恒隆地产(00101) - 2023 - 年度业绩

Financial Performance - Total revenue for 2023 remained stable at HKD 10,316 million, a slight increase of 3% from HKD 10,031 million in 2022[3] - Operating profit rose by 2% to HKD 7,389 million, compared to HKD 7,253 million in the previous year[3] - Basic earnings attributable to shareholders decreased by 1% to HKD 4,137 million, with basic earnings per share at HKD 0.92, down from HKD 0.93 in 2022[4] - The net revaluation loss attributable to shareholders was HKD 167 million, an improvement from HKD 363 million in 2022[4] - Net profit for the year was HKD 4,596 million, representing an increase of 4.5% compared to HKD 4,397 million in 2022[53] - The net profit attributable to shareholders for 2023 was HKD 4,010 million, up from HKD 3,970 million in 2022, indicating a growth of 1.0%[59] - The basic and diluted earnings per share for 2023 were both HKD 0.92, unchanged from 2022[71] Rental Income and Property Performance - Rental income increased by 3% to HKD 10,316 million, with mainland properties showing an 8% increase in RMB terms[8] - The overall rental income growth was supported by a 14% year-on-year increase in tenant sales[8] - Total rental income for 2023 reached RMB 6,263 million, an increase of 8% compared to RMB 5,790 million in 2022[9] - The company's high-end shopping malls saw a revenue increase of 9%, with notable growth in Dalian's revenue rising by 19%[11] - Shanghai Hang Lung Plaza reported a 10% increase in revenue, reaching RMB 1,755 million, with tenant sales up by 24%[12] - Wuhan Hang Lung Plaza's revenue increased by 8% to RMB 251 million, despite a decline in occupancy rate to 82%[14] - The hotel segment experienced a significant recovery, with revenue soaring by 90% year-on-year[9] - The occupancy rate for high-end malls remained strong, with Shanghai Hang Lung Plaza maintaining a 100% occupancy rate[11] - The overall rental income for mid-range malls remained stable, with a slight increase in occupancy rates[10] Debt and Financial Position - The net debt-to-equity ratio increased to 31.9%, up from 28.1% in the previous year[3] - Total borrowings amounted to HKD 50.704 billion, an increase from HKD 45.524 billion in 2022, with 29% denominated in RMB[35] - The average effective borrowing rate increased to 4.3% in 2023 from 3.5% in 2022, leading to a 30% increase in total financial costs to HKD 1,959 million[42] - The interest coverage ratio decreased to 3.6 times in 2023 from 4.6 times in 2022[42] - The net debt position is calculated as total borrowings minus cash and bank deposits, reflecting the company's financial leverage[80] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.60 per share, maintaining the same level as in 2022, resulting in a total annual dividend of HKD 0.78 per share[6] - The company plans to distribute a final dividend of HKD 2.699 billion, maintaining the same level as in 2022[66] - The proposed final dividend record date is April 26, 2024, with the dividend payout date set for May 10, 2024[79] Strategic Initiatives and Future Outlook - The company plans to continue optimizing its tenant mix and enhancing customer loyalty through marketing initiatives[8] - The overall business environment in Hong Kong is stabilizing, but competition from surrounding cities is increasing[8] - The company expects to maintain a cautious outlook for 2024 due to ongoing geopolitical risks and a challenging rental market in Hong Kong[50] - The new Hangzhou project is expected to contribute stable income by the end of 2024, alongside the opening of the Kunming hotel in mid-2024[50] - The company plans to continue promoting the "Hello 恒隆商場獎賞計劃" to enhance customer engagement and shopping experience[51] Corporate Governance and Social Responsibility - The company adheres to the corporate governance code as per the Hong Kong Stock Exchange regulations throughout the year[76] - The company donated HKD 30 million to establish a scholarship fund for visually impaired students, supporting their diverse development and continuous education[49] - The company launched a strategic partnership with a carbon capture technology firm to develop low-carbon recycled aggregates, marking a significant step towards decarbonization in real estate[47]