太古地产(01972) - 2024 - 中期业绩

Financial Performance - Revenue for the first half of 2024 was HK$7,279 million, showing no significant change compared to HK$7,297 million in the same period of 2023[3] - Basic profit attributable to shareholders decreased by 1% to HK$3,857 million in the first half of 2024, compared to HK$3,901 million in 2023[3] - Recurring basic profit attributable to shareholders decreased by 8% to HK$3,570 million in the first half of 2024, down from HK$3,892 million in 2023[3] - Reported profit attributable to shareholders dropped by 19% to HK$1,796 million in the first half of 2024, compared to HK$2,223 million in 2023[3] - Cash flow from operations decreased by 12% to HK$3,701 million in the first half of 2024, down from HK$4,221 million in 2023[3] - Net debt increased by 3% to HK$37,796 million as of June 30, 2024, compared to HK$36,679 million at the end of 2023[3] - The company's capital net debt ratio increased by 0.6 percentage points to 13.3% as of June 30, 2024[3] - The first interim dividend increased by 3% to HK$0.34 per share in 2024, compared to HK$0.33 in 2023[3] - The company's total revenue for the first half of 2024 was HKD 7.279 billion, compared to HKD 7.297 billion in the same period in 2023[31] - The company's reported profit attributable to shareholders for the first half of 2024 was HKD 1,796 million, compared to HKD 2,223 million in the same period in 2023[32] - The fair value loss on investment properties for the first half of 2024 was HKD 831 million, a decrease from HKD 1,648 million in the first half of 2023[32] - The basic profit for the first half of 2024 was HKD 3,857 million, a slight decrease from HKD 3,901 million in the first half of 2023[34] - The recurring basic profit (excluding profit from asset sales) for the first half of 2024 was HKD 3,570 million, down from HKD 3,892 million in the first half of 2023[34] - Revenue for the six months ended June 30, 2024, was HKD 7,279 million, compared to HKD 7,297 million in the same period in 2023, showing a slight decrease[156] - Profit before tax for the six months ended June 30, 2024, was HKD 3,098 million, compared to HKD 3,218 million in the same period in 2023[142] - Net profit attributable to company shareholders was HKD 1,796 million for the six months ended June 30, 2024, down from HKD 2,223 million in the same period in 2023[142] - Basic and diluted earnings per share for the six months ended June 30, 2024, were HKD 0.31, compared to HKD 0.38 in the same period in 2023[142] - Total comprehensive income for the six months ended June 30, 2024, was HKD 262 million, up from HKD 165 million in the same period in 2023[143] - Net financial expenses for the six months ended June 30, 2024, were HKD 469 million, compared to HKD 179 million in the same period in 2023[142] - Investment property fair value changes resulted in a loss of HKD 842 million for the six months ended June 30, 2024, compared to a loss of HKD 1,332 million in the same period in 2023[142] - Tax expenses for the six months ended June 30, 2024, were HKD 1,208 million, up from HKD 954 million in the same period in 2023[142] - Total assets decreased from HKD 336,699 million in 2023 to HKD 333,741 million in 2024[144] - Investment properties decreased slightly from HKD 281,463 million in 2023 to HKD 280,396 million in 2024[144] - Cash and cash equivalents increased from HKD 5,097 million in 2023 to HKD 5,528 million in 2024[144] - Net cash from operating activities decreased from HKD 3,374 million in 2023 to HKD 2,445 million in 2024[145] - Net cash used in investing activities decreased significantly from HKD 6,761 million in 2023 to HKD 1,161 million in 2024[145] - Net cash from financing activities turned negative, from HKD 3,247 million in 2023 to HKD (765) million in 2024[145] - Total equity decreased from HKD 288,149 million in 2023 to HKD 284,155 million in 2024[144] - Dividends paid to company shareholders increased from HKD 3,978 million in 2023 to HKD 4,212 million in 2024[145] - Long-term borrowings and bonds increased from HKD 33,606 million in 2023 to HKD 34,403 million in 2024[144] - Trade and other receivables increased slightly from HKD 3,506 million in 2023 to HKD 3,584 million in 2024[144] - The company's total equity as of June 30, 2024, was HKD 284,155 million, a decrease from HKD 288,149 million at the beginning of the year[146] - The company reported a profit for the period of HKD 1,796 million, with a total comprehensive income of HKD 205 million[146] - Property investment segment generated HKD 6,727 million in external revenue and HKD 4,170 million in operating profit after depreciation and amortization[147] - The property trading segment recorded a loss of HKD 54 million in operating profit after depreciation and amortization[147] - The hotel segment reported a loss of HKD 57 million in operating profit after depreciation and amortization[147] - Investment property fair value changes resulted in a loss of HKD 842 million[147] - Total assets of the group as of June 30, 2024, were HKD 353,849 million, with property investment contributing HKD 287,181 million[148] - Total liabilities of the group as of June 30, 2024, were HKD 69,694 million, with property investment liabilities at HKD 51,529 million[149] - Non-controlling interests as of June 30, 2024, amounted to HKD 3,080 million[149] - Rental income from investment properties for the six months ended June 30, 2024, was HKD 6,665 million, slightly down from HKD 6,677 million in the same period in 2023[156] - Revenue from property sales for the six months ended June 30, 2024, was HKD 88 million, compared to HKD 89 million in the same period in 2023[156] - Hotel revenue for the six months ended June 30, 2024, was HKD 464 million, down from HKD 476 million in the same period in 2023[156] - Direct leasing expenses related to investment properties for the six months ended June 30, 2024, were HKD 1,501 million, up from HKD 1,483 million in the same period in 2023[157] - Total sales cost for the six months ended June 30, 2024, was HKD 2,004 million, compared to HKD 1,970 million in the same period in 2023[157] - Other losses net amount for the six months ended June 30, 2024, was HKD 103 million, compared to HKD 65 million in the same period in 2023[158] - Trade receivables impairment expense for the six months ended June 30, 2024, was HKD 6 million, down from HKD 9 million in 2023[160] - Staff costs for the six months ended June 30, 2024, increased to HKD 1,170 million from HKD 1,041 million in 2023[160] - Current tax expense for the six months ended June 30, 2024, was HKD 674 million, up from HKD 617 million in 2023[163] - Deferred tax expense related to investment property fair value changes for the six months ended June 30, 2024, was HKD 397 million, compared to HKD 88 million in 2023[163] - The company declared an interim dividend of HKD 0.34 per share for the year ending December 31, 2024, totaling HKD 1,989 million[166] - Basic earnings per share for the six months ended June 30, 2024, were HKD 1.796 billion, down from HKD 2.223 billion in 2023[167] - The weighted average number of ordinary shares outstanding during the period was 5.85 billion[167] - Property, plant, and equipment decreased from HKD 6,849 million to HKD 6,188 million, with a net book value of HKD 3,381 million as of June 30, 2024[169] - Investment properties decreased slightly from HKD 281,271 million to HKD 280,396 million, with fair value losses of HKD 842 million[170] - Intangible assets decreased from HKD 1,939 million to HKD 1,914 million, with a net book value of HKD 1,496 million as of June 30, 2024[171] - Right-of-use assets increased to HKD 2,759 million, with additions of HKD 14 million during the period[173] - Total cash outflows for leases amounted to HKD 64 million, including HKD 10 million for interest and HKD 39 million for principal repayments[174] - Joint venture equity increased to HKD 19,860 million, with a significant acquisition in the YTD Phase II project increasing the company's stake to 49.895%[175] - Associates' equity decreased slightly to HKD 9,663 million, with goodwill remaining unchanged at HKD 670 million[176] - The fair value of financial instruments classified as Level 2 was HKD 99 million, while Level 3 was HKD 629 million, totaling HKD 728 million as of June 30, 2024[177] - The fair value of financial liabilities, including long-term borrowings and bonds, was HKD 42,198 million as of June 30, 2024, compared to HKD 40,598 million as of December 31, 2023[182] - The fair value of non-listed equity investments increased by HKD 6 million during the period, reaching HKD 629 million as of June 30, 2024[179] - The fair value of a put option for a non-controlling interest in the US increased by HKD 48 million, reaching HKD 645 million as of June 30, 2024[179] - Trade receivables decreased to HKD 375 million as of June 30, 2024, from HKD 500 million as of December 31, 2023[185] - Other receivables increased to HKD 3,070 million as of June 30, 2024, from HKD 2,889 million as of December 31, 2023[185] - The fair value of derivative financial instruments used for hedging purposes was HKD 99 million in assets and HKD 10 million in liabilities as of June 30, 2024[184] - The discount rate used for the valuation of the put option for a non-controlling interest in the US remained at 6.3% as of June 30, 2024[180] - The fair value of financial instruments classified as Level 3 is determined using unobservable inputs such as yield and market price, which do not significantly alter the valuation under reasonable assumptions[180] - The company does not engage in speculative derivative transactions and uses derivatives solely for risk management purposes[183] - Trade payables decreased to HKD 859 million as of June 30, 2024, from HKD 1,046 million as of December 31, 2023[187] - Rental deposits from tenants increased to HKD 3,046 million as of June 30, 2024, from HKD 2,965 million as of December 31, 2023[187] - Deferred tax liabilities increased to HKD 14,368 million as of June 30, 2024, from HKD 13,994 million as of January 1, 2024[189] - The company's reserves totaled HKD 270,626 million as of June 30, 2024, with a profit reserve of HKD 274,273 million[192] - Non-controlling interests increased to HKD 3,080 million as of June 30, 2024, from HKD 3,067 million as of January 1, 2024[193] - Capital commitments for investment properties amounted to HKD 17,809 million as of June 30, 2024, with HKD 5,443 million contracted but not provided[194] - The company committed to injecting HKD 1,817 million into joint ventures as of June 30, 2024, compared to HKD 275 million as of December 31, 2023[195] - Guarantees provided for joint ventures' bank loans and other liabilities totaled HKD 4,062 million as of June 30, 2024, up from HKD 3,996 million as of December 31, 2023[196] - Service fees paid to Hong Kong Swire Group for the six months ended June 30, 2024, amounted to HKD 99 million, compared to HKD 106 million in the same period in 2023[197] - Administrative service costs shared with Hong Kong Swire Group for the six months ended June 30, 2024, were HKD 59 million, up from HKD 49 million in the same period in 2023[197] - Rent received from Hong Kong Swire Group's member companies under the lease framework agreement for the six months ended June 30, 2024, totaled HKD 52 million, slightly down from HKD 53 million in the same period in 2023[198] - Rent received from Swire Pacific's member companies under the lease framework agreement for the six months ended June 30, 2024, was HKD 24 million, up from HKD 21 million in the same period in 2023[198] - Interest income from joint ventures for the six months ended June 30, 2024, increased to HKD 73 million from HKD 54 million in the same period in 2023[199] - Service revenue provided to joint ventures for the six months ended June 30, 2024, rose to HKD 35 million from HKD 31 million in the same period in 2023[199] - Rent income from related parties for the six months ended June 30, 2024, was HKD 52 million, compared to HKD 53 million in the same period in 2023[199] - Hotel income from related parties for the six months ended June 30, 2024, remained stable at HKD 7 million, consistent with the same period in 2023[199] - The lease framework agreement with Hong Kong Swire Group and Swire Pacific was renewed for another three years, effective from January 1, 2025, to December 31, 2027[198] - The service agreement with Hong Kong Swire Group was renewed for three years on October 1, 2022, and will expire on December 31, 2025[197] Investment and Development - The company has committed over 60% of its HKD 100 billion investment plan, with HKD 50 billion allocated to the Mainland China market, HKD 30 billion to Hong Kong's core commercial properties, and HKD 20 billion to residential projects in Hong Kong, Mainland China, and Southeast Asia[7] - The company's investment plan outlines a growth roadmap for the next decade, with confidence in long-term growth in Hong Kong and Mainland China, particularly in Beijing, Shanghai, and the Greater Bay Area[7] - The company is actively pursuing a capital recycling strategy, exploring opportunities to sell non-core assets to strengthen its balance sheet and support future investment plans[7] - The company's new investment projects in Mainland China, including large-scale developments in Beijing, Shanghai, Sanya, and Xi'an, are progressing well, with increasing contributions to rental income growth[7] - The company completed the latest phase of the Taikoo Place redevelopment, including the opening of Taikoo Place One and Two, adding 70,000 square feet of green space, and introducing new dining concepts[8] - The company expanded its Pacific Place portfolio in Admiralty, including the completion of the new Grade A office building Pacific Place Six, with ongoing infrastructure improvements enhancing connectivity[8] - The company plans to expand its investment in the Greater Bay Area, including a large-scale retail development project in Guangzhou's Liwan District in collaboration with Guangzhou Pearl River Industrial Group[12] - The company successfully acquired a new retail property at Tianhe Road 387 in Guangzhou, which will be renovated and added to the Taikoo Hui luxury retail portfolio by August 2024[12] - The company is upgrading existing projects in mainland China, including Beijing's Sanlitun Taikoo Li North and Shanghai's Taikoo Hui, to expand its luxury retail portfolio[12] - The company aims to develop 11 retail-led commercial projects in 6 mainland Chinese cities by 2027[12] - The company plans to double its total floor area in mainland China by 2032 under a HKD 100 billion investment plan[14] - The company has two major investments in Shanghai's Pudong District, including the Qiantan Integrated Development Project and the newly named Lujiazui Taikoo Source[14] - The company announced plans to increase its stake in Beijing's INDIGO Phase II, with the transaction completed in August 2024[14] - The company has launched its first high-end residential brand in mainland China as part of the Lujiazui Ta