Property Investment and Development - The Group's property investment and development segment has been rapidly expanding, engaging in multiple projects in Hong Kong and the PRC, including residential buildings and shopping malls [8]. - The Group is committed to exploring quality property projects in the Greater Bay Area to increase its land reserves for future development [8]. - The Group recorded a fair value loss on investment properties of approximately HK$290,079,000 for the six months ended 30 June 2022, compared to a fair value gain of HK$346,276,000 in the same period of 2021 [157]. - As at 30 June 2022, investment properties with carrying amounts of HK$1,781,337,000 were pledged to secure the Group's bank and other borrowings [157]. - The Group's properties under development and completed properties held for sale were valued at approximately HK$130,841,000 and HK$281,750,000, respectively, as of June 30, 2022 [167]. Financial Performance - Revenue for the six months ended June 30, 2022, was HK$400.5 million, a decrease of 61.2% from HK$1,031.9 million in the same period of 2021 [29]. - Gross profit for the same period was HK$97.9 million, down 70.3% from HK$329.1 million year-on-year [29]. - EBITDA for the six months ended June 30, 2022, was a loss of HK$345.1 million, compared to a profit of HK$470.5 million in the prior year [29]. - EBIT for the period was a loss of HK$362.7 million, a significant decline from a profit of HK$446.1 million in the previous year [29]. - Total comprehensive loss for the six months ended June 30, 2022, was HK$744,523,000, compared to a total comprehensive income of HK$340,092,000 for the same period in 2021 [38]. - The loss attributable to owners of the company from continuing operations was HK$233.6 million for the period, compared to a profit of HK$170.1 million in the previous year [36]. - Basic and diluted loss per share from continuing operations was HK$0.74 for the six months ended June 30, 2022, compared to earnings of HK$0.54 for the same period in 2021 [38]. Assets and Liabilities - The total assets as of June 30, 2022, were HK$8,669.5 million, down from HK$9,884.2 million at the end of 2021 [29]. - Net assets decreased to HK$5,589.5 million from HK$6,334.0 million at the end of 2021 [29]. - Current liabilities increased to HK$2,855,363,000 as of June 30, 2022, from HK$3,255,081,000 as of December 31, 2021 [42]. - Total liabilities amounted to HK$3,079,962,000 as of June 30, 2022, down from HK$3,550,113,000 as of December 31, 2021 [42]. - The company reported a decrease in inventories to HK$51,222,000 as of June 30, 2022, from HK$40,203,000 as of December 31, 2021 [40]. Cash Flow and Financing Activities - The net cash generated from operating activities for the six months ended June 30, 2022, was HK$382,911,000, compared to a cash outflow of HK$32,557,000 in the same period of 2021 [54]. - The company reported a net cash outflow of HK$104,604,000 for the six months ended June 30, 2022, from investing activities [54]. - For the six months ended June 30, 2022, the net cash used in financing activities was HK$402,150,000, compared to a net cash generated of HK$326,898,000 in the same period of 2021, indicating a significant decrease in cash flow from financing activities [56]. - The cash and cash equivalents at the end of the period were HK$538,234,000, down from HK$1,624,102,000 at the end of June 30, 2021, reflecting a decline of approximately 66.9% year-over-year [56]. Strategic Focus and Market Position - The Group aims to seize opportunities from the smart manufacturing transformation under "Made in China 2025" and the development of the 5G market [11]. - The Group's strategic focus includes enhancing its financial services and expanding its market presence through potential mergers and acquisitions [10]. - The Group is actively seeking local and overseas partners to promote overall development in a challenging business environment [14]. - The Group has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2022, with no material impact on the interim financial statements [75][76]. Discontinued Operations - The company discontinued operations related to the yacht club and training services, confirming them as terminated business segments [87]. - The company ceased trading in commodities and other businesses after the distribution in specie completed on December 28, 2021 [125]. - The company reported a significant decrease in revenue from discontinued operations, totaling HK$2,941,590,000 in 2021 [113]. Taxation - The current tax expense for Hong Kong profits tax was HK$7,517,000, a decrease from HK$19,985,000 in the previous year [136]. - The deferred tax for the period was a credit of HK$62,056,000, compared to a charge of HK$64,857,000 in the prior year [136]. - The total income tax credit/expense from continuing and discontinued operations was a credit of HK$58,592,000, compared to an expense of HK$135,462,000 in the prior year [136].
中泽丰(01282) - 2022 - 中期财报