Financial Highlights Six months ended 30th June 2023 2022(e) Note HK$M HK$M Change Restated Results Revenue 7,297 6,910 +6% Profit attributable to the Company's shareholders Underlying (a), (b) 3,901 4,169 -6% Recurring underlying (a), (b) 3,892 3,672 +6% Reported 2,223 4,348 -49% Cash generated from operations 4,221 3,933 +7% Net cash outflow before financing (3,387) (1,939) N/A HK$ HK$ Earnings per share Underlying (c), (d) 0.67 0.71 -6% Recurring underlying (c), (d) 0.67 0.63 +6% Reported (c), (d) 0.38 0.74 -49% Dividend per share First interim 0.33 0.32 +3% 30th June 31st December 2023 2022 HK$M HK$M Change Financial Position Total equity (including non-controlling interests) 288,399 292,258 -1% Net debt 29,514 18,947 +56% Gearing ratio (a) 10.2% 6.5% +3.7%pt. HK$ HK$ Equity attributable to the Company’s shareholders per share (a) 48.79 49.44 -1% Notes: (a) Refer to glossary on page 83 for definition. (b) A reconciliation between reported profit and underlying profit attributable to the Company’s shareholders is provided on page 18. (c) Refer to note 11 in the financial statements for the weighted average number of shares. (d) The percentage change is the same as the corresponding percentage change in profit attributable to the Company’s shareholders. (e) Following a change in accounting policy resulting from the agenda decision approved by the IFRS Interpretation Committee on “Lessor Forgiveness of Lease Payments (IFRS 9 and IFRS 16)”, the comparative figures for the six months ended 30th June 2022 have been restated. In this connection, revenue for the six months ended 30th June 2022 has been increased by HK$212 million while underlying and reported profit has each been increased by HK$29 million. Refer to note 2(e) to the financial statements for further details. Six months ended 30th June 2023 2022 HK$M HK$M Restated Underlying profit/(losses) by segment Property investment 3,939 3,872 Property trading (37) (22) Hotels (10) (178) Recurring underlying profit 3,892 3,672 Divestment 9 497 Underlying profit 3,901 4,169 8 Swire Properties Limited Interim Report 2023