Financial Performance - Shareholders' profit attributable to the company for the first half of 2023 was HK$10.331 billion, a decrease of 4.0% compared to the same period in 2022[9][11] - Earnings per share for the first half of 2023 was HK$2.88, down 4.0% from the same period in 2022[9][11] - The company declared an interim dividend of HK$0.43 per share for 2023, unchanged from 2022[9][12] - Property sales revenue for the first half of 2023 was HK$8.246 billion, a significant decrease from HK$20.397 billion in 2022, with Hong Kong contributing HK$4.316 billion, mainland China HK$3.542 billion, and overseas HK$388 million[26] - The group's revenue for the first half of 2023 was HK$3.53 billion, down from HK$8.054 billion in 2022, with Hong Kong contributing HK$1.666 billion, mainland China HK$1.677 billion, and overseas HK$187 million[27] - Property rental income for the first half of 2023 was HK$2.862 billion, slightly down from HK$2.993 billion in 2022, with retail contributing HK$1.051 billion, office HK$964 million, industrial HK$385 million, and other properties HK$462 million[31] - Group revenue for the first half of 2023 was HKD 24,605 million, a decrease from HKD 35,715 million in the same period in 2022[118] - Profit attributable to shareholders for the first half of 2023 was HKD 10,331 million, compared to HKD 12,936 million in the same period in 2022[118] - Earnings per share for the first half of 2023 was HKD 2.88, down from HKD 3.55 in the same period in 2022[118] - Total comprehensive income for the first half of 2023 was HKD 11,808 million, slightly higher than HKD 11,627 million in the same period in 2022[119] - Non-current assets increased to HKD 313,460 million as of June 30, 2023, compared to HKD 304,942 million as of December 31, 2022[120] - Current assets decreased to HKD 190,515 million as of June 30, 2023, from HKD 209,879 million as of December 31, 2022[120] - Net current assets were HKD 144,075 million as of June 30, 2023, down from HKD 154,899 million as of December 31, 2022[120] - Total equity increased to HKD 397,327 million as of June 30, 2023, compared to HKD 393,707 million as of December 31, 2022[120] - The company repurchased and canceled issued shares worth HKD 1,362 million during the first half of 2023[121] - The company declared a final dividend of HKD 1.85 per share for 2022, totaling HKD 6,644 million[121] - Total reserves increased from HKD 128,609 million in 2022 to HKD 144,700 million in 2023, driven by retained earnings growth[122] - Net cash outflow from operating activities was HKD 3,634 million in 2023, compared to a net inflow of HKD 8,123 million in 2022[123] - Cash and cash equivalents decreased by HKD 12,872 million in 2023, ending at HKD 43,518 million[123] - Property sales revenue declined by 59.5% to HKD 8,246 million in 2023 from HKD 20,397 million in 2022[127] - UK operations contributed HKD 15,737 million in revenue, representing 43.1% of total revenue in 2023[128] - Infrastructure and utility assets generated HKD 11,740 million in revenue, maintaining stable performance[127] - Profit contribution from property sales decreased by 56.2% to HKD 3,530 million in 2023[129] - Hotel and serviced suite business profit contribution increased by 102.2% to HKD 637 million in 2023[129] - Total profit attributable to shareholders was HKD 10,331 million in 2023, down from HKD 12,936 million in 2022[129] - Restricted bank balances decreased by 63.2% to HKD 302 million in 2023 from HKD 820 million in 2022[124] - Pre-tax profit for the six months ended June 30, 2023 was HKD 935 million, compared to HKD 613 million in the same period in 2022[130] - Total tax expense for the six months ended June 30, 2023 was HKD 1,867 million, compared to HKD 2,226 million in the same period in 2022[131] - The company declared an interim dividend of HKD 0.43 per share, totaling HKD 1,532 million, unchanged from the previous year[132] - Earnings per share were calculated based on a weighted average of 3,589,614,728 shares issued during the period, compared to 3,642,739,678 shares in 2022[133] - Accounts receivable within one month increased to HKD 1,294 million as of June 30, 2023, compared to HKD 1,197 million as of December 31, 2022[134] - Accounts payable within one month decreased significantly to HKD 3,579 million as of June 30, 2023, compared to HKD 14,121 million as of December 31, 2022[135] - The company repurchased 31,100,000 shares at a total cost of HKD 1,358 million during the period[136] - The fair value of listed securities decreased to HKD 5,354 million as of June 30, 2023, compared to HKD 6,068 million as of December 31, 2022[138] - The company's capital commitments include HKD 2,529 million for investment property development and HKD 4,021 million for the acquisition of Civitas Social Housing PLC in the UK[140] Property Development and Sales - Property sales revenue in Hong Kong and mainland China decreased compared to the same period last year[14] - The company's project in Sha Tin, "Ming Ri · Kau To Shan," was recognized in the first half of 2023, while the "LYOS" project in Hung Shui Kiu is expected to contribute to revenue in the second half of 2023[14] - The company terminated an agreement for the sale of unsold units at 21 BORRETT ROAD in Hong Kong on July 13, 2023, with forfeited deposits to be recognized in the second half of 2023[14] - The company added four government land plots and two redevelopment projects in Hong Kong over the past two years, with planning and construction progressing smoothly[14] - The group's contracted but not yet recognized property sales as of mid-2023 totaled HK$14.822 billion, with HK$4.416 billion expected to be recognized in 2023 and HK$10.406 billion thereafter[29] - The group's land bank for development as of mid-2023 was approximately 76 million square feet, with 8 million square feet in Hong Kong, 64 million square feet in mainland China, and 4 million square feet overseas[30] - The group terminated a sale agreement for the 21 BORRETT ROAD development project, resulting in the forfeiture of a HK$2.077 billion deposit, which will be recognized in the second half of 2023[25] - Property development risks include rising construction costs, labor shortages, material price surges, and delays in project completion, which could impact profitability and operational timelines[102] - The company may face penalties or restrictions if it fails to comply with land use contracts, including delays in property project completion or potential land reclamation by authorities[103] - Property investments are illiquid, which may limit the company's ability to sell properties quickly to raise cash[102] - Changes in environmental laws, zoning regulations, and government policies could affect property values and rental income[102] Property Leasing and Investment - Property leasing revenue declined compared to the same period in 2022, but the company remains confident in the prospects of Grade A office buildings. The completion of Cheung Kong Center II in Central is expected by the end of 2023, which will enhance the company's investment property portfolio and asset value[15] - The group's investment property portfolio as of mid-2023 was approximately 17.1 million square feet, with Hong Kong accounting for 1.937 million square feet, mainland China 172 million square feet, and overseas 207 million square feet[33] - The group's Cheung Kong Center II, a premium office development in Central, is expected to be completed by the end of 2023, contributing to future rental income[34] - The fair value of investment properties increased by HKD 2.69 billion, including a HKD 1.691 billion increase from the redevelopment of Cheung Kong Center Phase II[35] - The company is exposed to potential public liability claims and insurance risks, as insurance coverage may not fully compensate for losses due to property damage or other unforeseen events[103] Acquisitions and Investments - The company fully acquired UK-listed real estate investment trust Civitas, which specializes in providing supported housing and care homes. The acquisition is expected to provide immediate rental income in the second half of the year[15] - The group's subsidiary made a recommended cash offer to acquire Civitas Social Housing PLC for approximately £485 million (equivalent to HK$4.811 billion), with the offer becoming unconditional on June 23, 2023[24] - The group successfully acquired over 96% of Civitas Social Housing PLC's issued shares, expanding its investment property portfolio and providing immediate rental income[36] - The company continues to focus on acquiring high-quality infrastructure and utility assets globally, aiming to build a robust portfolio that generates stable recurring income[18] - The company is actively seeking new investment opportunities globally to enhance cash flow quality and strengthen its fixed income base, but faces challenges such as increased competition and uncertainties in new industries and markets[113] - Acquisitions, especially in overseas markets, are subject to regulatory approvals and may face delays or complex conditions, particularly for sensitive infrastructure assets like power grids and gas networks[114] - The company operates through joint ventures and strategic alliances, which may be affected by inconsistent economic or business interests, changes in equity control, or financial difficulties of partners[115] - Transactions with related parties, such as CK Hutchison Holdings Limited, are subject to strict regulatory requirements, including independent shareholder approval, which may introduce unpredictability and risks[116] Hotel and Serviced Suite Business - Hotel and serviced suite business saw an increase in revenue compared to the same period in 2022, driven by improved occupancy rates and flexible market strategies targeting both short-term and long-term guests[16] - Hotel and serviced suite business revenue increased by HKD 417 million to HKD 1.95 billion, with average occupancy rates rising from 58% to 75%[37] - The newly opened Metropolis Harbourview Hotel and Metropolis Harbourview Apartments in Shanghai have not yet contributed to the group's profit[38] - Hotel industry recovery depends on global economy, tourism recovery, and consumer confidence, with potential significant adverse impacts on the company's business, financial condition, and operational performance[104] UK Pub Business - UK pub business revenue decreased compared to the same period in 2022 due to inflationary pressures on energy, food, and labor costs, despite a year-on-year increase in income[17] - The UK pub business, Greene King, has set a short-term science-based emissions reduction target approved by SBTi, aiming to reduce greenhouse gas emissions by 50% by 2030 compared to 2019 levels[19] - The UK pub industry faces risks from potential new COVID-19 variants, inflation, rising energy and labor costs, and the ongoing Russia-Ukraine conflict, which could negatively impact consumer confidence and discretionary spending[105] - The company's supply chain for its UK pub business relies on key suppliers and distributors, and disruptions due to pandemics, sanctions, or strikes could lead to revenue losses and increased costs[107] - Rising operational costs, including energy, food prices, and wages, are pressuring the company's managed pubs, potentially reducing revenue and profitability[108] - Non-compliance with health, safety, and employment regulations could result in fines, reputational damage, and challenges in recruiting skilled employees[109] Infrastructure and Utility Assets - Infrastructure and utility assets business remained stable, with contributions of HKD 645 million from CK William, HKD 678 million from Reliance Home Comfort, and HKD 846 million from ista. Other infrastructure and utility assets contributed HKD 1.839 billion[18] - The company's infrastructure investments face regulatory challenges, including lower permitted profits, energy price caps, and potential reputational risks from non-compliance with community expectations[110] - The company faces significant risks from potential service interruptions in its utility investment projects due to natural disasters, terrorist attacks, or other unforeseen events, which could lead to substantial cash losses and repair costs[111] Corporate Governance and Shareholding - The company's Board of Directors consists of 15 members, including 7 executive directors and 8 independent non-executive directors, with over one-third being independent non-executive directors[76] - The Chairman and Managing Director roles are both held by Mr. Li Ka-shing, and the Board believes this arrangement is in the best interest of shareholders[75] - The company has adopted and regularly reviews comprehensive corporate governance policies, including anti-fraud, anti-bribery, and anti-money laundering policies[75] - The Audit Committee, led by an independent non-executive director, reviewed the effectiveness of the Group's risk management and internal control systems for the six months ended June 30, 2023[78] - The company has established an internal audit mechanism to independently assess the Group's risk management and internal control systems, focusing on financial, operational, and compliance controls[78] - The Remuneration Committee, chaired by an independent non-executive director, is responsible for recommending the remuneration policy and structure for directors and senior management[80] - The Nomination Committee, chaired by an independent non-executive director, reviews the Board's structure, size, diversity, and the independence of independent non-executive directors[81] - The company has adopted a standard code for securities transactions by directors, which is reviewed and revised periodically to reflect changes in the Listing Rules[77] - The Board has established written guidelines for employees' securities transactions, which are in line with the standard code for directors[77] - The company has implemented policies for handling confidential information, disclosure, and securities trading, applicable to employees in possession of confidential or insider information[77] - Li Ka-shing holds a total of 1,697,789,393 shares in the company, representing approximately 47.25% of the total equity[66] - Li Ka-shing's shareholding includes 368,467,448 shares held by companies controlled by him and 1,328,696,745 shares held by trusts associated with him[66][68] - The Li Ka Shing Foundation holds 366,195,098 shares, which are part of Li Ka-shing's total shareholding[68] - Li Ka-shing's shareholding in associated companies includes 15 shares in Precise Result Global Limited (15% equity), 2,000 shares in Jabrin Limited (20% equity), and 168,375 shares in Mightycity Company Limited (1.53% equity)[67] - Other directors hold significantly smaller stakes, with the highest being 600,000 shares (0.01% equity) held by Ye Tak-chuen[66] - Li Ka-Shing Unity Trustee Company Limited holds 1,171,881,779 shares, representing 32.61% of the company's equity[73] - Li Ka-Shing Unity Trustee Corporation Limited holds 1,171,881,779 shares, representing 32.61% of the company's equity[73] - Li Ka-Shing Unity Trustcorp Limited holds 1,171,881,779 shares, representing 32.61% of the company's equity[73] - Li Ka-Shing holds 1,694,891,843 shares, representing 47.17% of the company's equity[73] - Li Ka-Shing Foundation Limited holds 366,195,098 shares, representing 10.19% of the company's equity[73] - TUT1 holds 913,378,704 shares as trustee of UT1[74] - TUT1 controls 258,503,075 shares through related companies[74] - Li Ka-Shing Castle Trustee Company Limited holds 72,387,720 shares as trustee of UT3[69] - TDT3 holds 84,427,246 shares as trustee of DT3[70] - The total issued share capital of the company is 3,592,671,333 shares as of June 30, 2023[74] Risks and Challenges - The company's business, financial condition, and operational performance may be affected by risks such as global economic slowdown, trade protectionism, and supply chain disruptions[87] - The company operates in multiple regions, including Hong Kong, Mainland China, Singapore, Europe, Australia, Canada, and the UK, making it susceptible to adverse economic, social, and political factors in these regions[87] - The ongoing impact of COVID-19 and potential future outbreaks of highly infectious diseases could adversely affect the company's business and operational performance[88] - Rising inflation and interest rate hikes by central banks globally may impact the company's business due to changes in total demand across industries[89] - The company's regulated businesses are subject to local interest rates when calculating regulated capital costs, which could affect allowable returns[90] - Financial market volatility may negatively impact the company's financial and treasury income[90] - The UK's exit from the EU has introduced significant uncertainties, potentially impacting trade intensity, labor supply, supply chains, and currency exchange rates, which may affect the company's business, asset values, and profitability in the UK[91] - The company faces potential currency fluctuation risks due to its multinational operations, with subsidiaries, associates, and joint ventures using various currencies, which could impact financial conditions and operational performance[92] - The company is exposed to risks from local, national, and international regulations, including political, social, legal, tax, and environmental changes, which could lead to increased operational and capital expenditures and reduced investment returns[93] - Economic sanctions imposed by governments and international organizations could disrupt the company's operations, supply chains, and partnerships, potentially leading to financial losses and operational challenges[94] - The company is subject to

Financial Performance - The group's profit attributable to shareholders from continuing operations for the six months ended June 30, 2023, was HKD 10.331 billion, a decrease of 4.0% compared to HKD 10.931 billion in the same period of 2022 [2]. - Earnings per share for continuing operations was HKD 2.88, down 4.0% from HKD 3.00 in the previous year, and down 18.9% from HKD 3.55 including discontinued operations [3]. - The group's unaudited profit attributable to shareholders for the six months ended June 30, 2023, was HKD 10.331 billion, compared to HKD 12.936 billion for the same period in 2022, representing a decrease of approximately 20.2% [54]. - The group's revenue from continuing operations for the six months ended June 30, 2023, was HKD 24.605 billion, down from HKD 35.715 billion in 2022, indicating a decline of about 30.9% [55]. - The total comprehensive income for the six months ended June 30, 2023, was HKD 11.808 billion, slightly up from HKD 11.627 billion in 2022, showing an increase of approximately 1.6% [56]. - The group's profit for the first half was HKD 4.08 billion, down from HKD 4.14 billion in 2022, with regional contributions detailed [39]. - The group's share of profits from joint ventures was HKD 1.321 billion for the six months ended June 30, 2023, compared to HKD 1.567 billion in 2022, a decrease of about 15.7% [55]. Dividends and Share Repurchase - The board declared an interim dividend of HKD 0.43 per share, consistent with the previous year's interim dividend [4]. - The company repurchased a total of 31,100,000 shares for HKD 1,358,201,050 from March to June 2023, with 1,570,000 shares canceled in March [17]. - During the six months ended June 30, 2023, the company repurchased a total of 31.1 million shares at a total cost of HKD 1.36 billion [46]. Property Sales and Revenue - Property sales revenue for the first half of 2023 was HKD 8,246 million, a decrease of 59.5% from HKD 20,397 million in 2022 [19][20]. - The group reported a decrease in property sales revenue in Hong Kong and mainland China compared to the same period last year, despite some improvement in the local residential property market [6]. - The company's rental income for the first half of 2023 was HKD 2,862 million, down from HKD 2,993 million in 2022 [24]. - The company's operating profit from property sales was HKD 3,531 million, a decrease of 56% from HKD 8,012 million in 2022 [59]. Investment and Acquisitions - The group has initiated a cash acquisition of Civitas Social Housing PLC, which specializes in providing professional support housing, expected to contribute immediate rental income in the second half of 2023 [8]. - The company announced a cash offer to acquire Civitas Social Housing PLC at 80 pence per share, valuing the entire issued share capital at approximately GBP 485 million (around HKD 4,810 million) [17]. - The group proposed a cash acquisition offer for Civitas Social Housing PLC, acquiring over 96% of its issued shares by July 31, 2023, expanding the investment property portfolio and providing immediate rental income [28]. Operational Highlights - The group's hotel and serviced suite business recorded revenue growth compared to the same period in 2022, benefiting from an increase in overall visitor numbers since the resumption of regular travel [9]. - Hotel and serviced suite business revenue for the first half of the year was HKD 1.95 billion, an increase of HKD 417 million from HKD 1.53 billion in 2022, with an average hotel occupancy rate rising from 58% to 75% [29]. - The average occupancy rate for serviced suites remained around 91% during the same period [29]. - The group completed and expects to complete several property projects in 2023, including the Central Plaza Phase II with a floor area of 504,343 square feet, fully owned by the group [16]. Financial Health and Debt Management - The group achieved a net debt to total capital ratio of approximately 1.4% as of the mid-year settlement date, reflecting strong financial discipline [13]. - The group received an "A/stable" credit rating from S&P and an "A2 stable" rating from Moody's, indicating financial robustness [13]. - As of the interim settlement date, total bank and other borrowings amounted to HKD 49.4 billion, an increase of HKD 800 million from December 31, 2022 [41]. - The group's net debt was HKD 5.6 billion, with a debt-to-equity ratio of approximately 1.4% [41]. Sustainability and Corporate Governance - The group aims to reduce greenhouse gas emissions by 50% by 2030, based on 2019 levels, as part of its commitment to sustainable development [12]. - The company has a strong commitment to corporate governance, adhering to the principles set out in the corporate governance code and maintaining high ethical standards [48]. - The group is focused on integrating green visions into construction projects while promoting cost-effective savings initiatives [12]. Market Outlook and Challenges - The group recognizes ongoing global inflation and geopolitical risks but remains confident in the long-term support for the Hong Kong property market [13]. - The group remains confident in the long-term rental outlook for prime office properties, with the completion of the iconic Cheung Kong Center Phase II expected by the end of 2023 [8]. - The group reported a 5.5% real economic growth in mainland China during the first half of the year, supported by government policies [13].

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]

優化資產 持續增值 CK ASSET HOLDINGS LIMITED 長 江 實 業 集 團 有 限 公 司 (於関曼群島註冊成立之有限公司) 股份代號 : 1113 2019 年報 集團架構 長江實業集團有限公司 （於香港註冊及上市之開曼群島有限公司） 股份代號：1113 長江實業集團總市值 發展物業 投資物業 飛機租賃 18.26% 匯賢產業信託 （於香港上市， 股份代號：87001） 32.17% 40% CK William集團 100% 100% 65% 75% 66% 100% 置富產業信託 （於香港上市， 股份代號：778） 27.07% 基建及實用 資產業務 英式酒館 業務 酒店及 服務套房 泓富產業信託 （於香港上市， 股份代號：808） 港幣1,560億元 2020年3月19日 | --- | --- | --- | --- | --- | --- | --- | --- | |--------|------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | 3 1 ...