新世界发展(00017) - 2025 - 中期财报

Financial Performance - The group's revenue for the six months ended December 31, 2024, was HKD 16,789 million, a year-on-year decrease of 1.6%[10] - Core operating profit was HKD 4,416 million, down 18% compared to the previous year[17] - The group recorded a shareholder's loss of HKD 6,633 million due to rapid changes in macroeconomic factors and market value declines[17] - For the six months ended December 31, 2024, the group's revenue was HKD 16,788.8 million, a decrease from HKD 17,065.5 million in the previous year, with a net loss from continuing operations of HKD 5,700.6 million[50] - The company reported a loss of HKD 5,700.6 million for the six months ended December 31, 2024, compared to a loss of HKD 5,772.0 million in the same period of 2023, indicating a slight improvement[51] - Total comprehensive loss for the period amounted to HKD 6,282.8 million, significantly higher than the HKD 2,988.2 million reported in the previous year[51] Revenue Breakdown - Revenue from property development in Hong Kong was HKD 1,734 million, while revenue from property development in mainland China was HKD 6,644 million[10] - Revenue from property development increased to HKD 8,377.8 million, up 24.3% from HKD 6,741.5 million year-on-year[70] - Revenue from construction decreased to HKD 3,858.4 million, down 24.4% from HKD 5,107.6 million in the previous year[70] - The group's property investment revenue in Hong Kong was HKD 1,615 million, with segment performance at HKD 1,202 million, while sales at K11 Mall dropped by 13% year-on-year due to reduced local consumption[20] Asset and Liability Management - Total assets decreased to HKD 427,571 million from HKD 445,158 million as of June 30, 2024[9] - The net debt ratio increased to 57.5% from 55.0% year-on-year[9] - Long-term borrowings increased to HKD 118,783.1 million from HKD 114,437.8 million, indicating a rise in financing needs[53] - Total borrowings amounted to HKD 146,488.3 million, with HKD 32,209.1 million due within the next 12 months[57] - The company's total equity decreased to HKD 238,213.6 million as of December 31, 2024, from HKD 274,371.8 million at the beginning of the period[55] Cash Flow and Financing - Cash and bank deposits stood at HKD 21,418.2 million, with restricted bank deposits of HKD 440.1 million[57] - The company incurred a net cash outflow of HKD 11,255.3 million from financing activities, compared to HKD 18,925.9 million in the prior year[56] - The company recorded a net cash inflow of HKD 753.6 million from investing activities, a significant improvement from a net outflow of HKD 4,735.4 million in the previous year[56] - The company plans to continue as a going concern for at least 12 months from December 31, 2024, based on cash flow forecasts and cost control measures[58] Property Development and Investment - The group is focusing on cash recovery and debt reduction as key priorities moving forward[14] - The group anticipates that HKD 12,320 million of unrecognized attributable contract sales in Hong Kong will be recognized in the second half of the 2025 fiscal year and the 2026 fiscal year[19] - The group is actively developing multiple new projects, including a large residential project in Fanling with a total floor area of over 1.11 million square feet, expected to provide around 2,300 residential units[23] - The group completed approximately 784,000 square meters of project area in mainland China during the review period, with an expected completion of about 884,000 square meters in the 2025 fiscal year[29] Market Outlook and Strategy - The company anticipates a recovery in market confidence by 2025, focusing on core property development and investment in first-tier cities in Hong Kong and mainland China[43] - The projected supply of new private residential units in Hong Kong over the next three to four years is approximately 107,000 units, becoming a dominant supply force in the market[44] - Despite a weak retail market, the group remains optimistic about retail property investments and plans to introduce more luxury brands at K11 MUSEA over the next 12 months[45] - The group expects contract sales from property development projects and the sale of non-core assets to reach approximately HKD 26 billion in the fiscal year 2025, contingent on market conditions[99] Corporate Governance and Management - The company has appointed a new CEO, Ms. Huang Shaomei, effective November 29, 2024, following the resignation of Mr. Ma Shaoxiang[109] - The company emphasizes clear and transparent communication with shareholders and investors through various channels, including annual and interim reports, announcements, and sustainability reports[111] - The company has adopted a sustainable development strategy "SV2030+" aligned with the UN Sustainable Development Goals, focusing on economic, environmental, and social value creation[113] - The company’s auditor provided an unqualified opinion on the financial statements for the year ending June 30, 2024, confirming compliance with relevant regulations[107]