Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
TOP SPRING INTERNATIONAL HOLDINGS LIMITED
萊 蒙 國 際 集 團 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 03688)
ANNOUNCEMENT OF INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
HIGHLIGHTS
- For the six months ended 30 June 2021, the Group recorded an aggregate of pre-sales of properties and car park units of approximately HK$1,360.3 million, representing an increase of approximately 3,948.5% as compared with the corresponding period of 2020, of which approximately HK$1,357.4 million was from pre-sales of properties with pre-sold saleable GFA of approximately 21,610 sq.m. and approximately HK$2.9 million was from pre-sales of 21 car park units. The ASP of the Group's pre-sales of properties was approximately HK$62,813.5 per sq.m., representing an increase of approximately 343.8% as compared with the corresponding period of 2020.
- As at 30 June 2021, the Group had 22 projects across 11 cities with a total estimated net saleable/leasable GFA of approximately 511,413 sq.m..
- Revenue for the six months ended 30 June 2021 increased by approximately 15.7% to approximately HK$293.8 million from approximately HK$254.0 million for the six months ended 30 June 2020.
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- For the six months ended 30 June 2021, the Group generated recurring rental income of approximately HK$145.4 million (for the six months ended 30 June 2020: approximately HK$101.8 million) from its investment properties which mainly comprised shopping malls, community commercial centres, retail shops, serviced apartments and car park units. As at 30 June 2021, the investment property portfolio (inclusive of investment properties classified as held for sale) had a total leasable GFA of approximately 279,443 sq.m. and a fair value of approximately HK$7,679.1 million, representing approximately 27.5% of the Group's total asset value.
- Gross profit margin for the six months ended 30 June 2021 was approximately 56.2%, as compared with approximately 52.1% for the corresponding period of 2020.
- For the six months ended 30 June 2021, the profit attributable to equity shareholders of the Company was approximately HK$96.6 million (for the six months ended 30 June 2020: loss attributable to equity shareholders of the Company of approximately HK$211.4 million).
- Basic and diluted earnings per Share attributable to equity shareholders of the Company and the holders of PCSs for the six months ended 30 June 2021 were approximately HK$0.06 and HK$0.06, respectively (for the six months ended 30 June 2020: basic and diluted loss per Share attributable to equity shareholders and holders of PCSs of HK$0.14 and HK$0.14, respectively).
- Net assets per Share attributable to equity shareholders of the Company and the holders of PCSs as at 30 June 2021 was approximately HK$6.7 (as at 31 December 2020: approximately HK$6.6).
- As at 30 June 2021, the net gearing ratio of the Group was approximately 54.4% (as at 31 December 2020: approximately 59.8%)
- The Board declared the payment of an interim dividend of HK3 cents per Share attributable to equity shareholders of the Company and the holders of PCSs for the six months ended 30 June 2021 (for the six months ended 30 June 2020: Nil).
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INTERIM RESULTS
The board (the "Board") of directors (the "Directors" and each a "Director") of Top Spring International Holdings Limited (the "Company") is pleased to announce the unaudited consolidated interim results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 June 2021 together with selected explanatory notes and the relevant comparative figures for the corresponding period in 2020 as follows:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE SIX MONTHS ENDED 30 JUNE 2021 - UNAUDITED
(Expressed in Hong Kong dollars)
Six months ended 30 June | |||||
2021 | 2020 | ||||
Note | $'000 | $'000 | |||
Revenue | 3 | 293,806 | 254,026 | ||
Direct costs | (128,605) | (121,697) | |||
Gross profit | 165,201 | 132,329 | |||
Valuation gains/(losses) on investment | 67,729 | ||||
properties | (114,497) | ||||
Other revenue | 4 | 75,008 | 70,492 | ||
Other net income | 5 | 224,655 | 12,936 | ||
Selling and marketing expenses | (32,995) | (18,658) | |||
Administrative expenses | (163,945) | (162,315) | |||
Impairment loss on trade and other receivables | (7,385) | (10,006) | |||
Profit/(loss) from operations | 328,268 | (89,719) | |||
Finance costs | 6(a) | (146,635) | (156,659) | ||
Share of losses of associates | (981) | (1,012) | |||
Share of losses of joint ventures | (3,238) | (6,767) | |||
Profit/(loss) before taxation | 6 | 177,414 | (254,157) | ||
Income tax (charge)/credit | 7 | (80,854) | 19,384 | ||
Profit/(loss) for the period | 96,560 | (234,773) | |||
Attributable to: | |||||
Equity shareholders of the Company and holders | |||||
of bonus perpetual subordinated convertible | |||||
securities ("PCSs") | 96,647 | (211,393) | |||
Non-controlling interests | (87) | (23,380) | |||
Profit/(loss) for the period | 96,560 | (234,773) | |||
Earnings/(loss) per share (HK$) | 8 | ||||
Basic | 0.06 | (0.14) | |||
Diluted | 0.06 | (0.14) | |||
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2021 - UNAUDITED
(Expressed in Hong Kong dollars)
Six months ended 30 June | ||||
2021 | 2020 | |||
$'000 | $'000 | |||
Profit/(loss) for the period | 96,560 | (234,773) | ||
Other comprehensive income for the period | ||||
(after tax and reclassification adjustments): | ||||
Items that may be reclassified subsequently to | ||||
profit or loss: | ||||
- Exchange differences on translation of | ||||
financial statements of foreign | ||||
subsidiaries | 131,798 | (192,796) | ||
- Share of other comprehensive income of | ||||
associates and joint ventures | (7,653) | (9,353) | ||
124,145 | (202,149) | |||
Total comprehensive income for the period | 220,705 | (436,922) | ||
Attributable to: | ||||
Equity shareholders of the Company and | ||||
holders of PCSs | 228,359 | (410,821) | ||
Non-controlling interests | (7,654) | (26,101) | ||
Total comprehensive income for the period | 220,705 | (436,922) | ||
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 JUNE 2021 - UNAUDITED
(Expressed in Hong Kong dollars)
At | At | |||
30 June | 31 December | |||
2021 | 2020 | |||
Note | $'000 | $'000 | ||
Non-current assets | ||||
Investment properties | 7,633,604 | 7,238,615 | ||
Other property, plant and equipment | 190,071 | 199,281 | ||
7,823,675 | 7,437,896 | |||
Intangible assets | 3,769 | 3,769 | ||
Goodwill | 40,736 | 40,736 | ||
Interest in associates | 6,096 | 7,072 | ||
Interest in joint ventures | 555,743 | 423,328 | ||
Financial assets measured at fair value through | 1,459,151 | |||
profit or loss (FVPL) | 10 | 1,488,143 | ||
Other receivables | 253,516 | 231,761 | ||
Deferred tax assets | 73,146 | 85,540 | ||
10,215,832 | 9,718,245 | |||
Current assets | ||||
Inventories and other contract costs | 11 | 10,528,120 | 10,884,496 | |
Trade and other receivables | 12 | 2,204,615 | 1,654,142 | |
Prepaid tax | 72,779 | 38,846 | ||
Financial assets measured at fair value through | 141,018 | |||
profit or loss (FVPL) | 10 | 115,657 | ||
Restricted and pledged deposits | 2,700,872 | 3,046,639 | ||
Cash and cash equivalents | 1,971,284 | 1,653,196 | ||
17,618,688 | 17,392,976 | |||
Investment properties classified as held for sale | 45,493 | 70,657 | ||
17,664,181 | 17,463,633 | |||
Current liabilities | ||||
Trade and other payables | 13 | 4,124,183 | 4,004,074 | |
Contract liabilities | 1,647,077 | 726,231 | ||
Bank loans and other borrowings | 6,283,119 | 5,966,708 | ||
Lease liabilities | 15,333 | 21,971 | ||
Tax payable | 208,000 | 168,259 | ||
Bonds payable | 251,222 | 248,552 | ||
12,528,934 | 11,135,795 | |||
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Top Spring International Holdings Ltd. published this content on 30 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2021 08:01:03 UTC.