万洲国际(00288) - 2024 - 中期业绩

Financial Performance - Revenue declined by 6.3% to $12.293 billion, primarily due to lower sales volumes[8] - Profit attributable to the company's owners rose by 81.2$694 million, with basic earnings per share increasing to 5.41 cents[1] - The company experienced significant profit growth during the review period, driven by favorable market conditions and operational reforms in pig farming, leading to improved performance in the US pork business[35] - The net profit for the six months ended June 30, 2024, was $892 million, an increase of 65.0$540 million in the same period of 2023[38] - Basic earnings per share for the six months ended June 30, 2024, were 6.11 cents, compared to 3.27 cents for the same period in 2023[38] - The group's profit before tax for the six months ended June 30, 2024, was $1,171 million, compared to$657 million in the same period of 2023, indicating a significant increase[49] Sales and Production - Meat product sales decreased by 6.0% to 1,501 thousand tons, while pork sales decreased by 10.0% to 1,823 thousand tons[1] - Total pig slaughter volume decreased by 12.2% to 22.29 million heads, with a notable 31.9% drop in China attributed to intense market competition and weak consumer demand[10] - Total pork imports into China decreased by 27.3% to 1.11 million tons[5] - The pork business accounted for 54.3% of the group's revenue and 47.7% of operating profit during the review period[3] - Revenue for meat products decreased by 2.4% to $6.491 billion, with a significant decline of 13.4$3,943 million, while the pork segment generated $2,710 million, contributing to a total revenue of$6,674 million for the region[47] Operating Profit and Costs - Operating profit increased by 78.4% to $1.140 billion, driven by the turnaround in the pork business[8] - Operating profit for meat products increased by 6.5$1.137 billion, driven by a 70.3% increase in Europe due to improved product mix and the acquisition of Argal[9] - Operating profit for pork products turned positive at $95 million, a significant improvement from an operating loss of$409 million in the previous period, mainly due to reduced losses in the U.S. and Mexico[11] - Financial costs decreased by 12.9% to $74 million due to a decline in average loan interest rates, with an average interest rate of 3.1$11,865 million, up from $11,856 million as of December 31, 2023[39] - The company’s total liabilities increased to$4,658 million as of June 30, 2024, from $4,037 million at the end of the previous period[40] - The company’s total equity as of June 30, 2024, was$10,770 million, an increase from $10,575 million as of December 31, 2023[40] - The debt-to-equity ratio and net debt-to-equity ratio as of June 30, 2024, were 31.3$797 million as of June 30, 2024, down from $1.156 billion at the end of 2023[14] - The company reported a net cash outflow from investing activities of$459 million for the six months ended June 30, 2024, compared to $363 million in the same period of 2023[41] - Capital expenditures for the six months ended June 30, 2024, totaled$349 million, with significant investments in production facilities in China, the U.S., and Europe[27] Acquisitions and Restructuring - The company completed the acquisition of a high-end dry sausage production facility in Tennessee, expected to enhance its growth strategy in value-added meat products[22] - The acquisition of 50.1% of Argal Alimentación, S.A. was completed in March 2024, establishing a solid platform for growth in Spain and Europe[23] - The company incurred exit costs of $10 million related to restructuring in Missouri and Utah, down from$19 million in the previous period[24] Risk Management and Compliance - The company has established a risk management committee to oversee the development and implementation of its risk management system[28] - The company is continuously monitoring foreign exchange risks and hedging against significant risks as necessary[30] - The company has established environmental policies and procedures to comply with local laws and regulations, ensuring the management of operational risks related to its biological assets[59] - The audit committee consists of three independent non-executive directors, ensuring compliance with financial reporting and internal controls[67] Dividends and Shareholder Returns - The company declared a final dividend of HK$0.25 per share for the year ended December 31, 2023, consistent with the previous year, and an interim dividend of HK$0.10 per share for the six months ended June 30, 2024, up from HK$0.05 per share in the prior year[56] - The company reported a mid-term dividend of HKD 0.10 per share for the six months ending June 30, 2024, compared to HKD 0.05 per share in 2023, totaling approximately HKD 12.83 billion (about USD 1.64 billion) for shareholders[70] Employee and Compensation - The company employed approximately 101,000 employees as of June 30, 2024, with total compensation expenses amounting to$2.009 billion, a decrease of 3.8% compared to the previous period[20]