Revenue and Profit - Revenue for the six months ended June 30, 2023, was approximately HKD 1,830,477,000, compared to HKD 1,963,837,000 for the same period in 2022, representing a decrease of about 6.8%[2] - Profit attributable to the company's owners for the six months ended June 30, 2023, was approximately HKD 371,509,000, an increase from HKD 272,476,000 in the same period of 2022, reflecting a growth of approximately 36.3%[2] - The net profit attributable to the company's owners for the six months ended June 30, 2023, was HKD 371,509,000, compared to HKD 272,476,000 for the same period in 2022, representing a year-on-year increase of approximately 36.4%[38] - The net profit for the period was HKD 482,313,000, up 29.7% from HKD 371,944,000 in the prior year[120] - The company's revenue from supplying water and heat to external customers for the six months ended June 30, 2023, was HKD 153,044,000 and HKD 703,251,000 respectively[139] Earnings Per Share and Dividends - Basic earnings per share for the six months ended June 30, 2023, was 34.63 HK cents, up from 25.40 HK cents for the same period in 2022, indicating an increase of approximately 36.2%[2] - The interim dividend declared was 3.45 HK cents per share, consistent with the interim dividend for the same period in 2022, totaling approximately HKD 37,011,000[23] - Earnings per share (basic and diluted) increased to HKD 34.63, compared to HKD 25.40 for the same period last year, reflecting a growth of 36.5%[119] Financial Position - The total assets less current liabilities as of June 30, 2023, were HKD 18,513,119,000, an increase from HKD 18,163,168,000 as of June 30, 2022, reflecting a growth of approximately 1.9%[6] - The total equity as of June 30, 2023, was HKD 16,598,840,000, an increase from HKD 16,429,280,000 at the end of 2022[114] - As of June 30, 2023, total assets amounted to HKD 21,535,021, an increase from HKD 21,266,227 as of December 31, 2022, representing a growth of approximately 1.27%[121] - The total liabilities increased to HKD 4,936,181 from HKD 4,836,947, reflecting a rise of approximately 2.07%[126] Cash Flow and Financial Expenses - The company's cash and cash equivalents decreased to HKD 2,466,965 from HKD 3,661,450, a decline of about 32.6%[121] - The company's financial expenses rose to HKD 44,543,000, compared to HKD 25,675,000 in the previous year, indicating an increase of 73.4%[119] - The total cash and bank loans as of June 30, 2023, were approximately HKD 5,445.2 million and HKD 1,808.2 million, respectively[83] Government Subsidies and Income - Government subsidy income for the six months ended June 30, 2023, was HKD 225,469,000, down from HKD 275,654,000 in the same period of 2022, a decrease of approximately 18.2%[16] - The profit of the thermal power company fell by 33% to approximately HKD 17,500,000 from HKD 26,100,000 in the same period last year, primarily due to a reduction in government subsidies by HKD 50,200,000 and a decline in steam sales volume[53] Accounts Receivable and Impairment - The accounts receivable aging analysis shows that as of June 30, 2023, overdue receivables over 180 days amounted to HKD 173,762,000, indicating a need for improved collection strategies[49] - The company reported a net loss from impairment of receivables of HKD 9,751,000 for the six months ended June 30, 2023, compared to a net loss of HKD 118,162,000 for the same period in 2022, indicating an improvement[19] Segment Performance - The revenue of the thermal power company decreased by 12.1% to approximately HKD 703,300,000 compared to HKD 800,300,000 in the same period last year[53] - The revenue of the pharmaceutical research institute decreased by 19.4% to approximately HKD 271,100,000, resulting in a loss of approximately HKD 33,500,000[55] - The pharmaceutical segment's profit, excluding the performance of the research institute, increased by HKD 22,000,000 to approximately HKD 112,900,000 compared to HKD 90,900,000 in the same period last year[55] - The revenue of Tianjin Power decreased by 7.8% to approximately HKD 1,179,400,000, contributing a profit of approximately HKD 29,400,000, a decrease of HKD 18,500,000 from the previous year[74] - The revenue for Otis Elevator (China) was approximately HKD 8,913.2 million, a decrease of 22.3% compared to the same period last year[98] Investments and Fair Value - The fair value of the investment in Tianjin Tasly Holding Group was approximately HKD 1,338.9 million as of June 30, 2023, compared to HKD 1,072.3 million as of December 31, 2022[100] - The market value of the group's equity in Binhai Investment was HKD 93,103,000 as of June 30, 2023, compared to HKD 86,493,000 as of December 31, 2022[65] Legal and Compliance - The company is currently involved in legal proceedings related to its sales and marketing operations, but management believes that any potential liabilities will not have a significant negative impact on its financial position[105] - The company’s independent auditor reviewed the interim financial statements in accordance with the relevant standards, ensuring compliance with financial reporting requirements[111] Accounting Policies - The company has applied new and revised Hong Kong Financial Reporting Standards during the period, which did not have a significant impact on the financial position and performance[10] - The company has implemented new accounting policies effective from January 1, 2023, related to insurance contracts and deferred tax assets[130]
天津发展(00882) - 2023 - 中期业绩