Prudent Balance Sheet with Healthy Liquidity
The Wharf (Holdings) Limited 2025 Interim Results
12 Aug 2025
Results Highlights
Impairment Provisions & Revaluation Deficits to Mark Assets to Market
Proactive Capital Management to Maintain Low Gearing
RMB Assets Natural Hedge Also Lowers Borrowing Cost
Liquid Long Term Investment to Preserve Capital with Satisfactory Yield
Group UNP at Par with Last year
Interim DPS Same as Last Year
The Wharf (Holdings) Limited - 2025 Interim Results | 2
Financial HighlightsHKD Million 1H25 1H24
%Chg.
Group Revenue 5,669 7,032
-19%
Operating Profit 2,657 3,085
-14%
Underlying Net Profit* 2,035 1,979
+3%
Attributable IP Revaluation (Deficit) After Taxation (1,180) (4,481)
Profit/ (Loss) Attributable to Equity Shareholders 535 (2,637)
Earnings/ (Loss) Per Share (HK$)
- Attributable to Equity Shareholders 0.18 (0.86)
- Underlying* 0.67 0.65
+3%
Dividend Per Share (HK$) 0.20 0.20
+0%
* Underlying Net Profit - Excl. IP Revaluation Deficit & Exceptional Items
Revenue -19% & OP -14%
- Largely due to Lower MLDP Recognition
Lower DP Provision & IP Revaluation Deficit
Stable Interim DPS at $0.20 Since 2020
The Wharf (Holdings) Limited - 2025 Interim Results | 3
Sound Financial Management25.5
Debt Maturity (HKD Billion)
Total Debt & Net Debt (HKD Billion)
5.3
6.5
7.1
7.8
13.2
Total: $19.6B (As at 30 Jun 25)
5.0
5.8
1.2
1.9
1.2
0.9
1.4
2H
1H
2H
1H
0.6
2H
0.8
1H
2H
0.4
1H
0.4
2H
1H
2025
2026
2027
2028
2029
2H & After
2030
42.2 36.7
19.9 19.4 16.8 19.6
Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Jun-25 | |
Gearing: | 15.6% | 7.9% | 3.4% | 5.3% | 5.0% | 4.4% |
Total Debt Net Debt
Healthy Capital Structure with Low Leverage
Net Debt $6.5B; Gearing 4.4%
Effectively All Debt in RMB
Avg. Interest Rate 2.4%
Strong Recurring Cashflow from IP & Investment Div.
Interest Cover at 13.4x
The Wharf (Holdings) Limited - 2025 Interim Results | 4
Strategic Capital AllocationTotal Assets Breakdown
Total: $198.6B (As at 30 Jun 25)
Properties (62%) | ||||||
HK Properties (30%) | MLDP (9%) | |||||
Majority Under Development | Both Developed & Undeveloped | |||||
MLIP (21%) | Hotels (2%) | |||||
Others (38%) | ||||||
Logistics Infrastructure (7%) | Investment (24%) | Others (7%) | ||||
Primarily Blue Chips | Cash & Others | |||||
Core Businesses - HK & ML Prop., Hotels & Logistics
Near-term CapEx to Focus on Full HK DP Pipeline
8 Lung Ting Lane 龍庭里8號 (Kowloon Tong)
Victoria Voyage 維港‧ 灣畔 (Kai Tak JV)
Mansfield Road Projects
Kowloon Bay Redevelopment
The Wharf (Holdings) Limited - 2025 Interim Results | 5