Financial Performance - The company reported a basic profit attributable to shareholders of HKD 8.706 billion, a decrease of 9% from HKD 9.532 billion in 2021[24]. - Total revenue for the year was HKD 13.826 billion, down 15% from HKD 16.318 billion in the previous year[25]. - The company achieved a cash flow from operations of HKD 6.332 billion, a decline of 10% compared to HKD 7.028 billion in 2021[25]. - The profit attributable to shareholders for property investment in 2022 was HKD 8,025 million, down from HKD 8,654 million in 2021, reflecting a decrease of 7.3%[28]. - The earnings per share for 2022 was HKD 1.36, a decrease from HKD 1.63 in 2021, representing a decline of 16.6%[28]. - The company reported a profit attributable to shareholders of HKD 79.8 billion, compared to HKD 71.1 billion in 2021[35]. - The basic profit decreased from HKD 95.32 billion in 2021 to HKD 87.06 billion in 2022, primarily due to reduced profits from the sale of parking spaces in Hong Kong[45]. - The recurring basic profit for 2022 was HKD 71.76 billion, slightly up from HKD 71.43 billion in 2021[45]. - The company reported a total operating profit of HKD 9,024 million, an increase from HKD 7,834 million in 2021[59]. - Total profit decreased by HKD 994 million to HKD 9,523 million, reflecting declines in property investment, property sales, and hotel operations[189]. Investment and Development - The company completed the acquisition of the remaining 50% stake in Chengdu Ocean Taikoo Li, which was finalized in February 2023[13]. - The company plans to allocate HKD 30 billion to expand its property portfolio in Hong Kong and HKD 50 billion for development in mainland China[36]. - The company aims to double the total floor area of its property portfolio in mainland China within ten years[36]. - The company has invested HKD 150 billion in the Taikoo Place redevelopment project, which is nearing completion and aims to transform the area into an international business hub[39]. - The company is actively seeking investment opportunities in Shenzhen, aiming to introduce its Taikoo Li and Taikoo Hui brands in the area[36]. - The company plans to invest HKD 100 billion to expand its office portfolio, focusing on high-quality office spaces and sustainable development[47]. - The company is focusing on optimizing its commercial property portfolio, with about one-third of the investment plan allocated to strengthening its flagship properties in Hong Kong[38]. - The company has made significant progress in its investment plans, with three major property projects currently under development in Hong Kong[41]. - The company plans to maintain a strong balance sheet and a diversified debt portfolio, including revolving and term bank loans and medium-term notes[57]. - The company is actively seeking opportunities to acquire suitable land for high-end residential projects in both Hong Kong and mainland China[56]. Sustainability and Environmental Initiatives - The company aims to become a leader in sustainable development performance among global peers by 2030[15]. - The company has set a target for 25% of sustainable products and services procurement by 2025, with 17% achieved in 2022[22]. - The company aims for at least 50% of its bond and loan financing to come from green finance by 2025, with approximately 60% achieved in 2022[24]. - The company launched an "Environmental Performance Charter" pilot program with 52 tenants participating, representing 37.9% of all office tenants in Hong Kong[22]. - The company has achieved 100% of new development projects obtaining the highest environmental rating, with 93% of existing projects also achieving this rating[23]. - The company ranks first in Asia and fourth globally in the Dow Jones Sustainability World Index for real estate, highlighting its leadership in sustainable development[42]. - The company aims for 50% tenant participation in the "Environmental Performance Charter" program in Hong Kong and mainland China by 2025[50]. Market Conditions and Challenges - The outlook for the Hong Kong office market in 2023 is expected to be weak, with rising vacancy rates and increased supply of new office space[84]. - Retail sales in mainland China decreased by 20% due to pandemic-related restrictions, particularly affecting properties in Shanghai and Beijing[46]. - The rental income from Hong Kong office properties declined due to increased vacancy rates and new supply, with the office property portfolio maintaining a high occupancy rate[45]. - The rental income from mainland China's retail properties decreased by 5% to HKD 4.424 billion in 2022, while excluding rental support and RMB value changes, it increased by 4%[105]. - The rental occupancy rate for Beijing Sanlitun Taikooli was 94% as of December 31, 2022[110]. - The rental occupancy rate for Guangzhou Taikoo Hui was 99% as of December 31, 2022[113]. - The rental occupancy rate for Beijing Yintai Center was 100% as of December 31, 2022[114]. Hotel Management and Operations - The hotel management segment reported an operating loss before depreciation of HKD 118 million in 2022, compared to an operating profit of HKD 22 million in 2021[151]. - The average room revenue and occupancy rates for hotels in Hong Kong and mainland China were negatively impacted by pandemic-related travel restrictions, while the performance of hotels in the United States improved with rising average room revenue and occupancy rates[161]. - The group anticipates improved hotel performance in Hong Kong and mainland China in 2023 due to the resumption of cross-border travel and the lifting of pandemic measures, while the U.S. hotel performance is expected to remain strong[162]. - The group is expanding its hotel management business, focusing on extending its hotel brands beyond Hong Kong[162]. - The total number of hotel rooms managed by the group is 3,138, with significant stakes in various luxury hotels across Hong Kong, mainland China, and the United States[160]. Community Engagement and Corporate Social Responsibility - The company celebrated its 50th anniversary with various cultural and artistic initiatives, including collaborations with renowned artists and exhibitions[52]. - The "Book Sale for Charity" initiative raised over HKD 1 million for charity, marking its 10th anniversary and setting a record[53]. - Swire Properties continues to foster community engagement and support for the younger generation through various initiatives and programs[52].

股份代號：01972 二零二二年 中期報 告 www.swireproperties.com | 目錄 2 | 公司簡介 | | --- | --- | | 8 | 財務撮要 | | 9 | 主席報告 | | 12 | 行政總裁報告 | | 16 | 業務評述 | | 43 | 融資 | | 49 | 簡明中期財務報表的審閱報告 | | 50 | 簡明中期財務報表 | | 55 | 簡明中期財務報表附註 | | 73 | 附加資料 | | 75 | 詞彙 | | 76 | 財務日誌及投資者資訊 | 公司簡介 太古地產有限公司（「公司」）是香港及 中國內地領先的綜合項目發展商、業主 及營運商。公司尤其專注發展商業地產 項目，透過活化市區環境以創造長遠 價值。我們的業務包括三個範疇：物業 投資、物業買賣及酒店投資。 公司於一九七二年在香港成立，在香港聯合交易所有限公司上 市，包括旗下附屬公司在內聘任員工總數約五千人。 公司旗下 的購物商場共有超過二千二百間零售商店，估計逾七萬五千人在 公司旗下的辦公樓工作。 在香港，我們的投資物業包括太古坊、太古廣場及太古城中心。 中國內地方面，公司在北京、廣州、成都及上海擁有六 ...

Commercial Real Estate Development - Swire Properties reported a significant focus on commercial real estate development, with major projects in Hong Kong and mainland China, including six large commercial developments in Guangzhou, Chengdu, and Shanghai[3]. - The company signed a cooperation framework agreement with the Beijing Chaoyang District Government to transform a former bus maintenance site into a cultural and commercial landmark[7]. - The company opened the West District of Taikoo Li Sanlitun in Beijing in December 2021, enhancing its retail presence in the region[8]. - The company has a land reserve in Miami, USA, and is actively seeking opportunities in the Southeast Asian real estate market[3]. - The company plans to invest over HKD 100 billion in Hong Kong, mainland China, and Southeast Asia over the next decade, including a new project in Xi'an with an investment of approximately RMB 7 billion[26]. - The company aims to double the total floor area of its property portfolio in mainland China over the next decade, focusing on first-tier and new first-tier cities[28]. - The company is actively seeking investment opportunities in residential projects across Hong Kong, mainland China, and Southeast Asia[28]. - The company has ongoing residential projects in Hong Kong, Indonesia, and Vietnam, contributing to a diversified property portfolio[67]. Sustainability and Environmental Initiatives - The company achieved a 25% reduction target in absolute greenhouse gas emissions by 2025 and a 46% reduction by 2030, as part of its 1.5°C science-based carbon reduction goals[11]. - Swire Properties was recognized as a "Global Industry Leader" and "Global Developer Industry Leader" in the GRESB Sustainability Yearbook, ranking among the top seven globally and first in Asia[11]. - The company utilized all proceeds from green bonds for environmental projects, demonstrating commitment to green finance[15]. - The company aims for at least 50% of its financing to come from green bonds and loans by 2025[15]. - The company has set ambitious science-based carbon reduction targets, aiming to limit global warming to within 1.5°C, becoming the first property developer in Hong Kong and mainland China to have such targets approved[30]. - The company has signed the "Environmental Performance Charter" with 14 tenants, representing about 10% of all office tenants in Hong Kong[13]. - The company has launched a pilot program for "Smart Waste Reduction," applying innovative technology to improve waste separation rates among participating tenants[13]. - The usage of renewable energy in the company's properties in mainland China has increased to approximately 40%[34]. - The company has demonstrated a commitment to sustainability by using renewable energy at the Guangzhou Taikoo Hui since 2021[181]. Financial Performance - The company reported a basic profit attributable to shareholders of HKD 9.541 billion for 2021[15]. - Revenue for the year increased by 19% to HKD 15,891 million from HKD 13,308 million[16]. - Basic earnings attributable to shareholders decreased by 25% to HKD 9,541 million from HKD 12,679 million[16]. - Reported earnings increased by 74% to HKD 7,121 million from HKD 4,096 million[16]. - Net cash inflow from operations decreased by 7% to HKD 7,028 million from HKD 7,550 million[16]. - Net debt increased by 56% to HKD 10,334 million from HKD 6,605 million[16]. - The capital to net debt ratio rose by 1.2 percentage points to 3.5% from 2.3%[16]. - Total equity, including non-controlling interests, increased by 1% to HKD 294,158 million from HKD 290,680 million[16]. - The first interim dividend increased by 3% to HKD 0.31 from HKD 0.30[16]. - The second interim dividend increased by 5% to HKD 0.64 from HKD 0.61[16]. - The company's attributable profit for property investment in 2021 was HKD 8,663 million, a decrease of 7.4% from HKD 9,352 million in 2020[17]. - The fair value change of investment properties in 2021 was a loss of HKD 1,836 million, compared to a gain of HKD 4,096 million in 2020[17]. - The total assets for the company in 2021 amounted to HKD 304,492 million, a slight increase from HKD 297,285 million in 2020[17]. - The return on equity for 2021 was 3.3%, a decrease from 4.4% in 2020[17]. - The company’s total equity attributable to shareholders in 2021 was HKD 292,155 million, up from HKD 288,736 million in 2020[17]. - The interest coverage ratio for 2021 was 20.79, an increase from 14.41 in 2020, indicating improved ability to meet interest obligations[17]. Retail and Office Performance - The retail market in Hong Kong showed partial recovery in 2021, but has not yet returned to pre-pandemic levels, impacted by renewed social distancing measures[28]. - The office property portfolio in Hong Kong recorded stable returns with a high occupancy rate, supported by the redevelopment of Taikoo Place[28]. - The company achieved strong growth in retail sales in its malls, particularly in the second half of 2021, as local retail sales improved due to government support measures[33]. - The occupancy rate of the office property portfolio in Hong Kong was 97% as of December 31, 2021, reflecting a stable demand despite market challenges[78]. - The rental income from the company's mainland China malls significantly increased in 2021, driven by high foot traffic and strong retail sales, particularly in luxury goods[33]. - The rental income from the group's Hong Kong office properties for 2021 was HKD 6.12 billion, with a valuation of HKD 181.468 billion as of December 31, 2021[75]. - The rental income from the Hong Kong office property portfolio decreased by 5% compared to 2020, primarily due to the absence of rental income from a sold office building[78]. - The rental income for the retail portfolio decreased by 10% compared to 2020, partially due to the amortization of rent relief provided in 2020[88]. - The total rental income from the group's investment properties in mainland China increased by 24% to HKD 3.56 billion, reflecting a rise in retail sales and RMB appreciation[105]. - The rental income attributable to the group's retail properties in mainland China grew by 29% to HKD 4.39 billion, with a 17% increase after excluding rental support amortization and RMB appreciation effects[106]. Hotel Performance - The hotel business losses narrowed in 2021, with performance in mainland China and the United States being relatively better compared to Hong Kong, which was affected by ongoing travel restrictions[33]. - The average room revenue and occupancy rates for the hotels in Hong Kong were adversely affected by pandemic-related travel restrictions[160][161]. - The hotel "The Opposite House" in Beijing achieved a recovery in occupancy rates and average room revenue in 2021, ranking first in "Top Five Best Hotels in China" by Travel + Leisure[162]. - The hotel "The Temple House" in Chengdu received multiple awards, including being ranked third in Destination Deluxe's "Urban Hotel of the Year"[164]. - The hotel "The Middle House" in Shanghai experienced a strong recovery in average room revenue and occupancy rates in 2021, benefiting from robust domestic demand[165]. - The Miami East Hotel was sold to a third party in October 2021 but continues to be managed by the company, with strong recovery in occupancy rates and average room revenue[166]. - The company managed hotels reported an EBITDA of HKD 220 million in 2021, with performance in mainland China and the U.S. being better than in Hong Kong due to ongoing travel restrictions[159]. Future Outlook and Strategic Initiatives - The company plans to maintain a strong balance sheet and a prudent approach to capital management, focusing on targeted project investments and financing[40]. - The company aims to expand selectively into Southeast Asian markets while continuing to focus on Hong Kong and mainland China[39]. - In mainland China, the company will adopt a cautious approach to land acquisition, focusing on projects obtained through early discussions with local governments[38]. - The company has established a "New Ventures" department to introduce innovative technologies aligned with its business goals[34]. - The company plans to develop the "House Series" and "East Series" hotel brands as key elements of its integrated development projects[173].

Financial Performance - Revenue for the first half of 2021 was HKD 9,068 million, representing a 38% increase compared to HKD 6,551 million in 2020[7] - Shareholders' profit attributable to the company increased by HKD 760 million to HKD 4,513 million, reflecting a 20% growth from HKD 3,753 million in the previous year[10] - Cash generated from operations rose by 121% to HKD 6,673 million, up from HKD 3,020 million in 2020[7] - The net profit attributable to shareholders for the first half of 2021 was HKD 1,984 million, compared to HKD 1,029 million in the first half of 2020, reflecting an increase of 92.5%[21] - The basic profit attributable to shareholders, after excluding investment property valuation changes, rose to HKD 4,513 million in the first half of 2021 from HKD 3,753 million in the same period of 2020, an increase of 20.3%[23] - The recurring basic profit for the first half of 2021 was HKD 3,716 million, slightly up from HKD 3,702 million in the first half of 2020, indicating a stable performance[23] - The total comprehensive income for the period was HKD 2,799 million, significantly higher than HKD 297 million in the same period last year[111] - Total profit for the period was HKD 2,090 million, up from HKD 955 million in the prior year, marking a 119.4% increase[111] - The net profit margin improved to 23.1% for the six months ended June 30, 2021, compared to 14.6% in the same period of 2020[110] Dividends and Shareholder Returns - The company announced an interim dividend of HKD 0.31 per share, a 3% increase from HKD 0.30 in 2020[11] - The company paid dividends amounting to HKD 3,630 million during the period, compared to HKD 3,477 million in the same period of the previous year[115] - The group declared an interim dividend of HKD 1,814 million for the year ending December 31, 2021[154] Debt and Financial Position - The net debt increased by 36% to HKD 9,010 million, compared to HKD 6,605 million in the previous year[9] - The net debt as of June 30, 2021, was HKD 90.1 billion, up from HKD 66.05 billion on December 31, 2020, with a net debt to equity ratio rising from 2.3% to 3.1%[17] - The total borrowings and debt securities reached HKD 33,066 million, with HKD 7,600 million (23%) remaining undrawn as of June 30, 2021[99] - The net debt-to-equity ratio improved to 3.1% as of June 30, 2021, compared to 5.9% in the previous year[105] - The group's share of net debt from joint ventures and associates was HKD 10,510 million as of June 30, 2021, down from HKD 12,593 million at the end of 2020[107] Property and Investment Performance - The company has sold non-core assets totaling HKD 38 billion over the past four years, with proceeds reinvested into new business opportunities primarily in first-tier cities in mainland China[13] - The total income from property sales was HKD 2,394 million in the first half of 2021, a significant increase from HKD 130 million in the same period of 2020[21] - The revenue from property investment for the six months ended June 30, 2021, was HKD 6,247 million, an increase from HKD 6,147 million in the same period of 2020[116] - The hotel segment reported a loss of HKD 109 million, which is an improvement from a loss of HKD 197 million in the same period of 2020[116] Market and Operational Insights - All shopping malls in mainland China maintained high occupancy rates, with significant increases in foot traffic and sales[12] - The company remains optimistic about the retail market in mainland China, expecting continued recovery in the second half of 2021[18] - The hotel business has seen reduced losses compared to the same period in 2020, benefiting from strong domestic travel and consumption in mainland China and the US[13] - The company is actively seeking new opportunities in Southeast Asia to align with its business strategy[10] - The company is developing several residential projects in Hong Kong, including those in Chai Wan and Wong Chuk Hang[13] Sustainability and Corporate Responsibility - The company aims to achieve its 2025 and 2030 emissions reduction targets as part of its "2030 Sustainability Strategy" launched in 2016[14] - The company became the first property developer in Hong Kong and mainland China to join the "Business Ambition for 1.5°C" initiative, setting ambitious targets to support a net-zero carbon economy[14] - The company is committed to long-term investments and digital transformation to enhance its sustainable development performance[16] Future Outlook and Strategic Initiatives - The company plans to expand its business in mainland China, focusing on new investment opportunities in emerging cities and the Greater Bay Area[18] - Swire Properties plans to expand its commercial portfolio by 25% over the next three years, focusing on key urban areas[176] - Future guidance estimates a revenue growth of 12% for the next fiscal year, driven by increased leasing activity[176] - The company is exploring potential acquisitions in the Asia-Pacific region to diversify its asset base[176] - A strategic partnership with a tech firm aims to integrate smart building solutions across its properties[176]

Financial Performance - Total revenue for 2020 was HKD 13,308 million, a decrease of 6% from HKD 14,222 million in 2019[12]. - Profit attributable to shareholders decreased by 47% to HKD 12,679 million from HKD 24,130 million in 2019[12]. - Basic earnings per share dropped by 47% to HKD 2.17 from HKD 4.12 in 2019[12]. - The company's attributable profit from property investment was HKD 9,352 million in 2020, compared to HKD 10,061 million in 2019, reflecting a decline of 7.1%[15]. - The basic profit for the year was HKD 12,679 million, down from HKD 24,130 million in the previous year, primarily due to reduced gains from the sale of investment properties[35]. - The company's attributable profit decreased by HKD 9,327 million to HKD 4,096 million, reflecting valuation losses on investment properties and a decline in profits from the sale of investment property interests[179]. - The company reported a total profit of HKD 9,912 million for 2020, down HKD 282 million from 2019[164]. Cash Flow and Debt Management - Cash generated from operations increased by 37% to HKD 7,550 million compared to HKD 5,499 million in 2019[12]. - Net debt decreased by 57% to HKD 6,605 million from HKD 15,292 million in 2019[12]. - The capital net debt ratio improved to 2.3% from 5.3%, a decrease of 3.0 percentage points[12]. - The company raised approximately HKD 62,660 million in financing during the year, including HKD 20,000 million in term and revolving loan facilities and HKD 19,334 million in medium-term notes[194]. - The total borrowings and debt securities as of December 31, 2020, reached HKD 39,024 million, with HKD 11,751 million (30%) remaining undrawn[197]. - The company’s financing strategy includes maintaining a prudent capital structure to ensure sustainable operations and reasonable cost of capital[192]. Dividend and Shareholder Returns - The company declared a first interim dividend of HKD 0.30, up 3% from HKD 0.29 in 2019[12]. - The company announced a second interim dividend of HKD 0.61 per share, totaling an annual dividend of HKD 0.91 per share, which is a 3% increase compared to 2019[23]. - Approximately 39% of basic profit was distributed as dividends for the year ending 2020[23]. Property Investment and Development - Total revenue from property investment for 2020 was HKD 12,355 million, a slight decrease from HKD 12,410 million in 2019[15]. - The fair value change of investment properties resulted in a loss of HKD 4,645 million in 2020, contrasting with a gain of HKD 3,450 million in 2019[15]. - The total assets of the company amounted to HKD 297,285 million in 2020, down from HKD 304,203 million in 2019[15]. - The company is actively exploring development opportunities in emerging Southeast Asian markets, investing in high-end residential projects in Singapore, Jakarta, and Ho Chi Minh City[23]. - The company is developing several residential projects in Hong Kong, including EIGHT STAR and two projects located in Chai Wan and Wong Chuk Hang[23]. Market Conditions and Challenges - The hotel business continues to be severely impacted by the pandemic, with losses increasing due to travel bans and social distancing measures[25]. - The retail sector in Hong Kong remains severely impacted by the pandemic, prompting the company to continue providing rental support to tenants, which may adversely affect financial performance in 2021[26]. - The overall retail sales in Hong Kong decreased by 24% in 2020, reflecting the adverse effects of the pandemic[53]. - The company anticipates a moderate recovery in the office market in Guangzhou, Shanghai, and Beijing in 2021, although rental rates may continue to be under pressure due to ongoing supply and soft demand[26]. Sustainability and Future Goals - The company is focused on sustainable development and aims to be a leader in sustainability performance by 2030[9]. - The company has committed to achieving net-zero carbon emissions by 2050 and has become the first property developer in Hong Kong and mainland China to participate in the "Business Ambition for 1.5°C" initiative[24]. - Approximately 30% of financing now comes from green bonds and sustainability-linked loans, indicating significant progress in green finance[24]. Operational Performance - The office property portfolio showed stable performance, with slight rental income growth due to increased renewal rents and strong occupancy rates at Taikoo Place[25]. - The occupancy rate of the office property portfolio in Hong Kong was 96% as of December 31, 2020[47]. - The rental income from office properties was HKD 6,555 million, slightly down from HKD 6,598 million, while retail property income increased to HKD 5,245 million from HKD 5,107 million, indicating a mixed performance in different segments[33]. - The company is actively managing its completed properties to enhance rental rates and profitability, focusing on optimizing retail tenant mix and early lease negotiations with office tenants[27].

■ 太古地產 SWIRE PROPERTIES 股份代號：1972 零二零年 中 期 報 告 0 目錄 | --- | --- | |-------|----------------------------| | | | | 1 | 財務撮要 | | 2 | 主席報告 | | 5 | 業務評述 | | 26 | 融資 | | 32 | 簡明中期財務報表的審閱報告 | | 33 | 簡明中期財務報表 | | 38 | 簡明中期財務報表附註 | | 57 | 附加資料 | | 59 | 詞彙 | | 60 | 財務日誌及投資者資訊 | 財務撮要 截至六月三十日止六個月 註： (a) 有關釋義請參閱第59頁的詞彙。 (b) 公司股東應佔的呈報溢利與基本溢利的對賬載於第6頁。 (c) 請參閱財務報表附註11的加權平均股數。 | --- | --- | --- | --- | --- | |----------------------------|----------|----------------------------------|--------------------------------------|-- ...

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