Hotel Operations - The hotel operations of the group showed encouraging performance in July and August, with average occupancy rates and average room rates gradually improving[1]. - The new hotel, which opened in April 2023, has a total of 1,208 rooms and has received multiple international design awards[16]. - Total customer contract revenue for the group was HKD 2,840,200,000, with significant contributions from property development (HKD 1,826,900,000) and hotel operations (HKD 984,200,000)[80]. Financial Performance - The net cash flow from operating activities during the review period was HKD 368.1 million, compared to HKD 357.8 million in 2022[27]. - The basic loss per share for the six months ended June 30, 2023, was HKD 383,100,000, compared to a profit of HKD 230,900,000 for the same period in 2022[69]. - Profit from property sales for the six months ended June 30, 2023, was HKD 384.2 million, a decrease of 46% compared to HKD 709.3 million for the same period in 2022[85]. - Total tax expenses for the six months ended June 30, 2023, amounted to HKD 36.4 million, down 74.3% from HKD 142.0 million in the prior year[86]. Asset and Liability Management - The group has a solid portfolio of quality assets, with diversified business scope and geographical coverage, and is confident in recovering as the overall economy is expected to rebound[3]. - As of June 30, 2023, the total value of properties, plants, equipment, investment properties, and financial assets amounted to HKD 30,714.7 million, a decrease from HKD 30,936.1 million as of December 31, 2022, representing a decline of approximately 0.7%[29]. - The non-current assets totaled HKD 28,850.0 million as of June 30, 2023, down from HKD 29,243.2 million as of December 31, 2022, indicating a decrease of about 1.3%[35]. - The company's total liabilities increased to HKD 23,324.7 million as of June 30, 2023, compared to HKD 23,054.0 million as of December 31, 2022, indicating a rise of about 1.2%[36]. Cash and Bank Balances - The company reported a cash and bank balance of HKD 963.3 million as of June 30, 2023, an increase from HKD 897.3 million as of December 31, 2022, reflecting a growth of approximately 7.4%[36]. - As of June 30, 2023, the group's cash and bank balances, along with time deposits, amounted to HKD 2,274,300,000, a decrease from HKD 2,372,300,000 as of December 31, 2022[54]. - Cash and bank balances as of June 30, 2023, totaled HKD 963.3 million, a slight decrease from HKD 977.9 million at the end of 2022[101]. Development and Sales - The sales of commercial units in the Chengdu project have reached approximately RMB 91.9 million (HKD 98.9 million), with 3,965 square meters (42,679 square feet) sold or contracted[21]. - The group is retaining eight houses in the "Richmond Garden" project for gradual sale[7]. - The sales plan for the remaining units in the four office buildings will be launched according to market conditions[22]. Corporate Governance - The company’s governance structure does not separate the roles of Chairman and CEO[182]. - The board has confirmed compliance with the trading code during the six months ending June 30, 2023[183]. - The audit committee consists of four independent non-executive directors, including Mr. Huang Zhiqiang as the chairman[187]. Financial Instruments and Fair Value - The fair value of listed equity investments is HKD 131.5 million, while the fair value of unlisted equity investments is HKD 41.1 million[153]. - The total fair value of financial assets measured at fair value through profit or loss is HKD 1,533.6 million, with HKD 216.5 million from listed equity investments[153]. - The company’s financial assets and liabilities' carrying amounts are similar to their fair values as of the reporting date[128]. Employee Compensation - The company employed approximately 1,710 staff in Hong Kong and China, with compensation levels consistent with market norms[32]. - The management compensation for the six months ended June 30, 2023, totals HKD 24.2 million, a decrease of 4.3% from HKD 25.3 million for the same period in 2022[124].
百利保控股(00617) - 2023 - 中期财报