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周大福创建(00659) - 2023 - 年度业绩
2023-09-29 08:32
Financial Performance - Overall attributable operating profit decreased by 6% to HKD 4.0972 billion[1] - Net profit attributable to shareholders increased by 28% to HKD 2.0267 billion[1] - Adjusted EBITDA decreased by 3% to HKD 6.5659 billion[6] - The company's total profit attributable to shareholders for the year ended June 30, 2023, was HKD 2,026.7 million, up from HKD 1,586.8 million in the previous year[8] - The company's adjusted EBITDA for the year ended June 30, 2023, was HKD 6,565.9 million, slightly down from HKD 6,792.5 million in the previous year[8] - Revenue from continuing operations increased to HKD 45,213.8 million in 2023, up from HKD 31,138.6 million in 2022, representing a 45.2% growth[47] - Operating profit rose to HKD 3,427.5 million in 2023, compared to HKD 3,132.7 million in 2022, a 9.4% increase[47] - Profit attributable to shareholders from continuing operations grew to HKD 2,026.7 million in 2023, up from HKD 1,284.5 million in 2022, a 57.8% increase[47] - Total comprehensive loss for the year improved to HKD 706.9 million in 2023, down from HKD 1,661.9 million in 2022, a 57.5% improvement[48] - Operating profit from continuing operations increased to HK$43,961.2 million in 2023, up from HK$30,818.4 million in 2022[68] - Basic earnings per share from continuing operations increased to HK$21.508 billion in 2023, up from HK$12.845 billion in 2022, driven by a profit attributable to shareholders of HK$20.267 billion and a gain of HK$1.241 billion from the redemption of perpetual capital securities[72] Dividends and Shareholder Returns - Proposed final dividend of HKD 0.31 per share, with a total annual dividend of HKD 0.61 per share for the 2023 fiscal year[1] - The company declared an interim dividend of HK$0.30 per share and proposed a final dividend of HK$0.31 per share, totaling HK$2.3855 billion for 2023, consistent with 2022 levels[73][74] - The company maintained its dividend policy, proposing a final dividend of HK$0.31 per share for 2023, consistent with 2022, bringing the total dividend for the year to HK$0.61 per share[82] - The company will suspend the registration of share transfers from November 7 to November 10, 2023, to determine shareholders' rights to attend the annual general meeting and receive the final dividend[83] Debt and Capital Structure - Net debt ratio decreased to 9% (2022: 19%)[1] - Net debt decreased to approximately HKD 4.5 billion as of June 30, 2023 (2022: HKD 10.1 billion)[6] - The company redeemed $92.3 million of the $650 million 4.25% senior notes due 2029 and $280.9 million of the $1.3 billion 5.75% perpetual capital securities, reducing the outstanding amounts to $243.6 million and $1.0191 billion respectively as of June 30, 2023[7] - The company issued the first tranche of Panda Bonds worth RMB 1.5 billion with an annual interest rate of 3.9% and a 3-year term, raising funds to repay offshore HKD-denominated loans[7] - The company's sustainable development-linked credit increased to approximately HKD 6.2 billion as of June 30, 2023, up from HKD 4.5 billion a year earlier[7] - The company's capital structure as of June 30, 2023, was 32% debt and 68% equity, compared to 30% debt and 70% equity in the previous year[35] - The company redeemed $92.3 million of preferred notes at 13.5% below par and $280.9 million of perpetual capital securities at 4.5% below par in FY2023[36] - The company issued RMB 1.5 billion in Panda bonds at a 3.9% annual interest rate in May 2023 to repay HKD bank loans[36] - Total debt slightly increased to HKD 23.7969 billion as of June 30, 2023, with 7% due within 12 months, 45% in the second year, 30% in the third to fifth years, and 18% after the fifth year[39] - The company's debt composition shifted to 43% in RMB, 53% in HKD, and 4% in USD as of June 30, 2023[39] - Average borrowing cost for the fiscal year 2023 was 4.1%, up from 2.9% in the previous fiscal year[39] - Celestial Dynasty Limited (CDL) offered to purchase outstanding preferred notes with a total principal amount of USD 335,950,000, of which USD 92,301,000 (approximately 27% of the outstanding principal) was repurchased and redeemed on December 20, 2022[88] - Celestial Miles Limited (CML) offered to purchase 2019 preferred perpetual capital securities with a total principal amount of USD 280,856,000 (approximately 22% of the outstanding principal), which were repurchased and redeemed on December 20, 2022[89] - FTL Capital Limited, an indirect wholly-owned subsidiary, fully redeemed USD 250,000,000 of 4.125% notes due in 2023 on April 25, 2023[89] Business Segment Performance - Operating businesses (roads, construction excluding Wai Kee, insurance, logistics, and facilities management) showed resilience with attributable operating profit growth of 11% for the full year and 25% in the second half of the 2023 fiscal year[4] - Logistics business grew by 25% in the second half of the 2023 fiscal year, driven by new contributions from logistics properties in mainland China[4] - Hong Kong operations contributed 59% of attributable operating profit (2022: 42%), while mainland China contributed 41% (2022: 41%)[6] - The company's road business saw a 3% year-on-year increase in comparable traffic volume and a 4% increase in toll revenue for the full year 2023, despite a challenging first half[10] - The company's road business contributed approximately 90% of its operating profit from key highways, with a 2% year-on-year increase in comparable traffic volume for the full year 2023[11] - The company's construction business reported an 18% year-on-year decline in operating profit to HKD 745.5 million for the year ended June 30, 2023[13] - Hip Hing Group's new contract value for the 2023 fiscal year decreased by 78% year-on-year to HKD 5.2 billion, with the total value of contracts on hand down 9% to approximately HKD 56.5 billion[14] - FT Life's operating profit attributable to shareholders increased by 12% year-on-year to HKD 1.2045 billion in the 2023 fiscal year, with a 14% growth in the second half[15] - FT Life's annualized premium surged 162% year-on-year to HKD 1.841 billion in the second half of the 2023 fiscal year, with full-year annualized premium up 47% to HKD 2.5679 billion[16] - FT Life's new business value increased by 71% year-on-year to HKD 899.5 million in the 2023 fiscal year, driven by a new business value margin of 35%[16] - FT Life's investment portfolio yield (dividend and interest income only) was 3.8% in the 2023 fiscal year, up from 3.6% in the previous year[16] - FT Life's solvency ratio stood at 325% as of June 30, 2023, significantly higher than the regulatory minimum of 150%[18] - Logistics business's operating profit attributable to shareholders grew 27% year-on-year to HKD 752 million in the 2023 fiscal year, supported by new contributions from logistics properties in Chengdu and Wuhan[19] - Asia Container Terminals' occupancy rate remained at 99.8% as of June 30, 2023, with average rental rates increasing by 2% during the fiscal year[20] - CRCT's throughput increased by 17% year-on-year to 5.541 million TEUs in the 2023 fiscal year, with operating profit attributable to shareholders up 28%[21] - Facility management business's attributable operating loss narrowed by 85% year-on-year to HKD 61.9 million in FY2023[22] - The number of events held at the convention center increased by 319% year-on-year to 356 in the second half of FY2023, with visitor numbers surging 410% to approximately 2 million[22] - Duty-free shops recorded attributable operating profit in FY2023, reversing five years of losses since FY2018, with the Hong Kong-Zhuhai-Macau Bridge store's attributable operating profit increasing over sixfold year-on-year[23] - Gleneagles Hospital's inpatient, outpatient, and day surgery volumes increased by 19%, 7%, and 3% year-on-year respectively, contributing to significant revenue growth in FY2023[24] - Gleneagles Hospital's EBITDA grew 759% year-on-year in FY2023, with the EBITDA margin continuing to rise[24] - Strategic investments segment recorded an attributable operating loss of HKD 75.7 million in FY2023, compared to HKD 141.7 million in FY2022, mainly due to reduced fair value losses and expected credit loss provisions[25] - The company's total revenue from continuing operations in 2023 was HKD 45,213.8 million, with the insurance segment contributing HKD 20,988.2 million, the construction segment contributing HKD 19,638.5 million, and the road segment contributing HKD 2,731.8 million[59] - The company's operating profit from continuing operations in 2023 was HKD 2,812.5 million, with the insurance segment contributing HKD 1,204.5 million, the construction segment contributing HKD 727.3 million, and the road segment contributing HKD 784.1 million[61] - The company's revenue from the facilities management segment in 2023 was HKD 1,715.0 million, a significant increase from HKD 794.8 million in 2022[59] - The company's revenue from the logistics segment in 2023 was HKD 139.5 million, a significant increase from HKD 11.8 million in 2022[59] - The company's revenue from the strategic investment segment in 2023 was HKD 0.8 million, compared to no revenue in 2022[59] - The company's total equity from the insurance business is expected to increase with the transition to Hong Kong Financial Reporting Standard 17 (HKFRS 17)[57] - The company's insurance business revenue and operating profit from long-term life insurance contracts in 2023 are expected to decrease compared to the current HKFRS 4 benchmark[56] - The company's financial expenses from continuing operations in 2023 were HKD 938.2 million, with HKD 633.7 million attributed to the head office and HKD 304.5 million recognized in the operating profit of reportable segments[61] - The company's impairment losses in 2023 included HKD 310.7 million from Hyva Global B.V. and HKD 74.1 million from an investment in Wai Kee[61] - The company's net profit attributable to shareholders in 2023 was HKD 2,026.7 million, after deducting HKD 612.0 million attributable to perpetual capital securities holders[61] - Total revenue for 2023 fiscal year reached 31,140.5 million HKD, with external revenue at 31,138.6 million HKD[63] - Operating profit from subsidiaries was 1,709.9 million HKD, with adjustments for headquarters and non-operating items at (1,816.9) million HKD[63] - Property, plant, and equipment depreciation amounted to 257.0 million HKD in 2022, with road, construction, and insurance segments contributing 54.3 million HKD, 51.3 million HKD, and 42.8 million HKD respectively[64] - Intangible franchise rights amortization reached 962.2 million HKD in 2022, primarily from the road segment[64] - Interest income for 2022 was negative 1,851.8 million HKD, with significant contributions from logistics (negative 1,639.0 million HKD) and strategic investments (negative 85.4 million HKD)[64] - Total assets as of June 30, 2022, stood at 148,770.8 million HKD, with insurance segment contributing the largest portion at 78,746.1 million HKD[64] - Investment properties as of June 30, 2023, were valued at 5,875.0 million HKD, with non-insurance and head office segments accounting for 5,167.4 million HKD[65] - Intangible assets totaled 5,863.2 million HKD as of June 30, 2023, with insurance segment holding 5,737.7 million HKD[65] - Cash and bank balances reached 19,255.9 million HKD as of June 30, 2023, with non-insurance and head office segments holding 12,901.3 million HKD[65] - Non-current assets in Mainland China increased to 16,943.3 million HKD in 2023 from 15,669.6 million HKD in 2022[67] - Share of operating profit from joint ventures decreased to 1,088.8 million HKD in 2023 from 1,662.4 million HKD in 2022[66] - Total liabilities as of June 30, 2022, were 94,883.7 million HKD, with insurance segment liabilities accounting for 62,731.8 million HKD[64] - Investment property rental income rose to HK$218.5 million in 2023, compared to HK$67.3 million in 2022[68] - Claims and benefits (net of reinsurance) increased to HK$18,260.7 million in 2023 from HK$11,436.7 million in 2022[68] - Employee costs (including directors' remuneration and share-based payments) grew to HK$2,995.5 million in 2023, up from HK$2,609.8 million in 2022[68] - Other income and gains, net, amounted to HK$1,487.4 million in 2023, compared to HK$966.6 million in 2022[69] - Fair value loss on financial assets at fair value through profit or loss was HK$847.6 million in 2023, down from HK$1,327.9 million in 2022[69] - Cost of sales increased to HK$40,011.1 million in 2023 from HK$27,609.3 million in 2022[70] - Construction costs rose to HK$17,132.1 million in 2023, up from HK$12,495.4 million in 2022[70] - Income tax expense for the year was HK$757.3 million in 2023, compared to HK$576.2 million in 2022[71] - Hong Kong profits tax increased to HK$344.5 million in 2023 from HK$262.6 million in 2022[71] - The company completed the acquisition of a 40% stake in Guangxi Longgui Guiwu Expressway Co., Ltd. for RMB 1.9024 billion, which is accounted for as a joint venture[75] - The company recognized an impairment loss of HK$310.7 million from its 39% stake in Hyva Global B.V. due to slow global economic recovery and intense competition in the Chinese market[75] - The company's joint venture Goshawk completed the sale of its commercial aircraft leasing platform to SMBC for approximately $1.6 billion, with the company's share being $800 million, resulting in a gain of HK$92.7 million[76] - Trade and other receivables increased to HK$2,093.9 million in 2023 from HK$1,723.7 million in 2022, with the majority (HK$2,016.3 million) due within three months[77] - Trade and other payables increased significantly to HK$1,270.9 million in 2023 from HK$633.8 million in 2022, with the majority (HK$1,241.1 million) due within three months[79] - The company acquired an additional 60% stake in Hunan Daoyue for RMB 523.1 million (HK$587.7 million), making it a wholly-owned subsidiary, with the fair value of identifiable assets and liabilities at HK$1,161.6 million[80] Acquisitions and Investments - The company completed acquisitions in the roads and logistics sectors, including a 40% stake in the Guigang-Wuzhou Expressway and a 90% stake in a logistics property in Suzhou[5] - The company acquired a 40% stake in Guiwu Expressway for RMB 1.9024 billion and a 60% stake in Suiyue Expressway for RMB 523.1 million, increasing the average remaining concession period of its road portfolio by 5% to approximately 11 years[12] - The group acquired a 12% stake in Jiangsu Jialida International Logistics for RMB 125 million and a 10% stake in Zhejiang Tangshi Supply Chain Management for RMB 44.4 million in June 2023[21] - The company acquired a 40% stake in Guangxi Longgui Guiwu Expressway Co., Ltd. for RMB 1.9024 billion, completed in November 2022[43] - The company completed the acquisition of six premium logistics properties in Chengdu and Wuhan for a total consideration of RMB 2.29 billion[44] - The company increased its stake in the Shenzhen-H
周大福创建(00659) - 2023 - 中期财报
2023-03-16 08:30
Financial Performance - For the six months ended December 31, 2022, the group's revenue was HKD 17,569.9 million, an increase of 7.8% compared to HKD 16,304.2 million in the same period of 2021[10]. - Shareholders' profit attributable to the group was HKD 1,162.4 million, a decrease of 27% from HKD 1,583.5 million in the previous year[10]. - The adjusted EBITDA for the period was HKD 2,984.0 million, down 7.9% from HKD 3,239.4 million in the prior year[10]. - Basic earnings per share decreased by 27% to HKD 0.30, with Hong Kong operations contributing 53% to attributable operating profit, up from 43% in the previous year[17]. - The total comprehensive loss for the period was HKD 2,229.6 million, compared to a comprehensive income of HKD 7,849.5 million in 2021, indicating a significant decline[55]. - The company reported a net loss from other comprehensive income of HKD 3,698.3 million for the period, contrasting with a gain of HKD 5,968.0 million in the previous year[55]. - The company reported a net profit attributable to shareholders of HKD 1,162.4 million for the period[102]. - Operating profit for the same period was HKD 1,462.8 million, slightly up from HKD 1,416.5 million in 2021, reflecting a growth of 3.3%[54]. Debt and Financial Position - The net debt ratio improved to 11%, down from 19% in the previous period, indicating a stronger balance sheet[10]. - The company reduced its net debt to approximately HKD 5.7 billion from HKD 10.1 billion, resulting in a net debt ratio decrease to 11% from 19%[17]. - The total liabilities as of December 31, 2022, were HKD 98,465.3 million, with non-current liabilities at HKD 36,507.5 million and current liabilities at HKD 61,957.8 million[120]. - The total liabilities to equity ratio increased to approximately 1.98 as of December 31, 2022, compared to 1.77 as of June 30, 2022[58]. - The company’s borrowings and other interest-bearing liabilities stood at HKD 17,628.3 million as of December 31, 2022, down from HKD 18,323.2 million as of June 30, 2022[58]. Investments and Acquisitions - The group acquired a 40% stake in the Guiwang Expressway and signed an agreement to acquire the remaining 60% stake in the Suiyue Expressway, enhancing its growth potential[14]. - The company expanded its road portfolio by acquiring the remaining 60% interest in the Suiyue Expressway and completed the acquisition of 40% interest in the Guiwu Expressway, with an average remaining concession period of approximately 11 years[24]. - The aviation segment completed the sale of its business jet leasing operations for approximately USD 1.6 billion, improving the company's risk profile post-transaction[26]. - The company is in the process of acquiring a 60% stake in Hunan Daoyue Highway Industrial Co., with a total consideration of RMB 555.7 million (approximately HKD 624.4 million)[186]. Operational Performance - Core business operating profit decreased by 25% to HKD 1,640.7 million, primarily due to a decline in road business operating profit[13]. - The road business's attributable operating profit fell by 29% to HKD 684.5 million, with overall traffic volume and toll revenue decreasing by 10% and 6%, respectively[22][23]. - The construction business's attributable operating profit decreased by 7% year-on-year to HKD 416.3 million, with NWS Construction Limited contributing HKD 403 million[27]. - The attributable operating profit for the logistics segment increased by 50% year-on-year to HKD 417.7 million, driven by strong performance from the Asia Container Logistics Centre[35]. - The throughput for China Railway United International Container Co. increased by 18% year-on-year to approximately 2.725 million TEUs, leading to a 43% surge in attributable operating profit[36]. Cash Flow and Dividends - The company maintained a dividend of HKD 0.30 per share, with a payout ratio of 101%[10]. - The company paid dividends amounting to HKD 1,212.2 million to shareholders, slightly up from HKD 1,173.3 million in 2021[66]. - The net cash generated from operating activities for the six months ended December 31, 2022, was HKD 5,554.2 million, a decrease of 8.5% from HKD 6,070.1 million in 2021[64]. - The net cash generated from investment activities increased to HKD 5,391.6 million in 2022, up 7.9% from HKD 4,993.4 million in 2021[66]. - The total cash and cash equivalents at the end of the period increased to HKD 17,712.2 million, up 51.4% from HKD 11,699.2 million in 2021[66]. Insurance and Risk Management - The annualized premium total for FTL Insurance decreased by 31% to HKD 726.9 million, with gross premium income down 12% to HKD 6.3474 billion[29]. - The new business value for FTL Insurance dropped by 39% to HKD 220.5 million, with the new business value margin declining to 30% from 34% year-on-year[29]. - The solvency ratio for FTL Insurance was 364%, significantly above the regulatory minimum requirement of 150%[31]. - The group faces various financial risks, including market risk (interest rate, foreign exchange, and price risks), credit risk, and liquidity risk, alongside insurance-related risks[86]. - The company is actively integrating climate-related risks into its enterprise risk management framework to enhance sustainable growth[48]. Future Outlook - The group expects a rapid recovery in road business following recent policy changes in mainland China[14]. - The company maintains a positive long-term outlook for the mainland economy, expecting rapid recovery following the implementation of stimulus measures[43]. - The construction business is expected to benefit from increased tender supply from the Hong Kong government, bolstering the long-term outlook for the company as a quality construction firm[44]. - The logistics business is projected to experience sustainable long-term growth, with a recent acquisition of a 90% stake in a high-quality logistics property in Suzhou valued at RMB 570 million[47]. - The company plans to focus on market expansion and new product development in the upcoming fiscal year[63].
周大福创建(00659) - 2022 - 年度财报
2022-10-19 08:57
Financial Performance - The group's revenue for the fiscal year 2022 was HKD 31,138.6 million, an increase of 10.4% from HKD 28,197.3 million in 2021[9]. - Shareholders' profit increased by 43% year-on-year to HKD 1,586.8 million, driven by reduced losses in facility management and improved performance in the insurance business[19]. - The adjusted EBITDA for 2022 was HKD 6,792.5 million, compared to HKD 6,511.5 million in 2021, reflecting a growth of 4.3%[9]. - The core business operating profit showed a resilient growth of 1% in 2022, despite challenges from the pandemic and economic conditions[20]. - The attributable operating profit for the strategic portfolio decreased by 84% to HKD 162.4 million, primarily due to a loss of HKD 1.417 billion from strategic investments, compared to an operating profit of HKD 739.4 million in the 2021 fiscal year[21]. - The logistics business achieved an attributable operating profit of HKD 592.6 million in fiscal year 2022, down 11% from HKD 663.0 million in 2021[43]. - The environmental segment reported an attributable operating profit of HKD 121.0 million, a decrease of 50% from HKD 244.3 million in the previous year[43]. - The operating profit from the insurance segment increased by 11% to HKD 1.075 billion, while the construction segment saw a decline of 6% to HKD 912.2 million[25]. Debt and Capital Structure - The net debt ratio improved to 19% in 2022 from 25% in 2021, indicating a stronger capital structure[10]. - The net debt decreased to HKD 10.1 billion as of June 30, 2022, down from HKD 14.5 billion a year earlier, with a net debt-to-equity ratio of 19%[21]. - The total debt decreased from HKD 25.348 billion on June 30, 2021, to HKD 23.5909 billion on June 30, 2022[59]. - The company redeemed USD 300 million of its 4.25% preferred notes due in 2029 to further optimize its capital structure and reduce interest expenses[21]. - The company has established a robust funding base and will continue to optimize its capital structure and expand funding sources[57]. Shareholder Returns and Dividends - The group announced a share buyback plan in May 2022, the first since 2008, alongside a sustainable dividend policy[8]. - The interim and final dividends per share were HKD 0.61, up from HKD 0.59 in the previous year, with a payout ratio of 150%[9]. - The company has adopted a new dividend policy aimed at steadily increasing or at least maintaining the value of the dividend per share in HKD, contingent on financial performance and future funding needs[174]. - The company will distribute dividends twice a year, subject to its financial performance[174]. Acquisitions and Investments - The group completed acquisitions of a logistics property portfolio in mainland China and increased its stake in highway operations, expanding its logistics business significantly[19]. - The company announced the acquisition of a logistics property portfolio in Chengdu and Wuhan for RMB 2.29 billion (approximately HKD 2.663 billion) to expand its logistics operations[46]. - The acquisition of a 40% stake in Guiwu Expressway for a total consideration of RMB 1.9024 billion (approximately HKD 2.2381 billion) is expected to enhance long-term prospects for the road business[28]. - Strategic acquisitions are planned, with a focus on integrating E companies to bolster market presence and operational efficiency[67]. Insurance Business Performance - For the fiscal year 2022, the operating profit of Futu Insurance reached HKD 1.0749 billion, reflecting a robust growth of 11% despite the negative impact from the COVID-19 variant outbreak and a weak stock market[35]. - The total annualized premium decreased by 10% to HKD 1.7522 billion, while gross premium income increased by 30% to HKD 13.3168 billion, with new business gross premium income rising by 77% to HKD 5.8517 billion[35]. - The new business value grew by 8% to HKD 524.8 million, with the new business value margin improving to 30% from 25% in the previous fiscal year[35]. - Futu Insurance's investment portfolio achieved an overall investment return of 5.2%, up from 4.3% in the previous fiscal year[35]. Corporate Governance and Compliance - The company has maintained compliance with all applicable provisions of the Corporate Governance Code as per the Listing Rules Appendix 14 for the fiscal year 2022[91]. - The board of directors is responsible for formulating overall strategies and ensuring the implementation of good corporate governance policies to enhance shareholder value[97]. - The company conducts regular training to reinforce understanding of ethical and integrity standards among employees[101]. - The company has implemented anti-fraud and anti-corruption policies to maintain high ethical standards and provide reporting channels for misconduct[102]. - The board consists of more than one-third independent non-executive directors, ensuring independent opinions and judgments[115]. Sustainability and Social Responsibility - The MSCI ESG rating was upgraded to A in June 2022, reflecting the company's commitment to improving ESG performance[21]. - The company aims to enhance resource efficiency and innovation to integrate sustainability into its business model for long-term value creation[56]. - The company is committed to sustainable development principles across all business areas, aiming to minimize environmental impact and enhance community quality while providing reasonable returns to investors[157]. - The company has established an Employee Responsibility Policy and a Human Rights Policy to ensure high ethical standards and compliance with applicable laws and regulations[158]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for the next quarter, projecting revenue growth of A% and an increase in user engagement metrics[67]. - The company is exploring new distribution channels to mitigate the impact of the COVID-19 variant outbreak and enhance customer engagement[35]. - The company plans to launch a new product line in Q2 2024, projected to generate $25 million in initial sales[84]. - The company has set a target of achieving a 20% market share in the new regions by the end of 2025[84].
周大福创建(00659) - 2022 - 中期财报
2022-03-14 08:46
Financial Performance - Revenue for the six months ended December 31, 2021, was HKD 16,304.2 million, an increase from HKD 14,232.5 million in the same period of 2020, representing a growth of approximately 14.5%[5] - Profit attributable to shareholders for the same period was HKD 1,595.3 million, compared to HKD 611.8 million in 2020, marking a significant increase of approximately 160%[5] - Operating profit for the period was HKD 2,326.3 million, down from HKD 3,336.3 million in the previous year, indicating a decrease of about 30.2%[5] - The adjusted EBITDA decreased by 19% to HKD 32.458 billion during the period[7] - The overall attributable operating profit of the group declined by 30% to HKD 23.263 billion, with core business attributable operating profit down 8% to HKD 21.415 billion[7] - Total comprehensive income for the period was HKD 7,849.5 million, significantly higher than HKD 4,484.4 million in the prior year[32] - The company reported a basic earnings per share of HKD 0.41, compared to HKD 0.16 for the same period in 2020, reflecting a 156.3% increase[31] Assets and Liabilities - Total assets as of December 31, 2021, amounted to HKD 157,240.4 million, an increase from HKD 152,572.9 million as of June 30, 2021[6] - Total liabilities decreased to HKD 92,407.8 million from HKD 94,118.9 million, showing a reduction of about 1.8%[40] - The net debt ratio improved to 13% from 25% in the previous period, showcasing a stronger financial position[6] - Total liabilities related to investment contracts amounted to HKD 10,250.6 million, reflecting the company's obligations in this area[66] - The total liabilities related to insurance and investment contracts amounted to HKD 46,982.7 million as of December 31, 2021[153] Dividends and Shareholder Returns - The interim dividend per share was set at HKD 0.30, slightly up from HKD 0.29 in the previous year, with a payout ratio of 74% compared to 185% in 2020[5] - The company paid dividends to shareholders totaling HKD 1,173.3 million, compared to HKD 1,134.3 million in the same period last year[49] - The board declared an interim dividend of HKD 0.30 per share for the fiscal year 2022, expected to be paid on April 7, 2022[178] Segment Performance - The contribution to attributable operating profit from Hong Kong operations was 42%, down from 48% in the previous year, while contributions from mainland and other regions were 41% and 17%, respectively[7] - The road business's attributable operating profit decreased by 9% to HKD 968.7 million, with traffic volume declining by 2% and toll revenue down by 7%[12] - The aviation segment's attributable operating profit remained stable at HKD 274.4 million, supported by the gradual recovery of domestic flights and global travel[14] - The construction segment's attributable operating profit decreased by 23% to HKD 407.5 million, impacted by intense competition and rising material costs[14] - The overall attributable operating profit contribution from the construction segment was HKD 4.075 billion, down 23% year-on-year[14] Cash Flow and Investments - The net cash generated from operating activities was HKD 4,599.5 million, a decrease of 15.7% from HKD 5,455.8 million in the same period last year[47] - The net cash used in investment activities amounted to HKD 2,571.4 million, compared to HKD 5,814.0 million in the previous year, indicating a significant reduction in cash outflow[47] - The group completed the sale of Xiamen Container Terminal Group and Suez Recycling, raising approximately HKD 6.2 billion for future investments[7] Financial Management and Risk - The company is actively identifying and mitigating risks, particularly in environmental, social, and governance areas[27] - The company's financial risk management policies have not changed significantly since the last fiscal year-end, maintaining a focus on market, credit, and liquidity risks[58] - The group’s financial risk management includes interest rate swaps and foreign exchange forward contracts to hedge against risks[173] Corporate Governance - The company has adopted the Corporate Governance Code as per the Listing Rules Appendix 14 and has complied with all applicable provisions during the period[182] - The company’s audit committee has reviewed the accounting principles and practices adopted during the period[186] - The company has ensured compliance with the standards set out in the Securities and Futures Ordinance regarding the interests of directors in securities[188] Strategic Outlook - The company remains committed to optimizing its business portfolio to enhance long-term value for shareholders[4] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and customer service[1] - Future guidance indicates a positive outlook with expected revenue growth driven by increased demand in the aviation and insurance sectors[1]
周大福创建(00659) - 2021 - 年度财报
2021-10-20 10:20
Financial Performance - The company's revenue for 2021 was HKD 28,197.3 million, an increase of 24% compared to HKD 22,612.2 million in 2020[11]. - The attributable operating profit rose to HKD 5,225.9 million, up 49% from HKD 3,514.3 million in the previous year[11]. - The total assets as of June 30, 2021, were HKD 152,572.9 million, compared to HKD 150,052.0 million in 2020, reflecting a growth of 1.7%[12]. - The net debt ratio improved to 25% in 2021 from 31% in 2020, indicating a stronger financial position[12]. - The company declared a total dividend of HKD 0.59 per share, slightly up from HKD 0.58 per share in 2020, with a payout ratio of 201%[11]. - Cash and bank deposits decreased to HKD 10,804.6 million from HKD 13,221.8 million in the previous year[12]. - The company reported a significant increase in revenue, achieving a total of $X million, representing a Y% growth compared to the previous year[24]. - The company reported a net profit margin of 18%, up from 15% in the previous year[29]. - Shareholder returns are expected to increase, with a proposed dividend of $0.50 per share, reflecting a 25% increase from last year[28]. Growth and Expansion - User data showed a growth of 25% in active users, reaching a total of 5 million users by the end of the fiscal year[22]. - The company anticipates a revenue growth of 10% for the next fiscal year, projecting total revenues to reach approximately $1.1 billion[21]. - New product launches are expected to contribute an additional $200 million in revenue, with a focus on sustainable technology solutions[22]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[21]. - A strategic acquisition of a local competitor is in progress, which is expected to enhance the company's service offerings and customer base[22]. - The company has set a target to expand its market presence in Asia, aiming for a 30% increase in market share by 2025[32]. - Market expansion plans include entering two new international markets by Q3 2024[28]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million for potential deals[29]. Innovation and Technology - The company is focused on innovation and creating shared value with the community and stakeholders[10]. - Research and development expenditures increased by 20%, focusing on innovative technologies and product enhancements[21]. - A new partnership with a leading tech firm is expected to drive advancements in digital services, enhancing user experience[21]. - The company is investing in R&D for new technologies, allocating $F million to enhance product offerings and improve operational efficiency[24]. - The company is investing in new technology development, allocating $10 million for R&D in the upcoming year[29]. - The company has implemented various innovations, including the adoption of BIM technology to improve construction management and the introduction of a new reverse mortgage feature in life insurance products[133]. - The company is leveraging AI and related technologies to reduce traffic accidents and congestion, improving user experience on roadways[129]. Sustainability Initiatives - The company has set a goal to achieve carbon neutrality by 2025, aligning with global sustainability trends[22]. - Sustainability initiatives are being prioritized, with a commitment to reduce carbon emissions by I% over the next five years[27]. - The board emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[28]. - The company has committed to providing timely access to important information via its website[83]. - The company has established a sustainable development committee to oversee its environmental, social, and governance (ESG) initiatives, ensuring alignment with global reporting standards[140]. - The company has committed to gradually divest from investments in coal-fired power plants, aligning with its sustainable development goals[161]. - The group aims to reduce carbon intensity by 50% by the fiscal year 2030, with a current reduction of 56% achieved in the fiscal year 2021[167]. - The company has linked a total of HKD 3.8 billion in loans to its sustainable development performance, utilizing green financing tools since the fiscal year 2020[161]. Corporate Governance - The company adhered to all applicable provisions of the Corporate Governance Code in the 2021 fiscal year, except for provision E.1.2 regarding the attendance of the chairman at the annual general meeting[33]. - The board consists of 17 members with diverse professional knowledge and experience, contributing significantly to the company's committees[41]. - The company has implemented a formal nomination process for directors, ensuring that qualifications and backgrounds are thoroughly reviewed[42]. - The company has established a set of guidelines and policies for corporate governance, which are regularly reviewed by the board and relevant committees[38]. - The company has adopted a standard code of conduct for securities trading, ensuring compliance among all directors and employees[40]. - The board is responsible for overseeing the company's governance responsibilities, including the review of compliance with legal and regulatory requirements[39]. - The company provides appropriate liability insurance for directors to cover responsibilities arising from corporate activities[36]. - The company has established a disclosure committee to ensure consistent disclosure practices and compliance with applicable regulations[72]. Risk Management - The company has a robust risk management and internal control system in place, as outlined in its corporate governance manual[38]. - The company employs a three lines of defense model for its risk governance framework, clearly defining roles and responsibilities[97]. - The company integrates enterprise risk management into its operational and business planning to assist in achieving business objectives and sustainable growth[90]. - The company has established a comprehensive risk management framework that integrates risk assessment into business processes and decision-making[105]. - The company conducts regular risk assessments to compare identified risks against its risk tolerance levels, allowing for prioritized risk response strategies[106]. - The company has implemented a reporting system for stakeholders to confidentially report serious matters, including suspected fraud and misconduct[102]. - The company has established various policies, including a Climate Change Policy and a Sustainable Procurement Policy, to guide its operations and ensure adherence to sustainability principles[159]. Community Engagement - The group accumulated 102,000 hours of community volunteer service in the fiscal year 2021, contributing to the quality of life for 9.2 million beneficiaries[167]. - Over 4 million beneficiaries were reached in health improvement initiatives, with 202,000 beneficiaries in the fiscal year 2021[167]. - The company has conducted consultations with approximately 350 stakeholders to understand expectations regarding sustainable development initiatives[154]. - Stakeholder engagement included 250 internal stakeholders and 92 external stakeholders, ensuring diverse input on sustainability issues[168].
周大福创建(00659) - 2021 - 中期财报
2021-03-18 09:46
Financial Performance - Revenue for the six months ended December 31, 2020, was HKD 14,232.5 million, an increase of 26% compared to HKD 11,283.6 million for the same period in 2019[8]. - The attributable operating profit rose by 46% to HKD 3,336.3 million, compared to HKD 2,289.9 million in the previous year[8]. - The company's attributable operating profit increased significantly by 46% year-on-year, but the attributable profit to shareholders decreased by 60% to HKD 611.8 million due to non-operating losses[12]. - Adjusted EBITDA decreased by 4% to HKD 3,038.8 million compared to HKD 3,150.6 million in the previous year[13]. - The net profit attributable to shareholders was HKD 611.8 million, compared to HKD 903.3 million in the previous period, reflecting a decrease of 32.3%[76]. - Operating profit from continuing operations was impacted by a total of HKD 1,038.0 million in employee costs, down from HKD 1,226.4 million in the previous year, reflecting a decrease of 15.4%[111]. - The company reported a net loss from discontinued operations amounting to HKD 4.159 billion, affecting overall profitability[80]. Asset and Liability Management - The net asset value per share increased to HKD 15.32 as of December 31, 2020, up from HKD 14.69 as of June 30, 2020[9]. - The net debt ratio improved to 26% from 31% in the previous period, indicating a stronger financial position[9]. - The company reported a total asset value of HKD 23,590.7 million for the logistics segment and HKD 7,257.3 million for the aviation segment as of December 31, 2020[82]. - The total assets as of December 31, 2020, were HKD 5,909.6 million, up from HKD 4,251.7 million at the beginning of the period[71]. - The total liabilities for policyholder dividends and bonuses increased to HKD 3,509.3 million from HKD 3,334.3 million, reflecting a growth of about 5.3%[165]. - The group’s total liabilities increased to HKD 10,632.3 million as of December 31, 2020, compared to HKD 9,221.8 million as of June 30, 2020, marking an increase of 15.3%[145]. Dividends and Shareholder Returns - The interim dividend remained stable at HKD 0.29 per share, with a payout ratio of 185%, significantly higher than the 75% in the previous year[8]. - The company paid dividends amounting to HKD 1,134.3 million to shareholders during the period[48]. - The board declared an interim dividend of HKD 0.29 per share for the fiscal year 2021, expected to be distributed around April 14, 2021[190]. Investment and Strategic Initiatives - The company is committed to identifying new investment opportunities to enhance shareholder value and maintain a sustainable dividend policy[10]. - The company sold non-core assets for a total consideration of approximately HKD 3.6 billion, including the sale of its entire stake in New World First Bus Services Limited and Citybus Limited[11]. - A further sale of interests in Suez NWS Limited and Chongqing Derun Environment Co., Ltd. was announced for approximately HKD 6.5 billion, aimed at optimizing the business portfolio[11]. - The company plans to launch innovative insurance products, such as the "Yuxiang" deferred annuity plan targeting individuals aged 20 and above[28]. - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency and drive future growth[76]. Segment Performance - The core business attributable operating profit reached HKD 2,322.2 million, a 13% increase from the previous year[11]. - The road segment's attributable operating profit rose by 12% to HKD 1,061.0 million, driven by a 9% increase in traffic volume and an 8% increase in toll revenue[15]. - The aviation segment maintained an attributable operating profit of HKD 271.7 million despite challenges from the COVID-19 pandemic[17]. - The insurance segment contributed HKD 462.4 million to the group's operating profit, representing a 188% increase year-on-year[20]. - The logistics segment maintained stable operating profit at HKD 336.3 million, with a 30% year-on-year increase in throughput to 2.513 million TEUs[23]. Financial Risks and Compliance - The group’s financial instruments are subject to various financial risks, including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since the last fiscal year-end[63]. - The group has maintained compliance with the Corporate Governance Code, except for the absence of the chairman at the annual general meeting[194]. - All directors confirmed compliance with the securities trading standards during the reporting period[195]. Market Outlook and Economic Conditions - China's GDP growth rate reached 2.3% in 2020, one of the fastest globally, despite ongoing COVID-19 challenges[28]. - The aviation industry is gradually recovering, with expectations of improved business conditions as domestic flights resume and travel bubbles are established[28]. - Future guidance indicates a focus on enhancing operational efficiency and exploring new technology developments to drive growth[86].
周大福创建(00659) - 2020 - 年度财报
2020-10-22 10:15
Business Operations - The group operates 15 toll road projects in mainland China, covering approximately 740 kilometers[6] - The business jet leasing segment owns, manages, and has committed to purchase a total of 233 aircraft[6] - The total value of contracts held by the construction segment is approximately HKD 52.6 billion[6] - The insurance segment, FTLife, has a solvency ratio of 542%, significantly above the regulatory minimum requirement of 150%[6] - The group completed the acquisition of FTLife Insurance, making it a core business segment[14] Financial Performance - Revenue for 2020 was HKD 25,920.5 million, a decrease of 3.4% from HKD 26,833.5 million in 2019[18] - Operating profit attributable to shareholders was HKD 3,514.3 million, down 25.4% from HKD 4,707.4 million in 2019[18] - Net debt increased significantly to HKD 17,733.9 million from HKD 10.5 million in 2019[18] - Total assets rose to HKD 150,052.0 million, compared to HKD 86,065.0 million in 2019[18] - Net asset value per share increased slightly to HKD 14.69 from HKD 14.64 in 2019[19] - The net debt-to-equity ratio was reported at 31%, a significant increase from 0% in 2019[20] - The dividend per share remained stable at HKD 0.58 for both 2020 and 2019[19] - The payout ratio surged to 896% in 2020, compared to 56% in 2019[20] Strategic Development - The company is focusing on strategic development and operational management to enhance overall performance[33] - Future outlook includes potential market expansion and new product development initiatives[33] - The company is actively seeking new business opportunities to enhance shareholder returns amid market uncertainties[16] - The company aims to leverage its solid foundation to achieve long-term sustainable growth by capitalizing on opportunities in the Greater Bay Area[16] Corporate Governance - The company reported a strong performance in the 2020 fiscal year, adhering to all applicable provisions of the Corporate Governance Code, except for E.1.2 regarding the attendance of the chairman at the annual general meeting[55] - The board of directors is committed to maintaining high levels of corporate governance to enhance shareholder value and balance stakeholder interests[58] - The management team is led by an executive committee, which is closely monitored by the board and is responsible for the company's performance against established business objectives[60] - The company has arranged appropriate liability insurance for its directors, which is reviewed annually to ensure adequate coverage[60] - The chairman and the CEO roles are clearly separated to ensure distinct responsibilities in managing the board and the company's operations[61] Risk Management - The company emphasizes the importance of effective risk management and internal control systems to achieve business objectives and sustainable development[136] - The company has established an enterprise risk management framework based on COSO and ISO international standards[137] - The enterprise risk management aims to assist the company in achieving strategic goals and optimizing risk-return decisions[138] - The board has established a risk appetite framework to balance risks and opportunities, ensuring the group's growth and development[139] - The group employs a three-line defense model for risk management, with clear roles and responsibilities defined[140] Sustainability Initiatives - The group has been selected as a constituent of the Hang Seng Corporate Sustainability Index for nine consecutive years, maintaining an overall rating of AA[12] - The company is gradually divesting from coal-fired power investments and increasing its focus on renewable energy projects to address climate change[182] - Over 87% of the company's projects are constructed according to green building standards or equivalent sustainable building criteria[183] - The company aims to accumulate over 20 million beneficiaries by 2030 to promote care and health as part of its social goals[181] - The company has developed new policies related to sustainability, including climate change and health and safety policies[99] Shareholder Communication - The company’s board recognizes the importance of effective communication with shareholders and has adopted a shareholder communication policy[116] - The company’s financial statements are prepared on a going concern basis, indicating sufficient resources for continued operation in the foreseeable future[112] - The company has established procedures for shareholders to propose resolutions at the annual general meeting, requiring written requests signed by relevant shareholders[128] - The company’s board is committed to ensuring fair and equitable treatment of all shareholders[127] Employee Engagement - The company hired over 1,200 new employees in the fiscal year 2020[187] - The flagship program "Create Career Path" has engaged over 7,200 participants since its launch in 2016[187] - The company held a seminar focused on climate risk to enhance employee awareness and has implemented various risk management plans since the 2020 fiscal year[177] Acquisitions and Partnerships - Recent acquisitions are expected to enhance the company's market position, with a combined revenue impact of $H million[40] - The company established a strategic partnership with Shanghai Shama Intelligent Technology Co., Ltd. to further develop AI applications for toll road and construction site management[183] - The company is enhancing its competitive advantage in the insurance sector by preparing for the upcoming "Insurance Connect" mechanism in the Greater Bay Area[174]
周大福创建(00659) - 2020 - 中期财报
2020-03-19 08:34
Financial Performance - For the six months ended December 31, 2019, the company reported revenue of HKD 13,215.5 million, a decrease of 6.8% compared to HKD 14,188.0 million for the same period in 2018[12]. - The profit attributable to shareholders for the same period was HKD 1,513.8 million, down 33.5% from HKD 2,274.3 million year-on-year[12]. - Basic earnings per share decreased to HKD 0.39, compared to HKD 0.58 in the previous year, reflecting a decline of 32.8%[12]. - The company achieved an operating profit of HKD 2,289.9 million, a 6% decrease from the previous year, while core business operating profit increased by 12% to HKD 2,048.1 million[17]. - The company reported a net loss of HKD 152.9 million from one-time special losses, compared to a net gain of HKD 180.8 million in the same period last year, significantly impacting shareholder profit[18]. - Shareholder profit decreased by 33% year-on-year to HKD 1.5138 billion, with basic earnings per share dropping to HKD 0.39 from HKD 0.58[18]. - The adjusted EBITDA grew by 24% to HKD 3.206 billion, reflecting strong business performance and contributions from new acquisitions[18]. - The company reported a profit of HKD 1,804.3 million for the six months ended December 31, 2019, a decrease of 21.2% compared to HKD 2,290.7 million for the same period in 2018[52]. - Total comprehensive income for the period was HKD 510.4 million, down 28% from HKD 708.7 million in the previous year[52]. Strategic Initiatives - The company completed the acquisition of FTLife Insurance in November 2019, contributing to the core business and enhancing growth potential[15]. - The company sold non-core assets, including shares in Beijing Capital International Airport, generating approximately HKD 910 million in cash for future business expansion[17]. - The company plans to continue optimizing its strategic portfolio and enhancing core competitiveness amid a challenging market environment[15]. - The company remains focused on sustainable long-term growth despite potential short-term impacts from external factors such as the COVID-19 outbreak[15]. - The company will continue to explore opportunities in the Greater Bay Area and develop toll road businesses in Central China[40]. Financial Position - The net debt amounted to HKD 17,504.0 million, with a net debt to equity ratio of 30%[13]. - The company has a committed bank credit line of approximately HKD 5.4 billion and total cash and bank deposits of HKD 12.5 billion, maintaining a solid financial position[18]. - The company's total assets increased to HKD 149,636.9 million as of December 31, 2019, compared to HKD 86,065.0 million as of June 30, 2019[54]. - Non-current liabilities rose significantly to HKD 44,557.3 million, up from HKD 15,089.3 million in the previous period[56]. - The company's cash and bank balances decreased to HKD 12,504.6 million from HKD 15,058.9 million[54]. - The company has significant investments in joint ventures amounting to HKD 14,087.9 million[54]. - The company’s total liabilities classified as current liabilities, including insurance and investment contract liabilities, amounted to HKD 59.225 billion, primarily due to the classification of total surrender values of HKD 192.91 billion as current liabilities[66]. Business Segments Performance - The core business generated an attributable operating profit of HKD 2.0481 billion, a 12% increase year-on-year, accounting for 89% of the group's total operating profit[22]. - The aviation segment's attributable operating profit increased by 16% to HKD 267.9 million, benefiting from the acquisition of Sky Aviation and fleet expansion[26]. - The road business recorded an attributable operating profit of HKD 949.6 million, with a 4% increase when excluding currency effects, driven by steady traffic growth[24]. - The environmental business's attributable operating profit decreased by 48% to HKD 233.1 million, primarily due to the absence of a one-time fair value gain from the previous year[33]. - The logistics business maintained stable performance with attributable operating profit reaching HKD 339.1 million, supported by a 6% increase in average rental rates and a high occupancy rate of 99.7%[35]. Insurance Operations - The insurance segment generated revenue of HKD 1,998.6 million, which was not present in the previous year's report[122]. - The total insurance contract liabilities amounted to HKD 32,710.3 million as of December 31, 2019, with HKD 4,718.5 million due within one year[105]. - The group maintains a solvency ratio above the regulatory requirement of 150%, ensuring sufficient surplus to meet unforeseen liabilities[108]. - The total premium for FTLife Insurance increased by 20% year-on-year, reaching HKD 8.709 billion by the end of 2019[43]. - The new business value profit margin for FTLife Insurance slightly decreased by 0.5% to 30.6% in 2019, primarily due to the low interest rate environment[43]. Market Conditions and Outlook - The global economic outlook remains uncertain due to the COVID-19 outbreak, despite signs of recovery in late 2019[40]. - The group anticipates varying degrees of negative impact on its different businesses due to the ongoing COVID-19 pandemic, but maintains a strong long-term outlook for its core operations[43]. Capital Management - The company has adopted new accounting standards, including HKFRS 16, which has impacted the classification of lease liabilities[69]. - The group has begun evaluating the impact of amendments to other standards, which may lead to changes in accounting policies and disclosures[76]. - The group’s capital management framework aims to identify risks and ensure adequate capital levels to support its insurance operations[108].