恒隆地产(00101) - 2023 - 中期业绩

Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 5.237 billion, a decrease of 1% compared to HKD 5.302 billion in the same period last year[5]. - Operating profit increased by 3% to HKD 3.824 billion, up from HKD 3.708 billion in 2022[5]. - Basic earnings attributable to shareholders remained at HKD 2.225 billion, with basic earnings per share at HKD 0.49, unchanged from the previous year[5]. - Net profit for the same period was HKD 2,732 million, representing an increase of 20.96% from HKD 2,257 million in 2022[47]. - Basic earnings per share increased to HKD 0.53 from HKD 0.43, reflecting a growth of 23.26%[46]. - Total comprehensive income for the period was HKD (639) million, an improvement from HKD (2,684) million in 2022[47]. - The profit attributable to shareholders for the period was HKD 2,394 million, up 23% from HKD 1,948 million in 2022[62]. Revenue Sources - Rental income from mainland properties increased by 6% to HKD 3.554 billion, while Hong Kong rental income rose by 4% to HKD 1.683 billion[6]. - The overall leasing income increased by 5% to HKD 5.237 billion, driven by a 13% increase in rental income from mainland properties[8]. - The hotel segment saw a significant revenue increase of 130% year-on-year, benefiting from the easing of travel restrictions[9]. - The shopping mall segment reported a revenue growth of 13%, with high-end malls increasing by 16% and mid-range malls declining by 3%[10]. - Shanghai Hang Lung Plaza achieved a revenue of RMB 891 million, a 23% increase compared to RMB 724 million in 2022, maintaining a 100% occupancy rate[11]. - Shanghai Port International Plaza's revenue grew by 11% to RMB 613 million, with a tenant sales increase of 68%[13]. - The overall revenue for high-end malls increased by 16%, benefiting from improved market conditions and rising tenant sales during festive periods[12]. Property and Investment - The total value of investment properties and properties under development was HKD 188.32 billion as of June 30, 2023[26]. - The company recorded a property revaluation gain of HKD 251 million, compared to a loss of HKD 221 million in 2022[26]. - Investment properties and development properties acquisitions amounted to HKD 15.69 billion in the first half of 2023, an increase of 42.5% compared to HKD 11.00 billion in 2022[65]. Debt and Financial Position - The net debt-to-equity ratio improved to 30.4% from 28.1% year-on-year[4]. - The total borrowings as of June 30, 2023, were HKD 471.60 billion, an increase from HKD 455.24 billion as of December 31, 2022, with 28% denominated in RMB[32]. - The average repayment period for the overall debt portfolio is 3.2 years, with approximately 72% of loans due for repayment after two years[36]. - The unutilized balance of committed bank credit facilities was HKD 16.88 billion as of June 30, 2023, down from HKD 21.37 billion at the end of 2022[37]. - In the first half of 2023, the total financial expenses increased by 20% to HKD 881 million due to rising average effective borrowing rates of 3.9% compared to 3.5% in 2022[38]. - The net interest expense for the first six months of 2023 rose to HKD 299 million, reflecting the increased borrowing for capital expenditures[38]. Operational Highlights - The company actively engaged in marketing campaigns to capitalize on post-pandemic economic recovery opportunities[8]. - The company plans to unveil its second luxury hotel, the Kunming Hyatt, in the first half of 2024, while the first batch of units for the Wuhan "Henglongfu" is expected to be delivered by the end of 2023[45]. - The company has established a real estate research center at Tsinghua University to focus on sustainable development and innovation in real estate technology[42]. Corporate Governance and Social Responsibility - The company has maintained compliance with the corporate governance code as of June 30, 2023[72]. - The "She Leads" national program attracted approximately 180 female university students, with 75% being first-generation college students from three generations of families[43].