The Wharf (Holdings) Limited
2022 Final Results
9 Mar 2023
Pandemic Woes Caused $10 Billion NAV Erosion
Overview
The Wharf (Holdings) Limited - 2022 Final Results | 2 |
Results Highlights
• All Segments in Hong Kong & the Mainland Slowed Down
• Total Property Sales Decreased by 74% to $6B
• Impairment Provisions Made Against Unsold Stock Totaled Nearly $6B
• Rental Income Fell by 11%
• Net Asset Value Declined by $10B or 6% to $152B ($49.6/shr)
The Wharf (Holdings) Limited - 2022 Final Results | 3 |
Assets Focus - Premium Property
Total Assets
2022: $221.7B
HK Prop 24%
ML Prop 40%
Hotels 1%
Logistics 6%
Inv. & Others 29%
Properties
64%
Group Revenue
2022: $18.1B
HK Prop -
ML Prop 68%
Hotels 2%
Logistics 17%
Inv. & Others 13%
Properties
68%
Operating Profit
2022: $6.6B
HK Prop -
ML Prop 63%
Hotels -
Logistics 12%
Inv. & Others 25%
Properties
63%
The Wharf (Holdings) Limited - 2022 Final Results | 4 |
Financial Highlights
- Mainland & HK Slowdown Dented FY22 Results
- Group Revenue: -$4.3B/19% to $18.1B
- HKDP: -$3.9B (After a Bumper 2021)
- UNP -92% to $303M
- $5.7B DP Impairment (FY21: $4.2B)
- Excluding Provision, DP profit $1.7B (FY21: $3.0B)
- FY DPS $0.40 (FY21: $0.40)
HKD Million | 2022 | 2021 | %Chg. |
Group Revenue | 18,064 | 22,378 | -19% |
Operating Profit | 6,603 | 8,536 | -23% |
Underlying Net Profit* | 303 | 3,646 | -92% |
Attributable IP Revaluation (Deficit) After Taxation | (735) | (31) | NA |
(Loss)/Profit Attributable to Equity Shareholders | (1,705) | 6,019 | NA |
(Loss)/Earnings Per Share (HK$) | |||
- Attributable to Equity Shareholders | (0.56) | 1.97 | NA |
- Underlying* | 0.10 | 1.19 | -92% |
Dividend Per Share (HK$) | 0.40 | 0.40 | Flat |
*Underlying Net Profit - Excl. IP Revaluation Surplus/ Deficit & Exceptional Items
The Wharf (Holdings) Limited - 2022 Final Results | 5 |
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Disclaimer
The Wharf (Holdings) Ltd. published this content on 09 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 March 2023 11:54:09 UTC.