九龙仓置业(01997) - 2022 - 中期财报

Financial Performance - The group's unaudited net profit increased by 3% to HKD 3.37 billion, equivalent to HKD 1.11 per share, compared to HKD 3.27 billion or HKD 1.08 per share in the previous year[5]. - The group reported a net loss attributable to shareholders of HKD 1.468 billion due to an investment property revaluation loss of HKD 50.39 billion, compared to a profit of HKD 2.97 billion in the previous year[5]. - Basic net profit increased by 3% to HKD 3.37 billion, while investment property profit also rose by 3% to HKD 3.42 billion[18]. - The group recorded a revenue of HKD 6,210 million for the six months ended June 30, 2022, down from HKD 7,485 million in 2021[38]. - The group reported a loss attributable to shareholders of HKD 1,468 million for the six months ended June 30, 2022, compared to a profit of HKD 2,970 million in 2021[38]. - The company reported a loss of HKD 1,530 million for the six months ended June 30, 2022, compared to a profit of HKD 2,954 million in the same period of 2021[39]. - The company’s comprehensive loss for the period totaled HKD 4,967 million, compared to a comprehensive income of HKD 4,869 million in the prior year[39]. - The total revenue for the group was HKD 6,210 million, down from HKD 7,485 million in the same period of 2021, representing a decrease of approximately 17%[46]. - The operating profit for the group was HKD 4,446 million, compared to HKD 4,428 million in the previous year, indicating a slight increase[46]. Dividends and Shareholder Returns - The interim dividend is set at HKD 0.70 per share, totaling HKD 2.125 billion, which represents 65% of the net profit from investment properties and hotels[6]. - The first interim dividend declared was HKD 0.70 per share, totaling HKD 2,125 million, compared to HKD 0.67 per share or HKD 2,034 million in 2021[57]. Revenue and Market Performance - Overall revenue decreased by 17%, primarily due to reduced contributions from the listed subsidiary, Harbour Enterprises[7]. - The retail sector faced a 2.6% decline in sales, with the group implementing marketing strategies to stimulate sales post-pandemic[7]. - The group's shopping mall revenue increased by 1%, and operating profit rose by 6% despite ongoing retail market competition[7]. - The overall revenue for Times Square decreased by 15%, with operating profit down by 3% due to market challenges[12]. - The hotel segment reported a revenue increase of 7% to HKD 366 million, with losses narrowing to HKD 172 million[19]. - Investment property revenue amounted to HKD 5,360 million, down from HKD 5,483 million in the previous year, reflecting a decrease of 2.2%[49]. - Revenue from hotel operations increased to HKD 366 million, compared to HKD 343 million in 2021, representing a growth of 6.7%[49]. Assets and Liabilities - Total assets reached HKD 266.1 billion, with 93% located in Hong Kong[25]. - Total assets decreased to HKD 266,103 million as of June 30, 2022, down from HKD 272,268 million at the end of 2021[40]. - Non-current assets, including investment properties, decreased to HKD 259,862 million from HKD 266,879 million[40]. - Total liabilities increased slightly to HKD 62,196 million from HKD 61,392 million[41]. - Net assets decreased to HKD 203,907 million from HKD 210,876 million[41]. - The company’s equity attributable to shareholders decreased to HKD 199,329 million from HKD 206,106 million[41]. Debt and Financing - Net debt decreased by HKD 7 billion to HKD 468 billion as of June 30, 2022, compared to HKD 475 billion in 2021[29]. - The debt-to-equity ratio increased to 23.0% from 22.5% in the previous year[31]. - Total bank borrowings and other borrowings as of June 30, 2022, were HKD 49,046 million, slightly down from HKD 49,334 million as of December 31, 2021[61]. - Current borrowings (due within one year) increased to HKD 5,250 million from HKD 4,500 million, a rise of 16.7%[61]. - Total finance costs for the period were HKD 609 million, compared to HKD 359 million in 2021, indicating an increase of 69.5%[53]. Operational Metrics - The occupancy rate for office spaces increased to 87% as of June 2022, with revenue and operating profit both rising by 3%[10]. - The office rental rates for K. Wah Centre and Carvery Centre were 92% and 98% respectively as of June 2022, while retail spaces were fully leased[15]. - The rental rates for the retail properties in Singapore were 96% for K. Wah Plaza and 89% for Scotts Square as of June 2022[17]. Employee and Governance - The group employed approximately 2,700 staff as of June 30, 2022, with compensation based on job responsibilities and market trends[37]. - The total annual remuneration for the directors has seen changes, with the highest being HKD 3,631,000 for Wu Tianhai, an increase from HKD 3,558,000 in the previous year[79]. - The company has complied with the corporate governance code, except for one provision regarding the separation of the roles of Chairman and CEO, which is deemed appropriate for strategic execution[72]. Future Commitments and Investments - Total capital commitments for the coming years are estimated at HKD 13 billion, with HKD 5 billion already incurred[35]. - The company has unspent commitments totaling HKD 1.33 billion, with HKD 516 million already incurred and HKD 819 million yet to be incurred as of June 30, 2022[16]. - The company has a commitment of HKD 9.62 billion related to joint ventures in mainland China, an increase from HKD 8.93 billion as of December 31, 2021[70].