鹰君(00041) - 2023 - 中期财报

Financial Performance - Core business revenue for the six months ended June 30, 2023, was HKD 3,630 million, representing a 22.3% increase from HKD 2,967 million in the same period of 2022[7] - Profit attributable to equity holders, excluding tax, was HKD 1,109.5 million, a significant increase of 116.3% compared to HKD 513 million in the previous year[7] - Earnings per share attributable to equity holders, excluding tax, rose to HKD 1.48 from HKD 0.70[7] - Total revenue according to statutory accounting standards was HKD 5,082.4 million, up 24.2% from HKD 4,091 million in the prior year[7] - The company reported a significant increase in EBITDA for the hotel segment, which rose by 220.2% to HKD 422.4 million from HKD 131.9 million[11] - The company’s total comprehensive income for the first half of 2023 was HKD 5,082.4 million, up 24.2% from HKD 4,091.0 million in the same period of 2022[16] - The company reported a profit of HKD 495,876,000 for the six months ended June 30, 2023, compared to HKD 167,091,000 for the same period in 2022, representing a significant increase of 196.5%[115] - Total comprehensive income for the period was HKD 373,877,000, a recovery from a loss of HKD 2,414,356,000 in the previous year[115] Dividends and Shareholder Returns - The interim dividend declared was HKD 0.37 per share, an increase from HKD 0.33 per share in 2022[6] - The group declared an interim dividend of HKD 0.37 per share for the six months ended June 30, 2023, compared to HKD 0.33 per share for the same period in 2022, representing an increase of approximately 12.1%[159] - The company declared dividends amounting to HKD 731,040 million during the reporting period[120] Assets and Liabilities - The net asset value as of June 30, 2023, was approximately HKD 65.12 billion, based on the group's interests in Crown Property Trust and LHI[2] - Total assets as of June 30, 2023, amounted to HKD 98,838 million, with total liabilities of HKD 33,719 million, resulting in a net asset value of HKD 65,119 million[14] - The group's total assets for the property development segment were HKD 12,352,257,000, with total liabilities of HKD 6,434,278,000, resulting in a net asset value of HKD 5,917,979,000[148] - The total liabilities for property investment as of June 30, 2023, were HKD 46,813,000, with a net asset value of HKD 5,214,855,000[148] Revenue Breakdown - Hotel segment revenue increased by 41.4% to HKD 2,250.2 million, compared to HKD 1,591.3 million in the previous year[11] - Revenue from mainland China hotels surged by 123.9% to HKD 204.6 million in the first half of 2023, up from HKD 91.4 million in the same period of 2022[26] - The hotel business segment generated external revenue of HKD 2,942,323,000, indicating strong performance in hospitality services[141] - Revenue from customer contracts amounted to HKD 2,824,388,000 for the six months ended June 30, 2022, showing a significant increase in performance[137] Financial Costs and Income - The company’s financial costs increased by 97.2% to HKD 187.5 million, compared to HKD 95.1 million in the previous year[11] - Interest income increased by 340.6% to HKD 82.4 million, compared to HKD 18.7 million in the first half of 2022, partially offsetting the rise in borrowing costs[20] - The group's interest expenses for the six months ended June 30, 2023, totaled HKD 579,745,000, compared to HKD 349,259,000 for the same period in 2022, indicating an increase of approximately 66%[152] Market Outlook and Strategy - The market outlook remains cautiously optimistic for the long-term prospects of the Hong Kong residential market despite short-term volatility[65] - The company plans to expand its new mid-scale hotel brand Ying'nFlo into Hong Kong and mainland China, with a second Ying'nFlo hotel set to open in Hong Kong in Q4 2023[17] - The company aims to enhance its market position through strategic investments and potential acquisitions in the upcoming quarters[115] - Future outlook remains positive with expectations of continued revenue growth driven by increased hotel occupancy and property management services[127] Corporate Governance and Sustainability - The board of directors has emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 20% by 2025[76] - The company emphasizes high standards of corporate governance to enhance its image and reduce fraud risk, ultimately benefiting long-term shareholder interests[77] - The company has established a comprehensive governance policy that includes anti-fraud, anti-bribery, and anti-corruption measures, as well as a code of conduct for securities trading[80] - The company aims for net-zero emissions by 2045 as part of its sustainable development goals[83] Employee and Labor Costs - Labor and employee costs continue to rise, leading to increased operating costs, which are expected to slow down net income growth for the global hotel portfolio[66] - The company provides competitive employee compensation and discretionary bonuses based on performance, along with benefits such as education allowances and medical plans[81] Development Projects - The company is developing two premium residential projects in Hong Kong and several projects in the United States, Japan, and Italy[2] - The development project in Ho Man Tin involves constructing 990 residential units with a total floor area of approximately 742,000 square feet, scheduled for pre-sale in the first half of 2024[49] - The Tokyo hotel redevelopment project has a total floor area of approximately 380,000 square feet, with planning applications submitted for further development optimization[51] Share Capital and Ownership - As of June 30, 2023, the company has issued a total of 747,723,345 shares[83] - Major shareholders include HSBC International Trustee Limited with a 42.13% stake and Powermax Agents Limited with a 33.03% stake[108] - The company’s board members collectively hold significant interests, with Dr. Lo Ka Sui and Dr. Lo Wing Chiu being major shareholders[88]