恒隆集团(00010) - 2022 Q2 - 季度业绩

Financial Performance - Total revenue for the six months ended June 30, 2022, increased by 6% to HKD 5,605 million, with property leasing income remaining stable at HKD 5,289 million and property sales revenue of HKD 316 million[5]. - Operating profit slightly rose by 2% to HKD 3,929 million, while the operating profit margin for property leasing was reported at HKD 3,796 million, a decrease of 2% compared to the previous year[6]. - Basic earnings attributable to shareholders increased by 7% to HKD 1,600 million, with basic earnings per share rising to HKD 1.18[5]. - The net profit for the same period was HKD 2,507 million, down from HKD 2,872 million in 2021, reflecting a decrease of 12.7%[54]. - Profit before tax decreased by 22% to HKD 3,290 million compared to HKD 4,002 million in the same period of 2021[64]. - The company reported a basic earnings per share of HKD 1.06 for the first half of 2022, compared to HKD 1.11 in the same period of 2021[53]. Property Valuation and Revaluation - The net revaluation loss on properties attributable to shareholders was HKD 161 million, compared to a net revaluation gain of HKD 10 million in 2021[5]. - The company recorded a property revaluation loss of HKD 217 million, compared to a gain of HKD 606 million in 2021[30]. - The fair value of properties decreased by HKD 217 million in the first half of 2022, compared to an increase of HKD 606 million in 2021[53]. Revenue Breakdown - Rental income from mainland properties showed a 2% increase to HKD 3,607 million, while rental income from Hong Kong properties decreased by 4% to HKD 1,682 million[6]. - The retail segment in Hong Kong saw a 3% revenue decline to HKD 961 million, maintaining a rental occupancy rate of 97%[24]. - Office and industrial/office revenue in Hong Kong fell 7% to HKD 598 million, with an occupancy rate of 87%[25]. - Residential and serviced apartment revenue increased by 6% to HKD 123 million, with occupancy rising 14 percentage points to 70%[27]. - The overall office building revenue rose by 12% to RMB 672 million, supported by a strong and diversified tenant mix[16]. Debt and Financial Position - The net debt to equity ratio increased to 24.8% from 22.3% year-on-year, indicating a slight increase in leverage[4]. - Total borrowings as of June 30, 2022, were HKD 44,898 million, down from HKD 45,883 million as of December 31, 2021, with 28% denominated in RMB[38]. - The average repayment period of the overall debt portfolio was 3.2 years as of June 30, 2022, with approximately 68% of loans due after two years[42]. - Financial expenses decreased by 4% to HKD 744 million in the first half of 2022, with an average effective borrowing rate dropping to 3.5% from 3.9% in 2021[45]. Investment and Development - The company has a total capital commitment of HKD 18 billion for investment property development projects[31]. - The Wuhan "Henglongfu" project is expected to begin phased completion in the second half of 2023, with over 490 units available[32]. - The company invested HKD 1,101 million in investment properties and development properties during the first half of 2022, slightly lower than HKD 1,118 million in 2021[72]. Dividend and Shareholder Returns - The company declared an interim dividend of HKD 0.21 per share, consistent with the previous year[7]. - The interim dividend record date is September 15, 2022, with a distribution date of September 29, 2022[82]. Sustainability and Corporate Governance - The company committed to achieving net-zero carbon emissions by 2050, becoming the first real estate company in Hong Kong to pledge such a goal[49]. - The company has complied with the Corporate Governance Code as of June 30, 2022[80]. Market Challenges and Strategies - The company implemented various promotional activities and optimized tenant mix to enhance customer engagement and support tenant sales during the pandemic[8]. - The company plans to optimize its tenant mix in Hong Kong to enhance financial performance following the recovery from the fifth wave of the pandemic[52]. - The company aims to further enhance customer traffic and stimulate consumer spending through its loyalty program "恒隆會" in its shopping malls[51].