佳明集团控股(01271) - 2025 - 中期财报

Residential and Commercial Development Projects - The Grand Marine residential development in Tsing Yi, Hong Kong, completed in March 2022, has sold all typical units, with 4% of units handed over to buyers during the period under review, generating revenue in FH 2024/25[19][21] - The Grands residential-cum-commercial project in To Kwa Wan, Kowloon, completed in August 2023, has sold all residential units, with 18% of units handed over to buyers during the period under review, generating revenue in FH 2024/25[22] - The Fanling project, a 17-storey residential-cum-commercial tower with a gross floor area of approximately 36,000 square feet, is progressing well and is expected to be completed around mid-2025[22] - The North Point project, comprising two sites with a total gross floor area of approximately 30,000 square feet, is expected to be completed around the second half of 2027[25] - The Cristallo luxury residential project in Kowloon has sold 15 out of 18 units cumulatively, with one apartment sold in November 2024 and completion scheduled for November 2025[26] - The Group's development project in Guangxi, Mainland China, with a gross floor area of approximately 1,435,000 square feet, is expected to be completed around the second half of 2026[27] - The Group is preparing for the pre-sale of the Fanling Luen Fat Street residential project, scheduled to launch in the second half of 2025[37][39] Data Centre and IT Infrastructure - Data centre leasing revenue increased by 4.3% year-on-year to $139.0 million, driven by higher customer power consumption[28][32] - iTech Tower 3.1 data centre is scheduled for phased delivery starting mid-2025, while iTech Tower 3.2 is expected to be completed around 2026[29][32][38] - iTech Tower 3.1 and 3.2 are designed to cater to AI workloads and cloud computing, with leasing discussions for iTech Tower 3.2 already underway[38][39] Financial Performance and Revenue - Consolidated revenue for FH 2024/25 increased by 257$683.7 million, with gross profit up 214% to $305.9 million, mainly due to property sales[41][46] - Operating expenses surged 389$221.0 million in FH 2024/25, primarily due to property agency commissions[42][46] - Net profit decreased by 52.7% to $52.6 million in FH 2024/25, but underlying profit increased 19.8 times to$27.0 million excluding fair value changes[43][47] - Revenue for the period was HK$683.747 million, with direct costs of HK$377.839 million, resulting in a gross profit of HK$305.908 million[66] - Profit for the period was HK$52.600 million, compared to HK$111.124 million in the previous year[66] - Earnings per share (basic and diluted) were HK$3.7 cents, down from HK$7.8 cents in the previous year[66] - Total comprehensive income for the period was HK$53.079 million, compared to HK$116.807 million in the previous year[69] - Revenue from property sales increased significantly to HK$532,214 thousand in 2024, compared to HK$18,871 thousand in 2023[117] - Total revenue for the six months ended 30 September 2024 was HK$683,747 thousand, a substantial increase from HK$191,702 thousand in 2023[117] - Profit for the period attributable to equity shareholders decreased to HK$52,600,000 in 2024 from HK$111,124,000 in 2023, representing a significant decline[135] - Underlying profit for the period, excluding changes in fair value of investment properties, was HK$27,040,000 in 2024 compared to HK$1,302,000 in 2023[144] - Basic and diluted underlying earnings per share were HK$1.9 cents in 2024, up from HK$0.09 cents in 2023[144] Construction and Contracting - Construction revenue from external customers decreased by 75.8$8.6 million in FH 2024/25 compared to FH 2023/24[35][36] - The Group held construction contracts worth approximately $2.06 billion as of 30 September 2024[34][36] - Construction segment revenue for the six months ended 30 September 2024 was HK$263.815 million, a significant increase from HK$171.506 million in the same period in 2023[104][105] Financial Position and Liabilities - Bank borrowings decreased to$5,498 million as of 30 September 2024, down from $5,841 million at 31 March 2024, due to loan repayments from property sales[44] - The Group's outstanding bank loans decreased to HK$5.498 billion as of September 30, 2024, from HK$5.841 billion on March 31, 2024, primarily due to repayment from proceeds of property sales[48] - The Group received an unsecured loan of HK$36.8 million from its ultimate holding company, Chan HM Company Limited, bearing interest at the Hong Kong prime rate and maturing in December 2026[48] - The Group obtained additional unsecured loans totaling HK$545 million from its controlling shareholder, bearing an annual interest rate of 3$575.6 million as of September 30, 2024, denominated in HKD and RMB, with sufficient working capital for liquidity requirements[53][56] - The Group mitigated interest rate risk through interest rate swaps with a notional amount of HK$1.546 billion, bearing fixed rates between 1.30$8.832 billion were pledged to secure bank loans of HK$5.447 billion as of September 30, 2024[60] - Bank loans decreased to HK$5,497,945 thousand from HK$5,840,930 thousand, with secured loans making up the majority at HK$5,447,231 thousand[172] - The majority of bank loans (HK$3,842,274 thousand) are due within 2 to 5 years, while HK$227,509 thousand are due within 1 to 2 years[173] - Loans from the controlling shareholder totaled HK$544,998 thousand, with a fair value of HK$475,290 thousand at grant date, resulting in a deemed contribution of HK$69,708 thousand[180][182] Cash Flow and Financing Activities - Net cash generated from operating activities in 2024 was HK$174,605 thousand, a significant increase from HK$44,469 thousand in 2023[86] - Net cash used in investing activities in 2024 was HK$182,743 thousand, compared to HK$649,915 thousand in 2023[86] - Proceeds from bank loans in 2024 were HK$591,317 thousand, a decrease from HK$1,205,646 thousand in 2023[86] - Repayments of bank loans in 2024 were HK$934,303 thousand, significantly higher than HK$249,086 thousand in 2023[86] - Proceeds from loans from controlling shareholder in 2024 were HK$544,998 thousand, with no comparable figure in 2023[86] - Net cash (used in)/generated from financing activities in 2024 was a negative HK$7,528 thousand, compared to a positive HK$459,661 thousand in 2023[86] - Net decrease in cash and cash equivalents in 2024 was HK$15,666 thousand, a significant improvement from HK$145,785 thousand in 2023[86] - Cash and cash equivalents at the end of the period in 2024 were HK$47,049 thousand, compared to HK$76,409 thousand in 2023[86] Assets and Liabilities - Non-current assets increased to HK$7,072.843 million, up from HK$6,766.284 million in the previous period[76] - Current assets decreased to HK$2,345.466 million, down from HK$2,505.742 million in the previous period[76] - Net current assets improved to HK$719.442 million, up from HK$381.870 million in the previous period[79] - Total assets less current liabilities increased to HK$7,901.480 million, up from HK$7,262.373 million in the previous period[79] - Net assets increased to HK$3,075.793 million, up from HK$2,953.006 million in the previous period[79] - Total equity increased to HK$3,075.793 million, up from HK$2,953.006 million in the previous period[79] - Investment properties increased to HK$6,267,000 thousand from HK$5,950,000 thousand, serving as the primary collateral for bank loans[177] - Financial assets at fair value through other comprehensive income were valued at 11,486 as of 30 September 2024[191] - Financial assets at fair value through profit or loss were valued at 10,213 as of 30 September 2024[191] - The fair value of financial assets at fair value through other comprehensive income is based on quoted market prices at the end of the reporting period[194] - The fair value of financial assets at fair value through profit or loss is based on cash value priced by external and independent parties at the end of the reporting period[195] - The fair value of interest rate swaps is determined using the discounted cash flow method based on observable yield curves[195] - The carrying amounts of financial instruments carried at amortised cost are not materially different from their fair values as of 30 September 2024 and 31 March 2024[196] Employee and Operational Costs - The Group employed 156 staff as of September 30, 2024, with total employee remuneration of HK$61.2 million for the first half of 2024/25[60] - Staff costs decreased to HK$61,212 thousand in 2024 from HK$73,600 thousand in 2023[121] Taxation and Dividends - Income tax expenses rose to HK$15,142 thousand in 2024 from HK$629 thousand in 2023[124] - No interim dividend was declared for the six months ended 30 September 2024, compared to HK$56,809 thousand in 2023[129] - Final and special dividends for the previous financial year were not paid in 2024, compared to HK$284,024 thousand in 2023[132] Receivables and Payables - Trade receivables (net of loss allowance) increased to HK$41,549,000 in 2024 from HK$36,532,000 in 2023[152] - Deposits, prepayments, and other receivables decreased to HK$88,044,000 in 2024 from HK$124,664,000 in 2023[152] - The aging analysis of trade receivables shows 17,690,000 within 1 month, 23,850,000 between 1-3 months, and 9,000 between 3-6 months in 2024[156] - Total trade payables increased significantly to HK$99,159 thousand from HK$60,865 thousand, with the majority (57,771 thousand) being due within 1 to 3 months[168][169] Miscellaneous - The Group had no material contingent liabilities, acquisitions, disposals, or significant investments outside subsidiaries as of September 30, 2024[60] - No future plans for material investments or capital assets were in place as of the report date[60] - The Group has three reportable segments: Construction, Property Leasing, and Property Development, each managed separately due to different products, services, and business strategies[100] - The Group's revenue from external customers is entirely generated from customers located in Hong Kong, with substantially all non-current assets also located in Hong Kong[110] - The Group applied new and amended HKFRSs effective from 1 April 2024, but these changes did not have a material impact on the Group's results and financial position[96][97] - Rental income remained stable at HK$109,159 thousand in 2024, slightly down from HK$110,152 thousand in 2023[117] - Bank interest income decreased to HK$4,634 thousand in 2024 from HK$4,979 thousand in 2023[118] - Net foreign exchange gain was HK$149 thousand in 2024, compared to a loss of HK$1,344 thousand in 2023[118] - Finance costs increased to HK$198,573 thousand in 2024, up from HK$111,993 thousand in 2023[121] - A net fair value gain of HK$25,560,000 was recognized on investment properties and properties under development in 2024, down from HK$109,822,000 in 2023[148] - Cash and bank balances increased to HK$226,376 thousand from HK$213,469 thousand, while fixed deposits decreased slightly to HK$349,255 thousand from HK$353,952 thousand[162] - The company's authorized share capital remained at HK$100,000 thousand, with issued and fully paid shares totaling HK$14,202 thousand[184] - No transfers occurred between Level 1 and Level 2, or into or out of Level 3 during the six months ended 30 September 2024[192] - The Group had no material contingent liabilities as of 30 September 2024 and 31 March 2024[197]