Financial Performance - The company's profit attributable to shareholders reached HKD 4,221 million, a 121% increase from HKD 1,914 million in the previous year[5]. - Basic earnings increased to HKD 5,594 million, up 219% from HKD 1,752 million year-on-year[5]. - Revenue for the period was HKD 51,544 million, reflecting a 15% growth compared to HKD 44,808 million in the same period last year[5]. - The operating profit was HKD 5,079 million, a decrease of 25% from HKD 6,794 million in the previous year[5]. - The group recorded a profit of HKD 63 million for the first half of 2023, compared to a profit of HKD 166 million in the same period of 2022, reflecting a decrease due to losses in certain associated businesses[8]. - The attributable profit for the company was HKD 2,222 million, down from HKD 4,347 million year-on-year[14]. - The company reported a profit of HKD 4,867 million for the six months ended June 30, 2023, compared to HKD 3,029 million for the same period in 2022, representing a year-over-year increase of 61%[92]. Debt and Equity - The net debt amounted to HKD 66,915 million, a 52% increase from HKD 43,911 million year-on-year[5]. - The capital net debt ratio (excluding lease liabilities) was 21.4%, an increase of 7.7 percentage points from 13.7%[5]. - Total equity, including non-controlling interests, stood at HKD 312,933 million, down 3% from HKD 321,421 million[5]. - The net debt-to-equity ratio as of June 30, 2023, was 21.4%, with available liquidity of HKD 35.9 billion, expected to improve further following the sale of the US bottling business[8]. - The total borrowings and bonds as of June 30, 2023, stood at HKD 80,355 million, up from HKD 68,373 million at the end of 2022[77]. - The net debt-to-equity ratio as of June 30, 2023, increased to 28.7% from 27.6% as of December 31, 2022[84]. Dividends - The company declared an interim dividend of HKD 1.20 per 'A' share, a 4% increase from HKD 1.15 in the previous year[5]. - The group plans to distribute a special dividend of HKD 8.120 per 'A' share and HKD 1.624 per 'B' share, representing a 4% increase from the first interim dividend in 2022[8]. - The first interim dividend for the year ending December 31, 2023, is announced at HKD 1.20 per 'A' share and HKD 0.24 per 'B' share, totaling HKD 1.73 billion, compared to HKD 1.72 billion in 2022[120]. Segment Performance - The beverage segment recorded a recurring profit of HKD 1.627 billion, up 41% from HKD 1.152 billion in the first half of 2022, with total revenue increasing by 14% to HKD 30.42 billion[7]. - The property segment's attributable recurring profit for the first half of 2023 was HKD 3.188 billion, a 6% increase from HKD 2.994 billion in the same period of 2022[7]. - The airline segment, specifically Cathay Group, reported an operating profit of HKD 1,921 million[96]. - The beverage segment in mainland China reported revenue of HKD 13,202 million, contributing an operating profit of HKD 823 million[96]. Cash Flow and Investments - The net cash outflow before financing was HKD 3,493 million, a significant increase from HKD 2,243 million in the previous year[5]. - The group generated cash from operations amounting to HKD 7,206 million, an increase from HKD 6,147 million in the same period last year[76]. - The company reported a net cash inflow of HKD 633 million for the six months ended June 30, 2023, compared to a net outflow of HKD 9,165 million in the same period of the previous year[76]. - The company has committed approximately HKD 390 billion for planned investments, with HKD 170 billion allocated to mainland China and HKD 110 billion each for Hong Kong and residential projects[18]. Market Outlook and Strategy - The group expects stable demand for base maintenance and an increase in demand for line maintenance and engine overhaul services in the second half of 2023[10]. - The group continues to focus on long-term investment strategies despite economic uncertainties, driven by the recovery of Cathay Pacific's business[9]. - The company plans to continue expanding its market presence and investing in new technologies and products[96]. - The group anticipates moderate growth in sales in Hong Kong due to increased inbound tourism and improved local consumption demand[45]. Operational Metrics - The passenger load factor improved to 87.2%, up by 28 percentage points from 59.2% in the previous year[49]. - Available tonne-kilometers increased by 211.2% to 9,628 million, while available seat-kilometers surged by 1,111.3% to 37,053 million[49]. - The total sold hours for base maintenance services in the first half of 2023 reached 202,000 hours, a 13% increase compared to the same period in 2022[59]. Challenges and Risks - The company expects raw material prices and operating expenses to continue rising, impacting profitability negatively[45]. - The airline segment recorded a loss of HKD 2,250 million, reflecting ongoing challenges in the aviation industry[97]. - Cathay Pacific is facing antitrust lawsuits in various jurisdictions, with potential liabilities still under assessment, including a fine of EUR 57.12 million imposed by the European Commission[154].

Financial Performance - The company's profit attributable to shareholders increased by 121% to HKD 4,221 million compared to HKD 1,914 million in the previous year[6]. - Basic earnings rose by 219% to HKD 5,594 million from HKD 1,752 million year-on-year[6]. - Revenue for the period reached HKD 51,544 million, reflecting a 15% increase from HKD 44,808 million in the previous year[6]. - Operating profit decreased by 25% to HKD 5,079 million, down from HKD 6,794 million in the previous year[6]. - The total equity, including non-controlling interests, decreased by 3% to HKD 312,933 million from HKD 321,421 million[6]. - The attributable consolidated profit for the first half of 2023 was HKD 42.22 billion, compared to HKD 19.14 billion in the same period of 2022, reflecting a significant recovery[10]. - The company reported a total attributable profit of HKD 2,222 million for the first half of 2023, down from HKD 4,347 million in the same period of 2022[25]. - The attributable basic profit for the first half of 2023 was HKD 3,897 million, a decrease from HKD 4,149 million in the same period of 2022[27]. - The group recorded a property valuation loss of HKD 1,646 million in the first half of 2023, compared to a valuation gain of HKD 757 million in the first half of 2022[27]. - The group reported a decrease in profit from asset sales of HKD 9 million in the first half of 2023, compared to HKD 497 million in the same period of 2022[29]. Debt and Equity - The net debt increased by 52% to HKD 66,915 million from HKD 43,911 million year-on-year[6]. - The capital net debt ratio (excluding lease liabilities) rose to 21.4%, an increase of 7.7 percentage points from 13.7%[6]. - As of June 30, 2023, the company's net debt-to-capital ratio was 21.4%, with available liquid funds of HKD 35.9 billion[16]. - The anticipated profit from the sale of the US bottling business could reduce the net debt-to-capital ratio to 14.9%[16]. - The group’s total borrowings increased to HKD 80,355 million as of June 30, 2023, compared to HKD 68,373 million at the end of 2022[113]. - The net debt-to-equity ratio was 21.4% as of June 30, 2023, up from 13.7% in the previous year[121]. - The group reported a total net debt of HKD 38,471 million as of June 30, 2023, down from HKD 53,738 million at the end of 2022[123]. - The group's attributable share of net debt was HKD 22,951 million as of June 30, 2023, compared to HKD 30,360 million at the end of 2022[123]. Cash Flow and Operations - Cash generated from operations was HKD 7,206 million, up 17% from HKD 6,147 million in the previous year[6]. - The company reported a net cash generated from operations of HKD 5,153 million for the six months ended June 30, 2023, compared to HKD 4,261 million for the same period in 2022, representing a 20.9% increase[133]. - The group reported a net cash inflow from financing activities of HKD 4,126 million for the first half of 2023[112]. - The company’s operating cash flow before interest and tax payments was HKD 4,931 million, up from HKD 3,875 million, reflecting a growth of 27.3%[133]. Dividends and Share Buybacks - The company declared a dividend of HKD 1.20 per 'A' share, a 4% increase from HKD 1.15 in the previous year[6]. - The company announced an interim dividend of HKD 1.20 per 'A' share and HKD 0.24 per 'B' share, representing a 4% increase compared to the first interim dividend in 2022[15]. - The company repurchased shares amounting to HKD 680 million during the reporting period[134]. - The company paid dividends totaling HKD 2,675 million during the six months ended June 30, 2023[134]. Business Segments Performance - The beverage segment reported a 41% increase in attributable recurring profit to HKD 1.627 billion, up from HKD 1.152 billion in the first half of 2022, with total revenue rising 14% to HKD 30.44 billion[12]. - The real estate segment's attributable recurring profit was HKD 31.88 billion, a 6% increase from HKD 29.94 billion in the first half of 2022, driven by strong recovery in retail and hotel businesses in Hong Kong[11]. - The cargo business has been rebranded as "Cathay Cargo" to align with the main brand's vision and values, showing progress in capacity and network expansion[9]. - The aviation sector recorded a profit attributable to shareholders of HKD 1.796 billion in the first half of 2023, compared to a loss of HKD 2.236 billion in the same period of 2022[76]. - Cathay Pacific's passenger revenue reached HKD 25.013 billion, a significant increase of 1,109.5% year-on-year, with passenger numbers rising to 7.816 million, up 2,233.1%[74][78]. Market Expansion and Investments - The company is focusing on sustainable development and expanding into healthcare and sustainable food sectors[3]. - The group has committed approximately 40% of its HKD 100 billion investment plan in Hong Kong, mainland China, and Southeast Asia for various projects[8]. - The group is focusing on long-term investment opportunities in the Greater Bay Area, including Guangzhou and Shenzhen[8]. - The company plans to continue expanding its market presence in Southeast Asia and the United States, focusing on strategic acquisitions and new product developments[136]. Operational Challenges and Outlook - The anticipated profit from the sale of the US bottling business could reduce the net debt-to-capital ratio to 14.9%[16]. - The company expects its performance rebound in the first half of 2023 to continue into the second half, driven by the recovery of Cathay Pacific's business[18]. - The demand for office space in Hong Kong is expected to remain weak in the second half of 2023, with increased competition from Central and East Kowloon[38]. - The group expects to face challenges from labor shortages and rising costs, which may impact financial performance in the second half of 2023[107]. Sustainability and Community Engagement - The company is committed to sustainable development through its SwireTHRIVE strategy, focusing on reducing environmental impact and supporting local communities[17]. - The company is focusing on enhancing office quality and sustainability to meet tenant demands[38].

Business Operations - The company reported a significant presence in the Greater China region, with over 78.2 million consumers reached through its beverage distribution, including 21 carbonated beverage brands[5]. - As of December 31, 2022, the airline group operated a fleet of 222 aircraft, providing services to 81 destinations across 30 countries and regions, with an additional 21 countries served through code-sharing agreements[5]. - The real estate division has become one of the largest commercial property owners and retail operators in Hong Kong, managing major projects like Taikoo Place and Cityplaza[5]. - The company is actively seeking investment opportunities in the private healthcare sector, particularly in major urban areas in mainland China and Southeast Asia[5]. - The beverage sector is a key focus, with plans to expand distribution and product offerings in the Greater China region and beyond[5]. - The company is expanding its Coca-Cola bottling operations into Southeast Asia through acquisitions in Cambodia and Vietnam[10]. - The company is acquiring a 50% stake in a luxury retail development project in Sanya, marking its first project in Hainan[10]. - The company is focusing on developing high-end residential properties and expanding in Hong Kong and mainland China markets[19]. - The company is focusing on consolidating its position as a high-end shopping and leisure destination in mainland China[38]. Financial Performance - The profit attributable to shareholders rose by 25% to HKD 4,195 million in 2022, compared to HKD 3,357 million in 2021[7]. - The basic earnings per share for 'A' shares increased by 25% to HKD 2.81 in 2022, up from HKD 2.24 in 2021[7]. - Revenue decreased by 1% to HKD 91,693 million in 2022, down from HKD 92,830 million in 2021[7]. - The net debt increased by 47% to HKD 56,759 million in 2022, compared to HKD 38,655 million in 2021[7]. - The company announced a 15% increase in the 'A' share dividend to HKD 3.00 in 2022, up from HKD 2.60 in 2021[7]. - The operating cash flow decreased by 22% to HKD 12,043 million in 2022, down from HKD 15,453 million in 2021[7]. - The company's consolidated profit attributable to shareholders for 2022 was HKD 4.19 billion, compared to HKD 3.35 billion in 2021, representing an increase of approximately 25.4%[12]. - The basic profit attributable to shareholders, excluding the value changes of investment properties, was HKD 4.74 billion in 2022, down from HKD 5.29 billion in 2021, indicating a decrease of about 10.4%[12]. - The recurring basic profit for 2022 was HKD 3.8 billion, a decrease from HKD 4.88 billion in 2021, reflecting a decline of approximately 22%[12]. - The company reported an EBITDA of HK$5.545 billion in 2022, down from HK$5.791 billion in 2021, indicating a decline of about 4.3%[65]. - Operating profit decreased to HK$3.274 billion in 2022 from HK$3.512 billion in 2021, reflecting a decline of approximately 6.8%[65]. - The net profit attributable to shareholders was HK$2.392 billion in 2022, compared to HK$2.549 billion in 2021, marking a decrease of around 6.2%[65]. Investment and Expansion - The company is expanding its property portfolio with a HKD 100 billion investment plan, having already allocated HKD 39 billion for new projects[10]. - The company announced a HKD 100 billion investment plan to be allocated over the next decade, with HKD 30 billion for Hong Kong projects, HKD 50 billion for mainland China, and HKD 20 billion for residential sales projects[30]. - As of March 7, 2023, the company had committed approximately HKD 39 billion of the planned investment, including HKD 17 billion in mainland China and HKD 11 billion in Hong Kong[30]. - The company is focusing on expanding its hotel management business through management agreements outside of Hong Kong[54]. - The company is actively hiring and training employees to develop digital capabilities and enhance workforce diversity[188]. Corporate Governance - The company is committed to high standards of corporate governance and sustainable development practices to enhance its brand and reputation[4]. - The board of directors is responsible for strategic leadership and oversight, ensuring maximum returns for shareholders while considering the interests of stakeholders[151]. - The company has adopted a self-developed corporate governance code, which is available on its website, reflecting its commitment to evolving governance practices[150]. - The board has established three main committees: Audit Committee, Remuneration Committee, and Nomination Committee, to assist in fulfilling its responsibilities[153]. - The company emphasizes the importance of high-quality products and services to ensure customer satisfaction and long-term sustainable growth[150]. - The company has established effective mechanisms for obtaining independent viewpoints and opinions, with annual reviews of the independence of non-executive directors[156]. - The company has implemented a continuous professional development program for all directors, ensuring they stay updated on relevant knowledge and skills[161]. Market Conditions and Challenges - The performance of the hotel business continued to reflect a challenging operating environment due to pandemic-related impacts[12]. - The company experienced a doubling of daily trading volume following the share buyback announcement, indicating positive market reaction[12]. - Despite inflation and geopolitical tensions, the outlook for 2023 remains optimistic, particularly for the airline business as pandemic restrictions are lifted[14]. - The company faced challenges due to high turnover rates among skilled technicians, impacting service capacity[94]. - The company is closely monitoring financial markets and their impact on financial risks, while maintaining dialogue with banks regarding risk mitigation strategies[190]. Sustainability and Social Responsibility - The group aims to achieve net-zero carbon emissions by 2050, with interim targets to reduce greenhouse gas emissions by 50% by 2030 compared to 2018 levels[13]. - The company is committed to sustainability initiatives, including carbon reduction and responsible sourcing, to enhance its corporate citizenship[60]. - The company has established a dedicated governance structure to monitor environmental and sustainability risks[189]. - The company is adopting the NIST Cybersecurity Framework to enhance its cybersecurity and data protection policies[186]. Employee and Talent Management - The company employs over 29,000 staff in Hong Kong and more than 35,000 in mainland China, totaling nearly 80,000 employees globally[5]. - The company provides competitive compensation and benefits to attract, motivate, and retain talent across all levels[150]. - The company is actively recruiting talent to support business recovery[86]. - The company has a succession plan in place, regularly assessing the tenure of directors and maintaining a candidate list for potential new appointments[165].

Financial Performance - The company reported a profit attributable to shareholders of HKD 1,891 million for the six months ended June 30, 2022, compared to a loss of HKD 792 million in the same period last year[7]. - Basic earnings per share for 'A' shares increased by 38% to HKD 1.15, while 'B' shares reported HKD 0.23[7]. - Revenue for the period was HKD 44,596 million, reflecting a 5% decrease from HKD 46,738 million in the previous year[7]. - Operating profit reached HKD 6,760 million, a 42% increase from HKD 4,751 million year-on-year[7]. - The group recorded a basic profit of HKD 1.729 billion for the first half of 2022, an increase from HKD 1.256 billion in the same period of 2021, reflecting a significant recovery despite ongoing challenges[8]. - The group recorded a loss of HKD 22.36 billion in the first half of 2022, compared to a loss of HKD 12.54 billion in the same period of 2021[16]. - The recurring basic profit for the first half of 2022 was HKD 12.49 billion, an increase from HKD 7.86 billion in the same period of 2021[16]. - The company reported a net profit attributable to the company for the first half of 2022 was HKD 1,520 million, a decrease of 12% compared to the same period in 2021[55]. Cash Flow and Debt - The company achieved a net cash inflow from operations of HKD 6,147 million, down 42% from HKD 10,657 million in the previous year[7]. - The net debt amounted to HKD 43,911 million, a 12% increase from HKD 39,081 million[7]. - The capital net debt ratio (excluding lease liabilities) rose to 13.6%, up from 12.2% in the previous year[7]. - The net debt-to-equity ratio as of June 30, 2022, was 13.6%, with available liquid funds amounting to HKD 39.1 billion, allowing the company to execute long-term plans despite short-term market volatility[14]. - The company’s cash and cash equivalents decreased to HKD 13,590 million as of June 30, 2022, from HKD 22,894 million as of December 31, 2021[88]. - The company reported a net cash outflow of HKD 9,165 million for the six months ended June 30, 2022[86]. - The total borrowings and debt securities as of June 30, 2022, amounted to HKD 83,108 million, with HKD 25,464 million remaining undrawn[88]. Investment and Development - Swire Properties announced a HKD 100 billion investment plan, with 50% allocated to mainland China, focusing on expanding its property portfolio in the Greater Bay Area[8]. - The new Grade A office building at Taikoo Place is expected to add approximately 218,000 square feet of space to the property portfolio[8]. - Swire Properties is progressing with the development of its seventh integrated project in mainland China, Xi'an Taikoo Li, which is adjacent to a UNESCO World Heritage site[8]. - The company is involved in six residential development projects, three in Hong Kong and others in Indonesia and Vietnam, along with land reserves in Miami, USA[20]. - The total area under development and planned is 29,731,000 square feet, with 12,337,000 square feet in Hong Kong, 8,611,000 square feet in Mainland China, and 5,832,000 square feet in the United States[34]. Market Conditions and Outlook - The outlook for the hotel business remains challenging, with recovery dependent on the full resumption of cross-border travel and the easing of restrictions in mainland China, Hong Kong, and Taiwan[17]. - The demand for office space in Hong Kong is expected to remain weak in the second half of 2022, reflecting rising vacancy rates and increased new supply[17]. - The retail market in Hong Kong is showing signs of recovery, supported by the government's consumption voucher scheme and the release of pent-up local demand[17]. - The company anticipates passenger capacity to reach pre-pandemic levels by the end of the year, while cargo capacity is expected to reach 65% of pre-pandemic levels[12]. - The company is optimistic about medium to long-term prospects despite ongoing short-term challenges, particularly in the aviation sector[12]. Dividends and Shareholder Returns - The interim dividend was increased by 15% to HKD 1.15 per 'A' share and HKD 0.23 per 'B' share compared to the first interim dividend in 2021[8]. - The company paid dividends amounting to HKD 2,402 million during the period, an increase from HKD 1,502 million in the previous year[108]. Segment Performance - Swire Coca-Cola's attributable profit for the first half of 2022 was HKD 1.152 billion, a decrease of 22% compared to the same period in 2021, primarily due to the impact of COVID-19 and rising costs[10]. - The real estate division's recurring basic profit was HKD 2.971 billion, slightly lower than HKD 3.029 billion in the first half of 2021, demonstrating resilience amid challenging market conditions[11]. - The aviation sector's performance improved due to a reduction in losses, with cargo operations showing strong performance despite a slight decrease in load factor[16]. - The hotel business continued to suffer losses due to COVID-19 and related travel restrictions[29]. Financial Position and Assets - The total assets of the group amounted to HKD 428,341 million as of June 30, 2022, with property investments valued at HKD 317,102 million[112]. - The company's total liabilities decreased to HKD 67,849 million from HKD 63,872 million at the end of 2021, reflecting changes in both current and non-current liabilities[106]. - The net asset value stood at HKD 321,941 million as of June 30, 2022, down from HKD 324,168 million at the end of 2021[106]. - The company reported a significant foreign exchange loss of HKD 2,383 million during the period, compared to a gain of HKD 711 million in the previous year[105]. Strategic Initiatives - The company is focusing on sustainable development and exploring new business areas such as healthcare and sustainable food[6]. - The company plans to continue expanding its healthcare services, with the opening of Shenzhen New Wind and Harmony Hospital in May 2022[13]. - The company plans to invest at least HKD 20 billion in the healthcare sector by 2030, having already invested HKD 1.7 billion in private healthcare services in major urban areas of mainland China[77].

Financial Performance - In 2021, the company's equity return improved to 1.3%, up from -4.1% in 2020, representing a 5.4 percentage point increase [7]. - The company reported a profit attributable to shareholders of HKD 3,364 million, a significant recovery from a loss of HKD 10,999 million in the previous year [8]. - Basic profit for the year was HKD 5,300 million, compared to a loss of HKD 3,969 million in 2020 [8]. - The company achieved a recurring basic profit of HKD 4,885 million, a recovery from a loss of HKD 609 million in the previous year [8]. - Revenue increased to HKD 92,403 million, up 15% from HKD 80,032 million [9]. - Operating profit surged to HKD 10,522 million, a 290% increase from HKD 2,695 million [9]. - Basic earnings per share for 'A' shares improved to HKD 3.53, compared to a loss of HKD 2.64 in the previous year [10]. - Basic earnings per share for 'B' shares increased to HKD 0.71, up from a loss of HKD 0.53 [10]. - The company's attributable profit for 2021 was HKD 7,131 million, up from HKD 4,132 million in 2020, marking a significant increase of 72.5% [47]. - The company reported a loss of HKD 1,931 million from investment property valuation, an improvement from a loss of HKD 4,421 million in 2020 [44]. Dividends and Shareholder Returns - The 'A' share dividend per share increased by 53% to HKD 2.60, compared to HKD 1.70 in 2020 [7]. - The board announced an interim dividend of HKD 1.60 per 'A' share and HKD 0.32 per 'B' share for 2021, with a commitment to distribute at least half of recurring net profit as dividends [28]. - The company reported a second interim dividend of HKD 0.52 per share, with the ex-dividend date set for April 6, 2022 [29]. Debt and Financial Stability - Total equity, including non-controlling interests, reached HKD 324,168 million, a 2% increase from HKD 319,146 million [9]. - The net debt decreased slightly to HKD 38,655 million, down 1% from HKD 38,900 million [9]. - The capital to net debt ratio (excluding lease liabilities) improved to 11.9%, a decrease of 0.3 percentage points from 12.2% [9]. - The net debt-to-equity ratio as of December 31, 2021, was 11.9%, indicating strong financial stability [16]. - The net debt ratio at the end of 2021 was 11.9%, slightly lower than 12.2% at the end of 2020 [29]. Business Segments and Investments - The beverage division distributed Coca-Cola products to a population of 762 million in Greater China and the United States [5]. - The company holds an 18.13% stake in Cathay Pacific Airways, which operated 234 aircraft at the end of 2021 [5]. - The company completed the sale of its 50% stake in Hong Kong United Dockyards in September 2021 [5]. - The company plans to invest HKD 7 billion in a new retail-led integrated development project in Xi'an, China [15]. - The company is focusing on sustainable development and expanding into healthcare and sustainable food sectors [4]. - The company plans to continue seeking investment opportunities in private healthcare services, particularly in major urban areas in mainland China [5]. - Swire Properties plans to invest over HKD 100 billion in various development projects over the next decade, with more than half allocated to mainland China [18]. - The group aims to invest over HKD 20 billion in healthcare businesses in mainland China over the next decade [18]. Real Estate Performance - The recurring basic profit for the real estate sector remained stable at HKD 58.24 billion, compared to HKD 58.34 billion in the previous year, with significant growth in retail rental income from mainland China [16]. - The real estate sector continued to be the largest source of profit for the group, with a recurring net profit of HKD 5.824 billion in 2021, compared to HKD 5.834 billion in 2020 [28]. - The real estate segment maintained stable performance with a profit of HKD 5,824 million in 2021, slightly down from HKD 5,834 million in 2020 [199]. - The total floor area of completed properties reached 22,681 thousand square feet as of December 31, 2021, with ongoing developments adding an additional 2,860 thousand square feet [43]. - The total floor area of completed properties in Hong Kong is 12 million square feet, with an additional 1.2 million square feet under construction [39]. - The total area of properties under development in mainland China is projected to reach 1,685 thousand square feet, contributing to future growth [43]. Market Conditions and Challenges - The aviation sector's performance was impacted by ongoing travel restrictions, with a reported attributable loss of HKD 55.527 billion for 2021, compared to a loss of HKD 216.48 billion in 2020 [28]. - Cathay Pacific recorded a loss of HKD 23.8 billion in 2021, significantly reduced from a loss of HKD 97.551 billion in 2020, with a notable improvement in the second half of the year [28]. - The hotel business in mainland China and the U.S. is expected to recover strongly, while Hong Kong's hotel outlook remains challenging due to ongoing travel restrictions [30]. - The retail market in Hong Kong showed signs of recovery in 2021, but the resurgence of COVID-19 in early 2022 has impacted this recovery [116]. - The company faced increased raw material costs and operating expenses, which partially offset revenue growth [142]. Sustainability and Corporate Responsibility - The company is committed to sustainable development, integrating environmental, social, and governance elements into its operations [16]. - Swire Properties aims to reduce greenhouse gas emissions by 50% by 2030 and achieve net-zero carbon emissions by 2050 [30]. - The company is committed to investing in employee training and development to ensure fair and equal opportunities [30]. - The company aims to achieve net-zero carbon emissions by 2050 as part of its sustainability strategy [155]. Strategic Initiatives and Future Outlook - The company is enhancing its core businesses and consolidating its asset portfolio to prepare for new opportunities [29]. - The company is actively developing new products to meet changing consumer preferences, particularly in the beverage sector [29]. - The company continues to manage the Two Brickell City Centre and Three Brickell City Centre office buildings after their sale in 2020 [70]. - The company anticipates significant revenue growth in mainland China for 2022, assuming continued control of the pandemic and strong economic growth [145].

Financial Performance - The company reported a loss attributable to shareholders of HKD 792 million for the six months ended June 30, 2021, compared to a loss of HKD 7,737 million in the same period last year, representing a 90% decrease [5]. - Basic earnings per share for 'A' shares was HKD 0.84, a significant recovery from a loss of HKD 3.65 in the previous year [5]. - Revenue increased by 20% to HKD 46,738 million from HKD 39,056 million year-on-year [5]. - Operating profit reached HKD 4,751 million, a turnaround from an operating loss of HKD 1,670 million in the prior year [5]. - The group recorded a consolidated loss attributable to shareholders of HKD 7.92 billion in the first half of 2021, an improvement from a loss of HKD 77.37 billion in the same period of 2020 [10]. - The recurring basic profit for the first half of 2021 was HKD 786 million, compared to a recurring basic loss of HKD 1.23 billion in the same period of 2020 [10]. - The profit attributable to shareholders was HKD 1,992 million, up from HKD 1,045 million, marking an increase of 90.5% year-on-year [18]. - The group reported a total comprehensive income of HKD 1,639 million for the period, compared to a loss of HKD 792 million in the previous period [169]. Cash Flow and Debt Management - Cash generated from operations doubled to HKD 10,657 million, up 106% from HKD 5,176 million [5]. - The net debt decreased by 21% to HKD 39,081 million compared to HKD 49,277 million in the previous year [5]. - The company maintained a capital net debt ratio of 12.2%, down from 15.6% [5]. - The net debt-to-equity ratio as of June 30, 2021, was 12.2%, with available liquid funds amounting to HKD 54.6 billion [6]. - The company had total borrowings of HKD 63,114 million as of June 30, 2021, down from HKD 68,164 million at the beginning of the year [101]. - The net cash used in investment activities was HKD (6,198) million, reflecting a decrease from HKD (1,925) million in the previous year [100]. - The company’s cash and short-term deposits decreased to HKD 24,033 million from HKD 29,264 million at the end of 2020 [119]. - The group’s total liabilities reached HKD 110,556 million as of June 30, 2021, with non-controlling interests at HKD 56,307 million [128]. Dividends and Shareholder Returns - The interim dividend for 'A' shares was increased by 43% to HKD 1.00 from HKD 0.70 in the previous year [5]. - The first interim dividend declared is HKD 1.00 per 'A' share and HKD 0.20 per 'B' share, to be distributed on October 6, 2021 [11]. - The company aims to maintain a dividend policy that ensures sustainable growth, targeting to distribute at least half of recurring basic profits as dividends in the future [6]. - The company paid dividends amounting to HKD (2,386) million during the period, compared to HKD (3,360) million in the previous year [100]. Sector Performance - The property division was the largest source of profit for the group, with recurring basic profit of HKD 3.29 billion in the first half of 2021, compared to HKD 3.67 billion in the same period of 2020 [10]. - The beverage segment, Swire Coca-Cola, saw profits increase by 55% and 97% compared to the first half of 2020 and 2019, respectively [8]. - The aviation sector recorded a loss of HKD 3.25 billion in the first half of 2021, compared to a loss of HKD 9.25 billion in the same period of 2020 [10]. - The hotel business showed improvement, with performance in mainland China and the United States recovering [10]. - The property segment in mainland China recorded a valuation gain of HKD 1.181 billion, while the Hong Kong investment properties experienced a valuation loss of HKD 34.33 billion [8]. Future Outlook and Strategic Initiatives - The company is focused on sustainable development and long-term growth, emphasizing innovation and operational excellence [4]. - The company plans to continue investing in the healthcare sector and has identified multiple investment opportunities in the real estate sector in mainland China [6]. - The company expects the performance of Swire Properties to continue improving, particularly in mainland China, with several new real estate projects announced [6]. - The company plans to enhance its property portfolio through strategic partnerships and new developments in key markets [23]. - The company plans to invest at least HKD 20 billion in the healthcare sector by 2030, establishing it as a significant business [11]. Market Conditions and Challenges - The hotel business in Hong Kong remains challenging due to COVID-19 and travel restrictions, with recovery dependent on vaccination progress and border reopening [39]. - The real estate sector is expected to see strong retail market prospects in mainland China, while the outlook for Hong Kong remains uncertain [12]. - The anticipated completion of the redevelopment project "Taikoo Place Two" is expected in the first half of 2022, with a total floor area of approximately 1 million square feet [28]. - The company is adapting to market conditions and managing costs prudently, with expectations for the second half of 2021 to be similar to the first half [87].

Fleet and Operations - The company operates a fleet of 239 aircraft as of the end of 2020, including subsidiaries Hong Kong Express and Dragonair[10]. - Cathay Pacific operated a fleet of 199 aircraft as of December 31, 2020, with 43 new aircraft on order for future delivery[130]. - As of December 31, 2020, the Swire Ocean Development Group operated a fleet of 61 vessels, including supply and construction vessels[200]. - The total number of aircraft in the Cathay Pacific Group fleet as of December 31, 2020, was 239, with 92 passenger aircraft (44% of the fleet) relocated outside Hong Kong[143]. Financial Performance - The company's return on equity decreased to -4.1% from 3.3%, a decline of 7.4 percentage points[12]. - The earnings per share for 'A' shares dropped to HKD -7.32 from HKD 6.00, while 'B' shares fell to HKD -1.46 from HKD 1.20[12]. - Total revenue for the year was HKD 80,032 million, a decrease of 7% compared to HKD 85,652 million in the previous year[12]. - Operating profit plummeted by 80% to HKD 2,695 million from HKD 13,792 million[12]. - The company recorded a basic loss of HKD 3.969 billion in 2020, compared to a profit of HKD 17.797 billion in 2019, marking the first basic loss since its listing in 1959[19]. - The recurring basic loss for 2020 was HKD 609 million, a significant decline from a profit of HKD 7.221 billion in 2019[19]. - The company reported a consolidated loss attributable to shareholders of HKD 10.99 billion for 2020, compared to a profit of HKD 9.07 billion in 2019[32]. - The group’s attributable profit for 2020 was HKD 3,388 million, down 69.1% from HKD 11,007 million in 2019[56]. - The basic attributable profit decreased to HKD 12,705 million from HKD 24,143 million in 2019, reflecting a decline of 47.3%[57]. Revenue and Sales - The beverage division reported annual sales of 1.743 billion standard cases in 2020[172]. - Total revenue increased by 2% to HKD 45,657 million, including revenue from a joint venture, despite a 2% decline in sales volume to 1.743 billion cases[177]. - Revenue from the mainland China market was HKD 22,942 million, a 1% increase from HKD 22,087 million in 2019, while sales volume decreased by 4%[176]. - The company experienced a decline in revenue and sales volume in Hong Kong, with revenue down 6% to HKD 2,199 million and sales volume down 12%[176]. - The company's revenue from the United States market was HKD 18,008 million, an increase from HKD 17,196 million in 2019, with a sales volume increase of 4%[176]. Sustainability and Corporate Governance - The company aims to maintain sustainable growth and long-term shareholder value through prudent financial management and investment in high-potential markets[9]. - The company is committed to sustainable development and believes it contributes to long-term growth through innovation and efficiency improvements[9]. - The company has a strong commitment to corporate governance and maintaining its brand reputation[9]. - The greenhouse gas emissions reduced by 57% to 8.4 million tons of CO2 equivalent from 19.3 million tons[12]. - The energy consumption decreased by 58% to 112.1 million gigajoules from 264.3 million gigajoules[12]. Challenges and Market Outlook - The outlook for 2021 remains challenging due to ongoing pandemic impacts, with expected recurring losses in the first half of the year[23]. - The company’s operational environment in 2020 was extremely challenging, with passenger revenue dropping to only 2-3% of pre-pandemic levels[32]. - The hotel business in Hong Kong is facing challenges, with recovery dependent on travel restrictions and vaccination progress[34]. - The company anticipates continued pressure on retail rents in Hong Kong if the adverse effects of the COVID-19 pandemic persist[114]. Investment and Development - The company plans to focus on investment opportunities in the Greater China region, with a total capital commitment of HKD 26.7 billion[19]. - The company plans to invest heavily in capital expenditures despite the challenging market conditions[34]. - The company is expanding its product and packaging portfolio in the Coca-Cola segment, investing in production assets and digital capabilities[33]. - The company completed the sale of two office buildings in Miami in December 2020, indicating ongoing asset management strategies[33]. - The company has committed to provide capital contributions of HKD 13,327 million to joint ventures in mainland China as of December 31, 2020[108]. Employee and Operational Metrics - The company employs over 34,000 staff in Hong Kong and more than 34,000 in mainland China, totaling over 86,000 employees globally[10]. - The group employed over 25,600 staff globally, with approximately 80% based in Hong Kong as of December 31, 2020[130]. - The average age of the fleet was 10.1 years in 2020, slightly down from 10.3 years in 2019[135]. Sector Performance - The aviation sector, particularly Cathay Pacific, faced severe challenges, recording a loss of HKD 21.6 billion for the year[19]. - The real estate sector contributed the most to the group's performance, with recurring basic profit of HKD 45.84 billion in 2020, up 31% from HKD 35.28 billion in 2019[32]. - The recurring operating profit by region for 2020 was 40% from Mainland China, 49% from Hong Kong, 8% from the USA, and 3% from other regions[31].

Financial Performance - The company reported a loss attributable to shareholders of HKD 7,737 million for the six months ended June 30, 2020, a decrease of 197% compared to a profit of HKD 7,939 million in the same period last year[8]. - Basic loss per share for 'A' shares was HKD (5.15), down 197% from HKD 5.29 in the previous year[8]. - Revenue for the period was HKD 39,056 million, representing a 9% decrease from HKD 42,870 million in the prior year[8]. - Operating loss was HKD (1,670) million, a decline of 115% compared to an operating profit of HKD 10,866 million in the same period last year[8]. - The group reported a loss attributable to shareholders of HKD 7,737 million for the six months ended June 30, 2020, compared to a profit of HKD 7,939 million in the same period of 2019[120]. - The group’s total revenue for the six months ended June 30, 2020, was HKD 39,056 million, a decrease from HKD 42,870 million in the same period of 2019, representing a decline of approximately 8.5%[132]. Dividends - The company declared an interim dividend of HKD 0.70 per 'A' share, a decrease of 48% from HKD 1.35 in the previous year[8]. - The board declared an interim dividend of HKD 0.70 per 'A' share and HKD 0.14 per 'B' share, reflecting a reduction in dividends due to the challenging business environment[10]. - The board declared an interim dividend of HKD 0.70 per 'A' share and HKD 0.14 per 'B' share, totaling HKD 1.051 billion, a decrease from HKD 2.027 billion in the previous year[147]. Cash Flow and Debt - The net cash inflow from operations was HKD 5,176 million, an increase of 18% from HKD 4,368 million in the previous year[8]. - The net debt amounted to HKD 49,277 million, a slight increase of 1% from HKD 48,630 million[8]. - The company had total borrowings and debt securities of HKD 107,452 million as of June 30, 2020, with HKD 35,647 million remaining undrawn[106]. - The net cash generated from operating activities was HKD 3,158 million, up from HKD 2,917 million year-on-year, indicating a growth of 8.2%[123]. - The company’s total liabilities decreased to HKD 69,805 million from HKD 74,341 million, reflecting a reduction of 6.2%[122]. Impairments and Losses - The group recorded impairment and related expenses of HKD 24.65 billion in the first half of 2020, primarily related to 16 aircraft expected to be retired or returned[12]. - The company recorded a significant non-recurring item of impairment losses on property, plant, and equipment amounting to HKD 5,380 million[103]. - The loss from the revaluation of investment properties was HKD 2,743 million, while the deferred tax related to investment properties was HKD 68 million[102]. - The group recognized a net loss of HKD 3,951 million from other income/expenses for the six months ended June 30, 2020, compared to a net gain of HKD 1,192 million in the same period of 2019[140]. Sector Performance - Cathay Pacific recorded a loss of HKD 9.9 billion, with passenger revenue decreasing by 72% due to extensive travel restrictions caused by the COVID-19 pandemic[9]. - The trading and industrial segment experienced recurring losses, significantly impacted by the COVID-19 pandemic on Swire Resources[10]. - The beverage division anticipates revenue growth in mainland China in the second half of 2020, with growth rates expected to outpace sales volume[16]. - The marine services sector reported a loss of HKD 49.67 billion in the first half of 2020, compared to a loss of HKD 6.33 billion in the same period of 2019[82]. Market Outlook - The company anticipates a soft demand for office space in Hong Kong in the second half of 2020 due to economic weakness[14]. - The group anticipates that the travel industry will take years to recover to pre-crisis levels due to the unprecedented impact of the COVID-19 pandemic[43]. - The group is facing significant challenges due to the global health crisis, with the outlook remaining highly uncertain[43]. Operational Adjustments - The company plans to sell non-core assets to maintain financial health and capitalize on future opportunities[11]. - The company plans to optimize its operational scale and model in response to the current market outlook and cost structure[15]. - The company is in discussions with Xiamen authorities regarding relocating its facilities to the new airport, which is crucial for its operations[16]. Property and Investment - The property investment segment generated external revenue of HKD 6,121 million, with an operating profit of HKD 4,317 million, while the hotel segment reported an external revenue of HKD 274 million and an operating loss of HKD 197 million[125]. - The total rental income from investment properties was HKD 6,074 million for the six months ended June 30, 2020, compared to HKD 6,294 million in the same period of 2019, reflecting a decrease of about 3.5%[139]. - The total completed floor area owned by the group was 22,669 thousand square feet as of June 30, 2020[29]. Government Support - The group received government support of HKD 10.6 billion related to the COVID-19 pandemic[12].

Financial Performance - Total revenue for 2019 was HKD 85,652 million, a 1% increase from HKD 84,606 million in 2018[8] - Operating profit decreased by 55% to HKD 13,792 million from HKD 30,888 million in the previous year[8] - Profit attributable to shareholders dropped by 62% to HKD 9,007 million compared to HKD 23,629 million in 2018[8] - Cash generated from operations fell by 30% to HKD 12,817 million from HKD 18,328 million in 2018[8] - Net cash inflow before financing increased by 28% to HKD 22,910 million from HKD 17,919 million in the previous year[8] - The return on equity for 2019 was 3.3%, down from 9.0% in 2018, reflecting a decline of 5.7 percentage points[7] - The company's attributable basic profit reached HKD 17,797 million, representing a 109% increase compared to HKD 8,523 million in the previous year[10] - Basic earnings per share for 'A' shares increased by 109% to HKD 11.85 from HKD 5.68, while 'B' shares rose to HKD 2.37 from HKD 1.14[10] - The adjusted recurring profit for 2019 was HKD 10.59 billion, compared to HKD 9.51 billion in 2018, reflecting a significant increase[29] - The company reported a net profit attributable to shareholders of HKD 11,007 million in 2019, a significant decrease of 53% compared to HKD 23,437 million in 2018[47] Debt and Equity - Total equity, including non-controlling interests, rose by 1% to HKD 329,494 million from HKD 325,115 million[8] - Net debt decreased by 25% to HKD 46,688 million from HKD 62,667 million in 2018[8] - The net debt to equity ratio improved to 14.2%, a decrease of 5.1 percentage points from 19.3%[8] - The net debt-to-capital ratio at the end of 2019 was 14.2%, down from 19.3% at the end of 2018, with cash and undrawn financing amounting to HKD 40 billion[13] Dividends - The company maintained a dividend of HKD 3.00 per share, unchanged from the previous year[7] - The company maintained its dividend at the same level as 2018, distributing approximately 48% of basic profit as dividends over the past five years[14] - The company announced a second interim dividend of HKD 1.65 per 'A' share and HKD 0.33 per 'B' share, totaling HKD 3.00 per 'A' share and HKD 0.60 per 'B' share for the year[30] Sector Performance - The real estate sector was the largest source of profit, contributing HKD 62.69 billion in recurring profit, up from HKD 61.77 billion in 2018[29] - The aviation sector reported a profit of HKD 1.55 billion in 2019, down from HKD 1.78 billion in 2018, primarily due to challenges faced by Cathay Pacific[29] - The recurring profit from Swire Coca-Cola in 2019 was HKD 1.58 billion, an increase from HKD 1.35 billion in 2018[29] - The marine services sector recorded a recurring loss of HKD 1.34 billion in 2019, compared to a loss of HKD 1.12 billion in 2018[29] Market Challenges - The company anticipates significant challenges in 2020 due to the adverse effects of the COVID-19 pandemic, particularly impacting Cathay Pacific, with expected recurring losses in the first half of 2020[20] - The company noted a significant decline in office rental demand in Hong Kong starting in the second half of 2019 due to social events[29] - The retail sales in Hong Kong have been adversely affected by the COVID-19 pandemic, social events, and economic uncertainty, with a forecasted decline in aircraft maintenance demand due to reduced flight numbers[33] - The company anticipates a decline in rental income from retail properties and serviced apartments due to the impact of the COVID-19 pandemic[32] Property Development - The total floor area of completed properties in Hong Kong, including hotels, is 12.6 million square feet, with an additional 1.2 million square feet under construction[41] - In mainland China, the total area of commercial developments will reach 9.8 million square feet, with 9 million square feet already completed[41] - The company completed the sale of its 100% interest in two office buildings in Taikoo City in April 2019 and a 50% interest in another office building in July 2019[58] - A joint venture was established in July 2019 to acquire land in Jakarta for a residential project expected to provide over 400 units, slated for completion in 2023[58] - The company plans to relocate its facilities to a new airport in Xiamen, with discussions ongoing with local authorities[31] Future Outlook - The company plans to continue its long-term growth strategy, reflecting ongoing growth in mainland China and maintaining Hong Kong's status as a major international financial center[20] - The company expects stable office rental rates in Shanghai due to high occupancy rates in the Jing'an core business district despite weak demand[32] - The company anticipates that the demand for residential properties in the medium to long term will remain stable despite current weaknesses in the market[33] - The company plans to continue expanding its property portfolio in the future[61] Cathay Pacific Performance - Cathay Pacific Group's revenue for 2019 was HKD 15,901 million, an increase from HKD 14,892 million in 2018, representing a growth of 6.8%[133] - The operating profit for Cathay Pacific Group was HKD 1,048 million in 2019, down from HKD 1,140 million in 2018, reflecting a decrease of 8.1%[133] - The passenger revenue for Cathay Pacific Group was HKD 72,168 million, a decline of 1.3% from HKD 73,119 million in 2018[135] - The cargo revenue for the group decreased by 15.9% to HKD 23,810 million from HKD 28,316 million in 2018[135] - Cathay Pacific's financial performance for the year ending September 30, 2019, showed improvement compared to the previous year, with a significant gain from the sale of part of its stake in China Cargo Airlines, recording a profit of HKD 114 million[149] HAECO Performance - The revenue for Hong Kong Aircraft Engineering Company (HAECO) was HKD 15,901 million in 2019, an increase from HKD 14,892 million in 2018, reflecting a growth of approximately 6.8%[152] - HAECO's attributable profit for 2019 was HKD 825 million, up from HKD 760 million in 2018, indicating an increase of about 8.6%[155] - HAECO's operating profit for 2019 was HKD 1,048 million, down from HKD 1,140 million in 2018, reflecting a decrease of approximately 8.1%[152] - HAECO's share of profit from Hong Kong Aircraft Engineering Company increased by 11% to HKD 415 million, driven by an increase in the number of engines serviced[161] Swire Coca-Cola Performance - In 2019, Swire Coca-Cola recorded attributable profit of HKD 1.686 billion, including non-recurring gains of HKD 85 million from the sale of a factory in Yunnan, China, and HKD 17 million from the sale of a sales center in the US[180] - Total revenue increased by 5% to HKD 44.719 billion, with sales volume rising by 2% to 1.786 billion standard boxes[180] - In mainland China, attributable profit was HKD 941 million, with a 35% increase in profit after excluding non-recurring gains from the sale of a factory[191] - In Hong Kong, attributable profit decreased by 10% to HKD 207 million, with total sales volume down by 3%[193]

Financial Performance - The company's attributable profit for the first half of 2019 was HKD 7,939 million, a decrease of 41% compared to HKD 13,501 million in the same period of 2018[5]. - The recurring basic profit increased to HKD 4,226 million, representing a 40% increase from HKD 3,026 million year-on-year[5]. - Revenue for the first half of 2019 was HKD 42,870 million, a slight increase of 1% from HKD 42,265 million in the previous year[5]. - The attributable consolidated profit for the first half of 2019 is HKD 7.93 billion, a decrease of 41% compared to the same period in 2018, primarily due to withholding tax on dividends received from the US[9]. - The recurring basic profit attributable to shareholders for the first half of 2019 is HKD 15.84 billion, an increase from HKD 6.54 billion in 2018, reflecting significant gains from property sales[9]. - The company reported a profit of HKD 9,800 million for the six months ended June 30, 2019, compared to HKD 17,656 million for the same period in 2018[110]. - The total profit for the same period was HKD 16,317 million, compared to HKD 15,438 million in 2018, reflecting a growth of 5.7%[109]. - The net profit attributable to shareholders for the six months ended June 30, 2019, was HKD 7,939 million, down from HKD 13,501 million in 2018, indicating a decrease of 41.1%[109]. Cash Flow and Debt Management - The net cash inflow before financing was HKD 15,260 million, an increase of 89% compared to HKD 8,075 million in the same period last year[5]. - The net debt decreased by 28% to HKD 48,630 million from HKD 67,272 million year-on-year[5]. - The capital net debt ratio improved to 14.7%, down from 20.9% in the previous year, marking the lowest level since 2007[7]. - As of June 30, 2019, the net debt was HKD 48.6 billion, a decrease of 22% compared to the end of 2018, with a net debt to equity ratio of 14.7%, down 4.6 percentage points from the end of 2018[11]. - The total borrowings and bonds as of June 30, 2019, were HKD 69,597 million, down from HKD 71,779 million at the beginning of the year[92]. - The company recognized a significant non-recurring loss of HKD 11,937 million from the sale of investment property interests[89]. - The company paid dividends totaling HKD 3,589 million during the first half of 2019, compared to HKD 2,450 million in 2018[91]. - The total liabilities, including lease liabilities, amounted to HKD 97,930 million as of June 30, 2019[104]. Investment and Strategic Developments - The company completed the acquisition of low-cost airline Hong Kong Express in July 2019, supporting its strategic development[6]. - The company plans to continue core investment initiatives in Hong Kong and mainland China to seize new opportunities[7]. - The company is investing HKD 15 billion to redevelop Taikoo Place in Hong Kong, with the second phase expected to be completed in 2021 or 2022[9]. - The company completed the sale of its interests in three properties in Taikoo Shing and is also developing new residential projects in Singapore and Indonesia[9]. - The company announced the launch of its first residential project "EDEN" in Singapore, offering 20 residential units with a total floor area of approximately 77,000 square feet, expected to complete in Q4 2019[22]. - The company completed the acquisition of land in South Jakarta for a residential project expected to provide over 400 units, scheduled for completion in 2023[22]. Sector Performance - The real estate sector remains the largest source of profit, with recurring basic profit from this sector amounting to HKD 33.19 billion in the first half of 2019, up from HKD 30.58 billion in 2018[9]. - The aviation segment recorded a profit of HKD 1.347 billion in the first half of 2019, compared to a loss of HKD 263 million in the same period of 2018, indicating a positive turnaround[9]. - The trading and industrial segment recorded an attributable profit of HKD 60 million in the first half of 2019, compared to HKD 154 million in the same period of 2018, reflecting a decline[9]. - The hotel business recorded a profit of HKD 706 million in the first half of 2019, compared to a loss in the same period of 2018[22]. - The beverage segment reported revenue of HKD 21,169 million for the six months ended June 30, 2019, an increase of 3.1% compared to HKD 20,538 million in the same period of 2018[58]. Market Conditions and Challenges - The company continues to face challenges in the aviation environment due to geopolitical tensions and trade disputes, impacting overall revenue performance[9]. - Retail sales at Pacific Place shopping mall decreased by 4% due to reduced consumer spending from visitors, particularly from Mainland China[26]. - The real estate sector anticipates an increase in vacancy rates in Central Hong Kong, exerting downward pressure on office rents, while demand for office space in other regions remains strong[12]. - The hotel sector in Hong Kong is expected to maintain a stable operating environment, although occupancy rates may be affected by ongoing protests[13]. - Recent protests in Hong Kong have negatively impacted visitor numbers and seat bookings[45]. Corporate Governance and Shareholder Information - The company has complied with all relevant corporate governance codes during the reporting period, except for certain provisions deemed not beneficial to shareholders[176]. - The report emphasizes the importance of understanding the equity structure and shareholder rights as part of corporate governance considerations[182]. - The total issued and paid-up capital as of June 30, 2019, was HKD 1,294 million, consisting of 905,206,000 'A' shares and 2,981,870,000 'B' shares[166]. - Swire Group's overall equity interest in the company was 55.12%, with associated voting rights of 64.12%[185].