恒基地产(00012) - 2022 - 中期财报

Financial Performance - For the six months ended June 30, 2022, the property sales revenue was HKD 8,502 million, an increase of 41% compared to HKD 6,016 million in the same period last year[2]. - The group's basic earnings attributable to shareholders decreased by 34% to HKD 5,137 million from HKD 7,806 million year-on-year[3]. - The total rental income from property leasing was HKD 4,292 million, showing a slight increase of 0.1% from HKD 4,286 million in the previous year[2]. - The group recorded a fair value loss of HKD 356 million on investment properties during the period, compared to a loss of HKD 1,257 million in the previous year[3]. - The group announced an interim dividend of HKD 0.50 per share, unchanged from the previous year[4]. - The net gearing ratio improved to 25.8% from 27.5% year-on-year, a decrease of 1.7 percentage points[2]. - The group reported a total revenue of HKD 9,506 million for the six months ended June 30, 2022, representing an 8% increase from HKD 8,792 million in the same period of 2021[84]. - The group's basic profit after tax from joint ventures for the same period was HKD 1,152,000,000, up HKD 249,000,000 or 28% from HKD 903,000,000 in 2021, mainly due to increased contributions from property sales in Xi'an, Hefei, and Chengdu[101]. Property Development - The total contracted sales in Hong Kong for the six months amounted to HKD 6,112 million, a decrease of 22% compared to the same period last year[7]. - As of June 30, 2022, the unrecognized contracted sales in Hong Kong totaled approximately HKD 15,164 million, with about HKD 7,759 million expected to be recognized in the second half of 2022[7]. - The group launched the "One Innovale Phase 1" project in Fanling in August 2022, which received strong buyer interest[7]. - The total floor area of unsold units in major development projects is approximately 3.1 million square feet, with 2.0 million square feet expected to be available for sale in the second half of 2022[8]. - The group has 7.5 million square feet of floor area in ongoing urban projects, with significant portions expected to be available for sale or lease between 2023 and 2026[8]. - The total area of major ongoing projects in the New Territories is 4.2 million square feet, bringing the overall total to 14.8 million square feet across all categories[9]. - The group has 23 major development projects currently for sale, with a total remaining usable area of 1,132,802 square feet as of June 30, 2022[11]. - The group plans to launch several projects in the second half of 2022, including One Innovale with a total floor area of 612,685 square feet and residential units totaling 603,200 square feet[15]. Rental Income and Property Management - The group's rental income in Hong Kong decreased by 2% year-on-year to HKD 3.21 billion, while the pre-tax rental net income fell by 1% to HKD 2.34 billion[32]. - The average occupancy rate of the group's rental properties as of June 30, 2022, was 93%[32]. - The group has approximately 970,000 square feet of completed rental properties in Hong Kong, with 56% being retail space and 36% office space[33]. - The group’s rental income growth is expected to be further supported by new projects such as "The Henderson" and the Central Waterfront commercial site[80]. - The total rental income contribution from the group increased by HKD 297 million (or 10%) to HKD 3,397 million for the six months ended June 30, 2022[93]. Urban Redevelopment and Land Acquisition - The group has acquired over 3.9 million square feet of self-owned floor area for urban redevelopment projects, with an additional 200,000 square feet planned for sale in the second half of 2022[8]. - The company has two redevelopment projects in urban areas, expected to provide approximately 900,000 square feet of self-owned floor area upon completion[19]. - There are 27 newly acquired urban redevelopment projects, with a projected self-owned floor area of 786,648 square feet after redevelopment[20]. - The company has acquired approximately 2.5 million square feet of land reserves in Hong Kong, with 390,000 square feet pending land premium agreements[25]. - The company has purchased about 230,000 square feet of new land in the New Territories, increasing its total land reserves in that area to approximately 4.51 million square feet[28]. Financial Position and Debt Management - The group has a net debt of HKD 85.18 billion as of June 30, 2022, down from HKD 91.97 billion at the end of 2021, with a debt-to-equity ratio of 25.8%[76]. - The group has secured green loans and sustainable development loan facilities exceeding HKD 41 billion since 2020, reflecting its commitment to environmental sustainability[76]. - The group issued a total of HKD 31.027 billion in medium-term notes since 2018 to diversify funding sources and extend debt repayment periods[76]. - The group’s total debt of the group was HKD 98,586,000,000, a decrease from HKD 102,915,000,000 as of December 31, 2021[103]. - The average borrowing rate for bank and other loans in Hong Kong was approximately 1.53% as of June 30, 2022, down from 1.78% in the previous year[103]. Market Outlook and Strategic Initiatives - The group aims to enhance its position as an international financial center through integration with the Greater Bay Area and anticipates a stable development of the local property market[79]. - The group is actively seeking environmentally friendly projects and investing in innovative technology and product development through its subsidiary Hong Kong and China Gas[81]. - The company plans to continue exploring market expansion opportunities and new product developments in the upcoming quarters[132]. - The overall performance indicates a positive outlook for the company, with strategic focus on property development and utilities sectors[167].