Financial Performance - Revenue for the six months ended September 30, 2022, was HK$271,648,000, a decrease of 67.7% compared to HK$842,276,000 for the same period in 2021[18]. - Gross profit for the same period was HK$9,801,000, down 87.7% from HK$79,565,000 in 2021[18]. - Loss before tax for the period was HK$123,573,000, compared to a loss of HK$21,752,000 in the previous year, indicating a significant increase in losses[18]. - The total comprehensive income for the period was HK$184,815,000, compared to a loss of HK$3,507,000 in the same period last year[22]. - Basic and diluted loss per share attributable to owners of the company was HK7.07 cents, compared to HK0.72 cents in 2021[22]. - The adjusted loss before tax for the Group was HK$123,573,000, reflecting significant financial costs of HK$58,052,000[49]. - The net loss for the same period was approximately HK$128.1 million, compared to a net loss of approximately HK$27.1 million in 2021, with a basic and diluted loss per share of approximately HK$7.07 cents[172][174]. - The significant increase in net loss was primarily due to fair value loss on investment properties and impairment loss on property, plant, and equipment, attributed to the Pandemic's adverse impact and weakened demand from potential home-buying customers[192]. Assets and Liabilities - As of September 30, 2022, total non-current assets decreased to HK$1,864,624, down 9.9% from HK$2,069,008 as of March 31, 2022[23]. - Current assets totaled HK$1,248,006, a decrease of 12.4% from HK$1,425,744 as of March 31, 2022[23]. - Total current liabilities amounted to HK$2,282,625, down 8.0% from HK$2,482,471 as of March 31, 2022[23]. - The net current liabilities were recorded at (HK$1,034,619), slightly improved from (HK$1,056,727) as of March 31, 2022[26]. - Total equity decreased to HK$66,354, down from HK$251,169 as of March 31, 2022, indicating a significant decline in net assets[26]. - Total liabilities as of 30 September 2022 were HK$3,046,276,000, compared to HK$3,243,583,000 as of 31 March 2022, indicating a reduction in liabilities[105]. - Total borrowings as of September 30, 2022, were HK$1,491,340,000, slightly down from HK$1,541,006,000 as of March 31, 2022, indicating a decrease of about 3.2%[150]. Cash Flow - Cash generated from operations was HK$56,702,000, compared to a cash used in operations of HK$42,498,000 in the previous year[31]. - Net cash flows from operating activities amounted to HK$55,416,000, a significant improvement from a net cash outflow of HK$46,476,000 in the same period last year[31]. - The Group's cash and cash equivalents at the end of the period were HK$35,458,000, down from HK$120,597,000 at the end of the previous year[31]. - The Group anticipates sufficient working capital to finance operations and meet financial obligations in the foreseeable future[33]. - The Group's cash flow projections indicate the ability to continue as a going concern, despite the material uncertainty regarding its ability to realize assets and discharge liabilities[33]. Investment Properties - Fair value loss on investment properties was HK$33,759,000, compared to a gain of HK$3,494,000 in the previous year[18]. - The Group incurred a fair value loss on investment properties amounting to HK$33,759,000 during the reporting period[49]. - As of 30 September 2022, the Group's investment properties had a carrying amount of HK$1,448,254,000, down from HK$1,582,690,000 as of 31 March 2022[131]. - The Group's investment properties are intended to be held for rental income or capital appreciation purposes[131]. Segment Performance - Segment results showed a loss of HK$71,994,000, with property development and healthcare holiday resort development reporting losses of HK$6,935,000 and HK$64,651,000 respectively[48]. - The Group's foundation piling segment did not contribute any revenue for the six months ended 30 September 2022 due to intense market competition and the adverse impact of the pandemic[181]. - The management monitors segment performance based on adjusted profit/loss before tax, excluding interest income and finance costs[44]. Operational Challenges and Future Outlook - The management expects 2023 to be a challenging year due to pressures from external financing and internal operating cash flow in the real estate sector[194]. - The Group aims to develop integrated industrial zones focusing on biomedicine and artificial intelligence, leveraging resources from its substantial shareholder, Boill Holding[194]. - The foundation piling business is expected to continue suffering losses in the short to medium term due to the Pandemic and intense market competition[200]. - The Board will continue to review the foundation piling business and explore opportunities to minimize losses[200]. - The economic recovery prospects remain uncertain, impacting the Group's financial results and development plans[194].
保集健康(01246) - 2023 - 中期财报