恒隆集团(00010) - 2024 - 年度业绩

Financial Performance - Total revenue for the year 2024 increased by 8% to HKD 11,760 million compared to HKD 10,881 million in 2023[5] - Operating profit decreased by 12% to HKD 6,826 million, down from HKD 7,794 million in the previous year[5] - Basic earnings attributable to shareholders fell by 21% to HKD 2,327 million, with basic earnings per share dropping to HKD 1.71 from HKD 2.15[5] - Net profit for the year was HKD 2,836 million, a decline of 42.3% compared to HKD 4,915 million in 2023[88] - Total comprehensive income for the year was HKD 618 million, significantly lower than HKD 3,148 million in 2023, a drop of 80.4%[88] - Basic earnings per share decreased to HKD 1.18, down from HKD 2.06 in 2023, representing a 42.7% decline[86] - Shareholders' attributable profit for 2024 was HKD 1,613 million, a decrease of 42.5% from HKD 2,811 million in 2023[110] Rental Income and Property Performance - Rental income from properties declined by 6% to HKD 10,033 million, with a 9% drop in Hong Kong rental income[10] - The company reported a 5% decline in rental income from mainland properties, attributed to economic weakness and geopolitical tensions[10] - Total rental income decreased by 4% to RMB 6,252 million, with a 6% decline in operating profit[13] - High-end mall revenue fell by 4%, with notable declines in flagship locations such as Shanghai Hang Lung Plaza (-6%) and Shenyang City Government Hang Lung Plaza (-16%) due to weakened consumer confidence[16][17][18] - Office rental income decreased by 6% to RMB 1,320 million, attributed to increased market supply and cost control measures by tenants[22] - Overall rental income in Hong Kong dollar terms fell by 5% due to RMB depreciation[13] Property Valuation and Revaluation Losses - The net revaluation loss attributable to shareholders was HKD 714 million, compared to a loss of HKD 120 million in 2023[5] - The company recorded a property revaluation loss of HKD 1.197 billion, compared to a loss of HKD 62 million in 2023[41] - The mainland property portfolio experienced a revaluation loss of HKD 851 million, down from a gain of HKD 260 million in 2023, representing less than 1% of the property portfolio value as of December 31, 2023[41] - The Hong Kong property portfolio recorded a revaluation loss of HKD 346 million, compared to a loss of HKD 322 million in 2023, also reflecting a decline of less than 1% from the property portfolio value as of December 31, 2023[41] Debt and Financial Position - The net debt to equity ratio increased to 30.8% from 28.6% in the previous year[4] - The total borrowings amount to HKD 57.794 billion as of December 31, 2024, compared to HKD 50.693 billion as of December 31, 2023[55] - The debt composition includes 64% in HKD and 36% in RMB, with fixed-rate debt accounting for 41% of total debt as of December 31, 2024[56] - The average repayment period of the overall debt portfolio is 2.9 years, with approximately 65% of loans due for repayment after two years[59] - Total financial costs increased by 7% to HKD 2.130 billion, maintaining an average effective borrowing rate of 4.3%[63] - The interest coverage ratio for 2024 was 3.0 times, down from 3.8 times in 2023[65] Cash Flow and Assets - The total cash and bank deposits balance as of December 31, 2024, is HKD 10.817 billion, up from HKD 6.343 billion in 2023[52] - Non-current assets totaled HKD 207,430 million, slightly up from HKD 207,424 million in 2023[90] - Total liabilities increased to HKD 63,414 million, compared to HKD 61,457 million in 2023, marking a 3.2% rise[90] - The company's net asset value decreased to HKD 152,688 million from HKD 154,916 million in 2023, a decline of 1.5%[90] Dividends and Shareholder Returns - The total dividend for the year remained unchanged at HKD 0.86 per share, with a payout ratio based on attributable profit of 73%[9] - The company plans to distribute a final dividend of HKD 0.65 per share, totaling HKD 885 million, consistent with the previous year's distribution[109] Sustainability and Community Engagement - The company has committed to achieving net-zero emissions by 2050, with a target to use 25% renewable energy in its mainland properties by 2025[70] - Five out of ten operational projects in mainland China are now powered by renewable energy, exceeding the 2025 sustainability goal[71] - The company successfully recycled nearly 180,000 kilograms of urban solid waste through its office renovation project, donating over 400 pieces of furniture to 33 non-profit organizations[76] - The "Caring for Caregivers" initiative has seen over 1,300 public participants in its first six months, providing community respite and leisure activities for caregivers of dementia patients[80] - The company has contributed 68,900 service hours through its volunteer team, benefiting over 30,800 individuals across 11 projects in Hong Kong and mainland China in 2024[79] Market Strategy and Future Plans - The company plans to enhance customer loyalty through marketing strategies and optimize tenant mix to improve rental rates[11] - New marketing initiatives and community engagement activities were launched to drive foot traffic and sales in malls[21] - The company introduced exclusive new stores and expanded brand offerings in response to market competition[21] - The company is actively monitoring and responding to changing corporate demands for office space, anticipating steady demand due to economic conditions[84] - The company has commenced sales activities for the Kunming Junyue Residence, which consists of 254 units, and the Kunming Junyue Hotel, which opened on August 6, 2024, with 331 rooms and suites[43]