嘉里建设(00683) - 2022 - 中期财报

Financial Performance - The company recorded a consolidated revenue of HKD 4.64 billion, a year-on-year decrease of 27%[7] - The underlying profit, excluding fair value changes of investment properties, was HKD 2.79 billion, an increase of 18% year-on-year[7] - Total revenue for the first half of 2022 was HKD 4,641,295, a decrease of 27.2% compared to HKD 6,374,122 in the same period of 2021[52] - Gross profit for the first half of 2022 was HKD 2,547,223, down 30.4% from HKD 3,659,488 in the previous year[52] - The group reported a net profit of HKD 2,916,973 for the first half of 2022, a decline of 34.9% from HKD 4,483,893 in the same period of 2021[54] Property Sales and Revenue - Property sales amounted to HKD 7.72 billion, with contract sales in Hong Kong and mainland China contributing HKD 3.1 billion, representing 44% of the annual sales target[7] - The mainland property division recorded revenue of HKD 2.66 billion and gross profit of HKD 1.6 billion for the first half of 2022, a decrease of 28.5% and 32.5% respectively compared to the same period in 2021[20] - Contract sales in the first half of 2022 amounted to HKD 800 million, a significant decline of 87.1% compared to HKD 6.17 billion in the first half of 2021[20] - Revenue from completed properties in mainland China for the six months ended June 30, 2022, was HKD 356 million, a decrease from HKD 923 million in the same period of 2021[21] - The sales revenue from completed properties in Hong Kong for the first half of 2022 was HKD 1.36 billion, down 32.3% from HKD 2.01 billion in the previous year[33] Rental Income and Occupancy Rates - Rental income was HKD 2.5 billion, a decrease of 6% compared to the same period last year, with Hong Kong contributing 25% and mainland China 75%[7] - The company provided one-time rent concessions to assist tenants during the pandemic, resulting in rental income of HKD 1.88 billion, a decrease of 5.8% year-on-year[20] - The occupancy rate for the Shanghai Jing'an Kerry Centre was 94% as of June 30, 2022, down from 98% at the end of 2021[25] - The average occupancy rates for the group's hotels in mainland China as of June 30, 2022, showed significant declines compared to the previous year, with the Shanghai Pudong Kerry Hotel at 40.8% (down from 58%) and the Beijing Kerry Hotel at 71.25% (down from 54%)[27] - The occupancy rate for MegaBox was 91% as of June 30, 2022, down from 95% at the end of 2021[38] Investment Properties and Valuation - The company’s investment property portfolio valuation recorded a decrease of HKD 46 million, compared to an increase of HKD 1.41 billion in the same period last year[9] - The investment property and hotel portfolio totaled 15.36 million square feet, with 1.36 million square feet in Hong Kong (21%) and 12.18 million square feet in mainland China (79%) as of June 30, 2022[16] - The gross profit from investment properties was HKD 1.43 billion, compared to HKD 1.78 billion in the previous year[23] - The company reported a loss of HKD 119,078,000 in fair value changes for investment properties during the first half of 2022[78] - The fair value of investment properties totaled HKD 80,948,092,000, compared to HKD 83,823,976,000 as of January 1, 2021, reflecting a decrease of approximately 3.4%[78] Debt and Financial Position - The debt ratio increased by 1,860 basis points to 35.8% due to land acquisitions in Shanghai[8] - As of June 30, 2022, the group's total debt was HKD 575.9 billion, with 6% due within one year and 25% due in the second year[49] - The debt-to-equity ratio as of June 30, 2022, was 35.8%, significantly up from 17.2% at the end of 2021[50] - The company’s non-current bank loans increased to HKD 54,242,703 as of June 30, 2022, compared to HKD 32,210,214 at the end of 2021, marking an increase of approximately 68.4%[105] - The total liabilities as of June 30, 2022, were HKD 111,120,397, compared to HKD 95,231,319 at the end of 2021, reflecting an increase of approximately 16.7%[91] Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.4 per share, unchanged from the same period last year[8] - The company paid out HKD 1,381,748,000 in dividends, slightly down from HKD 1,383,676,000 in the previous year[64] - Kerry Group Limited holds 60.12% of the company's ordinary shares, amounting to 874,090,494 shares[129] - The total issued ordinary shares of the company as of June 30, 2022, is 1,453,806,728 shares[129] - The company repurchased a total of 665,000 shares at a total cost of HKD 13,270,940 during the six months ended June 30, 2022[136] Corporate Governance - The company fully complied with the Corporate Governance Code during the six months ended June 30, 2022, except for the provision C.2.1 regarding the dual role of Mr. Guo as both Chairman and CEO[111] - The board composition includes experienced individuals, with half being independent non-executive directors, ensuring balanced power distribution[115] - The company has implemented measures to address identified monitoring weaknesses as per the internal audit reports[114] - The company aims to provide fair market compensation to attract and retain high-quality talent through its reviewed compensation policy[113] - The Audit and Corporate Governance Committee held two meetings, focusing on the annual financial report and the impact of the Covid-19 pandemic on the business[113]