Financial Performance - Group revenue for 2022 was HKD 56,341 million, a decrease from HKD 62,094 million in 2021[3] - Shareholders' profit attributable for 2022 was HKD 21,683 million, compared to HKD 21,241 million in 2021[3] - Earnings per share for 2022 were HKD 5.98, up from HKD 5.77 in 2021[3] - Total dividends per share for 2022 were HKD 2.28, compared to HKD 2.20 in 2021[3] - Shareholders' profit for the year 2022 was HK$21.683 billion, an increase of 3.6% compared to HK$21.241 billion in 2021[14][15] - The proposed final dividend for 2022 is HK$1.85 per share, with a total annual dividend of HK$2.28 per share, representing a 3.6% increase from 2021[14][16] - The company's property sales revenue for the year was HK$25.756 billion, a decrease from HK$37.798 billion in 2021[33] - The company's revenue for the year was HK$10.339 billion, a decrease from HK$18.146 billion in 2021[34] - The company's share of joint venture revenues for the year was HKD 22.889 billion, an increase from HKD 20.867 billion in 2021[51] - The company's profit for the year was HKD 7.486 billion, up from HKD 6.934 billion in 2021[51] - The company's total bank and other borrowings at year-end were HKD 48.6 billion, a decrease of HKD 47.9 billion from the previous year[56] - The company held a net cash surplus of HKD 12.6 billion at year-end, with bank balances and fixed deposits totaling HKD 61.2 billion[56] - The company repurchased 49,342,500 shares on the Hong Kong Stock Exchange for a total consideration of HK$2.470 billion[32] - The company repurchased a total of 49,342,500 shares on the Hong Kong Stock Exchange for a total consideration of HKD 2,470,484,493.05 (excluding fees) during 2022[139] - The company redeemed GBP 420 million of the GBP 850 million unsecured fixed-rate notes due in 2025, with the remaining GBP 430 million redeemed in full by March 31, 2022[137] - The company redeemed HKD 1.45 billion of the HKD 5 billion Euro Medium Term Note Program with an annual interest rate of 2.25% due in 2022[137] - The company redeemed GBP 96.7 million of the GBP 300 million secured fixed-rate notes due in 2032 at 106.0% of the ex-dividend price[137] - The company redeemed GBP 182.74 million of the GBP 290 million secured floating-rate notes due in 2033 at par value[138] - The company's total issued shares as of December 31, 2022, were 3,605,190,333, with an additional 10,949,000 shares repurchased and canceled by February 2, 2023[141] Property Development and Sales - The group's property project Perfect Ten in Singapore won multiple awards at the 2022 PropertyGuru Asia Property Awards[12] - The group's property project LYOS and FY received awards at the 2022 Corporate Brand Achievement Awards[10] - Property sales in Hong Kong met expectations, with the successful launch of Phase 1 of the "Fei Yang" residential project and Phase 2 scheduled for March 2023[18] - The company invested over HK$30 billion in 2021 and 2022 to acquire four government land parcels and two redevelopment projects in Hong Kong[18] - The company completed several property developments in 2022, including "名日．九肚山" with a gross floor area of 244,084 sq. ft. and "海逸豪庭" with 932,186 sq. ft., both with 100% and 99.8% ownership respectively[27] - The company expects to complete several property developments in 2023, including the "波老道項目" with 149,123 sq. ft. and "LYOS" with 138,876 sq. ft., both with 100% ownership[28] - In March 2022, the company successfully acquired four redevelopment projects in Kowloon, covering a total area of 58,534 sq. ft., with an estimated total gross floor area of 526,807 sq. ft.[29] - The company sold 37 strata units in Singapore for a total consideration of S$88 million (approximately HK$501 million)[31] - The company sold a development project in Hong Kong for HK$20.766 billion[31] - The company acquired a land parcel in Tuen Mun, Hong Kong, with a site area of approximately 362,883 square feet, for residential development[31] - The company acquired a development project in Sai Ying Pun, Hong Kong, with a site area of approximately 16,864 square feet[32] - The company acquired three land parcels in Kai Tak, Hong Kong, with a total site area of approximately 214,406 square feet, for residential and commercial development[32] - The company expects property sales to be recognized in 2023 upon completion of transactions for projects such as Hong Kong's Flyover Phase 1, Ming Ri Kowloon Tong, and LYOS[35] - Contracted but unconfirmed property sales as of December 31, 2022, totaled HKD 14,886 million, with HKD 8,182 million in Hong Kong, HKD 3,510 million in Mainland China, and HKD 3,194 million overseas[36] - The group's property rental income for the year was HKD 5,843 million, a decrease of HKD 850 million from the previous year, primarily due to the impact of the pandemic on retail and office rentals[37] - Investment property portfolio as of year-end totaled 17.1 million square feet, with 13.1 million square feet in Hong Kong, 1.9 million square feet in Mainland China, and 2.1 million square feet overseas[40] ESG and Sustainability - The company achieved an MSCI ESG rating of "A" in 2022 and received green building certifications for several residential projects[23] - Greene King committed to achieving net-zero emissions by 2040, with other infrastructure and utility assets aiming for net-zero between 2027 and 2050[23] - The company has established a Corporate Social Responsibility Policy and Environmental Policy to guide its environmental protection efforts[105] - Greene King established an Environmental, Social, and Governance (ESG) Committee in 2022 to oversee all ESG matters[108] - Greene King formed a Regulatory Transformation Team in 2022 to manage compliance with new regulations, including deposit return schemes in Scotland (expected to start in August 2023) and England & Wales (expected to start in October 2025)[108] - Greene King engaged EY to conduct a comprehensive review of ESG regulations and prepare monthly horizon scanning reports for new or amended regulations[108] - The company's property projects "Sea to Sky" and "Ocean Pride" received the "Final Gold" rating under the "BEAM Plus New Buildings" assessment, while existing projects like "Fortune Metropolis," "Laguna City Mall," and "Coastal Skyline" achieved "Excellent" ratings in the "Operation and Management" category under the "BEAM Plus Existing Buildings 2.0" assessment[105] - Greene King's menu offers at least ten dishes under 500 calories to support healthy and balanced diets[106] - The company prioritizes environmentally certified products in its procurement activities, such as organic fertilizers and paper from sustainable forests[106] - The company provides special paid leave to encourage employees to receive COVID-19 vaccinations[106] - The company conducts regular customer surveys to improve service levels and respond quickly to changing customer preferences[106] - Greene King conducted over 500 routine inspections in 2022 with no enforcement actions taken by regulators[108] - Greene King implemented mandatory training for all non-pub employees in 2022 to enhance compliance with the UK Bribery Act and Equality Act[109] Corporate Governance and Leadership - The company's Board of Directors consists of 16 members, including 8 executive directors and 8 independent non-executive directors, with over one-third being independent non-executive directors[156] - The Board of Directors is responsible for shaping and monitoring corporate culture, setting long-term strategic goals, and ensuring effective communication with shareholders and stakeholders[155] - The company has appointed new independent non-executive directors, including Ms. Kwok Li Yee Wah and Ms. Sun Poon Sau Mei, effective from May 20, 2022, and Mr. Lam Siu Hong, effective from October 27, 2022[156] - The Chairman and Managing Director, Mr. Li Ka-shing, continues to provide insights and wisdom on major group matters as a senior advisor after stepping down as Chairman[157] - The Chairman ensures that the Board of Directors effectively fulfills its duties, encourages open discussion, and fosters a constructive relationship between executive and non-executive directors[158] - The company's Board of Directors held four regular meetings in 2022, with all directors attending the Annual General Meeting on May 19, 2022[161] - The Executive Committee, chaired by the Chairman and Managing Director, consists of all executive directors and six general managers, responsible for evaluating acquisitions and investments[159] - Directors can attend Board meetings in person, via phone, or electronic communication, with no proxies used in 2022[163] - The Chairman held two separate meetings with independent non-executive directors in May and November 2022, without the presence of other directors[164] - The company's Articles of Association require directors to declare interests, and significant conflicts are handled according to applicable rules and regulations[161] - New independent non-executive directors were appointed on May 20, October 27, and December 31, 2022[160] - The company provides monthly updates and other materials to directors to keep them informed of the latest business developments[163] - The Board of Directors meets at least four times a year, with meeting notices sent at least 14 days in advance[161] - The company's Articles of Association are available in both English and Chinese on the company and HKEX websites[163] - The Executive Committee has sufficient resources to fulfill its duties and can seek independent professional advice when necessary[159] - The board consists of 16 members, with 8 being independent non-executive directors, accounting for 50% of the board[166] - Independent non-executive directors provide independent insights on strategy, performance, accountability, and governance, and regularly review major board decisions and financial performance[166] - The company ensures board independence by regularly evaluating the independence of non-executive directors in accordance with listing rules[167] - The chairman holds two exclusive meetings annually with independent non-executive directors to discuss governance and other issues without the presence of executive directors or management[168] - Directors are encouraged to participate in continuous professional development, with tailored training provided by the company to update their knowledge and skills[169] - Directors primarily engage in professional development through reading company-prepared materials, attending seminars, and reviewing industry-specific publications[170] - The company has established five board committees: Audit Committee, Remuneration Committee, Nomination Committee, Sustainability Committee, and Executive Committee, each with defined terms of reference[173] - Independent non-executive directors held various roles in the board committees during 2022, with specific members serving as chairs or members of different committees[174] - The company secretary plays a crucial role in corporate governance, providing compliance advice, and facilitating communication between the board, management, and stakeholders[175] - The company secretary ensures that the company's policies and procedures align with its values and strategic objectives, supporting the implementation of corporate culture[175] - The company secretary organizes regular training for directors and management on regulatory developments and specific topics relevant to the company's business[175] - The company secretary maintains detailed records of board and committee meetings, with draft and final minutes distributed to members for review and approval[175] - The company secretary is a member of the Executive Committee and Sustainability Committee, with appointment and removal subject to board approval[176] - The company has adopted a standard code for securities transactions by directors, ensuring compliance with regulatory requirements[172] - Directors confirmed their adherence to the standard code for securities transactions during the year ended December 31, 2022[172] - The company has implemented written guidelines for employee securities transactions, consistent with the standard code and applicable regulations[172] - The company publishes semi-annual financial results within two months after the end of the relevant period and annual financial results within three months after the end of the fiscal year[177] - The company does not consider quarterly financial reporting necessary, as it believes it does not appropriately reflect the actual performance of the company due to the multi-year development cycle of real estate projects[178] - The Audit Committee consists of 6 independent non-executive directors, with over one member possessing appropriate professional qualifications or expertise in accounting or financial management[179] - The Audit Committee held four meetings in 2022, with attendance rates as follows: Chairman Zhang Yingchao (4/4), Zhou Nianmao (2/4), Hung Siu-lin (4/4), Lo Si-lok (3/3), Lo Pik-sze (4/4), and Pak Sing-man (4/4)[180] - The Audit Committee reviewed the 2021 annual and 2022 interim financial reports, as well as the unaudited financial results for the first and third quarters of 2022[181] - The Audit Committee reviewed the internal audit results and recommendations submitted by the company's internal audit department, including updates on remedial actions[181] - The Audit Committee evaluated the effectiveness of the company's risk management and internal control systems[181] - The Audit Committee reviewed the audit results and fees of the external auditors[181] - The Audit Committee reviewed the risks of different business departments and the analysis provided by the relevant departments and internal audit[181] - The Audit Committee reviewed the company's corporate governance policies, including anti-fraud, anti-bribery, anti-money laundering, and information security policies[182] - The company's external auditor, Deloitte Touche Tohmatsu, provided audit services, tax services, and consulting services for HKD 36 million, HKD 3 million, and HKD 27 million respectively in 2022[183] - The company's risk management system was reviewed and improved in 2022, with a focus on preventing and detecting significant misstatements or losses[185] - The company established a dedicated risk management team to oversee the operation of the enterprise risk management system[186] - The company's risk management policy provides guidance on identifying, prioritizing, and addressing significant risks, including environmental, social, and governance risks[186] - The company's audit committee reviewed and confirmed the fulfillment of corporate governance functions, including compliance with legal and regulatory requirements[184] - The company adopted modifications to its corporate governance policies, including the shareholder communication policy, anti-money laundering policy, sanctions compliance policy, and whistleblowing policy[184] - The company's risk management system follows a "top-down" approach, with oversight from the board of directors, audit committee, risk management team, and department heads[186] - The company's audit committee recommended the reappointment of Deloitte as the external auditor for 2023[183] - The company's risk management system ensures accountability and information flow across all levels and departments, including overseas subsidiaries[186] - The company's risk management activities are a key element of its corporate governance practices, with continuous improvement efforts to ensure system effectiveness[186] - The company's Board of Directors is fully responsible for ensuring the soundness and effectiveness of the Group's risk management and internal control systems, including setting and communicating the Group's strategy and objectives[187] - The Audit Committee plays a crucial role in overseeing the enterprise risk management system, including reviewing and approving risk management policies and conducting annual reviews of the system's effectiveness[187] - The Risk Management Task Force, led by an Executive Director, is responsible for assisting the Board and Audit Committee in monitoring the enterprise risk management system and ensuring its integration into daily operations[187] - The Internal Audit Department conducts independent assessments of the Group's enterprise risk management system and provides recommendations for improvement[187] - The company adopts the COSO Enterprise Risk Management Framework to integrate risk management activities into business and decision-making processes[189] - The risk assessment process involves four main stages: risk identification, risk assessment, risk response, and continuous communication and monitoring[189][190][191][192] - Department/function heads and overseas subsidiaries are responsible for managing risks in daily operations and integrating appropriate risk management procedures into their activities[188] - The company conducts semi-annual self-assessment procedures to evaluate the effectiveness of financial reporting controls, operational efficiency, and compliance with relevant laws and regulations[188] - The Internal Audit Department prepares an annual audit plan based on risk ratings and submits it to the Audit Committee for approval before execution[188] - The company ensures that resources allocated to departments/functions/overseas subsidiaries are sufficient to fulfill risk management activities in accordance with the risk management policy[187] - The company has adopted four types of risk mitigation strategies: acceptance, reduction, sharing, and avoidance, depending on the significance and manageability of the risks[193] - The company's risk management system is continuously monitored and reported to ensure its effectiveness, with internal audits conducted to review risk mitigation plans[194] - The company has established procedures for communicating risk events internally and externally, ensuring timely and accurate information dissemination[195] - The board of directors has confirmed the effectiveness of the company's risk management and internal control systems as of December 31, 2022[196] - The company maintains a zero-tolerance policy towards bribery, corruption, and fraud, with comprehensive governance policies in place to ensure compliance[197] - The nomination committee, chaired by an independent non-executive director, is responsible for reviewing the board's structure, diversity, and succession planning[198] - The nomination committee recommended the appointment of three new independent non-executive directors in 2022[200] Business Operations and Strategy - The company strategically exited the aircraft leasing industry and reinvested the proceeds into real estate projects, acquiring high-quality land reserves to strengthen its long-term real estate business[17] - Hotel and serviced suite business revenue increased significantly in 2022 due to innovative strategies and the easing of travel restrictions[20] - Greene King, the UK pub business, contributed HK$835 million in revenue in 2022, showing improvement from 2021 despite challenging operating conditions[21] - Infrastructure and utility assets business revenue increased in 2022, with CK William, Reliance Home Comfort, and ista contributing HK$1.419 billion, HK$1.408 billion, and HK$1.179 billion respectively[22] - The company completed the sale of its aircraft leasing business, recording a post-tax

Financial Performance - Shareholders' profit for the year ended December 31, 2022, was HKD 21,683 million, an increase of 3.6% from HKD 21,241 million in 2021[2] - Earnings per share for 2022 was HKD 5.98, up from HKD 5.77 in 2021, reflecting a growth of 3.6%[3] - The group reported a net cash position of approximately HKD 12.6 billion after deducting borrowings as of the year-end closing date[12] - The group's total revenue for 2022 was HKD 56,341 million, a decrease of 9.2% from HKD 62,094 million in 2021[63] - The group's net profit for the year was HKD 21,963 million, slightly up from HKD 21,943 million in 2021, reflecting a stable performance[64] - The group's continuous business profit for 2022 was HKD 19,627 million, down from HKD 20,824 million in 2021, a decrease of 5.7%[67] Dividends - The proposed final dividend for 2022 is HKD 1.85 per share, which, combined with the interim dividend, results in a total annual dividend of HKD 2.28 per share, an increase of 3.6% from HKD 2.20 in 2021[4] - The company declared an interim dividend of HKD 0.43 per share for 2022, up from HKD 0.41 per share in 2021[63] - The proposed final dividend for 2022 is HKD 1.85 per share, compared to HKD 1.79 per share in 2021, reflecting a 3.4% increase[63] Property Sales and Revenue - The total property sales revenue for the year was HKD 25.756 billion, a decrease of 31.8% from HKD 37.798 billion in 2021[23] - The property sales segment generated HKD 25,706 million in 2022, down from HKD 37,760 million in 2021, indicating a significant decline of 31.9%[66] - Property sales contributed HKD 10,303 million in 2022, down from HKD 18,127 million in 2021, representing a decrease of 43.5%[67] - The property sales breakdown by region for 2022 shows Hong Kong at HKD 14.511 billion, Mainland China at HKD 9.916 billion, and overseas at HKD 1.329 billion[24] Rental Income - The total rental income for the year was HKD 5.843 billion, down from HKD 6.693 billion in 2021, reflecting a decrease of 12.7%[28] - The total revenue from property leasing in 2022 was HKD 4,580 million, compared to HKD 5,541 million in 2021, reflecting a decline of 17.4%[67] - Rental income decreased due to the sale of the 5 Broadgate property in London, but the group remains confident in the demand for prime office space in central business districts[7] Business Strategy and Operations - The group strategically exited the aircraft leasing industry and reinvested the proceeds into real estate projects, enhancing its property portfolio[5] - The group plans to continue seeking quality infrastructure and utility investments globally, having successfully monetized part of its stake in Northumbrian Water[10] - The group is focused on sustainable green residential and working spaces as a core aspect of its global business strategy[12] - The group is actively seeking opportunities while maintaining a prudent financial management approach to enhance recurring income and asset resilience[12] Environmental and Governance Initiatives - The group aims to reduce greenhouse gas emissions, water and electricity consumption, and waste paper by 2030, with a commitment to achieve net-zero emissions by 2040 for Greene King and between 2027 to 2050 for other subsidiaries[11] - The group has received an "A" rating from MSCI for its environmental, social, and governance (ESG) performance in 2022, recognizing its green building initiatives[11] - The company has established a strong corporate governance framework, adhering to the principles outlined in the Corporate Governance Code, with a focus on high-quality board composition and transparency to shareholders[56] Acquisitions and Sales - The group successfully acquired four redevelopment projects in Kowloon, covering a total area of approximately 58,534 square feet, with an estimated total buildable area of about 526,807 square feet[17] - The group completed the sale of Accipiter Finance S.à r.l. and Manchester Aviation Finance S.à r.l. for a total cash consideration of approximately USD 2.44 billion (approximately HKD 189.21 billion) and USD 1.84 billion (approximately HKD 142.58 billion)[17] - The group entered into an agreement to sell a 25% stake in Northumbrian Water Group Limited and Northumbrian Services Limited for a total cash consideration of £86.7 million (approximately HKD 8.07 billion)[18] Employee and Management - The group employed approximately 55,000 staff, with employee costs (excluding directors' remuneration) amounting to HKD 12.09 billion for the year[51] - The company has a dedicated Remuneration Committee, primarily composed of independent non-executive directors, to oversee executive compensation and align it with shareholder interests[58] Market Outlook - The group anticipates stable growth in the Hong Kong economy in 2023, despite external challenges, supported by national policies[12] - The group expects no significant impact from the new IFRS standards effective from January 1, 2022, and is currently assessing the impact of upcoming standards[72]

Financial Performance - The company's profit attributable to shareholders for the six months ended June 30, 2022, was HKD 12,936 million, a 58% increase from HKD 8,355 million in the same period of 2021[3]. - Earnings per share for the same period rose to HKD 3.55, compared to HKD 2.25 in 2021, reflecting a 58% increase[4]. - The group reported a total equity of 1,688,741,093 shares, representing approximately 46.34% ownership by Li Ka Shing and related parties[60]. - The total comprehensive income for the period was HKD 11,627 million, compared to HKD 10,225 million in 2021, reflecting a 13.8% increase[123]. - The group’s profit attributable to shareholders for the six months ended June 30, 2022, was HKD 12,936 million, compared to HKD 8,355 million in 2021, marking a 54.5% increase[132]. - The group’s earnings before tax for the six months ended June 30, 2022, were HKD 11,351 million, compared to HKD 9,735 million in 2021, reflecting a 16.6% increase[133]. Dividends and Share Repurchase - The board declared an interim dividend of HKD 0.43 per share, up from HKD 0.41 per share in the previous year, representing a 5% increase[5]. - The company repurchased 6,561,500 shares for a total consideration of HKD 341.38 million during May and June 2022[19]. - The interim dividend declared is $0.43 per share, totaling $1,564,000,000, an increase from $1,494,000,000 in 2021[135]. Property Sales and Revenue - The company continues to expand its property sales, with revenue from Hong Kong property sales increasing compared to the previous year, driven by easing pandemic restrictions[8]. - Property sales revenue for the first half of the year was HKD 20.40 billion, up from HKD 14.79 billion in 2021, primarily driven by sales from the Sea to Sky residential units and Century Plaza in Shanghai[22]. - The group anticipates property sales in Hong Kong to reach HKD 8.34 billion and in mainland China and overseas to reach HKD 4.58 billion for the remainder of 2022[24]. Financial Position and Cash Flow - The group maintains a strong financial position with ample cash flow and rigorous financial discipline, allowing it to explore new projects[7]. - The group holds a net cash position of approximately HKD 13.9 billion after deducting borrowings, reflecting strong financial discipline and resilience in a challenging market environment[16]. - The group’s cash and cash equivalents stood at HKD 59,793 million, down from HKD 63,365 million at the end of 2021[124]. - The group reported a net cash inflow from operating activities of HKD 8,123 million for the six months ended June 30, 2022, compared to a net outflow of HKD 2,758 million in 2021[127]. Market Conditions and Economic Outlook - The global economic recovery remains uncertain due to inflationary pressures and interest rate hikes, impacting business operations[6]. - The group anticipates economic recovery in mainland China, while local economic performance in Hong Kong is expected to be impacted by the pandemic and global economic conditions[15]. - The ongoing COVID-19 pandemic continues to impact business operations and consumer behavior, potentially affecting the company's financial performance[89]. Strategic Investments and Expansion - The company is actively seeking quality property investments to optimize its portfolio and enhance stable income and long-term asset value[9]. - The group is focused on increasing land reserves through various strategies, including land bidding, to develop quality property projects[8]. - The group is expanding into global quality investments to enhance cash flow quality and strengthen fixed income bases, although success in these strategies is not guaranteed[117]. Governance and Management - The company maintains a robust governance structure with independent directors overseeing key committees[57][59]. - The company’s independent directors have extensive experience in various industries, enhancing governance and strategic oversight[58][59]. - The board of directors is committed to enhancing shareholder value through active engagement and decision-making processes[75]. Risks and Challenges - The group faces significant risks from industry trends, including market conditions, asset values, and interest rate cycles, which may adversely affect its business and financial performance[90]. - The group is exposed to risks related to global economic conditions, including inflationary pressures and supply chain disruptions due to the COVID-19 pandemic[88]. - The group operates in regions affected by social unrest, terrorism threats, and geopolitical tensions, which could adversely affect its business and financial conditions[99]. Sustainability and Corporate Responsibility - The group aims to achieve environmental targets by 2030, including reducing greenhouse gas emissions, electricity, water usage, and waste paper, with a commitment to net-zero carbon emissions by 2040[13]. - The company established a Sustainability Committee on December 1, 2020, to oversee sustainable development measures and provide recommendations to the board[83]. - The group has participated in various charitable activities, raising over HKD 110 million for Macmillan Cancer Support over the past decade[14].

Financial Performance - The company's profit attributable to shareholders for the six months ended June 30, 2021, was HKD 8,355 million, representing a 30.8% increase from HKD 6,360 million in the same period of 2020[5]. - The earnings per share for the first half of 2021 was HKD 2.25, compared to HKD 1.72 in the first half of 2020, reflecting a growth of 30.8%[6]. - The group reported a profit attributable to shareholders of HKD 8,355 million for the first half of 2021, up from HKD 6,360 million in 2020, representing a growth of 31.3%[135]. - The group's total revenue for the first half of 2021 was HKD 12,332 million, compared to HKD 12,209 million in the same period of 2020, reflecting a slight increase of 1.0%[135]. - The total revenue for 2021 was HKD 3,320 million, an increase of 35% compared to HKD 2,456 million in 2020[46]. - Total comprehensive income for the six months ended June 30, 2021, was HKD 10,225 million, significantly higher than HKD 5,059 million in 2020, marking an increase of around 101.5%[126]. Dividends and Share Repurchase - The board declared an interim dividend of HKD 0.41 per share for 2021, up 20.6% from HKD 0.34 per share in 2020[7]. - The interim dividend declared was HKD 0.41 per share, totaling HKD 1,494 million, compared to HKD 1,256 million in 2020, an increase of 18.9%[138]. - The group repurchased a total of 380,000,000 shares at a total cost of HKD 19,380,000,000 on June 4, 2021[85]. - During the six months ended June 30, 2021, the company repurchased 3,150,000 shares at a total cost of HKD 163,423,500[85]. Acquisitions and Investments - The company acquired interests in UK Power Networks, Northumbrian Water, Wales & West Utilities, and Dutch Enviro Energy for HKD 17 billion, funded by issuing 333,333,333 shares[9]. - The total cost of the acquisition and share buyback was approximately HKD 19.38 billion, which was well-supported by independent shareholders[9]. - The group completed the acquisition of a 20% stake in UK Power Networks and other utilities for HKD 17,000 million, issuing 333,333,333 shares at HKD 51 each[145]. - The group continues to explore acquisition opportunities in the market, although there are risks associated with due diligence and integration of acquired businesses[121]. Market and Economic Conditions - The ongoing challenges posed by COVID-19 variants continue to impact the business environment, but the company is focused on improving performance[8]. - The local real estate market showed support due to a low-interest environment and continued user demand, with the Sea to Sky residential project sold out during the period[10]. - The GDP of mainland China grew by 12.7% year-on-year in the first half of the year, supported by a reduction in the reserve requirement ratio to release approximately RMB 1 trillion in long-term funds[17]. - Hong Kong's GDP turned positive with a year-on-year increase of 7.8% in the first half, aided by rising vaccination rates and government stimulus measures[17]. Operational Performance - The rental income of the group continues to be affected by the business environment and market consumption confidence, with the rental rate remaining under pressure[11]. - The hotel operations showed slight revenue growth, with the overall business benefiting from long-term lease agreements despite strict travel restrictions in Hong Kong[12]. - Aircraft leasing profits decreased by 18% compared to the same period last year, with over 95% of the fleet being narrow-body aircraft, which are more stable during the pandemic[13]. - The group achieved property sales revenue of HKD 14.79 billion in the first half of 2021, a decrease of 24.5% compared to HKD 19.48 billion in 2020[22]. Risks and Challenges - The ongoing COVID-19 pandemic continues to pose significant risks to the global economy, affecting the company's operations and financial performance[90]. - The group faces foreign exchange risk due to operations in multiple countries, which could impact financial status and operational performance[95]. - Climate change poses long-term risks to the group's assets and operations, potentially leading to business disruptions and financial losses[101]. - The group faces significant risks from natural disasters, which could adversely affect its business, financial condition, operational performance, or development prospects[102]. Corporate Governance - The board consists of 14 directors, including 8 executive directors and 6 independent non-executive directors, ensuring compliance with listing rules[75]. - The company has adopted a whistleblowing policy to handle potential misconduct and has established policies for handling confidential information and securities trading[74]. - The audit committee, consisting of 6 independent non-executive directors, reviewed the group's financial reporting system and risk management effectiveness for the six months ending June 30, 2021[79]. - The company emphasizes transparency and accountability in its governance practices, with regular reviews and updates to its governance policies[74].

Financial Performance - Group revenue for 2020 was HKD 74,152 million, a decrease of 22.9% compared to 2019[3] - Shareholders' profit for 2020 was HKD 16,332 million, down 44% from HKD 29,134 million in 2019[3] - The basic earnings per share for the year ended December 31, 2020, was HKD 5.24, a decrease of 32.5% compared to HKD 7.76 in 2019[14] - The total profit attributable to shareholders for the year was HKD 4.42 per share, down 44.0% from HKD 7.89 in 2019[14] - The proposed final dividend for the year 2020 is HKD 1.46 per share, down 7.6% from HKD 1.58 in 2019, with a total annual dividend of HKD 1.80, a decrease of 14.3% from HKD 2.10[16] - The overall rental income decreased by 14% due to the impact of the pandemic on local consumption and economic slowdown[17] - The total property sales revenue for the year was HKD 38.67 billion, a decrease from HKD 64.11 billion in 2019[36] - The group's total revenue for the year was HKD 19.11 billion, compared to HKD 21.37 billion in 2019, with significant contributions from mainland property sales[38] - The group’s total revenue for the year was HKD 59.35 billion, a decrease from HKD 68.97 billion in 2019, reflecting a decline of approximately 13.5%[41] Asset Management - Total assets as of 2020 amounted to HKD 449,880 million, a slight decrease from HKD 458,299 million in 2019[4] - Investment properties valued at HKD 128,683 million in 2020, compared to HKD 119,832 million in 2019, reflecting a 7.4% increase[4] - The net asset value per share increased to HKD 96.02 in 2020, up from HKD 93.21 in 2019[4] - The fair value of real estate investment trusts and investment properties decreased by HKD 10.67 billion and HKD 9.45 billion, respectively, while the impairment of pub property assets was HKD 9.95 billion[14] - The group has a land reserve of approximately 80 million square feet, with 5 million square feet in Hong Kong, 71 million square feet in mainland China, and 4 million square feet overseas[39] Development Projects - The company launched several new residential projects, including the successful sale of the 4B phase of Changsha Yingfeng Cui Di[6] - The company plans to develop private residential units and government-subsidized housing on the acquired land in Kwun Tong[9] - The group achieved strong sales progress for Guangzhou Yichui Villa and other projects, indicating positive market response[11] - The group completed several property developments in 2020, including a project in Guangzhou with a floor area of 120,187 square feet (80% ownership) and a project in Shanghai with 1,136,766 square feet (60% ownership)[31] - The company plans to develop a site in Kai Tak, Kowloon, with a site area of approximately 117,843 square feet and a potential gross floor area of about 648,137 square feet[35] Sustainability Initiatives - The establishment of a sustainability committee at the board level aims to enhance the company's sustainable development initiatives and stakeholder engagement[20] - The group is committed to sustainable development and has integrated sustainability principles into its business management, establishing a sustainability committee at the board level to oversee strategies[29] - The group emphasizes the importance of sustainable business development and is committed to balancing employee and community welfare, environmental protection, and economic factors[77] - The group has implemented various resource protection measures and waste management initiatives to minimize environmental impact, including a corporate social responsibility policy and environmental policy[77] - The company is focusing on developing sustainable building practices, aiming for a 20% reduction in carbon footprint by 2025[73] Market Outlook - The group anticipates that the local economy and employment will continue to face challenges in the first half of the year due to the pandemic, but expects positive growth for the full year as vaccination rates increase[22] - The group remains optimistic about regaining growth as the pandemic situation improves and the operating environment stabilizes[22] - The company provided an optimistic outlook, projecting a revenue growth of 10-12% for the next fiscal year, driven by new product launches and market expansion[64] - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[67] Corporate Governance - The company has established a formal plan outlining matters requiring board approval and those delegated to management[162] - The company has a formal appointment letter for all directors, specifying the main terms and conditions of their appointment[162] - The company has established various communication channels with shareholders, including annual general meetings and press conferences to provide updates on performance[124] - The board consists of 14 directors, including 8 executive directors and 6 independent non-executive directors, ensuring over one-third of the board members are independent[125] - The company has established a shareholder communication policy, which was first published in June 2015 and is regularly reviewed for effectiveness[124] Risk Management - The company has implemented a risk management system based on a risk management policy approved by the audit committee during the 2020 fiscal year[144] - The board ensures that the financial statements are prepared in accordance with applicable regulations and accounting standards[141] - The company maintains a robust internal control system designed to reasonably prevent and detect any material misstatements or losses[144] - The company has established a dedicated risk management task force to oversee the operation of the enterprise risk management system[144] - The risk management policy guides the identification, assessment, and management of significant risks within the company[147] Employee Engagement - The group employed approximately 58,000 employees, with annual employee costs amounting to HKD 10.875 billion[61] - The company has a strong focus on technology and information systems, with senior managers having over 25 years of experience in IT management[72] - The company has a diverse team with expertise in multiple areas, including finance, engineering, and information technology[72] - The company has established procedures for handling confidential and insider information, ensuring compliance with regulations[154] Shareholder Information - As of December 31, 2020, the total issued share capital of the company was 3,693,400,500 shares[100] - The company has a single class of shares, all with the same voting rights and entitlement to dividends[166] - The company aims to maintain continuous dividend distribution aligned with its profit growth and long-term development strategy[166] - The final dividend declaration received a 100.00% approval rate from shareholders[167]

Financial Performance - The group's revenue for 2019 was HKD 82.382 billion, representing a significant increase compared to previous years[5]. - Shareholders' profit attributable to the group was HKD 29.134 billion for 2019, reflecting a decrease from HKD 40.117 billion in 2018[5]. - The group reported a total comprehensive income of HKD 96.319 billion for the year, compared to HKD 64.481 billion in 2018[5]. - The group reported a basic earnings per share of HKD 7.78, an increase of 19% compared to HKD 6.53 in 2018[14]. - The group achieved a total revenue of HKD 28,729 million for the year, up from HKD 24,134 million in 2018, reflecting a growth of 19%[14]. - The total property sales revenue for the year was HKD 64.108 billion, a significant increase from HKD 34.767 billion in 2018, with major contributions from residential units in Hong Kong and various projects in mainland China[38]. - The company reported a significant increase in revenue, achieving a total of HKD 29 billion for the year, representing a year-on-year growth of 10%[64]. - The company reported a total revenue of 35 billion in 2019, reflecting a significant growth compared to previous years[73]. Property Sales and Development - The total property sales for the group amounted to approximately HKD 28.2 billion, with over 4,500 units sold across Hong Kong, mainland China, Singapore, and London[7]. - The group's property sales saw significant growth due to new projects like My Central and Victoria Peak, despite a slower market in mainland China[19]. - The company completed several property developments in 2019, including projects in mainland China, Singapore, and the UK, totaling over 7 million square feet[33]. - The company signed contracts for unrecognized property sales amounting to HKD 13.909 billion as of December 31, 2019, with HKD 1.809 billion in Hong Kong and HKD 9.833 billion in mainland China[41]. - The company has a land reserve of approximately 92 million square feet, with 4 million square feet in Hong Kong, 84 million square feet in mainland China, and 4 million square feet overseas[41]. Investments and Acquisitions - The acquisition of Greene King, a leading brewery and pub operator in the UK, was completed in October 2019, contributing positively to the group's profits[23]. - The acquisition of Greene King contributed HKD 3.611 billion in revenue and HKD 555 million in profit for the year[50]. - CK William Group contributed HKD 1.548 billion to the group's profit, with operations in Australia and other countries providing electricity solutions[24]. - Reliance Home Comfort contributed HKD 1.086 billion, while ista contributed HKD 1.26 billion from energy management services in Europe[24]. Market Presence and Expansion - The group has continued to expand its market presence, with successful launches in Guangzhou and Dongguan, receiving positive market responses[8]. - The group plans to continue its expansion and development of new properties in key markets, focusing on enhancing its portfolio[8]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share within the next three years[66]. - Future economic growth in mainland China is expected to rebound post-pandemic, with government policies supporting stability[25]. Corporate Governance and Management - The company has a strong management team with members holding various degrees and professional qualifications, including chartered accountants and registered surveyors, ensuring a high level of expertise in financial management and project oversight[69]. - The company emphasizes continuous professional development for its staff, ensuring that they remain competitive and knowledgeable in their respective fields[69]. - The company has established a clear policy and procedures for the nomination of directors, ensuring transparency and accountability[137]. - The company has a commitment to maintaining high standards in financial reporting and governance, as evidenced by the composition of its audit and nomination committees[68]. Environmental, Social, and Governance (ESG) Initiatives - The group emphasizes the importance of sustainable operations, integrating environmental, social, and governance (ESG) principles into its business practices[174]. - The investment committee considers ESG performance when making new investment decisions, including compliance with environmental regulations and management capabilities[175]. - The group has implemented various measures to control greenhouse gas emissions, including carbon audits and the use of low-emission equipment in its properties[180]. - The company is committed to reducing waste through source reduction and recycling initiatives, including good inventory planning and construction site management[185]. Financial Stability and Debt Management - The group's net debt to total capital ratio was 5.2%, supported by a stable financial foundation and diversified income sources[26]. - The total bank and other borrowings of the group amounted to HKD 80.1 billion, an increase of HKD 10.6 billion compared to December 31, 2018[56]. - The net debt to total net capital ratio was approximately 5.2% as of December 31, 2019, calculated by deducting bank balances and time deposits of HKD 60.3 billion from bank and other borrowings[56]. Awards and Recognition - The group has been recognized for its corporate strategies, receiving awards for outstanding business strategies and best local chain hotel[9]. - The group received multiple awards, including the "Outstanding Listed Company Award 2019" from various financial publications, highlighting its market position[11]. - The company received multiple awards in 2019 for its environmental protection efforts, including the Hong Kong Environmental Excellence Award[191]. Employee and Community Engagement - The group employed approximately 56,000 staff, with annual salaries (excluding directors' remuneration) amounting to HKD 6.525 billion[60]. - The group donated approximately HKD 6 million to various charitable organizations during the year[122]. - The company encourages employees to reduce paper waste by promoting double-sided printing and electronic communication[185].

Financial Performance - The unaudited profit attributable to shareholders for the six months ended June 30, 2019, was HKD 15.128 billion, representing a 39% decrease compared to the same period last year[13]. - The earnings per share for the same period was HKD 4.10, down from the previous year[13]. - The group's profit attributable to shareholders for the first half of 2019 was HKD 15,128 million, down from HKD 24,753 million in the same period of 2018[119]. - Total comprehensive income for the six months was HKD 15,062 million, compared to HKD 25,996 million in 2018, reflecting a decrease of 42.1%[108]. - The group's total revenue for the six months ended June 30, 2019, was HKD 34,008 million, up from HKD 24,118 million in 2018, marking a year-on-year increase of 41.0%[118]. - The group's pre-tax profit for the first half of 2019 was HKD 12,368 million, compared to HKD 6,639 million in the same period of 2018[120]. - The group's operating costs, including property and related costs, salaries, and financing costs, totaled HKD 11,531 million, compared to HKD 6,802 million in 2018, reflecting a significant increase[107]. - The group's share of profits from joint ventures was HKD 166 million, compared to HKD 197 million in the previous year, showing a decrease of 15.7%[107]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.52 per share, an increase from HKD 0.47 per share in 2018[14]. - The interim dividend declared is HKD 0.52 per share, totaling HKD 1,921 million, compared to HKD 1,738 million in 2018[122]. Property Sales and Development - The group signed property sale agreements totaling over HKD 10 billion during the first half of the year, contributing to ideal growth in property sales[16]. - The group's property sales revenue for the first half of the year reached HKD 19.232 billion, a substantial increase from HKD 9.109 billion in the previous year, with strong sales in Hong Kong and mainland China[24][25]. - The group continues to develop new property projects in locations such as Wong Chuk Hang, Tuen Mun, and Yau Tong as part of its ongoing strategy[16]. - The group has ongoing property projects that are expected to contribute to revenue, including developments in various regions such as Guangzhou and Shanghai[22][23]. - Property sales revenue increased significantly to HKD 19,226 million in 2019 from HKD 9,107 million in 2018, representing a growth of 111.5%[117]. Investment Properties and Rental Income - The rental income from investment properties slightly decreased compared to the previous year, but rental yields remained stable[17]. - Property rental income for the first half of 2019 was HKD 3.756 billion, a decrease of 3.2% from HKD 3.880 billion in 2018[29]. - The group held approximately 17 million square feet of investment properties, with a fair value increase of HKD 1.02 billion as of June 30, 2019[31]. - The overall investment property floor area will further expand with the completion of new projects, enhancing rental income stability[17]. Infrastructure and Utility Assets - CK William Group's profit contribution from infrastructure and utility assets was HKD 816 million in the first half of the year, with significant contributions from Australian distribution and gas services, as well as Canadian and German operations[19]. - The group plans to continue diversifying its infrastructure and utility assets to enhance quality cash flow and overall portfolio value[19]. - Infrastructure and utility assets generated a profit of HKD 2.542 billion, an increase from HKD 2.205 billion in 2018[43]. - The infrastructure and utility assets business generated revenue of HKD 6,658 million, consistent with the previous year's performance[117]. Debt and Financial Stability - The group's debt ratio was approximately 0.5% as of the mid-year settlement date, indicating strong cash flow and financial stability[20]. - As of June 30, 2019, the total bank and other borrowings amounted to HKD 61.2 billion, a decrease of HKD 8.3 billion from December 31, 2018[45]. - The group's net debt to total equity ratio was approximately 0.5% as of June 30, 2019, with net debt calculated as HKD 594 billion after deducting cash and deposits[45]. - The group has sufficient financial resources to meet contractual and working capital needs, supported by substantial cash reserves and unutilized bank loan facilities[45]. Market and Economic Conditions - The macroeconomic environment remains challenging, but the group is committed to maintaining robust cash flow for quality investments[15]. - The group is actively diversifying its global business portfolio to strengthen its resilience against market fluctuations[15]. - Global economic uncertainties, including trade tensions and geopolitical issues, may adversely affect the group's business and financial performance[84]. - The group is exposed to risks from intense market competition, which could impact market share and returns[86]. Governance and Management - The company’s board of directors includes members with over 30 years of international real estate experience, enhancing strategic decision-making capabilities[53]. - The independent directors bring diverse expertise, contributing to robust governance and oversight[54]. - The company has established a nomination committee to oversee the selection and re-election of directors[70]. - The company is committed to maintaining transparency and accountability in its governance practices[70]. Risks and Challenges - The group acknowledges that its business and financial conditions may be affected by various risks and uncertainties[80]. - The property development business outlook is influenced by the supply and price levels of quality land in Hong Kong, mainland China, and overseas markets[82]. - The group may encounter challenges in expanding into new industries and markets, including regulatory changes and operational experience gaps[87]. - Cybersecurity risks are significant, with threats of attacks that could adversely affect the group's operations and reputation[97].

Financial Performance - Group revenue for 2018 was HKD 64,481 million, a decrease from HKD 63,780 million in 2017[5] - Shareholders' profit attributable to the company was HKD 40,117 million, up from HKD 30,125 million in 2017, representing a growth of 33%[5] - Total revenue for 2018 was HKD 64,481 million, an increase from HKD 63,780 million in 2017[20] - Shareholders' profit for 2018 was HKD 40,117 million, up 34% from HKD 30,125 million in 2017[21] - Earnings per share increased to HKD 10.85, a 34% rise from HKD 8.07 in 2017[21] - The total property sales revenue for the year was HKD 34.767 billion, a decrease of 18.9% from HKD 42.851 billion in 2017[38] - The property sales revenue from Hong Kong was HKD 11.497 billion, down 10.1% from HKD 12.792 billion in 2017[39] - The property sales revenue from mainland China was HKD 22.142 billion, a decline of 25.1% from HKD 29.555 billion in 2017[39] - The rental income for the year was HKD 76.35 billion, a slight decrease from HKD 78.3 billion in 2017[43] - The hotel and serviced suite business revenue increased to HKD 51.52 billion, up 10.5% from HKD 47.98 billion in 2017[47] Property Development and Investments - The company completed the sale of a commercial building in Central for HKD 40.2 billion in May 2018[12] - The acquisition of the 5 Broadgate property in London was completed for GBP 1 billion in June 2018[12] - The company launched the market sale of the 90 Repulse Bay Road property in Hong Kong, receiving a positive market response[12] - The company completed property developments in 2018, including a total floor area of 1,798,648 sq ft in Tsuen Wan and 1,633,185 sq ft in Shanghai, with various ownership stakes ranging from 60% to 100%[34] - The company plans to complete several properties in 2019, including a total floor area of 4,944,796 sq ft in Shanghai and 1,063,878 sq ft in Beijing, with ownership stakes of 60% to 100%[35] - The group plans to continue seeking suitable investment opportunities to enhance its property development portfolio[30] - The company is actively expanding its property development portfolio in Hong Kong, mainland China, Singapore, and the UK, focusing on both residential and commercial properties[33] Financial Stability and Cash Flow - The group maintains a strong cash flow with a debt ratio below 4% as of the year-end[31] - The company has a strong financial foundation and aims to maintain a favorable capital structure and investment credit rating while seeking diversified global financing sources[33] - The contribution from CK William Group was HKD 1,605 million, marking a significant addition to fixed income sources[28] - The company has issued approximately USD 1.29 billion in notes under its USD 5 billion Euro Medium Term Note Program as of December 31, 2018[36] - As of year-end, the total amount of bank and other borrowings was HKD 69.5 billion, a decrease of HKD 2.5 billion from the previous year[60] - The net debt to total equity ratio was approximately 3.6% as of December 31, 2018[60] Corporate Governance and Leadership - The company is focused on maintaining strong governance through its independent directors, ensuring compliance and risk management[72] - The board comprises experienced professionals with diverse backgrounds in finance, engineering, and international business, enhancing the company's strategic decision-making capabilities[72] - The company has a structured internal monitoring policy to ensure compliance with relevant laws and regulations[41] - The company’s board members have confirmed their independence according to the listing rules, ensuring governance standards are upheld[85] - The company has established a nomination committee as of January 1, 2019, chaired by the chairman of the board, with all board members as members[136] - The board is responsible for reviewing its structure, size, and composition to ensure it has the necessary skills and experience to meet the company's business needs[136] Risk Management - The company has implemented a corporate risk management system based on a "top-down" approach, ensuring rigorous oversight by the board and relevant committees[153] - The risk management policy provides guidance on identifying, assessing, and managing significant risks, ensuring sustainability in risk management activities[151] - The internal audit department is responsible for evaluating the effectiveness of the risk management and internal control systems[154] - The company integrates risk management activities into business and decision-making processes, including strategy formulation and daily operations[157] - The board confirmed the effectiveness of the risk management and internal control systems as of December 31, 2018[160] Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the importance of sustainable operations and integrates environmental, social, and governance (ESG) principles into its business practices[179] - The board of directors oversees the company's ESG direction, while a cross-departmental team is responsible for implementing ESG measures and monitoring operations[179] - The group achieved a total greenhouse gas emission of 115,616.27 tons CO2 equivalent in 2018, a significant increase from 60,465.23 tons in 2017, representing a 91% rise[186] - The group implemented various measures to control greenhouse gas emissions, including carbon audits and the use of low-emission equipment in managed properties[185] - The group has integrated green practices into daily operations to enhance energy efficiency and reduce waste[185] Employee and Management Practices - The group employed approximately 18,900 employees at the year-end settlement date, with annual compensation (excluding director remuneration) amounting to HKD 5.973 billion[64] - Employee compensation is determined based on individual performance, group profitability, industry standards, and market conditions, ensuring competitiveness[64] - The company emphasizes continuous professional development, with many managers holding multiple professional certifications[79] - The management team includes individuals with extensive backgrounds in project management, advertising, and market communication, contributing to a well-rounded leadership structure[76] Shareholder Communication and Engagement - The company has established various communication channels with shareholders, including printed and electronic communications, annual general meetings, and a dedicated website for updates[132] - The company ensures that shareholders received notifications at least 20 business days before the annual general meeting and 10 business days for other meetings[168] - The attendance rate of directors at the annual general meeting and special general meeting in 2018 was high, with key members present to address shareholder questions[167]