华润置地(01109) - 2023 - 中期财报

Financial Performance - In the first half of 2023, the Group achieved a revenue of RMB72.97 billion, representing a 0.1% year-over-year growth, and a core net profit of RMB11.27 billion, showing a 10.9% year-over-year increase[19]. - The gross profit for the first half of 2023 was RMB18.72 billion, with a comprehensive gross profit margin of 25.7%, down by 1.2 percentage points YoY[43]. - The core net profit reached RMB11.27 billion, representing a YoY increase of 10.9%, driven by the rapid growth of investment property and asset-light management businesses[37]. - Profit for the period increased to RMB 16,059,227 thousand, compared to RMB 12,684,013 thousand in 2022, representing a growth of about 26.5%[165]. - Total comprehensive income for the period was RMB 16,431,302 thousand, compared to RMB 12,924,032 thousand in 2022, reflecting an increase of around 27.5%[167]. - The company reported finance costs of RMB (892,364) thousand, slightly improved from RMB (904,542) thousand in the previous year[165]. - The Group recognized a gain of RMB 3,732,355,000 on changes in the fair value of investment properties[198]. - Profit before taxation was reported at RMB 19,805,124,000, reflecting robust financial health[200]. Revenue Sources - The revenue from the investment property business reached RMB10.72 billion in the first half of 2023, representing a 41.0% YoY increase[52]. - Revenue from shopping malls was RMB8.64 billion, up 39.5% YoY, with an occupancy rate of 96.2%, slightly down by 0.2 percentage points YoY[52]. - The Development property business generated revenue of RMB 54,677,576,000, while the Investment property business contributed RMB 11,135,240,000[198]. - Revenue from contracts with customers recognized at a point in time amounted to RMB 43,659,379,000[200]. - Revenue recognized over time totaled RMB 15,706,054,000, contributing to a consolidated revenue of RMB 79,752,377,000[200]. Dividends and Shareholder Returns - The interim dividend is RMB0.198 per share, up 8.8% compared to the previous year[19]. - The board has declared an interim dividend of HKD0.216 per share for the six months ended 30 June 2023, an increase from HKD0.208 per share in 2022[145]. - Shareholders can elect to receive the interim dividend in RMB at an exchange rate of HKD1.0 to RMB0.9173, resulting in a payment of RMB0.198 per share if chosen[146]. - The dividend payment will be made on 27 October 2023, with the register of members closed from 14 September to 15 September 2023[145]. Operational Highlights - The Group's contracted sales value reached RMB170.24 billion, reflecting a 40.6% year-over-year growth, maintaining a top four industry ranking[21]. - The Group acquired 35 new projects, with 93% of investments in tier-one and tier-two cities, adding a total value of RMB227.0 billion in salable resources[21]. - The average occupancy rate for newly opened shopping centers was 95.7%, and the office rental rate increased by 2.6 percentage points to 81.8%, the highest level historically[20]. - The Group's hotel performance rebounded significantly, with room rates and occupancy rates returning to pre-pandemic levels[20]. - Approximately 5.9 million new members were added during the period, bringing the total number of premium members to nearly 40 million[26]. Debt and Financial Management - The Group's total interest-bearing debt ratio and net gearing ratio decreased to industry-low levels of 39.3% and 28.5%, respectively[30]. - As of June 30, 2023, the Group's total outstanding borrowings amounted to approximately RMB 231.0 billion, with cash and bank balances totaling approximately RMB 129.3 billion[63]. - The net interest-bearing debt-to-equity ratio was 28.5%, reduced by 10.3 percentage points from 38.8% at the end of 2022, among the lowest in the industry[63]. - The Group's weighted average financing cost was approximately 3.56% as of June 30, 2023, a decrease of 19 basis points from 3.75% at the end of 2022[64]. Corporate Governance and Compliance - The company has complied with all corporate governance code provisions during the six months ended June 30, 2023[138]. - The audit committee has reviewed the 2023 Interim Report, and the unaudited financial information has been reviewed by KPMG[143]. - The Group has not applied any new standards or interpretations that are not yet effective for the current accounting period, indicating stability in accounting practices[191]. Strategic Initiatives - The Group has initiated the construction of an asset management platform and is accelerating its transformation towards asset management business, supported by policies for public REITs[20]. - The company continues to pursue strategic expansions through joint ventures in key Chinese cities[95]. - The Group has been providing construction and decoration services and selling furniture and construction materials to members of the CRH Group[107].