恒基地产(00012) - 2021 - 中期财报

Financial Performance - For the six months ended June 30, 2021, the company's attributable basic profit was HKD 7.806 billion, an increase of HKD 2.624 billion or 51% compared to HKD 5.182 billion in the same period last year[5]. - The company's attributable profit, after accounting for a fair value loss of HKD 1.257 billion on investment properties, was HKD 6.549 billion, up HKD 3.715 billion or 131% from HKD 2.834 billion in the previous year[5]. - Basic earnings per share increased to HKD 1.61 from HKD 1.07 year-on-year[5]. - The group reported a 20% decrease in total revenue to HKD 8.79 billion for the six months ended June 30, 2021, compared to HKD 10.94 billion in the same period last year[79]. - The group's attributable profit for the period was HKD 6,549 million, up from HKD 2,834 million in the previous year, indicating strong growth[147]. - The total revenue for the period was HKD 7,318 million, reflecting a 76% increase in comprehensive income compared to the previous year[125]. Property Sales and Revenue - The total sales revenue from property sales in Hong Kong was HKD 37.05 billion, a decrease of 31% year-on-year, while the pre-tax profit contribution was HKD 12.02 billion, down 52%[7]. - The group's attributable property sales revenue for the six months ended June 30, 2021, was HKD 2.31 billion, a decrease of 21% compared to the same period last year[48]. - Property sales revenue for the six months ended June 30, 2021, was HKD 3,450 million, down from HKD 6,511 million in the same period of 2020, a decrease of about 47.1%[136]. - The total revenue from property sales for the group was HKD 3,450 million, a decrease of HKD 3,061 million or -47% compared to HKD 6,511 million in the previous year[81]. Rental Income and Leasing - The group's rental income in Hong Kong decreased by 6% year-on-year to HKD 3.267 billion, while the pre-tax rental net income fell by 9% to HKD 2.364 billion for the six months ended June 30, 2021[33]. - The total revenue from property leasing for the six months ended June 30, 2021, was HKD 3,100 million, an increase from HKD 2,938 million in the same period of 2020, representing a growth of approximately 5.5%[167]. - Rental income attributable to the group increased by 13% to HKD 1.01 billion, while attributable net rental income rose by 8% to HKD 789 million, mainly due to an 8% appreciation of the RMB against the HKD[49]. Development Projects and Land Reserves - The company has a land reserve of approximately 44.6 million square feet in New Territories and 31.2 million square feet in Mainland China for future development[4]. - The company has ongoing urban redevelopment projects with a total area of 6.8 million square feet, expected to be available for sale between 2022 and 2023[9]. - The group has acquired 24 urban old building redevelopment projects, with over 80% to 100% ownership, expected to yield significant self-occupied floor area[20]. - The group has signed six cooperative development projects in mainland China this year, adding approximately 8 million square feet of buildable area[75]. Financial Position and Debt Management - The net debt to equity ratio improved to 20.0% from 25.6% year-on-year[4]. - The group's net borrowings were HKD 65.69 billion as of June 30, 2021, down from HKD 83.75 billion at the end of 2020, with a debt ratio of 20.0%[74]. - The group's total debt as of June 30, 2021, was HKD 79,734,000,000, a decrease from HKD 89,556,000,000 as of December 31, 2020[98]. - The effective interest rate on bank and other borrowings in Hong Kong was approximately 1.78% for the six months ended June 30, 2021, down from 2.45% in the previous year[94]. Strategic Initiatives and Market Expansion - The company plans to continue expanding its market presence and developing new projects in response to the recovering economy[7]. - The group plans to launch eight development projects in the second half of the year, with approximately 5,700 residential units and 230,000 square feet of office and industrial space available for sale in Hong Kong[75]. - The group is actively pursuing urban redevelopment strategies to enhance its property portfolio and market presence[20]. Taxation and Provisions - The deferred tax provision for the period was HKD 583 million, down from HKD 1,145 million in the previous year, showing a reduction in tax liabilities[146]. - The group’s total tax provision for the period was HKD 628 million, compared to HKD 1,720 million in the previous year, reflecting a decrease in overall tax expenses[145]. Employee and Operational Metrics - The total employee cost for the six months ended June 30, 2021, was HKD 1,315,000,000, reflecting a 10% increase from HKD 1,200,000,000 in the same period of 2020[110]. - The company employed 10,189 full-time employees as of June 30, 2021, an increase of 1,124 employees compared to December 31, 2020[110]. Investment and Acquisitions - The company acquired an additional 103,000 shares of Miramar, increasing its stake to 50.002% as of June 30, 2021, from approximately 49.987% prior to the acquisition[106]. - The total income recognized from the revaluation of previously held equity in Miramar after gaining control amounted to HKD 1,889,000,000, including HKD 1,887,000,000 from the 49.987% stake and HKD 2,000,000 from bargain purchase gains[106].