PR057/22
11 August 2022
HIGHLIGHTS
Hong Kong Businesses
- Hong Kong transport operations, station commercial and property rental businesses have been adversely affected by the fifth wave of the pandemic. Patronage of Hong Kong Transport Services in February and March 2022 reduced to the lowest level since the outbreak of COVID-19. Gradual recovery was seen in May and June 2022 when social-distancing measures were partially relaxed
- Train service delivery and passenger journeys on-time in heavy rail maintained at 99.9% world-class level
- East Rail Line Cross-Harbour Extension opened in May 2022, increasing both options and convenience to our passengers commuting between the north and the south
- Hong Kong property development profit of HK$7.7 billion mainly derived from LP10 (LOHAS Park Package 10), SOUTHLAND (THE SOUTHSIDE Package 1) and La Marina (THE SOUTHSIDE Package 2). Pak Shing Kok Ventilation Building and Tung Chung Traction Substation property projects were tendered out in April and July 2022 respectively
HIGHLIGHTS (continued)
Mainland of China and International Businesses
- Central Operating Section of the Elizabeth line commenced service in May 2022, transforming travel across London and the South East
- Took over Upptåget lines as part of Mälartåg regional traffic in June 2022
- An impairment provision of HK$962 million has been made for SZL4 resulting from no fare increase situation as disclosed in previous years
Corporate Strategy and Outlook
- In February 2022, the Board approved a set of key performance indicators on three key areas: Greenhouse Gas Emissions Reduction, Social Inclusion, and Advancement and Opportunities. The Company has committed to the establishment of science-based carbon reduction targets for the year 2030 for our railway and property businesses in Hong Kong with the aim of achieving carbon neutrality by 2050
- The development of COVID-19 pandemic and tåhe global economic conditions will remain highly uncertain in second half
- Continue to progress various railway projects under RDS 2014 and prepare for the projects under Government's Northern Metropolis Development Strategy
- Booking of Tai Wai shopping mall in the second half is dependent on construction progress. Subject to market conditions, we anticipate tendering out Tung Chung East Station Package 1 site and Oyster Bay Property Development Package 1 (i.e. Phase 1 Package 1) (both subject to entering into a project agreement with Government and / or signing the land grant) in the coming 12 months or so
The Directors of the Company announce the unaudited interim results of the Company and its subsidiaries ("the Group") for the six months ended 30 June 2022 as follows:
Notes:
1. EVIEW OF INTERIM FINANCIAL REPORT
The interim results set out in this preliminary announcement do not constitute the Group's interim financial report for the six months ended 30 June 2022 but are extracted from that interim financial report.
The interim financial report for the six months ended 30 June 2022 is unaudited, but has been reviewed by the Company's auditor, KPMG, in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA"). The unmodified review report of KPMG is included in the interim report to be sent to shareholders. The interim financial report has also been reviewed by the Company's Audit & Risk Committee.
2. BASIS OF PREPARATION
This preliminary announcement of the Company's interim results has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The financial information relating to the financial year ended 31 December 2021 that is included in this preliminary announcement of the interim results as comparative information does not constitute the Company's statutory annual consolidated accounts for that financial year but is derived from those accounts. Further information relating to these statutory accounts required to be disclosed in accordance with section 436 of the Hong Kong Companies Ordinance (Cap. 622) is as follows:
The 2022 unaudited interim results should be read in conjunction with the 2021 annual accounts.
The HKICPA has issued several amendments to Hong Kong Financial Reporting Standards that are first effective for the current accounting period of the Group. None of these have had a material effect on the Group's results and financial position for the current or prior periods have been prepared or presented in the interim financial report. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.
The accounting policies adopted for the preparation of the interim financial report are the same as those adopted in the preparation of the 2021 annual accounts.
For more information, please visit http://doc.irasia.com/listco/hk/mtr/interim/2022/intpress.pdf.
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