Informe provisional al 31 de diciembre de 2023
4 de marzo de 2024
Fondo de oportunidades de propiedad de Macao Limited
("MPO" o "la Compañía")
Resultados intermedios del período de seis meses finalizado el 31 de diciembre de 2023
Macau Property Opportunities Fund Limited anuncia sus resultados para el período finalizado el 31 de diciembre de 2023. La Compañía, administrada por Sniper Capital Limited, tiene inversiones inmobiliarias estratégicas en Macao.
El Informe Provisional ha sido presentado al Mecanismo Nacional de Almacenamiento y en breve estará disponible para su inspección en https://data.fca.org.uk/#/nsm/nationalstoragemechanism
ASPECTOS FINANCIEROS MÁS DESTACADOS
Rendimiento del fondo
· Valor de la cartera de MPO1 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) por acción, un descenso del 10.5% durante el período.
· IFRS NAV fue de US$58 millones al final del período, lo que equivale a US$0.94 (74 peniques2) por acción, una caída del 12.5%.
La gestión del capital
· Los saldos de efectivo y depósitos agregados fueron de US$4.8 millones, de los cuales US$4.6 millones se otorgaron como garantía para líneas de crédito.
· El endeudamiento bruto se situó en US$96.5 millones, lo que equivale a una relación préstamo-valor del 51.2%.
Extensión de la vida de la empresa
· At the Company's Annual General Meeting in December, shareholders agreed to a further extension of the Company's life until December 2024.
1 El cálculo se ajustó para reflejar comparaciones comparables a 31 de diciembre de 2023 debido a la desinversión de propiedades durante el período.
2 Basado en el tipo de cambio dólar estadounidense/libra esterlina de 1.274 el 31 de diciembre de 2023.
DESTACADOS DE LA CARTERA
· El Waterside
- During the second half of 2023, the Company signed agreements for the sale of a further seven apartments - all standard units located primarily on mid-to low floors.
- The asset originally comprised 59 units for lease and sale. To-date, 22 units, or 37.3% had been sold, with 37 units (62.7%) remaining available for sale. Gross proceeds in total amount to US$ 56.9m. Debt was reduced by US$ 9.6m in the period and further scheduled repayments will take place in Q1 2024.
- A fines de 2023, alrededor del 50% de El Waterside's remaining apartments were occupied. Since the period end, this figure has increased to 60% and rental rates are improving.
· La orilla de la fuente
- 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.
· Alturas de Penha
- 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.
Mark Huntley, presidente del Fondo de oportunidades de propiedad de Macao, dijo:
"Further disposals of units in El Waterside 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 El Waterside 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".
Para mayor información por favor visite www.mpofund.es para el Informe intermedio completo de la Compañía de 2024.
El Gerente estará disponible para hablar con los analistas y los medios de comunicación. Si desea programar una llamada, comuníquese con Sniper Capital Limited al GME@dhr-rgv.com.
FONDO LIMITADO DE OPORTUNIDADES DE PROPIEDAD DE MACAO
INFORME INTERMEDIO CORRESPONDIENTE AL SEIS MESES TERMINADO EL 31 DE DICIEMBRE DE 2023
MENSAJE DEL PRESIDENTE
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 El Waterside, 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 La orilla de la fuente y, hasta cierto punto, Alturas de Penha, which remains a unique opportunity as one of the very few prime detached properties for sale in Macau.
During H2 2023, seven units at El Waterside 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.
El Waterside 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 La orilla de la fuente 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.
Alturas de Penha 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.
INFORME DEL GERENTE
INTRODUCCIÓN
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$23 billion), an increase of more than 300% YoY. These numbers imply a rebound in gross domestic product (GDP) to 77% of its pre-pandemic level and a recovery to 62% of pre-pandemic GGR.
Nonetheless, despite the encouraging headline economic data, Macau's recovery has been uneven across the economy, and 2023 is best regarded as a period of recovery and transition. More sustainable, balanced growth in 2024 and beyond should follow.
RESUMEN FINANCIERO
| 31 de diciembre 2023 |
| 30 de junio de 2023 |
| |||
NAV (NIIF) (millones de US$) | 58 | 65.7 | |
Valor liquidativo por acción (NIIF) (US $) | 0.94 | 1.06 | |
NAV ajustado (US$ millones) | 81.7 | 90.4 | |
NAV ajustado por acción (US $) | 1.32 | 1.46 | |
Valor liquidativo ajustado por acción (peniques)1 | 104 | 116 | |
Precio de la acción (peniques) | 40.6 | 58.5 | |
Descuento en el precio de la acción sobre el NAV ajustado por acción (%) | 60.9% | 49.5% | |
Valoración de la cartera (millones de dólares EE.UU.) | 183.5 | 200.5 | |
Préstamo a valor (%) | 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.
Financial Review,en
Resultados financieros semestrales
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.
La gestión del capital
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.
Actualizaciones de cartera
DESCRIPCIÓN GENERAL DE LA CARTERA AL 31 DE DICIEMBRE DE 2023
| Sector | N º de Unidades | Cost | Valoración del mercado | Cambiar en | Composición |
Desde el 30 de junio de 2023 | ||||||
|
|
|
|
|
|
|
El Waterside Tower Six at One Central Residences* | Residencial de lujo | 41 | 70.9 | 125 | -2.4% ** | 68% |
La orilla de la fuente | Residencial de baja densidad | 7 | 6.4 | 17.3 | - 2.4% | 9.5% |
Alturas de Penha | Residencial de lujo | - | 28.6 | 41.2 | - 1.2% | 22.5% |
Total | 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 El Waterside 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.
El Waterside
Tel 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 El Waterside 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.
La orilla de la fuente
Tel junto a la fuente 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.
Alturas de Penha
Penha alturas 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.
PERSPECTIVAS MACROECONÓMICAS
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.
DESCRIPCIÓN GENERAL DEL MERCADO INMOBILIARIO
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 la orilla del agua.
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.
Mirando hacia el futuro
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.
Declaración de responsabilidades de los directores
Los Directores son responsables de preparar este informe financiero semestral de conformidad con las leyes y regulaciones aplicables.
Los Directores confirman que, a su leal saber y entender:
? 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:
a. DTR 4.2.7R de las Reglas de Revelación y Transparencia, siendo una indicación de hechos importantes que han ocurrido durante los primeros seis meses del ejercicio y su impacto en los estados financieros intermedios resumidos consolidados; y una descripción de los principales riesgos e incertidumbres para el año hasta la fecha y los seis meses restantes del año; y
b. DTR 4.2.8R de las Reglas de Divulgación y Transparencia, siendo transacciones con partes relacionadas que han tenido lugar en los primeros seis meses del año financiero en curso y que han afectado materialmente la posición financiera o desempeño de la entidad durante ese período; y cualquier cambio en las transacciones con partes relacionadas descritas en el último informe anual que pudiera hacerlo.
En nombre de la Junta
marca huntley
Presidente
1 de marzo de 2024
Estado de situación financiera consolidado condensado provisional (sin auditar)
Al 31 de diciembre de 2023
Sin auditar 31 Dec 2023 | Sin auditar 31 Dec 2022 | auditado Junio 30 2023 | ||
Note | Miles de dólares | Miles de dólares | Miles de dólares | |
BIENES | ||||
Activos no corrientes | ||||
Propiedad de inversión | 3 | 124,956 | 164,100 | 141,045 |
Depósitos con prestamistas | 4 | 320 | 1,878 | 1,170 |
Cuentas comerciales y otras cuentas por cobrar | 16 | 16 | 16 | |
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|
| ||
125,292 | 165,994 | 142,231 | ||
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| ||
Activos circulantes | ||||
Los inventarios | 5 | 34,933 | 34,872 | 34,775 |
Cuentas comerciales y otras cuentas por cobrar | 63 | 92 | 66 | |
Depósitos con prestamistas | 4 | 4,245 | 384 | 4,438 |
Efectivo y equivalentes de efectivo | 282 | 23 | 1,118 | |
|
|
| ||
39,523 | 35,371 | 40,397 | ||
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|
| ||
los activos totales | 164,815 | 201,365 | 182,628 | |
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|
| ||
EQUIDAD | ||||
Capital y reservas atribuibles a los accionistas de la Compañía | ||||
Capital social | 12 | 618 | 618 | 618 |
Ganancias retenidas | 42,365 | 57,975 | 50,342 | |
Reservas distribuibles | 15,791 | 15,791 | 15,791 | |
Reserva de conversión de moneda extranjera | (738) | (746) | (1,067) | |
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|
| ||
Equidad total | 58,036 | 73,638 | 65,684 | |
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|
| ||
PASIVO | ||||
Pasivos no corrientes | ||||
Provisión de impuestos diferidos | 11 | 6,482 | 8,720 | 7,498 |
Disposición fiscal | 11 | 240 | 279 | 1,158 |
Préstamos que devengan intereses | 6 | 69,124 | 87,319 | 81,913 |
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|
| ||
75,846 | 96,318 | 90,569 | ||
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| ||
Pasivo circulante | ||||
Comerciales y otras cuentas a pagar | 4,021 | 2,176 | 3,181 | |
Préstamos que devengan intereses | 6 | 26,912 | 29,233 | 23,194 |
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|
| ||
30,933 | 31,409 | 26,375 | ||
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|
| ||
Pasivos totales | 106,779 | 127,727 | 116,944 | |
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|
| ||
Total patrimonio y pasivos | 164,815 | 201,365 | 182,628 | |
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| ||
Valor liquidativo por acción (US $) | 8 | 0.94 | 1.19 | 1.06 |
Valor liquidativo ajustado por acción (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.
Las notas forman parte de estos estados financieros intermedios resumidos consolidados.
Estado de Resultados Integrales Condensados Consolidados Intermedios (sin auditar)
Para el período de seis meses comprendido entre el 1 de julio de 2023 y el 31 de diciembre de 2023
Sin auditar | Sin auditar | auditado | ||
6 meses | 6 meses | 12 meses | ||
1 de julio de 2023- | 1 de julio de 2022- | 1 de julio de 2022- | ||
31 Dec 2023 | 31 Dec 2022 | Junio 30 2023 | ||
Note | Miles de dólares | Miles de dólares | Miles de dólares | |
por | ||||
Ingresos por venta de propiedades de inversión | 3 | - | 17,254 | - |
Ingresos por alquiler | 714 | 543 | 1,122 | |
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|
| ||
714 | 17,797 | 1,122 | ||
Gastos | ||||
Pérdida neta por ajuste de valor razonable en propiedades de inversión | 3 | 3,569 | 8,541 | 3,412 |
Pérdida neta por enajenación de inversiones inmobiliarias | 3 | 1,616 | - | 1,909 |
Costo de ventas de propiedades de inversión | 3 | - | 9,602 | - |
Comisión de gestión | 10 | 600 | 600 | 1,200 |
Cuota de realización | 10 | 39 | 27 | 98 |
Honorarios de los consejeros no ejecutivos | 10 | 86 | 79 | 167 |
Retribución de los auditores: honorarios de auditoría | 92 | 52 | 162 | |
Retribución de los auditores: otros servicios profesionales | - | - | 9 | |
Gastos operativos de la propiedad | 605 | 624 | 1,277 | |
Gastos de ventas y marketing. | 39 | 616 | 76 | |
Gastos generales y de administración | 246 | 207 | 450 | |
Loss on foreign currency translation | 102 | 116 | 34 | |
|
|
| ||
(6,994) | (20,464) | (8,794) | ||
|
|
| ||
Pérdida operativa del período/año | (6,280) | (2,667) | (7,672) | |
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|
| ||
Ingresos y gastos financieros | ||||
Intereses de préstamos bancarios | 6 | (3,373) | (2,555) | (5,440) |
Otros costos de financiamiento | (155) | (179) | (346) | |
Banco y otros intereses | 12 | 2 | 8 | |
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|
| ||
(3,516) | (2,732) | (5,778) | ||
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| ||
Pérdida del período/año antes de impuestos | (9,796) | (5,399) | (13,450) | |
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Taxation | 11 | 1,819 | 1,025 | 1,443 |
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Pérdida del período/año después de impuestos | (7,977) | (4,374) | (12,007) | |
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Partidas que pueden reclasificarse posteriormente a resultados | ||||
Diferencia de cambio en la conversión de operaciones en el extranjero | 329 | 436 | 115 | |
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| ||
Pérdida integral total del período / año | (7,648) | (3,938) | (11,892) | |
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Pérdida atribuible a: | ||||
Accionistas de la Compañía | (7,977) | (4,374) | (12,007) | |
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| ||
Pérdida integral total atribuible a: | ||||
Accionistas de la Compañía | (7,648) | (3,938) | (11,892) | |
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|
Sin auditar | Sin auditar | auditado | ||
6 meses | 6 meses | 12 meses | ||
1 de julio de 2023- | 1 de julio de 2022- | 1 de julio de 2022- | ||
31 Dec 2023 | 31 Dec 2022 | Junio 30 2023 | ||
Note | US$ | US$ | US$ | |
Pérdida básica y diluida por Acción Ordinaria atribuible a los accionistas de la Compañía durante el período/año | 7 | (0.1290) | (0.0707) | (0.1942) |
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Todos los elementos de la declaración anterior se derivan de operaciones continuas.
Las notas forman parte de estos estados financieros intermedios resumidos consolidados.
Estado de Cambios en el Patrimonio Consolidado Resumido Intermedio (No Auditado)
Movimiento del semestre del 1 de julio de 2023 al 31 de diciembre de 2023 (no auditado)
Compartir capital | Ganancias retenidas | Reservas distribuibles | Reserva de conversión de moneda extranjera | Total | |
Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | |
Saldo adelantado a 1 de julio de 2023 | 618 | 50,342 | 15,791 | (1,067) | 65,684 |
Pérdida del período | - | (7,977) | - | - | (7,977) |
Partidas que pueden reclasificarse posteriormente a resultados | |||||
Diferencia de cambio en la conversión de operaciones en el extranjero | - | - | - | 329 | 329 |
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| |
Pérdida integral total del período | - | (7,977) | - | 329 | (7,648) |
|
|
|
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| |
Saldo arrastrado al 31 de diciembre de 2023 | 618 | 42,365 | 15,791 | (738) | 58,036 |
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Movimiento del semestre del 1 de julio de 2022 al 31 de diciembre de 2022 (no auditado)
Compartir capital | Ganancias retenidas | Reservas distribuibles | Reserva de conversión de moneda extranjera | Total | |
Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | |
Saldo adelantado a 1 de julio de 2022 | 618 | 62,349 | 15,791 | (1,182) | 77,576 |
Pérdida del período | - | (4,374) | - | - | (4,374) |
Partidas que pueden reclasificarse posteriormente a resultados | |||||
Diferencia de cambio en la conversión de operaciones en el extranjero | - | - | - | 436 | 436 |
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| |
Pérdida integral total del período | - | (4,374) | - | 436 | (3,938) |
|
|
|
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| |
Saldo arrastrado al 31 de diciembre de 2022 | 618 | 57,975 | 15,791 | (746) | 73,638 |
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Movimiento del ejercicio del 1 de julio de 2022 al 30 de junio de 2023 (auditado)
Compartir capital | Ganancias retenidas | Reservas distribuibles | Reserva de conversión de moneda extranjera | Total | |
Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | Miles de dólares | |
Saldo adelantado a 1 de julio de 2022 | 618 | 62,349 | 15,791 | (1,182) | 77,576 |
Pérdida del año | - | (12,007) | - | - | (12,007) |
Partidas que pueden reclasificarse posteriormente a resultados | |||||
Diferencia de cambio en la conversión de operaciones en el extranjero | - | - | - | 115 | 115 |
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| |
Pérdida integral total del año | - | (12,007) | - | 115 | (11,892) |
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|
|
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| |
Saldo arrastrado a 30 de junio de 2023 | 618 | 50,342 | 15,791 | (1,067) | 65,684 |
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Las notas forman parte de estos estados financieros intermedios resumidos consolidados.
Estado de Flujos de Efectivo Intermedio Condensado Consolidado (No Auditado)
Para el período de seis meses comprendido entre el 1 de julio de 2023 y el 31 de diciembre de 2023
Sin auditar 6 meses 1 de julio de 2023- 31 Dec 2023 | Sin auditar 6 meses 1 jul 2022 - 31 Dec 2022 | auditado 12 meses 1 de julio de 2022- Junio 30 2023 | ||
Note | Miles de dólares | Miles de dólares | Miles de dólares | |
Efectivo neto utilizado en actividades operativas | 9 | (30) | (2,200) | (2,341) |
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Flujos de efectivo de actividades de inversión | ||||
Gastos de capital en propiedades de inversión | 3 | - | - | (27) |
Producto de la enajenación de propiedades de inversión | 11,392 | 17,254 | 35,384 | |
Movimiento de los saldos bancarios pignorados | 1,043 | 1,194 | (2,152) | |
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Efectivo neto generado por actividades de inversión | 12,435 | 18,448 | 33,205 | |
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Flujos de efectivo de actividades de financiación | ||||
Producto de préstamos bancarios | - | 6,532 | 6,512 | |
Reembolso de préstamos bancarios | (9,565) | (20,845) | (32,025) | |
Intereses y gastos bancarios pagados | (3,701) | (2,317) | (4,590) | |
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Efectivo neto utilizado en actividades de financiación. | (13,266) | (16,630) | (30,103) | |
|
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Movimiento neto de efectivo y equivalentes de efectivo | (861) | (382) | 761 | |
Efectivo y equivalentes de efectivo al inicio del período / año | 1,118 | 355 | 355 | |
Efecto de las variaciones del tipo de cambio | 25 | 50 | 2 | |
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Efectivo y equivalentes de efectivo al final del período / año | 282 | 23 | 1,118 | |
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Las notas forman parte de estos estados financieros intermedios resumidos consolidados.
Notas a los Estados Financieros Intermedios Condensados Consolidados (No Auditados)
Para el período de seis meses comprendido entre el 1 de julio de 2023 y el 31 de diciembre de 2023
Información general
Macau Property Opportunities Fund Limited (la "Compañía") es una Compañía constituida y registrada en Guernsey bajo la Ley de Compañías (Guernsey) de 1994. Esta ley fue reemplazada por la Ley de Compañías (Guernsey) de 2008 el 1 de julio de 2008. La Compañía es una entidad autorizada bajo las Reglas de Esquemas de Inversión Cerrados Autorizados de 2008 y está regulada por la Comisión de Servicios Financieros de Guernsey. La dirección del domicilio social se indica a continuación.
Los estados financieros intermedios resumidos consolidados para los seis meses terminados el 31 de diciembre de 2023 comprenden los estados financieros intermedios de la Compañía y sus subsidiarias (en conjunto, el "Grupo"). El Grupo invierte en propiedades residenciales en Macao.
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.
Los estados financieros intermedios condensados consolidados se presentan en dólares estadounidenses ("US$") y se redondean al millar más cercano ($'000).
These interim condensed consolidated financial statements were approved for issue by the Board of Directors on 1 March 2024.
1. Políticas contables importantes
Bases de contabilidad
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.
Los estados financieros intermedios condensados consolidados han sido preparados de acuerdo con la Norma Internacional de Contabilidad ("IAS") 34, Información Financiera Intermedia. En los estados financieros intermedios se siguen las mismas políticas contables y métodos de cálculo que en los estados financieros anuales. Los estados financieros intermedios resumidos consolidados no incluyen toda la información y las revelaciones requeridas en los estados financieros anuales y deben leerse junto con los estados financieros anuales del Grupo al 30 de junio de 2023.
Normas e interpretaciones nuevas y modificadas aplicadas
Las siguientes modificaciones a las normas e interpretaciones existentes son efectivas para el año terminado el 30 de junio de 2024 y, por lo tanto, se aplicaron en el período actual pero no tuvieron un impacto material en el Grupo:
? 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)
Preocupación continua
El Grupo continúa satisfaciendo sus requerimientos de capital y necesidades de liquidez del día a día a través de los recursos de efectivo del Grupo. Como parte de su evaluación de la empresa en marcha del Grupo al 31 de diciembre de 2023, los Directores han revisado las previsiones integrales de flujo de efectivo preparadas por la gerencia que hacen suposiciones basadas en las condiciones de mercado actuales y futuras esperadas, incluidas las ventas futuras previstas de propiedades teniendo en cuenta consideración las circunstancias actuales del mercado. Es la creencia de los Directores que, con base en estos pronósticos y su evaluación de las líneas de crédito comprometidas del Grupo, es apropiado preparar los estados financieros del Grupo sobre la base de un negocio en marcha.
Los Directores, después de que se aprobara la resolución de continuación en la Asamblea General Anual de la Compañía el 21 de diciembre de 2023 que prorrogaba la vida del Fondo hasta la Asamblea General Anual de 2024, evaluaron si el voto de continuación antes de finales de 2024 genera una incertidumbre material que podría arrojan dudas significativas sobre la capacidad del Fondo para continuar como un negocio en marcha. Los Consejeros también han considerado el supuesto de negocio en marcha fuera del horizonte principal de negocio en marcha. Actualmente, los directores esperan recibir el apoyo de continuación de los principales accionistas y se requiere más del 50% del apoyo de los accionistas en diciembre de 2024 para garantizar la continuación; es probable que los rendimientos de la venta de propiedades sean significativamente menores si el Fondo se viera obligado a vender como resultado de la interrupción y, por lo tanto, es comercialmente racional que el Fondo continúe en el negocio. Por lo tanto, los Administradores creen que es apropiado preparar los estados financieros del Grupo sobre la base de la empresa en marcha sobre la base de los recursos de efectivo existentes, las previsiones descritas anteriormente, la extensión de la vida de la Compañía hasta la Junta General Anual de 2024 acordada en la Junta Anual. Asamblea General del 21 de diciembre de 2023 y la evaluación de los Directores de las facilidades bancarias comprometidas del Grupo y el cumplimiento continuo esperado de los convenios relacionados.
Variaciones estacionales y cíclicas
El Grupo no opera en un sector en el que durante el ejercicio se experimenten variaciones significativas o cíclicas como consecuencia de la estacionalidad de la actividad.
2. Información por segmentos
Se considera que el Director de la toma de decisiones operativas (el "CODM") en relación con Macau Property Opportunities Fund Limited es la propia Junta. Los factores utilizados para identificar los segmentos reportables del Grupo se centran en la clase de activo, las diferencias en el área geográfica y las diferencias en el entorno regulatorio. Además, se identifica el riesgo cambiario y político, ya que estos también determinan dónde se asignan los recursos.
Con base en lo anterior y una revisión de la información proporcionada a la Junta, se concluyó que el Grupo actualmente está organizado en un segmento reportable basado en un solo sector geográfico, Macao.
Este segmento se refiere principalmente a propiedades residenciales. Además, hay múltiples propiedades individuales que se mantienen dentro de cada tipo de propiedad. Sin embargo, el CODM considera, de manera regular, los resultados operativos y la asignación de recursos de la posición agregada de todos los tipos de propiedades como un todo, como parte de su revisión continua de desempeño. Esto está respaldado por un desglose adicional de grupos de propiedades individuales solo para ayudar a respaldar sus objetivos de revisión y evaluación de inversiones.
3. Propiedades de inversión
Sin auditar 1 de julio de 2023- 31 Dec 2023 | Sin auditar 1 de julio de 2022- 31 Dec 2022 | auditado 1 de julio de 2022- Junio 30 2023 | |
Miles de dólares | Miles de dólares | Miles de dólares | |
Al inicio del período/año | 141,045 | 181,520 | 181,520 |
Gastos de capital en propiedad | - | - | 27 |
Enajenación de bienes | (13,008) | (9,602) | (37,293) |
Ajuste de valor razonable | (3,569) | (8,541) | (3,412) |
Diferencia de cambio | 488 | 723 | 203 |
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| |
Saldo al final del período/año | 124,956 | 164,100 | 141,045 |
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Las pérdidas de valoración (ajuste del valor razonable) de las propiedades de inversión se reconocen en los resultados del período y son atribuibles a los cambios en las pérdidas no realizadas relacionadas con las propiedades de inversión mantenidas al final del período sobre el que se informa.
El proceso de valoración lo inicia el Asesor de Inversiones con el consentimiento y la aprobación del Directorio, quien designa a un tasador adecuadamente calificado para llevar a cabo la valoración de la propiedad de inversión. Los resultados son supervisados por el Asesor de Inversiones. Una vez satisfecho con las valoraciones basadas en sus expectativas, el Asesor de Inversiones informa los resultados a la Junta. La Junta se reúne periódicamente con el tasador y revisa las últimas valoraciones en función de su conocimiento del mercado inmobiliario y las compara con valoraciones anteriores.
Las propiedades de inversión del Grupo fueron revaluadas a 31 de diciembre de 2023 por un tasador independiente calificado profesionalmente: Savills (Macau) Limited ("Savills"). La valoración se ha llevado a cabo de acuerdo con las Normas de tasación y valoración vigentes del Royal Institution of Chartered Surveyors (RICS) para calcular el valor de mercado de las propiedades de inversión en su estado y condición física existentes, con las suposiciones de que:
? 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.
El valor razonable de las inversiones inmobiliarias se determina de forma independiente por Savills, utilizando técnicas de valoración reconocidas. La técnica empleada fue el método de capitalización de rentas. La determinación del valor razonable de las propiedades de inversión requiere el uso de estimaciones tales como los flujos de efectivo futuros de los activos (tales como arrendamientos, perfiles de inquilinos, flujos de ingresos futuros, valores de capital de instalaciones y accesorios, planta y maquinaria, cualquier asunto ambiental y el reparación general y condición de la propiedad) y las tasas de descuento aplicables a esos activos. Estas estimaciones se basan en las condiciones del mercado local existentes a la fecha del informe.
Ver Nota 11 en relación con los pasivos por impuestos diferidos sobre inversiones inmobiliarias.
During the current period, 5 residential units of El Waterside 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 El Waterside 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 El Waterside se vendieron por una contraprestación total de 17.3 millones de dólares estadounidenses frente a un costo total de 10.2 millones de dólares estadounidenses, lo que resultó en una ganancia neta de 7.1 millones de dólares estadounidenses después de todos los costos de transacción y tarifas asociados, pero antes de la financiación y otros costos de tenencia relacionados.
Capital expenditure on property relates to fit-out costs for El Waterside.
Ingresos por alquiler derivados de El Waterside de US$709,000 (6 meses terminados el 31 de diciembre de 2022: US$539,000, 12 meses terminados el 30 de junio de 2023: US$1,114,000) se recibió durante el período. Durante el período de seis meses se incurrió en gastos operativos directos de USD 354,000 6 (31 meses finalizados el 2022 de diciembre de 389,000: USD 12 30, 2023 meses finalizados el 772,000 de junio de 93,000: USD 6 31) derivados de unidades alquiladas. Los gastos operativos directos durante el período que surgieron de las unidades vacantes totalizaron US$2022 (134,000 meses finalizados el 12 de diciembre de 30: US$2023, 279,000 meses finalizados el XNUMX de junio de XNUMX: US$XNUMX).
La siguiente tabla muestra los supuestos utilizados en la valoración de las propiedades de inversión que se clasifican en el Nivel 3 en la jerarquía del valor razonable:
Información de la propiedad | Importe en libros/valor razonable al 31 de diciembre de 2023: US$ '000 | Valuación | Entrada | Unobservable and observable inputs used in determination | Otra información clave | |
Nombre | El Waterside | 124,956 | Análisis de plazo y reversión | Term rent | HK$ 18.3 por pie cuadrado | Edad de la construcción |
Tipo de Propiedad | Apartamentos residenciales / terminados | Term yield | 1.4% -2.2% | Vida útil restante del edificio | ||
Destino | One Central Tower 6 Macao | Reversionary rent (exclusive of management fee
Rendimiento reversible | HK$ 12.8 por pie cuadrado |
El valor razonable de El Waterside se determina utilizando el enfoque de ingresos, más específicamente un análisis de plazo y reversión, donde el valor razonable de una propiedad se estima con base en la renta por cobrar y la utilidad operativa neta normalizada generada por la propiedad, que se divide por la tasa de capitalización (descuento). La diferencia entre los ingresos por alquileres brutos y netos incluye las mismas categorías de gastos que las del método de flujo de efectivo descontado, con la excepción de que ciertos gastos no se miden a lo largo del tiempo, sino que se incluyen sobre la base de un promedio ponderado en el tiempo, como el arrendamiento promedio hasta costos Bajo el método de capitalización de rentas, las situaciones de alquileres excesivos e insuficientes se capitalizan (descuentan) por separado.
Si la renta de reversión estimada aumenta/disminuye en un 5% (y todos los demás supuestos permanecen iguales), el valor razonable de El Waterside aumentaría en US$6.3 millones (6 meses finalizados el 31 de diciembre de 2022: US$7.8 millones, 12 meses finalizados el 30 de junio de 2023: US$6.9 millones) o disminuiría en US$6.3 millones (6 meses finalizados el 31 de diciembre de 2022: US$7.8 millones, 12 meses finalizados 30 de junio de 2023: US$ 6.9 millones).
Si el plazo y el rendimiento de reversión o la tasa de descuento aumentaron/disminuyeron en un 5% (y todos los demás supuestos permanecieron iguales), el valor razonable de El Waterside disminuiría en US$6 millones (6 meses finalizados el 31 de diciembre de 2022: US$7.6 millones, 12 meses finalizados el 30 de junio de 2023: US$6.5 millones) o aumentaría en US$6.5 millones (6 meses finalizados el 31 de diciembre de 2022: US$8.2 millones, 12 meses finalizados 30 de junio de 2023: US$ 7.3 millones).
El mismo método de valoración se implementó en junio de 2023 y diciembre de 2023.
El Waterside se valora actualmente en su mayor y mejor uso. No hay evidencia adicional disponible que sugiera que tiene un uso alternativo que proporcionaría una mayor medición del valor razonable.
No ha habido traspasos entre niveles durante el periodo ni cambio en la técnica de valoración desde el último periodo.
4. Depósitos en prestamistas
Los saldos bancarios pignorados representan depósitos en efectivo pignorados a los bancos en garantía de las facilidades bancarias otorgadas al Grupo. Se han pignorado depósitos por valor de 0.3 millones de USD (31 de diciembre de 2022: 1.9 millones de USD, 30 de junio de 2023: 1.2 millones de USD) para garantizar servicios bancarios a largo plazo y, por lo tanto, se clasifican como activos no corrientes. No existen otros términos y condiciones significativos asociados con estos saldos bancarios comprometidos.
Sin auditar 31 Dec 2023 | Sin auditar 31 Dec 2022 | auditado Junio 30 2023 | |
Miles de dólares | Miles de dólares | Miles de dólares | |
No corriente | 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. Inventarios
Sin auditar 1 de julio de 2023- 31 Dec 2023 | Sin auditar 1 de julio de 2022- 31 Dec 2022 | auditado 1 de julio de 2022- Junio 30 2023 | |
Miles de dólares | Miles de dólares | Miles de dólares | |
Cost | |||
Equilibrio llevado delante | 34,775 | 34,635 | 34,635 |
Adiciones | 32 | 88 | 100 |
Diferencia de cambio | 126 | 149 | 40 |
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| |
Saldo aplazado | 34,933 | 34,872 | 34,775 |
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Las adiciones incluyen gastos de capital, costos de desarrollo y capitalización de costos de financiamiento.
Bajo NIIF, los inventarios se valúan al menor entre el costo y el valor neto realizable. El valor en libros de las existencias al 31 de diciembre de 2023 asciende a 34,933,000 6 31 USD (2022 meses finalizados el 34,872,000 de diciembre de 12: 30 2023 34,775,000 USD, 31 meses finalizados el 2023 de junio de 56,829,000: 6 31 2022 USD). El valor neto realizable al 58,932,000 de diciembre de 12 según lo determinado por el tasador independiente y profesionalmente calificado, Savills, fue de USD 30 2023 57,718,000 (XNUMX meses finalizados el XNUMX de diciembre de XNUMX: USD XNUMX XNUMX XNUMX, XNUMX meses finalizados el XNUMX de junio de XNUMX: USD XNUMX XNUMX XNUMX).
During the period ended 31 December 2023, no units of La orilla de la fuente fueron vendidos.
During the year ended 30 June 2023 and the period ended 31 December 2022, no units of La orilla de la fuente fueron vendidos.
6. Préstamos que devengan intereses
Sin auditar 31 Dec 2023 | Sin auditar 31 Dec 2022 | auditado Junio 30 2023 | |
Miles de dólares | Miles de dólares | Miles de dólares | |
Préstamos bancarios - Garantizados | |||
- Porción actual | 26,912 | 29,233 | 23,194 |
- Porción no corriente | 69,124 | 87,319 | 81,913 |
|
|
| |
96,036 | 116,552 | 105,107 | |
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Hay préstamos que devengan intereses con tres bancos:
Hang Seng Bank
El Grupo tiene una línea de crédito a plazo con Hang Seng Bank para El Waterside.
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.
El Grupo tiene dos líneas de crédito para Alturas de Penha:
Banco Tai Fung
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 Macao, SA ("Banco BCM")
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%.
Intereses de préstamos bancarios
Los intereses de préstamos bancarios pagados durante el período fueron de US$3,373,000 (6 meses terminados el 31 de diciembre de 2022: US$2,555,000, 12 meses terminados el 30 de junio de 2023: US$5,440,000). Al 31 de diciembre de 2023, el importe en libros de los préstamos que devengan intereses incluía una comisión de acuerdo de préstamo prepago no amortizada de 415,000 31 USD (2022 de diciembre de 688,000: 30 2023 524,000 USD, XNUMX de junio de XNUMX: XNUMX XNUMX USD).
Fair Value
Los préstamos que devengan intereses se registran a su costo amortizado. El valor razonable de los activos y pasivos financieros a tasa fija registrados al costo amortizado se estima comparando las tasas de interés de mercado cuando se reconocieron por primera vez con las tasas de mercado vigentes para instrumentos financieros similares.
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$100,000 higher than the carrying value of the financial liabilities).
Los préstamos que devengan intereses del Grupo han sido clasificados dentro del Nivel 2 ya que tienen entradas observables de préstamos similares. No ha habido transferencias entre niveles durante el período o un cambio en la técnica de valoración desde el último período.
7. Pérdida básica y diluida por Acción Ordinaria
La pérdida básica y diluida por Acción Ordinaria equivalente se basa en los siguientes datos:
Sin auditar 6 meses 1 de julio de 2023- 31 Dec 2023 | Sin auditar 6 meses 1 de julio de 2022- 31 Dec 2022 | auditado 12 meses 1 de julio de 2022- Junio 30 2023 | |
Pérdida del período/año (US$'000) | (7,977) | (4,374) | (12,007) |
Número medio ponderado de Acciones Ordinarias ('000) | 61,836 | 61,836 | 61,836 |
Pérdida básica y diluida por acción (US $) | (0.1290) | (0.0707) | (0.1942) |
8. Net asset value reconciliation
Sin auditar 31 Dec 2023 | Sin auditar 31 Dec 2022 | auditado Junio 30 2023 | |
Miles de dólares | Miles de dólares | Miles de dólares | |
Activos netos atribuibles a accionistas ordinarios | 58,036 | 73,638 | 65,684 |
Aumento de inventarios mantenidos al costo al valor de mercado | 23,655 | 25,883 | 24,728 |
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|
| |
Valor liquidativo ajustado | 81,691 | 99,521 | 90,412 |
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|
| |
Número de acciones ordinarias en circulación ('000) | 61,836 | 61,836 | 61,836 |
Valor liquidativo por acción (NIIF) (US $) | 0.94 | 1.19 | 1.06 |
NAV ajustado por acción (US $) | 1.32 | 1.61 | 1.46 |
VL ajustado por acción (£) * | 1.04 | 1.33 | 1.16 |
*?US$:GBP rates as at relevant period/year end
El NAV por acción se obtiene dividiendo los activos netos a la fecha del estado de situación financiera consolidado, por el número de Acciones Ordinarias en circulación a esa fecha.
De acuerdo con las NIIF, los inventarios se registran al costo o al valor neto realizable, el que sea menor. El NAV ajustado incluye la elevación de los inventarios a sus valores de mercado antes de cualquier consecuencia o ajuste fiscal.
El NAV ajustado por acción se obtiene dividiendo el NAV ajustado a la fecha del estado de situación financiera consolidado, por el número de acciones ordinarias en circulación a esa fecha.
No existen instrumentos potencialmente dilusivos en cuestión.
9. Flujos de efectivo de las actividades operativas
Sin auditar 6 meses 1 de julio de 2023- 31 Dec 2023 | Sin auditar 6 meses 1 de julio de 2022- 31 Dec 2022 | auditado 12 meses 1 de julio de 2022- Junio 30 2023 | |
Miles de dólares | Miles de dólares | Miles de dólares | |
flujos de efectivo por actividades operacionales | |||
Pérdida del período/año antes de impuestos | (9,796) | (5,399) | (13,450) |
Ajustes para: | |||
Pérdida neta por ajuste de valor razonable en propiedades de inversión | 3,569 | 8,541 | 3,412 |
Ganancia de valor razonable en la disposición de propiedades de inversión | 1,616 | (7,652) | 1,909 |
Costos financieros netos | 3,516 | 2,732 | 5,786 |
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| |
Flujos de efectivo operativos antes de movimientos en el capital de trabajo | (1,095) | (1,778) | (2,343) |
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|
| |
Efecto de las variaciones del tipo de cambio | 102 | 116 | 34 |
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| |
Movimiento de cuentas por cobrar comerciales y otras | 3 | (39) | (13) |
Movimiento de cuentas comerciales y otras cuentas por pagar | 992 | (249) | 243 |
Movimiento de inventarios | (32) | (88) | (100) |
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| |
Cambio neto en capital de trabajo | 963 | (376) | 130 |
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| |
Impuestos pagados | - | (162) | (162) |
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Efectivo neto utilizado en actividades operativas | (30) | (2,200) | (2,341) |
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El efectivo y los equivalentes de efectivo (que se presentan como una sola clase de activos en el estado de situación financiera intermedio resumido consolidado) comprenden el efectivo en bancos y otras inversiones a corto plazo de gran liquidez con un vencimiento de tres meses o menos.
10. Transacciones con partes relacionadas
Los directores de la Compañía son todos no ejecutivos y, a modo de remuneración, reciben solo una tarifa anual denominada en libras esterlinas.
Sin auditar 6 meses 1 de julio de 2023- 31 Dec 2023 | Sin auditar 6 meses 1 de julio de 2022- 31 Dec 2022 | auditado 12 meses 1 de julio de 2022- Junio 30 2023 | |
Miles de dólares | Miles de dólares | Miles de dólares | |
Honorarios de los directores | 86 | 79 | 167 |
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Se considera que los Directores son el personal clave de la gerencia (según se define en la NIC 24) de la Compañía. Los honorarios de los directores pendientes al 31 de diciembre de 2023 eran de 44,000 31 USD (2022 de diciembre de 41,000: 30 2023 USD, 43,000 de junio de XNUMX: XNUMX XNUMX USD).
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 El Waterside 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.
Todos los préstamos entre empresas y los intereses relacionados se eliminan en la consolidación.
11. Disposición fiscal
Al cierre del período, los siguientes montos son las provisiones para impuestos pendientes.
Sin auditar 31 Dec 2023 | Sin auditar 31 Dec 2022 | auditado Junio 30 2023 | |
Miles de dólares | Miles de dólares | Miles de dólares | |
Pasivos no corrientes | |||
Impuestos diferidos | 6,482 | 8,720 | 7,498 |
Disposiciones para los impuestos de Macao | 240 | 279 | 1,158 |
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6,722 | 8,999 | 8,656 | |
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Impuestos diferidos
El Grupo ha reconocido el pasivo por impuesto diferido por la diferencia temporaria imponible correspondiente a las inversiones inmobiliarias valoradas a valor razonable y ha sido calculado a una tasa del 12%.
Provisión para impuestos de Macao
El Grupo ha constituido provisiones para impuestos a la propiedad e impuestos complementarios que surgen de sus operaciones comerciales en Macao.
Reconciliación Fiscal
Sin auditar 1 de julio de 2023- 31 Dec 2023 | Sin auditar 1 de julio de 2022- 31 Dec 2022 | auditado 1 de julio de 2022- Junio 30 2023 | |
Miles de dólares | Miles de dólares | Miles de dólares | |
Accounting loss before taxation | (9,796) | (5,399) | (13,450) |
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| |
Exento del impuesto sobre la renta en Guernsey | - | - | - |
Movimiento de la provisión de impuestos diferidos | 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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Las diferencias entre la tributación del período y el movimiento de las provisiones tributarias se deben a los movimientos de divisas y los impuestos de Macao pagados durante el período.
12. Capital social
Acciones ordinarias
Sin auditar 31 Dec 2023 | Sin auditar 31 Dec 2022 | auditado Junio 30 2023 | |
Miles de dólares | Miles de dólares | Miles de dólares | |
Autorizado: | |||
300 millones de acciones ordinarias de US $ 0.01 cada una | 3,000 | 3,000 | 3,000 |
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Emitido y pagado en su totalidad: | |||
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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La Compañía tiene una clase de acciones ordinarias que no conlleva derechos de renta fija.
El Consejo ha manifestado públicamente su compromiso de emprender recompras de acciones a niveles atractivos de descuento del precio de la acción al NAV ajustado. Para continuar con esta estrategia, la Junta renovó esta autoridad en la Asamblea General Anual de 2023.
Currently cash reserves are applied to meet and repay debt obligations.
13. Acontecimientos posteriores
Subsequent to the period end, the Company secured one further sale of unit at El Waterside at a consideration of HK$20.2 million (US$2.6 million), which is scheduled to complete in April 2024.?
DIRECTORES E INFORMACIÓN DE LA EMPRESA
directiva
Mark Huntley (presidente)
alan clifton
Carmen ling
Comité de Auditoría y Riesgos
Alan Clifton (presidente)
marca huntley
Carmen ling
Comité de Compromiso de la Dirección
Mark Huntley (presidente)
alan clifton
Carmen ling
Comisión de Nombramientos y Retribuciones
Alan Clifton (presidente)
marca huntley
Carmen ling
Comité de Divulgación y Comunicación
Mark Huntley (presidente)
alan clifton
Manager
francotirador capital limitada
Centro de servicios corporativos de Vistra
Cayo Wickhams II
Road Town, Tortola
VG1110
Islas Vírgenes Británicas
Asesor de inversiones
Sniper Capital (Macao) Limited
Largo da Ponte,
Nos. 51 y 57, Taipa
Macau
Abogados del grupo en derecho inglés
Norton Rose Fulbright LLP
3 Más London Riverside
Londres SE1 2AQ
Defensores del Grupo en cuanto a la ley de Guernsey
Carey Olsen
Casa Carey
Los bancos
St Peter Port
Guernesey GY1 4BZ
Sector empresarial Broker
Liberum Capital Limited
Lugar de fabricante de cuerdas, nivel 12
25 Ropemaker Street
Londres EC2Y 9LY
Auditor Independiente
Deloitte LLP
Tribunal de regencia
Explanada Glategny
St Peter Port
Guernesey GY1 3HW
Valuadores de propiedad
Savills (Macao) Limited
Suite de 1309-10
13 / F Hito de Macao
555 Avenida da Amizade
Macau
Administrador y secretario de la empresa
Administración de Ocorian (Guernsey) Limited
PO Box 286
Piso 2, Trafalgar Court
Los bancos
St Peter Port, Guernsey
Islas del Canal GY1 4LY
Administrador de Macao y Hong Kong
Adept Capital Partners Servicios Limitados
Unidad B1, 25 / F, MG Tower
Calle Hoi Bun 133
Kwun Tong, Kowloon
香港
Sede Social
PO Box 286
Piso 2, Trafalgar Court
Los bancos
St Peter Port, Guernsey
Islas del Canal GY1 4LY
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.