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ESR(01821) - 2023 - 年度业绩
01821ESR(01821)2024-03-21 09:04

Financial Performance - ESR Group Limited reported a revenue of 871.3millionforthefiscalyear2023,representinga6.1871.3 million for the fiscal year 2023, representing a 6.1% increase from 821.2 million in 2022[2]. - The company's EBITDA for 2023 was 724.6million,down32.2724.6 million, down 32.2% from 1.1 billion in 2022, while adjusted EBITDA decreased by 23.1% to 885.3million[2].−Theannualprofitfor2023was885.3 million[2]. - The annual profit for 2023 was 268.1 million, a significant decline of 57.5% compared to 631.1millionin2022[2].−Thegroup′srevenueincreasedby6.1631.1 million in 2022[2]. - The group's revenue increased by 6.1% from 821.2 million in FY2022 to 871.3millioninFY2023,primarilydrivenbyanincreaseinmanagementfees[18].−Managementfeesrosefrom871.3 million in FY2023, primarily driven by an increase in management fees[18]. - Management fees rose from 713.3 million in FY2022 to 736.7millioninFY2023,reflectinganincreaseintheassetmanagementscale[18].−EBITDAdecreasedby32.2736.7 million in FY2023, reflecting an increase in the asset management scale[18]. - EBITDA decreased by 32.2% from 1.0685 billion in FY2022 to 724.6millioninFY2023,mainlyduetoadeclineinfairvaluegainsandtheabsenceofone−timesalegainsfromFY2022[19].−PATMIfellby59.8724.6 million in FY2023, mainly due to a decline in fair value gains and the absence of one-time sale gains from FY2022[19]. - PATMI fell by 59.8% from 574.1 million in FY2022 to 230.8millioninFY2023,impactedbyincreasedinterestexpensesandlowerfairvaluegains[19].−Thecompanyreportedapre−taxprofitof230.8 million in FY2023, impacted by increased interest expenses and lower fair value gains[19]. - The company reported a pre-tax profit of 394,238 thousand for 2023, down 51.7% from 815,125thousandin2022[32].−Basicearningspersharefor2023is815,125 thousand in 2022[32]. - Basic earnings per share for 2023 is 0.05, a decrease of 61.5% from 0.13in2022[32].AssetsandLiabilities−Thetotalassetsundermanagementincreasedby7.30.13 in 2022[32]. Assets and Liabilities - The total assets under management increased by 7.3% year-on-year to 156 billion, with management fee-related assets growing by 6.3% to 81billion[6].−Thedebt−to−assetratioincreasedto30.781 billion[6]. - The debt-to-asset ratio increased to 30.7% in 2023 from 22.8% in 2022, reflecting a 7.9 percentage point rise[2]. - The asset-to-liability ratio was reported at 30.7% as of December 31, 2023, with expectations to reduce it to a target range of 20% to 30% in the medium term[13]. - Total liabilities increased to 6 billion as of December 31, 2023, from 5.5billioninthepreviousyear,withnetdebtrisingto5.5 billion in the previous year, with net debt rising to 5 billion[23]. - Total equity decreased to 8.7billionasofDecember31,2023,from8.7 billion as of December 31, 2023, from 9.1 billion, impacted by a net unrealized loss of 86.3milliononfinancialassets[24].−Thecompanyreportedatotalof86.3 million on financial assets[24]. - The company reported a total of 5,979,553,000 in bank loans and other borrowings as of December 31, 2023, compared to 5,496,630,000in2022,anincreaseof8.85,496,630,000 in 2022, an increase of 8.8%[61]. Capital Management - The company raised 7.5 billion in capital during the fiscal year, including the establishment of its largest RMB income fund in China[8]. - The company has a significant amount of capital available for investment, totaling 23.9billion,withover23.9 billion, with over 13.5 billion focused on new economy sectors[8]. - The group has 23.9billionincapitalawaitingdeployment,withover23.9 billion in capital awaiting deployment, with over 13 billion allocated to new economy sectors, and management is cautiously optimistic about deploying this capital in the second half of 2024[16]. - The company plans to refinance part of its existing debt with long-term fixed-rate debt to achieve a more balanced debt composition[17]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.125 per share, equivalent to approximately USD 0.016 per share, representing a yield of 2.9%[7]. - The company reported a total of 69,886,000individendspaidtoshareholdersin2023,anincreasefrom69,886,000 in dividends paid to shareholders in 2023, an increase from 70,777,000 in 2022, representing a growth of 96.9%[38]. - The company proposed a final dividend of HK0.125persharefortheyearendedDecember31,2023,totalingapproximatelyHK0.125 per share for the year ended December 31, 2023, totaling approximately HK527 million, a decrease from HK550millionin2022[64].OperationalHighlights−Theoveralloccupancyrateforneweconomyassetsremainedabove91550 million in 2022[64]. Operational Highlights - The overall occupancy rate for new economy assets remained above 91%, with a weighted average lease expiry (WALE) of 4.6 years[11]. - The rental growth rate for new economy assets reached approximately 8.2%, with Australia and Korea experiencing the highest growth at around 19.5%[11]. - Approximately 90% of the ongoing development projects are expected to be completed between FY2024 and FY2027, significantly expanding future management fee income sources[12]. - The group has installed 110 MW of rooftop solar power capacity and over 850 electric vehicle charging stations in its property portfolio by the end of 2023[14]. Strategic Initiatives - ESR Group plans to complete asset sales valued at over 500 million and aims for additional transactions worth 1.5to1.5 to 2 billion in the next 12 months[9]. - The group identified the sale of non-core assets worth up to 750million,withthesaleoftheARAprivateequityfundbusinessbeingasignificantmilestone[10].−TheintegrationofLOGOSisexpectedtocreatefurthersynergiesintheAsia−Pacificneweconomyplatform,projectedtoyieldadditionalbenefitsinFY2024andFY2025[10].MarketandEconomicConditions−ThecompanyanticipatescontinuedhighoccupancyratesandrentalgrowthinkeymarketssuchasAustralia,Japan,andSouthKorea,despiteaslowdowninleasingactivity[16].−Financingcostsincreasedby40.7750 million, with the sale of the ARA private equity fund business being a significant milestone[10]. - The integration of LOGOS is expected to create further synergies in the Asia-Pacific new economy platform, projected to yield additional benefits in FY2024 and FY2025[10]. Market and Economic Conditions - The company anticipates continued high occupancy rates and rental growth in key markets such as Australia, Japan, and South Korea, despite a slowdown in leasing activity[16]. - Financing costs increased by 40.7% from 222.4 million in FY2022 to $312.9 million in FY2023, attributed to additional borrowings for project transitions[19].