长和(00001) - 2023 - 中期财报

Revenue Performance - Total revenue for the first half of 2023 was HKD 223,867 million, a decrease of 3% compared to HKD 229,616 million in the same period of 2022[9]. - Retail segment revenue increased by 4% to HKD 88,619 million, up from HKD 84,905 million year-on-year[9]. - The telecommunications segment reported revenue of HKD 41,761 million, a slight decrease from HKD 41,817 million, maintaining a stable market presence[9]. - The infrastructure segment's revenue remained stable at HKD 27,540 million, consistent with the previous year's performance[9]. - Port and related services revenue decreased by 12% to HKD 19,863 million, accounting for 9% of total revenue[13]. - The retail segment's total revenue for the first half of 2023 was HKD 88.619 billion, representing a 4% increase year-on-year, driven by strong performance in Europe and Asia[19]. - The financial and investment segment generated revenue of HKD 40,309 million, representing 18% of total revenue, compared to HKD 46,804 million in the previous year[138]. - Revenue from the retail segment was HKD 65,165 million, with a minor increase from HKD 65,136 million[124]. Profitability Metrics - EBITDA for the first half of 2023 was HKD 61,151 million, down 13% from HKD 70,525 million in the previous year[9]. - EBIT decreased by 21% to HKD 29,613 million, compared to HKD 37,648 million in the same period last year[9]. - Profit attributable to ordinary shareholders was HKD 11,208 million, a decline of 41% from HKD 19,088 million in the prior year[9]. - Reported profit for the six months was HKD 11,009 million, a decline of 38% from HKD 17,740 million in the previous year[14]. - The company reported a significant drop in EBITDA from the telecommunications segment, which fell by 16% to HKD 13,357 million from HKD 15,947 million[9]. - The company’s EBIT for the six months ended June 30, 2023, was HKD 12,181 million, a decrease from HKD 15,857 million in the same period of 2022, representing a 23% decline[141]. Operational Efficiency - The retail segment's EBITDA increased by 9% to HKD 11,771 million, reflecting strong consumer demand and operational efficiency improvements[9]. - EBITDA margin for the retail segment improved to 14% from 10% year-on-year, reflecting a 17% increase in EBITDA to HKD 7,056 million[14]. - The company anticipates continued challenges in the market, particularly in the telecommunications sector, impacting future earnings guidance[9]. - The company aims to reduce Scope 1 and 2 emissions by 46.2% by 2032 compared to the 2021 baseline as part of its new decarbonization strategy[18]. Market Outlook - Future outlook remains cautious due to market conditions, with a focus on operational efficiency and cost management strategies[13]. - The company expects a moderate recovery in freight volumes in the fourth quarter of 2023 as inventory backlogs decrease, despite ongoing challenges in the logistics sector[18]. - The group anticipates ongoing economic challenges, including persistent inflation and a tightening credit environment, which may affect consumer and business confidence[30]. Debt and Financial Management - Interest expenses increased by 24% to HKD (9,757) million, compared to HKD (7,872) million in the prior period[14]. - The group's total cash and liquid investments amounted to HKD 146.73 billion, while total bank and other debts reached HKD 285.92 billion, resulting in a net debt of HKD 139.19 billion, up from HKD 133.19 billion at the end of 2022[28]. - The net debt to total net capital ratio increased to 17.0% from 16.7% at the end of 2022[28]. - The weighted average cost of debt for the group was 2.9% as of June 30, 2023, compared to 1.8% in the previous year[65]. - The company continues to focus on financial risk management to mitigate the impact of interest rate and exchange rate fluctuations on its overall financial position[66]. Shareholder Information - The company declared an interim dividend of HKD 0.756 per share, a decrease of 10% from HKD 0.840 per share in the previous year[14]. - The company reported a total of 1,162,632,010 shares held by Li Ka-Shing as a trust beneficiary, representing approximately 30.4390% of the total shares[90]. - The company emphasizes effective corporate governance as a fundamental element to enhance shareholder value and protect the interests of stakeholders[105]. - The company maintains a high level of corporate governance standards, including effective risk management and internal control systems[105]. Sustainability Initiatives - The infrastructure division aims to reduce emissions by 50% by 2035 compared to 2020 levels and achieve net-zero emissions by 2050[22]. - The group has launched a device recycling program in Ireland, allowing the public to return electronic devices for recycling rewards[29]. - The company has established trusts that hold significant shares, indicating a structured approach to share ownership and control[92]. Customer Metrics - The total number of active customers for the European 3 Group reached 39.9 million, a 2% increase year-on-year, driven by a 7% increase in the UK customer base[24]. - The active customer base for Hutchison Asia Telecom increased by 6% year-on-year, totaling approximately 122.5 million as of June 30, 2023[26]. - The number of loyalty members in the health and beauty segment increased to 150 million, with a sales participation rate of 64%[37].