31년 2023월 XNUMX일까지의 중간 보고서
월 4 2024
마카오 부동산 기회 기금 제한
("MPO" 또는 "회사")
31년 2023월 XNUMX일에 종료된 XNUMX개월 기간의 중간 결과
Macau Property Opportunities Fund Limited announces its results for the period ended 31 December 2023. The Company, which is managed by Sniper Capital Limited, holds strategic property investments in Macau.
임시 보고서는 National Storage Mechanism에 제출되었으며 곧 검사를 위해 사용할 수 있습니다. https://data.fca.org.uk/#/nsm/nationalstoragemechanism
재무 하이라이트
펀드 성과
· MPO의 포트폴리오 가치1 was US$183.5 million as at 31 December 2023, a decrease of 2.1% over the six-month period.
· Adjusted Net Asset Value (NAV) was US$81.7 million, which translates to US$1.32 (104 pence2) 주당은 이 기간 동안 10.5% 감소했다.
· IFRS NAV was US$58 million as at the period end, equating to US$0.94 (74 pence2) 주당 12.5% 하락했다.
자본 관리
· The aggregated cash and deposit balances were US$4.8 million, of which US$4.6 million was pledged as collateral for credit facilities.
· Gross borrowings stood at US$96.5 million, equating to a loan-to-value ratio of 51.2%.
Extension of Company life
· At the Company's Annual General Meeting in December, shareholders agreed to a further extension of the Company's life until December 2024.
1 반영하도록 계산이 조정되었습니다. 해당 기간 동안 부동산 매각으로 인해 31년 2023월 XNUMX일과의 유사 비교.
2 1.274년 31월 2023일 미국 달러/스털링 환율 XNUMX을 기준으로 합니다.
포트폴리오 하이라이트
· 워터사이드
- During the second half of 2023, the Company signed agreements for the sale of a further seven apartments - all standard units located primarily on mid-to low floors.
- The asset originally comprised 59 units for lease and sale. To-date, 22 units, or 37.3% had been sold, with 37 units (62.7%) remaining available for sale. Gross proceeds in total amount to US$ 56.9m. Debt was reduced by US$ 9.6m in the period and further scheduled repayments will take place in Q1 2024.
- As of the end of 2023, around 50% of 워터사이드's remaining apartments were occupied. Since the period end, this figure has increased to 60% and rental rates are improving.
· 파운틴사이드
- Over 40 viewings took place, however no further sales were secured during the period. The Manager is maintaining a flexible and active marketing strategy for The Fountainside's four villas, targeting both individual unit and en bloc sales.
- Reconfiguration of the two duplex units to create three smaller apartments and two car parks has been completed with final government inspections scheduled for the coming weeks.
· 펜하 하이츠
- Interest in the property picked up in 2023 after Macau's pandemic-related travel restrictions were lifted.
- It will nevertheless take time to identify a buyer for the property, given its value and unique status as one of very few large, detached houses in Macau.
Macau Property Opportunities Fund의 Mark Huntley 회장은 다음과 같이 말했습니다.
"Further disposals of units in 워터사이드 underscores our continued divestment of assets through a carefully managed process in market conditions which remain challenging. Debt levels are being reduced accordingly."
"For the first time in four years the Board was able to hold a meeting in Macau at the end of 2023. We saw at first-hand the territory's recovery through vibrant, dynamic gaming and hospitality sectors that we have reported previously. Despite this broadly positive backdrop, the property market - especially the higher-end luxury segment - has yet to respond as favourably as other areas of the Macau economy, as a degree of investor caution remains. Improved leasing of units in 워터사이드 may just be an earlier pointer to a strengthening market."
"The twin factors of a sluggish Chinese economy clearly experiencing major issues, including in its own real estate sector, coupled with higher interest rates, continue to affect investor appetite for high-end real estate and have also increased our ongoing debt service costs."
"In a welcome development, Macau's government announced a series of measures to provide relief to the property sector that came into effect in January 2024. These are fully explained in the Manager's Report and constitute a much-needed sign of support for the real estate market. It remains to be seen whether Macau will follow Hong Kong and introduce still further measures to support the property sector".
자세한 내용은 다음을 방문하십시오. www.mpofund.com 회사의 전체 중간 보고서 2024.
관리자는 분석가 및 미디어와 대화할 수 있습니다. 전화를 원하시면 Sniper Capital Limited에 전화해 주십시오. [이메일 보호].
마카오 부동산 기회 기금 제한
31년 2023월 XNUMX일에 종료된 XNUMX개월 기간에 대한 중간 보고서
회장 메시지
I present my report for the first six months of our financial year and the second half of the calendar year to 31 December 2023.
We witnessed continued progress during the period, as Macau transitioned out of COVID-19 restrictions. The territory's economy gained significant momentum compared to the COVID period, driven by strong gaming revenues and increased visitor numbers. Although its economic indicators have not yet returned to pre-COVID levels, the final six months of 2023 suggest that a stronger performance is likely in the current period.
Despite this broadly positive backdrop, the property market - especially the higher-end luxury segment - has yet to respond as favourably as other areas of the economy, as a degree of caution remains. The twin factors of a sluggish Chinese economy clearly experiencing major issues, including in its own real estate sector, coupled with higher interest rates, continue to affect investor appetite for high-end real estate and have also increased our on-going debt service costs.
Despite these challenging circumstances, we have made further divestment progress at 워터사이드, where more than one-third of units have now been sold or contracted for sale. Momentum is also building in the form of increased interest in 파운틴사이드 그리고 어느 정도, 펜하 하이츠, which remains a unique opportunity as one of the very few prime detached properties for sale in Macau.
During H2 2023, seven units at 워터사이드 were sold during the six month period ended 31st December 2023. Sale prices reflected a discount to valuation, demonstrating our pragmatic approach to delivering continued divestment by pricing to maximise necessary sales amid changing demand patterns and challenging market dynamics. More valuable higher-level units are being prepared for sale in what we believe will be an improving market. Sale proceeds continued to be applied to reducing our current levels of debt, with the balance deployed to support working capital.
In a welcome development, Macau's government announced a series of measures to provide relief to the property sector that came into effect in January 2024. These are fully explained in the Manager's Report and constitute a much-needed sign of support for the real estate market. We have also seen continued stimulus applied by mainland Chinese authorities to address the economic situation in China. It remains to be seen whether further targeted stimulus measures will follow in Macau. Such measures would provide long-sought support after many years of difficulty in the property sector and anti-speculation real estate market measures that are no longer required. In the meantime, the Lunar New Year period has slowed sales activity, making it too early to assess the near-term effects of the changes. Nevertheless, they can be seen only as helpful following years of stifling restrictions.
For the first time in four years the Board was able to hold a meeting in Macau. We saw at first-hand the territory's vibrant, dynamic gaming and hospitality sectors, which is now perhaps even more vibrant and dynamic than it was pre-COVID. It was helpful to hear commentary directly from our valuers and other experts, and to witness the significant growth that has taken place in the casino and hotel sectors. Investment in infrastructure continues within the region, where it has become clear that fast rail travel will be widely available and increasingly important, alongside improvements to facilitate border crossings. The bridge between Zhuhai, Hong Kong and Macau is clearly driving visitor numbers, and the expansion of Macau's light rail system will bring improved transportation in the territory. We spent time with the management team, whose resilience after the hardships of the COVID period is commendable, as is their continuing commitment to delivering our divestment plan.
워터사이드 retains a superior position relative to both other towers in One Central and to other luxury developments. This has maintained a relative premium pricing differential that is helpful amid market conditions in which very low transaction volumes persist. Leased units now represent 50% of available space at the development, and our leasing strategy aims to ensure higher rental levels. We plan to scale back leasing to make units available for sale as we progress through 2024.
Sales enquiries relating to 파운틴사이드 have increased as a result of broader marketing strategies explained in the Manager's report. It is expected that the development's converted small units, valued at lower lump sums, will be available for sale after the approval of additional alterations.
펜하 하이츠 has attracted an increased numbers of viewings, but it is clear that sale opportunities will improve as and when more confidence and momentum appears in the Chinese economy. This unique detached property is likely to require more time and careful continued marketing to find a buyer.
As our portfolio consolidates and our debt level is reduced, we remain alert to opportunities whereby we might achieve a whole-portfolio sale, although market conditions are not currently offering any such prospects.
Macau's economy continued to show signs of a very positive recovery from the low ebb seen at the end of the territory's COVID restrictions, with the key gaming and tourism sectors driving robust year-on-year expansion. During our visit, we were able to witness first-hand the increased activity reported in both gaming and tourism. The phenomenon of "revenge tourism" was much in evidence, with the mood among visitors appearing cheerful and retail outlets solidly supported, which bodes well for further progress.
The economy still has some way to go before it recovers to pre-COVID levels, but the direction seems clear and broadly positive. Unemployment has declined, although some parts of the economy remain subdued, affected in part by easier cross-border travel that has allowed local consumers to access goods and services in mainland China at lower prices than at home. Whether this prompts Macau's government to introduce further stimulus and support remains to be seen.
Mainland China is Macau's key market, and the performance of the country's economy remains lacklustre. China's economic woes have prompted authorities there to continue to apply stimulus measures, including moves to support both the finance and real estate sectors. Recent statistics suggest that Chinese manufacturing has also continued to expand, albeit at a slower-than-normal pace, and the services sector has also shown improvement. The significant rebound expected following the end of COVID restrictions did not materialise, and China's overall recovery has been somewhat subdued.
In China's real estate sector, measures introduced to impose de-leveraging on property developers have translated into a full-scale down cycle. Real estate constitutes an important component of the Chinese economy and it has a wealth effect across the population. The key concern is that the longer consumer sentiment is affected, the more sluggish China's economy will remain. However, it should be remembered that Macau occupies a unique position as the only Chinese territory in which gaming is legal, and with such a large population to target, the impact of current and growing visitor numbers on Macau's economy should continue to be positive, especially given the significant investment in connectivity and infrastructure that is taking place.
An improvement in the Chinese property market is regarded as the potential first stage of any turnaround, and it may already be under way because new developments are not breaking ground at the pace seen previously. It will take years for China to absorb its current real estate inventory, and direct and indirect measures are being applied to provide support, including official government-led encouragement of relocation. There appears to be an official willingness to support the stock market and property sector, and any improvement in confidence will aid similar sentiment in Macau.
As at 31 December 2023, the Company's unaudited adjusted net Asset Value (NAV) was US$81.7 million, equivalent to US$1.32 (104 pence*) per share, which represents a decline of 10.5% over the period.
The Company's shares closed at 40.6 pence at the end of the reporting period, decline of 31% over the six-month period. The share price discount to Adjusted NAV had increased to 60.9% as of 31 December 2023, from 49.5% over the six-month period.
Our share price is monitored daily, and its recent decline follows a broader issue experienced across the entire investment fund sector that has affected real estate funds in particular. Both the Board and the Manager recognise that delivering a distribution of capital is key to closing the current discount between the Company's share price and its adjusted NAV. This remains our core focus for 2024, although in the near term, repaying and reducing our debt levels and debt service costs is critical. With demands on available cash focused on debt repayment, any measures to buy back shares cannot be implemented at this time.
The Board appreciated the overwhelming support for extending the life of the Company provided by the vote at the Annual General Meeting. We remain convinced that a managed, orderly divestment of assets will achieve the best return for Shareholders.
Revised remuneration has been agreed in principle with the Manager that will cover the remaining term of the engagement. The monthly management fee remains unchanged, but starting in 2025, the Board retains the right to reduce the management fee to US$80,000 per month by providing one month's advance notice to the Manager. This would be subject to an affirmative vote to continue the life of the Company, and it recognises the clear intention to deliver meaningful progress on divestment in 2024.
The Board has also agreed with the Manager to amend the thresholds for the realisation fee, subject to divestment hurdles being met in 2024. Further details on the Manager remuneration will be announced in due course. The Board believes that the terms are firmly aligned with the Company's stated divestment objective of ensuring a complete portfolio sale is achieved with the associated return of capital to Shareholders.
Both the management fee and realisation fee are subject to an overall cap of 4.99% of the Company's market capitalisation. If the Company's life is extended into 2025, the notice period for termination of the management engagement will be reduced to three months.
The economic recovery we have witnessed in Macau is both encouraging and significant in the context of our divestment strategy. However, the robust nature of the growth in gaming and tourism has yet to translate into a meaningful improvement in our segment of the real estate market, which remains challenged by very low transaction volumes.
Continued careful management is required as we move ahead with the divestment of our remaining assets following two extremely difficult years; 2022 was Macau's worst year for real estate transactions in 40 years, while 2023 was only a little better.
The relaxation of stifling and largely unnecessary constraints on property market activity has yet to translate into increased demand. Property developers continue to lobby for further measures to stimulate and support the higher-end market segment. Such measures might include a "golden visa" programme linked to property purchases above a certain value threshold, which would mirror a similar incentive in operation in Hong Kong that is designed to revive the territory's status as a financial centre and boost its revenue. The removal of the foreign investor property purchase stamp duty of 10%, which acts as a disincentive to overseas investment in Macau's property sector, would be another helpful measure. Hong Kong has just announced the removal of such extra stamp duties on all residential transactions.
Were such improvements to be implemented they would undoubtedly aid market sentiment. However, we must be mindful of the need to manage the company within current constraints. This is how we must continue to operate in order to achieve the disposal of our portfolio, to reduce and repay our debt obligations, whilst maintaining our core objective of delivering the earliest possible return of capital to our Shareholders.
매니저의 보고서
소개
In the second half of 2023, Macau witnessed a remarkable economic resurgence, powered by its two economic engines - tourism and gaming. For much of the world, the COVID-19 pandemic was fading into memory, whereas Macau was barely six months into its recovery after three years of almost complete isolation under China's strict zero-COVID policies. That isolation reduced Macau's economy to less than half of its pre-pandemic size.
During the first three quarters of 2023, Macau's economy grew 78% year on year (YoY), and analysts expect full-year 2023 growth of 75% YoY. Gross gaming revenue (GGR) for 2023 stood at MOP183 billion (approximately US$23 billion), an increase of more than 300% YoY. These numbers imply a rebound in gross domestic product (GDP) to 77% of its pre-pandemic level and a recovery to 62% of pre-pandemic GGR.
Nonetheless, despite the encouraging headline economic data, Macau's recovery has been uneven across the economy, and 2023 is best regarded as a period of recovery and transition. More sustainable, balanced growth in 2024 and beyond should follow.
재무 개요
| 31 12월 2023 |
| 30 6월 2023 |
| |||
NAV(IFRS) (미화 백만 달러) | 58 | 65.7 | |
주당 NAV(IFRS)(미국 달러) | 0.94 | 1.06 | |
조정된 NAV(미화 백만 달러) | 81.7 | 90.4 | |
주당 조정 NAV(US$) | 1.32 | 1.46 | |
주당 조정 NAV(펜스)1 | 104 | 116 | |
주가(펜스) | 40.6 | 58.5 | |
주당 조정 NAV에 대한 주가 할인(%) | 60.9% | 49.5% | |
포트폴리오 평가(미화 백만 달러) | 183.5 | 200.5 | |
대출 가치 비율(%) | 51.2% | 50.9% |
1 Based on the following US dollar/sterling exchange rates: 1.274 on 31 December 2023 and 1.261 on 30 June 2023.
재무 검토
Half-year financial results
The value of the Company's portfolio, which comprises three main assets, was US$183.5 million as at 31 December 2023. On a like-for-like comparison, adjusting for units sold during the six-month period, its valuation declined by 2.1% over the period.
The Company's adjusted NAV was US$81.7 million, which translates to US$1.32 (104 pence) per share, a decline of 10.5% over the period. Its IFRS NAV was US$58 million as of the period's end, equating to US$0.94 (74 pence) per share, a drop of 12.5%.
As at 31 December 2023, the Company's share price was 40.6 pence, representing a 60.9% discount to its Adjusted NAV per share.
자본 관리
As at 31 December 2023, the Company had total assets worth US$164.8 million and liabilities totalled US$106.8 million. Gross borrowing stood at US$96.5 million, equating to a loan-to-value (LTV) ratio of 51.2%.
The Company's consolidated cash balance was approximately US$4.8 million, of which US$4.6 million was pledged as collateral for credit facilities, while the balance of some US$0.2 million represented free cash.
The Manager continues to focus on securing further asset sales to meet all the Company's financial obligations. Discussions are ongoing with the Company's lenders to agree on better aligning repayment schedules with the completion of future sales.
As the Company continues to execute its divestment strategy, its focus remains firmly on cash and capital management to strengthen its balance sheet and bolster its operating cash flow. Disposal proceeds have been used to reduce debt facilities, and existing facilities are consistently reviewed or refinanced to secure the most cost-efficient and beneficial terms.
Company life extended
Macau's economic recovery has been uneven and the Manager is continuing to navigate market challenges to optimise the divestment of the Company's portfolio, reduce its debt, and return capital to Shareholders within the earliest possible timeframe. A Shareholder resolution was therefore proposed, and subsequently passed, at the Company's Annual General Meeting in December 2023, extending the life of the Company for a year to facilitate the orderly divestment of its portfolio. The Company thanks all Shareholders for their continued support in this regard.
Revised remuneration has been agreed with the Manager that will cover the remaining term of the engagement. The monthly management fee remains unchanged, but the Board retains the right to reduce the management fee to US$80,000 per month by providing one month's advance notice to the Manager, effective from 1 January 2025.
The Board has also agreed with the Manager to amend thresholds for the realisation fee, subject to divestment hurdles being met in 2024. Further details on the Manager remuneration will be announced in due course. Both fees are subject to an overall cap of 4.99% of the Company's market capitalisation.
포트폴리오 업데이트
31년 2023월 XNUMX일 기준 포트폴리오 개요
| 부문 | 단위 수 | 비용 | 시장 평가 | 에서 변경 | 조성 |
30년 2023월 XNUMX일부터 | ||||||
|
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워터사이드 Tower Six at One Central Residences* | 럭셔리 주거 | 41 | 70.9 | 125 | -2.4%** | 68% |
파운틴사이드 | 저밀도 주거 | 7 | 6.4 | 17.3 | -2.4 % | 9.5% |
펜하 하이츠 | 럭셔리 주거 | - | 28.6 | 41.2 | -1.2 % | 22.5% |
금액 | 105.9 | 183.5 | -2.1%** | 100% |
* One Central is a trademark registered in Macau SAR under the name of Basecity Investments Limited. Sniper Capital Limited, Macau Property Opportunities Fund Limited, MPOF Macau (Site 5) Limited, Bela Vista Property Services Limited and The Waterside are not associated with Basecity Investments Limited, Shun Tak Holdings Limited or Hongkong Land Holdings Limited.
** Calculation is based on adjusted figures made to 30 June 2023 to reflect like-for-like comparisons to 31 December 2023 due to property sales during the period.
Despite a very positive recovery in Macau's gaming and tourism sectors, the territory's property market faced headwinds linked to weak sentiment in mainland China's property market, in tandem with a series of interest rate hikes that brought rates to their highest levels in 16 years, dampening investor sentiment across much of the real estate sector.
Despite the challenging operating environment, we continued to make progress on the divestment of the portfolio and, since the commencement of apartment sales at 워터사이드 began approximately 20 months ago, the Company has sold more than one-third of the units at the landmark development. It has walked a tightrope, striking a delicate balance between closing sales and maintaining price levels that will protect the value of the portfolio and maximise returns to Shareholders.
워터사이드
The Waterside is the Company's landmark luxury residential apartment development in central Macau. The asset originally comprised 59 units for lease and sale, but at the time of this report's publication, 22 units, or 37.3% had been sold, with 37 units (62.7%) remaining available for sale.
During the second half of 2023, the Company signed agreements for the sale of a further seven apartments - all standard units located primarily on mid-to low floors. The seven units were sold at an average value of 51% above cost, or approximately HK$8,299 (US$1,061) per square foot of gross floor area, an average discount of 11% to their latest average valuations.
To date, of the 22 sale transactions, 18 have been completed, with the Company receiving total gross proceeds of HK$395 million (US$49.3 million). Deploying the sales proceeds, the Company reduced its debt by HK$75 million (c. US$9.6 million) during the second half of 2023, and the remaining will be used for interest payment and working capital to cover the Company's operating cost.
At the end of 2023, the occupancy rate at 워터사이드 was 50%, based on the gross floor area of the unsold units. This reflects the Manager's more selective leasing approach to maximise the sales potential of the units, based on purchasers' indicated preferences for vacant units.
파운틴사이드
The Fountainside is a low-density, freehold residential development originally comprising 42 homes and 30 car-parking spaces in Macau's popular Penha Hill district. All 36 standard units have been sold, but seven homes - four villas and three smaller reconfigured units converted from two duplexes - and two car parking spaces remain available for sale.
The sale process for the three smaller units was delayed due to additional alterations requested by the Macau authorities at a very late stage when the issuance of occupancy permits had been anticipated. Nevertheless, once the construction permits were obtained in November 2023, alteration works began immediately and are now completed. The next stage of approval will be subject to further government inspection. Thereafter, sales and marketing efforts will commence.
The Company is maintaining a flexible sales approach for the four villas and will entertain both individual and en bloc offers.
펜하 하이츠
Penha Heights is a prestigious, colonial-style villa with a gross floor area of approximately 12,000 square feet, located in the exclusive residential enclave of Penha Hill and surrounded by lush greenery. The Company is exploring a variety of new marketing opportunities for this trophy home as interest in the property picked up in 2023 after Macau's pandemic-related travel restrictions were lifted.
Although the number of inquiries and viewings has increased, it will nevertheless take time to identify a buyer for the property, given its value and unique status as one of very few large, detached houses in Macau.
거시경제 전망
Economy: Recovering to double-and triple-digit growth
Macau's economy continued its robust growth in the second half of 2023, with GDP expanding 116.1% YoY in Q3 2023. During the first three quarters of 2023, the territory's GDP grew 78% YoY, and full-year 2023 growth is expected to be 75% YoY.
Driving these impressive growth numbers is the rapid recovery of the territory's twin economic engines - tourism and gaming - which roared back to life aided by post-pandemic "revenge travel" in the Greater China region. However, Macau's economic recovery has been uneven, with other businesses - such as small and medium-sized enterprises and local retail businesses - adversely affected by changes in spending patterns among local residents. As the Macau-China border becomes increasingly easy to cross, Macau residents can travel more readily and frequently between the territory and neighbouring cities in China, and many have taken to making regular trips to buy consumer goods at significantly lower prices in Zhuhai and other mainland Chinese cities.
Despite the rebound in growth seen during 2023, Macau still needs more time to reach the economic performance it enjoyed before the pandemic. The territory's GDP is currently at approximately 77% of its 2019 level, and although its per capita GDP ranks fifth globally, at approximately US$125,000, it is still 30% below its 2019 level. Key economic indicators, such as visitor arrivals and GGR, which have also registered strong growth, are still lagging pre-pandemic levels, with visitor arrivals at 70% of their 2019 level and GGR at 62%. Macau's unemployment rate has continued to improve, with full-year 2023 general unemployment falling to 2.6%, a 1% decline YoY. As airline traffic and other means of travel return to pre-COVID capacity, Macau's government has estimated a target of 33 million visitor arrivals for 2024, a 17% increase on arrivals in 2023 and 84% of 2019's peak levels.
Ratings agency Moody's downgraded Macau's credit outlook from "stable" to "negative" in December 2023, in tandem with its downgrade of mainland China's credit outlook, based on the tight institutional, economic and financial linkages between the territory and the mainland. This assessment appears to be at variance with Macau's overall pace of economic recovery. Fitch Ratings' assessment remains unchanged at "AA" with a stable outlook.
Gaming: FY2023 performance was stronger than expected
Macau's 2023 GGR stood at MOP183 billion (around US$23 billion), an increase of 333.8% YoY. The sum is significant as it exceeds the MOP180 billion threshold set by Macau's government that obliges gaming concessionaires to make additional commitments of up to 20% to non-gaming and overseas marketing spend over and above their total commitment of MOP109 billion (approximately US$13 billion).
Following the near-20-year lows of 2022, when GGR amounted to US$5.3 billion, a paltry 14% of 2019's pre-pandemic level, the remarkable recovery in GGR demonstrates the strong demand for Macau's tourism and gaming offerings, particularly among visitors from mainland China and Hong Kong. For perspective, Macau's GGR in 2023 amounted to approximately 62% of 2019's pre-pandemic level, and Morgan Stanley predicts that in 2024, GGR will grow a further 24% YoY to approximately US$28 billion - 80% of 2019's level.
Tourism: Recovery to 70% of peak arrivals
Macau welcomed more than 28 million visitors in 2023, in stark contrast to 2022, when the total number fell short of 6 million. Visitor arrivals in 2023 were 70% of 2019's pre-pandemic peak of more than 39 million.
Most visitors to Macau in 2023 originated from mainland China and Hong Kong, accounting for 68% and 26% of total arrivals, respectively. International visitors comprised only 5% of the total. Compared to 2019 levels, visitor arrivals from Hong Kong recovered to 98% of 2019's level, but the number of mainland Chinese and international visitors hovered at 68% and 48% of 2019's level, respectively.
Overnight visitors and day trippers were roughly equal in number, and the average length of stay shortened YoY by 0.2 days to 1.3 days.
부동산 시장 개요
Economic recovery has yet to flow into the property sector
Macau's residential property market improved marginally in 2023. In terms of sales activity, 2,879 transactions were recorded during the year, an increase of 2% YoY on the same period in 2022, when market activity hit a 40-year low. Prices held steady at around HK$5,800 per square foot in 2023, less than 1% lower than prices in 2022.
In the luxury residential segment, of which the Company's assets are a part, only 136 transactions were recorded involving homes with usable floor areas of more than 150 square metres during 2023, a decrease of 2% YoY by volume. Luxury residential sales accounted for only 5% of all sales transactions in the residential market. Average prices in the luxury residential segment increased by 3% YoY in 2023. The increase was mainly driven by new developments in Taipa and Coloane, which generally have a smaller size in comparison to the units in the Waterside.
According to Macau's Land and Urban Construction Bureau, at the end of Q4 2023, a total of 9,023 units were in the development pipeline, 71% of which were at the design stage, 25% of which were under construction, and around 4% of which had been completed. The vast majority of developers' new units are in the affordable segment and include properties such as one-bedroom homes or studios aimed at first-time buyers and, as such, are not competing with the Company's portfolio properties.
A potential boost from policy initiatives
The poor performance of Macau's property market prompted calls for the government to ease measures put in place over the past decade to curb speculation. Citing policy initiatives introduced in mainland China to boost the country's troubled property sector, Macau property players urged the government to consider similar measures.
In a boost to the sector, Macau's government announced a package of measures to rekindle investor interest in property, taking effect from January 2024. Two of the measures are particularly relevant to the Company's portfolio properties: the removal of stamp duty for second home ownership and an increase in the maximum LTV ratio to 70% for residential properties valued above MOP8 million (around US$1 million).
Before the policy changes, measures to curb real estate speculation in Macau included the imposition of additional ad valorem stamp duty of up to 20% if a property was resold within two years of purchase, buyer's stamp duty of 10% for properties purchased by companies or non-residents, and an additional stamp duty of up to 10% for those owning more than one residential property. The residential mortgage lending ratio for buyers was tightened in 2018, resulting in maximum financing levels of only 40-50% of purchase prices for properties valued above MOP8 million.
These policy revisions are the first such moves to roll back years of measures to curb speculation, and may provide a much-needed and timely boost to market sentiment in the luxury segment in 2024. They follow a similar relaxation of policies seen in Hong Kong which have just been further augmented.
Higher interest rates dampened investor interest
In July 2023, the Monetary Authority of Macau raised interest rates by 25 basis points to 5.75%, in tandem with interest rate hikes by the US Federal Reserve and the Hong Kong Monetary Authority. It was the 11th rate increase since March 2022, despite inflation in Macau holding steady at 0.94% in 2023 and 1.04% in 2022. The resulting increase in borrowing costs contributed to a dampening of investor interest in Macau property.
Although elevated US inflation remains a concern, a general consensus exists that the Federal Reserve will hold rates steady for a period while it considers lowering them during the course of 2024. Stable or lower interest rates should provide an additional boost for Macau's property sector.
China's property sector woes affected regional markets
China's property market, which accounts for about one-third of the country's economy, has been engulfed by a severe debt crisis. The government's efforts to deleverage the sector, which began in 2020, coupled with the economic impact of zero-COVID measures, resulted in the sector as a whole and some of its largest developers struggling to cope with the challenging operating environment. This led to several headline events in H2 2023, including bankruptcy filings and debt defaults by some of China's biggest property companies.
As a result of the turmoil in China's property sector, home sales growth and home prices have remained sluggish. There is a risk of the crisis spilling over into the banking sector, as approximately 40% of all bank loans in the country are linked to property. Coupled with a pronouncement by the country's National Administration of Financial Regulation that approximately RMB3.2 trillion in loans held by commercial banks in China are underperforming, these issues have adversely impacted investors' views of, and sentiment towards, Macau's real estate market.
To address the adverse impact of the property sector on China's economy, the People's Bank of China (PBOC), the country's central bank, has announced easing measures. The PBOC cut its reserve requirement ratio by 50 basis points from February 2024 onwards to allow banks to hold smaller cash reserves, potentially releasing RMB1 trillion (approximately US$140 billion) in long-term capital into the market. This move is regarded as a significant shift towards more proactive policy support for the country's flagging economy. On the same day, the PBOC and the National Administration of Financial Regulation announced measures to encourage banks to lend to qualified developers, further signalling the government's commitment to revitalising its real estate market.
Despite these efforts, concerns persist about mainland China's sluggish economy and the need for fundamental reforms. New reports suggest that the government is considering a further RMB2 trillion (US$278 billion) stimulus package as part of its ongoing efforts to address the country's economic challenges.
In February 2024, Beijing announced further policy initiatives to boost the property sector in the Greater Bay Area, including allowing Hong Kong and Macau residents to bypass daily remittance limits for funds to purchase property in the region. Removing that pain point associated with property investment in mainland China puts properties in the Greater Bay Area on the radar of investors in Hong Kong and Macau seeking to take advantage of their weak prices. This added competition may negatively impact Macau's property sector as investors from the Hong Kong and Macau special administrative regions now have a wider range of options to consider.
앞을
Macau's economic outlook became more buoyant during the course of 2023 as confidence grew that the territory's recovery was sustainable and represented a genuine transition from the pandemic era to a period of more diversified and sustainable economic growth in 2024 and beyond.
The Economic Intelligence Unit has revised its outlook for Macau's economy, suggesting that the territory is on track to reach 2019's pre-pandemic level of economic performance by late 2024, and it forecasts that gaming revenues will hit 2019 levels by the middle of the year. Macau's government has announced a target of 33 million visitor arrivals for 2024, a 17% increase to reach 84% of 2019's figure.
These are positive indicators for the overall health of Macau's economy. They will help to improve investor sentiment towards the territory as a whole and rekindle investor interest in making long-term investments. Coupled with the new policy initiatives to reignite interest in Macau property and a more stable interest rate environment, these developments should aid the Company's divestment programme by expediting further sales, lowering debt, and returning capital to Shareholders.
이사의 책임 성명서
이사들은 해당 법률 및 규정에 따라 반기별 재무 보고서를 준비할 책임이 있습니다.
이사는 자신이 아는 한 다음을 확인합니다.
? the interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting; and
? the Chairman's Message and Manager's Report meet the requirements of an interim management report, and include a fair review of the information required by:
ㅏ. 공개 및 투명성 규칙의 DTR 4.2.7R은 회계연도의 첫 XNUMX개월 동안 발생한 중요한 사건과 그것이 중간 요약 연결 재무제표에 미치는 영향을 나타냅니다. 올해 현재까지와 나머지 XNUMX개월 동안의 주요 위험과 불확실성에 대한 설명 그리고
b. 공개 및 투명성 규칙의 DTR 4.2.8R은 현재 회계연도의 첫 XNUMX개월 동안 발생하고 해당 기간 동안 기업의 재무 상태나 성과에 중대한 영향을 미친 특수관계자 거래입니다. 그리고 그렇게 할 수 있는 지난 연차 보고서에 설명된 특수관계자 거래의 모든 변경 사항.
이사회를 대신하여
마크 헌틀리
의장
월 1 2024
중간요약연결재무상태표(미감사)
31 년 2023 월 XNUMX 일 기준
감사되지 않음 31 12 월 2023 | 감사되지 않음 31 12 월 2022 | 감사 6월 30 2023 | ||
주의 사항 | US$'000 | US$'000 | US$'000 | |
자산 | ||||
비유동 자산 | ||||
투자 부동산 | 3 | 124,956 | 164,100 | 141,045 |
대출 기관에 예금 | 4 | 320 | 1,878 | 1,170 |
매출 채권 및 기타 채권 | 16 | 16 | 16 | |
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125,292 | 165,994 | 142,231 | ||
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유동 자산 | ||||
재고 | 5 | 34,933 | 34,872 | 34,775 |
매출 채권 및 기타 채권 | 63 | 92 | 66 | |
대출 기관에 예금 | 4 | 4,245 | 384 | 4,438 |
현금 및 현금성 자산 | 282 | 23 | 1,118 | |
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39,523 | 35,371 | 40,397 | ||
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총자산 | 164,815 | 201,365 | 182,628 | |
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주식 | ||||
회사의 주주에게 귀속되는 자본금 및 적립금 | ||||
주식 자본 | 12 | 618 | 618 | 618 |
이익 잉여금 | 42,365 | 57,975 | 50,342 | |
분배 가능 준비금 | 15,791 | 15,791 | 15,791 | |
외화 환산 준비금 | (738) | (746) | (1,067) | |
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총 자본 | 58,036 | 73,638 | 65,684 | |
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부채 | ||||
비유동 부채 | ||||
이연과세 조항 | 11 | 6,482 | 8,720 | 7,498 |
과세 조항 | 11 | 240 | 279 | 1,158 |
이자부 대출 | 6 | 69,124 | 87,319 | 81,913 |
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75,846 | 96,318 | 90,569 | ||
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유동 부채 | ||||
매입 채무 및 기타 채무 | 4,021 | 2,176 | 3,181 | |
이자부 대출 | 6 | 26,912 | 29,233 | 23,194 |
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30,933 | 31,409 | 26,375 | ||
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총 부채 | 106,779 | 127,727 | 116,944 | |
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총 지분 및 부채 | 164,815 | 201,365 | 182,628 | |
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주당 순자산가치(US$) | 8 | 0.94 | 1.19 | 1.06 |
주당 조정 순자산가치(US$) | 8 | 1.32 | 1.61 | 1.46 |
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The interim condensed consolidated financial statements were approved by the Board of Directors and authorised for issue on 1 March 2024.
해당 주석은 이 중간간약연결재무제표의 일부를 구성합니다.
중간포괄손익계산서(미감사)
1년 2023월 31일부터 2023년 XNUMX월 XNUMX일까지 XNUMX개월간
감사되지 않음 | 감사되지 않음 | 감사 | ||
6 개월 | 6 개월 | 12 개월 | ||
1년 2023월 XNUMX일- | 1년 2022월 XNUMX일- | 1년 2022월 XNUMX일- | ||
31 12 월 2023 | 31 12 월 2022 | 6월 30 2023 | ||
주의 사항 | US$'000 | US$'000 | US$'000 | |
수입 | ||||
Income on sale of investment property | 3 | - | 17,254 | - |
임대 수입 | 714 | 543 | 1,122 | |
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714 | 17,797 | 1,122 | ||
경비 | ||||
투자부동산 공정가치 조정 순손실 | 3 | 3,569 | 8,541 | 3,412 |
투자부동산처분순손실 | 3 | 1,616 | - | 1,909 |
Cost of sales of investment property | 3 | - | 9,602 | - |
관리비 | 10 | 600 | 600 | 1,200 |
실현수수료 | 10 | 39 | 27 | 98 |
사외이사 보수 | 10 | 86 | 79 | 167 |
감사인의 보수: 감사수수료 | 92 | 52 | 162 | |
감사인 보수: 기타 전문 서비스 | - | - | 9 | |
부동산 운영비 | 605 | 624 | 1,277 | |
판매 및 마케팅 비용 | 39 | 616 | 76 | |
일반 및 관리 비용 | 246 | 207 | 450 | |
외화환산손실 | 102 | 116 | 34 | |
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(6,994) | (20,464) | (8,794) | ||
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Operating loss for the period/year | (6,280) | (2,667) | (7,672) | |
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금융 수입 및 지출 | ||||
은행 대출 이자 | 6 | (3,373) | (2,555) | (5,440) |
기타 금융 비용 | (155) | (179) | (346) | |
은행 및 기타 이자 | 12 | 2 | 8 | |
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(3,516) | (2,732) | (5,778) | ||
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세전 기간/연도의 손실 | (9,796) | (5,399) | (13,450) | |
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과세 | 11 | 1,819 | 1,025 | 1,443 |
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세후 기간/연도 동안의 손실 | (7,977) | (4,374) | (12,007) | |
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차후 당기손익으로 재분류될 수 있는 항목 | ||||
해외사업환산차이 | 329 | 436 | 115 | |
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해당 기간/연도 총포괄손실 | (7,648) | (3,938) | (11,892) | |
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다음으로 인한 손실 : | ||||
회사의 지분 보유자 | (7,977) | (4,374) | (12,007) | |
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다음으로 인한 총 포괄 손실 : | ||||
회사의 지분 보유자 | (7,648) | (3,938) | (11,892) | |
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감사되지 않음 | 감사되지 않음 | 감사 | ||
6 개월 | 6 개월 | 12 개월 | ||
1년 2023월 XNUMX일- | 1년 2022월 XNUMX일- | 1년 2022월 XNUMX일- | ||
31 12 월 2023 | 31 12 월 2022 | 6월 30 2023 | ||
주의 사항 | 미국 달러$ | 미국 달러$ | 미국 달러$ | |
해당 기간/연도 동안 회사의 주주에게 귀속되는 보통주당 기본 및 희석 손실 | 7 | (0.1290) | (0.0707) | (0.1942) |
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위 진술의 모든 항목은 계속 운영에서 파생됩니다.
해당 주석은 이 중간간약연결재무제표의 일부를 구성합니다.
중간요약연결자본변동표(미감사)
1년 2023월 31일부터 2023년 XNUMX월 XNUMX일까지 XNUMX개월 동안의 움직임(감사받지 않음)
공유 자본 | 이익 잉여금 | 분배 가능 준비금 | 외화 환산 준비금 | 금액 | |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
1년 2023월 XNUMX일에 이월된 잔액 | 618 | 50,342 | 15,791 | (1,067) | 65,684 |
해당 기간 동안의 손실 | - | (7,977) | - | - | (7,977) |
차후 당기손익으로 재분류될 수 있는 항목 | |||||
해외사업환산차이 | - | - | - | 329 | 329 |
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해당 기간의 총포괄손실 | - | (7,977) | - | 329 | (7,648) |
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31년 2023월 XNUMX일에 이월된 잔액 | 618 | 42,365 | 15,791 | (738) | 58,036 |
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1년 2022월 31일부터 2022년 XNUMX월 XNUMX일까지 XNUMX개월 동안의 움직임(감사받지 않음)
공유 자본 | 이익 잉여금 | 분배 가능 준비금 | 외화 환산 준비금 | 금액 | |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
1년 2022월 XNUMX일에 이월된 잔액 | 618 | 62,349 | 15,791 | (1,182) | 77,576 |
해당 기간 동안의 손실 | - | (4,374) | - | - | (4,374) |
차후 당기손익으로 재분류될 수 있는 항목 | |||||
해외사업환산차이 | - | - | - | 436 | 436 |
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해당 기간의 총포괄손실 | - | (4,374) | - | 436 | (3,938) |
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31년 2022월 XNUMX일에 이월된 잔액 | 618 | 57,975 | 15,791 | (746) | 73,638 |
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1년 2022월 30일부터 2023년 XNUMX월 XNUMX일까지의 연간 움직임(감사)
공유 자본 | 이익 잉여금 | 분배 가능 준비금 | 외화 환산 준비금 | 금액 | |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
1년 2022월 XNUMX일에 이월된 잔액 | 618 | 62,349 | 15,791 | (1,182) | 77,576 |
올해의 손실 | - | (12,007) | - | - | (12,007) |
차후 당기손익으로 재분류될 수 있는 항목 | |||||
해외사업환산차이 | - | - | - | 115 | 115 |
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해당 연도의 총 포괄 손실 | - | (12,007) | - | 115 | (11,892) |
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30년 2023월 XNUMX일로 이월된 잔액 | 618 | 50,342 | 15,791 | (1,067) | 65,684 |
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해당 주석은 이 중간간약연결재무제표의 일부를 구성합니다.
중간 요약연결현금흐름표(미감사)
1년 2023월 31일부터 2023년 XNUMX월 XNUMX일까지 XNUMX개월간
감사되지 않음 6 개월 1년 2023월 XNUMX일- 31 12 월 2023 | 감사되지 않음 6 개월 1년 2022월 XNUMX일 - 31 12 월 2022 | 감사 12 개월 1년 2022월 XNUMX일- 6월 30 2023 | ||
주의 사항 | US$'000 | US$'000 | US$'000 | |
영업 활동에 사용 된 순 현금 | 9 | (30) | (2,200) | (2,341) |
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투자 활동으로 인한 현금 흐름 | ||||
투자부동산에 대한 자본지출 | 3 | - | - | (27) |
투자부동산 처분대금 | 11,392 | 17,254 | 35,384 | |
담보 은행 잔액의 변동 | 1,043 | 1,194 | (2,152) | |
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투자활동으로 발생한 순현금 | 12,435 | 18,448 | 33,205 | |
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금융 활동으로 인한 현금 흐름 | ||||
은행 차입금 | - | 6,532 | 6,512 | |
은행 차입금 상환 | (9,565) | (20,845) | (32,025) | |
이자 및 은행 수수료 지불 | (3,701) | (2,317) | (4,590) | |
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금융 활동에 사용 된 순 현금 | (13,266) | (16,630) | (30,103) | |
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현금 및 현금성 자산의 순이동 | (861) | (382) | 761 | |
기초/연도의 현금 및 현금성자산 | 1,118 | 355 | 355 | |
환율 변동의 영향 | 25 | 50 | 2 | |
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기말/연도말 현금및현금성자산 | 282 | 23 | 1,118 | |
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해당 주석은 이 중간간약연결재무제표의 일부를 구성합니다.
중간간결연결재무제표에 대한 주석(미감사)
1년 2023월 31일부터 2023년 XNUMX월 XNUMX일까지 XNUMX개월간
일반 정보
Macau Property Opportunities Fund Limited (the "Company") is a Company incorporated and registered in Guernsey under The Companies (Guernsey) Law, 1994. This law was replaced by the Companies (Guernsey) Law, 2008 on 1 July 2008. The Company is an authorised entity under the Authorised Closed-Ended Investment Schemes Rules 2008 and is regulated by the Guernsey Financial Services Commission. The address of the registered office is given below.
31년 2023월 XNUMX일 종료된 XNUMX개월간의 중간간약연결재무제표는 회사와 그 자회사(통칭하여 "그룹")의 중간재무제표로 구성됩니다. 그룹은 마카오의 주거용 부동산에 투자합니다.
There has been a change to one of the Group's principal risks and uncertainties in the six-month period to 31 December 2023. The Board note that, while the impact of COVID-19 on Macau's real estate market has now receded, the Group faces a significant risk in realising its assets at appropriate values to meet debt repayment due dates and to reduce its current liabilities. The Manager provides the Board with regular reports and updates on key local developments and on divestment updates. Detailed working capital requirements and analysis of loan to value covenants are regularly reported to the Board for monitoring. Principal risks and uncertainties are further discussed in the Annual Report.
중간 요약 연결재무제표는 미국 달러("US$")로 표시되며 천 단위($'000) 단위로 반올림됩니다.
These interim condensed consolidated financial statements were approved for issue by the Board of Directors on 1 March 2024.
1. 중요한 회계정책
회계의 기초
The annual consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"); applicable legal and regulatory requirements of Guernsey Law and under the historical cost basis, except for financial assets and liabilities held at fair value through profit or loss ("FVPL") and investment properties that have been measured at fair value. The accounting policies and valuation principles adopted are consistent with those of the previous financial year.
중간간략연결재무제표는 국제회계기준(“IAS”) 34, 중간재무보고에 따라 작성되었습니다. 중간재무제표는 연차재무제표와 동일한 회계정책과 계산방법을 따릅니다. 중간 요약 연결 재무제표에는 연간 재무제표에 필요한 모든 정보와 공시가 포함되어 있지 않으므로 30년 2023월 XNUMX일 현재 그룹의 연간 재무제표와 함께 읽어야 합니다.
신규 및 개정 기준 및 해석 적용
기존 기준서 및 해석에 대한 다음 개정사항은 30년 2024월 XNUMX일 종료되는 회계연도부터 유효하므로 당기에 적용되었지만 그룹에 중요한 영향을 미치지 않았습니다.
? Amendment to IFRS 17: Insurance Contracts (effective 1 January 2023)
? Amendment to IAS 1: Presentation of Financial Statements (effective 1 January 2023)
? Amendment to IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors (effective 1 January 2023)
? Amendment to IAS 12: Income Taxes (effective 1 January 2023)
관심가는
그룹은 그룹의 현금 자원을 통해 자본 요구 사항과 일상적인 유동성 요구를 지속적으로 충족하고 있습니다. 31년 2023월 XNUMX일 현재 그룹의 계속 기업에 대한 평가의 일환으로, 이사들은 부동산의 미래 매각 예측을 포함하여 현재 및 예상되는 미래 시장 상황을 기반으로 가정한 경영진이 준비한 포괄적인 현금 흐름 예측을 검토했습니다. 현재 시장 상황을 고려합니다. 이러한 예측과 그룹의 주요 금융 시설에 대한 평가를 바탕으로 계속 기업을 바탕으로 그룹의 재무제표를 작성하는 것이 적절하다는 것이 이사들의 믿음입니다.
The Directors, after the continuation resolution was passed at the Annual General Meeting of the Company on 21 December 2023 extending the Fund's life until the 2024 Annual General Meeting, assessed whether the continuation vote before the end of 2024 gives rise to a material uncertainty that might cast significant doubt on the Fund's ability to continue as a going concern. The Directors have also considered the going concern assumption outside the primary going concern horizon. The Directors currently expect to receive continuation support from major shareholders and over 50% of shareholder support is required in December 2024 to ensure continuation; it is likely that returns from the sale of properties could well be significantly lower if the Fund was forced to sell as a result of discontinuation and it is therefore commercially rational for the Fund to continue in business. Therefore, the Directors believe it is appropriate to prepare the financial statements of the Group on the going concern basis based upon existing cash resources, the forecasts described above, the extension of the life of the Company until the 2024 Annual General Meeting agreed at the Annual General Meeting on 21 December 2023 and the Directors' assessment of the Group's committed banking facilities and expected continuing compliance with related covenants.
계절적, 주기적 변화
The Group does not operate in an industry where significant or cyclical variations as a result of seasonal activity are experienced during the financial year.
2. 세그먼트 보고
Macau Property Opportunities Fund Limited와 관련된 최고 운영 의사결정자("CODM")는 이사회 자체로 간주됩니다. 그룹의 보고 부문을 식별하는 데 사용되는 요소는 자산 클래스, 지리적 영역의 차이 및 규제 환경의 차이를 중심으로 합니다. 또한 외환 및 정치적 위험도 식별됩니다. 이러한 위험에 따라 자원이 할당되는 위치도 결정됩니다.
상기 내용과 이사회에 제공된 정보를 검토한 결과, 그룹은 현재 마카오라는 단일 지역을 기준으로 하나의 보고 부문으로 구성되어 있다는 결론이 내려졌습니다.
이 부문은 주로 주거용 부동산을 말합니다. 또한 각 속성 유형에는 여러 개의 개별 속성이 포함되어 있습니다. 그러나 CODM은 지속적인 성과 검토의 일환으로 정기적으로 모든 부동산 유형의 집계된 위치에 대한 운영 결과 및 자원 할당을 전체적으로 고려합니다. 이는 검토 및 투자 평가 목표를 지원하기 위해 개별 부동산 그룹을 추가로 분류함으로써 뒷받침됩니다.
3. 투자부동산
감사되지 않음 1년 2023월 XNUMX일- 31 12 월 2023 | 감사되지 않음 1년 2022월 XNUMX일- 31 12 월 2022 | 감사 1년 2022월 XNUMX일- 6월 30 2023 | |
US$'000 | US$'000 | US$'000 | |
기간/연도 초 | 141,045 | 181,520 | 181,520 |
부동산에 대한 자본 지출 | - | - | 27 |
Disposal of property | (13,008) | (9,602) | (37,293) |
공정가치 조정 | (3,569) | (8,541) | (3,412) |
교환 차액 | 488 | 723 | 203 |
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기간/연도말 잔액 | 124,956 | 164,100 | 141,045 |
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투자부동산으로 인한 평가손실(공정가치 조정)은 해당 기간의 당기손익으로 인식되며, 보고기간말 현재 보유하고 있는 투자부동산과 관련된 미실현손실의 변동에 기인합니다.
The valuation process is initiated by the Investment Adviser with the Board consent and approval, who appoints a suitably qualified valuer to conduct the valuation of the investment property. The results are overseen by the Investment Adviser. Once satisfied with the valuations based on their expectations, the Investment Adviser reports the results to the Board. The Board periodically meets with the valuer and reviews the latest valuations based on their knowledge of the property market and compare these to previous valuations.
그룹의 투자 부동산은 전문 자격을 갖춘 독립적인 평가자 Savills (Macau) Limited("Savills")에 의해 31년 2023월 XNUMX일에 재평가되었습니다. 평가는 다음과 같은 가정을 바탕으로 기존 상태 및 물리적 조건에서 투자 부동산의 시장 가치를 계산하기 위해 현재 RICS(Royal Institution of Chartered Surveyors) 평가 및 평가 표준에 따라 수행되었습니다.
? The owner sells the property in the open market without any arrangement, which could serve to affect the value of the property.
? The property is held for investment purposes.
? The property is free from encumbrances, restrictions and outgoings of any onerous nature which could affect its value.
투자 부동산의 공정 가치는 Savills가 인정된 평가 기법을 사용하여 독립적으로 결정합니다. 사용된 기술은 소득 자본화 방법이었습니다. 투자 부동산의 공정 가치를 결정하려면 자산의 미래 현금 흐름(예: 임대, 임차인 프로필, 미래 수익 흐름, 설비 및 부속품, 공장 및 기계의 자본 가치, 환경 문제 및 전반적인 수리 및 재산 상태) 및 해당 자산에 적용되는 할인율. 이러한 추정치는 보고일 현재의 현지 시장 상황을 기반으로 합니다.
투자부동산에 대한 이연법인세부채에 대해서는 주석 11를 참조하십시오.
During the current period, 5 residential units of 워터사이드 were sold with net losses on disposal against 30 June 2023 valuations of US$1,616,000 recognised. During the year ended 30 June 2023, 13 units were sold at 워터사이드 with net losses on disposal of investment properties against 30 June 2022 valuations of US$1,909,000 recognised. During the period ended 31 December 2022, 5 residential units at 워터사이드 were sold for a total consideration of US$17.3 million against a total cost of US$10.2 million which resulted in a net profit of US$7.1 million after all associated fees and transaction costs but before financing and other related holding costs.
Capital expenditure on property relates to fit-out costs for 워터사이드.
임대수익 워터사이드 해당 기간 동안 US$709,000(6년 31월 2022일 종료 539,000개월: US$12, 30년 2023월 1,114,000일 종료 354,000개월: US$6)를 받았습니다. 31개월 동안 임대 주택에서 발생한 직접 운영 비용은 US$2022(389,000년 12월 30일에 종료된 2023개월: US$772,000, 93,000년 6월 31일에 종료된 2022개월: US$134,000)입니다. 빈 유닛으로 인해 발생한 기간 동안 직접 운영 비용은 총 US$12(30년 2023월 279,000일에 종료된 XNUMX개월: US$XNUMX, XNUMX년 XNUMX월 XNUMX일에 종료된 XNUMX개월: US$XNUMX)입니다.
아래 표는 공정가치 서열체계에서 수준 3으로 분류되는 투자부동산의 가치를 평가하는 데 사용된 가정을 보여줍니다.
부동산 정보 | Carrying amount/fair value as at 31 December 2023: US$'000 | 평가 | 입력 | Unobservable and observable inputs used in determination | 기타 주요 정보 | |
성함 | 워터사이드 | 124,956 | 기간 및 복귀 분석 | Term rent | HK$18.3psf | 건축연령 |
타입 | 주거용/완제품 아파트 | Term yield | 1.4 % - 2.2의 % | 건물의 잔여 내용연수 | ||
장소 | 원 센트럴 타워 6 마카오 | Reversionary rent (exclusive of management fee
반전 수익률 | HK$12.8psf |
공정 가치 워터사이드 소득 접근 방식, 보다 구체적으로는 기간 및 귀속 분석을 사용하여 결정됩니다. 여기서 부동산의 공정 가치는 미수금 임대료와 해당 부동산에서 발생한 표준화된 순 영업 소득을 자본화(할인) 비율로 나눈 값을 기준으로 추정됩니다. 총임대수익과 순임대소득의 차이에는 특정 비용이 시간에 따라 측정되지 않고 평균 임대수익과 같은 시간 가중 평균을 기준으로 포함된다는 점을 제외하고는 현금흐름할인법과 동일한 비용 항목이 포함됩니다. 소송 비용. 소득 자본화 방법에서는 임대료 초과 및 부족 상황을 별도로 자본화(할인)합니다.
예상 복귀 임대료가 5% 증가/감소하고(다른 모든 가정은 동일하게 유지됨), 공정 가치는 다음과 같습니다. 워터사이드 미화 6.3천만 달러 증가(6년 31월 2022일에 종료된 7.8개월: 미화 12천만 달러, 30년 2023월 6.9일에 종료된 6.3개월: 미화 6천만 달러) 또는 미화 31천만 달러 감소(2022년 7.8월 12일에 종료된 30개월: 미화 2023천만 달러, 6.9개월 종료) XNUMX년 XNUMX월 XNUMX일: 미화 XNUMX만 달러).
기간 및 복귀수익률 또는 할인율이 5% 증가/감소하고(다른 모든 가정은 동일하게 유지됨) 공정가치는 워터사이드 6만 달러 감소(6년 31월 2022일에 종료된 7.6개월: 12천만 달러, 30년 2023월 6.5일에 종료된 6.5개월: 6천만 달러) 또는 31천만 달러 증가(2022년 8.2월 12일에 종료된 30개월: 2023만 달러, 7.3개월 종료) XNUMX년 XNUMX월 XNUMX일: 미화 XNUMX만 달러).
2023년 2023월과 XNUMX년 XNUMX월에도 동일한 평가 방법이 적용되었습니다.
워터사이드 현재 최고의 가치와 최고의 활용 가치를 지니고 있습니다. 더 큰 공정가치 측정을 제공하는 대체 용도가 있음을 시사할 수 있는 추가 증거는 없습니다.
해당 기간 동안 수준간 이동이 없었으며, 마지막 기간 이후 평가기법에 변화가 없었습니다.
4. 대출 기관에 대한 예금
Pledged bank balances represent cash deposits pledged to the banks to secure the banking facilities granted to the Group. Deposits amounting to US$0.3 million (31 December 2022: US$1.9 million, 30 June 2023: US$1.2 million) have been pledged to secure long-term banking facilities and are, therefore, classified as non-current assets. There are no other significant terms and conditions associated with these pledged bank balances.
감사되지 않음 31 12 월 2023 | 감사되지 않음 31 12 월 2022 | 감사 6월 30 2023 | |
US$'000 | US$'000 | US$'000 | |
비유류 | 320 | 1,878 | 1,170 |
Current | 4,245 | 384 | 4,438 |
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4,565 | 2,262 | 5,608 | |
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5. 재고
감사되지 않음 1년 2023월 XNUMX일- 31 12 월 2023 | 감사되지 않음 1년 2022월 XNUMX일- 31 12 월 2022 | 감사 1년 2022월 XNUMX일- 6월 30 2023 | |
US$'000 | US$'000 | US$'000 | |
비용 | |||
균형을 이뤘다 | 34,775 | 34,635 | 34,635 |
추가 | 32 | 88 | 100 |
교환 차액 | 126 | 149 | 40 |
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이월 잔액 | 34,933 | 34,872 | 34,775 |
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추가 사항에는 자본 지출, 개발 비용 및 금융 비용의 자본화가 포함됩니다.
IFRS에서는 재고자산의 가치를 원가와 순실현가능가치 중 낮은 금액으로 평가합니다. 31년 2023월 34,933,000일 현재 재고자산의 장부금액은 US$6입니다(31년 2022월 34,872,000일에 종료되는 12개월: US$30, 2023년 34,775,000월 31일에 종료되는 2023개월: US$56,829,000). 독립적이고 전문적인 자격을 갖춘 평가사인 Savills가 결정한 6년 31월 2022일 기준 순 실현 가능 가치는 US$58,932,000입니다(12년 30월 2023일에 종료된 57,718,000개월: US$XNUMX, XNUMX년 XNUMX월 XNUMX일에 종료된 XNUMX개월: US$XNUMX).
During the period ended 31 December 2023, no units of 파운틴사이드 팔렸다.
During the year ended 30 June 2023 and the period ended 31 December 2022, no units of 파운틴사이드 팔렸다.
6. 이자부 대출
감사되지 않음 31 12 월 2023 | 감사되지 않음 31 12 월 2022 | 감사 6월 30 2023 | |
US$'000 | US$'000 | US$'000 | |
은행 대출 - 담보 | |||
- 현재 부분 | 26,912 | 29,233 | 23,194 |
- 비유동부분 | 69,124 | 87,319 | 81,913 |
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96,036 | 116,552 | 105,107 | |
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XNUMX개 은행에 이자부 대출이 있습니다:
항생 은행
연결실체는 항셍은행과 정기대출약정을 체결하고 있습니다. 워터사이드.
As at 31 December 2023, outstanding loan balance was HK$601 million (US$77.0 million) (31 December 2022: HK$734.6 million (US$94.0 million); 30 June 2023: HK$661 million (US$84.3 million)). The interest rate is 1.8% per annum over the
1-, 2-or 3-month HIBOR rate. The Manager determines the interest period upon assessing funding and market conditions prevailing at each interest rate fixing date. The loan-to-value covenant for The Waterside facility is 60%, which is assessed on aggregate basis to include The Fountainside facility. As at 31 December 2023, the loan-to-value ratio for The Waterside was 58.7% and the aggregated loan-to-value ratio including The Fountainside was 54.4%. The facility is secured by means of a first registered legal mortgage over all unsold units of The Waterside as well as a pledge of all income from the units. The Company is the guarantor for the credit facility. In addition, the Group is required to maintain a cash reserve equal to six months'interest with the lender. The principal is to be repaid in half yearly instalments with HK$75 million (US$9.6 million) due in March 2024; HK$90 million (US$11.5 million) due in September 2024; HK$125 million (US$16.0 million) due in March
2025; and the remaining HK$311 million (US$39.8 million) due upon maturity in September 2025.
The Group has a loan facility with Hang Seng Bank for The Fountainside.
The facility consists of a term loan maturing in March 2024 ("Tranche A") and a HK$7 million (US$0.9 million) revolving facility ("Tranche B"). As at 31 December 2023, outstanding loan balance was HK$29.2 million (US$3.7 million) (31 December 2022: HK$43.9 million (US$5.6 million); 30 June 2023: HK$43.9 million (US$5.6 million)). The interest rates applicable to Tranche A and Tranche B are 2.8% per annum and 3.3% per annum, respectively over the 1-, 2- or 3-month
HIBOR rate. The Manager determines the interest period upon assessing funding and market conditions prevailing at each interest rate fixing date. The loan-to-value covenant is 55%. As at 31 December 2023, the loan-to-value ratio was 21.55%. The facility is secured by means of a first registered legal mortgage over all unsold units and car parking spaces of The Fountainside as well as a pledge of all income from the units and the car parking spaces. The Company is the guarantor for the credit facility. In addition, the Group is required to maintain a cash reserve equals to six months' interest with the lender. The outstanding loan balance of HK$24 million (US$3.1 million) for Tranche A is due in full at maturity whereas loan balance of HK$5.2 million (US$0.6 million) for Tranche B is subject to annual renewal.
그룹은 XNUMX개의 대출기관을 보유하고 있습니다. 펜하 하이츠:
방코 타이 펑
The loan facility with Banco Tai Fung has a term of seven years and the facility amount is HK$70 million. Interest was Prime Rate minus 2.25% per annum. The principal is to be repaid in 28 quarterly instalments of HK$2.5 million (US$320,133) each, commencing in September 2022. As at 31 December 2023, the facility had an outstanding balance of HK$60.0 million (US$7.7 million) (31 December 2022: HK$67.5 million (US$8.6 million), 30 June 2023: HK$60 million (US$7.7 million)). This facility is secured by a first legal mortgage over the property as well as a pledge of all income from the property. The Company is the guarantor for this term loan. Interest is paid quarterly for the first six month and monthly thereafter on this loan facility. As at 31 December 2023, the loan-to-value ratio for this facility was 40.82%. There is no loan-to-value covenant for this loan.
Banco Comercial de Macau, S.A. ("BCM Bank")
During the period, BCM Bank renewed the loan facility of HK$63 million (US$8.1 million) for another term of two years until September 2025. Interest was revised from 2.55% to 2.75% per annum over 3-month HIBOR rate. The principal of HK$3 million is to be repaid in January 2024, March 2025 and June 2025 respectively, with the rest due upon maturity. As at 31 December 2023, the facility had an outstanding balance of HK$63 million (US$8.1 million) (31 December 2022: HK$70 million (US$9.0 million), 30 June 2023: HK$63 million (US$8 million)). This facility is secured by a first legal mortgage over the property as well as a pledge of all income from the property. The Company is the guarantor for this term loan. In addition, the Group is required to maintain a cash reserve equal to six months' interest with the lender. Interest is paid monthly on this loan facility. The loan-to-value covenant is 45%. As at 31 December 2023, the loan-to-value ratio for this facility was 36.00%.
은행 대출 이자
해당 기간 동안 지급된 은행 대출 이자는 US$3,373,000(6년 31월 2022일에 종료된 2,555,000개월: US$12, 30년 2023월 5,440,000일에 종료된 31개월: US$2023)였습니다. 415,000년 31월 2022일 현재 이자부대출의 장부금액에는 미상환 선불대출 약정수수료 US$688,000(30년 2023월 524,000일: US$XNUMX, XNUMX년 XNUMX월 XNUMX일: US$XNUMX)가 포함되어 있습니다.
공정 가치
이자부대출은 상각후원가로 수행됩니다. 상각후원가로 장부되는 고정금리부 금융자산 및 부채의 공정가치는 최초 인식 당시의 시장이자율과 유사한 금융상품의 현행 시장이자율을 비교하여 추정하고 있습니다.
The estimated fair value of fixed interest bearing loans is based on discounted cash flows using prevailing market interest rates for debts with similar credit risk and maturity. As at 31 December 2023, the fair value of the financial liabilities was US$222,000 higher than the carrying value of the financial liabilities (31 December 2022: US$727,000 higher than the carrying value of the financial liabilities, 30 June 2023: US$100,000 higher than the carrying value of the financial liabilities).
연결실체의 이자부 대출채권은 유사한 대출채권으로부터 관측 가능한 투입변수가 있으므로 Level 2로 분류되었습니다. 해당 기간 중 수준간 이동이나 지난 기간 이후 평가기법의 변경은 없었습니다.
7. 보통주당 기본손실과 희석손실
보통주당 기본 및 희석 손실은 다음 데이터를 기반으로 합니다.
감사되지 않음 6 개월 1년 2023월 XNUMX일- 31 12 월 2023 | 감사되지 않음 6 개월 1년 2022월 XNUMX일- 31 12 월 2022 | 감사 12 개월 1년 2022월 XNUMX일- 6월 30 2023 | |
해당 기간/연도 손실(US$'000) | (7,977) | (4,374) | (12,007) |
가중평균보통주식수('000) | 61,836 | 61,836 | 61,836 |
기본 및 희석 주당 손실(US$) | (0.1290) | (0.0707) | (0.1942) |
8. 순자산가치 조정
감사되지 않음 31 12 월 2023 | 감사되지 않음 31 12 월 2022 | 감사 6월 30 2023 | |
US$'000 | US$'000 | US$'000 | |
일반주주에게 귀속되는 순자산 | 58,036 | 73,638 | 65,684 |
시장 가치 대비 원가로 보유 재고 증가 | 23,655 | 25,883 | 24,728 |
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|
| |
조정된 순자산가치 | 81,691 | 99,521 | 90,412 |
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| |
보통주 발행주식수('000) | 61,836 | 61,836 | 61,836 |
주당 NAV(IFRS)(미국 달러) | 0.94 | 1.19 | 1.06 |
주당 조정 NAV(US$) | 1.32 | 1.61 | 1.46 |
주당 조정 NAV(£)* | 1.04 | 1.33 | 1.16 |
*?US$:GBP rates as at relevant period/year end
주당 NAV는 연결재무상태표 작성일 현재의 순자산을 해당일의 발행 보통주식수로 나누어 구합니다.
IFRS에서는 재고자산을 원가와 순실현가능가치 중 낮은 금액으로 장부합니다. 조정된 NAV에는 세금 결과 또는 조정 전 재고의 시장 가치 상승이 포함됩니다.
주당 조정 NAV는 연결재무상태표 작성일 현재의 조정 NAV를 해당일 발행 보통주식수로 나눈 값입니다.
문제가 되는 희석 가능성이 있는 기기는 없습니다.
9. 영업활동으로 인한 현금흐름
감사되지 않음 6 개월 1년 2023월 XNUMX일- 31 12 월 2023 | 감사되지 않음 6 개월 1년 2022월 XNUMX일- 31 12 월 2022 | 감사 12 개월 1년 2022월 XNUMX일- 6월 30 2023 | |
US$'000 | US$'000 | US$'000 | |
영업 활동으로 인한 현금 흐름 | |||
세전 기간/연도의 손실 | (9,796) | (5,399) | (13,450) |
다음에 대한 조정 : | |||
투자부동산 공정가치 조정 순손실 | 3,569 | 8,541 | 3,412 |
Fair value gain on disposal of investment property | 1,616 | (7,652) | 1,909 |
순 금융 비용 | 3,516 | 2,732 | 5,786 |
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| |
운전자본 이동 전 영업현금흐름 | (1,095) | (1,778) | (2,343) |
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| |
환율 변동의 영향 | 102 | 116 | 34 |
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매출채권 및 기타채권의 변동 | 3 | (39) | (13) |
거래 및 기타 미지급금의 이동 | 992 | (249) | 243 |
재고 이동 | (32) | (88) | (100) |
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| |
운전 자본의 순변화 | 963 | (376) | 130 |
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납부한 세금 | - | (162) | (162) |
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| |
영업 활동에 사용 된 순 현금 | (30) | (2,200) | (2,341) |
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중간간결연결재무상태표에 단일 유형의 자산으로 표시되는 현금및현금성자산은 은행현금과 만기 XNUMX개월 이하의 유동성이 높은 단기 투자자산으로 구성됩니다.
10. 특수관계자 거래
회사의 이사는 모두 비상임 이사이며 보수를 통해 스털링으로 표시된 연간 수수료만 받습니다.
감사되지 않음 6 개월 1년 2023월 XNUMX일- 31 12 월 2023 | 감사되지 않음 6 개월 1년 2022월 XNUMX일- 31 12 월 2022 | 감사 12 개월 1년 2022월 XNUMX일- 6월 30 2023 | |
US$'000 | US$'000 | US$'000 | |
이사 수수료 | 86 | 79 | 167 |
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이사는 회사의 주요 경영진(IAS 24에 따라 정의됨)으로 간주됩니다. 31년 2023월 44,000일 현재 미결제 이사 보수는 US$31입니다(2022년 41,000월 30일: US$2023, 43,000년 XNUMX월 XNUMX일: US$XNUMX).
Sniper Capital Limited is the Manager to the Group and received management fees during the period as detailed in the Interim Condensed Consolidated Statement of Comprehensive Income. Management fees are paid quarterly in advance and amounted to US$600,000 (6 months ended 31 December 2022: US$600,000, 12 months ended 30 June 2023: US$1,200,000) at a quarterly fixed rate of US$300,000 per annum. Management fees outstanding as at 31 December 2023 were US$500,000 (31 December 2022: US$300,000, 30 June 2023: US$200,000).
A realisation fee shall be payable on deals originated and secured by the Manager which shall be linked to the sales price achieved. The realisation fee is currently active until 31 December 2023. The realisation fee is payable upon the sale of individual properties and becomes payable 10 business days after completion. Where the sale price of the asset is 90 per cent or more of the value of the relevant asset as at 30 September 2019 (the "Carrying Value") a fee of 2.5 per cent of net proceeds (net of debt, costs and taxes) ("Net Proceeds") shall be payable; where the sale price of an asset is more than 80 per cent but less than 90 per cent of the Carrying Value of the relevant asset, a realisation fee of 1.5 per cent of Net Proceeds shall be payable; and where the sale price of an asset is less than 80 per cent of the Carrying Value, no realisation fee shall be payable. In no circumstances will the aggregate of the 2023 management fee and realisation fee exceed US$1,780,000. Any realisation fee achieved on strata sales of units at 워터사이드 will be subject to the retention of 50% until all units have been sold. Realisation fees for the period totalled US$39,000 (6 months ended 31 December 2022: US$27,000, 12 months ended 30 June 2023: US$98,000).
For the calendar year 2024, a realisation fee of 2.5 per cent shall be payable on sales of assets above 90 per cent of the Carrying Values, while a realisation fee of 1.5 per cent shall be payable on assets above 80 per cent but less than 90 per cent of the Carrying Value. A management fee of US$300,000 per quarter shall be payable.
모든 회사 간 대출 및 관련 이자는 연결 시 제거됩니다.
11. 과세 조항
기말 현재 미납된 세액은 다음과 같습니다.
감사되지 않음 31 12 월 2023 | 감사되지 않음 31 12 월 2022 | 감사 6월 30 2023 | |
US$'000 | US$'000 | US$'000 | |
비유동 부채 | |||
이연과세 | 6,482 | 8,720 | 7,498 |
마카오 과세 조항 | 240 | 279 | 1,158 |
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| |
6,722 | 8,999 | 8,656 | |
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이연과세
연결실체는 공정가치로 측정된 투자부동산과 관련된 가산할 일시적차이에 대해 이연법인세부채를 인식하였으며, 이율은 12%로 계산되었습니다.
마카오 세금 규정
그룹은 마카오 사업 운영으로 인해 발생하는 재산세 및 보완세에 대한 규정을 마련했습니다.
세금 조정
감사되지 않음 1년 2023월 XNUMX일- 31 12 월 2023 | 감사되지 않음 1년 2022월 XNUMX일- 31 12 월 2022 | 감사 1년 2022월 XNUMX일- 6월 30 2023 | |
US$'000 | US$'000 | US$'000 | |
Accounting loss before taxation | (9,796) | (5,399) | (13,450) |
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| |
건지의 소득세 면제 | - | - | - |
이연법인세 충당금의 움직임 | 1,042 | 1,025 | 2,219 |
Movement in provision for Macanese taxation | 777 | - | (776) |
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| |
At the effective income tax rate of (18.6)% (31 Dec 2022: (19.0)%, 30 Jun 2023: (10.7)%) | 1,819 | 1,025 | 1,443 |
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해당 기간의 과세와 과세 규정의 이동 사이의 차이는 해당 기간 동안 지급된 외환 이동 및 마카오 과세에 기인합니다.
12. 자본금 공유
보통주
감사되지 않음 31 12 월 2023 | 감사되지 않음 31 12 월 2022 | 감사 6월 30 2023 | |
US$'000 | US$'000 | US$'000 | |
인정 받은: | |||
주당 300달러의 보통주 0.01억주 | 3,000 | 3,000 | 3,000 |
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| |
발행 및 전액 지불: | |||
61.8 million (31 December 2022: 61.8 million; 30 June 2023: 61.8 million) ordinary shares of US$0.01 each | 618 | 618 | 618 |
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회사는 채권에 대한 권리가 없는 한 종류의 보통주를 보유하고 있습니다.
The Board has publicly stated its commitment to undertake share buybacks at attractive levels of discount of the share price to Adjusted NAV. In order to continue this strategy, the Board renewed this authority at the 2023 Annual General Meeting.
Currently cash reserves are applied to meet and repay debt obligations.
13. 후속 이벤트
Subsequent to the period end, the Company secured one further sale of unit at 워터사이드 at a consideration of HK$20.2 million (US$2.6 million), which is scheduled to complete in April 2024.?
이사 및 회사 정보
이사
마크 헌틀리(회장)
앨런 클리프턴
카르멘 링
감사 및 위험위원회
앨런 클리프턴(회장)
마크 헌틀리
카르멘 링
경영참여위원회
마크 헌틀리(회장)
앨런 클리프턴
카르멘 링
추천 및 보상위원회
앨런 클리프턴(회장)
마크 헌틀리
카르멘 링
공시커뮤니케이션위원회
마크 헌틀리(회장)
앨런 클리프턴
매니저
스나이퍼 캐피탈 리미티드
비스트라 기업 서비스 센터
위컴스 케이 II
로드 타운, 토르 톨라
VG1110
영국령 버진 아일랜드
투자 고문
스나이퍼 캐피털(마카오) 유한회사
라르고 다 폰테,
Nos. 51 e 57, 타이파
마카오
영국 법률에 관한 그룹 변호사
노턴 로즈 풀브라이트 LLP
3 런던 리버사이드
런던 SE1 2AQ
건지법에 관한 그룹 옹호자
캐리 올슨
캐리 하우스
레 방크
세인트 피터 포트
건지 GY1 4BZ
Corporate Broker
리베룸 캐피탈 리미티드
로프메이커 플레이스, 12층
25 로프메이커 스트리트
런던 EC2Y 9LY
독립 감사인
딜로이트 LLP
리젠시 법원
글라테니 에스플러네이드
세인트 피터 포트
건지 GY1 3HW
부동산 평가자
세빌스(마카오) 리미티드
스위트 1309-10
13/F 마카오 랜드마크
555 아베니다 다 아미자데
마카오
관리자 및 회사 비서
Ocorian Administration(Guernsey) Limited
PO Box 286
트라팔가 코트 2층
레 방크
세인트 피터 포트, 건지
채널 제도 GY1 4LY
마카오 및 홍콩 관리자
Adept Capital Partners Services Limited
유닛 B1, 25/F, MG 타워
133 호이번 로드
Kwun Tong, 구룡
香港
등록된 사무실
PO Box 286
트라팔가 코트 2층
레 방크
세인트 피터 포트, 건지
채널 제도 GY1 4LY
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.