CSI Properties : Lnterim Report 2023-2024

Interim Report 2023/24

1

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

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

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

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

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

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

Interim Report 2023/24

7

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)

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