九龙仓置业(01997) - 2021 - 中期财报

Financial Performance - The group's underlying profit decreased by 15% to HKD 3.27 billion, compared to HKD 3.84 billion in 2020, resulting in earnings per share of HKD 1.08, down from HKD 1.27 in 2020[3]. - The group's revenue recorded a 10% increase, while operating profit and underlying net profit declines narrowed to 11% and 15%, respectively[5]. - The group's revenue increased by 10% to HKD 7.48 billion, driven by property sales from listed subsidiary Hutchison Port Holdings[17]. - Basic earnings per share for shareholders were HKD 0.98, compared to a loss of HKD 1.47 per share in the previous year[21]. - The group's net profit attributable to shareholders was HKD 2.97 billion, a significant recovery from a loss of HKD 4.45 billion in the previous year[21]. - The group’s basic net profit decreased by 15% to HKD 3.27 billion, compared to HKD 3.84 billion in the previous year[21]. - The group reported a profit of HKD 2.954 billion for the period, a turnaround from a loss of HKD 4.853 billion in the previous year[35]. - The group’s operating profit for the six months was HKD 4,428 million, down from HKD 4,966 million in the previous year, reflecting a decrease of approximately 10.8%[48]. Dividends and Payouts - The interim dividend is set at HKD 0.67 per share, down from HKD 0.78 in 2020, with a total payout of HKD 2.03 billion, representing 65% of the underlying net profit from investment properties and hotels[4]. - The company declared an interim dividend of HKD 0.67 per share, totaling HKD 2,034 million, compared to HKD 0.78 per share and HKD 2,368 million in the previous year[55]. - The company paid dividends of HKD 2,095 million during the period, compared to HKD 2,824 million in the previous year, showing a decrease of approximately 25.8%[39]. Revenue and Occupancy Rates - The occupancy rate for Harbour City remained at 91%, with new brands introduced to attract customers[6]. - The overall revenue for Times Square decreased by 8%, with operating profit down 25%[10]. - The occupancy rate for office spaces in Tsim Sha Tsui slightly decreased to 82%, with revenue down 13% and operating profit down 15%[8]. - The hotel segment continues to be impacted by the lack of inbound travelers, despite a significant increase in hotel revenue compared to last year[5]. - The occupancy rate for office spaces in Central reached 95% for the Wheelock House and 94% for the Carfield Building, despite a 3% decline in revenue due to market rent adjustments[13]. - The investment property segment generated revenue of HKD 5,483 million, with an operating profit of HKD 4,310 million, while the development property segment reported revenue of HKD 1,402 million and an operating profit of HKD 146 million[42]. - The hotel segment recorded revenue of HKD 343 million but incurred an operating loss of HKD 208 million, indicating challenges in this area[42]. - The geographical breakdown shows that revenue from Hong Kong was HKD 5,729 million, while revenue from regions outside Hong Kong was HKD 1,756 million, indicating a diversified revenue stream[47]. Assets and Liabilities - Total assets amounted to HKD 278.3 billion, with 92% located in Hong Kong[23]. - The fair value of investment properties was reported at HKD 245.1 billion, with a revaluation loss of HKD 284 million[18]. - The group’s total assets as of June 30, 2021, were valued at HKD 278.3 billion, compared to HKD 277.9 billion in the previous year[36]. - Total liabilities decreased to HKD 66,134 million as of June 30, 2021, from HKD 68,505 million as of December 31, 2020, representing a reduction of approximately 3.9%[37]. - The total equity increased to HKD 212,169 million as of June 30, 2021, from HKD 209,409 million as of December 31, 2020, reflecting a growth of about 1.2%[37]. - The net debt decreased to HKD 50.4 billion, with a debt-to-equity ratio of 23.8%[28]. - The company’s total assets increased to HKD 278,303 million as of June 30, 2021, from HKD 277,914 million as of December 31, 2020, reflecting a marginal increase of approximately 0.14%[37]. Cash Flow and Financial Position - The group recorded a net cash inflow of HKD 37 billion from operating activities, a significant increase from HKD 10 billion in the previous year[31]. - Net cash inflow from operating activities for the six months ended June 30, 2021, was HKD 3,707 million, compared to HKD 969 million for the same period in 2020, indicating a significant increase of approximately 282.5%[39]. - The net cash used in investing activities was HKD 330 million for the six months ended June 30, 2021, compared to HKD 7,357 million in the same period of 2020, indicating a significant reduction in investment outflows[39]. - The group maintains a liquid investment portfolio valued at HKD 14.9 billion, an increase from HKD 13 billion in the previous year[30]. - The group’s financial resources are deemed sufficient to support business and investment activities, ensuring a robust financial position[30]. Debt and Interest Expenses - The company's average effective borrowing interest rate for the period was 1.4%, down from 2.3% in the previous year[50]. - The total interest expenses for the six months ended June 30, 2021, were HKD 330 million, a decrease of 38.6% compared to HKD 537 million in the same period of 2020[50]. - Total borrowings as of June 30, 2021, were HKD 53,350 million, slightly down from HKD 54,278 million at the end of the previous year[58]. Shareholder Information - As of June 30, 2021, major shareholders include CK Hutchison Holdings Limited and HSBC Trustee (C.I.) Limited, each holding 1,487,051,651 shares, representing 48.98% of the issued shares[74]. - The company’s major shareholder structure includes interests held through subsidiaries, with Big Heritage Limited holding 1,316,421,651 shares (43.36%)[75]. - The total number of shares held by director Wu Tianhai is 1,435,445, representing 0.0473% of the issued shares[72]. - The company reported that no directors held any short positions in the company as of June 30, 2021[72]. - The company has no records of any short positions held by directors or the CEO as of June 30, 2021[73]. Management and Governance - The company adopted a customized code of conduct for securities trading by directors in 2017, aligning with the standards set by the Listing Rules[70]. - The company’s board of directors includes eight members, with recent changes in executive roles noted[78]. - The company allows shareholders to change their communication preferences regarding company reports and announcements[78].