Financial Performance - The company's return on equity decreased to 1.6% in 2024 from 11.0% in 2023, a decline of 9.4 percentage points[14]. - The total profit attributable to shareholders dropped by 85% to HKD 4,321 million in 2024 from HKD 28,853 million in 2023[14]. - Revenue fell by 14% to HKD 81,969 million in 2024 compared to HKD 94,823 million in 2023[14]. - The basic earnings per share for 'A' shares decreased by 85% to HKD 3.06 in 2024 from HKD 19.96 in 2023[14]. - The consolidated profit attributable to shareholders for 2024 was HKD 4.32 billion, down from HKD 28.85 billion in 2023[16]. - 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[16]. - The recurring basic profit, excluding fair value changes and significant non-recurring items, was HKD 9.28 billion in 2024, down from HKD 10.44 billion in 2023[16]. - The company reported a total operating profit of HKD 1,716 million for 2024, significantly down from HKD 5,141 million in 2023, a decline of 66.66%[76]. - The basic profit attributable to shareholders is HKD 6,713 million for 2024, compared to HKD 11,531 million in 2023, a decrease of 41.56%[77]. - The company reported a fair value loss on investment properties of HKD 6,197 million in 2024, compared to HKD 4,423 million in 2023[79]. - The recurring basic profit for 2024, excluding asset sales, was HKD 5.727 billion, down from HKD 5.942 billion in 2023, reflecting a decline in rental income from Hong Kong office properties[100]. - The company reported a total profit including non-recurring items of HKD 2,039 million, down 91.9% from HKD 25,097 million in 2023[199]. Debt and Liquidity - The net debt increased by 28% to HKD 70,563 million in 2024 from HKD 55,136 million in 2023[14]. - The group's available liquid funds at the end of 2024 amounted to HKD 43.1 billion, with a net debt-to-capital ratio of 22.1%[30]. - The company reported a net cash generated from operating activities, indicating a focus on maintaining liquidity[67]. Sustainability and Environmental Impact - The company reported a 11% reduction in greenhouse gas emissions to 645 thousand tons of CO2 equivalent in 2024 from 723 thousand tons in 2023[15]. - The energy consumption decreased by 11% to 5.4 million gigajoules in 2024 from 6.1 million gigajoules in 2023[15]. - 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[32]. - The group continues to focus on sustainable development through its SwireTHRIVE strategy, achieving recognition in various sustainability indices[31]. - Swire Coca-Cola's sustainability goals for 2030 are integrated into its business plans, ensuring that all decision-making processes consider sustainable development[190]. Business Expansion and Investments - The company is focusing on expanding its business in healthcare, particularly in major urban areas in mainland China and Southeast Asia[13]. - The company aims to maintain a stable dividend payout while pursuing long-term growth strategies in the Greater China and Southeast Asia regions[7]. - 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[19]. - The company plans to continue its HKD 100 billion investment program, focusing on core markets and seeking business expansion opportunities, particularly in the Greater Bay Area[33]. - The company is actively pursuing new strategies, including enhancing community engagement and sustainability measures within its office properties[107]. - Swire Properties announced a HKD 100 billion investment plan for property development projects in Hong Kong and mainland China over the next decade, with HKD 30 billion allocated for Hong Kong, HKD 50 billion for mainland China, and HKD 20 billion for residential sales projects[103]. Market Performance and Outlook - The Hong Kong office market is expected to remain weak, but the company's properties in Taikoo Place are well-positioned for recovery[33]. - Retail sales growth in mainland China is anticipated to accelerate due to improved domestic demand and recent economic stimulus measures[33]. - The company expects revenue growth from its Coca-Cola business in mainland China, driven by an excellent product and packaging mix[33]. - The Hong Kong office market remains challenging, with weak demand and high vacancy rates putting downward pressure on rental prices[101]. - Retail sales in mainland China showed signs of stabilization in Q4 2024, following government stimulus measures announced in September[83]. - The hotel business outlook in Hong Kong is cautiously optimistic, depending on the recovery of international and business travelers[170]. Acquisitions and Joint Ventures - Swire Coca-Cola agreed to acquire over 55.6% of ThaiNamthip Corporation for approximately THB 42.61 billion (about HKD 9.47 billion) in two phases, completing the first phase in February 2024[21]. - The group completed the acquisition of a controlling stake in Dada Healthcare in April 2024, marking its first major investment in the healthcare sector[28]. - Swire Coca-Cola acquired 39% of the issued share capital of ThaiNamthip Corporation Public Company Limited (TNTC) and increased its stake to approximately 55.7% by September 30, 2024, making TNTC a non-wholly owned subsidiary[176]. - The company completed acquisitions of exclusive operations in Cambodia and Vietnam on November 25, 2022, and January 1, 2023, respectively[198]. - The acquisition of exclusive operations in Thailand and Laos is expected to be completed by September 30, 2024[198]. Operational Performance - The overall performance of Swire Coca-Cola remained robust in 2024, reflecting the continued recovery in the aviation industry and the challenges faced by Swire Properties[23]. - Swire Coca-Cola recorded a recurring profit of HKD 1.388 billion in 2024, down from HKD 2.394 billion in 2023, with a 20% increase in recurring profit when excluding the impact of the sale of US Swire Coca-Cola[25]. - Cathay Pacific Group achieved a profit of HKD 9.888 billion in 2024, including special income of HKD 751 million, compared to HKD 9.789 billion in 2023, driven by strong travel demand and cargo performance[27]. - The beverage division serves 941 million consumers across various regions, including mainland China, Hong Kong, and Southeast Asia[173]. - Swire Coca-Cola's operational regions include 42 bottling plants, with a total annual sales volume of 2.132 billion standard cases[197]. Real Estate and Property Development - The company’s total floor area for investment properties and hotels is approximately 35.2 million square feet, with 24.4 million square feet completed[61]. - The company holds a 20% stake in several hotels in Hong Kong and has plans to expand its hotel management business into Japan and various cities in mainland China[62]. - The total investment property area is projected to be 35.2 million square feet by December 31, 2024, an increase from 34.4 million square feet in 2023[74]. - The rental income from office properties is HKD 5,488 million, down from HKD 5,835 million in 2023, a decrease of 5.95%[76]. - The rental income from Hong Kong office properties for 2024 was HKD 5.109 billion, a decrease of 7% compared to 2023, with a rental income decline of 4% after excluding losses from the sale of nine floors of the Island East Centre[107]. - The occupancy rate of Swire Properties' office portfolio was 89% as of December 31, 2024, with the newly launched properties achieving a 53% occupancy rate[107]. - The residential property portfolio's occupancy rate was 76% as of December 31, 2024, with ongoing developments including the residential project in Lujiazui, Shanghai, where 49 out of 50 units have been pre-sold[106]. - The company is expanding its retail presence in first-tier cities in mainland China, planning to double the total floor area[104]. - The company is committed to developing high-quality residential properties as part of its long-term growth strategy[73].
太古股份公司B(00087) - 2024 - 年度财报