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New World Development (17) investor relations material
New World Development H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved HK$88.2 billion bank refinancing, extending loan maturities and improving liquidity.
Secured an additional HK$3.95 billion committed loan facility to address debt needs.
Reported a full-year net loss of HK$16.3 billion, mainly due to one-off impairment provisions and losses.
Implemented deleveraging and cost optimization, including asset disposals, capex/opex reduction, and dividend suspension.
FY2025 property sales target of HK$26 billion met, with strong performance in Hong Kong and Mainland China.
Financial highlights
Core operating profit decreased 13% year-over-year to HK$6.0 billion; segment results down 4%.
G&A expenses fell 16% year-over-year to HK$3.5 billion; capex down 15% to HK$12.6 billion, below guidance.
Total and net debt reduced by HK$5.7 billion and HK$3.5 billion respectively; net debt at HK$120.1 billion.
Net gearing ratio at 58.1%, slightly up due to equity decline from impairments and one-off losses.
Average interest rate on borrowings declined to 4.8%, lowering financing costs.
Outlook and guidance
FY2026 property sales target raised to HK$27 billion.
Capex to be further reduced below HK$12 billion in FY2026, focusing on projects with short cash conversion cycles.
Continued focus on core business, prudent financial management, and operational efficiency.
No short- to medium-term net gearing target set due to market and asset disposal uncertainties.
Dividend and perpetual bond coupon payments remain suspended to preserve cash.
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