新世界发展(00017) - 2022 - 中期财报

Financial Performance - The group recorded consolidated revenue of HKD 35,572.8 million, remaining stable compared to HKD 35,577.3 million in the first half of the 2021 fiscal year[4]. - Basic profit increased by 4.8% to HKD 3,898.2 million, with profit attributable to shareholders rising by 41.2% to HKD 1,430.4 million[5]. - Gross profit increased to HKD 10,061.3 million, compared to HKD 9,314.9 million in the previous year, reflecting a growth of 8.0%[43]. - Operating profit rose significantly to HKD 6,003.7 million, up from HKD 4,214.4 million, marking an increase of 42.5%[43]. - The net profit for the period was HKD 3,467.8 million, a 37.7% increase from HKD 2,518.4 million in 2020[44]. - Basic earnings per share improved to HKD 0.57, compared to HKD 0.40 in the prior year, representing a growth of 42.5%[43]. - The total comprehensive income for the period was HKD 19,487.5 million, compared to HKD 16,456.2 million in the previous period, representing an increase of approximately 18.4%[49]. Property Development - The property contract sales in Hong Kong amounted to approximately HKD 3.88 billion, while in mainland China, it reached approximately RMB 9.34 billion[5]. - The segment performance for property development in mainland China showed a strong growth of 86.6%, with profit margin increasing from 30% to 66%[5]. - The group's property development revenue in Hong Kong for the review period was HKD 767.1 million, with a segment performance of HKD 542.2 million, reflecting a year-on-year increase of 5.1% in contract sales value[10]. - The group's attributable property contract sales in Hong Kong amounted to approximately HKD 38.8 billion, primarily from the Grade A office project at 888 Lai Chi Kok Road and residential projects[10]. - The total property contract sales area in mainland China for the review period was approximately 245,000 square meters, with a total sales amount of RMB 9.34 billion, averaging over RMB 38,000 per square meter[19][20]. - The group's revenue from property development in mainland China, including joint development projects, was HKD 8,579.5 million, with a segment performance of HKD 5,704.9 million, primarily from Guangzhou, Shenyang, and Ningbo[18]. Property Investment - The group achieved a significant year-on-year growth of 25.8% in the property investment segment, benefiting from increased rental income from K11 MUSEA and K11 ATELIER King's Road[5]. - The group's property investment revenue in mainland China reached HKD 1,020.6 million, an increase of 16.7% compared to the previous year[27]. - The overall occupancy rate of the investment property portfolio remained stable, benefiting from strong sales growth in mainland China[27]. - The K11 MUSEA shopping mall recorded a year-on-year sales growth of 21%, with total foot traffic reaching approximately 12 million, also a 21% increase[12]. - The overall rental rate of K11 Art Mall remained close to 100%, with sales and foot traffic increasing by 28% and 33% year-on-year, respectively[12]. Financial Position - The total available funds amounted to approximately HKD 103.2 billion, including cash and bank balances of about HKD 52.4 billion and available bank loans of approximately HKD 50.8 billion[5]. - The overall financing cost decreased from 2.93% in the first half of the 2021 fiscal year to 2.52% in the first half of the 2022 fiscal year[5]. - Total assets as of December 31, 2021, were HKD 639,684.8 million, an increase from HKD 627,077.4 million as of June 30, 2021[45]. - Total liabilities increased to HKD 339,034.0 million from HKD 322,885.0 million, indicating a rise in financial obligations[46]. - The company's retained earnings stood at HKD 121,922.4 million as of December 31, 2021, compared to HKD 125,032.8 million at the beginning of the period[48]. Strategic Acquisitions and Investments - The group successfully acquired three projects in the Greater Bay Area, enhancing its land reserves and promoting healthy industry development[7]. - The group invested over HKD 200 billion in the Greater Bay Area over the past few years, emphasizing its commitment to high-quality project development[7]. - The group successfully acquired land for residential development in Kai Tak for a total consideration of HKD 7.948 billion, expanding its land reserves in a prime location[13]. - The group plans to convert agricultural land in Yuen Long into large residential projects, with a total attributable floor area of approximately 356,000 square feet, expected to provide nearly 8,000 residential units[14]. Market Outlook and Future Plans - The group anticipates that HKD 6.013 billion of unrecognized property contract sales will be recognized in the second half of the 2022 fiscal year, with HKD 24.809 billion expected in the 2023 fiscal year[10]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[44]. - The company plans to launch multiple large-scale projects, including a 360,000 square feet office project in West Kowloon and a 575,000 square feet residential project in the Kai Tak area[39]. - K11 projects are expected to expand to 38 projects across ten key cities in Greater China by the fiscal year 2026, with a total floor area of 2.794 million square meters[41]. Risk Management - The group faces various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since the last fiscal year-end[55]. - Financial instruments are measured at fair value, with listed investments recorded at market value and classified as Level 1[56]. - The fair value of long-term financial liabilities is estimated based on current market rates for similar financial instruments[56]. Corporate Governance and Sustainability - The company emphasizes investor relations and transparency, ensuring timely and equal access to information for investors[117]. - The company is committed to its "2030 Vision" focusing on "Environmental," "Health," "Smart," and "Caring" initiatives to enhance customer experience[118]. - The company has adhered to all applicable provisions of the Corporate Governance Code, except for provision A.6.4 regarding employee trading of company securities[113].