新世界发展(00017) - 2024 - 中期财报

Financial Performance - The company's core profit from continuing operations was HKD 4,866.3 million, an increase of 12% year-on-year[9]. - Revenue from continuing operations was HKD 17,065.5 million, a decrease of 25% year-on-year, primarily due to reduced property development revenue in Hong Kong and mainland China[9]. - Gross profit increased by 2% to HKD 7,257 million, benefiting from higher margins in the K11 project[9]. - Revenue for the six months ended December 31, 2023, was HKD 17,065.5 million, a decrease of 25.2% compared to HKD 22,785.9 million in 2022[66]. - Operating profit for the period was HKD 5,729.0 million, compared to HKD 5,333.0 million in 2022, reflecting a growth of 7.4%[66]. - The company reported a loss of HKD 5,772.0 million for the period, a significant decline from a profit of HKD 2,477.4 million in the same period last year[67]. - The company’s total comprehensive loss for the period was HKD 2,988.2 million, compared to a loss of HKD 6,280.9 million in the prior year[67]. - The company reported a net profit of HKD 1,021.0 million for the six months ended December 31, 2023, compared to a profit of HKD 1,265.0 million in the previous period, reflecting a decrease of approximately 19.3%[75]. - Total comprehensive loss for the period amounted to HKD 6,697.3 million, significantly impacted by other comprehensive losses including a foreign exchange loss of HKD 6,646.8 million[75]. Dividends and Shareholder Returns - The interim dividend for the fiscal year 2024 is set at HKD 0.20 per share[9]. - The company declared an interim dividend of HKD 0.2 per share, down from HKD 0.46 per share in 2022[66]. - The company paid dividends totaling HKD 4,756.0 million during the period, impacting retained earnings significantly[73]. - The interim cash dividend declared is HKD 0.2 per share for the fiscal year ending June 30, 2024, expected to be distributed on April 18, 2024[199]. Assets and Liabilities - Total assets decreased to HKD 470,168.6 million from HKD 609,014.0 million, representing a reduction of 22.8%[69]. - The company’s total liabilities decreased to HKD 231,955.0 million from HKD 334,921.2 million, a reduction of about 30.7%[71]. - As of December 31, 2023, total equity decreased to HKD 238,213.6 million from HKD 274,092.8 million as of June 30, 2023, representing a decline of approximately 13.1%[71]. - The company's cash and bank deposits fell to HKD 37,795.5 million, down from HKD 53,263.9 million, a decrease of 29.1%[69]. - The company’s cash and cash equivalents decreased by HKD 18,105.5 million, ending the period at HKD 34,725.7 million, compared to HKD 52,772.8 million at the end of the previous period[77]. Property Development and Investment - Revenue from Hong Kong property development was HKD 1,246 million, while revenue from mainland China property development was HKD 5,495 million[9]. - The group achieved a total property contract sales amount of RMB 7.55 billion in mainland China, completing 50% of the RMB 15 billion sales target for the 2024 fiscal year[24]. - The average contract sales price in mainland China exceeded RMB 41,000 per square meter, with a total sales area of approximately 183,000 square meters[24]. - The group’s sales in Guangzhou's residential project exceeded RMB 4 billion, indicating strong market demand in the Greater Bay Area[24]. - The group reported a fair value loss of HKD 365 million on investment properties, with total impairments amounting to HKD 1,801 million[17]. - The total floor area of completed projects in mainland China during the review period was approximately 550,000 square meters, primarily located in the Greater Bay Area, with an expected completion of approximately 1,312,000 square meters in the 2024 fiscal year[26]. Hotel and Other Operations - Hotel revenue in Hong Kong increased by 55% year-on-year, driven mainly by room business, with total visitor arrivals estimated at 21 million from July to December 2023[45]. - In mainland China, hotel revenue grew over 70%, with Beijing hotels experiencing a significant increase of 120% to 140% year-on-year[45]. - The company operates 17 hotel properties across Hong Kong, mainland China, and Southeast Asia, providing a total of 6,567 rooms as of December 31, 2023[47]. - The insurance segment reported a 12% increase in operating profit due to business growth and higher investment returns[52]. - The construction segment's performance rose by 9% year-on-year, with major projects including commercial and residential developments in Hong Kong[53]. Financial Management and Strategy - The company is actively managing cash flow and has reduced capital expenditures and operating costs by approximately 21% and 16%, respectively, during the review period[64]. - The company plans to continue optimizing its asset portfolio by selling non-core assets, aiming to enhance operational efficiency and create more value for shareholders[64]. - The company is committed to integrating environmental, social, and governance factors into its operational strategies to create long-term value for stakeholders[64]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and customer engagement[78]. Accounting and Financial Reporting - The company has adopted new accounting standards related to insurance contracts, which may impact future financial reporting[79]. - The adoption of HKFRS 17 resulted in a total equity increase from HKD 268,491.4 million to HKD 274,371.8 million, reflecting an adjustment of HKD 5,880.4 million[90]. - The group has begun evaluating the impact of the amendments and interpretations of standards, which may lead to changes in accounting policies and disclosures[92]. - The group adopted Hong Kong Financial Reporting Standard No. 17, leading to changes in key accounting estimates and judgments related to insurance contracts[125].