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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Hang Lung Group Limited    10   HK0010000088

HANG LUNG GROUP LIMITED

(10)
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End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 11/26
19.42 HKD   -1.02%
09/13HANG LUNG : List of Directors and their Roles and Functions
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Hang Lung : 2019 Interim Results

07/30/2019 | 06:45am EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

HANG LUNG GROUP LIMITED

(Incorporated in Hong Kong with limited liability)

(Stock Code: 00010)

2019 INTERIM RESULTS

2019 Interim Results

CONTENTS

Page

Financial Highlights

1

Review of Operations

2

Consolidated Financial Statements

17

Notes to the Consolidated Financial Statements

20

Other Information

35

Glossary

37

2019 Interim Results

FINANCIAL HIGHLIGHTS

in HK$ Million (unless otherwise stated)

RESULTS

For the Six Months Ended June 30

2018

Change

2019

Revenue

4,505

5,457

-17%

Property Leasing

4,505

4,425

2%

Property Sales

-

1,032

-100%

Operating Profit

3,432

3,902

-12%

Property Leasing

3,432

3,337

3%

Property Sales

-

565

-100%

Net Profit Attributable to Shareholders

3,709

3,037

22%

Earnings Per Share (HK$)

$2.72

$2.23

22%

Interim Dividend Per Share (HK$)

$0.19

$0.19

-

UNDERLYING RESULTS

For the Six Months Ended June 30

2019

2018

Change

Underlying Net Profit Attributable to Shareholders

2,324

1,459

59%

Property Leasing

1,456

1,153

26%

Property Sales

868

306

184%

Underlying Earnings Per Share (HK$)

$1.71

$1.07

60%

FINANCIAL POSITION

At June 30

At December 31

2019

2018

Change

Shareholders' Equity

89,144

86,447

3%

Net Assets

153,705

150,736

2%

Net Debt

26,754

18,142

47%

Financial Ratio

Net Debt to Equity Ratio

17.4%

12.0%

5.4 pts

Debt to Equity Ratio

22.2%

20.3%

1.9 pts

Shareholders' Equity Per Share (HK$)

$65.5

$63.5

3%

Net Assets Per Share (HK$)

$112.9

$110.7

2%

1

2019 Interim Results

REVIEW OF OPERATIONS

CONSOLIDATED RESULTS

The core property leasing business continued its growth momentum with a 2% period-on-period increase in leasing revenue even after taking account of a 6% Renminbi depreciation against the Hong Kong Dollar. With no property sales recognized during the period, total revenue of Hang Lung Group Limited (the Company) and its subsidiaries (the Group) for the six months ended June 30, 2019 decreased 17% to HK$4,505 million, and operating profit declined 12% to HK$3,432 million. Net profit attributable to shareholders rose 22% to HK$3,709 million mainly attributable to the gain on disposal of non-core assets. Earnings per share increased likewise to HK$2.72.

The underlying net profit attributable to shareholders increased 59% to HK$2,324 million when excluding the effects of property revaluation gain.

Revenue and Operating Profit for the Six Months Ended June 30

Revenue

Operating Profit

___________________________

___________________________

2019

2018

Change

2019

2018

Change

___________________________

___________________________

HK$ Million

HK$ Million

HK$ Million

HK$ Million

Property Leasing

4,505

4,425

2%

3,432

3,337

3%

Mainland China

2,409

2,397

1%

1,635

1,602

2%

Hong Kong

2,096

2,028

3%

1,797

1,735

4%

Property Sales

-

1,032

-100%

-

565

-100%

___________________________

___________________________

Total

4,505

5,457

-17%

3,432

3,902

-12%

___________________________

___________________________

DIVIDEND

The Board of Directors has declared an interim dividend of HK19 cents per share for 2019 (2018: HK19 cents) to be paid by cash on September 26, 2019, to shareholders whose names appeared on the register of members on September 13, 2019.

2

2019 Interim Results

PROPERTY LEASING

The leasing performance of our properties during the first six months of 2019 sustained the solid growth momentum built up since the second half of last year. Total revenue of our leasing properties grew to HK$4,505 million period-on-period. Revenue from our Mainland portfolio increased 7% in RMB terms and that of our Hong Kong portfolio rose 3% comparing to the same period last year. Both the tenant retail sales and our rental turnover were resilient and on a sustainable trend. The performance was promising amid the US-China trade dispute and other global uncertainties.

Mainland China

Revenue of our mainland China leasing portfolio continued to grow. Except for Shanghai Grand Gateway 66 mall which is under a major upgrade program and Wuxi Center 66 office tower, all our mainland properties recorded revenue growth during the first half of 2019. Revenue of the entire portfolio advanced 7% to RMB2,083 million. Operating profit increased 9% to RMB1,414 million. Average margin improved to 68%.

Amidst the short-term rental interruption caused by the large scale renovation at Grand Gateway 66, revenue of our Shanghai properties advanced 4% period-on-period. Properties outside Shanghai achieved a remarkable 14% revenue growth period-on-period and continued the growth momentum with a 7% increment comparing to the second half of last year.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Hang Lung Group Ltd. published this content on 30 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2019 10:44:07 UTC


© Publicnow 2019
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Financials
Sales 2019 9 618 M 1 241 M 1 241 M
Net income 2019 6 816 M 879 M 879 M
Net Debt 2019 29 702 M 3 832 M 3 832 M
P/E ratio 2019 3,85x
Yield 2019 4,26%
Capitalization 26 715 M 3 447 M 3 447 M
EV / Sales 2018 4,91x
EV / Sales 2019 5,81x
Nbr of Employees 4 618
Free-Float 59,8%
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Managers
NameTitle
Pak Lo Wai Chief Executive Officer & Executive Director
Chi Chung Chan Chairman
Hau Cheong Ho Chief Financial Officer & Executive Director
Lok Chung Chan Non-Executive Director
Sik On Ip Independent Non-Executive Director