Financial Performance - The group's revenue for 2020 was HKD 5,934,504,668, a decrease of 26.4% compared to HKD 8,060,213,837 in 2019[7] - The underlying operating profit for 2020 was HKD 2,471,844,783, down 1.0% from HKD 2,508,693,897 in 2019[7] - The attributable profit to shareholders for 2020 was HKD 901,781,260, a significant decline from HKD 3,714,769,199 in 2019, representing a decrease of 75.8%[7] - Basic earnings per share for 2020 were 132.11 cents, down from 136.96 cents in 2019, reflecting a decrease of 2.0%[7] - The group reported a net profit of HKD 901.07 million for the fiscal year, significantly lower than HKD 3.7147 billion in the previous year, with earnings per share dropping to HKD 0.48 from HKD 2.03[15] - Total comprehensive income for the year was HKD 891,199,856, down from HKD 6,628,645,228 in the previous year, reflecting a decline of 86.6%[190] - The company reported a significant decrease in cash and cash equivalents, dropping to HKD 6,081,049,352 from HKD 11,524,945,562, a decline of 47.3%[192] - The company reported a significant increase in contract liabilities, indicating growth in future revenue streams[195] Assets and Liabilities - Non-current assets as of 2020 were valued at HKD 107,109,780,881, slightly up from HKD 106,983,178,886 in 2019[11] - Current assets increased to HKD 80,668,495,460 in 2020 from HKD 74,805,386,609 in 2019, marking a rise of 7.8%[11] - The total liabilities increased to HKD 155,270,884,414 in 2020 from HKD 156,217,884,986 in 2019, indicating a slight decrease of 0.6%[11] - The company's equity attributable to shareholders rose to HKD 78,883,032,862 from HKD 77,837,424,610, an increase of 1.3%[193] - The company's investment properties decreased to HKD 62,658,456,279 from HKD 65,035,087,581, a decrease of 3.6%[192] Dividends - The group declared a final dividend of 41 cents per share for 2020, consistent with the previous year's dividend of 55 cents per share[7] - The board proposed a final dividend of HKD 0.41 per share, totaling HKD 0.55 per share for the fiscal year, including an interim dividend of HKD 0.14[16] - The interim dividend distributed during the year was HKD 0.14 per share, totaling HKD 263,457,581, including HKD 1,041,939 paid in cash and HKD 262,415,642 in scrip dividends[1] Revenue Composition - The group’s revenue composition for the fiscal year included 1.2% from property sales, 82.5% from property leasing, 8.3% from property management and other services, 5.0% from hotel operations, and 3.0% from securities investment and finance[13] - The group’s revenue from property leasing was 54.1% of total revenue, while property management and other services accounted for 19.3%[14] - Total rental income for the fiscal year was HKD 4.0619 billion, a decrease of 4.2% year-on-year due to the impact of COVID-19[25] Community and Corporate Social Responsibility - The group has been recognized for its commitment to corporate social responsibility and sustainable development, being included in the Hang Seng Corporate Sustainability Index since September 2012[32] - The group recorded over 174,000 hours of volunteer service during the reporting period, demonstrating its commitment to community service[32] - The group launched a comprehensive green project "One Happy Farm" in March 2020, promoting urban farming and community engagement[32] Governance and Management - The board of directors is committed to effective management and robust monitoring to deliver optimal returns to shareholders, adhering to high corporate governance standards[55] - The company has established a governance framework that allows all directors to access necessary business information to evaluate the company's performance and prospects[66] - The company has established a comprehensive internal control system that integrates with its risk management framework, ensuring effective monitoring and reporting mechanisms are in place[80] Risk Management - The company has adopted a corporate risk management system to assist the board in fulfilling its risk management responsibilities[78] - The company conducts annual self-assessments of its internal control systems based on the COSO framework to identify potential new risks[82] - The company maintains a risk register that records all identified risks, their ratings, and current monitoring measures[121] Market Outlook and Strategy - The group remains cautiously optimistic about the economic and property market outlook in Hong Kong, believing it can overcome current challenges[34] - The company aims to strategically increase land reserves to enhance profit potential amid competition in Hong Kong property development[124] - The company is focused on expanding its market presence and enhancing its portfolio through strategic acquisitions and partnerships[171] Environmental Initiatives - The company aims to reduce greenhouse gas emissions by 30% by 2030, using 2012 levels as a baseline, equivalent to planting 1,072,223 trees[46] - The company has installed over 2,100 solar photovoltaic panels across its managed properties in Hong Kong, with a total rated capacity exceeding 700 kW[46] Employee Engagement and Training - The average training hours per employee in the fiscal year 2019/2020 was 11 hours[40] - The company aims to increase training hours per employee by 50% and 100% by 2025 and 2030, respectively, based on 2019 figures[50]
TST PROPERTIES(00247) - 2020 - 年度财报