Financial Position - As of June 30, 2023, non-current assets totaled HKD 10,790,256 thousand, a decrease from HKD 10,917,396 thousand as of December 31, 2022, representing a decline of approximately 1.2%[4] - Current assets decreased to HKD 267,812 thousand from HKD 303,283 thousand, reflecting a reduction of about 11.7%[4] - The company's net current asset value was HKD 218,356 thousand, down from HKD 249,987 thousand, indicating a decrease of approximately 12.6%[4] - The total equity attributable to equity holders of the company was HKD 10,531,429 thousand, down from HKD 10,697,719 thousand, a decrease of approximately 1.6%[5] - As of June 30, 2023, total assets amounted to HKD 11,058,068,000, a decrease from HKD 11,220,679,000 as of December 31, 2022[34] - The group's equity in LAAPL was approximately HKD 10,198,399,000 as of June 30, 2023, down from HKD 10,327,641,000 as of December 31, 2022[38] - The company's cash and cash equivalents decreased to HKD 177,093 thousand from HKD 207,373 thousand, reflecting a decline of about 14.6%[4] - The total liabilities as of June 30, 2023, were HKD 526,639,000, an increase from HKD 522,960,000 as of December 31, 2022[34] - The net asset value attributable to equity holders decreased to HKD 10,500,000,000 from HKD 10,700,000,000 as of December 31, 2022, equivalent to HKD 5.3 per share[111] Revenue and Profitability - The group reported a revenue of HKD 36,862,000 for the six months ended June 30, 2023, compared to HKD 36,656,000 for the same period in 2022[35] - The group's share of profits from joint ventures was HKD 93,010,000 for the six months ended June 30, 2023, down from HKD 271,049,000 in 2022[38] - The property investment segment generated revenue of HKD 35,000,000 for the period, compared to HKD 34,000,000 in 2022[54] - The group recorded a consolidated profit attributable to shareholders of HKD 89 million for the six months ended June 30, 2023, down from HKD 297 million for the same period in 2022, primarily due to a decrease in profits from joint ventures[80] - The group recorded a net profit of HKD 1.7 million from its financial and securities investment business, compared to a loss of HKD 0.9 million in 2022[177] - The company reported a net profit of HKD 88,171,000 for the six months ended June 30, 2023, a decrease of 70.3% compared to HKD 296,628,000 for the same period in 2022[189] Dividends and Shareholder Returns - The company did not declare an interim dividend for 2023, compared to an interim dividend of HKD 0.01 per share in 2022[20] - The board has decided not to declare any interim dividend for the six months ended June 30, 2023, compared to a dividend of HKD 0.01 per share (approximately HKD 20 million) in 2022[89] Expenses and Costs - Employee costs for the period, including directors' remuneration, amounted to HKD 12,000,000, down from HKD 13,000,000 in 2022, with a total of 40 full-time employees[114] - The company incurred financing costs of HKD 9,584,000, significantly higher than HKD 1,993,000 in the previous year, indicating increased borrowing costs[185] - The company’s financing costs for the current period were HKD 11,328 million, compared to HKD 3,785 million in the previous year, indicating a significant increase[199] Cash Flow and Investments - The cash flow from operating activities was a net outflow of HKD 23,522,000, slightly higher than the outflow of HKD 23,309,000 in the previous year[185] - The total cash and cash equivalents at the end of the period were HKD 128,298,000, down from HKD 177,093,000 at the end of the same period last year, representing a decrease of 27.5%[185] - The company reported a significant increase in cash outflow from investing activities, totaling HKD 908,000 compared to HKD 17,000 in the previous year, indicating increased investment activity[185] Market and Economic Conditions - The economic growth forecast for Singapore in 2023 has been narrowed to a range of 0.5% to 1.5%, down from the previous estimate of 0.5% to 2.5%[88] - Retail foot traffic and tenant sales reached 98% and 83% of pre-pandemic levels, respectively, indicating a recovery in consumer confidence[56] Corporate Governance and Compliance - The board of directors has committed to high-quality corporate governance practices to enhance investor confidence[135] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange regulations for the six months ended June 30, 2023[146] - The company has adopted the standard code for securities trading by directors, ensuring compliance during the review period[147] Strategic Initiatives - OUE C-REIT announced a S$22 million asset enhancement initiative for the Crowne Plaza Changi Airport to capitalize on expected increases in traveler and business travel numbers in 2024 and beyond[56] - The company underwent a capital restructuring effective July 3, 2023, reducing the par value of shares from HK$1.00 to HK$0.10[64] - The group aims to expand developed market proportion to over 50% of its investment portfolio by 2027[176] Shareholder Information - Hennessy Holdings Limited holds 1,477,715,492 ordinary shares, representing approximately 73.95% of the company's issued shares[105] - The company’s major shareholders include Huge Success Limited and Lippo Capital, both holding 1,477,715,492 shares, equivalent to 73.95% of the issued shares[105]
香港华人有限公司(00655) - 2023 - 中期财报