Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 158,273,000, a decrease of 3.7% compared to HKD 164,209,000 for the same period in 2021[6] - Gross profit for the same period was HKD 113,885,000, down from HKD 118,589,000, reflecting a decline of 4.0%[6] - The net loss for the period was HKD 1,118,536,000, compared to a net loss of HKD 490,068,000 in the previous year, indicating a significant increase in losses[6] - Basic and diluted loss per share was HKD 1.17, compared to HKD 0.51 for the same period last year[6] - Cash generated from operating activities was HKD 79,369,000, a decrease of 31.9% from HKD 116,407,000 in the previous year[12] - The company reported a significant impairment loss on investment properties amounting to HKD 1,195,123,000, compared to HKD 574,098,000 in the previous year[6] - The company declared an interim dividend of 0.04 HKD per share, totaling 18,989,000 HKD, a decrease from 37,979,000 HKD in the previous year[27] - Basic loss per share was reported at 1.17 HKD, with a total loss attributable to equity shareholders of 556,874,000 HKD for the six months ended September 30, 2022[30] - The total tax expense for the six months ended September 30, 2022, was 15,381,000 HKD, compared to 16,555,000 HKD in the previous year[26] Assets and Equity - Total assets decreased to HKD 8,504,222,000 from HKD 9,698,531,000, reflecting a decline of 12.3%[8] - The company’s total equity decreased to HKD 8,504,222,000 from HKD 9,698,531,000, a decline of 12.3%[8] - The total equity attributable to shareholders as of September 30, 2022, was HKD 8,504.2 million, down from HKD 9,698.5 million as of March 31, 2022[41] Cash and Financing - The net cash and cash equivalents at the end of the period were HKD 569,132,000, an increase from HKD 558,701,000 in the previous year[12] - Financing costs increased to 1,787,000 HKD for the six months ended September 30, 2022, compared to 1,038,000 HKD in the previous year[23] - Interest income rose significantly to 3,240,000 HKD for the six months ended September 30, 2022, up from 1,795,000 HKD in the previous year[24] - As of September 30, 2022, the group had cash and cash equivalents totaling HKD 569.1 million, an increase from HKD 492.9 million as of March 31, 2022[35] - The outstanding bank loans as of September 30, 2022, were HKD 200 million, unchanged from March 31, 2022[41] Operational Performance - For the six months ended September 30, 2022, the group's operating profit before investment property valuation changes was HKD 93.8 million, a decrease of approximately 7.7% compared to the same period last year[40] - The net valuation loss of investment properties for the six months ended September 30, 2022, was HKD 1,195.1 million, compared to a valuation loss of HKD 574.1 million in the same period last year[40] - Rental income from the International Plaza for the six months ended September 30, 2022, was approximately HKD 152.1 million, a decrease of about 4.8% compared to the same period last year[40] - The occupancy rate of the International Plaza as of September 30, 2022, was approximately 77.3%, compared to 76.2% as of September 30, 2021[40] - The rental income from the International Plaza is expected to continue facing negative impacts in the second half of the year due to tightening financial conditions in the Hong Kong rental market[44] - The group’s operational performance is anticipated to be negatively affected in the upcoming half-year[44] Shareholder Information - As of September 30, 2022, the major shareholder, Tiande Limited, holds 237,370,032 shares, representing 50.001% of the voting shares[52] - The total beneficial interest of Zhong Qionglin is 46,139,164 shares, accounting for 9.72% of the total voting shares[52] - Zhong Jiongfei holds 27,864,420 shares, which is 5.87% of the total voting shares[52] Corporate Governance - The company did not repurchase, sell, or redeem any of its listed securities during the six months ending September 30, 2022[55] - The board remuneration at the company level remained unchanged compared to the same period last year[56] - The company has complied with the Corporate Governance Code, except for the lack of insurance arrangements for directors facing legal actions, which the board believes poses a low risk[57] - The roles of Chairman and CEO are held by the same individual, which the board believes does not negatively impact the company and allows for efficient decision-making[57] - The company has not established an internal audit function, but the board reviews the necessity of this function annually, concluding that current risk management is sufficient[60] - The company did not disclose the remuneration details of senior management by pay grade in the annual report, believing it would not negatively impact the company[62] - The Chairman was unable to attend the annual general meeting due to health reasons, and the Vice Chairman presided over the meeting to ensure smooth proceedings[62] - The company confirmed compliance with the standard code of conduct for securities trading for all directors during the six months ending September 30, 2022[64] - Following the passing of the nomination committee chairman on October 11, 2022, the company is in the process of appointing a new chairman within three months to comply with listing rules[65] Accounting and Reporting - The company did not adopt any new accounting standards or interpretations that have not yet come into effect during the current accounting period[18] - The interim financial report includes the consolidated financial position as of September 30, 2022, and the consolidated income statement for the six-month period[68] - The review of the interim financial report did not reveal any issues that would suggest non-compliance with the relevant accounting standards[70]
天德地产(00266) - 2023 - 中期财报