新世界发展(00017) - 2024 - 年度业绩

Financial Performance - Core operating profit from continuing operations was HKD 6,898 million, a year-on-year decrease of 18%[2] - Revenue from continuing operations was HKD 35,782 million, down 34% year-on-year, with gross profit declining 22% to HKD 12,849 million[2] - The group reported a loss attributable to shareholders of HKD 11,807 million, leading to a decision not to declare a final dividend of HKD 0.20 per share[2] - The company reported a net loss from continuing operations of HKD 9,810.8 million, compared to a profit of HKD 1,272.1 million in the previous year[40] - The total comprehensive loss for the year was HKD 12,344.4 million, compared to a loss of HKD 10,532.6 million in 2023[42] - The company reported a significant reduction in investment properties, which decreased to HKD 207,711.8 million from HKD 209,478.8 million, a decline of about 0.8%[43] - The company reported a net loss of HKD 17,125.9 million for the year, which includes a loss of HKD 8,257.1 million from discontinued operations[82] - The total comprehensive loss from discontinued operations was HKD (7,315.1) million for 2024, compared to a profit of HKD 2,229.0 million in 2023[101] Revenue Breakdown - Hong Kong property development revenue was HKD 2,412 million, while revenue from mainland China property development was HKD 13,713 million[2] - Property development revenue decreased to HKD 16,124.9 million in 2024 from HKD 27,308.1 million in 2023, representing a decline of 41.0%[79] - Revenue from property investment construction fell to HKD 9,388.7 million in 2024, down 45.4% from HKD 17,285.8 million in 2023[79] - The total revenue from discontinued operations was HKD 10,615.2 million in 2024, a decrease of 53.3% from HKD 22,791.1 million in 2023[79] - Revenue from property investment was HKD 16,266.4 million, down by HKD 141.5 million, while construction revenue was HKD 9,478.5 million, a decrease of HKD 89.8 million[81] Asset and Liability Management - Cash and bank balances amounted to approximately HKD 28 billion, with available bank loans of about HKD 18.3 billion, totaling around HKD 46.3 billion in available funds[2] - The group's net debt was HKD 123,657.1 million, a decrease from HKD 130,755.9 million on June 30, 2023[29] - Total assets as of June 30, 2024, decreased to HKD 445,157.6 million from HKD 609,014.0 million in the previous year, representing a decline of approximately 27%[43] - Total liabilities decreased to HKD 220,268.8 million from HKD 334,921.2 million, a reduction of approximately 34%[44] - Cash and bank deposits decreased significantly to HKD 27,399.6 million from HKD 53,263.9 million, representing a drop of approximately 49%[43] Cost Management - The group strictly controlled costs, with capital expenditures and administrative expenses decreasing approximately 23% and 17% year-on-year, respectively[2] - Financial expenses rose to HKD 5,895.2 million due to interest rate hikes, with HKD 5,508.1 million attributed to continuing operations[30] - The company incurred financial expenses of HKD 5,508.1 million, an increase from HKD 4,571.8 million in 2023[39] Property Development and Sales - Total property contract sales in mainland China amounted to RMB 12.48 billion, with the southern region and the Yangtze River Delta contributing over 85%[2] - The group expects to recognize approximately HKD 11,194 million in unrecognized property contract sales revenue in the fiscal years 2025 and 2026[3] - The total contracted sales in mainland China amounted to RMB 12.482 billion, with an average residential price exceeding RMB 44,000 per square meter[10] - The southern region (Greater Bay Area) contributed RMB 7.059 billion to the total contracted sales, while the eastern region (Yangtze River Delta) contributed RMB 3.53 billion[11] Market and Operational Insights - K11 MUSEA and K11 Art Mall saw sales and total foot traffic increase by 17% and 20% respectively, driven by luxury consumption and cultural events[5] - The office leasing market showed slight growth, with approximately 40% of the office space at the "83 Qionglin Street" project pre-leased, totaling about 400,000 square feet[6] - The overall occupancy rate of Shanghai K11 reached 94% by year-end, driven by diverse events and activities[17] - Guangzhou K11 Art Mall saw a nearly 40% increase in foot traffic post-pandemic, with double-digit sales growth[17] Strategic Initiatives - The company plans to expand its urban renewal projects, which are expected to yield better returns compared to public land auction projects[22] - The group anticipates approximately 112,000 units of new private residential supply in Hong Kong over the next three to four years, becoming a major market supply source[24] - The K11 MUSEA will see seven major international luxury brands upgrade and expand their business footprint by over 30,000 square feet over the next four years[24] - The group aims to enhance its presence in major Chinese cities, with significant projects like the Guangzhou Yau Shing New World Plaza expected to deliver office and residential units by 2025[26] Accounting and Financial Reporting - The company has adopted new accounting standards related to insurance contracts, which may impact future financial reporting[46] - The group announced the sale of all shares in a newly created entity, with the financial results classified as "discontinued operations" in the consolidated income statement for the year ending June 30, 2024[57] - The group has adopted Hong Kong Financial Reporting Standard No. 17, resulting in changes to the main accounting policies used in preparing the consolidated financial statements[58] - The group recognizes losses from onerous insurance contracts immediately in profit or loss upon initial recognition[65] Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code, except for C.1.3 regarding employee trading of company securities[115] - The audit committee reviewed the risk management framework and policies for the year ending June 30, 2024, ensuring compliance with financial reporting standards[114] - The auditors have issued unqualified reports for the financial statements of both years, with no emphasis of matter or reservations noted[116]