Financial Performance - The company reported a significant increase in profit attributable to shareholders, reaching HKD 4,221 million for the six months ended June 30, 2023, a 121% increase compared to HKD 1,914 million in the same period of 2022[8]. - Basic earnings rose to HKD 5,594 million, marking a 219% increase from HKD 1,752 million year-on-year[8]. - Revenue for the period was HKD 51,544 million, reflecting a 15% growth compared to HKD 44,808 million in the previous year[8]. - The operating profit decreased by 25% to HKD 5,079 million from HKD 6,794 million in the same period last year[8]. - The company experienced a 284% increase in recurring basic profit, reaching HKD 4,879 million compared to HKD 1,272 million in the same period of 2022[8]. - The company's consolidated profit attributable to shareholders for the first six months of 2023 was HKD 42.21 billion, compared to HKD 19.14 billion in the same period of 2022, reflecting a significant increase[15]. - The basic profit attributable to shareholders, excluding changes in investment property values, was HKD 55.94 billion, up from HKD 17.52 billion year-on-year[15]. - The attributable profit for the first half of 2023 was HKD 63 million, a decrease from HKD 166 million in the same period of 2022, primarily due to increased losses in the cabin business and reduced unrealized exchange gains from Xiamen Swire[147]. Debt and Financial Position - The net debt increased by 52% to HKD 66,915 million from HKD 43,911 million year-on-year[8]. - The net debt to equity ratio (excluding lease liabilities) rose to 21.4%, an increase of 7.7 percentage points from 13.7% in the previous year[8]. - The group's net debt-to-equity ratio as of June 30, 2023, was 21.4%, with available liquid funds amounting to HKD 35.9 billion[23]. - The anticipated sale of the US bottling business is expected to reduce the net debt-to-equity ratio to 14.9%, strengthening the balance sheet further[23]. - The total borrowings and bonds as of June 30, 2023, amounted to HKD 80,355 million, an increase from HKD 68,373 million at the end of December 2022[189]. - The total amount of borrowings and lease liabilities due within one year was HKD 9.75 billion, representing 11% of total borrowings[195]. - The group maintained undrawn committed funding totaling HKD 8.74 billion as of June 30, 2023[190]. Investments and Strategic Focus - The company announced the sale of 100% equity in Swire Coca-Cola USA for approximately HKD 30.4 billion, which is expected to enhance the balance sheet and provide immediate substantial returns to shareholders[11]. - The company continues to focus on long-term growth in the Greater China and Southeast Asia regions, with ongoing investments in real estate, beverages, and aviation sectors[3]. - The company is actively seeking investment opportunities in healthcare services and major cities in mainland China and Southeast Asia[21]. - The company is focusing on long-term investments in the Greater Bay Area, including projects in Guangzhou and Shenzhen, as part of its strategic expansion[12]. - The investment plan of HKD 100 billion announced in March 2022 aims to invest in property development projects in Hong Kong and mainland China over the next decade[48]. - As of August 4, 2023, the company has committed approximately HKD 390 billion of the planned investment amount, with HKD 170 billion allocated to mainland China and HKD 110 billion each to Hong Kong and residential sales projects[48]. Real Estate and Property Performance - The real estate segment reported a recurring basic profit of HKD 31.88 billion, a 6% increase from HKD 29.94 billion in the first half of 2022, driven by a strong recovery in retail and hotel businesses in Hong Kong[16]. - The attributable basic profit from the property sector for the first half of 2023 was HKD 18,220 million, down from HKD 35,630 million in the same period of 2022[45]. - The performance of retail properties in Hong Kong and mainland China improved significantly, driven by the lifting of travel restrictions and pandemic measures[46]. - The hotel business in Hong Kong and mainland China saw a substantial recovery following the easing of pandemic measures, with strong performance reported in the United States[47]. - The rental income from office properties was HKD 2.96 billion, while retail properties generated HKD 3.51 billion in the first half of 2023[34]. - The rental income from the Hong Kong retail portfolio for the first half of 2023 was HKD 1.23 billion, an increase of 17% year-on-year, indicating a recovery post-pandemic[56]. - The company plans to double the total floor area of retail-led developments in first-tier and emerging first-tier cities in mainland China[48]. Beverage Segment Performance - Swire Coca-Cola's recurring profit increased by 41% to HKD 16.27 billion, with total revenue rising 14% to HKD 30.44 billion and sales volume increasing by 18% to 1.055 billion standard cases[17]. - For the six months ended June 30, 2023, Swire's revenue was HKD 30,446 million, a 15.5% increase from HKD 26,331 million in the same period of 2022[92]. - The profit from the beverage segment was HKD 1,627 million for the six months ended June 30, 2023, compared to HKD 1,152 million in the same period of 2022[185]. - Swire Coca-Cola recorded a profit attributable to shareholders of HKD 1.423 billion for the first half of 2023, including a non-recurring loss of HKD 239 million from an investment impairment related to a plastic recycling joint venture[103]. Airline Performance - Cathay Pacific recorded a profit of HKD 42.68 billion for the first half of 2023, a significant improvement from a loss of HKD 49.99 billion in the same period of 2022, driven by strong market demand following the lifting of quarantine requirements[18]. - Passenger revenue reached HKD 25.013 billion, up 1,109.5% from HKD 2.068 billion in the first half of 2022[124]. - The total number of passengers carried was 7.816 million, a 2,233.1% increase from 335,000 in the same period last year[124]. - Cathay Pacific's passenger capacity is projected to reach 70% of pre-pandemic levels by the end of 2023, serving 80 destinations, and aims for 100% by the end of 2024[137]. - The passenger load factor improved to 87.2%, up 28 percentage points from 59.2% in the first half of 2022[124]. Operational Highlights - The cash generated from operations was HKD 7,206 million, a 17% increase from HKD 6,147 million year-on-year[8]. - The company completed a share buyback program with a total cash consideration of HKD 700 million, repurchasing 8,998,500 'A' shares and 15,107,500 'B' shares[22]. - The company has initiated the presale of the residential development project "Hae Ying Shan" located in Wong Chuk Hang, Hong Kong[54]. - The company has obtained full ownership of two industrial sites in Quarry Bay, with plans to redevelop them into office and commercial spaces, totaling approximately 779,000 square feet[60]. - The company expects stable demand for base maintenance services in the second half of 2023, with a rebound in line maintenance services as air traffic recovers[159].
太古股份公司B(00087) - 2023 - 中期财报