Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 25,954,000, a decrease of 13.5% compared to HKD 30,166,000 for the same period in 2023[8]. - The company reported a loss before tax of HKD 42,574,000, compared to a loss of HKD 30,010,000 in the previous year, indicating a significant increase in losses[8]. - The loss for the period was HKD 36,433,000, compared to a loss of HKD 30,358,000 in the same period last year, indicating worsening financial performance[9]. - The total comprehensive loss for the period was HKD 50,833,000, down from HKD 70,784,000 in the previous year, showing a reduction in overall losses[9]. - The company reported a basic and diluted loss per share of HKD 1.16, compared to HKD 0.97 in the previous year[8]. - The company incurred a loss of HKD 1,200,379 million in the previous period, indicating a significant financial challenge[13]. - The company reported a loss attributable to owners of approximately HKD 36,400,000, an increase from HKD 30,400,000 in the same period last year, mainly due to fair value losses on investment properties[67]. Assets and Equity - Total assets as of June 30, 2024, were HKD 1,183,841,000, down from HKD 1,229,839,000 at the end of 2023[10]. - The company's equity attributable to owners decreased to HKD 605,566,000 from HKD 656,399,000, reflecting a decline in shareholder value[10]. - Cash and cash equivalents decreased to HKD 9,991,000 from HKD 12,566,000, indicating a reduction in liquidity[10]. - Trade receivables as of June 30, 2024, amounted to HKD 10,975 million, an increase from HKD 9,304 million as of December 31, 2023, representing an increase of 17.93%[38]. - As of June 30, 2024, the total debt amounted to approximately HKD 361,500,000, up from HKD 344,300,000 at the end of 2023[69]. - The debt-to-asset ratio increased to 58.0% from 50.5% as of December 31, 2023, while the current ratio was 1.08, slightly up from 1.04[70]. Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was HKD 25,954 million, with external sales of HKD 17,867 million and HKD 8,087 million from other segments[24]. - The company's revenue for the six months ended June 30, 2024, decreased to approximately HKD 26,000,000, down from approximately HKD 30,200,000 for the same period in 2023, primarily due to a decline in rental income from the Future City and property management revenue[58]. - Rental income from Future City for the six months ended June 30, 2024, was approximately HKD 17,400,000, compared to HKD 18,900,000 for the same period in 2023, with an average occupancy rate of 89.8%[55]. - Revenue from property management services for the six months ended June 30, 2024, was approximately HKD 8,100,000, down from approximately HKD 10,900,000 for the same period in 2023[57]. Investment Properties - The fair value loss on investment properties was HKD 24,565,000, a significant decline from a gain of HKD 1,395,000 in the previous year[8]. - The investment property revaluation resulted in a loss of HKD 24,565 million, impacting overall financial performance[24]. - The fair value of investment properties decreased by approximately HKD 24,565 million for the six months ended June 30, 2024, compared to a fair value gain of HKD 1,395 million in the same period of 2023[37]. - The fair value change of investment properties resulted in a loss of approximately HKD 24,600,000, compared to a gain of HKD 1,400,000 in the previous period[62]. Operational Costs - The company incurred finance costs of HKD 20,924 million for the six months ended June 30, 2024, down from HKD 22,516 million in the same period of 2023, representing a decrease of 7.07%[27]. - The total employee costs for the period were HKD 10,062 million, a decrease from HKD 11,221 million in the previous year, indicating a reduction of 10.35%[31]. - Administrative expenses decreased from approximately HKD 25,300,000 to about HKD 13,900,000, primarily due to reduced administrative costs in the property investment business[64]. - Financial expenses decreased from approximately HKD 22,500,000 to about HKD 20,900,000, attributed to a reduction in borrowing interest expenses by about HKD 1,500,000[65]. - Sales cost decreased from approximately HKD 13,100,000 to about HKD 8,200,000, primarily due to effective cost control measures[59]. Corporate Governance and Shareholder Communication - The company has complied with the corporate governance code, with some deviations justified by the board[84]. - The audit committee consists of independent non-executive directors and is responsible for reviewing the financial reporting process and internal controls[95]. - The company has established various communication channels with shareholders and investors, including printed annual reports and interim reports as required by listing rules[96]. - Shareholders can present suggestions and exchange views with the board at the annual general meeting[96]. - The company's website provides the latest and important information about the group[96]. - The website also serves as a communication platform for shareholders and stakeholders[96]. - The company's share transfer registration office handles share registration and related matters for shareholders[96]. Future Outlook - The company plans to closely monitor domestic and international political and economic developments and will actively seek potential projects aligned with its core business, including infrastructure-related ventures[71]. - The company has actively sought potential projects compatible with its main business to support further development[54]. - The company has not adopted any new accounting standards that would significantly impact its financial reporting during this period[20]. - The company has no significant investments or capital asset agreements as of the report date, but will consider future investment opportunities[91]. - No major acquisitions or disposals of subsidiaries, associated companies, or joint ventures occurred during the period[93]. - The company will propose a new share option plan at the next annual general meeting following the expiration of the previous plan on June 17, 2023[76].
中国城市基础设施(02349) - 2024 - 中期财报