新鸿基公司(00086) - 2023 - 中期业绩

Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 2,014.8 million, a decrease of 2.9% from HKD 2,074.6 million in the same period of 2022[2] - Interest income decreased to HKD 1,890.0 million, down 5.1% from HKD 1,991.0 million year-on-year[2] - The company reported a net loss of HKD 130.8 million for the period, an improvement from a net loss of HKD 200.7 million in the previous year[3] - Basic and diluted loss per share was HKD 14.7, compared to HKD 20.5 for the same period last year[3] - Total comprehensive loss for the period amounted to HKD 307.7 million, significantly reduced from HKD 694.3 million in the prior year[4] - The profit before tax for the group was HKD 36.5 million, a significant decline from a loss of HKD 55.1 million in the previous year[15] - The group reported a loss of HKD 310.8 million in impairment losses on financial assets, compared to a loss of HKD 312.5 million in the previous year[15] - The financing business contributed a pre-tax profit of HKD 586.7 million, down 18.3% from HKD 718.4 million in the first half of 2022[36] - The investment management segment recorded a pre-tax loss of HKD 832.9 million, an improvement from a loss of HKD 935.8 million in the same period last year[36] Assets and Liabilities - Non-current assets increased to HKD 20,612.0 million from HKD 22,258.8 million at the end of 2022[5] - The company's cash and cash equivalents rose to HKD 6,633.2 million, up from HKD 5,727.4 million at the end of 2022[5] - As of June 30, 2023, the company's current liabilities totaled HKD 8,091.2 million, an increase of 18.1% from HKD 6,849.9 million as of December 31, 2022[6] - The company's total assets minus current liabilities decreased to HKD 33,275.4 million from HKD 36,064.8 million, reflecting a decline of 7.7%[6] - The equity attributable to shareholders decreased to HKD 21,674.2 million, down 3.1% from HKD 22,358.1 million[6] - Non-current liabilities decreased to HKD 8,303.7 million from HKD 10,508.7 million, a reduction of 21.0%[6] - The company's total borrowings (current and non-current) amounted to HKD 8,475.1 million, a decrease of 14.5% from HKD 9,083.2 million[6] Revenue Breakdown - The segment revenue from consumer finance was HKD 1,628.6 million, down 7.4% from HKD 1,759.1 million year-on-year[15] - Revenue from external customers in Hong Kong was HKD 1,682.4 million, while revenue from mainland China was HKD 285.9 million, totaling HKD 1,968.3 million[17] - Total revenue for the first half of 2023 was HKD 29.7 million, a 125.0% increase compared to HKD 13.2 million in the same period of 2022[82] Impairment and Loan Performance - The net impairment loss for consumer finance customer loans and advances decreased to HKD 417.5 million for the six months ended June 30, 2023, compared to HKD 425.1 million for the same period in 2022, reflecting a reduction of approximately 1.5%[20] - The overdue consumer finance customer loans and advances totaled HKD 867.8 million as of June 30, 2023, down from HKD 968.8 million at the end of 2022, indicating a decrease of about 10.4%[26] - The mortgage loans in Hong Kong, net of impairment provisions, were HKD 2,669.9 million as of June 30, 2023, compared to HKD 3,063.9 million as of December 31, 2022, a decline of approximately 12.9%[27] - The total amount of term loans, net of impairment provisions, was HKD 268.3 million as of June 30, 2023, down from HKD 337.5 million at the end of 2022, reflecting a decrease of about 20.5%[28] Cost Management - Operating costs decreased by 8.0% to HKD 686.5 million, reflecting reduced loan recovery costs in the consumer finance segment[35] - Operating costs decreased by 18.4% year-on-year to HKD 532.9 million, attributed to reduced loan recovery costs and cost rationalization measures[38] - The company initiated a comprehensive cost rationalization program expected to be completed by year-end 2023[45] Dividends and Share Repurchase - The total dividend declared for the period was HKD 275.4 million, consistent with the previous year's second interim dividend of HKD 276.3 million[23] - The group announced an interim dividend of HKD 0.12 per share for the six months ended June 30, 2023, consistent with the previous year[95] - The group repurchased a total of 770,000 shares on the Stock Exchange during the six months ended June 30, 2023, at a total cost of HKD 2,307,290[101] Market Outlook and Strategy - The outlook for the second half of 2023 remains uncertain due to global economic risks and geopolitical tensions, prompting a cautious approach to capital allocation[84] - The company is focusing on diversifying its fund management business to enhance resilience and is prioritizing investments in family office solutions[83] - The company plans to enhance risk management systems and infrastructure to strengthen its investment management capabilities[53] Employee and Operational Changes - The group's total employee count decreased to 1,235 as of June 30, 2023, down from 1,608 on December 31, 2022, primarily due to a reduction in unsecured loan operations in mainland China[93] - Total employee costs amounted to HKD 284.7 million for the first half of 2023, compared to HKD 248.1 million in the same period of 2022, reflecting performance-linked benefits changes[93] - The group has implemented competitive benefits to attract and retain talent, including optimized medical and dental benefits and an innovative unlimited vacation policy[94]