | 570,098 | +2.5% | | Investment Properties | 462,723 | 457,978 | +1.0% | | Current Assets | 130,456 | 126,681 | +3.0% | | Cash and Bank Balances | 51,433 | 46,503 | +10.6% | | Total Assets | 715,085 | 696,779 | +2.6% | | Non-current Liabilities | 332,470 | 343,395 | -3.2% | | Bank Borrowings (Non-current) | 246,931 | 255,837 | -3.5% | | Current Liabilities | 113,797 | 96,348 | +18.1% | | Total Liabilities | 446,267 | 439,743 | +1.5% | | Total Equity | 268,818 | 257,036 | +4.6% | Interim Condensed Consolidated Statement of Changes in Equity For the six months ended March 31, 2025, total equity attributable to owners of the Company increased from SGD 254.18 million to SGD 265.14 million, driven by SGD 14.12 million in net profit and SGD 1.03 million in other comprehensive income, partially offset by SGD 4.18 million in dividends paid - Total equity attributable to owners of the Company increased from SGD 254,181 thousand at the beginning of the period to SGD 265,144 thousand at the end of the period[11] - The primary driver for the increase in equity was a net profit of SGD 14,121 thousand during the period[11] - Dividends of SGD 4,184 thousand were paid during the period[11][72] Interim Condensed Consolidated Statement of Cash Flows In 1H2025, net cash from operating activities significantly increased to SGD 38 million, while investing activities shifted to a SGD 2 million net inflow, and financing activities resulted in a SGD 31.4 million net outflow, leading to a SGD 8.5 million net increase in cash and cash equivalents to SGD 51.9 million at period-end Summary of Cash Flow Statement (SGD Thousands) | Metric | 1H2025 (Unaudited) | 1H2024 (Unaudited) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 38,001 | 14,622 | | Net Cash from / (Used in) Investing Activities | 1,951 | (28,992) | | Net Cash (Used in) / from Financing Activities | (31,440) | 17,434 | | Net Increase in Cash and Cash Equivalents | 8,512 | 3,064 | | Cash and Cash Equivalents at End of Period | 51,890 | 61,603 | Management Discussion and Analysis Business Review In 1H2025, the Group's business segments performed robustly, with Coliwoo expanding to 2,924 rooms and high occupancy, property development contributing revenue for the first time, growth in facilities management, and steady progress in solar and EV charging within the energy business - Space Optimization: Co-living brand Coliwoo reached 2,924 rooms, with Singapore projects achieving 97.7% occupancy, while Work+Store industrial spaces maintained 99.8% occupancy[94][95] - Property Development: Recorded revenue for the first time from the sale of units at the industrial development project at 55 Tuas South Avenue 1, and established a new joint venture for a commercial building project in Geylang[95] - Facilities Management: Secured 43 new contracts, increasing clients to 121, managing 101 car parks in Singapore, and exiting the Hong Kong car park business[96] - Energy Business: Total solar power generation reached 9.2 MW, and electric vehicle charging stations increased to 19[96] Business Outlook The Group maintains cautious optimism, anticipating strong demand in Singapore's residential rental market benefiting Coliwoo, with plans to launch new Coliwoo projects and propose a spin-off listing for Coliwoo Group, while Work+Store and energy businesses will pursue growth through innovation and green initiatives - Singapore's private residential rents are projected to increase by 2-4% in 2025, with international visitor arrivals expected to reach 17-18.5 million, creating a favorable market for co-living businesses[97] - Strategic Initiatives: Plans include launching new Coliwoo projects at locations like Arab Street and Jalan Loyang Besar, and proposing a spin-off listing of Coliwoo Group on the Singapore Exchange Mainboard[98][99] - Work+Store is introducing new products such as air-conditioned storage and dedicated wine storage spaces to meet diverse demands[100] - The Energy business will continue investing in technological innovation to support Singapore's green initiatives, with new solar and EV charging projects anticipated[101] Financial Review Total revenue for 1H2025 increased by 29.4% to SGD 70.57 million, driven by SGD 12.11 million from property development and robust growth in residential properties (+15.1%) and facilities management (+12.6%), leading to a 23.2% gross profit growth and 12.7% net profit growth, with improved gearing and net gearing ratios Revenue Performance by Business Segment (SGD Thousands) | Business Segment | 1H2025 | 1H2024 | Change (%) | | :--- | :--- | :--- | :--- | | Space Optimization | 38,086 | 35,936 | +6.0% | | Property Development | 12,110 | - | NM | | Facilities Management | 19,419 | 17,243 | +12.6% | | Energy Business | 768 | 825 | -6.9% | | Total | 70,569 | 54,547 | +29.4% | - Sales and distribution expenses significantly increased by 332.3% to SGD 5.2 million, primarily due to commissions and marketing expenses from the sale of units under the property development business[116] - Net fair value loss on investment properties expanded to SGD 10.4 million (compared to SGD 5 million in the prior period), mainly due to fair value losses on leased investment properties[120] - The gearing ratio decreased from 59.6% to 58.3%, and the net gearing ratio decreased from 51.6% to 49.0%, indicating an improvement in financial leverage[143][144] Other Information Dividends The Board declared an interim dividend of SGD 0.01 per share for the six months ended March 31, 2025, and established a new dividend policy targeting a payout of no less than 30% of adjusted Group profit under specific conditions - The Board declared an interim dividend of SGD 0.01 per share (equivalent to HKD 0.06) for 1H2025[72][165] - The Company adopted a new dividend policy targeting a payout of no less than 30.0% of the adjusted Group profit attributable to owners of the Company for FY2025[157] Share Plans and Shareholder Interests As of March 31, 2025, Executive Chairman Mr. Lim Lung Tieng held approximately 54.56% of the Company's shares through trusts and holding companies, while the original share option scheme was terminated and a new 'LHN Performance Share Scheme' was adopted, with no shares granted under the new scheme by period-end - Executive Chairman Mr. Lim Lung Tieng is deemed to have an interest in 228,227,931 shares, representing 54.56% of the Company's issued share capital[166][168] - The original 'LHN Share Option Scheme' was terminated on January 24, 2025[173] - The Company adopted a new 'LHN Performance Share Scheme' on January 24, 2025, but no share awards had been granted under the new scheme as of the reporting period end[175][177] Corporate Governance The Company largely complies with Hong Kong and Singapore corporate governance codes, with the combined roles of Chairman and Managing Director held by Mr. Lim Lung Tieng, an arrangement the Board believes enhances strategic execution and aligns with shareholder interests, and an Audit Committee comprising three independent non-executive directors - The Company complied with the corporate governance codes of Hong Kong and Singapore, with the exception of the provision regarding the separation of the roles of Chairman and Chief Executive Officer (Hong Kong Corporate Governance Code C.2.1)[181] - The Board believes that the combined roles of Chairman and Managing Director held by Mr. Lim Lung Tieng enhance the efficiency and continuity of strategic planning and execution, serving the Company's overall interests[181] - The Audit Committee, comprising three independent non-executive directors, has reviewed the consolidated results for the period[186]