CK ASSET(01113)2023-03-16 08:38Financial Performance - Shareholders' profit for the year ended December 31, 2022, was HKD 21,683 million, an increase of 3.6% from HKD 21,241 million in 2021[2] - Earnings per share for 2022 was HKD 5.98, up from HKD 5.77 in 2021, reflecting a growth of 3.6%[3] - The group reported a net cash position of approximately HKD 12.6 billion after deducting borrowings as of the year-end closing date[12] - The group's total revenue for 2022 was HKD 56,341 million, a decrease of 9.2% from HKD 62,094 million in 2021[63] - The group's net profit for the year was HKD 21,963 million, slightly up from HKD 21,943 million in 2021, reflecting a stable performance[64] - The group's continuous business profit for 2022 was HKD 19,627 million, down from HKD 20,824 million in 2021, a decrease of 5.7%[67] Dividends - The proposed final dividend for 2022 is HKD 1.85 per share, which, combined with the interim dividend, results in a total annual dividend of HKD 2.28 per share, an increase of 3.6% from HKD 2.20 in 2021[4] - The company declared an interim dividend of HKD 0.43 per share for 2022, up from HKD 0.41 per share in 2021[63] - The proposed final dividend for 2022 is HKD 1.85 per share, compared to HKD 1.79 per share in 2021, reflecting a 3.4% increase[63] Property Sales and Revenue - The total property sales revenue for the year was HKD 25.756 billion, a decrease of 31.8% from HKD 37.798 billion in 2021[23] - The property sales segment generated HKD 25,706 million in 2022, down from HKD 37,760 million in 2021, indicating a significant decline of 31.9%[66] - Property sales contributed HKD 10,303 million in 2022, down from HKD 18,127 million in 2021, representing a decrease of 43.5%[67] - The property sales breakdown by region for 2022 shows Hong Kong at HKD 14.511 billion, Mainland China at HKD 9.916 billion, and overseas at HKD 1.329 billion[24] Rental Income - The total rental income for the year was HKD 5.843 billion, down from HKD 6.693 billion in 2021, reflecting a decrease of 12.7%[28] - The total revenue from property leasing in 2022 was HKD 4,580 million, compared to HKD 5,541 million in 2021, reflecting a decline of 17.4%[67] - Rental income decreased due to the sale of the 5 Broadgate property in London, but the group remains confident in the demand for prime office space in central business districts[7] Business Strategy and Operations - The group strategically exited the aircraft leasing industry and reinvested the proceeds into real estate projects, enhancing its property portfolio[5] - The group plans to continue seeking quality infrastructure and utility investments globally, having successfully monetized part of its stake in Northumbrian Water[10] - The group is focused on sustainable green residential and working spaces as a core aspect of its global business strategy[12] - The group is actively seeking opportunities while maintaining a prudent financial management approach to enhance recurring income and asset resilience[12] Environmental and Governance Initiatives - The group aims to reduce greenhouse gas emissions, water and electricity consumption, and waste paper by 2030, with a commitment to achieve net-zero emissions by 2040 for Greene King and between 2027 to 2050 for other subsidiaries[11] - The group has received an "A" rating from MSCI for its environmental, social, and governance (ESG) performance in 2022, recognizing its green building initiatives[11] - The company has established a strong corporate governance framework, adhering to the principles outlined in the Corporate Governance Code, with a focus on high-quality board composition and transparency to shareholders[56] Acquisitions and Sales - The group successfully acquired four redevelopment projects in Kowloon, covering a total area of approximately 58,534 square feet, with an estimated total buildable area of about 526,807 square feet[17] - The group completed the sale of Accipiter Finance S.à r.l. and Manchester Aviation Finance S.à r.l. for a total cash consideration of approximately USD 2.44 billion (approximately HKD 189.21 billion) and USD 1.84 billion (approximately HKD 142.58 billion)[17] - The group entered into an agreement to sell a 25% stake in Northumbrian Water Group Limited and Northumbrian Services Limited for a total cash consideration of £86.7 million (approximately HKD 8.07 billion)[18] Employee and Management - The group employed approximately 55,000 staff, with employee costs (excluding directors' remuneration) amounting to HKD 12.09 billion for the year[51] - The company has a dedicated Remuneration Committee, primarily composed of independent non-executive directors, to oversee executive compensation and align it with shareholder interests[58] Market Outlook - The group anticipates stable growth in the Hong Kong economy in 2023, despite external challenges, supported by national policies[12] - The group expects no significant impact from the new IFRS standards effective from January 1, 2022, and is currently assessing the impact of upcoming standards[72]