Revenue and Profitability - Revenue for the six months ended September 30, 2022, was HKD 12,089 million, slightly up from HKD 12,084 million in the previous year, representing a 0.04% increase[2] - The company reported a loss attributable to shareholders of HKD 29,920 million for the period, compared to a profit of HKD 8,652 million in the same period last year, indicating a significant decline[2] - The group's profit before tax for the period was HKD (29,347) million, compared to a profit of HKD 9,249 million in the previous year[18] - The total comprehensive loss for the period was HKD 44,727 million, compared to a total comprehensive income of HKD 4,665 million in the previous year[4] Investment Properties - The fair value loss on investment properties was HKD 20,700 million, contrasting with a gain of HKD 19,000 million in the prior year[2] - The group reported a loss from fair value changes of investment properties amounting to HKD (17,682) million for the period[18] - The total value of investment properties as of September 30, 2022, was HKD 923,500,000, down from HKD 944,200,000 as of March 31, 2022, indicating a decrease of 2.19%[33] - As of September 30, 2022, the fair value of the company's investment properties was HKD 923,500,000, down from HKD 944,200,000 as of March 31, 2022[74] Cash Flow and Liquidity - Cash and cash equivalents at the end of the period stood at HKD 130,797 million, an increase from HKD 125,710 million at the end of the previous year[9] - Operating cash flow for the period was HKD 13,202 million, significantly higher than HKD 5,189 million in the prior year[9] - The company incurred financing costs of HKD 204 million, up from HKD 152 million in the previous year, reflecting increased borrowing costs[2] - The total bank loans secured as of September 30, 2022, amounted to approximately HKD 17,511 million, a decrease from HKD 17,916 million as of March 31, 2022[45] Dividends and Shareholder Returns - The company paid dividends of HKD 4,800 million during the period, consistent with the previous year[8] - The company proposed an interim dividend of HKD 0.02 per share, totaling HKD 800,000, consistent with the previous year[49] Assets and Liabilities - The net asset value decreased to HKD 1,141,904 million from HKD 1,191,431 million at the end of the previous fiscal year[6] - The company's total assets less current liabilities were HKD 1,143,023 million, down from HKD 1,192,518 million[6] - The group's total assets as of September 30, 2022, amounted to HKD 1,149,372 million, down from HKD 1,198,037 million as of March 31, 2022[22] - The group's total liabilities as of September 30, 2022, were HKD 26,132 million, an increase from HKD 23,847 million as of March 31, 2022[22] Segment Performance - The group’s segment revenue from securities investment was HKD 5,772 million, compared to HKD 5,615 million in the previous year[18] - The group’s segment loss from property development was HKD (12,475) million, compared to a loss of HKD (13,805) million in the previous year[18] - Total rental income from investment properties and dividend income from listed securities for the six months ended September 30, 2022, was HKD 6,317,000, compared to HKD 6,469,000 for the same period in 2021, representing a decrease of 2.35%[25] Financial Instruments and Fair Value - The fair value of equity instruments measured at fair value through other comprehensive income decreased to HKD 54,665,000 as of September 30, 2022, from HKD 70,315,000 as of March 31, 2022, indicating a decline of 22.31%[36] - Fair value losses on equity instruments measured at fair value through profit or loss amounted to approximately HKD 17,692,000, while losses measured at fair value through other comprehensive income were about HKD 14,807,000[78] - The fair value of financial assets classified as Level 1 amounted to HKD 105,737 million as of September 30, 2022[56] Management and Compliance - The group has not adopted any new accounting standards that would have a significant impact on its financial performance and position[12] - The group’s management expects no significant impact from new accounting standards that have been issued but are not yet effective[12] - The company has maintained compliance with all bank financing covenants as of September 30, 2022[46] - The company has adopted the "Standard Code for Securities Transactions by Directors" and confirmed compliance with the required standards as of September 30, 2022[67] Employee Compensation - The company’s management compensation for key personnel was reported at HKD 1,330,000 for the period[52] - The company had a total of four employees (excluding two executive directors) as of September 30, 2022, with total employee compensation amounting to approximately HKD 854,000[70] Market Conditions and Future Outlook - The group anticipates continued improvement in leasing business as COVID-19 measures are expected to be relaxed by the Hong Kong government[95] - The group plans to adjust its securities investment portfolio in response to ongoing market volatility due to rising interest rates and geopolitical factors[95] - The group has no significant foreign exchange risk or currency fluctuations as its business activities are primarily conducted in Hong Kong and in HKD[93]
永发置业(00287) - 2023 - 中期财报