THE WHARF HOLDINGS LIMITED Feeble Recovery from COVID
The Wharf (Holdings) Limited
2023 Interim Results
9 Aug 2023
Results Highlights
- Mainland Property Market Still a Big Challenge
- Contracted Sales Dwindled with Average Selling Price in Decline
- Interest in Office Stock & En Bloc Sales is Particularly Soft
- Further Provision was Made for Slow-moving Stock
- Recovery Momentum for Retail Rent was also Below Strength
Overview
The Wharf (Holdings) Limited | 2023 Interim Results | 2 |
Core Strength - Premium Property
Total Assets
1H23: $215.5B
HK Prop 24%
ML Prop 39%
Hotels 1%
Logistics 7%
Inv. & Others 29%
Properties
64%
Group Revenue
1H23: $8.1B
HK Prop 1%
ML Prop 63%
Hotels 4%
Logistics 15%
Inv. & Others 17%
Properties
68%
Operating Profit
1H23: $3.1B
ML Prop 56%
Hotels 1%
Logistics 7%
Inv. & Others 36%
Properties
57%
Overview
The Wharf (Holdings) Limited | 2023 Interim Results | 3 |
Financial Highlights
- Slow ML & HK Recovery Dragged by Macro Concerns
- Currency Translation Understates YoY Comparison of ML Businesses in HKD
- Group Revenue -1% to $8.1B
- UNP +323% to $1.8B
- Incl. $1.0B Impairment Provision for Slow-moving MLDP Stock
- Interim DPS $0.20
HKD Million | 1H23 | 1H22 | %Chg. |
Group Revenue | 8,130 | 8,209 | -1% |
Operating Profit | 3,139 | 3,479 | -10% |
Underlying Net Profit* | 1,811 | 428 | +323% |
Attributable IP Revaluation (Deficit) After | (356) | (421) | -15% |
Taxation | |||
Profit Attributable to Equity Shareholders | 696 | 57 | +1,121% |
Earnings Per Share (HK$) | |||
- Attributable to Equity Shareholders | 0.23 | 0.02 | +1,050% |
- Underlying* | 0.59 | 0.14 | +321% |
Dividend Per Share (HK$) | 0.20 | 0.20 | Flat |
*Underlying Net Profit - Excl. IP Revaluation Deficit & Exceptional Items
Overview
The Wharf (Holdings) Limited | 2023 Interim Results | 4 |
Strong Financial Position & Liquidity
- Total Equity $149.7B; Net Debt $15.0B
- Gearing 10.1%
- Liquid Long Term Investments
- $45.1B Liquid Listed Equities MV
- $1.2B Div. Income Booked to P&L
- $12.1B+ Realized Net Disposal Surplus & Div. Income since 2018
HKD Billion | 30 Jun 23 | 31 Dec 22 | % Chg. |
Total Assets | 215.5 | 221.7 | -3% |
Investment Properties | 67.4 | 69.2 | -3% |
Development Properties* | 66.6 | 69.4 | -4% |
Other Long Term Investments | 53.1 | 48.9 | +9% |
Net Debt | 15.0 | 5.3 | +183% |
Net Debt to Total Equity | 10.1% | 3.4% | +6.7 ppts |
Total Equity | 149.7 | 155.7 | -4% |
Shareholders' Equity | 145.6 | 151.6 | -4% |
Net Asset Value per Share (HK$) | 47.65 | 49.60 | -4% |
* Inclusive of JVs & Associates on an Attributable Basis
Overview
The Wharf (Holdings) Limited | 2023 Interim Results | 5 |
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Disclaimer
The Wharf (Holdings) Ltd. published this content on 09 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2023 11:13:01 UTC.
