恒基地产(00012) - 2024 - 中期财报

Financial Performance - For the six months ended June 30, 2024, the group's attributable underlying profit was HKD 5.441 billion, a decrease of HKD 632 million or 10% compared to HKD 6.073 billion in the same period last year[3]. - The basic earnings per share for the period was HKD 1.12, down from HKD 1.25 in the previous year[3]. - The attributable profit after accounting for fair value losses was HKD 3.174 billion, a decrease of HKD 2.783 billion or 47% from HKD 5.957 billion in the previous year[3]. - The company's profit for the six months ended June 30, 2024, was HKD 3,985 million, a decrease of 34.5% compared to HKD 6,122 million for the same period in 2023[111]. - The company's profit attributable to shareholders for the six months ended June 30, 2024, was HKD 3,174 million, a decrease of 46.3% compared to HKD 5,957 million for the same period in 2023[135]. - The group's financing costs for the six months ended June 30, 2024, were HKD 820 million, compared to HKD 905 million in the same period of 2023[110]. - The group reported a post-tax profit of HKD 159.2 million, compared to a post-tax loss of HKD 28.4 million in the same period last year[66]. Revenue and Sales - The group’s total rental income from property leasing was HKD 4.446 billion, an increase of 2% from HKD 4.367 billion in the previous year[2]. - The group’s basic announced earnings per share was HKD 0.66, down from HKD 1.23 in the previous year[3]. - The group's attributable revenue from property development in Hong Kong increased by 14% year-on-year to approximately HKD 4.917 billion[5]. - The total contract sales amount for self-owned properties in Hong Kong reached approximately HKD 8.953 billion, representing a 33% increase compared to the same period last year[5]. - Total revenue for the six months ended June 30, 2024, was HKD 11,762 million, an increase of 14.4% compared to HKD 10,278 million in the same period of 2023[126]. - The total revenue from property sales in Hong Kong for the six months ended June 30, 2024, was HKD 4,927 million, an increase of 15% compared to HKD 4,274 million in the same period of 2023[79]. - The total revenue from property leasing in Hong Kong for the six months ended June 30, 2024, was HKD 2,453 million, a slight increase of 2% from HKD 2,405 million in the same period of 2023[86]. Property Development and Investment - The group recorded a fair value loss of HKD 22.67 billion on completed and development investment properties, compared to a loss of HKD 1.16 billion in the previous year[3]. - The group has 12.6 million square feet of total floor area across various development projects, including 4.1 million square feet in New Territories[8]. - The group has acquired over 2.8 million square feet of self-owned floor area for urban redevelopment projects, with an additional 400,000 square feet planned for sale in the second half of 2024[6]. - The group has ongoing urban redevelopment projects with a total expected self-owned floor area of approximately 1.83 million square feet upon completion, contingent on acquiring all ownership rights[22]. - The group purchased land in Central for a total floor area of 1.6 million square feet, with completion expected in Q4 2026 and Q4 2032, including over 300,000 square feet of public green space[24]. - The group has a total of 246,021 square feet of land area purchased in various projects, with a total expected self-owned floor area of 1,929,227 square feet[20]. Dividends and Shareholder Returns - The group announced an interim dividend of HKD 0.50 per share, unchanged from the previous year[3]. - The company declared dividends to shareholders amounting to HKD 6,294 million, consistent with the previous period[116]. Debt and Financing - The net debt to equity ratio improved to 22.0%, down from 22.6% in the previous year[2]. - The group maintained a net debt of HKD 71.02 billion, with a debt-to-equity ratio of 22.0%[68]. - The interest coverage ratio for the six months ended June 30, 2024, was 2.13 times, down from 2.65 times for the same period in 2023, primarily due to an increase in net interest expenses[100]. - The group issued guaranteed notes with a total face value of HKD 300,000,000 under its medium-term note program during the six months ended June 30, 2024[97]. - The group’s total liabilities increased to HKD 31,466 million as of June 30, 2024, compared to HKD 28,362 million on December 31, 2023[181]. Operational Efficiency and Cost Management - The company plans to streamline its store network and integrate loyalty programs with its parent company to enhance operational efficiency and improve sales performance[50]. - The overall revenue for the hotel and serviced apartment business grew to HKD 296.9 million, with EBITDA increasing by 15.1% to HKD 75.4 million compared to the previous year[52]. - The company reported a tax provision of HKD 394 million for the current period, compared to HKD 247 million in the same period last year, reflecting an increase of 59.5%[133]. Market Expansion and Future Plans - The company plans to continue expanding its market presence in mainland China, focusing on property development and sales[142]. - The company is actively exploring new strategies for market expansion and potential acquisitions to enhance its portfolio[142]. - The company plans to launch several projects in the second half of 2024, including a residential project at 8 Hillside Avenue with a total floor area of 472,067 square feet and 172 residential units[14]. Sustainability and Environmental Initiatives - The group has secured over HKD 50 billion in green and sustainable financing since 2020, including the first social responsibility loan for a property developer in Hong Kong[68]. - The group has been recognized for its commitment to environmental sustainability and service quality, receiving accolades such as the "Hong Kong Excellent Service Brand" award[36].