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 | 2 |
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)
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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%
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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
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