九龙仓置业(01997) - 2023 - 中期财报

Financial Performance - The group's underlying net profit decreased by 9% to HKD 3.059 billion, compared to HKD 3.373 billion in 2022, resulting in earnings per share of HKD 1.01, down from HKD 1.11 in 2022[4]. - Group revenue increased by 4% to HKD 6.473 billion from HKD 6.210 billion in 2022, with operating profit rising by 11% to HKD 4.949 billion[16]. - The group’s net profit for the period was HKD 1.78 billion, compared to a loss of HKD 1.53 billion in 2022[33]. - Total revenue for the six months ended June 30, 2023, was HKD 6.473 billion, an increase from HKD 6.210 billion in the same period of 2022[32]. - Operating profit for the group reached HKD 4,940 million, up 11.1% from HKD 4,446 million in the same period last year[46]. Dividends - The interim dividend is set at HKD 0.67 per share, down from HKD 0.70 in 2022, with a total payout of HKD 2.034 billion, representing 65% of the underlying net profit from investment properties and hotels[5]. - The company declared an interim dividend of HKD 0.67 per share, totaling HKD 2,034 million, compared to HKD 0.70 per share in 2022[51]. Revenue Segments - Overall revenue, including hotels, increased by 8%, and operating profit rose by 12%[6]. - Hotel revenue surged by 90% to HKD 697 million, with operating profit of HKD 67 million, recovering from a loss of HKD 172 million in 2022[16]. - Investment property income rose by 2% to HKD 5.455 billion, with operating profit increasing by 6% to HKD 4.677 billion[16]. - The investment property segment generated revenue of HKD 5,455 million with an operating profit of HKD 4,677 million for the six months ended June 30, 2023[41]. - The hotel segment achieved revenue of HKD 697 million with an operating profit of HKD 67 million for the six months ended June 30, 2023[41]. Occupancy and Rental Rates - Shopping mall revenue increased by 9%, with operating profit up by 16%, and occupancy rates improved to 96% by the end of June 2023[7]. - Office rental income and operating profit both declined by 8%, with an occupancy rate of 88% as of June 30, 2023[8]. - The occupancy rate for the Central portfolio remained stable at 96% for the Carfield Building, while the Wanchai Building's rate improved to 81%, despite a 12% drop in revenue[12]. - The Singapore assets have shown rapid growth since 2022, with shopping mall occupancy rates at 99% and 98%, and office occupancy at 100%[14]. Financial Position - Net financial expenses increased to HKD 999 million from HKD 609 million in 2022, with the effective borrowing rate rising to 4.7%[18]. - Shareholders' equity increased by HKD 200 million to HKD 190.6 billion, equivalent to HKD 62.77 per share[20]. - Total assets reached HKD 248.6 billion, with 94% located in Hong Kong[21]. - Net debt decreased by HKD 6.1 billion to HKD 39.1 billion, with a net debt to total equity ratio declining to 20.1%[25]. - The total value of investment properties amounted to HKD 227.4 billion, accounting for 92% of operating assets[22]. Cash Flow - The group recorded an operating cash inflow of HKD 4.8 billion for the period, primarily from rental income, compared to HKD 4.3 billion in 2022[29]. - The group reported a net cash inflow from investment activities of HKD 4.7 billion, a significant improvement from a cash outflow of HKD 2.3 billion in 2022[29]. - Operating cash inflow for the six months ended June 30, 2023, was HKD 4,802 million, an increase from HKD 4,309 million in the previous year[37]. - The net cash used in financing activities was HKD 8,226 million for the six months ended June 30, 2023, compared to HKD 785 million in the same period of 2022[37]. Governance and Compliance - The company has adopted a set of corporate governance codes, complying with all principles except for the separation of the roles of Chairman and CEO, which is deemed more effective for long-term strategy execution[64]. - All directors have complied with the company's securities trading code and the standard code during the financial period ending June 30, 2023[65]. - The company maintains a balanced distribution of power and authority within its board, which consists of experienced and capable members, with over half being independent non-executive directors[64]. - The company has confirmed that there are no short positions held by directors or the CEO as of June 30, 2023[66]. Shareholder Information - Major shareholders include Wheelock and Company Limited holding 1,487,051,651 shares (48.98%) and Big Heritage Limited holding 1,316,421,651 shares (43.36%) as of June 30, 2023[67]. - The company has a share option scheme approved on May 9, 2023, with a total of 303,622,732 options available, but no options were granted during the financial period ending June 30, 2023[68].