2021-09-29-港交所-嘉年华国际_中期报告2021_62页_1mb

报告摘要

Company Information

Board of Directors: Executive Directors: Mr. Luo Jiaqi, Mr. Tang Runtao; Independent Non-executive Directors: Mr. Chau Wai Hing, Mr. Ma Hang Kon Louis, Mr. Tso Hon Sai Bosco.
Audit Committee: Mr. Chau Wai Hing (Chairman), Mr. Ma Hang Kon Louis, Mr. Tso Hon Sai Bosco.
Remuneration Committee: Mr. Chau Wai Hing (Chairman), Mr. Ma Hang Kon Louis, Mr. Tso Hon Sai Bosco.
Nomination Committee: Mr. Chau Wai Hing (Chairman), Mr. Luo Jiaqi, Mr. Tso Hon Sai Bosco.
Company Secretary: Ms. Chan Yuen Ying Stella.
Authorized Representatives: Mr. Luo Jiaqi, Ms. Chan Yuen Ying Stella.
Legal Advisors: WT LAW OFFICES, Justin Chow & Co., Solicitors LLP.
Auditor: HLB Hodgson Impey Cheng Limited, Certified Public Accountants.
Registered Office: Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.
Head Office/Hong Kong Principal Place: Suites 1106-08, 11th Floor, The Chinese Bank Building, 61-65 Des Voeux Road Central, Hong Kong.
Share Registrar/Transfer Office: Conyers Corporate Services (Bermuda) Limited (Registered / Branch, Hong Kong).
Principal Bankers: China Minsheng Banking Corp. Ltd., Industrial Bank Co., Ltd., The Bank of East Asia Limited.
Stock Code: 996.
Website: www.0996.com.hk.

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Highlights (Unaudited)

Revenue: HK$82,902,000 (2021 H1) vs. HK$97,056,000 (2020 H1), decrease mainly due to reduced sales of properties and other factors.
Loss Before Tax: HK$328,966,000 (2021 H1) vs. HK$281,877,000 (2020 H1).
Net Loss for the Period: HK$329,110,000 (2021 H1) vs. HK$283,484,000 (2020 H1), primarily driven by high administrative expenses and finance costs.
Total Comprehensive Expense: HK$270,948,000 (2021 H1) vs. HK$400,678,000 (2020 H1).
Loss per Share (Adjusted): HK$0.32 (2021 H1 basic/diluted) vs. HK$0.31 (2020 H1 basic/diluted).

Financial Position Highlights (Unaudited)

Assets: HK$17,641,669,000 (30 June 2021) vs. HK$17,570,311,000 (31 Dec 2020).
Net Current Liabilities: HK$8,691,041,000 (30 June 2021) vs. HK$8,386,340,000 (31 Dec 2020).
Total Equity: HK$760,805,000 (30 June 2021) vs. HK$1,031,753,000 (31 Dec 2020).
Debt Ratio: ~96% (30 June 2021) vs. ~94% (31 Dec 2020).

Other Financial Highlights

Cash and Cash Equivalents: HK$65,357,000 (30 June 2021) vs. HK$57,782,000 (31 Dec 2020).
Net Increase in Cash: HK$7,109,000 (2021 H1) mainly from financing activities (+HK$2,864,000).

Business Outlook and Strategy

Focus on integrated large-scale tourist complexes and theme-based leisure/consumption in China and abroad.
Maintains "houses for living, not speculation" principle in real estate.
Differentiated consumption ecosystem: high-end retail, hotels, parks, dining, exhibitions, leisure.
Strategies: Strengthen cost control, manage liquidity carefully, pursue sustainable development, explore opportunities for long-term growth, pursue consensus-based debt restructuring. Sea Carnival (Qingdao) expected to benefit from geographical advantage.

Key Risk Factors

Debt Restructuring Plan: Active engagement with creditors; outcome uncertain and subject to multiple factors.
Insolvency Proceedings: Ongoing reorganisation of subsidiary Rio Carnival (Qingdao) Property Co., Ltd.
Legal Proceedings: Facing winding-up petitions and litigation; outcomes uncertain.
Market Volatility: Uncertain economic conditions, negative impact of COVID-19, real estate policy fluctuations.
High Financial Leverage: Significant gearing ratio increases funding costs and financial risk.
Project Execution: Sea Carnival(Qingdao) development progress dependent on government approvals and funding.

Management Commentary

Significant net loss due to increased administrative expenses (property, plant & equipment depreciation) and decreased capitalized finance costs.
Cautionary outlook due to financial difficulties requiring exploration of all options for debt restructuring.

Disclaimer