Financial Performance - The profit attributable to owners for the six months ended June 30, 2022, was HKD 61 million, an increase of HKD 47 million compared to HKD 14 million for the same period in 2021, representing a growth of 335.7%[5]. - The profit attributable to owners of Huada Hotel Group was HKD 106 million, a significant increase of HKD 97 million from HKD 9 million in the previous year, reflecting a growth of 1,077.8%[10]. - The overall profit for the six months ended June 30, 2022, increased primarily due to the rise in hotel revenue[11]. - Total revenue for the six months ended June 30, 2022, was HKD 363,594,000, an increase from HKD 232,345,000 for the same period in 2021, representing a growth of 56.5%[45]. - The net profit for the period was HKD 90,356,000, significantly up from HKD 14,384,000 in the previous year, marking an increase of 528.5%[45]. - Basic earnings per share rose to HKD 11.94, compared to HKD 2.81 for the same period last year, reflecting a growth of 325.3%[45]. - The company reported a gross profit of HKD 203,503,000, up from HKD 88,054,000, indicating a substantial increase of 131.3%[45]. - The group recorded a total revenue of HKD 363,594,000 for the six months ended June 30, 2022, representing a 56.5% increase from HKD 232,345,000 for the same period in 2021[79]. - The group achieved a positive operating cash inflow of HKD 212,269,000 during the period, with a net increase in cash and cash equivalents of HKD 67,524,000[78]. Hotel Operations - Hotel operating revenue increased by 97% to HKD 286 million for the six months ended June 30, 2022, compared to HKD 145 million for the same period in 2021[10]. - Operating hotel revenue was HKD 286,391,000, up 96.7% from HKD 145,436,000 year-on-year[79]. - The group operates nine hotels with approximately 2,821 guest rooms, making it one of the largest hotel groups in Hong Kong[10]. - The group operates nine revenue-generating hotels, with seven in Hong Kong, one in Shanghai, and one in London, facing challenges due to the ongoing impact of COVID-19 and the US-China trade war[18]. - The group signed short-term contracts with the government for six hotels in Hong Kong and Shanghai to operate as quarantine hotels, but competition with local hotels may resume as quarantine periods are shortened[18]. Debt and Financial Position - The total debt of the group, including Huada Hotel and its subsidiaries, was HKD 775 million as of June 30, 2022, up from HKD 754 million as of December 31, 2021[15]. - The group’s asset-to-liability ratio was 10% as of June 30, 2022, compared to 9% as of December 31, 2021, indicating an increase in overall debt relative to utilized funds[15]. - The company’s current liabilities increased to HKD 946,096,000 from HKD 852,594,000, reflecting a rise of 11%[56]. - The company’s total assets as of June 30, 2022, amounted to HKD 8,401,748,000, a decrease from HKD 8,823,060,000 as of December 31, 2021[57]. - The total equity attributable to owners of the company was HKD 6,961,333,000, slightly down from HKD 6,994,182,000 at the end of 2021[59]. Investment Properties - The rental income from commercial properties was HKD 77 million for the six months ended June 30, 2022, down from HKD 87 million in the same period last year[14]. - The fair value loss on investment properties was HKD 53,700,000, compared to a loss of HKD 34,470,000 in the previous year[45]. - The total carrying amount of investment properties was approximately HKD 4,168,260,000 as of June 30, 2022, down from HKD 4,347,647,000 as of December 31, 2021[106]. - The company’s total assets as of June 30, 2022, included investment properties valued at 5,307,317 thousand HKD[66]. - The fair value of the investment properties held by Tando Limited at acquisition was HKD 31,103,000[133]. Shareholder Information - As of June 30, 2022, the company's director Zheng Qiweng holds 385,395,999 shares, representing 66.48% of the company's shareholding[24]. - Zheng Qiweng also controls 6,360,585,437 shares in Huada Hotel Investment Limited, representing 71.09% of that company's shareholding[26]. - As of June 30, 2022, major shareholders include Omnico with 350,043,999 shares (60.38%) and Shunhao Holdings with 383,685,999 shares (66.18%)[30]. - The total issued and fully paid ordinary shares as of June 30, 2022, were 579,753,000 shares, with a total value of HKD 1,084,887,000[126]. Corporate Governance - The company’s governance practices are under review to ensure compliance with the updated corporate governance code effective from January 1, 2022[37]. - The company has adopted the standard code for securities transactions by directors, confirming compliance by all directors during the reporting period[38]. - The company has not granted any stock options under the employee stock option plan since its adoption in November 2013[28]. - The company has not adopted any other stock option plans apart from the one mentioned[28]. Future Outlook - The rental outlook for 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 12.3% in July 2022[17]. - The group plans to continue expanding its investment in properties and securities, focusing on enhancing its portfolio[70]. - The management conducted a cash flow forecast and contract calculations up to September 30, 2023, assessing the impact of a potential 10% decline in property prices[78].
顺豪物业(00219) - 2022 - 中期财报