Financial Performance - The company's revenue for the six months ended June 30, 2022, was approximately HKD 492.4 million, a decrease of 78.4% compared to HKD 2,283.8 million for the same period in 2021[10]. - Gross profit for the same period was HKD 326.2 million, down 70.0% from HKD 1,086.2 million in 2021[10]. - Profit attributable to owners of the company was HKD 237.8 million, a decrease of 28.7% from HKD 333.4 million in 2021[10]. - The company recorded a loss attributable to owners before fair value gains of approximately HKD 25.6 million, compared to a profit of HKD 273 million in the same period last year[16]. - The company reported a total comprehensive loss of HKD 225,862,000 for the period, compared to a comprehensive income of HKD 405,597,000 in the same period last year[107]. - The net profit for the period was HKD 232,142,000, a decrease of 27.4% compared to HKD 319,807,000 in the same period last year[103]. - Operating profit decreased to HKD 457,670,000, a decline of 46% from HKD 846,604,000 in the previous year[103]. - The adjusted profit before tax for the group was HKD 391,934,000 for the six months ended June 30, 2022, compared to HKD 806,044,000 for the same period in 2021, indicating a decrease of about 51.5%[140]. Assets and Liabilities - Total assets increased by 4.1% to HKD 48,221 million from HKD 46,308 million[10]. - The total liabilities of the group as of June 30, 2022, were HKD 39,300,009,000, compared to HKD 36,989,727,000 as of December 31, 2021, representing an increase of about 6.3%[137]. - Non-current liabilities rose significantly to HKD 26,715,362,000 from HKD 18,556,880,000 in the previous year[112]. - The net asset value as of June 30, 2022, was HKD 89.21 billion, representing a decline of 4.3% from HKD 93.18 billion at the end of 2021[48]. - The total amount of development properties held for sale was HKD 27,165,297,000 as of June 30, 2022, down from HKD 33,160,487,000 on December 31, 2021[152]. Cash Flow and Financing - As of June 30, 2022, the company had cash and cash equivalents of approximately HKD 3.161 billion, an increase of about 22.1% from HKD 2.588 billion at the end of 2021[54]. - The total interest-bearing loans amounted to approximately HKD 28.153 billion as of June 30, 2022, compared to HKD 19.664 billion at the end of 2021, resulting in a debt ratio of 280.2%[56]. - The net cash outflow from operating activities was HKD (7,788,221) thousand, compared to HKD (4,128,905) thousand for the same period in 2021[122]. - The net cash inflow from financing activities was HKD 9,604,002 thousand, up from HKD 5,987,107 thousand in the prior period[122]. - The company incurred finance costs of HKD 75,993,000 for the six months ended June 30, 2022, compared to HKD 57,420,000 for the same period in 2021, reflecting an increase of about 32.5%[140]. Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.03 per share, with the distribution date expected around October 26, 2022[8]. - The interim dividend declared by the board for the six months ended June 30, 2022, is HKD 0.03 per share, compared to no dividend for the same period in 2021[19]. - As of June 30, 2022, Guangdong Yuehai Holdings Group Limited holds a 73.82% stake in the company, representing 1,263,494,221 shares[77]. Projects and Development - The total floor area delivered for the Shenzhen Yuehai City project decreased compared to the same period in 2021, resulting in a decline in sales revenue and profit[18]. - The Shenzhen North Land project is expected to complete in the second half of 2022, with a total floor area of 33,802 square meters[23]. - The Guangzhou Yun Port project has a total planned floor area of approximately 506,000 square meters, with ongoing construction of the basement and main structure[30]. - The cumulative total floor area delivered during the review period for Shenzhen Yuehai City was 6,193 square meters, representing 86.9% of the total available for sale[20]. - The cumulative development cost of the Shenzhen Yuehai City project is approximately HKD 8.492 billion as of June 30, 2022, an increase of about HKD 849 million from December 31, 2021[33]. Market and Economic Environment - The Chinese government has emphasized the importance of housing for living rather than speculation, with ongoing adjustments to real estate policies to stabilize prices and expectations[69]. - The Greater Bay Area is projected to maintain strong economic growth, supporting steady increases in transaction volumes and a gradual recovery in the sales area of commercial housing[72]. - The company anticipates continued monetary easing from the central government, which is expected to improve the financing environment for real estate companies and enhance their operational capabilities[70]. Risk Management and Compliance - The company faces various financial risks, including market risk (foreign currency risk and cash flow interest rate risk), credit risk, and liquidity risk[184]. - The group is actively managing foreign exchange risks by optimizing capital arrangements and adjusting financing methods in response to market trends[61]. - The group has committed to complying with environmental regulations and has established an Environmental, Social, and Governance (ESG) committee to oversee related policies and practices[65].
粤海置地(00124) - 2022 - 中期财报