Financial Performance - For the six months ended June 30, 2022, the company's equity shareholders' profit was HKD 6,947,000, compared to a loss of HKD 104,400,000 in the same period of 2021, representing a significant turnaround [7]. - Revenue for the six months ended June 30, 2022, was HKD 587,109 thousand, a significant increase from HKD 235,866 thousand in the same period of 2021, representing a growth of 148% [85]. - Operating profit for the same period was HKD 32,675 thousand, compared to an operating loss of HKD 118,382 thousand in 2021, indicating a turnaround in performance [85]. - Net profit for the six months ended June 30, 2022, was HKD 26,093 thousand, recovering from a net loss of HKD 96,814 thousand in the previous year [87]. - Total comprehensive income for the six months ended June 30, 2022, was HKD 8,121 thousand, a recovery from a total comprehensive loss of HKD 95,004 thousand in 2021 [88]. - The group recorded an operating profit of HKD 32,700,000 in the first half of 2022, compared to an operating loss of HKD 118,400,000 in the same period of 2021 [44]. Revenue Sources - Hotel business revenue increased by 193% to HKD 537.9 million in the first half of 2022, compared to HKD 183.7 million in the same period of 2021 [18]. - Revenue from Vietnam increased by 85% to HKD 238.4 million in the first half of 2022, compared to HKD 129.1 million in the same period of 2021 [26]. - Revenue from hotel and club operations was HKD 541,265,000, and rental income was HKD 42,429,000, totaling HKD 587,109,000 for the first half of 2022, a significant increase from HKD 235,866,000 in the same period of 2021 [109]. Occupancy Rates - The occupancy rate for residential units in Macau dropped to 74% in the first half of 2022, compared to 79% in the same period of 2021, attributed to the impact of lockdowns and travel bans [13]. - The average hotel occupancy rates improved in various regions, with Wuhan Holiday Inn at 50% (up from 45%), and Saigon Sheraton at 41% (up from 16%) in 2022 [17]. - The occupancy rate for Wuhan Qinchuan Holiday Hotel was 50.1% in the first half of 2022, up from 44.9% in the same period of 2021 [21]. - The occupancy rate for the Saigon Sheraton Hotel rose to 41.2% in the first half of 2022, compared to 15.7% in the same period of 2021 [27]. - The occupancy rate of the Ottawa Sheraton Hotel increased to 41.5%, compared to 6.5% in the same period of 2021 [40]. - The occupancy rate for the Toronto Airport and Conference Centre Delta Marriott Hotel rose to 52.7% in the first half of 2022, compared to 14.4% in the same period of 2021 [41]. - The occupancy rate for the San Francisco W Hotel was 67.5% in the first half of 2022, up from 26.6% in the same period of 2021 [34]. Investment Properties - The fair value of investment properties increased moderately by HKD 3,900,000 in the first half of 2022, compared to HKD 4,400,000 in the same period of 2021 [13]. - The fair value gain on investment properties was HKD 3,900 thousand, down from HKD 5,800 thousand in the same period last year [85]. - Non-current assets, including investment properties, increased to HKD 905,400 thousand as of June 30, 2022, from HKD 901,500 thousand at the end of 2021 [90]. Cash Flow and Liquidity - The operating cash flow for the first half of 2022 was HKD 152,329,000, compared to a cash outflow of HKD 22,340,000 in the same period of 2021 [100]. - Cash and cash equivalents increased by HKD 64,663,000 during the first half of 2022, compared to an increase of HKD 467,714,000 in the same period of 2021 [100]. - The total cash and cash equivalents as of June 30, 2022, were HKD 1,221,028,000, up from HKD 1,179,769,000 at the end of the previous year [100]. - The company reported a decrease in investment cash flow, with a net cash outflow of HKD 176,000 in the first half of 2022, compared to a net cash inflow of HKD 529,203,000 in the same period of 2021 [100]. Shareholder Information - The company has a total of 198,580,800 shares held by its directors, representing an average ownership percentage of 58.37% [68]. - As of June 30, 2022, KS Ocean Inc. holds 198,084,320 shares, representing 58.23% of the total issued share capital [75]. - Kansas Holdings Limited has a beneficial ownership of 101,437,360 shares, accounting for 29.82% of the total issued share capital [75]. - The company has not reported any changes in the directors' biographies that require disclosure under the Listing Rules [66]. Corporate Governance - The company’s board of directors has confirmed compliance with the standards set forth in the Listing Rules during the review period [58]. - The Audit and Compliance Committee consists of four independent non-executive directors and regularly meets with senior management and auditors to review the effectiveness of internal controls [59]. - The company has maintained a balanced structure between the board and business management responsibilities [57]. Economic Environment - The average unemployment rate in Macau rose to 3.7% in the second quarter of 2022, compared to 2.9% in the same quarter of 2021 [13]. - The ongoing pandemic continues to adversely affect operations, particularly in the hotel sector, with recovery not yet reaching pre-pandemic levels in North America [9]. - Vietnam's GDP growth was 6.42% in the first half of 2022, compared to 5.74% in the same period of 2021 [25]. - China's GDP growth slowed to 2.5% in the first half of 2022, down from 12.7% in the same period of 2021 [20]. Related Party Transactions - The company has significant related party transactions with major shareholders, including loans and other financial arrangements [174]. - Management fees paid to Da Di totaled HKD 984 million, unchanged from the previous year [179]. - Amounts owed to Da Di decreased from HKD 660,000 in 2021 to HKD 402,000 in 2022, representing a reduction of approximately 39% [180].
激成投资(00184) - 2022 - 中期财报