嘉里物流(00636) - 2022 - 中期财报

Financial Performance - The company's revenue increased by 39% to HKD 48.034 billion in the first half of 2022, compared to HKD 34.654 billion in the same period of 2021[47]. - Core operating profit rose by 74% to HKD 3.461 billion, up from HKD 1.993 billion year-on-year[47]. - Core net profit increased by 96% to HKD 2.372 billion, compared to HKD 1.212 billion in the previous year[47]. - Shareholders' profit attributable to the company surged by 118% to HKD 2.377 billion, compared to HKD 1.092 billion in the first half of 2021[47]. - The international freight segment reported a profit of HKD 3.398 billion, a significant increase of 140% year-on-year[47]. - The logistics segment achieved a profit of HKD 717 million, reflecting a growth of 28% compared to the previous year[47]. - The gross profit for the same period was HKD 5,288.0 million, compared to HKD 3,493.2 million, reflecting a significant increase of approximately 51.3%[83]. - The company's net profit for the period was HKD 2,694.6 million, down from HKD 3,853.8 million, primarily due to the absence of profit from discontinued operations[83]. - The company's profit for the six months ended June 30, 2022, was HKD 2,694,592, a decrease of 30% compared to HKD 3,853,758 in the same period of 2021[85]. - The total comprehensive income for the period was HKD 1,724,630, down 50% from HKD 3,448,190 year-on-year[85]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.28 per share[8]. - The company declared an interim dividend of 506,079 thousand HKD for the period, compared to 381,208 thousand HKD in the prior year, representing an increase of approximately 33%[90]. Debt and Financial Position - The asset-liability ratio stood at 58.4%, indicating a stable financial position[8]. - As of June 30, 2022, the company's total bank loans amounted to HKD 10.463 billion, with foreign currency borrowings totaling HKD 3.641 billion, representing 35% of the total[55]. - The company's debt-to-equity ratio as of June 30, 2022, was 58.4%, up from 29.0% on December 31, 2021[58]. - The company's total equity decreased to HKD 21,451,710 from HKD 24,836,716 at the end of 2021, a decline of approximately 13%[87]. - The company incurred a net cash outflow from investing activities of HKD 1,030,466, compared to HKD 1,999,793 in the previous year[88]. Employee and Operational Insights - The company has approximately 49,700 employees as of June 30, 2022, with a competitive salary structure and various employee benefits[59]. - Employee benefits expenses amounted to HKD 3,975,144, up from HKD 3,023,934, indicating a growth of approximately 31%[120]. Market Outlook and Strategic Plans - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[47]. - The company expects overall market conditions to decline in the second half of 2022 due to rising interest rates, inflation, and ongoing pandemic impacts[54]. - Future guidance indicates expected revenue growth of 15-20% for the second half of 2022, driven by increased demand and market expansion efforts[114]. - The company is focusing on strategic acquisitions to enhance its competitive position in the market[114]. Acquisitions and Investments - The company completed the acquisition of Topocean for a total consideration of up to $240 million, which will become a wholly-owned subsidiary[76]. - The company also acquired the remaining 39% interest in Jiafeng International Freight Limited for a total consideration of up to HKD 592.4 million, making it a wholly-owned subsidiary[76]. - The total cash consideration paid for acquisitions during the period amounted to HKD 887,728,000, with additional payable consideration of HKD 1,462,298,000, totaling HKD 2,350,026,000[141]. - The acquired businesses contributed revenue of HKD 3,624,356,000 and net profit of HKD 169,857,000 during the period from acquisition dates to June 30, 2022[142]. Sustainability and Corporate Governance - The company aims to achieve net-zero emissions by 2050 and is expanding its focus to include Scope 3 emissions in its sustainability disclosures[53]. - The company has complied with the corporate governance code throughout the reporting period[74]. - The company has maintained compliance with the standard code of conduct for securities trading during the reporting period[75]. Financial Instruments and Fair Value - The company’s financial instruments are categorized into three levels based on the observability of inputs used in their valuation[96]. - The company utilized discounted cash flow and market methods to determine the fair value of convertible bonds, incorporating unobservable data such as equity fair value and historical volatility[106]. - The company confirmed that there were no changes in valuation techniques during the reporting period[104]. Segment Performance - Revenue from the logistics segment reached HKD 6,522,267, showing a growth of 3.4% from HKD 6,305,086 in the prior year[111]. - E-commerce and express revenue decreased to HKD 3,057,128, down 9.0% from HKD 3,355,744 in the previous year[111]. - The total revenue for the integrated logistics segment was HKD 6,522,267, a significant increase from HKD 6,305,086 in the previous year, representing a growth of approximately 3.5%[115].