Financial Performance - For the six months ended June 30, 2022, the company reported a revenue of HK$16,790,000, a decrease of 7.6% compared to HK$18,178,000 in the same period of 2021[11]. - The company incurred a loss for the period of HK$4,355,000, significantly improved from a loss of HK$48,795,000 in the prior year[14]. - Operating profit before impairment losses was HK$6,290,000, compared to HK$16,299,000 in the previous year, indicating a decline of 61.5%[8]. - The loss before taxation was HK$3,355,000, down from HK$47,589,000 in the same period last year, reflecting a substantial reduction in losses[9]. - Other income decreased to HK$6,096,000 from HK$11,317,000, representing a decline of 46.1% year-on-year[11]. - Total comprehensive expense for the period was HK$6,872,000, compared to HK$50,946,000 in the previous year, showing a significant reduction in overall losses[14]. - The company experienced a loss per share of HK$0.35, compared to HK$3.93 in the same period last year, indicating an improvement in per-share performance[9]. - The fair value loss from investment properties was HK$2,850,000, compared to HK$14,934,000 in the previous year, reflecting a decrease in losses from property valuations[8]. - Rental income from investment properties decreased to HK$12,805,000 in the six months ended June 30, 2022, down 8.8% from HK$14,048,000 in the same period of 2021[35]. - The decrease in revenue was primarily attributable to a reduction in rental income[141]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to HK$1,785,674,000, a decrease from HK$1,791,326,000 as of December 31, 2021[16]. - Non-current assets decreased to HK$1,483,684,000 from HK$1,522,268,000, primarily due to a reduction in loan receivables[16]. - Total equity as of June 30, 2022, was HK$1,598,549,000, down from HK$1,605,421,000 at the end of 2021, reflecting a decrease in reserves[19]. - Current assets increased to HK$301,990,000 from HK$269,058,000, driven by an increase in loan receivables[16]. - Total liabilities rose to HK$187,125,000 from HK$185,905,000, with current liabilities slightly increasing[19]. - Cash and cash equivalents increased to HK$129,113,000 from HK$119,853,000, indicating improved liquidity[16]. - The total liabilities of the Group increased from HK$185,905,000 as at 31st December, 2021 to HK$187,125,000 as at 30th June, 2022[144]. - The Group's current assets amounted to HK$301,990,000 as at 30th June, 2022, exceeding current liabilities of HK$278,805,000[144]. Cash Flow - Net cash generated from operations for the six months ended June 30, 2022, was HK$5,671,000, an increase from HK$4,737,000 in the same period of 2021[26]. - Net cash from investing activities for the six months ended June 30, 2022, was HK$3,407,000, a significant decrease from HK$37,318,000 in the same period of 2021[26]. - The net increase in cash and cash equivalents for the six months ended June 30, 2022, was HK$9,078,000, down from HK$67,626,000 in the same period of 2021[27]. - Cash and cash equivalents at the end of the period were HK$129,113,000, compared to HK$253,862,000 at the end of the same period in 2021[27]. - Loan interest received decreased to HK$4,417,000 for the six months ended June 30, 2022, from HK$10,751,000 in the same period of 2021[26]. Operational Focus - The company is focusing on improving operational efficiency and reducing costs to enhance profitability in future periods[10]. - The Group's core businesses include property investment, property leasing, and estate management in Hong Kong[141]. - The Group expects most tenants in the Harbour Crystal Centre, particularly in the food and beverage sector, to perform better in the future due to the relaxation of COVID-19 restrictions[148]. - The rental market is anticipated to stabilize by the fourth quarter of 2022, with any rebound in rents expected until next year[148]. - The office rental market is projected to continue struggling due to decreased demand from Chinese corporate tenants[148]. Governance and Compliance - The financial statements have been prepared in accordance with Hong Kong Accounting Standards and applicable disclosure requirements[31]. - The company’s auditor reported unqualified financial statements for the period, indicating no significant issues were raised[29]. - The updated terms of reference of the Audit Committee include the ability to scrutinize management's performance in establishing effective risk management and internal control systems[160]. - The Company has confirmed that all Directors fully complied with the required standards set out in the Model Code regarding securities transactions throughout the review period[161]. - The Company will continue to review the terms of reference for the Remuneration Committee and Audit Committee at least annually and make appropriate changes if necessary[161]. Shareholder Information - As of June 30, 2022, Tian An China Investments Company Limited holds 930,376,898 shares, representing approximately 74.98% of the total issued shares[154]. - Allied Group Limited, through its wholly-owned subsidiaries, indirectly owns about 50.83% of the total issued shares of Tian An China Investments Company Limited[157]. - The Lee and Lee Trust controls approximately 74.99% of the total issued shares of Allied Group Limited, indicating significant ownership concentration[157]. - All interests stated in the report represent long positions, with no short positions disclosed as of June 30, 2022[157].
亚证地产(00271) - 2022 - 中期财报