Financial Performance - For the six months ended June 30, 2023, the company reported revenue of HKD 511,617,000, an increase of 4.3% compared to HKD 491,382,000 for the same period in 2022[5]. - The loss attributable to shareholders for the same period was HKD 379,245,000, compared to a loss of HKD 146,986,000 in the prior year, representing a significant increase in losses[5]. - Total revenue for the six months ended June 30, 2023, was HKD 511,617,000, an increase of 4.1% compared to HKD 491,382,000 for the same period in 2022[104]. - The group reported a loss before tax of HKD 395,423,000, with significant expenses including financial costs of HKD 202,862,000 and unallocated corporate expenses of HKD 83,713,000[96]. - The company reported a basic loss per share of HKD 0.597 for the six months ended June 30, 2023, compared to HKD 0.232 for the same period in 2022[114]. Assets and Liabilities - The total assets as of June 30, 2023, were HKD 11,998,750,000, down from HKD 13,313,358,000 as of December 31, 2022, indicating a decrease of approximately 9.9%[5]. - The total liabilities decreased to HKD 1,242,178,000 from HKD 1,735,786,000, indicating a reduction of 28.5%[71]. - The total non-current liabilities decreased to HKD 4,775,564 thousand as of June 30, 2023, from HKD 5,149,243 thousand as of December 31, 2022, indicating a reduction of approximately 7.3%[72]. - The net current assets decreased to HKD 1,431,314,000 from HKD 1,871,473,000, reflecting a decline of 23.5%[71]. - The total amount of bank loans secured by investment properties was approximately HKD 4,261,427,000 as of June 30, 2023, down from HKD 4,463,079,000 as of December 31, 2022[121]. Cash Flow and Financial Stability - The company’s cash and cash equivalents decreased to HKD 433,789,000 from HKD 790,673,000, reflecting a decline of about 45%[5]. - Operating cash flow for the six months ended June 30, 2023, was HKD 260,946 thousand, a significant improvement from a cash outflow of HKD 155,719 thousand in the prior year[78]. - Investment activities generated a net cash inflow of HKD 214,442 thousand in the first half of 2023, down from HKD 1,305,858 thousand in the same period of 2022[81]. - The company incurred financial expenses of HKD 202,862 thousand in the first half of 2023, compared to HKD 182,417 thousand in the same period of 2022, representing an increase of approximately 11%[78]. - The company has not made any financial guarantees for third-party interests as of June 30, 2023[50]. Property and Investment Performance - The fair value of the company’s properties decreased by approximately 5%, equating to a loss of around HKD 387,000,000 due to ongoing economic challenges[8]. - The fair value loss on investment properties was HKD 348,000,000, with a total decrease in property values of 5% due to rising interest rates and economic slowdown[39]. - The total book value of investment properties in the U.S. was HKD 7,872,000,000, down from HKD 8,141,000,000 as of December 31, 2022, reflecting a decrease of approximately 3.3%[19]. - The average occupancy rate for the company’s rental investment properties in the U.S. was 74% as of June 30, 2023, down from 3,712,000 square feet in the previous period[22]. - The company plans to optimize its U.S. property portfolio through acquisitions and disposals, maintaining a cautiously optimistic outlook[25]. Dividends and Shareholder Information - No interim dividend was recommended for the six months ended June 30, 2023, reflecting the company's focus on financial stability amid losses[9]. - The company has the discretion to choose not to pay dividends on the convertible preferred shares, which are subject to a non-cumulative floating rate[153]. - The company has not engaged in any arrangements that would allow directors to benefit from purchasing shares or bonds of the company or any other entity during the six months ending June 30, 2023[189]. - The total number of ordinary shares issued remained at 635,570,000, with a total capital of HKD 371,191,000, unchanged from December 31, 2022[152]. - The beneficial owner, Shengmei Management Limited, holds 157,986,500 shares, accounting for 24.86% of the issued share capital[192]. Future Outlook and Strategy - The company anticipates continued monitoring of global economic trends and real estate market dynamics, particularly regarding interest rate changes by the Federal Reserve[13]. - The company plans to continue focusing on investment property development and expansion in the upcoming periods, aiming to enhance overall financial performance[73]. - The company plans to allocate approximately HKD 77,500,000 to HKD 93,000,000 (equivalent to 43% to 52% of the net proceeds from the placement activities) for real estate-related projects in the New York metropolitan area[55]. - The company plans to continue focusing on property investment and development in the U.S. market as part of its future strategy[102]. - The company completed the sale of two office properties in the U.S. during the reporting period, contributing to a total sales revenue of HKD 53,000,000 from residential development projects[10].
盛洋投资(00174) - 2023 - 中期财报