海港企业(00051) - 2023 - 中期财报

Financial Performance - The group's revenue increased by 25% to HKD 673 million, compared to HKD 538 million in 2022, with operating profit reaching HKD 183 million, up from a loss of HKD 30 million in 2022[14]. - Hotel revenue surged by 106% to HKD 454 million, compared to HKD 222 million in 2022, with operating profit rising to HKD 15 million from a loss of HKD 164 million[15]. - Investment property income rose by 19% to HKD 121 million, with operating profit increasing by 20% to HKD 108 million, supported by improved rental income[10]. - The group recorded a basic net loss of HKD 75 million, narrowing from HKD 86 million in 2022, while the loss attributable to shareholders was HKD 12 million, compared to HKD 136 million in 2022[6][13]. - The total comprehensive loss for the period was HKD 439 million, compared to a loss of HKD 380 million in 2022[34]. - The group reported a basic and diluted loss per share of HKD 0.02, compared to HKD 0.19 in the previous year[33]. - The total net profit before tax for the group was HKD 11 million, a significant improvement from a loss of HKD 179 million in the same period last year[43]. Assets and Liabilities - Total assets were HKD 17.86 billion, a decrease from HKD 18.84 billion at the end of 2022[22]. - Shareholders' equity decreased by 3% to HKD 14.71 billion as of June 30, 2023, down from HKD 15.12 billion at the end of 2022, primarily due to group losses and property revaluation losses[21]. - The group's total liabilities decreased to HKD 293 million from HKD 464 million at the end of 2022, maintaining a low debt-to-equity ratio of 2%[28]. - The total value of equity investments at market price was HKD 2.843 billion, down from HKD 3.192 billion at the end of 2022, reflecting a loss of HKD 349 million in the investment portfolio[26]. - Cash and cash equivalents decreased to HKD 455 million as of June 30, 2023, down from HKD 1,089 million at the beginning of the year[38]. - Trade receivables as of June 30, 2023, totaled HKD 116 million, compared to HKD 141 million as of December 31, 2022[52]. - Trade payables as of June 30, 2023, amounted to HKD 1,440 million, a decrease from HKD 1,668 million as of June 30, 2022[53]. Operational Highlights - The group recorded a net cash inflow from operating activities of HKD 132 million, compared to a cash outflow of HKD 200 million in 2022, primarily due to property sales and reduced construction payments[30]. - Operating cash inflow was HKD 209 million, with a net cash outflow from financing activities of HKD 338 million[38]. - The planned capital and development expenditures for the coming years total HKD 700 million, mainly related to property development commitments[31]. - The group operates four reportable segments: hotels, investment properties, development properties, and investments, with performance evaluated based on operating profit and contributions from joint ventures[42]. Market Conditions - The number of visitors to Hong Kong in the first half of 2023 reached only 37% of pre-pandemic levels in 2019, while retail sales recovered to 85%[8]. - The group faced a significant impairment provision of HKD 349 million for development properties due to market weakness, impacting overall performance[12][13]. - Development property revenue decreased by 84% to HKD 22 million, with an operating loss of HKD 13 million, attributed to a decline in recognized sales[15]. Shareholder Information - Major shareholders include Kowloon Warehouse Holdings with 506,946,196 shares, representing 71.53% of the total issued shares[66]. - Harson Investment Limited holds 57,054,375 shares, accounting for 8.05% of the total issued shares[66]. - WAC controls over one-third of the voting rights at the shareholders' meeting of Kowloon Warehouse Holdings[67]. - HSBC Trustee controls over one-third of the voting rights at WAC's shareholders' meeting[68]. Governance and Compliance - The company has complied with all principles of the Corporate Governance Code, with the exception of the separation of roles between the Chairman and CEO[61]. - The unaudited interim financial information for the six months ended June 30, 2023, has been reviewed by the audit committee without any discrepancies[60]. - The company has not adopted any new accounting standards that are not yet effective during the current accounting period, ensuring consistency in financial reporting[39]. - The company confirmed that there were no significant impacts on its performance or financial position from the adoption of revised accounting standards effective from January 1, 2023[39].