恒基地产(00012) - 2023 - 中期财报

Financial Performance - For the six months ended June 30, 2023, the group's attributable underlying profit was HKD 6.073 billion, an increase of 18% from HKD 5.137 billion in the same period last year[3]. - The group's attributable profit, including fair value losses, was HKD 5.957 billion, up 25% from HKD 4.781 billion year-on-year[3]. - Basic earnings per share for the period were HKD 1.25, compared to HKD 1.06 in the previous year, reflecting an increase of 18%[3]. - The interim dividend declared was HKD 0.50 per share, unchanged from the previous year[3]. - The group recorded a 26% decrease in property development revenue, amounting to HKD 3.26 billion, and a 35% decrease in pre-tax profit, amounting to HKD 696 million compared to the same period last year[42]. - The group achieved a total self-owned residential contract sales amount of approximately RMB 3.34 billion, a 14% increase year-on-year, equivalent to HKD 3.69 billion[42]. - The company reported a profit of HKD 6,122 million for the six months ended June 30, 2023, compared to HKD 4,899 million for the same period in 2022, representing a 25% increase[115]. - The total revenue from property sales for the group was HKD 4,337 million, a slight increase of HKD 28 million or 1% from HKD 4,309 million in the same period of 2022[79]. Property Development - Total revenue from property development in Hong Kong increased by HKD 0.7 billion to HKD 43.01 billion, while the attributable pre-tax profit decreased by HKD 0.196 billion to HKD 9.62 billion[5]. - The total contracted sales amount for self-owned properties in Hong Kong was approximately HKD 67.25 billion, a 10% increase compared to the same period last year[5]. - As of June 30, 2023, the unrecognized contracted sales amount for self-owned properties in Hong Kong was approximately HKD 148.24 billion, with about HKD 69.99 billion expected to be recognized in the second half of 2023[5]. - The group has acquired a total of approximately 3.4 million square feet of self-owned floor area for urban redevelopment projects, with over 600,000 square feet planned for sale in the second half of 2023[6]. - The total saleable floor area for projects available for sale in the second half of 2023 is 2.6 million square feet, with an additional 0.9 million square feet from ongoing urban redevelopment projects[7]. - The group has purchased 2.8 million square feet of land with full ownership, expected to be available for sale or lease between 2024 and 2025[7]. - The group has 601,314 square feet remaining for sale at The Henley project, with 100% ownership[10]. - The group has 543,498 square feet remaining for sale at the Tian Tang project, with 18% ownership[10]. Rental Income and Property Management - The total rental income attributable to the group in Hong Kong increased by 3% year-on-year to HKD 3.31 billion for the six months ended June 30, 2023[29]. - The attributable net rental income before tax rose by 6% year-on-year to HKD 2.47 billion during the same period[29]. - The average occupancy rate of the group's rental properties in Hong Kong was 93% as of June 30, 2023[29]. - The group owns approximately 970 million square feet of completed rental properties in Hong Kong, categorized as follows: 5.4% retail, 3.5% office, 0.4% industrial, and 0.4% residential[30]. - The rental income from shopping malls and offices remained stable at HKD 398.9 million, with an EBITDA of HKD 349.9 million[52]. - The rental rate for "688 Plaza" in Shanghai reached 95% by the end of June 2023, while other projects in the city had rental rates around 90%[45]. - The average occupancy rate of the group's rental properties in Hong Kong was 93% as of June 30, 2023[29]. Debt and Financing - The net debt to equity ratio was 24.0%, a slight decrease from 24.1% in the previous year[2]. - The group's net borrowings as of June 30, 2023, were HKD 77.855 billion, with a debt-to-equity ratio of 24.0%, slightly down from 24.1% at the end of 2022[69]. - The overall effective borrowing interest rate for bank and other borrowings in Hong Kong was approximately 3.79% for the six months ended June 30, 2023, compared to approximately 1.53% in 2022[96]. - The group issued guaranteed notes totaling HKD 6,847,000,000 under its medium-term note program during the six months ended June 30, 2023, compared to HKD 3,620,000,000 in the same period of 2022[98]. - The group has secured over HKD 48 billion in green and sustainable financing since 2020, including the first social responsibility loan for property developers in Hong Kong[69]. - The total debt as of June 30, 2023, was HKD 91,179,000,000, slightly up from HKD 90,381,000,000 as of December 31, 2022[96]. Market Outlook and Strategy - The company expects the local real estate market to remain sluggish in the second half of the year unless new government measures are introduced[71]. - The group plans to continue exploring property development opportunities in collaboration with local developers, leveraging its brand reputation and financial strength[38]. - The company plans to launch five urban projects in the second half of 2023, with approximately 5,660 self-owned residential units or about 240,000 square meters available for sale[72]. - The group is actively pursuing sustainable and human-centered design in its new developments, setting a new benchmark for green buildings in Hong Kong[32]. - The company continues to explore new strategies for market expansion and potential acquisitions to enhance its portfolio[143]. Other Business Segments - The restaurant business reported revenue of HKD 138.6 million with an EBITDA of HKD 15.7 million, a significant increase from HKD 65.2 million and a loss of HKD 6 million in the same period last year[53]. - The tourism business generated revenue of HKD 337.4 million and an EBITDA of HKD 10.5 million, compared to HKD 10.8 million in revenue and a loss of HKD 790,000 in the previous year[54]. - The hotel room business generated revenue of HKD 154 million, an increase of HKD 98 million (or 175%) compared to the same period in 2022, with a pre-tax profit of HKD 33 million, reversing a loss from the previous year[92]. - The total revenue from hotel operations was HKD 1,557 million, with a profit of HKD 33 million[146]. - The total revenue from other businesses, which includes hotel management and construction services, increased to HKD 1,557 million from HKD 807 million[127]. Sustainability and Innovation - The group continues to innovate in construction materials, winning a gold medal at the 48th Geneva International Exhibition for a new silicone sealant[33]. - The group has been recognized with multiple awards for sustainability, including the "Developer of the Year - Hong Kong" at the 2023 Asia Property Awards[70]. - The clean coal chemical production facility in Inner Mongolia has commenced production using a mix of waste tires and coal, achieving international sustainable system certification[61]. - The group is participating in a land-sharing pilot scheme in Tai Po, proposing to provide a total of 12,120 residential units, with 70% allocated for public housing[28].