港铁公司(00066) - 2023 - 年度业绩

Financial Performance - Total revenue for 2023 reached HKD 56,982 million, a 19.2% increase compared to HKD 47,812 million in 2022[3] - Recurring business profit for 2023 was HKD 4,281 million, compared to HKD 157 million in 2022, showing significant growth[3] - Net profit attributable to shareholders was HKD 7,784 million in 2023, a 20.8% decrease from HKD 9,827 million in 2022[3] - Annual profit for 2023 was HK$8,088 million, a decrease from HK$10,141 million in 2022[10] - Total comprehensive income for 2023 was HK$6,958 million, down from HK$8,425 million in 2022[10] - The company's retained earnings as of December 31, 2023, were HK$115,688 million, compared to HK$116,228 million in 2022[18] - The company's basic earnings per share for 2023 is HKD 1.26, calculated based on a profit attributable to shareholders of HKD 7.784 billion[27] - The diluted earnings per share for 2023 is HKD 1.26, adjusted for the dilutive effect of the company's share incentive plan[27] - The basic and diluted earnings per share from core business operations for 2023 is HKD 1.03, based on a profit of HKD 6.364 billion[27] - Net profit attributable to shareholders decreased by HKD 2.043 billion or 20.8% to HKD 7.784 billion in 2023[115] - Total recurring EBIT before special loss provisions increased by HKD 5.267 billion to HKD 8.122 billion in 2023[112] - Income tax increased by HKD 941 million to HKD 1.302 billion in 2023, driven by higher recurring business profits in Hong Kong[112] - Post-tax property development profit was HKD 2.083 billion in 2023, a decrease of HKD 8.397 billion from 2022, due to the recognition of profits from three development projects in 2022[113] - Post-tax fair value measurement gains on investment properties were HKD 1.420 billion in 2023, including HKD 1.360 billion from the initial fair value measurement of THE SOUTHSIDE mall[114] Property Development - Property development profit decreased by 80.1% to HKD 2,083 million in 2023 from HKD 10,480 million in 2022[3] - The company expects to recognize property development profits from projects such as "Ocean Promenade" and "The Southside" in the coming periods[6] - The company's profit from Hong Kong property development for 2023 was HK$2,035 million, a significant decrease from HK$10,413 million in 2022[19] - The company's Hong Kong property development profit before tax was HK$2,329 million in 2023, down from HK$11,589 million in 2022[19] - The company's profit from property development attributable to shareholders was HKD 2,083 million in 2023, down from HKD 10,480 million in 2022[31] - Property development profit (after tax) decreased by HKD 8.397 billion or 80.1% to HKD 2.083 billion in 2023, mainly due to lower profits from Hong Kong property development projects[104] - Hong Kong property development recorded HK$2.035 billion in post-tax profit in 2023, mainly from initial profit booking of "The Wings at Sea" and remaining profits from completed projects[82] - As of Dec 31, 2023, sales rates for key projects: "The Southside" Phase 1 (79$98,205 million in 2023 from HK$91,671 million in 2022[11] - The company recognized a fair value measurement gain of HK$1,386 million from investment properties in 2023, compared to a loss of HK$810 million in 2022[20] - The company's investment property fair value measurement gain included HK$1,360 million from initial recognition of properties developed[20] - Investment property fair value measurement profit (after tax) was HKD 1.42 billion in 2023, compared to a loss of HKD 810 million in 2022, driven by gains from the initial recognition of investment properties from property development[105] - THE SOUTHSIDE mall recorded a fair value gain of HKD 1.36 billion in 2023, with 30 tenants operational during its initial trial phase[80] Rail Operations - The High-Speed Rail (Hong Kong Section) experienced a strong recovery, contributing to the rebound in passenger numbers and related duty-free business[4] - Hong Kong rail operations revenue increased to HKD 20,131 million in 2023 from HKD 13,404 million in 2022, reflecting a recovery in passenger traffic[7] - Total passenger trips for local rail services increased to 1,586.7 million in 2023 from 1,334.6 million in 2022, with cross-border services seeing a significant rise to 71.5 million from 0.4 million[58] - High-speed rail (Hong Kong section) recorded 20.1 million passenger trips in 2023, with daily average trips at 57.3 thousand[58] - Revenue growth in 2023 driven by the resumption of cross-border services and high-speed rail (Hong Kong section) operations, with high-speed rail passenger volume surpassing 2019 levels due to increased frequency and expanded coverage to 73 mainland China stations[60] - Hong Kong's railway and bus passenger services saw a 50.2% increase in total revenue to HKD 20.131 billion in 2023, with a 76.5% reduction in EBIT loss to HKD 1.111 billion[67] - Total passenger volume for all railway and bus services increased by 24.9% to 1.8968 billion in 2023, with a 24.3% rise in average weekday passenger volume to 5.52 million[69] - The company's market share in Hong Kong's franchised public transport market increased to 50.1% in 2023, driven by the opening of the East Rail Line cross-harbour extension and the resumption of cross-border services[70] - The heavy rail network achieved over 99.9% punctuality and scheduled train performance in 2023, with seven delays exceeding 31 minutes[72] - High-speed rail services expanded to 73 mainland stations by the end of 2023, enhancing passenger connectivity[73] - The company invested HKD 1.3 billion to upgrade 2,400 automatic fare collection gates, supporting more electronic payment methods[73] - 13 new Q-trains equipped with SACEM signaling systems were deployed by December 31, 2023, with CBTC systems expected to be operational on the Tsuen Wan Line by 2025-2026[73] International Operations - The company incurred a provision of HKD 1 billion for loss-making contracts related to the early termination of Stockholm Commuter Rail and Mälartåg operations[5] - Mainland China and International Railway, Property Leasing and Management revenue slightly decreased to HKD 25,955 million in 2023 from HKD 26,016 million in 2022, with a profit contribution of HKD 524 million compared to HKD 962 million in 2022[29] - The company recognized a loss provision of HKD 700 million for the Stockholm Commuter Rail and Mälartåg regional transport in 2023[29] - MTR Express (Sweden) AB's assets of HKD 499 million and liabilities of HKD 99 million were reclassified as "held for sale" as of December 31, 2023, with the sale expected to be completed by the end of May 2024[33] - Revenue from external customers in Australia was HKD 15,972 million in 2023, slightly up from HKD 15,708 million in 2022, with designated non-current assets in Australia at HKD 900 million in 2023[35] - Revenue from external customers in Mainland China and Macau SAR was HKD 2,027 million in 2023, down from HKD 2,553 million in 2022, with designated non-current assets in the region at HKD 16,554 million in 2023[35] - Revenue from external customers in Sweden was HKD 4,809 million in 2023, down from HKD 5,232 million in 2022, with designated non-current assets in Sweden at HKD 116 million in 2023[35] - Revenue from external customers in the UK was HKD 3,212 million in 2023, up from HKD 2,733 million in 2022, with designated non-current assets in the UK at HKD 11 million in 2023[35] - The total revenue from external customers across all regions was HKD 56,982 million in 2023, up from HKD 47,812 million in 2022, with total designated non-current assets across all regions at HKD 297,793 million in 2023[35] - The company made a HKD 962 million impairment provision for Shenzhen Metro Line 4 in 2022 due to low ridership and lack of fare adjustments[93] - Hangzhou Metro Line 1 maintained a punctuality rate of over 99.9% in 2023 but continues to face financial challenges due to slow ridership growth[94] - The Macau Light Rail Transit Taipa Line, operated by the company, maintained stable operations in 2023 with the contract set to expire in 2024[94] - Elizabeth Line increased peak-hour train frequency from 22 to 24 trains per hour between Paddington and Whitechapel stations in May[95] - South Western Railway's operating contract extended to May 2025, with the UK government assuming all revenue and most cost risks[95] - MTRX sale agreement signed on February 8, 2024, with expected completion by May 2024, resulting in a non-material gain[95] - Stockholm commuter rail and Mälartåg operations terminated early, resulting in provisions of HKD 702 million and HKD 320 million respectively[95] - Melbourne rail network operating performance remained stable in 2023, with franchise extended to mid-2026[96] - Sydney Metro Northwest Line maintained high customer satisfaction, with City & Southwest Line testing underway for 2024 opening[96] - Company signed a Memorandum of Understanding with Malaysia's MRT Corporation for a TOD project near a new MRT line terminal[97] ESG and Sustainability - Carbon reduction targets for Hong Kong rail and investment property operations approved by the Science Based Targets initiative, aiming for significant greenhouse gas emission reductions by 2030 compared to 2019 levels[62] - 44 key performance indicators established for ESG goals, with 41 either completed or on track[98] - Greenhouse gas emissions reduction target approved by SBTi, aiming for a 50% reduction by 2030 compared to 2019 levels[99] - The company is implementing expert recommendations to enhance railway asset management, including increased investment in asset renewal and maintenance, and the adoption of innovative technologies[72] Dividends and Shareholder Returns - The proposed final ordinary dividend for 2023 is HKD 0.89 per share, totaling HKD 5.533 billion[25] - Final ordinary dividend of HK$0.89 per share proposed, bringing the full-year dividend to HK$1.31 per share, unchanged from 2022[63] - The company paid cash dividends of HKD 7.595 billion in 2023, representing a final dividend of HKD 0.89 per share for 2022 and an interim dividend of HKD 0.42 per share for 2023, compared to HKD 8.562 billion in 2022[125] - The company's share register will be closed from May 16 to May 22, 2024, for the annual general meeting, with share transfer documents required to be submitted by May 14, 2024, at 4:30 PM Hong Kong time[126] - The share register will also be closed from May 28 to May 31, 2024, for the proposed final dividend for 2023, with share transfer documents required to be submitted by May 27, 2024, at 4:30 PM Hong Kong time[127] Future Outlook and Challenges - The company is optimistic about the future, focusing on sustainable growth, innovation, and ESG standards[59] - Challenges in 2024 include global economic uncertainties, inflationary pressures, and high interest rates, with a focus on cost control and leveraging smart technology to improve operational efficiency[64] - Hong Kong's property development projects, including the Tung Chung East Station Phase 1 and Siu Ho Wan projects, are progressing with the first batch of residents expected to move in by 2030[65] - The company expects to recognize property development profits for projects such as "Hoi Ying Shan" (South Island Line Phase 4), South Island Line Phase 5, Ho Man Tin Station Phase 1, and "The Pavilia Farm" (Ho Man Tin Station Phase 2) in 2024[65] - New projects including the Tung Chung Line Extension, Tuen Mun South Extension, and Kwu Tung Station on the East Rail Line signed with the government in 2023, supporting long-term sustainable development[61] - International expansion continued with the opening of Beijing Metro Line 16 and Line 17 North Section in December 2023, and contract extensions for South Western Railway (UK) and Melbourne Metro (Australia)[62] Retail and Commercial Operations - Hong Kong Station Commercial revenue increased to HKD 20,131 million in 2023 from HKD 13,404 million in 2022, with a profit contribution of HKD 3,792 million compared to HKD 2,270 million in 2022[29] - Hong Kong Property Leasing and Management revenue rose to HKD 5,079 million in 2023 from HKD 4,779 million in 2022, with a profit contribution of HKD 3,999 million compared to HKD 3,800 million in 2022[29] - Retail property portfolio expanded with two new malls, adding approximately 107,620 square meters of gross floor area, increasing the total retail property portfolio by about 30%[60] - Hong Kong station commercial revenue increased by 66.3% to HKD 5.117 billion in 2023, driven by the reopening of duty-free shops[76] - Retail rental income at stations surged by 122.1% to HKD 3.429 billion in 2023, despite a 6.9% decline in new rental rates[77] - Advertising revenue rose by 17.3% to HKD 981 million in 2023, supported by economic recovery and increased mainland tourist traffic[78] - Property leasing and management revenue grew by 6.3% to HKD 5.079 billion in 2023, with new malls "The Wai" and "THE SOUTHSIDE" contributing to growth[79] - The Wai mall, with 60,620 square meters of retail space and 150 tenants, began trial operations in July 2023[80] - THE SOUTHSIDE mall recorded a fair value gain of HKD 1.36 billion in 2023, with 30 tenants operational during its initial trial phase[80] - 30% of the mall's leases by rental area will expire in 2024, 22% in 2025, 31% in 2026, and 17% in 2027 or later[81] - The mall's tenant mix by rental area is 30% F&B, 21% services, 21% fashion/beauty/accessories, 19% leisure/entertainment, and 9% department stores/supermarkets[81] Tax and Provisions - The company's total tax expense for 2023 was HK$1,575 million, slightly lower than HK$1,608 million in 2022[22] - The company incurred HK$21 million in expenses related to the cancellation of the MPF offset mechanism in 2023[17] - The company recognized a deferred tax asset and liability related to lease transactions, with no impact on the overall deferred tax balance[15] - The company disclosed estimated tax liabilities under the OECD's Pillar Two model rules, effective immediately upon issuance[16] - The company's deferred tax adjustments included HK$638 million from depreciation allowances exceeding related depreciation[22] - The company's Hong Kong profits tax provision for 2023 was calculated at a rate of 16.5%, with the first HKD 2 million of assessable profits taxed at 8.25% and the remaining at 16.5%[23] - The total tax amount related to the MTR merger payments from 2007/2008 to 2023/2024 tax years is HKD 5.1 billion[23] - The company has purchased HKD 2.3 billion in tax reserve certificates to secure a deferral of additional tax payments[23] - The company has appealed the tax assessments for the 2011/2012 to 2017/2018 tax years, with the appeal hearing held in early 2024[24] - The company made a total of HKD 1.022 billion in special loss provisions in 2023, including HKD 702 million for the early termination of the Stockholm commuter rail franchise and HKD 320 million for the Mälartåg regional traffic due to ongoing operational challenges[108] Asset and Liability Management - Total assets grew to HK$346,426 million in 2023 from HK$327,081 million in 2022[11] - Total liabilities increased to HK$167,570 million in 2023 from HK$147,169 million in 2022[11] - Net assets slightly decreased to HK$178,856 million in 2023 from HK$179,912 million in 2022[11] - The company's equity attributable to shareholders was HK$178,344 million in 2023, down from HK$179,286 million in 2022