Financial Performance - For the six months ended 30 September 2022, the Group recorded a revenue of approximately HK$519.6 million, representing an increase of approximately 2020.8% compared to HK$24.5 million for the same period in 2021[7]. - The Group achieved a profit of approximately HK$80.4 million, a significant turnaround from a loss of approximately HK$8.8 million in the corresponding period of 2021[7]. - Revenue for the six months ended 30 September 2022 was HK$519,648,997, a significant increase from HK$24,543,234 in the same period of 2021, representing a growth of approximately 2011%[112]. - Profit for the period was HK$80,423,676, compared to a loss of HK$8,831,953 in the previous year, indicating a turnaround in performance[112]. - Total comprehensive income for the period was HK$18,656,898, compared to a loss of HK$1,798,209 in the same period of 2021[116]. - The company reported a basic earnings per share of 1.35 HK cents for the period, a recovery from a loss of 0.25 HK cents per share in the previous year[116]. Property Development - The property development business contributed revenue of approximately HK$491.3 million during the period, with a profit of approximately HK$113.6 million, compared to a loss of approximately HK$5.3 million in 2021[13]. - The increase in property development revenue was attributed to the delivery of approximately 27,377.5 square meters of booked gross floor area during the period[13]. - Revenue from the sale of completed properties amounted to HK$491,300,031 for the six months ended 30 September 2022, compared to HK$0 for the same period in 2021[185]. Financial Position - As of September 30, 2022, the Group had no bank borrowings, compared to approximately HK$99.2 million as of March 31, 2021[29]. - The Group's net current assets as of September 30, 2022, were approximately HK$510.8 million, a decrease from approximately HK$531.2 million as of March 31, 2022[33]. - The current ratio improved to 2.3 as of September 30, 2022, compared to 1.6 as of March 31, 2022[33]. - Total assets as of 30 September 2022 were HK$1,392,817,922, down from HK$1,958,318,658 as of 31 March 2022[121]. - Total liabilities decreased to HK$821,444,208 from HK$1,357,946,403, reflecting improved financial health[125]. - Net assets as of 30 September 2022 were HK$571,373,714, a decrease from HK$600,372,255 as of 31 March 2022[125]. Investment and Acquisitions - The Company announced an acquisition of 55% equity interest in Dongguan Huachuangwen Land Limited for a total consideration of approximately HK$165.12 million, which includes cash of RMB40 million (approximately HK$48 million), shares valued at HK$90 million, and convertible bonds of HK$27.12 million[52]. - The acquisition was completed on July 6, 2022, with the company holding a 90% equity interest in Huachuangwen Land[62]. - The company acquired subsidiaries with a total cost of HK$144,066,137 during the period[161]. Shareholder Information - As of September 30, 2022, Mr. Chen Weiwu held 871,848,000 shares, representing approximately 30.12% of the company[64]. - Mr. Chen, through Grand Nice International Limited, is deemed to have an aggregate interest in 1,451,654,977 shares, approximately 50.15% of the issued share capital as of September 30, 2022[69]. - As of September 30, 2022, Grand Nice holds 579,806,977 shares, representing approximately 20.03% of the company's shareholding[78]. - Jiang Dingwei, through controlled corporations, holds 585,600,000 shares, accounting for approximately 20.23% of the company's shareholding[78]. Corporate Governance - The Company complied with all Corporate Governance Code provisions during the six months ended September 30, 2022, except for holding only two Board meetings instead of the required four[98]. - All Directors confirmed compliance with the Model Code for securities transactions during the six months ended September 30, 2022[104]. - The audit committee reviewed the unaudited interim results for the six months ended September 30, 2022, along with accounting principles and practices adopted by the Group[107]. Cash Flow and Financing - Cash generated from operating activities was HK$360,475,316, an increase from HK$212,118,942 in the prior year, indicating a growth of approximately 70%[168]. - The net cash used in financing activities was HK$130,709,492, compared to HK$61,866,003 in the prior year, indicating a higher reliance on financing[168]. - Cash and cash equivalents at the end of the period stood at HK$281,056,483, up from HK$197,683,055 a year earlier, representing an increase of approximately 42%[168]. Segment Information - The company operates primarily in three segments: property sub-leasing and investment, property development, and money lending[196]. - External revenue from property sub-leasing and investment business was HK$28,348,966, while property development business generated HK$491,300,031[197]. - Reportable segment profit before income tax amounted to HK$114,587,453, with property development contributing HK$113,616,907[197].
中国唐商(00674) - 2023 - 中期财报