鹰君(00041) - 2024 - 中期财报

Financial Performance - Core business revenue for the six months ended June 30, 2024, was HKD 3,791 million, representing a 4.4% increase from HKD 3,630 million in the same period of 2023[26]. - Profit attributable to equity holders, after tax, was HKD 735.8 million, a decrease of 33.7% compared to HKD 1,109.5 million in the previous year[26]. - Earnings per share attributable to equity holders after tax was HKD 0.98, down from HKD 1.48 in the same period last year[26]. - Total revenue according to statutory accounting standards was HKD 5,293.5 million, up 4.2% from HKD 5,082.4 million in 2023[26]. - The group recorded a significant increase in other income, which rose by 232.1% to HKD 70.4 million compared to HKD 21.2 million in the previous year[30]. - The group recorded a loss attributable to equity holders of HKD 985.9 million, compared to a profit of HKD 478.7 million in the previous year[34]. - The fair value change of investment properties showed a significant increase of 313.1% to a loss of HKD 1,739.6 million from HKD 421.1 million[34]. - The overall operating income decreased by 16.8% to HKD 1,364.5 million from HKD 1,640.4 million in the previous year[35]. - The company reported a basic and diluted loss per share of HKD 1.32, compared to earnings of HKD 0.64 per share in the prior year[129]. - The total comprehensive loss for the period was HKD 1,762,378, compared to a comprehensive income of HKD 373,877 in the same period last year[130]. Revenue Breakdown - Property sales revenue increased by 31.1% to HKD 769.3 million compared to HKD 586.8 million in the previous year[30]. - The total income from the hotel segment is HKD 2,322.1 million, a 3.2% increase from HKD 2,250.2 million in 2023[30]. - Hotel segment revenue rose by 4.2% to HKD 3,094.0 million from HKD 2,970.4 million[34]. - The hotel division total revenue increased by 3.2% year-on-year to HKD 2,322.1 million for the reporting period[41]. - Hotel revenue increased to HKD 3,065,345, up 4.1% from HKD 2,943,290 in the previous year[143]. - Total revenue from customer contracts for the six months ended June 30, 2024, was HKD 3,879,584, up from HKD 3,813,233 in the previous year, indicating a growth of approximately 1.7%[145]. Asset and Liability Management - The total assets of the group as of June 30, 2024, amount to HKD 98,228 million, with total liabilities of HKD 34,364 million[32]. - The group's equity attributable to shareholders was HKD 55,168 million as of June 30, 2024, down from HKD 56,779 million on December 31, 2023, mainly due to valuation losses on investment properties and financial instruments[62]. - The group's leverage ratio increased to 40.4% as of June 30, 2024, compared to 39.5% on December 31, 2023, reflecting the inclusion of liabilities from subsidiaries[62]. - The total borrowings of the group, including medium-term notes and other loans, reached HKD 34,687 million as of June 30, 2024, compared to HKD 34,378 million on December 31, 2023[65]. - The group has a total of HKD 24,410 million in floating-rate bank loans and HKD 10,277 million in fixed-rate borrowings, indicating a 70.4% and 29.6% distribution respectively[66]. Development Projects - The group is developing two premium residential projects in Hong Kong and has joint ventures in two additional projects in the region[4]. - The company has ongoing hotel development projects in San Francisco, Seattle, Tokyo, and Venice[4]. - The residential development project "Lang Hin Fung" in Ho Man Tin is expected to complete in Q2 2025, with over 50% of the 990 units pre-sold, generating approximately HKD 7.6 billion in sales proceeds as of June 30, 2024[58]. - The total land price for the Kowloon Kai Tak NKIL 6590 joint development project is HKD 5.35 billion, with the company holding a 20% stake[59]. - The total gross floor area for the KIL 11290 project is approximately 414,920 square feet, planning to develop around 640 residential units[60]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, as evidenced by the composition of its audit, remuneration, and nomination committees[78][79][80]. - The company updated its anti-fraud, bribery, and corruption policies, as well as the employee code of conduct, aiming for exemplary corporate governance standards[91]. - The company has adopted a board independence policy to ensure independent opinions are available to the board, which is reviewed annually[91]. - The company emphasizes strong governance principles to enhance corporate image and reduce fraud risk, creating long-term value for stakeholders[89]. - The company has a comprehensive governance policy framework, including anti-fraud and bribery policies, and a code of conduct for employees[90]. Market Outlook - The company maintains a cautious yet optimistic outlook on the Hong Kong property market, anticipating strong rental demand despite economic uncertainties[72]. - The hotel division is expected to remain stable, benefiting from increased global air capacity, although operating cost pressures persist[73]. - The anticipated interest rate cuts in the second half of 2024 are expected to lower borrowing costs and enhance profitability for the company[73]. - The company plans to continue upgrading facilities in phases to improve tenant welfare and attract more tenants with smart and eco-friendly features[73]. - The company plans to continue expanding its market presence, particularly in the United States and Canada, where revenue growth has been observed[152]. Shareholder Information - The company declared an interim dividend of HKD 0.37 per share for the six months ended June 30, 2024, consistent with the previous year's interim dividend[17]. - As of June 30, 2024, the company has issued a total of 747,723,345 shares, with no new shares issued in the six months ending on that date[98]. - Major shareholders include HSBC International Trustee Limited with 315,009,622 shares (42.13% of issued share capital) and Powermax Agents Limited with 246,937,926 shares (33.03%)[124]. - The company has a total of 254,664,393 shares (34.06%) held in trust by HSBC International Trustee Limited for certain directors[125]. Financial Instruments and Risk Management - The company manages interest rate risk associated with floating-rate borrowings through these financial instruments[199]. - The company also utilizes foreign exchange derivative contracts to mitigate risks from currency fluctuations[199]. - The company has entered into interest rate swaps with a total nominal amount of HKD 1,500,000,000, maintaining the same amount as of December 31, 2023[199]. - The interest rate for the swaps ranges from 3.975% to 3.995%, consistent with the previous reporting period[199].