Financial Performance - Total revenue for the period was HKD 239.7 million, down 9.4% from HKD 264.6 million in the same period last year[10]. - The rental income from the investment property portfolio was HKD 239.0 million, a decrease of 8.7% compared to the same period last year[10]. - The loss attributable to shareholders was HKD 1,349.8 million, compared to a profit of HKD 240.9 million in the same period last year[12]. - The adjusted loss before tax for the group was HKD 1,320,457,000, compared to a profit of HKD 256,024,000 in the same period last year, indicating a significant decline in performance[69]. - The group reported a total loss of HKD 982,754,000 for the first half of 2023, compared to a profit of HKD 477,965,000 in the same period of 2022[69]. - Total comprehensive loss for the period amounted to HKD 526,231,000, compared to a total comprehensive loss of HKD 1,158,032,000 in the same period last year[58]. - Basic and diluted loss per share for the period was HKD 34.77, compared to earnings of HKD 6.21 per share in the previous year[52]. Investment Properties - The value of investment properties in the UK was assessed at GBP 1.15 billion, a decrease of 10.7% from the end of last year[11]. - The group reported a significant fair value loss on investment properties amounting to HKD 1,381,483,000 for the first half of 2023[71]. - Investment properties valued at HKD 114 billion have been pledged as collateral for bank financing[32]. Joint Ventures and Projects - The group's share of profits from joint ventures was HKD 319.5 million, a decrease of HKD 78.3 million year-on-year[10]. - As of June 30, 2023, the total investment in joint ventures increased to HK$10.5 billion from HK$10.3 billion as of December 31, 2022[16]. - The company has pre-sold a total of 395 residential units at Thames City for over £713 million, with 194,500 square feet sold contributing £319 million in revenue[17][18]. - The Whiteley project has pre-sold 77 residential units for a total of £489 million, with the project expected to be completed in the first half of 2024[19]. - The company owns 25% of the Kai Tak project, which has a current occupancy rate of 62%, expected to rise to approximately 80% after new leases are signed[20]. Financial Position - As of June 30, 2023, the group's cash on hand was HKD 2.1 billion, with total available credit of HKD 300 million[29]. - The total debt amounted to HKD 111 billion, with a debt-to-total assets ratio of 43% as of June 30, 2023[30]. - The group's net gearing ratio increased from 59.2% on December 31, 2022, to 62.8% on June 30, 2023[29]. - Shareholders' equity was HKD 143 billion as of June 30, 2023, with a net asset value per share of HKD 3.68[30]. - The group’s total liabilities increased, reflecting ongoing financial challenges and the need for strategic adjustments in operations[69]. Cash Flow and Liquidity - The company reported a net cash outflow from operating activities of HKD 221,406 for the six months ended June 30, 2023, compared to a net outflow of HKD 60,535 for the same period in 2022[61]. - The net cash inflow from investing activities was HKD 530,899 for the first half of 2023, a significant recovery from a net outflow of HKD 701,585 in the prior year[61]. - The company experienced a net cash inflow of HKD 242,374 in the first half of 2023, contrasting with a net cash outflow of HKD 1,614,880 in the same period of 2022[61]. Corporate Governance - The group has adopted good corporate governance principles in accordance with the Listing Rules during the six months ended June 30, 2023[44]. - The company confirmed compliance with the standards set out in the Corporate Governance Code during the reporting period[45]. - The board resolved not to declare any interim dividend for the six months ended June 30, 2023, consistent with the previous year[35]. Employee and Management - As of June 30, 2023, the group employed a total of 116 employees across its main operations in Hong Kong, China, and the UK, with a total salary cost (excluding directors' remuneration) of approximately HKD 52 million[34]. - Total remuneration paid to key management personnel was HKD 20,098,000 for the six months ended June 30, 2023, slightly up from HKD 20,022,000 for the same period in 2022, an increase of about 0.38%[96].
中渝置地(01224) - 2023 - 中期财报