嘉里建设(00683) - 2019 - 年度财报

Financial Performance - Revenue for 2019 was HKD 18,025 million, a decrease of 16% compared to HKD 21,433 million in 2018[7] - Gross profit for 2019 was HKD 8,984 million, down 5% from HKD 9,468 million in 2018, with a gross margin of 49.8%[7] - Operating profit decreased by 14% to HKD 8,451 million in 2019 from HKD 9,772 million in 2018, with an operating margin of 46.9%[7] - The company's net profit attributable to shareholders for the year ended December 31, 2019, was HKD 5.396 billion, an increase of 61% from HKD 3.345 billion in 2018[16] - The group's profit attributable to shareholders for the year ended December 31, 2019, was HKD 6.897 billion, a decrease of 8% compared to HKD 7.499 billion in 2018[26] - Earnings per share before fair value changes of investment properties increased by 61% to HKD 3.71 in 2019 from HKD 2.30 in 2018[7] - Earnings per share (EPS) for the year was HKD 4.74, a decrease of 8% compared to HKD 5.16 in 2018[16] - The price-to-earnings ratio before fair value changes of investment properties was 6.7 in 2019, down from 11.6 in 2018[7] - The company's market capitalization as of December 31, 2019, was HKD 36,048 million, a decrease from HKD 38,927 million in 2018[7] Debt and Equity - Shareholders' equity increased by 4% to HKD 101,705 million in 2019 from HKD 97,541 million in 2018[7] - Net debt rose by 46% to HKD 27,286 million in 2019 from HKD 18,727 million in 2018[7] - The asset-to-liability ratio increased to 26.8% in 2019 from 19.2% in 2018[7] - The debt-to-equity ratio as of December 31, 2019, was 26.8%, calculated based on net debt of HKD 27.286 billion and shareholders' equity of HKD 101.705 billion[111] - The total amount of loans due within one year was HKD 8.494 billion (approximately 22%), while HKD 7.921 billion (approximately 20%) was due in the second year, and HKD 22.726 billion (approximately 57%) was due within the third to fifth years[111] Investment and Development - The total value of property assets was HKD 131.212 billion as of 2019[15] - The company successfully acquired residential and commercial land in Hangzhou, with a total construction area of approximately 2.4 million square feet[19] - The company plans to enhance its investment property portfolio to increase recurring income, focusing on prime locations in major cities[21] - The company has ongoing investment projects that will contribute to recurring income in the coming years, particularly in Qianhai[22] - The group aims for a contract sales target of approximately HKD 4.8 billion for new projects in 2020, representing 60% of the total contract sales target of HKD 8 billion[53] - The total floor area of ongoing projects in mainland China is approximately 21,825,583 square feet, with a total attributable area of 5,841,698 square feet[120] Property Performance - The group maintained a stable recurring income from its investment property portfolio despite economic slowdowns in mainland China and Hong Kong[33] - Revenue from the mainland property division decreased by 12% to HKD 11.739 billion, primarily due to an 18% decline in completed property sales[38] - The overall rental performance of the mainland investment assets remained stable[38] - The occupancy rate for the Shanghai Kerry Center Phase 1 was 97%, up from 96% in the previous year[41] - The average occupancy rate for the Shangri-La Hotel in Shanghai was 78%, consistent with the previous year[46] - The occupancy rate for the Beijing Kerry Center retail space increased to 94% from 85% year-on-year[47] Sustainability and Corporate Social Responsibility - The company aims to align its sustainability goals with the United Nations' Sustainable Development Goals (SDGs) by 2030[136] - The company has been recognized as an "ESG Leading Company" by Bloomberg Businessweek and received a "World-Class Corporate Sustainability Report" award[136] - The company participates in the CDP environmental information disclosure program to enhance transparency in environmental impact reporting[136] - The company has launched a "Community Care Program" that includes initiatives like food waste reduction through partnerships with NGOs, demonstrating a commitment to social responsibility[140] - Kerry Properties has committed to recycling at least 60% of construction waste on its sites and is reducing wood and bamboo usage in construction processes[152] Awards and Recognition - The company was awarded the "Corporate Sustainability Award" from the World Green Organization in October 2019, marking its fifth consecutive year of recognition[171] - The company received the "Corporate Social Responsibility Leader" badge by the Hong Kong Quality Assurance Agency, highlighting its commitment to social responsibility[172] - The company achieved the "Best Environmental Responsibility" award at the Asia Excellence Awards 2019, reflecting its commitment to environmental policies[167] - The company was recognized as one of the "Top 10 Property Developers" in Hong Kong by BCI Asia Awards in May 2019, highlighting its commitment to excellence in property development and management[173] Corporate Governance - The company complied with the corporate governance code and guidelines as per the Hong Kong Stock Exchange rules for the fiscal year ending December 31, 2019[189] - The board of directors held four meetings during the fiscal year, with all executive directors attending at least 75% of the meetings[191] - The company has three independent directors, with two possessing appropriate professional qualifications in accounting and financial management[194] - The company has implemented a board diversity policy and a nomination policy, details of which are included in the annual report[199]