Wharf : Final Results 2022 Results Presentation

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

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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

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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

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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

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