SWIRE PACIFIC A(00019)2025-03-13 04:00Financial Performance - The company's equity return decreased to 1.6% in 2024 from 11.0% in 2023, a decline of 9.4 percentage points[4]. - The basic profit attributable to shareholders fell by 85% to HKD 4,321 million in 2024 from HKD 28,853 million in 2023[4]. - Revenue decreased by 14% to HKD 81,969 million in 2024 compared to HKD 94,823 million in 2023[4]. - The group reported a loss attributable to shareholders of HKD 751 million, compared to a profit of HKD 2,599 million in 2023[49]. - Basic profit attributable to shareholders was HKD 6,713 million, down 41.5% from HKD 11,531 million in 2023[49]. - The total revenue decreased by 27% to HKD 37.932 billion, with a volume decline of 7% to 1.796 billion standard cases[134]. - The company recorded a profit attributable to shareholders of HKD 2.039 billion in 2024, including non-recurring income of HKD 650 million[133]. - The operating profit for Cathay Pacific Group was HKD 40 million in 2024, a decrease of 82.1% from HKD 224 million in 2023[160]. Debt and Liquidity - The net debt increased by 28% to HKD 70,563 million in 2024 from HKD 55,136 million in 2023[4]. - The group maintained a strong financial position with available liquidity of HKD 43.1 billion and a net debt-to-capital ratio of 22.1% as of the end of 2024[30]. Dividends and Shareholder Returns - The company reported a 70% reduction in 'A' share dividends to HKD 3.35 in 2024 from HKD 11.32 in 2023[4]. - The board announced a progressive dividend policy, with total dividends for 2024 amounting to HKD 3.35 per 'A' share, a 5% increase from 2023[29]. Investment and Expansion Plans - The company plans to continue seeking investment opportunities in the private healthcare sector, particularly in major urban areas in mainland China and Southeast Asia[12]. - Swire Properties has committed approximately 67% of its HKD 100 billion investment plan, with HKD 50 billion allocated for major retail-led projects in mainland China[17]. - The group plans to launch its first residential development project in Shanghai, with strong sales performance reported[19]. - Swire Properties plans to continue its HKD 100 billion investment program, focusing on core markets and expanding business opportunities, particularly in the Greater Bay Area[34]. - The company is expanding its hotel management business into Tokyo and several cities in mainland China, including Beijing and Shenzhen[39]. Operational Performance - Cathay Pacific and its subsidiaries operated a total of 236 aircraft by the end of 2024, providing passenger services to 88 destinations globally[12]. - Cathay Pacific Group achieved a profit of HKD 9.89 billion in 2024, including special income of HKD 750 million, compared to HKD 9.79 billion in 2023, driven by strong travel demand and cargo performance[26]. - The group completed the acquisition of a controlling stake in Dada Healthcare in April 2024, marking its first major investment in the healthcare sector[28]. Sustainability and Environmental Impact - The company's sustainable development performance showed a 12% reduction in greenhouse gas emissions to 638 thousand tons in 2024 from 723 thousand tons in 2023[4]. - Swire Coca-Cola utilized 42% renewable energy in its major operations by the end of 2024, with all eight bottling plants in mainland China using 100% renewable energy[33]. - The company has set sustainability goals for 2030, integrating them into its business planning[126]. Market Conditions and Challenges - The Hong Kong office market is expected to remain weak, but Swire's office portfolio in Taikoo Place is well-positioned for recovery[34]. - The hotel business in Hong Kong is recovering slower than expected, while the performance of hotels in mainland China remains stable[60]. - The competitive landscape in Thailand and Laos remains challenging, with potential adverse financial impacts from further sugar tax legislation[151]. Revenue and Profitability by Segment - In 2024, the beverage segment reported revenues of HKD 36,609 million, a decrease of 29.3% from HKD 51,844 million in 2023[127]. - The hotel segment reported an operating loss of HKD 154 million, compared to a loss of HKD 103 million in 2023[46]. - The recurring basic profit attributable to the property investment segment decreased to HKD 5.727 billion in 2024 from HKD 5.942 billion in 2023, reflecting a decline in rental income from Hong Kong office properties[60]. Employee and Workforce - The company employs over 87,000 people globally, with more than 40,000 in Hong Kong and over 36,000 in mainland China[13]. - The group employed over 30,100 staff as of December 31, 2024, with approximately 84% based in Hong Kong[155].