新鸿基地产(00016) - 2024 - 年度业绩

Financial Performance - The company's underlying profit attributable to shareholders, excluding the impact of investment property fair value changes, was HKD 21.739 billion, compared to HKD 23.885 billion last year[2] - Revenue for the fiscal year ending June 30, 2024, was HKD 71,506 million, compared to HKD 71,195 million in the previous year[44] - Gross profit for the fiscal year ending June 30, 2024, was HKD 32,214 million, down from HKD 34,458 million in the previous year[44] - Operating profit for the fiscal year ending June 30, 2024, was HKD 26,752 million, compared to HKD 27,545 million in the previous year[44] - Net profit attributable to shareholders for the fiscal year ending June 30, 2024, was HKD 19,046 million, down from HKD 23,907 million in the previous year[44] - Basic and diluted earnings per share for the fiscal year ending June 30, 2024, were HKD 6.57, compared to HKD 8.25 in the previous year[44] - The company's underlying profit, excluding investment property valuation changes, was HKD 21,739 million for 2024[58] - The company's attributable profit to shareholders for 2024 was HK$19,046 million, a decrease from HK$23,907 million in 2023[59] - The fair value decrease in investment properties for 2024 was HK$1,481 million for subsidiaries and HK$1,352 million for joint ventures, compared to an increase of HK$593 million and HK$77 million respectively in 2023[59] - The total dividends declared and paid for 2024 were HK$10,867 million, down from HK$14,344 million in 2023[60] - The company's underlying profit attributable to shareholders for 2024 was HK$21,739 million, a decrease of 9$23,885 million in 2023[68] - The total revenue for the company's business segments (including joint ventures and associates) for 2024 was HK$83,636 million, slightly up from HK$83,381 million in 2023[69] - The operating profit for the company's business segments decreased by 7% to HK$32,359 million in 2024[69] - Underlying profit for the year was HKD 21.739 billion, excluding unrealized revaluation losses of HKD 2.412 billion and including realized revaluation gains of HKD 281 million from the sale of investment properties[78] Dividends and Shareholder Returns - The total dividend per share for the year was HKD 3.75, a decrease of 24$274,585 million in 2024 from HK$263,266 million in 2023, with a weighted average capitalization rate of 5.1$25,578 million in 2024 from HK$33,151 million in 2023, with a capitalization rate range of 3.5%-5.5%[65] - Investment properties recorded a net fair value loss of HKD 1.481 billion, primarily due to declining market rents for office properties[75] Debt and Financial Position - The group's debt ratio as of June 2024 is 18.3%, with a strong financial position and A+ credit rating from S&P[29] - The group secured a HKD 23 billion syndicated loan agreement with 23 banks in May 2024[29] - The group issued offshore RMB bonds totaling RMB 8 billion (5-year) and RMB 2.85 billion (2-year) in 2024[29] - The group's total borrowings as of June 2024 include 46% in HKD fixed-rate or RMB-denominated debt[30] - Net debt increased to HKD 110.866 billion (2023: HKD 109.773 billion), with a debt-to-equity ratio of 18.3% (2023: 18.2%)[80] - Total debt amounted to HKD 127.087 billion, with 68% being bank loans and 32% being notes and bonds, all maturing by June 2033[81] - Approximately 76% of the total debt is due after two years, with a weighted average repayment period of 3.3 years[82] - Debt composition by currency (post-currency swap) shows 79% in HKD, 20% in RMB, and 1% in GBP[83] - Fixed-rate debt accounts for 31% of total debt, primarily consisting of medium-term notes and RMB 2 billion commercial mortgage-backed securities issued in mainland China[84] - The company maintains a strong financial position with ample liquidity, supported by recurring income, property sales cash inflows, and substantial unused credit facilities[85] - Foreign exchange risk is minimal, with RMB-denominated net assets accounting for approximately 17% of total net assets, and a RMB depreciation of 0.5% against HKD resulting in a HKD 450 million exchange loss[86] - The total nominal principal amount of interest rate swaps, cross-currency interest rate swaps, and foreign exchange forward contracts used to manage interest rate and foreign exchange risks was HKD 16.389 billion as of June 30, 2024[87] - Bank deposits and cash amounted to HKD 16.221 billion as of June 30, 2024, with 61% in HKD, 33% in RMB, and 6% primarily in USD[88] - Subsidiaries pledged bank deposits totaling HKD 48 million and assets with a book value of HKD 5.84 billion as collateral for bank guarantees and loans[89] - Contingent liabilities related to guarantees for joint venture loans and other guarantees totaled HKD 1.907 billion as of June 30, 2024[90] ESG and Sustainability - The group ranked in the top 20% of the Dow Jones Sustainability Asia Pacific Index for ESG performance[32] - The group achieved the highest AAA rating in the Hang Seng Corporate Sustainability Index[32] - The group received an A rating in the MSCI ESG Ratings[32] - The company has achieved a 25% reduction in greenhouse gas emissions from its major commercial properties over four years[33] - The company plans to double the number of fast EV charging stations in its shopping malls in the coming months, currently having installed nearly 40 stations[33] - The company is developing Hong Kong's first solar power plant on a landfill site, expected to generate 1.2 million kWh annually[33] - The company has purchased several electric construction equipment, becoming a pioneer in this area among Hong Kong developers[34] Corporate Governance and Compliance - The company complied with the Corporate Governance Code during the year, except for not separating the roles of Chairman and CEO, as major decisions are made collectively by the board and senior management[97] - The 2023-2024 annual report will be published on the Hong Kong Exchanges and Clearing Limited website and the company's website by the end of October 2024[98] Employee and Community Initiatives - The company has lent a plot of land in Yuen Long to the government for the construction of 2,100 simplified public housing units, expected to be completed by 2025[35] - The company is supporting the "2024 Hong Kong Reading +" carnival to promote reading culture and cross-border exchanges with Shenzhen[35] - The company is collaborating with the Hong Kong Sports Association to promote the 2024 Paris Olympics across its shopping malls[35] - The company is launching comprehensive training programs for employees, covering AI, data mining, and blockchain technologies[37] - The company's total employee compensation before reimbursements was approximately HKD 14.888 billion for the year, with over 40,000 employees as of June 30, 2024[91] Market Outlook and Economic Environment - The company expects moderate economic growth in Hong Kong, driven by government measures to attract international talent and investment[38] - The company anticipates a recovery in inbound tourism and a positive impact on the property market due to potential interest rate cuts[38] Infrastructure and Transportation - Infrastructure and transportation business performance varies, with the Hong Kong Commercial Aviation Center recording strong growth, nearing pre-pandemic passenger levels[27] - Cross-border transport volume remains below pre-pandemic levels, impacting traffic flow[27] - The Hong Kong Airport Air Cargo Terminal plans a major renovation to upgrade facilities to world-class standards[28] Telecommunications and Data Centers - SmarTone's 5G user base has reached nearly 40%, with 5G home broadband services driving growth[25] - SmarTone's roaming service revenue increased significantly after Hong Kong reopened its borders[25] - SUNeVision's MEGA IDC Phase 1, a state-of-the-art data center, was launched in H1 2024 and has attracted inquiries from major cloud service providers and financial institutions[26] - SUNeVision's data centers are nearly fully leased, with significant rental growth[26] - Data center business revenue increased by 14% to HKD 2.674 billion, driven by growing demand for data center services[73] New Projects and Developments - TOWNPLACE WEST KOWLOON, operational since October 2023, offers mixed lease options and has successfully attracted young professionals and corporate clients[15] - The newly opened YOHO MIX in Yuen Long, with a total retail area of 107,000 sq ft, integrates with the existing YOHO MALL to form the largest retail property in the Northwest New Territories, totaling approximately 1.1 million sq ft[15] - The high-speed rail West Kowloon Terminus development project is expected to contribute to the company's recurring income, with the International Gateway Centre (IGC) office tower already leased by UBS for 460,000 square feet[16] - The Nanjing International Finance Centre Mall, with a total gross floor area of approximately 1 million square feet, officially opened in July 2024, featuring high-end brands and innovative design[21] - Shanghai ITC Phase 3A has been completed with a total floor area of 1.1 million sq. ft. and a leasing rate exceeding 70%[22] - Shanghai ITC Phase 3B, a 370-meter skyscraper with 2.4 million sq. ft. of office space, is expected to be completed by 2025[22] - ITC Maison, a flagship mall with 2.6 million sq. ft. of retail space, is set to open in phases and has received positive initial market response[22] - Hangzhou International Finance Centre, located in the CBD of Qianjiang New Town, is progressing well and expected to be completed in phases by 2025[22] - The Millennity base mall in Kwun Tong is planned to open in phases starting from the end of 2024[39] - The first office tower at IGC above the West Kowloon High-Speed Rail Station is expected to be delivered to tenants in early 2026[39] - ITC Phase III in Shanghai, including the B office tower and ITC Maison mall, is expected to be completed in phases by 2025[39] - The company plans to launch several major Hong Kong projects in the next ten months, including The YOHO Hub II in Yuen Long and YOHO WEST Phase 2 in Tin Shui Wai[40] - The company is developing the West Saddle Mountain project, which includes the West Saddle GO PARK, a new sports and entertainment landmark[40] Membership Programs and Retail Initiatives - The Point membership program expanded its coverage to approximately 60% of tenants in the company's major shopping malls, with stable member spending despite a challenging environment[14] - The "Di Rewards" membership program has grown to over 180,000 members, with a significant increase in mainland China members[24] - The company's retail properties, including Shanghai IAPM and Guangzhou Tianhuan, maintained high occupancy rates and introduced new brand concepts and pet-friendly events to enhance their market positioning[21] Other Financial Metrics - Total assets increased to HKD 756,082 million in 2024 from HKD 752,577 million in 2023, reflecting growth in non-current and current assets[46] - Property development revenue in Hong Kong reached HKD 24,745 million with a profit of HKD 6,513 million, while mainland China contributed HKD 2,677 million in revenue and HKD 1,337 million in profit[50] - Property rental revenue in Hong Kong was HKD 17,942 million with a profit of HKD 13,423 million, and mainland China contributed HKD 6,305 million in revenue and HKD 5,027 million in profit[50] - Hotel business revenue totaled HKD 5,261 million with a profit of HKD 650 million, while telecommunications revenue was HKD 6,221 million with a profit of HKD 701 million[50] - Transport infrastructure and logistics revenue reached HKD 8,612 million with a profit of HKD 1,712 million, and data center business revenue was HKD 2,674 million with a profit of HKD 1,266 million[50] - Total segment revenue for the year was HKD 83,636 million, with a combined segment profit of HKD 32,359 million[50] - Operating profit for the year was HKD 32,042 million, including other net gains of HKD 1,671 million and unallocated administrative expenses of HKD 1,988 million[50] - Investment property fair value changes resulted in a loss of HKD 2,780 million, with significant losses in Singapore (HKD 1,299 million) and mainland China (HKD 1,030 million)[50] - Net finance costs for the year were HKD 4,281 million, contributing to a pre-tax profit of HKD 24,981 million[50] - The company reported a net profit of HKD 19,605 million for the year, after accounting for taxes of HKD 5,376 million[50] - Property development revenue in Hong Kong reached HKD 23,853 million, with a performance of HKD 8,467 million, accounting for 13% of total revenue[51] - Property leasing revenue in Hong Kong was HKD 14,996 million, with a performance of HKD 11,081 million, contributing significantly to the overall leasing segment[51] - The company recorded other net gains of HKD 1,766 million, including HKD 1,095 million from land resumption by the Hong Kong government[52] - Revenue from the Hong Kong market increased to HKD 65,267 million in 2024, up from HKD 63,512 million in 2023[53] - Net financial expenses for 202