Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 4,228,508,000, representing an increase of 10.1% compared to HKD 3,839,967,000 for the same period in 2022[8] - Gross profit decreased to HKD 78,413,000, down 62.8% from HKD 210,695,000 year-on-year[8] - Operating loss for the period was HKD 15,097,000, compared to an operating profit of HKD 116,932,000 in the previous year[8] - Net loss attributable to shareholders was HKD 147,263,000, compared to a profit of HKD 86,233,000 in the same period last year[9] - Basic loss per share for ordinary shares was HKD (0.090), compared to earnings of HKD 0.052 per share in the previous year[9] - Total comprehensive loss for the period was HKD 143,148,000, compared to a comprehensive income of HKD 58,895,000 in the prior year[9] - Financial costs increased significantly to HKD 178,962,000, up from HKD 97,133,000 in the previous year[8] - The company reported a share of losses from joint ventures amounting to HKD 265, compared to a profit of HKD 1,015 in the previous year[8] - Other income increased to HKD 45,439,000, up from HKD 23,909,000 year-on-year[8] - The company reported a net loss before tax of HKD 130,299 for the six months ended June 30, 2023, compared to a profit of HKD 118,275 in the same period of 2022[1] - The company reported a significant increase in interest paid, amounting to HKD (147,445) thousand in 2023, up from HKD (78,642) thousand in 2022, indicating higher borrowing costs[16] - The company recorded a net loss of approximately HKD 138.1 million for the reporting period, compared to a net profit of HKD 99.7 million for the six months ended June 30, 2022[113] - The loss attributable to the company's owners was approximately HKD 147.3 million, compared to a profit of HKD 86.2 million for the same period in 2022[113] Assets and Liabilities - As of June 30, 2023, total assets amounted to HKD 11,412,655,000, a decrease from HKD 12,179,430,000 as of December 31, 2022, representing a decline of approximately 6.3%[10] - Current assets totaled HKD 8,582,357,000, down from HKD 9,366,900,000, indicating a decrease of about 8.4%[10] - Non-current liabilities increased significantly to HKD 3,403,807,000 from HKD 2,037,771,000, reflecting an increase of approximately 67.0%[11] - The company's equity attributable to owners decreased to HKD 2,694,962,000 from HKD 2,846,089,000, a decline of about 5.3%[11] - Total liabilities decreased to HKD 8,387,552,000 from HKD 9,011,179,000, a reduction of approximately 6.9%[11] - Cash and cash equivalents decreased to HKD 1,119,320,000 from HKD 1,506,649,000, a reduction of approximately 25.8%[10] - The company's retained earnings fell to HKD 563,455,000 from HKD 710,718,000, a decrease of about 20.7%[12] - The company's debt-to-equity ratio increased to approximately 61.8% as of June 30, 2023, compared to 59.7% on December 31, 2022[29] - Total borrowings as of June 30, 2023, amounted to HKD 5,972,162,000, a decrease from HKD 6,118,203,000 as of December 31, 2022, reflecting a reduction of about 2.4%[74] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2023, was HKD (369,958) thousand, compared to HKD (248,635) thousand for the same period in 2022, representing a significant increase in cash outflow[16] - Cash flow from investing activities showed a net inflow of HKD 343,104 thousand for the six months ended June 30, 2023, compared to HKD 229,378 thousand in the previous year, indicating improved investment returns[16] - The net cash used in financing activities was HKD (359,815) thousand for the six months ended June 30, 2023, compared to HKD (13,694) thousand in 2022, reflecting increased repayment of bank borrowings[16] - The total cash and cash equivalents decreased by HKD (386,669) thousand, ending at HKD 1,119,320 thousand as of June 30, 2023, compared to HKD 877,001 thousand at the end of the previous period[16] Revenue Sources and Projects - The company has two main revenue sources: property development and construction services[91] - The company achieved a cumulative contract sales rate of approximately 99% for the Fuli Residence project in Singapore, with 630 units sold[92] - The average selling price for the Fuli Residence project was HKD 125,781 per square meter, generating sales revenue of approximately HKD 943.3 million in the first half of 2023[93] - The company has ongoing property development projects in Singapore, including two private apartment developments and two executive condominium projects[92] - The company has completed the acquisition of 100% ownership of four sites in Sham Shui Po, which are planned for redevelopment into residential buildings with commercial platforms[102] Financial Management and Governance - The company continues to face financial risks including market risk, credit risk, and liquidity risk, with strategies in place to mitigate these risks[27] - The company has not adopted any new accounting standards that would significantly impact its financial performance or position as of June 30, 2023[20] - The company has not complied with certain financial covenants related to short-term bank borrowings amounting to HKD 81,000,000 as of June 30, 2023, but lenders have not demanded immediate repayment[74] - The company anticipates sufficient financial resources to meet its future obligations despite the non-compliance with certain covenants[74] - The company has complied with all applicable corporate governance code provisions as per the Hong Kong Stock Exchange listing rules during the reporting period[144] Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[83] - Major shareholders include Huilong Enterprises Limited, holding 1,024,759,528 shares, representing approximately 67.49%[139] - Dr. Du Bo holds 1,124,759,528 shares, accounting for 74.08% of the relevant shares[137] - Shareholders granted the board a general mandate to repurchase up to 151,832,003 shares, representing 10% of the total issued shares as of the annual general meeting date[133]
青建国际(01240) - 2023 - 中期财报