Financial Performance - For the six months ended June 30, 2023, hotel service revenue was HKD 159,513,000, a decrease of 37.9% compared to HKD 256,622,000 for the same period in 2022[13]. - The group reported a loss before tax of HKD 18,347,000 for the six months ended June 30, 2023, compared to a profit of HKD 128,551,000 for the same period in 2022[13]. - The company's net profit attributable to owners for the six months ended June 30, 2023, was HKD 18 million, a decrease of HKD 127 million compared to HKD 145 million for the same period in 2022[49]. - Total revenue for the period decreased by 35%, from HKD 279 million to HKD 182 million[52]. - Hotel operating revenue decreased by 38% to HKD 160 million, down from HKD 257 million for the same period in 2022[54]. - The group’s total classified income for the six months ended June 30, 2023, was HKD 177,953,000, down from HKD 275,401,000 in the previous year[13]. - The group’s net profit attributable to shareholders, excluding depreciation, was HKD 17.9 million, an 88% decrease from HKD 144.6 million in the previous year[63]. - The company reported a loss of 17,861,000 HKD for the six months ended June 30, 2023, compared to a profit of 106,005,000 HKD in the same period last year[125]. - Total comprehensive income attributable to the company’s owners for the period was 44,650,000 HKD, compared to a loss of 32,317,000 HKD in the previous year[128]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to HKD 5,287,735,000, compared to HKD 5,265,508,000 as of December 31, 2022[16]. - Total liabilities as of June 30, 2023, were HKD 1,010,262,000, a slight decrease from HKD 1,032,744,000 as of December 31, 2022[18]. - The group’s total classified assets in hotel services were HKD 3,731,880,000 as of June 30, 2023, compared to HKD 3,760,420,000 as of December 31, 2022[16]. - The group’s total assets were revalued at HKD 9.877 billion as of June 30, 2023, up from HKD 9.6 billion at the end of 2022[98]. - The carrying value of the group's investment properties and hotel properties as of June 30, 2023, is approximately HKD 977,000,000 and HKD 1,570,000,000, respectively[191]. - The carrying value of bank loans due within one year decreased to HKD 10,000,000 from HKD 22,000,000 as of December 31, 2022[186]. Revenue and Income Sources - The group’s property rental income for the six months ended June 30, 2023, was HKD 18,395,000, slightly down from HKD 18,737,000 in the previous year[6]. - The group’s securities investment income remained stable at HKD 18,395,000 for the six months ended June 30, 2023, compared to HKD 18,737,000 in the same period of 2022[13]. - The rental income for the Royal Scot Hotel in London for the period was GBP 1.768 million, consistent with the previous year[95]. - Future rental income from the Royal Scot Hotel in London is promising, with annual rent increases linked to the UK Retail Price Index, which reached a 40-year high of 10.7% in June 2023[77]. Expenses and Costs - The cost of hotel services for the period was HKD 94 million, an increase from HKD 76.3 million in the previous year[55]. - The group incurred administrative expenses of HKD 51.1 million, an increase of 183% compared to HKD 18.1 million for the same period in 2022[63]. - Total interest expenses increased to HKD 19.4 million, up from HKD 4.3 million in the same period last year, primarily due to the acquisition of the Grand Bay Hotel[74]. - The company incurred interest expenses of HKD 19.446 million for the six months ended June 30, 2023, compared to HKD 4.349 million in the same period of 2022[1]. Employee and Operational Insights - The group has a total of 455 employees as of June 30, 2023, up from 334 employees as of December 31, 2022[75]. - The group continues to face challenges in hotel operations and rental income, with management focused on increasing revenue and controlling costs[80]. - The group’s operating costs have significantly increased due to local labor shortages and a rise in hotel staff numbers[102]. Shareholder and Equity Information - Major shareholder Shobokshi Hussam Ali H. holds 71.09% of the shares due to the interests of his spouse, Zheng Qiwen[138]. - Alef United Holdings Limited holds 2,396,000 shares (0.03%) and Saray Value Fund SPC holds 882,698,524 shares (9.87%) as of April 6, 2022[115]. - Fidelity Management & Research (Japan) Limited holds 220,316,000 shares (2.46%), while Fidelity Management & Research (Hong Kong) Limited holds 90,048,000 shares (1.01%)[116]. Cash Flow and Financial Resources - Operating cash flow before changes in working capital was 33,760,000 HKD, down from 171,683,000 HKD in the previous year[135]. - The group has sufficient financial resources, including internal resources and unused bank financing, to meet its operational funding needs[180]. - The company has prepared cash flow forecasts and contract calculations for the ongoing period until September 30, 2024, simulating a basic case scenario[164].
华大酒店(00201) - 2023 - 中期财报