Financial Performance - For the six months ended January 31, 2023, the company reported interest expenses of HKD 349,218,000, an increase from HKD 299,465,000 in the previous year, representing a growth of approximately 16.6%[6] - The operating profit for the company was HKD 274,452,000 for the six months ended January 31, 2023, compared to HKD 214,424,000 in the same period last year, indicating a year-over-year increase of about 28%[8] - The company reported a loss of HKD 222,578,000 for the six months ended January 31, 2023, compared to a loss of HKD 119,777,000 for the same period in 2022, representing an increase in loss of approximately 85.9%[15] - Total revenue for the six months ended January 31, 2023, was HKD 1,002,365,000, while the cost of sales was HKD 527,521,000, resulting in a gross profit of HKD 474,844,000[13] - Operating profit decreased to HKD 189,902,000 for the current period from HKD 349,684,000 in the previous period, indicating a decline of approximately 45.7%[13] - The total comprehensive loss for the period was HKD 370,330,000, compared to a comprehensive income of HKD 285,718,000 in the previous year, marking a significant shift in performance[15] - Total revenue for the period reached HKD 1,002,365,000, a decrease of 21.7% compared to HKD 1,281,083,000 in the previous year[43] - Revenue from property sales was HKD 570,476,000, down from HKD 798,043,000, representing a decline of 28.5%[43] - Hotel and serviced apartment operations generated revenue of HKD 109,365,000, slightly down from HKD 111,079,000, a decrease of 1.5%[43] - The total tax expense for the period was HKD 138,210,000, down from HKD 254,873,000 in the previous year[52] Assets and Liabilities - The total assets of the company as of January 31, 2023, were HKD 32,085,449,000, a decrease from HKD 33,784,769,000 as of July 31, 2022, representing a decline of about 5%[9] - The company reported a total liability of HKD 17,992,700,000 as of January 31, 2023, down from HKD 19,321,690,000 in the previous year, indicating a reduction of approximately 6.9%[9] - Non-current assets totaled HKD 24,684,495,000 as of January 31, 2023, compared to HKD 24,368,332,000 as of July 31, 2022, showing a slight increase of approximately 1.3%[23] - Current liabilities decreased to HKD 4,030,708,000 from HKD 6,942,518,000, indicating a reduction of about 42%[23] - The company’s total assets less current liabilities amounted to HKD 28,054,741,000, compared to HKD 26,842,251,000, reflecting a growth of about 4.5%[23] - The company’s equity attributable to owners was HKD 14,092,749,000, down from HKD 14,463,079,000, indicating a decrease of approximately 2.6%[26] - The company’s total reserves as of January 31, 2023, were HKD 12,628,942,000, down from HKD 12,951,282,000 as of July 31, 2022[28] - The group’s accounts payable and accrued expenses totaled HKD 3,116,869, with current liabilities amounting to HKD 2,159,534 and non-current liabilities at HKD 957,335[72] - The group’s financial liabilities related to put options amounted to HKD 1,237,531, reflecting stability in financial commitments[72] Cash Flow - The company reported a net cash flow from operating activities of (HKD 192,160,000) for the six months ended January 31, 2023, compared to HKD 583,059,000 for the same period in 2022[37] - The company’s financing activities resulted in a net cash outflow of (HKD 1,411,081,000) for the period, compared to (HKD 91,880,000) in the previous year[37] - The company had cash and cash equivalents of HKD 1,599,442,000 at the end of the reporting period, down from HKD 2,499,329,000 at the end of the previous period[37] - The company’s cash and cash equivalents increased to HKD 502,342,000 from HKD 497,168,000, indicating a slight improvement in liquidity[66] - As of January 31, 2023, the group's cash and bank balances amounted to HKD 2.316 billion, with 82% denominated in RMB[142] - The group has unutilized loan financing of HKD 2.373 billion, ensuring sufficient liquidity for current property development and investment projects[144] Property and Development - The company’s revenue is derived from property sales, investment properties, hotel operations, building management, and theme park operations[35] - The group’s property development business recorded revenue of HKD 570,500,000 for the six months ended January 31, 2023, a decrease of 28.5% compared to HKD 798,000,000 in the same period last year[105] - The total area of completed unsold units, including residential, serviced apartment, and commercial units, was approximately 905,600 square feet, with a total book value of approximately HKD 740,700,000 as of January 31, 2023[111] - The average selling price for high-rise residential units was HKD 1,879 per square foot, contributing to sales revenue of HKD 444,100,000[110] - The average selling price for villa units was HKD 3,409 per square foot, contributing to sales revenue of HKD 20,100,000[110] - The average occupancy rate for the Zhuhai Hengqin Hyatt Hotel was 48.6%, with an average room rate of HKD 824[88] - The average occupancy rate for the Ascott Huaihai Road serviced apartments was 73.8%, with an average rent of HKD 1,013[102] - The total completed rental properties in Shanghai amount to 958,933 square feet for commercial/retail use and 996,935 square feet for office use, totaling 1,955,868 square feet[148] - The total completed rental properties in Guangzhou amount to 761,380 square feet for commercial/retail use and 1,210,553 square feet for office use, totaling 1,971,933 square feet[150] - The total completed rental properties across major locations amount to 2,664,993 square feet for commercial/retail use and 2,207,488 square feet for office use, totaling 4,872,481 square feet[150] Governance and Strategy - The company has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on its reported performance or financial position[41] - The company plans to focus on market expansion and new product development to drive future growth[50] - The board consists of 11 members, with 6 executive directors and 5 independent non-executive directors, ensuring a diverse professional background[187] - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the reporting period[185] - The company is actively managing its business to ensure sustainability while considering the interests of all stakeholders[186] - The group is actively pursuing market expansion through new developments and strategic partnerships in key locations[81] - The company remains confident in the ongoing development of the Hengqin Guangdong-Macao Deep Cooperation Zone, anticipating it will become a key hub in the Greater Bay Area[120] Shareholder Information - The company has initiated a new share option plan effective from December 19, 2022, allowing for the issuance of up to 33,103,344 shares, representing 10% of the issued shares as of January 31, 2023[170] - The company has 23,531,135 shares available for grant under the 2012 share option plan as of January 31, 2023[190] - The company has not granted any new share options under the 2012 plan since its expiration on December 17, 2022[194]
丽丰控股(01125) - 2023 - 中期财报