九龙仓置业(01997) - 2023 - 年度业绩

Financial Performance - Core business revenue from investment properties and hotels increased by 8%, with operating profit rising by 12%[2] - The group's underlying net profit decreased by 3% to HKD 6.01 billion, equivalent to HKD 1.98 per share[3] - Group revenue increased by 7% to HKD 13.31 billion, while operating profit rose by 13% to HKD 9.99 billion, primarily due to improved performance in investment properties and hotels after border reopening[14] - Hotel revenue surged by 67% to HKD 1.56 billion, turning a loss of HKD 230 million in 2022 into a profit of HKD 209 million in 2023[14] - Investment property revenue increased by 2% to HKD 10.91 billion, with operating profit up 6% to HKD 9.24 billion, accounting for 82% and 93% of the group's total, respectively[14] - The company reported a net profit of HKD 4.6 billion for the year, a significant recovery from a loss of HKD 8.9 billion in 2022[30] - Total revenue for 2023 reached HKD 13,306 million, an increase from HKD 12,459 million in 2022, representing a growth of 6.8%[35] - Operating profit for the group was HKD 9,993 million in 2023, compared to HKD 8,841 million in 2022, representing a year-on-year increase of 13.0%[40] Asset and Liability Management - Total valuation of investment properties decreased by 0.4% to HKD 228 billion, accounting for 93% of the group's assets[2] - Net debt decreased by HKD 8.8 billion, with the debt ratio declining to 18.6%[2] - The total assets decreased to HKD 245,322 million in 2023 from HKD 255,249 million in 2022, a decline of 3.9%[32] - Total liabilities decreased to HKD 49,715 million in 2023 from HKD 60,368 million in 2022, a reduction of 17.5%[32] - Net assets increased to HKD 195,607 million in 2023, compared to HKD 194,881 million in 2022, a growth of 0.4%[32] - The total available credit and issued debt securities amounted to HKD 52.1 billion as of December 31, 2023, with HKD 37.4 billion utilized, leaving HKD 14.7 billion unutilized[26] - As of December 31, 2023, the net debt of the group (excluding the port enterprises) decreased to HKD 36.1 billion from HKD 44.7 billion in 2022, resulting in a net debt to total equity ratio of 18.6% compared to 23.2% in 2022[25] Dividends and Shareholder Returns - The first interim dividend of HKD 0.67 per share was paid, with a second interim dividend of HKD 0.61 per share to be paid in April 2024, totaling HKD 1.28 per share for the year[4] - The first interim dividend for 2023 is HKD 0.67 per share, totaling HKD 2,034 million, compared to HKD 0.70 per share and HKD 2,125 million in 2022[46] - The second interim dividend for 2023 is HKD 0.61 per share, totaling HKD 1,852 million, consistent with the same amount in 2022[46] Operational Insights - Harbour City saw a 10% increase in overall revenue and a 13% rise in operating profit[5] - The retail rental rate stabilized, with expectations of further increases as sales recover[5] - The office rental rate was under pressure, with an occupancy rate of 88% at year-end, and revenue down by 6%[7][10] - The overall revenue of Times Square decreased by 3%, while the occupancy rate improved to 95%[9] - The group recorded an operating cash inflow of HKD 9.7 billion for the year, up from HKD 8.6 billion in 2022, primarily driven by rental income[27] - The net cash inflow from operating activities was HKD 5.9 billion, down from HKD 6.7 billion in the previous year[27] Future Outlook and Challenges - The outlook for 2024 indicates potential positive signs, but uncertainties from global economic slowdown and geopolitical tensions may cause volatility[12] - The company plans to continue expanding its investment property portfolio, focusing on markets in Hong Kong and mainland China[34] Financial Challenges - Other net losses amounted to HKD 720 million, primarily due to fair value losses on financial instruments and impairment of development properties[16] - Financial expenses rose to HKD 2.17 billion, with the effective borrowing rate increasing to 5.4% from 2.5% in 2022[17] - Tax expenses decreased by 17% to HKD 1.14 billion, compared to HKD 1.36 billion in 2022[18] - Interest expenses rose to HKD 2,261 million in 2023, up from HKD 1,142 million in 2022, marking an increase of 98.1%[43] Corporate Governance and Compliance - The company has complied with all principles of the Corporate Governance Code, with the exception of the separation of roles between the Chairman and CEO[50] - No purchases, sales, or redemptions of the company's listed securities were made during the fiscal year[51] - The annual general meeting is scheduled for May 7, 2024, with a record date of May 2, 2024[52]