九龙仓集团(00004) - 2023 - 中期财报

Financial Performance - The group's underlying net profit increased to HKD 1.81 billion, compared to HKD 0.42 billion in 2022, primarily due to a reduction in property impairment provisions to HKD 1.03 billion from HKD 2.54 billion[3]. - The group's attributable profit was HKD 0.696 billion, up from HKD 0.057 billion in 2022[3]. - The group confirmed a 33% decrease in recognized revenue to HKD 3.32 billion, with operating profit down 88% to HKD 0.076 billion[8]. - Group revenue decreased by 1% to HKD 8.13 billion (2022: HKD 8.20 billion) and operating profit decreased by 10% to HKD 3.14 billion (2022: HKD 3.47 billion)[13]. - The operating profit for the same period was HKD 3,139 million, down 9.8% from HKD 3,479 million year-on-year[37]. - The net profit attributable to shareholders for the period was HKD 696 million, significantly up from HKD 57 million in the previous year, representing a growth of 1,126.3%[38]. - The total comprehensive income for the six months ended June 30, 2023, was a loss of HKD 6,064 million, compared to a loss of HKD 3,810 million for the same period in 2022, indicating a worsening of approximately 59.0%[40]. Revenue Breakdown - Revenue from the logistics segment decreased by 21% to HKD 1.22 billion, with operating profit down 49% to HKD 0.203 billion[11]. - Investment property revenue decreased by 4% to HKD 2.48 billion (2022: HKD 2.59 billion) and operating profit decreased by 6% to HKD 1.68 billion (2022: HKD 1.79 billion)[13]. - Development property revenue increased by 1% to HKD 2.68 billion (2022: HKD 2.67 billion) but operating profit decreased by 87% to HKD 64 million (2022: HKD 480 million)[13]. - Hotel revenue rebounded by 77% to HKD 296 million (2022: HKD 167 million) with operating profit of HKD 44 million (2022: loss of HKD 47 million)[13]. - The investment properties segment generated revenue of HKD 2,480 million, while the development properties segment contributed HKD 2,688 million, showing a year-on-year increase of 0.52% and 0.52% respectively[49]. - The logistics segment reported revenue of HKD 1,221 million, down from HKD 1,542 million in the previous year, indicating a decline of 21%[50]. - The hotel segment's revenue was HKD 296 million, an increase from HKD 167 million in the previous year, representing a growth of 77%[50]. Dividends and Shareholder Returns - The interim dividend per share remains at HKD 0.20, with a total payout of HKD 0.611 billion, unchanged from 2022[4]. - Shareholders' attributable profit was HKD 696 million (2022: HKD 57 million) with basic earnings per share of HKD 0.23 (2022: HKD 0.02)[19]. - The company declared an interim dividend of HKD 611 million for the period, consistent with the previous year's dividend payments[40]. - The first interim dividend declared was HKD 0.20 per share, totaling HKD 611 million, consistent with the previous year[60]. Assets and Liabilities - The total assets as of June 30, 2023, amounted to HKD 215,509 million, a decrease from HKD 221,745 million in the previous year[39]. - The net assets of the company stood at HKD 149,657 million, down from HKD 155,707 million year-on-year[39]. - The group's total liabilities as of June 30, 2023, were HKD 17.525 billion, with HKD 8.163 billion already incurred and HKD 13.491 billion yet to be incurred[77]. - The net debt increased to HKD 15 billion, with a net debt to total equity ratio of 10.1%, up from 3.4% in December 2022[28]. - The group's total available credit and issued debt securities amounted to HKD 42.6 billion, with HKD 23.9 billion drawn down[29]. Cash Flow and Investments - The group recorded a net cash inflow from operating activities of HKD 2.1 billion, down from HKD 2.7 billion in the previous year[33]. - The net cash inflow from operating activities for the six months ended June 30, 2023, was HKD 5,407 million, compared to HKD 2,725 million for the same period in 2022, indicating a significant increase of approximately 98.5%[41]. - The net cash used in investing activities was HKD 9,368 million for the six months ended June 30, 2023, compared to HKD 1,979 million in the previous year, reflecting a substantial increase of approximately 373.5%[41]. - The net cash inflow from financing activities was HKD 3,428 million for the six months ended June 30, 2023, compared to a net outflow of HKD 7,620 million in the same period of 2022, showing a turnaround in financing activities[41]. - The cash and cash equivalents balance as of June 30, 2023, was HKD 8,858 million, down from HKD 18,404 million as of June 30, 2022, representing a decrease of approximately 52.1%[41]. Market Conditions and Future Outlook - Contracted sales in mainland China reached RMB 1.4 billion, down from RMB 2.3 billion in 2022, with an area of 64,200 square meters involved[7]. - The retail leasing market showed slow recovery, with rental rates and occupancy continuing to be under pressure[9]. - The group plans to launch a new hotel brand in Changsha in the fourth quarter, adding 286 rooms to its portfolio[10]. - The group plans to continue expanding its investment portfolio, focusing on both local and overseas markets, particularly in real estate and emerging economies[49]. - The logistics division is expected to enhance its operational efficiency through technological advancements and strategic partnerships in the coming quarters[49]. Governance and Compliance - The company has adhered to all principles of the Corporate Governance Code during the reporting period, with the exception of the separation of roles between the Chairman and CEO[79]. - The company’s board consists of experienced individuals, with more than half being independent non-executive directors, ensuring balanced power distribution[79]. - The company’s interim financial data for the six months ending June 30, 2023, was reviewed by the audit committee with no discrepancies noted[78]. Employee and Management Information - The company employed approximately 6,200 staff as of June 30, 2023, with around 1,100 in management roles[36]. - Employee costs amounted to HKD 825 million, slightly down from HKD 837 million in the previous year, reflecting a decrease of 1.43%[52]. - The company has committed to maintaining its workforce and utilizing government subsidies to support employee retention during challenging economic conditions[53].