Financial Performance - For the six months ended June 30, 2024, the company's profit attributable to shareholders was HKD 3,914 million, a decrease of 7% compared to HKD 4,221 million in the same period of 2023[10] - The company's revenue for the same period was HKD 39,563 million, reflecting a decline of 23% from HKD 51,544 million in 2023[10] - The basic earnings per share for 'A' shares was HKD 3.90, an increase of 1% from HKD 3.86 in the previous year[10] - Swire Group reported a consolidated profit attributable to shareholders of HKD 39.14 billion for the first half of 2024, down from HKD 42.21 billion in the same period of 2023[18] - Swire Properties' recurring underlying profit for the first half of 2024 was HKD 28.998 billion, a decrease of 9% compared to HKD 31.888 billion in the first half of 2023[19] - Swire Coca-Cola recorded a recurring profit of HKD 8.778 billion in the first half of 2024, down from HKD 16.627 billion in the same period of 2023[20] - Cathay Pacific's profit for the first half of 2024 was HKD 36.131 billion, compared to HKD 42.668 billion in the same period of 2023[22] - The attributable profit excluding non-recurring items for Swire Properties was HKD 878 million for the six months ended June 30, 2024[98] - The attributable profit for Swire Coca-Cola in the first half of 2024 was HKD 878 million, a decrease of 38% compared to HKD 1.423 billion in the same period of 2023[105] Debt and Financial Ratios - The company reported a net debt of HKD 63,479 million, a decrease of 5% from HKD 66,915 million in 2023[10] - The capital net debt ratio (excluding lease liabilities) improved to 19.8%, down from 21.4% in the previous year[10] - As of June 30, 2024, the company has available liquid funds of HKD 46.8 billion and a net debt-to-capital ratio of 19.8%[26] - The total borrowings and debt securities as of June 30, 2024, amounted to HKD 109,723 million, with HKD 30,046 million remaining undrawn[195] - The weighted average debt maturity was 2.8 years as of June 30, 2024, compared to 3.2 years as of December 31, 2023[197] - The weighted average cost of debt was 4.0% as of June 30, 2024, consistent with the rate as of December 31, 2023[197] Sector Performance - The aviation sector continued to be a major driver of basic earnings, benefiting from strong demand for travel and cargo services[12] - The beverage sector showed stable performance, while the real estate sector performed well despite increasing adverse factors[12] - The hotel business in Hong Kong showed slower recovery than expected, while the performance of hotels in mainland China remained relatively stable[44] - The rental income from office properties decreased, partly due to the loss of revenue from the sale of the office floors in the Island East Centre in December 2023[44] - The retail property portfolio in Hong Kong performed weakly, prompting the company to implement optimization measures and marketing activities to attract local customers and tourists[44] Strategic Investments and Plans - The company is focused on strategic and long-term investment plans in core markets including Hong Kong, mainland China, and Southeast Asia[13] - Swire Properties has committed 65% of its HKD 100 billion investment plan in core market property development projects as of August 2, 2024[14] - The company plans to enhance shareholder returns through regular dividends and a share buyback program to be completed by May 2025[13] - The company plans to continue investing in core markets, with a focus on opportunities in the Greater Bay Area, having signed a memorandum of understanding with the Shenzhen government in June 2024[28] - Swire Properties announced a HKD 100 billion investment plan over the next decade, allocating HKD 30 billion for Hong Kong, HKD 50 billion for mainland China, and HKD 20 billion for residential projects including Southeast Asia[45] Market Outlook - The outlook for the next six months remains cautious due to market volatility, economic slowdown, and global uncertainties, but the company maintains confidence in its core market prospects[12] - The company anticipates continued challenges in Hong Kong's retail market due to changing consumer patterns and outbound travel trends, despite efforts to optimize tenant mix and enhance marketing activities[57] - The company expects stable demand for base maintenance services in the second half of 2024, with continued recovery in line maintenance workload[163] Operational Highlights - Cathay Pacific's passenger flights reached 80% of pre-pandemic levels in Q2 2024, marking a significant recovery milestone[17] - The total revenue for the first half of 2024 reached HKD 10,445 million, an increase of 23.3% compared to HKD 8,464 million in the same period of 2023[149] - The group plans to invest significantly in fleet, cabin products, lounges, digital upgrades, and sustainability initiatives to enhance its competitive position as an international aviation hub[144] - The company is actively seeking opportunities to sell assets in the United States as part of its capital recycling strategy[75] Healthcare and Other Operations - In the first half of 2024, the group's attributable loss from healthcare operations was HKD 132 million, compared to a loss of HKD 80 million in the same period of 2023[169] - The group has invested HKD 3.1 billion in the healthcare industry, including investments in mainland China and Indonesia, marking its first entry into the Southeast Asian healthcare market[170] - For the first half of 2024, Swire's attributable profit from trading and industrial operations was HKD 152 million, down from HKD 185 million in the first half of 2023[175] Retail Performance - The rental income from retail properties in Hong Kong totaled HKD 1.198 billion, a decrease of 3% compared to the same period in 2023[51] - Retail sales at Taikoo Place, Cityplaza, and East Point City fell by 13%, 4%, and 3% respectively in the first half of 2024, with overall retail sales in Hong Kong declining by 7%[51] - The overall demand for retail space is expected to stabilize in the second half of 2024, with luxury brand retailers showing strong demand in Guangzhou and Chengdu[71]
太古股份公司B(00087) - 2024 - 中期业绩