恒隆地产(00101) - 2021 Q4 - 年度业绩

Financial Performance - Total revenue for Hang Lung Properties increased by 15% to HKD 10,321 million, while operating profit rose by 14% to HKD 7,371 million[4]. - Basic earnings attributable to shareholders increased by 4% to HKD 4,365 million, with basic earnings per share rising to HKD 0.97[4]. - The net profit for the year was HKD 4,805 million, compared to a loss of HKD 2,056 million in 2020, marking a significant turnaround[48]. - The total comprehensive income for the year was HKD 8,029 million, significantly up from HKD 4,107 million in 2020[48]. - Profit before tax for 2021 was HKD 6,888 million, compared to a loss of HKD 909 million in 2020[54]. - The company reported a net increase in fair value of properties amounting to HKD 460 million, a recovery from a decrease of HKD 6,664 million in the previous year[47]. - The company’s basic earnings per share for 2021 were HKD 0.97, compared to HKD 0.93 in 2020, reflecting improved profitability[64]. Rental Income and Property Performance - Rental income from mainland properties grew by 31% to HKD 6,939 million, while rental income from Hong Kong properties decreased by 7% to HKD 3,382 million[5]. - The overall rental income and operating profit in mainland China increased by 23% and 27% respectively in RMB terms, with a 31% increase in HKD terms[8]. - The rental margin for overall operations reached 68%, indicating strong profitability[8]. - The high-end shopping mall segment saw a rental income increase of 30%, contributing to the overall growth in rental income[9]. - The overall revenue for mid-range malls was RMB 652 million, reflecting a modest 2% growth year-on-year[11]. - The office building portfolio contributed 17% to the total rental income, with a 16% revenue increase driven by rising occupancy rates[15]. Debt and Financial Management - The net debt to equity ratio increased to 24.4% from 21.3% in the previous year[3]. - The total borrowings amounted to HKD 45.695 billion, an increase from HKD 37.917 billion as of December 31, 2020, with 27% denominated in RMB[34]. - The company’s debt composition included 48% fixed-rate and 52% floating-rate debt as of December 31, 2021[36]. - The average repayment period of the overall debt portfolio was 3.0 years, with about 65% of loans due for repayment after two years[38]. - The company reported a net financial expenses for the year increased by 1% to HKD 1.487 billion, while the average effective borrowing rate decreased to 3.7% from 4.4% in 2020[40]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.60 per share, up from HKD 0.59 in 2020, resulting in a total annual dividend of HKD 0.78 per share[6]. - The company declared an interim dividend of HKD 0.18 per share for 2021, up from HKD 0.17 per share in 2020, totaling HKD 3.509 billion in dividends for the year[61]. Sustainability and Corporate Governance - The company plans to prioritize over HKD 300 million in expenditures on environmental, social, and governance initiatives over the next 12 months[45]. - The company has set 25 sustainability targets to be achieved by the end of 2025, focusing on climate change, resource management, well-being, and sustainable trading[44]. - The company’s Kunming project began using 100% renewable energy in December 2021, achieving net-zero carbon emissions for its annual electricity consumption[44]. - The company adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations throughout the year[71]. Employee Management - The company has a competitive compensation structure for employees, including discretionary bonuses based on individual performance[69]. - The company has a share option plan and provides professional training for employees[69]. - Total employee count as of December 31, 2021, was 4,165, with total employee costs amounting to HKD 1.793 billion for the year[69].