Financial Performance - The company recorded a consolidated profit attributable to shareholders of approximately HKD 20,230,000 for the six months ended June 30, 2022, an increase of approximately HKD 102,010,000 compared to a consolidated loss of HKD 122,240,000 for the same period in 2021[13]. - For the period of 2022, the company's revenue was approximately HKD 413,040,000, an increase of about HKD 111,770,000 or 37.10% compared to HKD 301,270,000 in 2021[65]. - The gross profit for 2022 was approximately HKD 238,990,000, an increase of about HKD 25,510,000 or 11.95% from HKD 213,480,000 in 2021[65]. - The net profit for the period was HKD 166,436,000, a significant recovery from a loss of HKD 79,237,000 in the previous year[123]. - The basic and diluted earnings per share attributable to the company's shareholders were HKD 0.29, compared to a loss of HKD 1.46 in the previous year[123]. - The company reported a significant foreign exchange loss of HKD 381,983,000 related to overseas operations[126]. - The income tax expense for 2022 included current income tax of HKD 47,530,000 and deferred tax expense of HKD 164,820,000, significantly higher than HKD 5,490,000 and HKD 31,250,000 in 2021, respectively[87]. Occupancy Rates - The average occupancy rate for the Shanghai Pudong project was 51.22% in 2022, down from 53.37% in 2021[18]. - The Tianjin Airport project achieved a high occupancy rate of 95.28% in 2022, up from 92.69% in 2021[18]. - The overall occupancy rate of the projects as of June 30, 2022, was 50.86%, with an additional leasing area of approximately 12,000 square meters added in the first half of the year[23]. - The average occupancy rate for the Tianjin Wan Shilong International Logistics warehouse was 95.28% during 2022, maintaining full occupancy[23]. - The Jiangsu Taicang project had an occupancy rate of 84.01% as of June 30, 2022, with expectations for full occupancy due to its advantageous location[29]. - The Xiamen project achieved an occupancy rate of 93.98% by the end of June 2022, with plans to reach full occupancy by the end of the year[28]. - The average occupancy rate for the Tongliao project was 78.21% during 2022, showing steady improvement despite market challenges[29]. - The Tianjin Hangu warehouse had an operational storage capacity of 45,000 tons, with an average occupancy rate of 70.10% in 2022, up from 44.89% in 2021[33]. - The Qingdao Chengyang warehouse achieved a 100% occupancy rate in 2022, significantly up from 36.33% in 2021[33]. - The average occupancy rate of the cold storage facilities in Tianjin was 70.10% as of the end of 2022, with a total storage capacity of 45,000 tons in the first phase and an expected increase to 75,000 tons after the second phase is completed[36]. - The average occupancy rate for the Guangzhou Guangming Plaza was approximately 87.81% as of 2022[59]. Project Developments - The company completed the sale of 90% equity in a project in Tongzhou District, Beijing, recovering funds of approximately RMB 1,385,031,000 (approximately HKD 1,622,690,000) and recording a gain of approximately RMB 116,501,000 (approximately HKD 140,779,000)[16]. - The company plans to complete the sale of the remaining 10% equity in the Tongzhou project by the end of 2022[16]. - The company is in the process of arranging the sale of approximately 713,000 square meters of projects in various locations, including Shanghai, Tianjin, Xiamen, Hainan, and Jiangsu[16]. - The company is focusing on developing a national supply chain business, leveraging existing cold chain and agricultural wholesale market infrastructure[32]. - The company aims to establish the best comprehensive service platform in China's supply chain industry, utilizing digital technology to reduce costs and increase revenue[32]. - The Qingdao project is expected to be completed by the end of 2023, with a total investment of approximately RMB 650 million[29]. - The total planned area for the Jiangsu Changzhou industrial park project is approximately 478,935 square meters, with a total investment of about RMB 2 billion[53]. - The company plans to introduce strategic partners for the Cambodia project and has begun negotiations[54]. Revenue Streams - The revenue from cold chain logistics warehouses was approximately HKD 41,570,000, an increase of about HKD 11,140,000 or 36.61% compared to HKD 30,430,000 in 2021, driven by an increase in average occupancy rate[71]. - The trade business revenue reached approximately HKD 133,330,000, an increase of about HKD 82,540,000 or 162.51% from HKD 50,790,000 in 2021, primarily due to the impact of COVID-19 in the previous year[74]. - The revenue from high-end and modern general warehouse business was approximately HKD 106,780,000, an increase of about HKD 6,360,000 or 6.33% compared to HKD 100,420,000 in 2021, attributed to improved occupancy rates[70]. - The revenue from specialized wholesale markets was approximately HKD 18,550,000, an increase of about HKD 2,640,000 or 16.59% compared to HKD 15,910,000 in 2021, due to increased average occupancy rates[75]. - The revenue from industrial properties was approximately HKD 73,620,000, an increase of about HKD 10,750,000 or 17.10% from HKD 62,870,000 in 2021, driven by higher occupancy rates in the Jiaxing project[76]. - The revenue from commercial properties was approximately HKD 39,190,000, a decrease of about HKD 1,660,000 or 4.06% compared to HKD 40,850,000 in 2021, mainly due to a slight decrease in occupancy rates in the Guangzhou project[77]. Financial Position - Cash and cash equivalents decreased by HKD 412,080,000, primarily due to net proceeds from the sale of subsidiaries amounting to HKD 1,616,530,000 and repayments of bank and other borrowings totaling HKD 929,030,000[96]. - Total borrowings as of June 30, 2022, were approximately HKD 9,343,060,000, a decrease from approximately HKD 10,728,070,000 as of December 31, 2021, with a capital debt ratio of approximately 159.97%[103]. - The group's cash and bank balances were approximately HKD 776,200,000, with 37.19% in USD, 27.95% in HKD, and 34.86% in RMB[104]. - The current ratio and quick ratio as of June 30, 2022, were approximately 84.73% and 65.15%, respectively, compared to 131.25% and 97.31% as of December 31, 2021[105]. - The net total borrowings decreased to HKD 8,566,860,000 as of June 30, 2022, down HKD 972,930,000 from HKD 9,539,790,000 as of December 31, 2021[105]. - The company's non-current assets decreased to HKD 10,671,922,000 from HKD 14,366,903,000 as of December 31, 2021[129]. - Current liabilities increased to HKD 11,144,549,000, up from HKD 5,833,020,000 in the previous year, indicating a rise in financial obligations[132]. - The total assets less current liabilities stood at HKD 8,970,588,000, down from HKD 16,189,510,000 in the previous year[132]. - The company's equity attributable to shareholders was HKD 5,355,200,000, a slight decrease from HKD 5,651,687,000 in the previous year[132]. - The company’s total liabilities increased significantly, reflecting a growing financial burden with total liabilities reaching HKD 14,759,937,000[132]. Cash Flow and Financing - The net cash flow from operating activities for the six months ended June 30, 2022, was a negative HKD 339,682,000, compared to a negative HKD 131,668,000 for the same period in 2021, indicating a worsening cash flow situation[138]. - The financing activities resulted in a net cash outflow of HKD 1,638,586,000 for the six months ended June 30, 2022, compared to a net outflow of HKD 164,549,000 for the same period in 2021, indicating increased financing costs[138]. - The company reported a significant cash inflow from the sale of subsidiaries amounting to HKD 1,616,530,000 during the period[138]. - The company’s cash flow from operating activities, excluding costs related to land and property development or sales, was HKD 42,912,000 for the six months ended June 30, 2022[141]. - The group has a net current asset value of approximately HKD 1,701,000,000, which includes current liabilities of HKD 3,835,000,000 related to assets classified as held for sale and a guarantee of USD 740,000,000 (equivalent to HKD 5,740,000,000) maturing in February 2023[145]. - The ability of the group to generate sufficient cash flow for ongoing operations depends on successful refinancing of existing guaranteed bonds, completion of proposed asset sales, and continued financial support from its intermediate holding company and ultimate holding company[145][146]. Segment Performance - The logistics segment generated revenue of HKD 166,900,000, down from HKD 246,471,000 year-over-year, indicating a decrease of about 32.3%[159]. - The industrial segment reported revenue of HKD 73,620,000, a significant drop from HKD 263,238,000, reflecting a decline of approximately 72%[159]. - The company is focused on resource allocation and performance evaluation across its five operating segments, which include property, logistics, industrial, trading, and land development[156]. - Total segment assets as of June 30, 2022, were HKD 19,206,974,000, down from HKD 20,636,046,000, indicating a decrease of approximately 6.9%[162]. Other Key Points - The company did not declare an interim dividend for the six months ended June 30, 2022, consistent with the previous year[185]. - The company has issued 6,969,331,680 shares with a par value of HKD 0.10 each, maintaining the same number of shares since December 31, 2021[194]. - The company recognized a gain of HKD 140,779,000 from the sale of subsidiaries in the profit and loss statement[198]. - The expected credit loss provision for trade receivables was deemed insignificant, with a provision of HKD 5,979,000 for rental income[190].
北京建设(00925) - 2022 - 中期财报