Market Overview - The Hong Kong stock market showed positive movement in the morning, with the Hang Seng Index rising by 0.38% to close at 23,206.84 points, with a total turnover of 250.23 billion HKD [1] - Global uncertainties are increasing, leading to a cautious approach in the Hong Kong market, with upcoming data on consumption and real estate being key focus areas [1] Blue-Chip Stocks Performance - Xiaomi Group-W (01810) experienced a significant drop of 5.49%, closing at 46.5 HKD, impacting the Hang Seng Index negatively by 78.78 points [2] - Other blue-chip stocks showed mixed results, with CSPC Pharmaceutical Group (01093) rising by 10.93% and contributing 7.33 points to the index, while China Overseas Development (00688) fell by 4.46% [2] Sector Performance Pharmaceutical Sector - The pharmaceutical sector saw strong performance, with stocks like Yiming Pharmaceutical-B (01541) rising by 19.86% and Kangfang Biotech (09926) increasing by 12.86% [3] - The market anticipates policy optimizations in drug procurement, which is expected to benefit domestic pharmaceutical innovation [3] Oil Sector - Oil stocks generally rose, with CNOOC (00883) increasing by 2.7% and PetroChina (00857) up by 2.07% [4] - Concerns over geopolitical tensions have led to a rise in international oil prices, with projections for Brent crude oil prices to reach 70-75 USD per barrel by 2025 [4] Real Estate Sector - The real estate sector showed mixed results, with companies like Midea Real Estate (03990) rising by 12.04%, while China Overseas Development (00688) fell by 4.46% [6] - Data indicates a decline in sales for major real estate firms, with a 9.8% year-on-year drop in sales for the first quarter [6] Company Earnings Reports - Midea Real Estate reported a revenue of 3.73 billion HKD, a 33% increase, and a core net profit of 500 million HKD, up 25% [7] - China Overseas Development's revenue decreased by 8.58% to 185.15 billion HKD, with a profit drop of 38.95% [7] Notable Stock Movements - Lao Pu Gold (06181) reached a new high, closing up 19.07% at 868 HKD, with a significant increase in sales and net profit [8] - Haijia Medical (06078) rose by 9.97% after its founder increased shareholding, indicating confidence in the company's future [9] - XPeng Motors-W (09868) reported a 268% year-on-year increase in vehicle deliveries, reaching 33,205 units in March 2025 [10] - Pop Mart (09992) saw a 4.98% increase, with a reported revenue growth of 106.9% and a target to exceed 20 billion RMB in revenue this year [11]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 公司秘書 許仲瑛 香港，二○二五年三月二十五日 沒收未領取之 二 ○ 一 八 年 第 二 次 中 期 股 息 根據九龍倉置業地產投資有限公司（「本公司」）經第二次修訂及重列的組織章程細 則第140條，任何在宣派日期起計六年後仍未有人領取的股息會被沒收並歸本公司所 有。本公司董事會（「董事會」）謹知會本公司股東（「股東」），在二○一九年三 月五日宣派每股港幣1.05元的二○一八年第二次中期股息（「二○一八年第二次中期 股息」），若在二○二五年四月二十五日仍然無人領取，將被沒收並歸本公司所有。 凡有權收取但仍未收到二○一八年第二次中期股息之款項或尚未兌現相關股息單的股 東，務請不遲於二○二五年四月二十四日（星期四）下午四時三十分聯絡本公司的香 港股份過戶登記分處卓佳證券登記有限公司，其地址為香港夏慤道16號遠東金融中心 17樓。 承董事會命 九龍倉置業地產投資有限公司 於本公告日期，董事會的成員為吳天海先生 ...

（此乃中文譯本，若與英文版本所載條文出現任何歧義，概以英文本為準） 九 龍 倉 置 業 地 產 投 資 有 限 公 司 （於開曼群島註冊成立的有限公司） 股份代號：1997 提名委員會職權範圍 成員 出席會議 會議／投票程序 書面決議案 7. 由其時全部身在香港的委員會成員簽署的書面決議案的效力與作用，猶如其在委員 會會議上獲通過一樣。任何此類決議案可為單一份文件或包含多份同樣格式的文 件。若其時只有一名成員身在香港，則決議案可由該名成員及任何一名其他成員簽 署。若其時並無成員身在香港，則決議案可由任何兩名成員簽署。 5. 委員會在必要時或在任何委員會成員要求下召開會議。會議法定人數為任何兩名成 員。委員會會議及程序受本公司組織章程細則所載的董事會會議及程序條文於可適 用的範圍內所規管。委員會所有會議可透過電話或其它電子通訊方式進行。 6. 在任何會議上提呈的決議案以出席成員投票所得的多數票取決，若贊成與反對的票 數相同，則委員會主席有權投第二票或決定票。 權力 職責 10. 委員會的職責如下： 在不損害上述的一般性原則下，委員會須向董事會匯報其決定或建議，除非委員會 受法律或監管限制（例如因監管規定限制其披 ...

EF001 EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 於2025年4月7日的記錄時間為18:00。 | | | 發行人董事 | | | 於本公告日期，九龍倉置業地產投資有限公司董事會的成員為吳天海先生、徐耀祥先生、凌緣庭女士和李偉中先生，以及八位獨立 | | | 非執行董事歐肇基先生、周德熙先生、蔣麗苑女士、梁君彥議員、廖淥波先生、韋理信先生、余灼強博士和楊永強教授。 | | 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 九龍倉置業地產投資有限公司 | | 股份代號 | 01997 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | ...

Financial Performance - The group's basic net profit increased by 2% to HKD 6.139 billion (2023: HKD 6.011 billion), equivalent to HKD 2.02 per share (2023: HKD 1.98 per share) [3] - Total revenue decreased by 3% to HKD 12.912 billion (2023: HKD 13.306 billion), with operating profit also down by 3% to HKD 9.691 billion (2023: HKD 9.993 billion) [16] - Investment property income fell by 1% to HKD 10.801 billion (2023: HKD 10.916 billion), while operating profit decreased by 2% to HKD 9.102 billion (2023: HKD 9.247 billion) [16] - Hotel revenue decreased by 1% to HKD 1.541 billion (2023: HKD 1.561 billion), with operating profit down 53% to HKD 99 million (2023: HKD 209 million) [16] - Shareholders' profit attributable to the group was HKD 890 million, a decrease from HKD 4.76 billion in the previous year, resulting in basic earnings per share of HKD 0.29 compared to HKD 1.57 last year [22] - The net profit for the year was HKD 875 million, a significant decline of 81.12% compared to HKD 4,644 million in 2023 [43] - The company reported a net profit of HKD 2,053 million for 2024, compared to HKD 5,782 million in 2023, reflecting a significant decline of 64.60% [53] Assets and Liabilities - Total assets reached HKD 238.1 billion, down from HKD 245.3 billion in the previous year, with 95% of assets located in Hong Kong [24] - Total assets decreased from HKD 245,322 million in 2023 to HKD 238,072 million in 2024, reflecting a reduction of 2.57% [45] - The total liabilities decreased from HKD 49,715 million in 2023 to HKD 46,088 million in 2024, a decline of 5.26% [45] - Total liabilities decreased to HKD 5,371 million in 2024 from HKD 6,256 million in 2023 [74] Investment Properties - The total value of investment properties reported a 3% impairment loss, with a fair value of HKD 221.8 billion [18] - Investment property assets totaled HKD 221.8 billion, accounting for 94% of operating assets, with Harbour City valued at HKD 152.5 billion and Times Square at HKD 43.7 billion [25] - The fair value loss on investment properties was HKD 5,665 million, compared to a loss of HKD 1,147 million in the previous year [41] Debt and Financial Position - The group maintained a net debt ratio of 18%, reducing borrowing costs by 10% [4] - The group plans to manage debt actively amid uncertain interest rate prospects, achieving the lowest net debt level since listing at HKD 34.2 billion [5] - Net debt decreased by HKD 2.1 billion to HKD 34.2 billion, with a net debt to total equity ratio declining to 17.8% from 18.6% [30][32] - Financial expenses were HKD 1.8 billion, down from HKD 2.17 billion in the previous year, with an effective borrowing interest rate rising to 5.6% [20] - Total interest expenses decreased to HKD 2,024 million in 2024 from HKD 2,261 million in 2023 [66] Revenue Breakdown - Revenue from Hong Kong was HKD 12,181 million, a slight decrease from HKD 12,329 million in 2023 [60] - Development property revenue decreased significantly to HKD 152 million from HKD 238 million, a drop of 36.03% [55] - Investment income fell to HKD 281 million from HKD 465 million, a decrease of 39.51% [55] - Other income netted HKD 83 million in 2024, a significant recovery from a loss of HKD 726 million in 2023 [66] Dividends and Shareholder Information - The total dividend for the year is HKD 1.24 per share, representing 65% of the basic net profit from investment properties and hotels [4] - Total dividends declared per share were HKD 1.24 in 2024, down from HKD 1.28 in 2023 [72] - The second interim dividend's ex-dividend date is set for April 3, 2025, with a payment date of April 24, 2025 [79] - The annual general meeting is scheduled for May 15, 2025, with a record date of May 12, 2025 [80] Future Outlook - The company expects challenges in 2025 due to escalating trade conflicts and global economic uncertainty, but anticipates potential recovery in retail and hotel sectors with government support [13] - The company plans to finance its capital expenditures through internal financial resources and bank borrowings [37] - The company has committed capital expenditures of HKD 900 million for the coming years, with HKD 200 million already incurred [37] Employee and Operational Information - The company employed approximately 2,900 staff members as of December 31, 2024 [39] - Employee costs increased to HKD 59 million in 2024 from HKD 52 million in 2023, including share-based payment expenses of HKD 11 million [65] Governance and Communication - The board of directors includes a mix of executive and independent non-executive members, ensuring diverse governance [82] - The company is preparing for its annual general meeting, emphasizing shareholder participation and voting rights [81] - The company is committed to maintaining transparency and timely communication with its shareholders regarding dividends and meetings [79] - The fiscal year-end report will be announced on March 10, 2025, providing insights into the company's performance [83]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 董事會召開日 期 九龍倉置業地產投資有限公司（「本公司」）宣布，本公司將於二○二五年三月十日 （星期一）舉行董事會會議，藉以（其中包括）批准發放本公司截至二○二四年十二月 三十一日止年度的全年業績公告，以及考慮派發一項股息（如有）。 九龍倉置業地產投資有限公司 公司秘書 許仲瑛 代行 香港，二○二五年二月二十六日 於本公告日期，本公司董事會的成員為吳天海先生、徐耀祥先生、凌緣庭女士和李偉中 先生，以及八位獨立非執行董事歐肇基先生、周德熙先生、蔣麗苑女士、梁君彥議員、 廖淥波先生、韋理信先生、余灼強博士和楊永強教授。 九龍倉置業－ 公告 (二○二五年二月二十六日) ...

Financial Performance - The group's basic net profit increased by 2% to HKD 3.123 billion, compared to HKD 3.059 billion in 2023, equivalent to HKD 1.03 per share[5] - The group recorded an unrealized revaluation loss of investment properties amounting to HKD 4.426 billion, leading to a loss attributable to shareholders of HKD 1.052 billion, compared to a profit of HKD 1.805 billion in 2023[5] - Total revenue remained stable at HKD 6.501 billion, slightly up from HKD 6.473 billion in 2023, while operating profit decreased by 1% to HKD 4.915 billion[16] - Investment property revenue increased by 2% to HKD 5.542 billion, with operating profit rising by 1% to HKD 4.718 billion[16] - Hotel revenue rose by 7% to HKD 748 million, but operating profit decreased by 64% to HKD 24 million[16] - The attributable loss to shareholders was HKD 1.052 billion, a significant decline from a profit of HKD 1.805 billion in the previous year, resulting in a basic loss per share of HKD 0.35[22] - The total comprehensive income for the period was a loss of HKD 1,052 million, which includes a loss of HKD 795 million from investments[46] - The company reported a loss attributable to shareholders of HKD 10.52 billion for the six months ended June 30, 2024, compared to a profit of HKD 18.05 billion for the same period in 2023[69] Dividends and Shareholder Returns - The first interim dividend is set at HKD 0.64 per share, down from HKD 0.67 per share in 2023, totaling HKD 1.943 billion[6] - The company paid an interim dividend of HKD 1,852 million, consistent with the previous year, reflecting a stable dividend policy[48] - The interim dividend declared is HKD 0.64 per share, totaling HKD 1.943 billion, down from HKD 0.67 per share and HKD 2.034 billion in the previous year[71] Market Conditions and Economic Outlook - The retail sales in Hong Kong showed a significant decline in the second quarter, reversing the post-pandemic recovery trend[7] - The office rental market remains under pressure, with an occupancy rate of 88% as of June, and rental income down by 2%[9] - The group anticipates that uncertainties from global economic slowdown and geopolitical tensions will continue to impact the local economy[13] Financial Position and Assets - Total assets reached HKD 238.9 billion, down from HKD 245.3 billion at the end of the previous year, with 95% of assets located in Hong Kong[24] - Investment properties accounted for HKD 223 billion, representing 94% of total operating assets, with Harbour City valued at HKD 151.6 billion and Times Square at HKD 46 billion[25] - Net debt decreased by HKD 1.2 billion to HKD 35.1 billion, with a net debt to total equity ratio declining to 18.3% from 18.6%[30][32] - The total assets of the group as of June 30, 2024, amounted to HKD 238.9 billion, a decrease from HKD 245.3 billion as of December 31, 2023[44] - The net asset value of the group as of June 30, 2024, was HKD 191.6 billion, down from HKD 195.6 billion at the end of 2023[44] Cash Flow and Financial Management - The group recorded an operating cash inflow of HKD 4.9 billion for the period, primarily from rental income, resulting in a net cash inflow of HKD 3.3 billion from operating activities[35] - The company reported a net cash inflow from operating activities of HKD 3,261 million, compared to HKD 3,174 million for the same period in 2023, representing an increase of 2.7%[48] - The company reported a decrease in financing cash outflows to HKD 3,338 million for the current period, down from HKD 8,226 million in the previous year, indicating improved cash management[48] - The company’s investment activities resulted in a net cash outflow of HKD 66 million, a significant decrease from the previous year's inflow of HKD 4,708 million, highlighting a shift in investment strategy[48] Financial Expenses and Taxation - Financial expenses totaled HKD 882 million, down from HKD 990 million in the previous year, with an effective borrowing interest rate rising to 5.7% from 4.7%[19] - Tax expenses decreased by 3% to HKD 607 million, compared to HKD 627 million in the previous year[20] - The tax expense for the six months ended June 30, 2024, was HKD 607 million, compared to HKD 627 million for the same period in 2023[67] Employee and Compensation - The company has approximately 2,900 employees as of June 30, 2024, with compensation based on job responsibilities and market trends[38] - The annual remuneration for the chairman increased from HKD 300,000 in 2023 to HKD 350,000 in 2024, representing a 16.67% increase[104] - The annual remuneration for non-chairman directors increased from HKD 250,000 in 2023 to HKD 300,000 in 2024, reflecting a 20% increase[104] Share Options and Ownership - The company has granted a total of 3,500,000 share options to directors under the share option plan, representing 0.12% of the total issued shares[99] - The average exercise price for the share options is HKD 36.58, with a vesting period starting from August 14, 2024[93] - Major shareholders include BlackRock Group with 153,217,040 shares (5.05%) and a short position of 5,108,000 shares (0.17%)[96] - The company has no outstanding or expired share options for directors during the financial period[94] Investment Properties and Future Plans - The investment property segment primarily involves leasing and management, with a focus on shopping malls, offices, and serviced apartments located mainly in Hong Kong[53] - The company plans to continue expanding its investment properties and hotel operations to drive future growth[59]

Financial Performance - Basic net profit increased by 2% to HKD 3.123 billion (2023: HKD 3.059 billion)[3] - Group recorded a loss of HKD 1.052 billion due to non-cash investment property revaluation impairment of HKD 4.426 billion (2023: HKD 1.133 billion)[3] - Shareholders' loss was HKD 1.052 billion, with basic loss per share of HKD 0.35 (2023: profit of HKD 1.805 billion and earnings per share of HKD 0.59)[16] - Underlying net profit increased by 2% to HKD 3.123 billion (2023: HKD 3.059 billion), with underlying earnings per share of HKD 1.03 (2023: HKD 1.01)[16] - Revenue for the six months ended June 30, 2024, was HKD 6.501 billion, a slight increase from HKD 6.473 billion in the same period in 2023[30] - Operating profit before depreciation, amortization, interest, and taxes was HKD 5.035 billion, down from HKD 5.065 billion in 2023[30] - Net loss for the period was HKD 1.067 billion, compared to a net profit of HKD 1.780 billion in 2023[30] - Group total revenue for 2024 was HKD 6,501 million, compared to HKD 6,473 million in 2023[38] - Operating profit for 2024 was HKD 4,673 million, slightly up from HKD 4,671 million in 2023[38] - Basic loss per share for 2024 was HKD 1,052 million, compared to a profit of HKD 1,805 million in 2023[44] Dividend and Shareholder Information - First interim dividend of HKD 0.64 per share (2023: HKD 0.67 per share) with a total distribution of HKD 1.943 billion (2023: HKD 2.034 billion)[4] - Interim dividend ex-date set for August 23, 2024[50] - Deadline for submitting share transfer documents for the interim dividend is August 26, 2024, at 4:30 PM[50] - Record date and time for the interim dividend is August 26, 2024, at 6:00 PM[50] - Interim dividend payment date is September 10, 2024[50] - Shareholders must submit transfer documents and relevant share certificates to the company's Hong Kong share registrar by August 26, 2024, at 4:30 PM to receive the interim dividend[50] - First interim dividend for 2024 was HKD 0.64 per share, totaling HKD 1,943 million, down from HKD 0.67 per share and HKD 2,034 million in 2023[45] Investment Properties - Investment property revenue increased by 2% to HKD 5.542 billion (2023: HKD 5.455 billion), with operating profit up 1% to HKD 4.718 billion (2023: HKD 4.677 billion)[12] - Investment properties recorded a 2% revaluation impairment, with a net unrealized revaluation impairment of HKD 4.426 billion (2023: HKD 1.133 billion)[13] - Investment properties totaled HKD 223 billion, accounting for 94% of operating assets (2023: HKD 227.6 billion and 93%)[19] - Investment properties in Hong Kong accounted for HKD 583 million of the total capital expenditure[28] - Investment properties revenue increased to HKD 5,542 million in H1 2024, up from HKD 5,455 million in H1 2023[35] Retail and Office Market Performance - Overall retail sales in Q2 experienced a double-digit sharp decline[5] - Harbour City's overall revenue (including hotels) increased by 5%, with operating profit up 3%[6] - Office rental market remains weak with a June-end occupancy rate of 88% and a 5% decline in operating profit[7] - Times Square's shopping mall revenue increased by 4% and operating profit rose by 6%, with an end-period occupancy rate of 94%[9] Hotel Industry Performance - Hotel industry faces challenges with intense competition and pressure on room rates, though Marco Polo hotels maintained stable occupancy rates[8] - Hotel revenue rose to HKD 748 million in H1 2024 compared to HKD 697 million in H1 2023[35] Financial Expenses and Borrowing - Financial expenses amounted to HKD 882 million, including unrealized gains of HKD 189 million from cross-currency and interest rate swaps[15] - Actual borrowing interest rate increased to 5.7% (2023: 4.7%) due to rising Hong Kong Interbank Offered Rate[15] - Total interest expense for 2024 was HKD 1,042 million, up from HKD 1,031 million in 2023[41] Assets and Liabilities - Total assets reached HKD 238.9 billion, with 95% located in Hong Kong (2023: HKD 245.3 billion)[18] - Net debt decreased by HKD 1.2 billion to HKD 35.1 billion (2023: HKD 36.3 billion), with net debt to total equity ratio declining to 18.3% (2023: 18.6%)[23][24] - Total assets as of June 30, 2024, were HKD 238.942 billion, down from HKD 245.322 billion at the end of 2023[32] - Total liabilities decreased to HKD 47.370 billion from HKD 49.715 billion at the end of 2023[32] - Net assets stood at HKD 191.572 billion, down from HKD 195.607 billion at the end of 2023[32] Revenue Breakdown - Fixed rental income grew to HKD 4,352 million in H1 2024 from HKD 4,218 million in H1 2023[36] - Variable rental income decreased to HKD 454 million in H1 2024 from HKD 542 million in H1 2023[36] - Management and service income increased to HKD 607 million in H1 2024 from HKD 586 million in H1 2023[36] - Other rental-related income rose to HKD 106 million in H1 2024 from HKD 93 million in H1 2023[36] - Total revenue from operations under HKFRS 15 increased to HKD 1,469 million in H1 2024 from HKD 1,398 million in H1 2023[36] - Hong Kong region revenue for 2024 reached HKD 6,194 million, a slight increase from HKD 6,050 million in 2023[38] Corporate Governance and Board Structure - The company deviated from the Corporate Governance Code by having the same individual serve as both Chairman and CEO, which is deemed appropriate for long-term strategy planning and execution[49] - The Board of Directors consists of 4 executive members and 8 independent non-executive directors[50] Other Financial Information - Total committed and uncommitted credit facilities and issued debt securities amounted to HKD 50 billion, with HKD 36 billion utilized[25] - Operating cash inflow was HKD 4.9 billion (2023: HKD 4.8 billion), mainly from rental income, with net cash inflow from operating activities of HKD 3.3 billion (2023: HKD 3.2 billion)[27] - Total estimated capital expenditure for the coming years is HKD 1.1 billion, with HKD 231 million already committed[28] - Development properties revenue significantly decreased to HKD 8 million in H1 2024 from HKD 22 million in H1 2023[35] - Investment revenue dropped to HKD 140 million in H1 2024 from HKD 244 million in H1 2023[35] - Total depreciation and amortization for 2024 was HKD 120 million, down from HKD 125 million in 2023[39] - Employee costs increased to HKD 533 million in 2024 from HKD 476 million in 2023[39] - Other income net for 2024 was HKD 70 million, a significant improvement from a loss of HKD 282 million in 2023[40] - Tax expense for 2024 was HKD 607 million, down from HKD 627 million in 2023[42] - The company employed approximately 2,900 people as of June 30, 2024[29] - No purchase, sale, or redemption of any listed securities by the company or its subsidiaries during the financial period[50]

Visitor Traffic and Retail Performance - In 2023, the average weekend foot traffic at Harbour City reached 280,000 visitors per day[12]. - The number of visitors to Hong Kong and retail sales were only 52% and 84% of 2018 levels, respectively[11]. - The group successfully attracted luxury brands such as De Beers, Fendi, and Van Cleef & Arpels, increasing the number of high-end street stores to 16, with some achieving double-digit sales growth[12]. - Overall revenue for Harbour City increased by 10%[24]. - The rental rate for Harbour City shopping mall reached 97% by year-end[24]. - The total revenue for Times Square decreased by 3%, with a shopping mall revenue increase of 3%[34]. - Times Square's shopping mall rental rate improved to 95%[34]. Financial Performance - Group revenue increased by 7% to HKD 13.3 billion, compared to HKD 12.5 billion in 2022[17]. - Operating profit rose by 13% to HKD 10 billion, up from HKD 8.8 billion in the previous year[17]. - Basic net profit decreased by 3% to HKD 6 billion, down from HKD 6.2 billion in 2022[17]. - Shareholders' profit attributable to the group was HKD 4.8 billion, a significant recovery from a loss of HKD 8.9 billion in 2022, representing a 154% increase[17]. - Total assets decreased by 4% to HKD 245.3 billion, compared to HKD 255.2 billion in 2022[17]. - Net debt reduced by 20% to HKD 36.3 billion, down from HKD 45.1 billion in the previous year[17]. - The company declared a second interim dividend of HKD 0.61 per share, consistent with the previous year, leading to a total annual dividend of HKD 1.28 per share, down from HKD 1.31 in 2022[17]. Sustainability and Corporate Social Responsibility - The group aims to achieve long-term goals by 2030, including reducing greenhouse gas emissions, electricity intensity, and water usage[9]. - The group continues to be included in the Hang Seng Sustainable Development Index with an AA+ rating[9]. - The group is committed to corporate social responsibility initiatives, including various educational and artistic programs[9]. - The group aims to achieve carbon neutrality by 2030 through reducing direct emissions and electricity consumption, with ongoing reviews of these targets to align with global agendas[59]. - The group has obtained ISO 14001 environmental management system certification during the reporting year, enhancing its environmental performance[59]. - The group is actively exploring opportunities for developing green and smart building renovation technologies, including the use of innovative products like iPaint[59]. - The group has established a robust governance structure to address environmental, social, and governance challenges, led by a sustainability oversight committee[57]. Governance and Board Structure - The company has strengthened its corporate governance framework to enhance transparency and accountability for stakeholders[83]. - The board consists of 12 directors, with 4 executive directors and 8 independent non-executive directors, ensuring strong independence with independent directors making up 67% of the board[89]. - The company aims to maintain at least 17% female representation on the board, with 2 female directors currently serving[89]. - The board's diversity policy is reviewed at least annually to ensure its effectiveness and compliance with regulatory requirements[89]. - The company has adopted a nomination policy to guide the selection and appointment of directors, ensuring a transparent process[91]. Risk Management and Internal Controls - The audit committee oversees the identification and reporting of risks, including environmental, social, and governance risks[113]. - The company has implemented a robust internal control framework to safeguard assets and ensure the reliability of financial information[117]. - The board is responsible for preparing the financial statements in accordance with the Hong Kong Financial Reporting Standards and ensuring internal controls to prevent material misstatements[195]. - The audit identified significant risks related to fraud, necessitating a high level of professional skepticism throughout the audit process[196]. Community Engagement and Donations - The group donated HKD 3 million to the Hong Kong Community Chest in 2023, supporting those in need[63]. - The company reported a total donation of HKD 32 million during the fiscal year[140]. - The company actively engages in community activities, with over 1,600 volunteer hours contributed by its team in 2023[63]. Future Outlook and Strategic Initiatives - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 12%[153]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million allocated for potential deals[152]. - The board emphasized a focus on sustainability initiatives, aiming for a 30% reduction in carbon footprint by 2025[153].

Financial Performance - Core business revenue from investment properties and hotels increased by 8%, with operating profit rising by 12%[2] - The group's underlying net profit decreased by 3% to HKD 6.01 billion, equivalent to HKD 1.98 per share[3] - Group revenue increased by 7% to HKD 13.31 billion, while operating profit rose by 13% to HKD 9.99 billion, primarily due to improved performance in investment properties and hotels after border reopening[14] - Hotel revenue surged by 67% to HKD 1.56 billion, turning a loss of HKD 230 million in 2022 into a profit of HKD 209 million in 2023[14] - Investment property revenue increased by 2% to HKD 10.91 billion, with operating profit up 6% to HKD 9.24 billion, accounting for 82% and 93% of the group's total, respectively[14] - The company reported a net profit of HKD 4.6 billion for the year, a significant recovery from a loss of HKD 8.9 billion in 2022[30] - Total revenue for 2023 reached HKD 13,306 million, an increase from HKD 12,459 million in 2022, representing a growth of 6.8%[35] - Operating profit for the group was HKD 9,993 million in 2023, compared to HKD 8,841 million in 2022, representing a year-on-year increase of 13.0%[40] Asset and Liability Management - Total valuation of investment properties decreased by 0.4% to HKD 228 billion, accounting for 93% of the group's assets[2] - Net debt decreased by HKD 8.8 billion, with the debt ratio declining to 18.6%[2] - The total assets decreased to HKD 245,322 million in 2023 from HKD 255,249 million in 2022, a decline of 3.9%[32] - Total liabilities decreased to HKD 49,715 million in 2023 from HKD 60,368 million in 2022, a reduction of 17.5%[32] - Net assets increased to HKD 195,607 million in 2023, compared to HKD 194,881 million in 2022, a growth of 0.4%[32] - The total available credit and issued debt securities amounted to HKD 52.1 billion as of December 31, 2023, with HKD 37.4 billion utilized, leaving HKD 14.7 billion unutilized[26] - As of December 31, 2023, the net debt of the group (excluding the port enterprises) decreased to HKD 36.1 billion from HKD 44.7 billion in 2022, resulting in a net debt to total equity ratio of 18.6% compared to 23.2% in 2022[25] Dividends and Shareholder Returns - The first interim dividend of HKD 0.67 per share was paid, with a second interim dividend of HKD 0.61 per share to be paid in April 2024, totaling HKD 1.28 per share for the year[4] - The first interim dividend for 2023 is HKD 0.67 per share, totaling HKD 2,034 million, compared to HKD 0.70 per share and HKD 2,125 million in 2022[46] - The second interim dividend for 2023 is HKD 0.61 per share, totaling HKD 1,852 million, consistent with the same amount in 2022[46] Operational Insights - Harbour City saw a 10% increase in overall revenue and a 13% rise in operating profit[5] - The retail rental rate stabilized, with expectations of further increases as sales recover[5] - The office rental rate was under pressure, with an occupancy rate of 88% at year-end, and revenue down by 6%[7][10] - The overall revenue of Times Square decreased by 3%, while the occupancy rate improved to 95%[9] - The group recorded an operating cash inflow of HKD 9.7 billion for the year, up from HKD 8.6 billion in 2022, primarily driven by rental income[27] - The net cash inflow from operating activities was HKD 5.9 billion, down from HKD 6.7 billion in the previous year[27] Future Outlook and Challenges - The outlook for 2024 indicates potential positive signs, but uncertainties from global economic slowdown and geopolitical tensions may cause volatility[12] - The company plans to continue expanding its investment property portfolio, focusing on markets in Hong Kong and mainland China[34] Financial Challenges - Other net losses amounted to HKD 720 million, primarily due to fair value losses on financial instruments and impairment of development properties[16] - Financial expenses rose to HKD 2.17 billion, with the effective borrowing rate increasing to 5.4% from 2.5% in 2022[17] - Tax expenses decreased by 17% to HKD 1.14 billion, compared to HKD 1.36 billion in 2022[18] - Interest expenses rose to HKD 2,261 million in 2023, up from HKD 1,142 million in 2022, marking an increase of 98.1%[43] Corporate Governance and Compliance - The company has complied with all principles of the Corporate Governance Code, with the exception of the separation of roles between the Chairman and CEO[50] - No purchases, sales, or redemptions of the company's listed securities were made during the fiscal year[51] - The annual general meeting is scheduled for May 7, 2024, with a record date of May 2, 2024[52]