Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 2,452,000, a decrease of 30% compared to HKD 3,496,000 for the same period in 2021[9]. - Gross profit increased to HKD 2,135,000, up 11% from HKD 1,922,000 year-on-year[9]. - Loss before tax for the period was HKD 45,112,000, significantly improved from a loss of HKD 547,549,000 in the previous year[9]. - Total comprehensive loss for the period amounted to HKD 481,727,000, compared to a loss of HKD 466,323,000 in the same period last year[10]. - The company reported a total comprehensive loss of HKD 483,443 for the six months ended September 30, 2022[17]. - The company incurred a total loss before tax of HKD 45,112,000 for the six months ended September 30, 2022, compared to a loss of HKD 547,549,000 for the same period in 2021[23]. - The company reported a net loss from joint ventures of HKD 825,000 and from associates of HKD 23,000, contributing to the overall financial performance[23]. - The company reported a loss of HKD 43,992,000 for the six months ended September 30, 2022, compared to a loss of HKD 462,617,000 for the same period in 2021, indicating a significant improvement[32]. Assets and Liabilities - Non-current assets decreased to HKD 587,577,000 from HKD 640,392,000 as of March 31, 2022[12]. - Current assets decreased to HKD 6,432,488,000 from HKD 7,331,281,000, indicating a reduction in liquidity[12]. - Total liabilities decreased from HKD 3,064,452,000 to HKD 2,787,768,000, reflecting improved financial stability[12]. - As of September 30, 2022, net current assets decreased to HKD 3,644,720, down from HKD 4,266,829 as of March 31, 2022, representing a decline of approximately 14.6%[13]. - Total assets less current liabilities decreased to HKD 4,232,297 from HKD 4,907,221, indicating a reduction of about 13.7%[13]. - Non-current liabilities decreased to HKD 1,187,732 from HKD 1,380,930, a decrease of approximately 14%[13]. - Net assets as of September 30, 2022, were HKD 3,044,565, down from HKD 3,526,291, reflecting a decline of about 13.6%[13]. - The total amount of other payables and accrued liabilities was HKD 1,995,892,000 as of September 30, 2022, compared to HKD 2,140,003,000 as of March 31, 2022, reflecting a reduction of approximately 6.7%[46]. Cash Flow and Financing - The company reported a net cash outflow from operating activities of HKD 14,652 for the six months ended September 30, 2022, compared to HKD 151,609 for the same period in 2021[18]. - Cash and cash equivalents at the end of the period were HKD 153,029, down from HKD 338,180, a decrease of approximately 54.7%[19]. - The company raised HKD 77,396 in new bank and other borrowings during the six months ended September 30, 2022, compared to HKD 462,104 in the same period of the previous year[19]. - The company has secured bank loans totaling HKD 1,381,901,000 as of September 30, 2022, compared to HKD 1,631,895,000 as of March 31, 2022, reflecting a decrease of about 15.3%[49]. - The group's total bank and other borrowings amounted to approximately HKD 1,304,505,000, with a floating interest rate ranging from 2.47% to 6.50%[50]. - The total financing granted to the company was HKD 5,307,151,000 as of September 30, 2022, down from HKD 5,918,546,000 as of March 31, 2022, indicating a reduction of about 10.3%[49]. Operational Highlights - The property development segment reported no sales to external customers, while the property investment segment generated rental income of HKD 2,452,000, up from HKD 2,344,000 in the previous year[23]. - There was no revenue from property sales during the period, while last year, property sales contributed 33% of total revenue[64]. - Rental income slightly increased from HKD 2.3 million to HKD 2.5 million compared to the same period last year[66]. - The company plans to continue seeking investment and sale opportunities in property development and land development projects in China[61]. - The company has been gradually withdrawing from project management services, resulting in a loss of approximately HKD 0.8 million for the period[68]. - The group plans to continue seeking opportunities for urban redevelopment projects to supplement its property portfolio[85]. Cost Management - The company reported a significant reduction in administrative expenses to HKD 39,644,000 from HKD 54,830,000, indicating cost control measures[9]. - Interest expenses on bank loans decreased to HKD 46,517,000 from HKD 101,110,000 year-on-year, reflecting a reduction of approximately 54%[28]. - The capitalized borrowing costs for the period were HKD 11,139,000, down from HKD 118,986,000 in the previous year, indicating a significant reduction in capitalized costs[28]. - Employee costs for the period were approximately HKD 23 million, down from HKD 24.7 million in the previous year, with around 44 employees as of September 30, 2022, compared to 80 in the previous year[83]. Shareholder Information - Major shareholders include Yang Xunxin with a 36.93% stake and Shenzhen Holdings Limited with a 15.22% stake as of September 30, 2022[90]. - The group’s total issued and paid-up ordinary shares remained at 4,146,020,285 shares with a par value of HKD 0.10 as of September 30, 2022[51]. Governance and Risk Management - The board believes that the current governance structure, with the chairman also serving as the CEO, does not impair the balance of power and authority within the company[92]. - The audit committee and management reviewed the accounting policies and practices adopted by the group, including internal controls, risk management, and financial reporting matters[97]. - The group continues to monitor foreign exchange risks and will consider hedging strategies as necessary[82]. Market Outlook - The group remains cautiously optimistic about the real estate market despite challenges posed by the COVID-19 pandemic and credit crises affecting major players in the industry[85]. - The majority of the group's income and expenses are denominated in RMB, and it does not expect significant adverse impacts from currency fluctuations in the foreseeable future[82].
沿海家园(01124) - 2023 - 中期财报