恒隆集团(00010) - 2024 - 中期业绩

Revenue Performance - Total revenue for the six months ended June 30, 2024, increased by 15% to HKD 6,379 million, with property sales revenue of HKD 1,228 million compared to HKD 2 million in 2023[5] - Revenue for the six months ended June 30, 2024, was HKD 6,379 million, an increase of 15.4% compared to HKD 5,525 million in 2023[56] - The hotel segment recorded a 3% increase in revenue, indicating some recovery in domestic business and leisure travel[9] - The company's shopping mall revenue decreased by 3% in the first half of 2024 compared to the same period in 2023, with high-end malls experiencing a 4% decline[10] - Total revenue from property leasing decreased by 5% to RMB 668 million compared to RMB 701 million in 2023[17] Profitability and Earnings - Basic earnings attributable to shareholders decreased by 18% to HKD 1,281 million, resulting in basic earnings per share of HKD 0.94[5] - Net profit for the period was HKD 1,526 million, down 47.5% from HKD 2,909 million in the previous year[51] - Net profit attributable to shareholders was HKD 888 million, a decrease of 47.5% compared to HKD 1,682 million in the previous year[57] - Basic and diluted earnings per share for 2024 were HKD 0.94, down from HKD 1.15 in 2023, reflecting a decline of 18.3%[68] - Total comprehensive income for the period was HKD 870 million, compared to a loss of HKD 644 million in 2023[51] Property and Investment Valuation - The total value of investment properties as of June 30, 2024, was HKD 201.301 billion, with a revaluation loss of HKD 715 million[26] - The fair value of investment properties decreased by HKD 715 million, contrasting with an increase of HKD 241 million in the previous year[50] - The Hong Kong property portfolio recorded a revaluation loss of HKD 282 million, compared to a gain of HKD 33 million in 2023, representing a decline of less than 1% from the valuation as of December 31, 2023[27] - The impact of property fair value changes on shareholders' net profit was HKD 656 million for 2024, compared to a negative impact of HKD 202 million in 2023[67] Debt and Financial Position - The net debt-to-equity ratio increased to 30.2% from 28.6% in the previous year[4] - The total borrowing as of the reporting date was HKD 53.715 billion, an increase from HKD 50.693 billion as of December 31, 2023, with 35% denominated in RMB[35] - The net financial expenses increased by 19% to HKD 1.069 billion in the first half of 2024, with an average effective borrowing rate rising to 4.4%[42] - The interest coverage ratio for the first six months of 2024 was 3.2 times, down from 4.4 times in 2023[42] - The average repayment term of the overall debt portfolio is 3.0 years, with approximately 65% of loans due for repayment in over 2 years[39] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.21 per share, unchanged from the previous year[7] - The interim dividend declared was HKD 286 million, consistent with the previous year[64] Market and Operational Insights - The luxury goods market weakened, particularly affecting Shanghai's business, with high-end mall revenues down 4%[12] - The retail outlook for the second half of 2024 is conservative due to ongoing challenges in Hong Kong, with expected weak demand for office leasing[49] - The company plans to enhance tenant mix and implement promotional activities to drive foot traffic and customer spending[8] - The company launched various marketing activities to enhance customer experience and increase foot traffic across its malls[15] Future Projects and Developments - The Kunming project includes 254 residences and a hotel with 331 rooms, both expected to receive completion certificates in April 2024, with the hotel planned to open in Q3 2024[29] - The Hangzhou project, which includes a shopping center and luxury hotel, is expected to open in H2 2026, with other parts of the project to be completed in phases starting in 2025[29] - The Shanghai project has received government approval for a new retail building of approximately 3,000 square meters, expected to be completed in 2026[30] Employee and Operational Costs - Employee costs for the first half of 2024 amounted to HKD 936 million, with a total workforce of 4,141 employees[74] - The company has implemented a strict credit policy to minimize credit risk, including rigorous assessments of tenants[71]