九龙仓集团(00004) - 2022 - 中期财报

Financial Performance - The group reported a 33% decrease in revenue, with operating profit down 19%[4] - The basic net profit increased to HKD 428 million, compared to a loss of HKD 360 million in the previous year[5] - Revenue from Hong Kong properties decreased by 75% to HKD 603 million, with operating profit down 40% to HKD 412 million[8] - Revenue from mainland China development properties decreased by 29% to HKD 49.91 billion, with operating profit down 44% to HKD 609 million[9] - The group recorded a 60% decrease in contracted sales to RMB 2.3 billion, with an area of 78,000 square meters involved[9] - Group revenue decreased by 33% to HKD 8.209 billion, down from HKD 12.337 billion in 2021[17] - Operating profit decreased by 19% to HKD 3.479 billion, compared to HKD 4.301 billion in 2021[17] - Shareholders' profit decreased by 95% to HKD 57 million, down from HKD 1.038 billion in 2021[23] - The net profit attributable to shareholders for the six months ended June 30, 2022, was HKD 175 million, a significant drop of 84.7% from HKD 1,150 million in the previous year[41] - Total comprehensive income for the period was HKD (3,810) million, compared to HKD 6,908 million in the same period of 2021, indicating a decline of 155.2%[41] Asset and Equity Changes - Total assets decreased by 3% to HKD 222.5 billion, down from HKD 228.6 billion in 2021[26] - Total equity decreased by 3% to HKD 157.6 billion, compared to HKD 162 billion in 2021[25] - Development property assets decreased by 9% to HKD 44.4 billion, including mainland development properties at HKD 21.1 billion and Hong Kong development properties at HKD 23.3 billion[28] - The equity in joint ventures and associates decreased to HKD 34 billion, down from HKD 35.9 billion[29] - The net asset value as of June 30, 2022, was HKD 161,950 million, down from HKD 166,377 million, a decline of 2.6%[42] Cash Flow and Debt Management - The group recorded a net cash inflow of HKD 2.7 billion from operating activities, with a significant increase in sales deposits contributing to this[35] - Net debt decreased by 18% to HKD 10.9 billion, with a net debt to total equity ratio of 6.7%[31] - Cash and cash equivalents decreased by HKD 4,192 million during the six months ended June 30, 2022, compared to an increase of HKD 3,164 million in the same period of 2021[44] - Total bank borrowings and other borrowings as of June 30 were HKD 29.281 billion, down from HKD 36.745 billion at the end of 2021[64] Segment Performance - The group operates in five reportable segments: investment properties, development properties, hotels, logistics, and investments, with a focus on diversifying its business operations[48] - The logistics segment generated revenue of HKD 1,542 million, an increase from HKD 1,361 million in the previous year, showing a growth of approximately 13.3%[50] - Revenue from investment properties was HKD 2,595 million, while revenue from development properties was HKD 2,674 million, indicating a significant drop from HKD 6,704 million in the previous year[50] Dividend and Shareholder Information - The first interim dividend remains unchanged at HKD 0.20 per share, totaling HKD 610 million[6] - The first interim dividend declared was HKD 0.20 per share, totaling HKD 611 million, consistent with the previous year[60][61] - The company has a significant shareholder, K. Wah International Holdings Limited, holding 1,942,964,551 shares, representing 63.58% of the total issued shares[84] Governance and Compliance - The company has complied with all corporate governance codes except for one, which allows the same person to serve as both chairman and CEO[78] - The company’s board of directors includes independent non-executive directors, ensuring governance and oversight[90] - All directors have adhered to the company's securities trading code during the reporting period[79] Investment and Fair Value Changes - The investment property portfolio is valued at HKD 74.8 billion, accounting for 34% of total assets, with mainland properties valued at HKD 56.9 billion and Hong Kong properties at HKD 17.9 billion[27] - The fair value change of equity investments resulted in a loss of HKD (602) million, contrasting with a gain of HKD 4,776 million in the prior year[41] - The fair value of listed investments as of June 30, 2022, is HKD 45,569 million, an increase from HKD 44,100 million as of December 31, 2021[67]