2025-04-15 09:10Financial Performance - The total revenue for 2024 reached HKD 476,682 million, with an EBITDA of HKD 102,600 million and EBIT of HKD 54,431 million[18]. - Total revenue for 2024 reached HKD 476,682 million, a 3% increase from HKD 461,558 million in 2023[20]. - EBITDA for 2024 was HKD 125,108 million, down 2% from HKD 127,309 million in 2023[20]. - EBIT decreased by 6% to HKD 58,758 million in 2024 from HKD 62,770 million in 2023[20]. - Net profit attributable to ordinary shareholders was HKD 17,088 million, a 27% decline compared to HKD 23,500 million in the previous year[20]. - The financial and investment segment reported a basic EBITDA of HKD 58,171 million, excluding non-cash impairments from the Vietnam telecommunications business[19]. - The financial and investment segment's revenue increased by 2% to HKD 97,512 million compared to HKD 95,835 million in 2023[20]. - Interest expenses and other financing costs were HKD 24,050 million, a slight decrease of 1% from HKD 24,200 million[20]. - The reported profit attributable to ordinary shareholders for 2024 is HKD 17,088 million, a decrease of 27% compared to HKD 23,500 million in 2023[40]. - Basic earnings per share for 2024 is HKD 4.46, down from HKD 6.14 in 2023[41]. - The group's cash and cash equivalents totaled HKD 129.45 billion, with total debt amounting to HKD 259.09 billion, resulting in a net debt to total equity ratio of 16.2%[53]. Revenue Breakdown - The revenue from Europe amounted to HKD 244,372 million, while revenue from Asia, Australia, and others was HKD 73,198 million[18]. - The retail segment generated HKD 190,193 million in revenue, representing a 4% increase year-over-year[20]. - CK Hutchison Group Telecom reported revenue of HKD 88,371 million, a 2% increase from HKD 86,814 million in 2023[20]. - The infrastructure segment's revenue grew by 1% to HKD 55,324 million from HKD 54,714 million[20]. - The port and related services segment recorded revenue of HKD 45.28 billion, an increase of 11% compared to 2023, driven by a 6% rise in throughput and growth across all divisions[43]. - The European Group's revenue was HKD 81.71 billion, up 2% year-on-year, driven by an increase in total customer numbers and effective revenue growth measures[49]. Operational Highlights - The port division handled a total throughput of 87.5 million TEUs (twenty-foot equivalent units) in 2024, operating in 53 ports across 24 countries[11]. - The company has a workforce of over 300,000 employees operating in approximately 50 countries/markets[9]. - The company processed a total of 87.5 million twenty-foot equivalent units (TEUs) in 2024[71]. - Container throughput increased by 6% to 87.5 million TEUs, with local and transshipment cargo accounting for 65% and 35% respectively[73]. - The company added two new berths in Thailand and Mexico, bringing the total number of berths to 295[78]. Sustainability and Governance - The company emphasizes sustainability and corporate governance, implementing new technologies to address environmental and social challenges[9]. - CKHGT has been certified by Sustainalytics as a top-rated company in ESG for 2025[34]. - The group achieved a 20% reduction in carbon emissions compared to baseline levels, aligning with its carbon reduction targets[54]. - The retail division achieved a significant reduction in greenhouse gas emissions, with Scope 1 and 2 emissions decreasing by over 70% year-on-year and more than 75% compared to the 2018 baseline[103]. - The company faces challenges in maintaining the same level of emissions reduction by 2030 due to fluctuating costs of energy attribute certificates and market uncertainties[103]. Strategic Initiatives - The company plans to distribute a final dividend of HKD 1.51 per share, down from HKD 1.77 in 2023, resulting in a total annual dividend of HKD 2.20 per share[42]. - The company plans to limit capital expenditures and new investments while focusing on strict cash flow management due to an unstable operating environment[57]. - The company aims to enhance productivity and reduce operating expenses by accelerating the adoption of suitable emerging technology tools[57]. - The merger with Vodafone UK has been approved, paving the way for the creation of the third-largest telecommunications operator in the region, expected to complete in the first half of 2025[34]. Market and Customer Insights - The total number of loyal members in the health and beauty products segment rose to 168 million, an increase from 157 million in 2023, with a sales participation rate of 65%[93]. - The overall retail segment experienced a same-store sales growth of 3.1% in 2024, compared to 6.9% in 2023[95]. - The number of retail stores increased by 3% to 16,951 in 2024, up from 16,491 in 2023[92]. - The contribution of exclusive agency product sales to total sales in the health and beauty products segment was 36%, down from 37% in 2023[93]. Challenges and Risks - A one-time charge of HKD 3,740 million was recorded for non-cash impairment related to the telecommunications business in Vietnam[23]. - The company reported a net loss of HKD 1,751 million in 2024, slightly higher than the loss of HKD 1,712 million in 2023[149]. - The average revenue per user (ARPU) in the UK decreased by 9% to GBP 16.68, highlighting pricing pressures[161]. - The total number of registered customers decreased to 42.8 million in 2024 from 43.7 million in 2023, with a decline in active customers to 40.7 million from 40.2 million[153].