Recovery Fragility Exposed With COVID Waves
The Wharf (Holdings) Limited
2021 Final Results
9 Mar 2022
Agenda
Overview
The Wharf (Holdings) Limited - 2021 Final Results
Highlights
HK Prop | ▪ Luxury DP Slowed Underlining the Long Project Time Risk Profile |
MLDP | ▪ Post-land Acquisition Sales Price Control & Policies, Coupled w/ Noticeable |
Over-supply of Non-resi- Prop. Point to Impairment Provisions | |
MLIP | ▪ Q4 2021 Slowdown Alerting |
Logistics | ▪ Uplift Due to Well-reported Supply Chains Disruptions |
Financials ▪ Group Debt Level Curtailed by 48%
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The Wharf (Holdings) Limited - 2021 Final Results
Premium Quality Property Company
By Business | By Location | ||||||||||||||||||||
Total Assets | |||||||||||||||||||||
(Ex-Cash) | 70% | 7% | 23% | 53% | 41% | 6% | |||||||||||||||
$230.1B | |||||||||||||||||||||
Properties | Logistics Invt. & Others | Mainland China | HK | Others | |||||||||||||||||
Total Revenue | |||||||||||||||||||||
77% | 13% | 10% | 65% | 34% | 1% | ||||||||||||||||
$22.4B | |||||||||||||||||||||
Note: Properties incl. Hotels
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The Wharf (Holdings) Limited - 2021 Final Results
Financial Highlights
- Group Revenue +7%; UNP +7%
- FY DPS $0.40
HKD Million | 2021 | 2020 | YoY Chg. | ||
Group Revenue | 22,378 | 20,997 | +7% | ||
Operating Profit | 8,536 | 11,104 | -23% | ||
Underlying Net Profit (UNP)* | 3,646 | 3,417 | +7% | ||
Profit Attributable to Equity Shareholders | 6,019 | 3,864 | +56% | ||
Earnings Per Share (HK$) | |||||
- Attributable to Equity Shareholders | 1.97 | 1.27 | +55% | ||
- Underlying* | 1.19 | 1.12 | +6% | ||
Dividend Per Share (HK$) | 0.40 | 0.40 | +0% | ||
*Underlying Net Profit - Excl. IP Revaluation Surplus/ Deficit & Exceptional Items
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The Wharf (Holdings) Limited - 2021 Final Results
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