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For Immediate Release 12Th August 2021

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For Immediate Release 12Th August 2021 For immediate release 12th August 2021 Swire Pacific returns to profit in the first half of 2021 • Exciting new property projects announced in the Chinese Mainland • Strong performance from Beverages Division • 43% increase in first half dividends Chairman Merlin Swire said, “After a period of consolidation, Swire Pacific has now entered a new phase of growth.” __________________________________________________________________________ 12th August 2021, Hong Kong – COVID-19 continues to make the business environment very difficult, but our businesses have proven themselves to be resilient. After making losses in 2020, Swire Pacific made a recurring underlying profit of HK$786 million in the first half of 2021, compared with a loss of HK$123 million in the same period last year. Contributing factors included a significant increase in profits at Swire Coca-Cola, a strong performance from the Property Division in the Chinese Mainland and reduced losses from Cathay Pacific. The first interim dividends for 2021 are HK$1.00 per ‘A’ share and HK$0.20 per ‘B’ share, an increase of 43% over the first half dividends in 2020. Below is a summary of the 2021 interim results: 2021 Interim Results Summary Six months ended 30th June 2021 2020 HK$M HK$M Change % Revenue 46,738 39,056 +20% (Loss) / profit attributable to the Company’s shareholders As reported (792) (7,737) -90% Underlying profit / (loss) 1,256 (5,485) N/A Recurring underlying profit / (loss) 786 (123) N/A HK$ HK$ Change % (Loss) / earnings per share As reported ‘A’ share (0.53) (5.15) -90% ‘B’ share (0.11) (1.03) Underlying ‘A’ share 0.84 (3.65) N/A ‘B’ share 0.17 (0.73) HK$ HK$ Change % First interim dividends per share ‘A’ share 1.00 0.70 +43% ‘B’ share 0.20 0.14 1 Commenting on the future of the Company, Merlin Swire, Chairman of Swire Pacific said, “We are focusing on delivering our corporate strategy, are well positioned for a recovery and have strong growth opportunities in Greater China. “We expect Swire Properties to continue to perform well, particularly in executing its placemaking strategy in the Chinese Mainland. We have announced exciting new property projects there, including a joint venture to revitalise the historic Zhangyuan shikumen compound in the Jing’an District in Shanghai, and a cooperation with municipal authorities in Beijing in relation to the transformation into a cultural and commercial landmark of a site adjacent to our Taikoo Li Sanlitun development. Swire Coca-Cola’s strong performance is expected to continue. We will continue to invest in healthcare. We are focused on the repositioning of our aviation business, and whilst the short-term outlook is poor, Cathay Pacific has significant liquidity and targets cash burn of less than HK$1 billion per month for the remainder of 2021. It will be leaner and more efficient when the recovery comes. “Consistent with our strategy, we continue to shape our portfolio by reducing our exposure to non-core businesses. This started with significant disposals in the Trading & Industrial Division. This year, we have down-sized our Marine Services Division. We agreed to dispose of our interest in the HUD group and reduced further the size of Swire Pacific Offshore’s fleet. We have also reduced our interest in its European windfarm installation business. These disposals will help us to concentrate on three core divisions, Property, Beverages and Aviation, all deeply embedded in Greater China. We see a bright future for all of them, despite current problems in the Aviation division. We are, in addition, determined to build a significant business in healthcare services.” Mr Swire continued, “I will cease to be Chairman of the Company later this month, but will remain a director. I have full confidence in Guy Bradley as my successor and am happy to be handing over to him at a time when the Company is in such a strong financial position and, after a period of consolidation, has entered a new phase of growth.” The divisional highlights of the 2021 Interim Results are at the Appendix. 2 Appendix - Divisional Highlights of Swire Pacific 2021 Interim Results: Property Division • Attributable underlying profit, which principally adjusts for changes in the valuation of investment properties, increased by HK$573 million to HK$3,682 million. The increase principally reflected the sale of car parking spaces in Hong Kong in the first half of 2021, which were absent in the first half of 2020. • Recurring underlying profit in the first half of 2021 (which excludes the gains from the sales of investment properties aggregating HK$653 million, compared with HK$42 million in the first half of 2020) was HK$3,029 million, compared with HK$3,067 million in the first half of 2020. This result mainly reflected strong retail rental income from the Chinese Mainland, offset by lower retail rental income from Hong Kong and the loss of rental income from the Cityplaza One office tower (which was disposed of in the second half of 2020). • Property trading recorded a small loss, reflecting the sale of EDEN in Singapore and of units at Reach and Rise in Miami, USA and adjustments to certain provisions. • Losses at hotels reduced in the first half of 2021. There were better hotel performances in the Chinese Mainland and the USA. Beverages Division • Swire Coca-Cola made an attributable profit of HK$1,471 million in the first half of 2021, a 55% increase from the first half of 2020. • Total revenue (including that of a joint venture company and excluding sales to other bottlers) increased by 28% to HK$27,550 million. • Sales volume increased by 16% to 974 million unit cases. • Attributable profit increased in all regions. Business continued to recover strongly, particularly in the Chinese Mainland. Aviation Division Cathay Group • The Cathay group’s attributable loss on a 100% basis was HK$7,565 million in the first half of 2021 (2020 first half: loss of HK$9,865 million). The loss for the first half of 2021 included impairment and related charges of HK$500 million and restructuring costs of HK$403 million. • COVID-19 continued to pose significant challenges for the Cathay group in the first half of 2021. New virus variants led to the tightening of travel restrictions and quarantine requirements in Hong Kong and several of Cathay Pacific’s key markets. • The passenger business was severely affected by COVID-19 related travel restrictions and quarantine requirements. The strong cargo performance in 2020 continued in the first half of 2021 despite the difficulties caused by crew quarantine requirements. 3 HAECO Group • The HAECO group reported an attributable profit of HK$310 million in the first half of 2021, compared with HK$534 million in the same period of 2020. • Disregarding impairment charges of HK$21 million in respect of rotable aircraft parts in the first half of 2020, the recurring profit of the HAECO group decreased by HK$245 million. • The adverse effect of COVID-19 on demand for maintenance and repair services at most HAECO group companies was offset in part by COVID-19 related financial assistance from the US government. Marine Services Division • Swire Pacific Offshore reported an attributable profit of HK$125 million for the first half of 2021, compared to a loss of HK$4,976 million in the first half of 2020. • Disregarding the gain on disposal of an investment of HK$117 million and the gain on disposal of vessels and equipment of HK$90 million in the period, SPO reported a loss of HK$82 million in the first half of 2021. • The utilisation of SPO’s fleet increased in the first half of 2021. Average day rates decreased due to deconsolidation of Cadeler from November 2020. Trading & Industrial Division • The Trading & Industrial Division made a recurring profit of HK$47 million in the first half of 2021, compared to a loss of HK$20 million in the first half of 2020. • The results of most businesses improved. Losses at Swire Resources reduced, although it was still badly affected by COVID-19. – End – 4 About Swire Pacific Limited Swire Pacific Limited (HKEX: 00019/00087) is a publicly quoted company in Hong Kong, with diversified interests in five operating divisions: Property, Aviation, Beverages, Marine Services and Trading & Industrial. The company's operations are predominantly based in the Greater China region, where Swire has been established for over 150 years. It is also the major shareholder in two Hong Kong listed companies: Swire Properties and Cathay Pacific Airways. Visit Swire Pacific’s website at www.swirepacific.com For media enquiries, please contact: Ms Anita Lim Manager Group Public Affairs, Swire Pacific Limited Tel: (852) 2840 8077 / (852) 6494 2894 Email: [email protected] Disclaimer This document may contain forward-looking statements that reflect the Company’s beliefs, plans or expectations about the future or future events. These forward-looking statements are based on a number of assumptions, estimates and projections, and are therefore subject to inherent risks, uncertainties and other factors beyond the Company’s control. The actual results or outcomes of events may differ materially and/or adversely due to a number of factors, including the effects of COVID-19, changes in the economies and industries in which the Group operates (in particular in Hong Kong and the Chinese Mainland), macro-economic and geopolitical uncertainties, changes in the competitive environment, foreign exchange rates, interest rates and commodity prices, and the Group’s ability to identify and manage risks to which it is subject. Nothing contained in these forward-looking statements is, or shall be, relied upon as any assurance or representation as to the future or as a representation or warranty otherwise.
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