CK ASSET(01113)2025-03-20 09:11Financial Performance - For the year ended December 31, 2024, the group's profit before property revaluation was HKD 11,688 million, a decrease of 15.1% from HKD 14,014 million in 2023[4]. - Shareholders' profit for the year was HKD 13,657 million, down 20.0% from HKD 17,340 million in 2023, with earnings per share of HKD 3.89 compared to HKD 4.86 in the previous year[5]. - The total revenue for the year was HKD 47.2 billion, compared to HKD 46.35 billion in 2023[39]. - Group revenue for the year ended December 31, 2024, was HKD 45,529 million, a decrease of 3.6% from HKD 47,243 million in 2023[76]. - Total comprehensive income for 2024 was HKD 10,430 million, a decrease of 36.1% compared to HKD 16,354 million in 2023[77]. - The company's operating costs for 2024 were HKD 37,479 million, an increase from HKD 36,900 million in 2023[76]. - The group's financial costs increased to HKD 4,392 million in 2024 from HKD 3,956 million in 2023[83]. - The group's profit attributable to shareholders for 2024 was HKD 13,657 million, down 21.5% from HKD 17,340 million in 2023[83]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 1.35 per share, resulting in a total annual dividend of HKD 1.74, a decrease of 15.1% from HKD 2.05 in 2023[6]. - Proposed final dividend for 2024 is HKD 1.35 per share, down from HKD 1.62 per share in 2023, reflecting a reduction of 16.7%[76]. - The group repurchased a total of 48,906,000 shares at a total cost of HKD 1,545,564,825.00 (excluding expenses) during the year[61]. - The group repurchased 48,906,000 shares at a total cost of HKD 1,546 million during the year[84]. Investments and Acquisitions - The group engaged in multiple investments and acquisitions in 2024, including expanding its social infrastructure portfolio and acquiring elderly care assets in Germany, as well as farmland in Australia for carbon sequestration[8]. - The group completed several acquisitions, including a 40% indirect interest in the Northern Ireland gas network operator and a 20% indirect interest in a UK renewable energy asset operator[16]. - The company completed the acquisition of Phoenix Energy Holdings Limited for approximately £312 million (around HKD 3.049 billion) in March 2024[30]. - The acquisition of Powerlink Renewable Assets Limited was finalized in May 2024 for about £88 million (approximately HKD 859 million)[30]. - In August 2024, the company acquired a portfolio of onshore wind assets in the UK for approximately £329 million (around HKD 3.44 billion)[30]. Revenue Streams - Property sales revenue for 2024 decreased compared to 2023, but the group successfully launched several residential projects in Hong Kong and other regions, adapting to market demand[9]. - The company reported property sales revenue of HKD 9.962 billion for the year, a decrease from HKD 13.153 billion in 2023[32]. - The company's rental income for the year was HKD 6.135 billion, an increase from HKD 5.909 billion in 2023[37]. - The group's hotel and serviced suite business revenue for the year was HKD 4.39 billion, slightly up from HKD 4.38 billion in 2023, with average occupancy rates of 82% and 91% respectively[42]. - Revenue from the English pub business increased to HKD 24,425 million in 2024, up 5.2% from HKD 23,217 million in 2023[81]. Economic Environment - The group achieved a 5% year-on-year growth in GDP for mainland China in 2024, maintaining stable economic performance[20]. - Hong Kong's economy recorded a moderate growth of 2.5% in real GDP for 2024, supported by government measures to enhance competitiveness[20]. Sustainability and Future Plans - The group received independent certification from the Science Based Targets initiative (SBTi) for its short-term and net-zero emissions targets, marking a significant milestone in sustainability efforts[17]. - The group is investing in carbon sequestration farmland as part of its commitment to innovative sustainable development measures[18]. - The group plans to establish a consultation group in 2024 to enhance stakeholder communication regarding sustainability strategies[17]. - The group continues to explore investment opportunities globally, with a focus on sustainable returns and high liquidity projects[21]. Financial Health and Ratios - The group's net debt to total capital ratio is approximately 4.0%, reflecting strong financial discipline[21]. - The group has received "A/stable" and "A2 stable" credit ratings from S&P and Moody's, respectively, indicating robust financial health[21]. - The total bank and other borrowings of the group amounted to HKD 52.7 billion, a decrease of HKD 2.2 billion compared to December 31, 2023[54]. - The net debt to total equity ratio of the group is approximately 4% as of the year-end[54]. - The group employed approximately 55,000 employees, with related employee costs (excluding directors' remuneration) amounting to HKD 13.44 billion[60]. Asset Management - Non-current assets as of December 31, 2024, totaled HKD 325,864 million, slightly down from HKD 326,419 million in 2023[79]. - The company reported a net asset value of HKD 400,200 million as of December 31, 2024, compared to HKD 399,436 million in 2023, indicating a marginal increase[79]. - The fair value of the investment property portfolio increased by HKD 1.349 billion, compared to an increase of HKD 3.238 billion in 2023[40]. - The fair value of the group's investments in the Prosperity Industrial Trust and Hung Fook Industrial Trust decreased by HKD 551 million (2023: decreased by HKD 890 million) as of December 31, 2024[53].