嘉里物流(00636) - 2020 - 中期财报

Financial Performance - The company's revenue increased by 10% to HKD 21.885 billion in the first half of 2020, compared to HKD 19.810 billion in the same period of 2019[14]. - Core operating profit rose by 12% to HKD 1.489 billion, up from HKD 1.330 billion year-on-year[14]. - Core net profit increased by 26% to HKD 845 million, compared to HKD 669 million in the previous year[14]. - Shareholders' profit attributable to the company was HKD 1.073 billion, reflecting a 29% increase when excluding the profit from the sale of two warehouses in Hong Kong recorded in the first half of 2019[15]. - The company declared an interim dividend of HKD 0.11 per share, with a payout ratio of 32% based on core net profit[10]. - Net profit for the period was HKD 1,335,389 thousand, a decrease of 56.3% from HKD 3,057,941 thousand in the previous year[73]. - Basic earnings per share decreased to HKD 0.61 from HKD 1.63, reflecting a decline of 62.6%[72]. - The company reported a decrease in other comprehensive income, resulting in total comprehensive income of HKD 917,183 thousand, down from HKD 3,151,850 thousand in 2019[73]. - The company reported a net cash increase of HKD 389,662, compared to HKD 1,698,392 in the previous year, indicating a significant decrease of approximately 77%[77]. - The company paid dividends totaling HKD 322,917, an increase from HKD 273,954 in the previous year, representing a rise of about 18%[77]. Segment Performance - The international freight segment saw a significant growth of 40% in profit, reaching HKD 403 million compared to HKD 288 million in the previous year[15]. - The logistics operations segment recorded a slight profit increase of 1% to HKD 905 million, while the Hong Kong warehouse segment experienced a decline of 13% to HKD 234 million[15]. - Hong Kong logistics business recorded a 13% growth, shifting focus to meet pandemic-related institutional demands[18]. - Mainland China logistics segment profit dropped by 37% in the first half of 2020, but is expected to improve as the market recovers[21]. - Taiwan logistics segment profit grew by 11% year-on-year, driven by strong last-mile delivery capabilities and robust performance in the pharmaceutical logistics sector[22]. - Asian logistics segment profit increased by 6%, with Kerry Express Thailand showing a remarkable 36% profit growth in the first half of 2020[23]. - Revenue from logistics operations was HKD 9,510,786, slightly down from HKD 9,538,453 in the previous year[95]. - The company's international freight revenue reached HKD 12,507,732, up from HKD 10,291,668 in 2019[97]. Operational Adaptability - The company demonstrated strong adaptability and flexibility in response to the COVID-19 pandemic, achieving growth despite significant market volatility[16]. - The last-mile delivery and e-commerce logistics businesses showed strong growth, contributing positively to the overall logistics performance[17]. - The company plans to adapt to the "new normal" by enhancing capabilities in e-commerce and humanitarian logistics[32]. - Kerry Logistics continues to provide land freight services along the China-CIS-Europe route despite COVID-19 challenges, supporting customer supply chains[127]. - The Group has seen a significant volume surge for land-bridge services between China and Europe, as well as between China and the Indochina Peninsula[128]. Financial Position and Debt - The asset-to-liability ratio stood at 37%, with a net ratio of 12%[5]. - As of June 30, 2020, the group's debt-to-equity ratio was 37.0%, up from 34.6% on December 31, 2019[35]. - The total bank loans amounted to HKD 88.43 billion, with HKD 57.83 billion (approximately 65%) being foreign currency borrowings[34]. - Of the total bank loans, HKD 34.78 billion (39%) is due within one year, HKD 27.88 billion (32%) within the second year, and HKD 25.77 billion (29%) within three to five years[34]. - The total liabilities as of June 30, 2020, were reported at HKD 1,163,848,000[86]. - The total amount of secured bank loans decreased to HKD 912,173,000 as of June 30, 2020, from HKD 1,019,537,000 as of December 31, 2019[121]. Shareholder Structure - Kerry Group Limited holds a significant 63.35% stake in Kerry Construction Limited with 1,136,477,551 shares[53]. - Kerry Holdings Limited owns 60.80% of Kerry Construction Limited, amounting to 1,090,744,073 shares[53]. - The ownership data reflects the status as of June 30, 2020, indicating stable shareholder structures[44][45][46][47][48][49][50][51][52]. - The total equity of directors in Kerry Construction Limited is approximately 0.31% for Guo Konghua and 0.06% for Ma Rongkai[43]. - The data indicates a diversified ownership structure across multiple entities within the group[53]. Stock Options and Incentives - The company granted a total of 42,770,000 stock options under the pre-IPO stock option plan, representing 2.58% of the issued share capital as of December 19, 2013[55]. - As of June 30, 2020, a total of 17,124,500 stock options granted under the pre-IPO stock option plan remained unexercised, accounting for approximately 0.95% of the issued share capital[60]. - The stock option plans aim to incentivize and reward eligible participants for their contributions to the company[59]. - The company has granted a total of 2,678,931 shares under the share incentive plan, representing approximately 0.15% of the issued share capital as of June 30, 2020[63]. - The maximum number of shares that can be granted under the share incentive plan is capped at 10% of the total issued shares[63]. Future Outlook and Strategy - The company plans to continue focusing on investment in technology and market expansion to drive future growth[72]. - The company plans to expand its market presence in Europe, the Middle East, and Africa, aiming for a revenue increase in these regions[96]. - The company is focusing on new technology development to enhance operational efficiency and customer service[96]. - The company completed the acquisition of the remaining 49% stake in Apex for USD 176,132,511 (approximately HKD 1,372,432,000), enhancing its market position[101]. Compliance and Governance - The company has complied with the corporate governance code during the six months ending June 30, 2020[64]. - The interim financial statements have been reviewed by the independent auditor, confirming no material discrepancies[71]. - No significant events requiring disclosure have occurred since the last annual report[67].