恒隆地产(00101) - 2022 Q2 - 季度业绩

Financial Performance - Total revenue increased by 7% to HKD 5.302 billion for the six months ended June 30, 2022, compared to HKD 4.975 billion in 2021[5] - Operating profit rose by 2% to HKD 3.708 billion, up from HKD 3.630 billion in the previous year[5] - Basic earnings attributable to shareholders increased by 1% to HKD 2.217 billion, with corresponding earnings per share at HKD 0.49[5] - Net profit for the period was HKD 2,257 million, down 18.5% from HKD 2,771 million in the same period of 2021[47] - Basic earnings per share decreased to HKD 0.43 from HKD 0.50, reflecting a decline of 14%[46] - Profit before tax for the period was HKD 2,980 million, a decrease of 22.2% from HKD 3,824 million in the previous year[53] - Net profit attributable to shareholders was HKD 1,840 million, down 18.4% from HKD 2,255 million in 2021[53] Revenue Breakdown - Rental income remained stable at HKD 4.986 billion, while property sales generated HKD 316 million, compared to zero in 2021[5] - In mainland China, rental income increased by 2% to HKD 3.367 billion, while Hong Kong rental income decreased by 4% to HKD 1.619 billion[6] - The overall rental income in mainland China showed a 1% increase in RMB terms, despite a decline in retail performance due to COVID-19 restrictions[9] - Hong Kong property revenue declined by 4% to HKD 1.619 billion, with an operating profit decrease of 6% to HKD 1.306 billion[21] - Retail property revenue in Hong Kong fell by 3% to HKD 951 million, with a rental occupancy rate of 98%[22][23] - Office property revenue in Hong Kong decreased by 7% to HKD 545 million, with a rental occupancy rate of 87%[22][24] - Residential and serviced apartment revenue increased by 6% to HKD 123 million, with a rental occupancy rate of 70%[22][25] Asset and Liabilities - The net asset value per share decreased to HKD 30.3 from HKD 31.5 as of December 31, 2021[5] - Total assets less current liabilities amounted to HKD 202,042 million, a slight decrease from HKD 204,733 million at the end of 2021[48] - Non-current liabilities increased to HKD 54,996 million from HKD 52,349 million in the previous year[48] - The company’s total equity decreased to HKD 147,046 million from HKD 152,384 million, reflecting a decrease of 3.5%[48] - The total value of investment properties as of June 30, 2022, was HKD 194.607 billion, with mainland properties valued at HKD 133.209 billion and Hong Kong properties at HKD 61.398 billion[27] Debt and Financial Ratios - The net debt to equity ratio increased to 26.9% from 24.4% in the previous year[4] - Total borrowings as of June 30, 2022, were HKD 443.37 billion, down from HKD 456.95 billion at the end of 2021[35] - The fixed-rate debt accounted for 41% of total borrowings, down from 48% in December 2021[37] - The average repayment period of the overall debt portfolio increased to 3.3 years from 3.0 years as of December 31, 2021, with approximately 69% of loans due for repayment after two years[39] - Total financial expenses decreased by 4% to HKD 733 million in the first half of 2022, with the average effective borrowing rate dropping to 3.5% from 3.9% in 2021[41] Property Valuation and Revaluation - The company recorded a property revaluation loss of HKD 221 million in 2022, compared to a gain of HKD 618 million in 2021[28] - The mainland property portfolio experienced a slight revaluation loss of HKD 149 million, representing less than 1% of the portfolio value, while the Hong Kong property portfolio recorded a revaluation loss of HKD 72 million[28] - The fair value of investment properties decreased to HKD 172,339 million from HKD 177,456 million, a decline of 2.5%[48] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.18 per share, unchanged from the previous year[7] - The company proposed an interim dividend of HKD 0.18 per share, unchanged from 2021[60] Future Outlook and Initiatives - The company has committed to achieving net-zero carbon emissions by 2050, becoming the first real estate company in Hong Kong to pledge to the ULI Greenprint initiative[44] - The company anticipates continued strong growth from its mainland property portfolio, supported by new marketing initiatives to enhance customer loyalty[45] - The company plans to launch the Wuhan "Henglongfu" project, which includes over 490 units, with pre-sales expected to start in the second half of 2023[30] Employee and Operational Costs - Employee costs for the period were HKD 779 million, up from HKD 737 million in 2021[57] - The total number of employees as of June 30, 2022, was 4,104, with total employee costs amounting to HKD 937 million[70]