INTERIM REPORT
2023/24中期報告
Stock Code 股份代號: 497
CORPORATE INFORMATION
Board of Directors
Executive Directors:
Chung Cho Yee, Mico (Chairman)
Kan Sze Man
Chow Hou Man
Ho Lok Fai
Leung King Yin, Kevin
Chung Yuen Tung, Jasmine
Independent Non-Executive Directors:
Lam Lee G., BBS, JP
Cheng Yuk Wo
Shek Lai Him, Abraham, GBS, JP
Lo Wing Yan, William, JP
Audit Committee
Cheng Yuk Wo (Chairman)
Lam Lee G., BBS, JP
Shek Lai Him, Abraham, GBS, JP
Lo Wing Yan, William, JP
Remuneration Committee
Cheng Yuk Wo (Chairman)
Chung Cho Yee, Mico
Lam Lee G., BBS, JP
Nomination Committee
Chung Cho Yee, Mico (Chairman)
Lam Lee G., BBS, JP
Cheng Yuk Wo
Executive Committee
Chung Cho Yee, Mico (Chairman)
Kan Sze Man
Chow Hou Man
Ho Lok Fai
Leung King Yin, Kevin
Chung Yuen Tung, Jasmine
Company Secretary
Kan Sze Man
Principal Bankers
Bank of China (Hong Kong) Limited
Bank of Communications Co., Ltd.,
Hong Kong Branch
Chong Hing Bank Limited
Dah Sing Bank, Limited
DBS Bank (Hong Kong) Limited
Fubon Bank (Hong Kong) Limited
Hang Seng Bank Limited
Industrial and Commercial Bank of China
(Asia) Limited
Nanyang Commercial Bank, Limited
Oversea-Chinese Banking Corporation Limited
The Bank of East Asia, Limited
The Hongkong and Shanghai Banking
Corporation Limited
United Overseas Bank Limited
Registered Office
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
Hong Kong Head Office and Principal Place of Business
31/F., Bank of America Tower
12 Harcourt Road
Central
Hong Kong
Shanghai Office
Room 804, The Platinum
233 Taicang Road
Huangpu District
Shanghai, 200020, China
Auditor
Deloitte Touche Tohmatsu
Registered Public Interest Entity Auditors
35/F., One Pacific Place
88 Queensway Hong Kong
Principal Registrars
MUFG Fund Services (Bermuda) Limited 4th Floor North, Cedar House
41 Cedar Avenue
Hamilton HM 12 Bermuda
Hong Kong Branch Share Registrars
Computershare Hong Kong Investor
Services Limited
Shops 1712-1716
17th Floor, Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
Stock Code
497
Company Website
www.csigroup.hk
Interim Report 2023/24 | 1 |
The board of directors (the "Board") of CSI Properties Limited (the "Company") is pleased to announce the unaudited condensed consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 September 2023. The condensed consolidated interim financial statements of the Group have not been audited, but have been reviewed by the Company's auditor, Deloitte Touche Tohmatsu and the Company's Audit Committee.
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Six months ended | |||
30 September | |||
2023 | 2022 | ||
NOTES | HK$'000 | HK$'000 | |
(unaudited) | (unaudited) | ||
Revenue | 3 | 323,983 | 230,732 |
Cost of sales and services | (132,019) | (106,217) | |
Gross profit | 191,964 | 124,515 | |
Income and (losses) gains from investments | 4 | (103,941) | 21,832 |
Other income | 5 | 167,942 | 136,550 |
Fair value loss on investment properties | 13 | (27,244) | - |
Other gains and losses | 6 | 31,385 | 13,760 |
Administrative expenses | (115,553) | (145,090) | |
Finance costs | 7 | (323,748) | (191,438) |
Share of results of joint ventures | 269,387 | 166,665 | |
Share of results of associates | (37,983) | (12,595) | |
Profit before taxation | 52,209 | 114,199 | |
Income tax credit (expense) | 8 | 3,780 | (21,128) |
Profit for the period | 9 | 55,989 | 93,071 |
Profit for the period attributable to: | |||
Owners of the Company | 57,579 | 61,570 | |
Holders of perpetual capital securities | - | 34,300 | |
Non-controlling interests | (1,590) | (2,799) | |
55,989 | 93,071 | ||
Earnings per share (HK cents) | 11 | 0.62 | |
- Basic | 0.66 | ||
2 CSI Properties Limited
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023 | ||
Six months ended | ||
30 September | ||
2023 | 2022 | |
HK$'000 | HK$'000 | |
(unaudited) | (unaudited) | |
Profit for the period | 55,989 | 93,071 |
Other comprehensive expense | ||
Items that may be reclassified subsequently to | ||
profit or loss: | ||
Exchange differences arising on translation of | (126,207) | |
foreign operations | (333,267) | |
Share of exchange differences of joint ventures, | (73,498) | |
net of related income tax | (234,989) | |
(199,705) | (568,256) | |
Total comprehensive expense for the period | (143,716) | (475,185) |
Total comprehensive (expense) income attributable to: | ||
Owners of the Company | (142,126) | (506,686) |
Holders of perpetual capital securities | - | 34,300 |
Non-controlling interests | (1,590) | (2,799) |
(143,716) | (475,185) | |
Interim Report 2023/24 | 3 |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 SEPTEMBER 2023 | |||
30 September | 31 March | ||
2023 | 2023 | ||
NOTES | HK$'000 | HK$'000 | |
(unaudited) | (audited) | ||
Non-Current Assets | |||
Property, plant and equipment | 12 | 181,295 | 197,837 |
Investment properties | 13 | 3,174,482 | 3,356,142 |
Financial assets at fair value through | 211,897 | ||
profit or loss ("FVTPL") | 17 | 337,317 | |
Derivative financial instruments | 23 | - | 12,774 |
Club memberships | 12,405 | 12,405 | |
Interests in joint ventures | 5,940,569 | 5,738,958 | |
Amounts due from joint ventures | 14 | 7,083,988 | 6,612,511 |
Interests in associates | 445,486 | 455,593 | |
Amounts due from associates | 14 | 914,603 | 880,148 |
Loan receivables | 74,797 | 77,553 | |
18,039,522 | 17,681,238 | ||
Current Assets | |||
Loan receivables | 114,670 | 114,028 | |
Trade and other receivables | 15 | 236,779 | 269,403 |
Properties held for sale | 16 | 6,329,754 | 6,386,824 |
Financial assets at FVTPL | 17 | 143,128 | 150,491 |
Taxation recoverable | 2,976 | 2,488 | |
Cash held by securities brokers | 42,365 | 15,099 | |
Bank balances and cash | 18 | 3,131,720 | 3,146,934 |
10,001,392 | 10,085,267 | ||
Current Liabilities | |||
Other payables and accruals | 19 | 381,610 | 466,180 |
Contract liabilities | 960,000 | 114,000 | |
Taxation payable | 185,391 | 185,349 | |
Amounts due to joint ventures | 14 | 1,322,251 | 1,142,594 |
Amounts due to non-controlling shareholders | 146,528 | ||
of subsidiaries | 14 | 164,728 | |
Bank borrowings - due within one year | 20 | 2,706,196 | 2,064,162 |
5,701,976 | 4,137,013 | ||
Net Current Assets | 4,299,416 | 5,948,254 | |
Total assets less current liabilities | 22,338,938 | 23,629,492 | |
4 CSI Properties Limited
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)
AT 30 SEPTEMBER 2023 | |||
30 September | 31 March | ||
2023 | 2023 | ||
NOTES | HK$'000 | HK$'000 | |
(unaudited) | (audited) | ||
Capital and Reserves | |||
Share capital | 21 | 73,752 | 74,952 |
Reserves | 14,090,712 | 14,289,340 | |
Equity attributable to owners of the Company | 14,164,464 | 14,364,292 | |
Non-controlling interests | 33,091 | 35,480 | |
Total Equity | 14,197,555 | 14,399,772 | |
Non-Current Liabilities | |||
Bank borrowings - due after one year | 20 | 5,705,737 | 6,791,830 |
Guaranteed notes - due after one year | 22 | 2,298,745 | 2,295,909 |
Deferred tax liabilities | 136,901 | 141,981 | |
8,141,383 | 9,229,720 | ||
22,338,938 | 23,629,492 | ||
Interim Report 2023/24 | 5 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Attributable to owners of the Company | |||||||||||
Holders of | Non- | ||||||||||
Capital | perpetual | ||||||||||
Share | Share | redemption | Contributed | Translation | Retained | capital | controlling | Total | |||
capital | premium | reserve | surplus | reserve | profits | Sub-total | securities | interests | equity | ||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||
(note) | |||||||||||
At 1 April 2023 (audited) | 74,952 | 2,052,135 | 6,620 | 72,579 | (257,715) | 12,415,721 | 14,364,292 | - | 35,480 | 14,399,772 | |
Profit for the period | - | - | - | - | - | 57,579 | 57,579 | - | (1,590) | 55,989 | |
Exchange differences arising on | - | - | - | - | (126,207) | - | (126,207) | - | - | (126,207) | |
translation of foreign operations | |||||||||||
Share of exchange differences of | |||||||||||
joint ventures, net of related | - | - | - | - | (73,498) | - | (73,498) | - | - | (73,498) | |
income tax | |||||||||||
Total comprehensive (expense) | - | - | - | - | (199,705) | 57,579 | (142,126) | - | (1,590) | (143,716) | |
income for the period | |||||||||||
Share repurchases (note 21) | (1,200) | - | - | - | - | (17,152) | (18,352) | - | - | (18,352) | |
Dividends recognised as | - | - | - | - | - | (39,350) | (39,350) | - | - | (39,350) | |
distribution (note 10) | |||||||||||
Dividend paid to non-controlling | - | - | - | - | - | - | - | - | (799) | (799) | |
shareholders of subsidiaries | |||||||||||
At 30 September 2023 (unaudited) | 73,752 | 2,052,135 | 6,620 | 72,579 | (457,420) | 12,416,798 | 14,164,464 | - | 33,091 | 14,197,555 | |
6 CSI Properties Limited
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Attributable to owners of the Company | |||||||||||
Holders of | Non- | ||||||||||
Capital | perpetual | ||||||||||
Share | Share | redemption | Contributed | Translation | Retained | capital | controlling | Total | |||
capital | premium | reserve | surplus | reserve | profits | Sub-total | securities | interests | equity | ||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||
(note) | |||||||||||
At 1 April 2022 (audited) | 74,974 | 2,052,135 | 6,620 | 72,579 | 157,996 | 12,143,253 | 14,507,557 | 1,257,327 | 41,934 | 15,806,818 | |
Profit for the period | - | - | - | - | - | 61,570 | 61,570 | 34,300 | (2,799) | 93,071 | |
Exchange differences arising on | |||||||||||
translation of foreign operations | - | - | - | - | (333,267) | - | (333,267) | - | - | (333,267) | |
Share of exchange differences of | |||||||||||
joint ventures, net of related | |||||||||||
income tax | - | - | - | - | (234,989) | - | (234,989) | - | - | (234,989) | |
Total comprehensive (expense) | |||||||||||
income for the period | - | - | - | - | (568,256) | 61,570 | (506,686) | 34,300 | (2,799) | (475,185) | |
Share repurchases (note 21) | (22) | - | - | - | - | (523) | (545) | - | - | (545) | |
Dividends recognised as | |||||||||||
distribution (note 10) | - | - | - | - | - | (39,361) | (39,361) | - | - | (39,361) | |
Distribution to holders of | |||||||||||
perpetual capital securities | - | - | - | - | - | - | - | (36,509) | - | (36,509) | |
Dividend paid to non-controlling | |||||||||||
shareholders of subsidiaries | - | - | - | - | - | - | - | - | (800) | (800) | |
Redemption of perpetual capital | |||||||||||
securities | - | - | - | - | - | (23,302) | (23,302) | (1,255,118) | - | (1,278,420) | |
At 30 September 2022 (unaudited) | 74,952 | 2,052,135 | 6,620 | 72,579 | (410,260) | 12,141,637 | 13,937,663 | - | 38,335 | 13,975,998 |
Note: The contributed surplus of the Group represents the amount arising from capital reorganisation carried out by the Company during the year ended 31 March 2003.
Interim Report 2023/24 | 7 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Six months ended | |||
30 September | |||
2023 | 2022 | ||
NOTES | HK$'000 | HK$'000 | |
(unaudited) | (unaudited) | ||
Net cash from operating activities: | |||
Decrease in fair value of financial assets at | 117,422 | ||
FVTPL | 96,127 | ||
Decrease in other payables and accruals | (81,936) | (101,124) | |
Increase (decrease) in contract liabilities | 846,000 | (10,588) | |
Decrease (increase) in properties held for sale | 101,103 | (76,872) | |
Decrease in trade and other receivables | 2,988 | 19,488 | |
(Increase) decrease in cash held by securities | (27,266) | ||
brokers | 9,174 | ||
Net cash inflows from other operating | 69,521 | ||
activities | 101,998 | ||
1,027,832 | 38,203 | ||
Net cash used in investing activities: | |||
Interest received | 50,431 | 31,413 | |
Interest income received from financial assets | 10,816 | ||
at FVTPL | 16,364 | ||
Dividend income received from financial assets | 3,929 | ||
at FVTPL | 10,513 | ||
Purchase of financial assets at FVTPL | (145,663) | (15,000) | |
Disposal of financial assets at FVTPL | - | 13,325 | |
Purchase of property, plant and equipment | 12 | - | (17) |
Investments in joint ventures | (73,795) | (19,338) | |
Advances to joint ventures | (634,983) | (377,703) | |
Repayments from joint ventures | 278,103 | 168,491 | |
Investment in an associate | - | (4,200) | |
Advance to an associate | (35,489) | (223,700) | |
Repayment from an associate | 1,805 | - | |
Repayment of loan receivables | 2,114 | 106,177 | |
Proceeds on disposal of derivative financial | 14,352 | ||
instruments | 153,090 | ||
Settlement of derivative financial instruments | - | (10,890) | |
Placement of time deposits with original | (5,297) | ||
maturity over three months | - | ||
(533,677) | (151,475) | ||
8 CSI Properties Limited
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
Six months ended | |||
30 September | |||
2023 | 2022 | ||
NOTES | HK$'000 | HK$'000 | |
(unaudited) | (unaudited) | ||
Net cash used in financing activities: | |||
Repayments of bank borrowings | 20 | (2,024,436) | (2,263,029) |
Repurchase of guaranteed notes | - | (30,170) | |
Repurchase of shares | 21 | (18,352) | (545) |
Dividends paid | 10 | (39,350) | (39,361) |
Dividends paid to non-controlling shareholders | (799) | ||
of subsidiaries | (800) | ||
Advance from joint ventures | 179,671 | 206,705 | |
Repayment to joint ventures | (14) | (952) | |
Repayment to non-controlling shareholders | (18,200) | (3,582) | |
New bank borrowings raised | 20 | 1,702,470 | 2,889,811 |
Interest paid | (323,748) | (194,963) | |
Distribution to holders of perpetual capital | - | ||
securities | (36,509) | ||
Repurchase of perpetual capital securities | - | (1,278,420) | |
(542,758) | (751,815) | ||
Net decrease in cash and cash equivalents | (48,603) | (865,087) | |
Cash and cash equivalents at beginning of | |||
the period | 3,146,934 | 3,455,719 | |
Effect of foreign exchange rate changes, net | 28,092 | 16,861 | |
Cash and cash equivalents at end of the period | 3,126,423 | 2,607,493 | |
Analysis of cash and cash equivalents | |||
Bank balances and cash | 3,131,720 | 2,607,493 | |
Less: Time deposits with original maturity | (5,297) | ||
over three months | 18 | - | |
3,126,423 | 2,607,493 |
Interim Report 2023/24 | 9 |
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CSI Properties Limited published this content on 20 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 December 2023 10:26:38 UTC.