恒基地产(00012) - 2023 - 年度业绩

Financial Performance - The group's profit attributable to shareholders for the year ended December 31, 2023, was HKD 9.706 billion, an increase of HKD 77 million or 0.8% compared to HKD 9.629 billion in the previous year[2]. - The basic earnings per share for the year was HKD 2.00, compared to HKD 1.99 in 2022[2]. - The group recorded a fair value loss of HKD 4.45 billion on investment properties, compared to HKD 3.9 billion in 2022[2]. - The total rental income attributable to the group increased by 4% to HKD 6.74 billion, while attributable pre-tax rental net income rose by 7% to HKD 4.91 billion[28]. - The net profit for the year was HKD 9,778 million, compared to HKD 9,503 million in the previous year, reflecting an increase of about 2.9%[73]. - The company reported a total revenue of HKD 27,570 million for the year ended December 31, 2023, an increase from HKD 25,551 million in 2022, representing a growth of approximately 7.9%[72]. - The total comprehensive income for the year was HKD 7,575 million, significantly up from HKD 1,843 million in the previous year[74]. Property Development - The total property sales in Hong Kong for the year amounted to approximately HKD 14.752 billion, a decrease of HKD 774 million from the previous year[5]. - The group expects a profit contribution of approximately HKD 1.407 billion from the sale of "Port Exchange" to be recognized in the 2024 fiscal year[5]. - The total area available for sale in 2024 is approximately 3.3 million square feet, including unsold units from major development projects[7]. - The company plans to launch 10 new projects in 2024, including Belgravia Place Phase 1 with 293,604 square feet and 714 residential units[13]. - The company has 28 ongoing development projects with a total remaining residential unit count of 3,882 and a total remaining usable area of 2,111,924 square feet[9]. - The group has an unrecognized property sales total of approximately HKD 9.418 billion as of December 31, 2023, with HKD 7.114 billion expected to be recognized in 2024[5]. Urban Redevelopment - The group has acquired over 240,000 square feet of self-owned floor area for redevelopment projects in urban areas[6]. - The group has two existing properties under redevelopment, expected to provide approximately 900,000 square feet of self-owned floor area upon completion[15]. - There are 22 newly acquired urban redevelopment projects, with 100% ownership in several projects, contributing an estimated future self-owned floor area of 785,371 square feet[18]. - The total estimated self-owned floor area from projects with 80% to 100% ownership is 1,553,426 square feet[20]. - The group has 29 ongoing urban redevelopment projects, with an expected self-owned floor area of approximately 183,000 square feet upon full acquisition[22]. Rental Properties - The average occupancy rate of the group's rental properties as of December 31, 2023, was 92%[28]. - The group's completed rental property portfolio expanded to approximately 9.9 million square feet, with retail space accounting for 55%, office space 37%, and industrial space 4%[29]. - The retail property portfolio maintained a stable occupancy rate, with rental renewals showing an increase, and foot traffic exceeding pre-pandemic levels from 2018[30]. - The office leasing market in Hong Kong faced challenges due to high vacancy rates and significant future supply, yet the group's office properties maintained stable occupancy rates[31]. Strategic Initiatives - The group is actively pursuing market expansion through new project launches and strategic partnerships in the real estate sector[12]. - The group is monitoring the government's "Northern Metropolis" development plan, which is expected to have a significant impact on land prospects in Hong Kong[27]. - The group is currently developing the Central Waterfront project, which will have a total floor area of 1.6 million square feet and over 300,000 square feet of public green space, with completion expected in Q4 2026 and Q4 2032[24]. Financial Position - The group's net debt stood at HKD 71.89 billion as of December 31, 2023, with a debt ratio of 22.6%[67]. - The company’s total liabilities increased to HKD 138,316 million from HKD 124,164 million, indicating a rise of 11.4%[76]. - The company’s equity attributable to shareholders was HKD 326,542 million, down from HKD 327,948 million in the previous year[76]. - The company reported a decrease in inventory to HKD 94,164 million from HKD 97,258 million, a decline of 3.2%[75]. Market Conditions - The Hong Kong economy grew by only 3.2% in 2023, with private consumption rebounding by 7.3% after a decline of 2.2% in 2022[4]. - The mainland real estate market is in a consolidation phase, with policies such as "recognizing houses but not loans" and reduced mortgage rates aimed at stimulating demand, yet overall market activity remains down[35]. Sustainability and Corporate Governance - The group has received multiple accolades for its sustainability efforts, including the "3 Years + Environmental Pioneer" award and recognition as "Company with Outstanding ESG Performance" in the real estate sector[34]. - The board of directors has confirmed compliance with the corporate governance code as per the Hong Kong Stock Exchange rules[167].