KERRY PPT(00683)2024-04-24 08:34Financial Performance - Total revenue for 2023 was HKD 13,090 million, a decrease of 10% compared to HKD 14,590 million in 2022[6]. - Property sales revenue dropped to HKD 6,349 million, down 26% from HKD 8,543 million in the previous year[6]. - The hotel operations segment saw a significant increase in revenue, rising 66% to HKD 1,755 million from HKD 1,056 million in 2022[6]. - Shareholders' profit attributable to the company increased by 18% to HKD 3,243 million, compared to HKD 2,755 million in 2022[17]. - Basic earnings per share for 2023 was HKD 2.23, an increase of 18% from HKD 1.90 in 2022[17]. - Contract sales for 2023 totaled HKD 14,071 million, a substantial increase from HKD 5,354 million in 2022[18]. - The consolidated revenue from development properties in Mainland China and Hong Kong increased by 22% to HKD 10.416 billion in 2023, compared to HKD 8.562 billion in 2022[38]. - The consolidated revenue from investment and hotel properties grew by 14% to HKD 7.711 billion in 2023, up from HKD 6.789 billion in 2022[38]. Debt and Financial Management - The company maintained a debt ratio of 34.1%, slightly up from 33.6% in the previous year[6]. - The debt ratio as of December 31, 2023, was 34.1%, a slight increase from 33.6% in 2022[38]. - The total borrowing amount was HKD 55.131 billion, an increase from HKD 52.870 billion in 2022[151]. - Cash and bank deposits totaled HKD 13.845 billion, with net borrowings at HKD 41.286 billion as of December 31, 2023[151]. - The company’s available financial resources amounted to HKD 44.971 billion, including undrawn bank loan facilities of HKD 31.126 billion, representing an 8% increase compared to 2022[153]. - The company maintained a fixed-rate debt ratio of 43% and a net debt ratio of 58% as of December 31, 2023, compared to 37% and 48% in 2022, respectively[150]. - The company has implemented a prudent policy for cash flow and debt management to mitigate liquidity, foreign exchange, interest rate, and credit risks[148]. Property Development and Investment - The company’s total land bank reached 50.9 million square feet, providing ample supply for future project development[19]. - The company has a robust pipeline of development properties, with a total attributable floor area of 10,814,000 square feet expected to be completed by 2028[51]. - The company’s total attributable floor area for development properties is 26,256,000 square feet, up from 24,233,000 square feet in the previous year[48]. - The company’s land reserve strategy focuses on establishing a quality investment property portfolio in mainland China, covering office, retail, hotel, and rental apartments[44]. - The company’s development properties in mainland China are strategically located near major transportation hubs, enhancing accessibility for future residents[50]. Sustainability and Corporate Governance - The company has identified key sustainability issues including energy efficiency, responsible supply chain management, and climate change resilience[167]. - The company aims to improve upstream and downstream emissions performance with specific targets related to Scope 3 emissions[190]. - The company has provided over 622,000 nutritious meals through its community programs[187]. - The company received a five-star rating for three consecutive years in the Global Real Estate Sustainability Benchmark (GRESB)[192]. - Kerry Properties has fully complied with the Corporate Governance Code in 2023, with one exception regarding the dual role of the Chairman and CEO[199]. - The company emphasizes a strong corporate governance framework to ensure long-term success and sustainable development[199]. Community Engagement and Employee Welfare - The total donations increased significantly to HKD 24.7 million in 2023, compared to HKD 12.1 million in 2022[25]. - Over 680 community investment programs were conducted, with more than 8,900 employee participation instances[187]. - The employee training rate was 98.3% in 2023, slightly down from 98.6% in 2022[159]. - 97% of employees received gender equality and anti-harassment training, a significant increase of 22%[168]. - The injury rate among employees was reported at 8.8 incidents per thousand employees, a slight increase from 6.92 incidents in 2022[159]. Customer Satisfaction and Service Quality - The company achieved a customer satisfaction rate of 90% in 2023, up from 93% in 2022[25]. - The overall occupancy rate for the retail portfolio improved to 85%, up from 83% in the previous year[125]. - The office portfolio maintained a high occupancy rate of 90%, compared to 88% in 2022[125]. - The residential leasing portfolio's occupancy rate increased to 92%, up from 86% in the previous year[125]. - The company plans to focus on renewing leases with blue-chip tenants to secure stable income amid a weak market[122].