恒基地产(00012) - 2023 - 中期业绩

Financial Performance - The group's unaudited profit attributable to shareholders for the six months ended June 30, 2023, was HKD 60.73 billion, an increase of HKD 9.36 billion or 18% compared to HKD 51.37 billion in the same period last year [2]. - The basic earnings per share for the period was HKD 1.25, up from HKD 1.06 in 2022 [2]. - The net profit for the same period was HKD 6,122 million, representing a 24.8% increase compared to HKD 4,899 million in the previous year [74]. - The company's profit attributable to shareholders for the six months ended June 30, 2023, was HKD 5,957 million, an increase of 24.6% compared to HKD 4,781 million for the same period in 2022 [75]. - The total comprehensive income for the period was HKD 2,706 million, compared to HKD 1,256 million in the same period last year, reflecting a significant increase of 115.5% [77]. - The group’s basic profit, excluding the impact of fair value changes in investment properties, was HKD 6,073 million, compared to HKD 5,137 million in the previous year, indicating a growth of 18.3% [101]. Revenue and Sales - The group's revenue for the six months ended June 30, 2023, was HKD 10,278 million, an increase of 8.1% from HKD 9,506 million in the same period last year [74]. - The total projected usable area from ongoing redevelopment projects is approximately 900,000 square feet [15]. - The total contracted sales amount for the group's self-owned properties in Hong Kong was approximately HKD 67.25 billion, a 10% increase compared to the same period last year [4]. - The company reported a total self-owned residential contract sales amount of approximately RMB 3.34 billion, a 14% increase compared to the same period last year, equivalent to HKD 3.6886 billion [41]. - The cumulative revenue expected to be recognized from pre-sold properties as of June 30, 2023, is HKD 15.426 billion, an increase from HKD 12.210 billion as of December 31, 2022 [89]. Property Development and Projects - The group has a total of 14.8 million square feet of development area across various projects, with significant portions expected to be available for sale or lease between 2024 and 2027 [8]. - The company has acquired over 340,000 square feet of self-owned floor area for redevelopment projects in urban areas, with plans for over 60,000 square feet to be launched for sale in the second half of 2023 [5]. - The company has acquired 27 old buildings for redevelopment, with an estimated self-owned floor area of 3,993,421 square feet [17]. - The company plans to launch several projects in the second half of 2023, including Henley Park with a floor area of 397,967 square feet and 740 residential units [14]. - The group plans to launch five urban projects in the second half of the year, with approximately 5,660 residential units or about 240,000 square feet available for sale [71]. Rental Income and Property Management - The rental income from the group's properties in Hong Kong increased by 3% year-on-year to HKD 3.31 billion for the six months ending June 30, 2023, while the pre-tax net rental income rose by 6% to HKD 2.47 billion [29]. - The average occupancy rate of the group's rental properties was 93% as of June 30, 2023 [29]. - The group owns approximately 970,000 square feet of completed rental properties, with 5.4 million square feet (56%) being retail space, 3.5 million square feet (36%) office space, and 0.4 million square feet (4%) industrial space [30]. - The property management division manages a total area of approximately 7.85 million square feet, including 3,300 parking spaces [45]. - The total rental income from subsidiaries for the six months ended June 30, 2023, was HKD 3,427 million, a slight increase of HKD 30 million (or 1%) from HKD 3,397 million in 2022 [141]. Debt and Financing - The group's net debt as of June 30, 2023, was HKD 778.55 billion, with a debt-to-equity ratio of 24.0% [68]. - The total debt of the group as of June 30, 2023, was HKD 91,179 million, an increase from HKD 90,381 million as of December 31, 2022 [156]. - The interest coverage ratio for the six months ended June 30, 2023, was 2.65 times, down from 5.08 times in 2022, with operating profit at HKD 6,986 million compared to HKD 6,190 million in 2022 [157]. - Financing costs increased significantly, with bank loan interest rising to HKD 1,147 million from HKD 469 million, and other loan interest increasing to HKD 1,315 million from HKD 463 million [96]. - The group issued guaranteed notes totaling HKD 6,847 million under its medium-term note program for the six months ending June 30, 2023, compared to HKD 3,620 million in 2022 [154]. Market Outlook and Strategic Initiatives - The group is actively monitoring the government's "Northern Metropolis" development plan, which is expected to significantly impact land prospects in Hong Kong [28]. - The company plans to continue expanding its market presence and enhancing its product offerings in the upcoming quarters [108]. - Future guidance indicates a positive outlook for revenue growth across all segments, driven by ongoing development projects and market demand [108]. - The company is focusing on strategic acquisitions and partnerships to bolster its growth trajectory and market share [108]. - The group was recognized in the 2023 S&P Global Sustainability Yearbook, ranking in the top 15% of its industry for sustainability practices [70]. Challenges and Risks - The office rental market remains under pressure due to high vacancy rates and increasing supply, yet the group's properties continue to perform robustly [32]. - The total tax expense for the six months ended June 30, 2023, was HKD 117 million, a decrease from HKD 617 million in the same period of 2022 [98]. - The company reported a net loss of HKD 18 million for the six months ended June 30, 2023, compared to a profit of HKD 24 million in the same period last year [46]. - The fair value loss from investment properties and development properties was HKD 96 million for the current period, compared to a loss of HKD 45 million in the previous year [101]. - The group recognized a cumulative fair value gain of HKD 9 million from the sale of investment properties during the six months ended June 30, 2023 [112].