太古地产(01972) - 2024 - 中期财报

Financial Performance - Total revenue for the first half of 2024 was HKD 7,279 million, a slight decrease of 0% compared to HKD 7,297 million in the same period of 2023[8]. - The company's attributable profit decreased by 1% to HKD 3,857 million from HKD 3,901 million year-on-year[8]. - Basic earnings per share decreased by 1% to HKD 0.66 from HKD 0.67 in the previous year[8]. - The net cash inflow from operations was HKD 3,701 million, down 12% from HKD 4,221 million in the same period last year[8]. - The total profit for the period was HKD 5,275 million, down 1.0% from HKD 5,327 million year-on-year[136]. - Net profit attributable to shareholders for the period was HKD 1,796 million, a decrease of 19.1% from HKD 2,223 million in the same period last year[136]. - The company reported a net cash inflow from operating activities of HKD 2,365 million, compared to HKD 3,340 million in the previous year, indicating a 29% decrease[139]. - The company’s total equity as of June 30, 2024, was HKD 284,155 million, a decrease from HKD 288,149 million, reflecting a decline of about 1.38%[138]. Investment and Development - The company has committed over 60% of its HKD 100 billion investment plan, with HKD 50 billion allocated for projects in mainland China and HKD 30 billion for expanding its core commercial property portfolio in Hong Kong[10]. - The company plans to double its total floor area in mainland China by 2032, focusing on first-tier and emerging first-tier cities[13]. - The company is actively seeking opportunities to sell non-core assets to strengthen its balance sheet and support future investment plans in core markets[10]. - The company completed the latest phase of the Taikoo Place redevelopment, which includes two Grade A office buildings and 70,000 square feet of green space[12]. - The company is undertaking a cautious investment plan of HKD 100 billion to drive long-term growth despite macroeconomic uncertainties[26]. - The group has nine residential projects under development, including four in Hong Kong and plans for a residential project in Miami, USA[39]. - The group plans to develop a retail-led integrated project, with phased completion starting from the end of 2025[62]. Market Outlook - The company is optimistic about the long-term recovery of the Hong Kong office market, particularly with increased IPO activities and demand from mainland Chinese enterprises[12]. - The company anticipates a cautious approach from retailers regarding business expansion in mainland China in H2 2024, despite strong demand for luxury retail spaces in Guangzhou and Chengdu[20]. - The company has observed a decline in retail business in Hong Kong and mainland China after a strong rebound last year, but sees emerging retail trends, particularly in immersive luxury retail experiences[15]. - The company is focused on enhancing its property portfolio quality and performance while pursuing sustainable development goals[26]. Sustainability and Corporate Responsibility - The company was recognized as the only real estate management and development company in the "Best 1%" category of the S&P Global Sustainability Yearbook (China Edition)[7]. - The company aims to become a leader in sustainable development performance among global peers by 2030[7]. - The company has achieved significant recognition in sustainable development, with its Taikoo Place becoming the first community in Hong Kong to receive a Gold rating under the LEED certification program[16]. - The company has set a goal for at least 80% of its bonds and loans to come from green finance by 2030, aligning with the Hong Kong government's green transformation and carbon neutrality plans[16]. Financial Position and Debt Management - The net debt increased by 3% to HKD 37,796 million from HKD 36,679 million[8]. - The capital net debt ratio rose to 13.3%, an increase of 0.6 percentage points from 12.7%[8]. - The company maintains a strong financial foundation with a healthy debt ratio, supported by a HKD 100 billion investment plan initiated in 2022, particularly focusing on the mainland market[18]. - The company’s debt composition as of June 30, 2024, was 59% in HKD, 33% in RMB, and 8% in USD[128]. - The interest coverage ratio (basic) was 10.8 for the six months ended June 30, 2024, down from 24.8 for the same period in 2023[130]. Shareholder Returns - The company announced an interim dividend of HKD 0.34 per share for H1 2024, representing a 3% increase compared to the interim dividend of HKD 0.33 per share in H1 2023[11]. - The company declared and/or paid dividends amounting to HKD 4,212 million for the first half of 2024, compared to HKD 3,978 million in the same period of 2023, marking an increase of about 5.88%[140]. Corporate Governance - The company has complied with all codes of the Corporate Governance Code during the accounting period covered by the interim report[189]. - The interim results have been reviewed by the company's audit committee and external auditors[189]. - The company has adopted a securities trading code for directors and relevant employees, which is no less stringent than the standard code[189].