九龙仓集团(00004) - 2023 - 年度业绩

Financial Performance - Total property sales decreased by 44% compared to 2022[2] - Year-end unrecognized sales dropped by 75%[2] - Impairment provisions totaled HKD 1.9 billion, a decrease of HKD 3.8 billion from 2022[2] - Basic net profit before provisions fell by HKD 0.5 billion (or 9%) while basic net profit after provisions increased by HKD 3.3 billion[2] - Shareholders' profit increased by HKD 2.7 billion[2] - Basic earnings per share rose to HKD 0.31 from a loss of HKD 0.56 in 2022[3] - The net profit attributable to shareholders for the year was HKD 945 million, compared to a loss of HKD 1,705 million in 2022[35] - The group reported a comprehensive income of HKD 1,105 million for the year, compared to a loss of HKD 1,434 million in 2022[36] - The group’s financial performance for the year ended December 31, 2023, was reviewed by the audit committee, with no discrepancies noted[55] Revenue and Profitability - Group revenue increased by 5% to HKD 18.95 billion, while operating profit rose by 4% to HKD 6.89 billion[13] - Revenue from mainland China properties decreased by 35% to HKD 9.25 billion, with operating profit down 37% to HKD 1.02 billion[6] - Hotel revenue increased by 66% to HKD 610 million, returning to profitability with HKD 107 million[8] - Logistics infrastructure revenue fell by 20% to HKD 2.37 billion, with operating profit down to HKD 378 million[9] - Investment property revenue slightly decreased by 1% to HKD 4.84 billion, with operating profit also down by 1% to HKD 3.07 billion[13] - Development property revenue surged by 15% to HKD 8.56 billion, and operating profit increased by 32% to HKD 1.23 billion[13] - The hotel segment generated revenue of HKD 611 million, up from HKD 369 million, indicating a growth of 65.8%[44] - The investment segment reported a revenue of HKD 2,030 million, down from HKD 1,517 million, reflecting a decrease of 33.8%[44] Assets and Liabilities - Total operating assets decreased by 6% to HKD 192.8 billion, with real estate, logistics, and investment assets accounting for 69%, 9%, and 22% respectively[21] - The total assets as of December 31, 2023, amounted to HKD 204,877 million, a decrease from HKD 221,745 million in 2022[38] - The total liabilities decreased to HKD 56,674 million from HKD 66,038 million in the previous year[38] - Shareholders' equity decreased by 6% to HKD 143 billion, primarily due to investment revaluation losses of HKD 9.8 billion[20] - The group recorded an unrealized revaluation loss of HKD 1.617 billion on investment properties as of December 31, 2023[14] Cash Flow and Expenditures - Cash flow from operating activities generated HKD 5.2 billion, while net cash inflow from operations was HKD 2.4 billion after tax payments[29] - Major capital expenditures totaled HKD 46.1 billion, with HKD 10.6 billion for investment properties and HKD 35.5 billion for development properties[30] - The group has committed expenditures of HKD 142 billion for the upcoming fiscal year, with HKD 58 billion already undertaken[31] - The group plans to finance its expenditures through internal financial resources, including surplus cash and cash flows from operations[32] Financial Ratios and Debt - Net debt increased by 47% to HKD 7.8 billion, with a net debt to total equity ratio of 5.3%[27] - Financial expenses rose by 40% to HKD 905 million, with the effective borrowing interest rate increasing to 4.7%[16] - Interest expenses for 2023 totaled HKD 1.224 billion, up from HKD 709 million in 2022, with bank borrowings and overdrafts contributing HKD 649 million[49] Corporate Governance - The company has adhered to all applicable principles of the Corporate Governance Code as per the Hong Kong Stock Exchange Listing Rules, with the exception of Code Provision C.2.1, which states that the roles of Chairman and CEO should be held by different individuals[56] - The board believes that having the same person serve as both Chairman and CEO is more effective for planning and executing long-term strategies[56] - The board consists of experienced and capable individuals, with more than half being independent non-executive directors, ensuring a balanced distribution of power and authority[56] - The company is committed to maintaining compliance with corporate governance standards while optimizing its leadership structure[56] Shareholder Information - The group declared a total dividend of HKD 0.40 per share for 2023, amounting to HKD 1.222 billion, consistent with the previous year's dividend[52] - The second interim dividend payment date is set for April 25, 2024, with a record date of April 10, 2024[57] - Shareholders must register their share transfers by April 10, 2024, to be eligible for the second interim dividend[57] - Shareholders wishing to attend the annual general meeting must register by May 3, 2024[58] - The annual general meeting is scheduled for May 9, 2024, at 11:15 AM[58]