HANG LUNG PPT(00101)2025-01-24 04:02Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 11,242 million, a 9% increase compared to HKD 10,316 million in 2023[5] - Basic earnings attributable to shareholders dropped by 25% to HKD 3,095 million, with corresponding earnings per share of HKD 0.67, down from HKD 0.92 in 2023[5] - The overall operating profit for the year was HKD 6,455 million, a decrease of 13% from HKD 7,389 million in 2023[6] - Net profit for the year was HKD 2,657 million, a decline of 42.3% compared to HKD 4,596 million in 2023[85] - The company reported a total comprehensive income of HKD 561 million for 2024, a significant drop from HKD 2,917 million in 2023[85] - The net profit attributable to shareholders for 2024 was HKD 2,153 million, down from HKD 3,970 million in 2023, a decline of 45.7%[97] Revenue Breakdown - Rental income decreased by 6% to HKD 9,515 million, while operating profit fell by 9% to HKD 6,763 million[6] - Overall rental income and tenant sales in Hong Kong decreased by 10% and 4% respectively compared to last year[13] - In mainland China, total rental income fell by 4% to RMB 5,900 million, with a 6% decline in operating profit[14] - Property sales generated HKD 1.538 billion in revenue from the sale of 120 residential units in Hong Kong and other properties[38] - Hotel revenue for 2024 totaled HKD 189 million, up from HKD 154 million in 2023, marking a growth of 22.7%[95] Asset and Liabilities - The net asset value per share decreased to HKD 27.5 from HKD 29.4 in the previous year[4] - The total value of investment properties and properties under development as of December 31, 2024, was HKD 190.52 billion, with mainland properties valued at HKD 128.04 billion and Hong Kong properties at HKD 62.48 billion[41] - The total borrowings amounted to HKD 57.376 billion as of the reporting date, an increase from HKD 50.704 billion in 2023[52] - Non-current liabilities rose to HKD 61,650 million, up from HKD 60,042 million in 2023, indicating a 2.7% increase[87] - The fair value of investment properties decreased to HKD 166,519 million from HKD 169,046 million in 2023, reflecting a decline of 1.5%[87] Dividends - The proposed final dividend for 2024 is HKD 0.40 per share, down from HKD 0.60 in 2023, resulting in a total dividend of HKD 0.52 for the year[9] - The total annual dividend for 2024 is HKD 2.479 billion, down from HKD 3.509 billion in 2023, with an interim dividend of HKD 0.12 per share and a proposed final dividend of HKD 0.40 per share[105] Debt and Financing - The net debt to equity ratio increased to 33.4% from 31.9% in 2023[4] - The average repayment period of the overall debt portfolio is 2.9 years, with approximately 65% of loans due for repayment after two years[56] - The total financial costs increased by 8% to HKD 2.109 billion, maintaining an average effective borrowing rate of 4.3%[59] - The unutilized balance of committed bank credit facilities was HKD 12.535 billion as of December 31, 2024, down from HKD 15.717 billion in the previous year[57] Sustainability Initiatives - The company aims to achieve a 25% usage of renewable energy in its mainland properties by 2025, with over 45% already achieved[67] - The company announced that nearly 100% of the structural steel used in the Shanghai Hang Lung Plaza Phase III expansion will be low-carbon steel, reducing total embedded carbon emissions by 35%[68] - The "Changemakers: Tenant Sustainability Collaboration Program" attracted 46 sustainable tenants across various industries, covering over 210,000 square meters of total leased area[70] Operational Strategies - The company aims to optimize tenant mix and enhance marketing strategies to improve rental rates despite market challenges[11] - The company plans to enhance tenant mix and implement proactive marketing strategies to boost customer traffic and loyalty[22] - The company continues to focus on operational flexibility and core strengths to navigate geopolitical uncertainties and economic challenges[77]