太古地产(01972) - 2023 - 中期财报

Financial Performance - The company reported a revenue of HKD 7,297 million for the six months ended June 30, 2023, representing a 6% increase from HKD 6,910 million in the previous year[8]. - The basic earnings attributable to shareholders decreased by 6% to HKD 3,901 million, down from HKD 4,169 million in the previous year[8]. - The company achieved a cash flow from operations of HKD 4,221 million, which is a 7% increase compared to HKD 3,933 million in the previous year[8]. - The reported profit attributable to shareholders for the first half of 2023 was HKD 2.1223 billion, a decrease from HKD 4.348 billion in the first half of 2022[12]. - The recurring basic profit increased by HKD 220 million to HKD 3.892 billion, reflecting a strong recovery in retail properties and hotel business in Hong Kong and mainland China[12]. - The total operating profit of HKD 2,873 million, a decrease from HKD 4,894 million in the previous year, representing a decline of about 41.3%[29]. - The company achieved a net profit attributable to shareholders of HKD 2,223 million, down from HKD 4,348 million in 2022, marking a decrease of approximately 48.9%[29]. - The total profit amounted to HKD 5,327 million, up from HKD 5,039 million, reflecting a growth of 5.7% year-on-year[127]. - The net profit attributable to shareholders for the period was HKD 2,223 million, down 48.9% from HKD 4,348 million in the same period last year[127]. Investment and Expansion Plans - The company has committed approximately 40% of its HKD 100 billion investment plan to new projects, indicating a clear roadmap for future business expansion[11]. - The company plans to invest HKD 50 billion in mainland China, aiming to double the total floor area by 2032[16]. - The company is actively expanding into other first-tier and emerging first-tier cities in China, with major investment projects underway in Xi'an and Sanya[11]. - The company has a HKD 100 billion investment plan aimed at developing new projects in core markets and emerging cities[20]. - Swire Properties plans to double the total floor area in mainland China as part of its investment strategy, focusing on first-tier cities like Beijing, Shanghai, and Guangzhou, while also entering new markets like Xi'an and Sanya[22]. - The company is actively expanding its residential business in Southeast Asia with an investment of HKD 20 billion, focusing on major cities like Ho Chi Minh City and Jakarta[15]. - The company plans to develop a luxury residential project in Miami, named "One Island Drive," which will consist of two buildings, with sales expected to begin in early 2024[35]. - The group has eight large commercial development projects in key locations in mainland China, expected to provide an attributable total floor area of approximately 14.8 million square feet upon completion[36]. Dividend and Shareholder Returns - The company’s first interim dividend increased by 3% to HKD 0.33 per share, compared to HKD 0.32 per share in the previous year[8]. - The first interim dividend for 2023 is HKD 0.33 per share, representing a 3% increase compared to the first interim dividend paid in 2022[12]. - The company declared dividends of HKD 3,978 million for the current period, which is a slight increase from HKD 3,744 million in the previous year[131]. - The group declared an interim dividend of HKD 1,931 million for the year ending December 31, 2023, compared to HKD 3,978 million for the previous year[169]. Debt and Financial Position - The company’s net debt increased by 56% to HKD 29,514 million from HKD 18,947 million in the previous year[8]. - The company’s capital-to-net-debt ratio rose to 10.2%, an increase of 3.7 percentage points from 6.5% in the previous year[8]. - The debt-to-equity ratio increased to 10.2% as of June 30, 2023, compared to 5.3% in the previous year[122]. - The total liabilities as of June 30, 2023, were HKD 47,116 million, an increase from HKD 33,918 million at the end of 2022, representing a growth of approximately 38.5%[129]. - The company reported a net cash inflow from operating activities of HKD 3,374 million for the first half of 2023, compared to HKD 3,179 million in the previous year, reflecting a growth of approximately 6.1%[130]. - The company issued bonds worth HKD 3.251 billion during the first half of 2023[113]. - The total borrowings amounted to HKD 33,108 million, an increase of 45% from HKD 22,835 million as of December 31, 2022[115]. Property and Asset Management - The company’s investment properties increased to HKD 284,607 million as of June 30, 2023, from HKD 271,368 million at the end of 2022, reflecting a growth of about 4.9%[129]. - The total rental income from investment properties amounted to HKD 6,677 million for the six months ended June 30, 2023, compared to HKD 6,215 million in the prior year, reflecting an increase of about 7.4%[142]. - The total rental income from the mainland office property portfolio decreased by 5% to HKD 427 million in the first half of 2023, while excluding currency fluctuations, it increased by 1%[72]. - The total rental income from Hong Kong retail properties for the first half of 2023 was HKD 1.32 billion, reflecting a 17% increase compared to the same period in 2022[52]. - The occupancy rate of the office property portfolio in Hong Kong was 90% as of June 30, 2023, with a rate of 94% excluding the newly completed Taikoo Place Two[46]. - The group has completed the sale of 2,114 out of 2,530 parking spaces at Taikoo City as of August 4, 2023, with 1,460 sales confirmed by June 30, 2023[61]. Sustainability and Corporate Governance - The company is implementing an internal carbon pricing mechanism to quantify the potential impact of carbon emissions on investment projects[17]. - The company has signed over 70 tenants under its "Environmental Performance Charter" since its launch in 2022, promoting sustainability initiatives[25]. - The company is committed to maintaining its leadership in environmental, social, and governance (ESG) areas while accelerating digital transformation[19]. - The company has been included in the 2023 Bloomberg Gender Equality Index, reflecting its commitment to gender equality in the workplace[25]. - The company adhered to all corporate governance codes during the reporting period[179]. Market Outlook and Future Guidance - The company is optimistic about the remaining part of 2023 and plans to focus on a HKD 100 billion investment plan in Hong Kong, mainland China, and Southeast Asia[28]. - Future guidance suggests a projected revenue growth of 12% for the second half of 2023, driven by increased demand in the residential sector[193]. - The company is focusing on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2030[193]. - The group expects further improvement in retail business in Hong Kong in the second half of 2023, driven by strong marketing activities and membership reward programs[54].