Financial Performance - The company's equity return decreased to 1.6% in 2024 from 11.0% in 2023, a decline of 9.4 percentage points [4]. - The basic profit attributable to shareholders dropped by 85% to HKD 4,321 million in 2024 from HKD 28,853 million in 2023 [4]. - Revenue fell by 14% to HKD 81,969 million in 2024 compared to HKD 94,823 million in 2023 [4]. - The net debt increased by 28% to HKD 70,563 million in 2024 from HKD 55,136 million in 2023 [4]. - The consolidated profit attributable to shareholders for 2024 was HKD 4.32 billion, down from HKD 28.85 billion in 2023 [15]. - The basic profit attributable to shareholders, excluding losses from fair value changes of investment properties, was HKD 10.47 billion in 2024, compared to HKD 36.17 billion in 2023 [15]. - The recurring basic profit for 2024 was HKD 9.28 billion, a decrease from HKD 10.44 billion in 2023 [15]. - The group reported a loss attributable to shareholders of HKD 751 million, compared to a profit of HKD 2,599 million in 2023 [49]. - Basic profit attributable to shareholders was HKD 6,713 million, down 41.5% from HKD 11,531 million in 2023 [49]. - The hotel segment reported an operating loss of HKD 154 million, compared to a loss of HKD 103 million in 2023 [46]. Investment and Expansion Plans - The company plans to continue investing in the healthcare sector, particularly in major urban areas in mainland China and Southeast Asia [12]. - Swire Properties has committed approximately 67% of its HKD 100 billion investment plan, with HKD 50 billion allocated for major retail-led projects in mainland China [17]. - The group announced a new investment plan exceeding HKD 100 billion, including the acquisition of over 100 new generation aircraft [21]. - Swire Properties plans to continue its HKD 100 billion investment program, focusing on core markets and expanding business opportunities, particularly in the Greater Bay Area [34]. - The company is actively pursuing a HKD 1 billion investment plan over the next decade, focusing on property development projects in Hong Kong and mainland China [61]. - The company plans to acquire the remaining 12.07% interest in Bal Harbour Shops in January 2025, increasing its ownership in the Brickell City Centre shopping center to 62.93% [90]. Operational Performance - The operating cash flow decreased by 13% to HKD 12,580 million in 2024 from HKD 14,479 million in 2023 [4]. - The operating profit for property investment was HKD 8,242 million, slightly down from HKD 8,253 million in 2023 [46]. - The hotel management segment includes ownership and management of several hotels in Hong Kong and mainland China, with plans to expand into Tokyo and other cities [39]. - The company recorded a depreciation before interest and tax of HKD 170 million for its hotels managed in 2024, down from HKD 880 million in 2023, indicating challenges in the hospitality sector [96]. - The company anticipates stable demand for base maintenance services in 2025, with continued growth in field maintenance workload as Hong Kong's air traffic is expected to recover to pre-pandemic levels [193]. Market Conditions and Challenges - The Hong Kong office market is anticipated to remain weak, but Swire Properties' office portfolio in Taikoo Place is well-positioned for recovery [34]. - The office market in Hong Kong remains weak due to soft demand and increased supply, impacting rental rates negatively [51]. - The hotel business in Hong Kong is recovering slower than expected, while the performance of hotels in mainland China remains stable [60]. - The company anticipates sales growth in Taiwan and Cambodia, despite challenges in the Hong Kong business environment [34]. - The retail sales in Hong Kong decreased in 2024, while the retail sales and rental income in the US increased compared to 2023, driven by tenant mix optimization and higher store opening rates [60]. Sustainability and Corporate Responsibility - The company aims to achieve net-zero carbon emissions by 2050 as part of its long-term strategy [159]. - Swire Coca-Cola utilized 42% renewable energy in its major operations by the end of 2024, with all eight bottling plants in mainland China using 100% renewable energy [33]. - The group is preparing for regulatory requirements to enhance internal monitoring of sustainability-related processes and data [33]. - The company has set sustainability goals for 2030, integrating them into its business planning [126]. - The company plans to enhance its brand portfolio and improve operational efficiency to drive long-term sustainable growth [122]. Sector-Specific Insights - The beverage segment reported revenues of HKD 36,609 million, a decrease of 29.3% from HKD 51,844 million in 2023 [127]. - The operating business revenue from Mainland China increased to HKD 25.234 billion in 2024, up 3% from HKD 24.725 billion in 2023 [128]. - The total number of beverage brands produced and distributed by the company reached 41, covering a population of 909.9 million in its operating regions [118]. - The company expects continued contributions from newly acquired operations in Thailand and Laos, despite the adverse impact from the sale of the US operations [133]. - The company anticipates revenue growth in mainland China, despite rising raw material and operating costs [150]. Aviation Sector Performance - Cathay Pacific Group reported a revenue of HKD 21,662 million for 2024, up 21.0% from HKD 17,787 million in 2023 [160]. - Passenger revenue increased to HKD 62,595 million, representing an 11.9% growth compared to HKD 55,951 million in 2023 [162]. - Cargo revenue reached HKD 24,000 million, reflecting an 8.3% increase from HKD 22,162 million in 2023 [162]. - The total number of passengers carried by Cathay Pacific in 2024 was 22.8 million, averaging 62,500 passengers per day, a 27% increase from 2023 [165]. - The group plans to receive 12 new aircraft in 2024 and has the option to purchase an additional 82 aircraft [174].
太古股份公司B(00087) - 2024 - 年度业绩