CK ASSET(01113)2021-04-12 08:59Financial 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]