新鸿基地产(00016) - 2021 - 中期财报

Financial Performance - The company's attributable profit for the six months ended December 31, 2020, was HKD 17.48 billion, up 30.2% from HKD 13.42 billion in the same period last year[13]. - Basic earnings per share based on underlying profit was HKD 6.03, compared to HKD 4.63 in the previous year, reflecting a 30.2% increase[7]. - Revenue for the six months ended December 31, 2020, was HKD 46,070 million, an increase of 19.5% from HKD 38,711 million in 2019[48]. - Gross profit was HKD 24,501 million, up 25.1% from HKD 19,605 million in the previous year[48]. - Operating profit increased to HKD 21,023 million, representing a 30.0% rise from HKD 16,152 million in 2019[48]. - Profit attributable to shareholders was HKD 13,578 million, a decrease of 12.0% compared to HKD 15,419 million in the prior year[48]. - Total comprehensive income for the period was HKD 22,770 million, significantly higher than HKD 14,535 million in 2019, marking a 56.5% increase[50]. - The company reported a foreign exchange gain of HKD 6,883 million from overseas operations, compared to a loss of HKD 1,336 million in the previous year[50]. Property Sales and Rental Income - Total rental income for the period decreased by 2.8% to HKD 12.36 billion, while net rental income fell by 1.8% to HKD 9.50 billion[7]. - Profit from property sales was HKD 12.36 billion, significantly up from HKD 6.85 billion in the previous year, driven by the completion of development projects in Hong Kong[15]. - Total rental income, including that from joint ventures and associates, fell by 3% to HKD 12.36 billion[16]. - The group's contracted sales in Hong Kong reached HKD 11.3 billion, primarily from projects like Wetland Seasons Park Phase 3 and Central Peak Phase 1[19]. - Property sales revenue for the six months ended December 31, 2020, was HKD 26.9 billion, a significant increase from HKD 16.2 billion in 2019, driven by the completion of residential projects[108]. - The rental income from the mainland China property portfolio increased by 19% to HKD 2.87 billion, with net rental income rising by 24% to HKD 2.31 billion[109]. Investment and Development - The group acquired a residential land plot in Tuen Mun with a total floor area of approximately 614,000 square feet, holding a 75.2% interest in the project[17]. - The company also purchased an industrial land plot in Tuen Mun, planning to convert it for office and retail use, with a potential floor area of approximately 772,000 square feet, holding a 69.9% interest[17]. - The group's land reserves in Hong Kong amount to 56 million square feet, including approximately 22.3 million square feet of properties under development, sufficient for the next five years of development needs[18]. - The group expects approximately 893,000 square feet of properties to be completed in the second half of the fiscal year, with around 768,000 square feet designated for residential use[20]. - The group is developing a project at 98 Qiao Ming Street, which will include approximately 650,000 square feet of Grade A office space and 500,000 square feet of retail space, expected to complete in 2023[22]. Financial Position and Debt Management - The group maintained a strong financial position with a low debt ratio and solid interest coverage, receiving credit ratings of A1 and A+ from Moody's and S&P, respectively[35]. - The group issued HKD 780 million in seven-year bonds to diversify its debt maturity profile, taking advantage of an active private placement market[35]. - The group's total debt as of December 31, 2020, was HKD 107.45 billion, with net debt amounting to HKD 83.96 billion, an increase of HKD 3.05 billion from June 30, 2020[111]. - The debt-to-equity ratio was 14.4% as of December 31, 2020, compared to 14.1% on June 30, 2020[110]. - The interest coverage ratio was 15.3 times, indicating strong financial health[110]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the listing rules, although it has not separated the roles of Chairman and CEO[185]. - The interim financial results for the six months ending December 31, 2020, were reviewed by Deloitte, ensuring compliance with the relevant auditing standards[184]. - The group did not adopt any new accounting standards or amendments that were not yet effective during the reporting period[58]. Sustainability and Community Engagement - The group is committed to sustainable development, setting a new ten-year energy-saving target and updating its sustainability policies to strengthen operational governance[38]. - The group has partnered with various social welfare organizations to provide support to vulnerable communities during the pandemic, including distributing essential supplies[38]. - The group will continue to enhance its property hygiene standards and apply smart technologies such as 5G and IoT to improve customer service and operational efficiency[40]. Future Outlook and Strategy - The group plans to expand its property portfolio in mainland China from approximately 15 million square feet to over 25 million square feet within the next four years, significantly increasing its recurring income base[40]. - The group aims to launch multiple residential projects in Hong Kong over the next ten months, including Prince Central in Ho Man Tin and the second phase of Hoi Shun in North Point, although sales timing remains uncertain due to the pandemic[41]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[50].