恒隆集团(00010) - 2023 - 中期业绩

Financial Performance - Total revenue for the first half of 2023 decreased by 1% to HKD 5,525 million compared to HKD 5,605 million in 2022[5] - Basic earnings attributable to shareholders decreased by 3% to HKD 1,560 million, with basic earnings per share at HKD 1.15[5] - Net profit attributable to shareholders, including property revaluation gains, was HKD 1,682 million, up from HKD 1,439 million in 2022[5] - Operating profit rose by 3% to HKD 4,034 million, compared to HKD 3,929 million in the previous year[6] - Net profit for the same period increased to HKD 2,909 million, up 16.0% from HKD 2,507 million in 2022[50] - Profit before tax for the period was HKD 3,756 million, an increase of 18.9% compared to HKD 3,157 million in 2022[56] - The company reported a fair value increase of properties amounting to HKD 241 million, compared to a decrease of HKD 217 million in 2022[49] Revenue Breakdown - Property leasing income increased by 4% to HKD 5,523 million, while property sales revenue was HKD 2 million, down from HKD 316 million in 2022[5] - The shopping mall segment recorded a revenue growth of 13%, with high-end malls increasing by 16% and mid-range malls declining by 3%[10] - The overall revenue for high-end malls grew by 16%, benefiting from improved market conditions and increased tenant sales during festive periods[12] - The overall tenant sales and leasing income in 2023 increased by 42% and 12% respectively compared to the same period last year[8] - Retail property revenue in Hong Kong grew by 6% to HKD 1.019 billion, with tenant sales up 21%[22] - The office building segment contributed 21% to total rental income, with total revenue increasing by 4% to RMB 701 million[15] Property Valuation and Investment - As of June 30, 2023, the total value of investment properties and properties under development is HKD 196.643 billion, with mainland properties valued at HKD 132.867 billion and Hong Kong properties at HKD 63.776 billion[28] - The company recorded a property revaluation gain of HKD 241 million, compared to a loss of HKD 217 million in 2022[28] - The mainland property portfolio achieved a revaluation gain of HKD 208 million, while the Hong Kong portfolio recorded a gain of HKD 33 million, compared to a loss of HKD 70 million in 2022[28] - The total value of properties under development for lease and sale is HKD 21.494 billion and HKD 11.222 billion, respectively[28] Debt and Financial Ratios - The net debt to equity ratio increased to 27.1% from 25.9%[4] - The total borrowings as of June 30, 2023, were HKD 47.453 billion, an increase from HKD 45.953 billion at the end of 2022[35] - Fixed-rate debt accounted for 38% of the total borrowings, while floating-rate debt made up 62%[37] - The total financial expenses increased by 21% to HKD 897 million in the first half of 2023, with the average effective borrowing rate rising to 4.0% from 3.5% in 2022[42] - The interest coverage ratio for the first six months of 2023 was 4 times, down from 5 times in 2022[42] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.21 per share, unchanged from the previous year[7] - The interim dividend proposed for 2023 remains unchanged at HKD 0.21 per share, consistent with the previous year[63] Employee and Corporate Governance - As of June 30, 2023, the total number of employees was 4,204, including 988 in Hong Kong and 3,216 in mainland China[74] - Total employee costs for the six months ended June 30, 2023, amounted to HKD 950 million[74] - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange during the reporting period[75] Future Plans and Developments - The company plans to enhance tenant mix and accelerate leasing efforts in underperforming properties[17] - The company plans to launch high-end serviced apartment brand "恒隆府" in mainland China, with the first units in Wuhan expected to be delivered by the end of 2023[48] - The new luxury hotel in Kunming is expected to open in the first half of 2024, enhancing the company's hospitality portfolio[48] - The company anticipates continued growth in leasing income from its office portfolio despite complex market conditions[48] Miscellaneous - The company reported a foreign exchange loss of HKD 3.576 billion due to a 3.1% depreciation of the RMB against the HKD since December 31, 2022[43] - The company established a real estate research center at Tsinghua University to focus on sustainable development and innovation in real estate technology[45]