Welcomed Cautious Recovery from Pandemic

The Wharf (Holdings) Limited

1H21 Interim Results

10 Aug 2021

Highlights

HK Prop Lux Prop Emerging from Shadow of Pandemic while Long Project Time Profile Increases Development Risk

ML DP Strict Price Control Caps Returns & Suggests a Different Risk Profile

Impairment Provisions for Non-residential Stock

ML IP Luxury Segment Out-performance is Spurring a Tenancy Chase from New Malls

New Office Supply Keeps an Unattractive Lid on Occupancy & Rent

Logistics Disruptions in Supply Chains Create Opp. for HK Port while Materialisation is Constrained by Shortage of Land

The Wharf (Holdings) Limited - 2021 Interim Results | 2

Focus on Premium Property Products

Total Business Assets

$256.3B

Invt. &

Others

Properties

32%

62%

Logistics

6%

Note: Properties incl. Hotels

Total Revenue

$12.3B

Invt. &

Others

10%

Properties

79%

Logistics

11%

The Wharf (Holdings) Limited - 2021 Interim Results | 3

Financial Highlights

HKD Million

1H21 1H20 %Chg

Group Revenue

Operating Profit

Underlying Net (Loss)*

Attributable IP Revaluation Surplus / (Deficit) After Taxation

Profit / (Loss) Attributable to Equity Shareholders

Earnings / (Loss) Per Share (HK$)

  • Attributable to Equity Shareholders
  • Underlying*

Dividend Per Share (HK$)

12,337 5,551 +122%

4,301 2,517 +71%

  1. (1,132) -54%
    282 (641) +144%

1,038 (1,741) +160%

0.34 (0.57) +160%

(0.17) (0.37) -54%

0.20 0.20 Flat

  • Group Revenue +122%; OP +71%
  • Underlying Net Loss Narrowed by 54% after MLDP Provision ($3.7B)
  • Group Profit Turnaround to $1.0B
    • Net IP Revaluation Gain $282M
    • Other Non-recurring Gains $1.3B, incl. Disposal of Remaining Interests in Cable TV Tower

*Underlying Net Loss - Excl. IP Revaluation Surplus/(Deficit) & Exceptional Items

The Wharf (Holdings) Limited - 2021 Interim Results | 4

Agenda

Hong Kong Properties

Mainland Development Properties

Mainland Investment Properties

Hotels

Logistics

The Wharf (Holdings) Limited - 2021 Interim Results | 5

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The Wharf (Holdings) Ltd. published this content on 10 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2021 11:43:16 UTC.