ESR(01821) - 2023 - 中期业绩

Financial Performance - Revenue for the first half of 2023 was $455.4 million, representing a year-on-year increase of 5.5$431.7 million in the first half of 2022[2]. - The net profit for the first half of 2023 was $313.9 million, a decrease of 25.2$419.7 million in the same period last year[2]. - The adjusted PATMI for the first half of 2023 was $288.9 million, down 24.1$380.6 million in the first half of 2022[2]. - The company reported a pre-tax profit of $372.6 million for the first half of 2023, down 28.3$519.5 million in the first half of 2022[33]. - Basic and diluted earnings per share for the first half of 2023 were both $0.06, compared to$0.08 in the same period of 2022[33]. - The company reported a profit attributable to owners of the company of $288,965,000 for the six months ended June 30, 2023, down from$380,607,000 in 2022, indicating a decrease of 24.2%[58]. Asset Management - Total assets under management as of June 30, 2023, reached $147.4 billion, reflecting a year-on-year growth of 9$19.3 billion available for new investments, with two-thirds allocated to new economy sectors[8]. - The company recorded a fair value gain of $115.3 million on investment properties in the first half of 2023, down from$162.9 million in the same period of 2022[20]. - The company’s total assets as of June 30, 2023, were $16.32 billion, with a debt-to-asset ratio of 27.6$1.13 billion, a decrease of 37.7% from $1.81 billion at the end of 2022[2]. - The company has$3 billion in cash and undrawn financing, sufficient to cover its loan repayments for the next three years without further capital recycling or asset sales[18]. - The company’s cash flow from operating activities before tax profit was $372,631 thousand, down from$519,486 thousand in the same period last year[38]. - The total cash and cash equivalents at the end of the period were $1,065,877 thousand, down from$1,952,437 thousand at the end of the same period in 2022[41]. Debt and Financing - The debt-to-asset ratio increased to 27.6% as of June 30, 2023, compared to 22.8% in the previous year, indicating a 4.8 percentage point rise[2]. - The company incurred $25,442 thousand in acquisition costs for subsidiaries, compared to$44,146 thousand in the previous year, indicating a reduction in acquisition activity[39]. - The company repaid $199,695,000 in bank loans due within one year as of June 30, 2023, compared to$149,126,000 in the previous year[65]. - The company issued ¥30 billion in fixed-rate notes in June 2023, with 90% of total debt refinanced as of June 30, 2023[23]. Dividends and Share Repurchases - The company plans to distribute an interim dividend of HKD 0.125 per share, equivalent to approximately USD 0.016 per share, representing a yield of 2.2%[7]. - The board declared an interim dividend of HK$0.125 per share for the fiscal year ending December 31, 2023, totaling approximately HK$547 million, slightly down from HK$556 million in 2022[66]. - The company repurchased a total of 38,824,400 shares at a cost of approximately HK$531 million (about $68 million) during the six months ended June 30, 2023[68]. Operational Highlights - ESR leased 2.1 million square meters of space in the first half of 2023, with a weighted average rent increase of over 10$3.8 billion in the first half of 2023, a 9% year-on-year increase, with a total of $13 billion in ongoing projects, the largest in the Asia-Pacific region[10]. Sustainability and Future Goals - The company is committed to achieving a total renewable energy generation target of 1,000 MW by 2030, with plans to significantly increase on-site renewable energy generation this year[17]. - Approximately 39% of the company's completed directly managed assets have received sustainability certifications such as LEED, WELL, and NABERS[17]. Management and Governance - The audit committee confirmed compliance with applicable accounting principles and standards for the interim financial results for the six months ended June 30, 2023[74]. - The company’s external auditor, Ernst & Young, reviewed the interim financial statements and confirmed consistency with the reported figures[75]. - The board of directors includes executive directors Shen Jinchao and Stuart Gibson, along with several non-executive and independent non-executive directors[78].