长和(00001) - 2025 - 中期业绩

Performance Highlights and Chairman's Report Performance Highlights This section outlines the unaudited results for the six months ended June 30, 2025, including revenue, EBITDA, EBIT, reported profit, underlying profit, and interim dividend per share, compared to the same period last year, providing data under both IFRS 16 post-adoption and pre-adoption accounting standards 2025 H1 Key Financial Data (Post-IFRS 16) | Metric | 2025 (HKD million) | 2024 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | 240,663 | 232,644 | - | | Total EBITDA | 56,983 | 63,422 | - | | Total EBIT | 23,161 | 30,955 | - | | Reported Profit (Underlying) | 11,321 | 10,205 | +11% | | Reported Profit (One-off Items) | (10,469) | - | - | | Reported Profit (Total) | 852 | 10,205 | -92% | | Reported Earnings Per Share | 0.22 | 2.66 | -92% | | Interim Dividend Per Share | 0.710 | 0.688 | +3% | 2025 H1 Key Financial Data (Pre-IFRS 16) | Metric | 2025 (HKD million) | 2024 (HKD million) | Change (Reported Currency) | Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 240,663 | 232,644 | +3% | +3% | | Total EBITDA | 44,998 | 52,201 | -14% | -15% | | Total EBIT | 20,487 | 28,843 | -29% | -30% | | Reported Profit | 440 | 10,192 | -96% | -98% | - The Group has adopted International Financial Reporting Standard 16 'Leases' ('IFRS 16') for its statutory reporting, while its management reporting continues to adopt the previous leasing accounting standard, International Accounting Standard 17 'Leases' ('IAS 17')[2] Chairman's Report The Chairman's Report highlights a challenging economic environment in the first half of 2025, yet the Group achieved robust underlying profit growth, primarily driven by the merger of its UK telecom business with Vodafone, and strong performance in the Ports, Retail, and Infrastructure divisions, also noting a one-off non-cash loss and interim dividend distribution Macroeconomic Environment and Group Performance The economic environment in the first half of 2025 was challenging due to escalating geopolitical and trade tensions and weak consumer sentiment, with the Group's performance favorably impacted by exchange rate fluctuations but unfavorably by commodity prices, achieving a robust 11% growth in underlying profit net on a pre-IFRS 16 basis - The economic situation in the first half of 2025 was challenging, with escalating geopolitical and trade tensions, coupled with weak consumer sentiment[3] - Overall, exchange rate fluctuations had a favorable impact on performance, while commodity price movements did not[3] 2025 H1 Underlying Profit Growth (Pre-IFRS 16) | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Underlying Net Profit | 11,362 | 10,192 | +11% | | Underlying EBITDA | 55,920 | 52,201 | +7% | | Underlying EBIT | 31,409 | 28,843 | +9% | - Growth was driven by enhanced performance in the Ports division, improvements in the Retail division, increased contributions from the Infrastructure division, and strong performance from CK Hutchison Group Telecom and treasury operations[3] UK Telecom Business Merger The Group completed the merger of its UK telecom business with Vodafone UK in May 2025, recognizing a one-off non-cash loss but receiving approximately GBP 1.3 billion in net cash proceeds - The Group completed a major strategic transaction in May 2025, the merger of its UK telecom business with Vodafone UK ('UK Merger')[3] - On a pre-IFRS 16 basis, the Group recognized a one-off non-cash loss and related impact of HKD 10.922 billion from the UK Merger[4] - The Group also received net cash proceeds of approximately GBP 1.3 billion from the merger[4] Impact of UK Merger on Reported Profit | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | | :--- | :--- | :--- | :--- | | Reported Profit (Pre-IFRS 16) | 440 | 10,192 | -96% | | Reported Profit (Post-IFRS 16) | 852 | 10,205 | -92% | | Reported Earnings Per Share (Post-IFRS 16) | 0.22 | 2.66 | -92% | Dividend Policy The Board recommended an interim dividend of HKD 0.71 per share, representing an increase from the same period last year Interim Dividend Per Share | Metric | 2025 H1 (HKD) | 2024 H1 (HKD) | Change | | :--- | :--- | :--- | :--- | | Interim Dividend Per Share | 0.710 | 0.688 | +3% | - The Board recommended an interim dividend to be paid on Thursday, September 25, 2025, to shareholders whose names appear on the Company's register of members on Tuesday, September 16, 2025[5] Business Segment Performance Ports and Related Services The Ports and Related Services division reported a 9% year-on-year increase in revenue, with EBITDA and EBIT growing by 10% and 12% respectively in the first half of 2025, driven by higher throughput, increased storage income, and effective cost management, with significant full-year profit growth expected Ports and Related Services Division 2025 H1 Performance | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 23,597 | 21,594 | +9% | +10% | | EBITDA | 8,719 | 7,938 | +10% | +8% | | EBIT | 6,508 | 5,785 | +12% | +11% | | Throughput (million TEUs) | 44.0 | 42.3 | +4% | - | - The increase in throughput was mainly driven by Yantian Port, Shanghai Port, and container terminals in Asia and the Middle East[7] - Storage income from Mexico and European ports surged by 27%[7] - The Ports division made significant progress in reducing its environmental footprint, with Scope 1 and 2 emissions per TEU decreasing by nearly 4% year-on-year, and diesel consumption reducing by 5% year-on-year[37] Retail The Retail division's total revenue grew by 8%, with EBITDA and EBIT increasing by 12% and 14% respectively in the first half of 2025, primarily driven by significant growth in health and beauty businesses in the UK, Poland, and the Philippines, though China's business was affected by weak consumer demand, with future growth strategies focusing on optimizing store locations, expanding online presence, and enhancing customer experience Retail Division 2025 H1 Performance | Metric | 2025 H1 (HKD million) | 2024 H1 (HKD million) | Change | Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 98,840 | 91,469 | +8% | +6% | | EBITDA | 7,974 | 7,089 | +12% | +8% | | EBIT | 6,180 | 5,433 | +14% | +9% | | Number of Stores | 16,935 | 16,548 | +2% | - | - Significant growth was observed in the health and beauty businesses in the UK, Poland, and the Philippines[9] - The China health and beauty business continued to underperform due to weak consumer demand, resulting in a 4% reduction in store count[9][39] - The number of dark stores for the China health and beauty business increased from 131 as of December 31, 2024, to 394 as of June 30, 2025, further enhancing online business capabilities[39] - The