ESR(01821) - 2024 - 中期业绩

Financial Performance - Total revenue for the first half of 2024 was $312.468 million, a decrease of 31.4% compared to$ 455.407 million in the first half of 2023[3] - Fund management EBITDA for the first half of 2024 was $173.897 million, down 47.1% from$ 328.698 million in the same period last year[3] - The company reported a net loss of $208.968 million for the first half of 2024, compared to a profit of$ 313.870 million in the first half of 2023, representing a decline of 166.6%[3] - Adjusted EBITDA for the first half of 2024 was $131.949 million, a decrease of 76.0% from$ 549.729 million in the previous year[3] - Fund management revenue for the first half of 2024 was $254 million, with a 5.0% year-over-year decline primarily due to slower project development in Japan and Korea[9] - EBITDA decreased from$ 537.4 million in H1 2023 to a loss of $22.2 million in H1 2024, representing a decline of 104.1%[18] - PATMI fell from a profit of$ 289 million in H1 2023 to a loss of $218.7 million in H1 2024, a decrease of 175.7%[18] - Other income and net gains dropped from$ 214.8 million in H1 2023 to $8.4 million in H1 2024[18] - The group reported a net loss attributable to equity holders of$ 218,719,000 for the six months ended June 30, 2024, compared to a profit of $288,965,000 for the same period in 2023[61] Asset Management and Development - The company managed assets with a total management fee-related asset scale of$ 80.3 billion as of June 30, 2024, with a compound annual growth rate of 52% over three years[6] - The company recorded over 2.5 million square meters in lease renewals and new leases in China during the first half of 2024[6] - The company recorded approximately 3.9 million square meters of lease renewals and new leases in the first half of 2024, an 86% increase year-over-year[10] - ESR's development projects have grown nearly fourfold since its IPO, reaching approximately $13.1 billion as of June 30, 2024[11] - 34% of the development projects initiated in the first half of 2024 were focused on data centers[10] Debt and Financial Position - The debt-to-asset ratio increased to 32.3% in the first half of 2024, up from 30.7% in the same period of 2023, reflecting a 1.6 percentage point increase year-on-year[3] - The group's debt-to-equity ratio was 32.3% as of June 30, 2024, with a weighted average interest cost reduced from 5.6% in the first half of 2023 to 4.9%[12] - The group plans to repay$ 2.5 billion of debt maturing in the second half of 2024 through committed sustainable development loans, with an option to increase to $3 billion[12] - The group aims to reduce its debt-to-equity ratio to a low of 20% to 30%[12] - Total bank loans and borrowings increased to$ 6.2 billion as of June 30, 2024, from $6.0 billion as of December 31, 2023[24] - The company’s total liabilities as of June 30, 2024, were$ 6.191 billion, compared to $5.980 billion as of December 31, 2023, reflecting a growth of 3.5%[67] Revenue Sources and Trends - In the Greater China region, revenue was$ 87.746 million, an increase of 8.0% compared to $81.227 million in the previous year[3] - Construction revenue increased from$ 12.6 million in the first half of 2023 to $20.6 million in the first half of 2024, reflecting ongoing project execution[16] - Rental income decreased by 4.6% from$ 36.7 million in the first half of 2023 to $35 million in the first half of 2024, primarily due to asset sales[16] - The company experienced a decline in revenue from Japan, which fell to$ 27,511,000 in the first half of 2024 from $46,545,000 in the same period of 2023, a decrease of 41.0%[52] Cash Flow and Expenditures - Operating cash flow before tax showed a loss of$ 188.955 million for the six months ended June 30, 2024, compared to a profit of $372.631 million in the same period of 2023[42] - The net cash flow from operating activities was$ 163.121 million, a significant increase from $21.942 million in the previous year[43] - The company incurred$ 170.008 million in capital expenditures for investment properties, a decrease from $180.938 million in the same period last year[43] - The financing activities generated a net cash inflow of$ 157.994 million, compared to $10.697 million in the same period last year[44] Fair Value and Asset Revaluation - Fair value losses from joint ventures and associates amounted to approximately$ 44.6 million due to asset revaluation in Cromwell Property Group[19] - A revaluation loss of $60 million was recorded for three Chinese assets related to the proposed spin-off into a REIT[20] - The fair value loss on completed investment properties was$ (60,615,000) for the first half of 2024, compared to a gain of $3,908,000 in the same period of 2023[56] Corporate Actions and Governance - The company completed the acquisition of the remaining 13.6% equity in LOGOS Property Group Limited, making it a wholly-owned subsidiary as of August 13, 2024[26] - The board decided not to recommend an interim dividend for the six months ended June 30, 2024, while a final dividend for the fiscal year ending December 31, 2024, will be considered[68] - The audit committee confirmed compliance with applicable accounting principles and standards for the six months ended June 30, 2024[74] - The mid-term financial report for the six months ending June 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website[76]