Financial Performance - The company's revenue for the six months ended June 30, 2022, was approximately HKD 189.0 million, an increase of about HKD 146.8 million compared to the same period last year[12]. - Profit attributable to owners of the company for the same period was approximately HKD 61.4 million, compared to a loss of approximately HKD 26.0 million in the previous year[12]. - The gross profit margin from completed project sales was approximately HKD 30.5 million, with a fair value gain of approximately HKD 50.9 million from investment properties converted to properties held for sale[12]. - For the six months ended June 30, 2022, the company reported revenue of HKD 188,990,000, a significant increase from HKD 124,978,000 in the same period last year, representing a growth of approximately 51.3%[99]. - Gross profit for the same period was HKD 64,012,000, compared to HKD 34,111,000 in the previous year, indicating a year-over-year increase of about 87.6%[99]. - The company recorded a profit before tax of HKD 63,961,000, a substantial recovery from a loss of HKD 24,361,000 in the prior year[99]. - Net profit for the period was HKD 60,385,000, compared to a loss of HKD 25,460,000 in the same period last year, marking a turnaround in performance[99]. - The total comprehensive income for the period was HKD 63,056,000, compared to a loss of HKD 27,894,000 in the previous year[99]. - The company's basic earnings per share increased to HKD 9.58 from a loss of HKD 4.06 in the prior year[99]. Revenue Segments - The property development segment reported revenue of approximately HKD 149.9 million, with all units of the Tianji Center and Star Center sold and delivered[13][14]. - The Yunzhiduan project was completed in Q2 2022, generating revenue of approximately HKD 97.1 million from the sale of 46 property units[16]. - Revenue from property investment for the six months ended June 30, 2022, was approximately 24.1 million HKD, an increase of about 3.4 million HKD compared to the same period last year[22]. - Revenue from urban storage and workspace services for the six months ended June 30, 2022, was approximately 22.0 million HKD, an increase of about 4.0 million HKD compared to the same period last year[23]. - Revenue from property management services for the six months ended June 30, 2022, was approximately 5.2 million HKD, an increase from 4.8 million HKD in the same period last year[27]. - Revenue from the wine business for the six months ended June 30, 2022, was approximately 6.0 million HKD, a decrease of about 5.7 million HKD compared to the same period last year[30]. Assets and Liabilities - The total carrying value of the investment property portfolio as of June 30, 2022, was approximately 910.8 million HKD, down from 1,054.1 million HKD as of December 31, 2021[23]. - As of June 30, 2022, the group's total equity was approximately HKD 1,445.3 million, an increase from HKD 1,382.3 million as of December 31, 2021[35]. - The group's current assets increased to approximately HKD 4,607.7 million as of June 30, 2022, from HKD 4,180.7 million as of December 31, 2021[35]. - The group's debt-to-asset ratio decreased from approximately 59.4% as of December 31, 2021, to approximately 55.0% as of June 30, 2022[38]. - The group's total assets as of June 30, 2022, amounted to HKD 5,633,798,000, an increase from HKD 5,301,104,000 as of December 31, 2021[161]. - Total liabilities increased to HKD 4,188,486,000 as of June 30, 2022, compared to HKD 3,918,848,000 at the end of the previous year[161]. Market Conditions and Future Outlook - The company plans to continue monitoring the property market to seize development opportunities despite the cautious approach due to COVID-19[21]. - The company is considering opportunities to purchase investment properties or develop properties with potential for appreciation to generate stable rental income[26]. - The residential market prices have dropped approximately 5.2% in the first eight months of 2022, following a 4.6% increase in 2021[55]. - The group believes that residential property prices will remain stable throughout the year despite current market headwinds[57]. - The group anticipates that the Hong Kong government may reconsider stamp duty policies if property prices continue to decline[55]. Corporate Governance and Compliance - The company has established an audit committee to oversee financial reporting and internal control systems, ensuring compliance with corporate governance standards[94]. - The company has maintained compliance with the corporate governance code, except for the separation of the roles of chairman and CEO, which are held by the same individual[90]. - The company believes that its governance structure adequately addresses potential issues of power concentration, with a board that possesses sufficient independence[91]. - The company’s independent directors have no interests in any competing businesses that could affect the group’s operations[83]. Employee and Operational Information - As of June 30, 2022, the group employed 117 staff, an increase from 104 staff as of December 31, 2021[50]. - The group has not experienced any significant disputes with employees or difficulties in hiring and retaining experienced staff[50]. - Total employee costs for the period were HKD 14,837,000, slightly down from HKD 15,219,000 in the previous year[173]. Financing and Capital Structure - The company entered into a financing agreement for a loan of up to HKD 255,048,000, with a term of 21 months, requiring the chairman to maintain at least 60% beneficial ownership[86]. - The company raised borrowings amounting to HKD 222,726,000 during the financing activities, a significant increase from HKD 73,598,000 in the prior year[126]. - The company's convertible bond liabilities were approximately HKD 84.9 million as of June 30, 2022, compared to HKD 81.8 million as of December 31, 2021[36]. Shareholder Information - The total number of issued shares as of June 30, 2022, is 641,498,000 shares[65]. - Chen Wenhui holds a total of 1,286,640,800 shares, representing 200.57% of the total issued shares[63]. - Star Properties Holdings (BVI) Limited owns 432,140,800 shares, accounting for 67.36% of the total issued shares[71]. - Metropolitan Lifestyle (BVI) Limited has an interest in 836,000,000 shares, which is 130.32% of the total issued shares[71]. - The company has a total of 418,000,000 HKD in convertible bonds, representing 100% of the total[67]. Dividends and Stock Options - The group did not declare an interim dividend for the six months ended June 30, 2022, consistent with the previous year[59]. - A total of 1,850,000 stock options granted under the updated plan expired during the six months ending June 30, 2022[79]. - The total stock options granted during the reporting period were zero, indicating no new options were issued[82].
星星集团(01560) - 2022 - 中期财报