Financial Performance - The group's revenue for the fiscal year 2023 was HKD 11,928,929,454, a decrease of 23.4% compared to HKD 15,597,640,466 in 2022[7] - The underlying operating profit for 2023 was HKD 3,419,559,446, down from HKD 3,599,804,393 in 2022, reflecting a decline of 5%[7] - The attributable profit to shareholders for 2023 was HKD 3,287,132,467, compared to HKD 3,159,245,014 in 2022, marking an increase of 4%[7] - Basic earnings per share for 2023 were HKD 168.42, a decrease from HKD 182.67 in 2022[7] - The total equity attributable to shareholders increased to HKD 91,590,199,461 in 2023 from HKD 88,258,646,727 in 2022, representing a growth of 2.6%[11] - The company declared a final dividend of HKD 0.43 per share for 2023, up from HKD 0.42 per share in 2022[5] Asset and Liability Management - The company reported a total of HKD 68,645,175,002 in current assets for 2023, a decrease from HKD 72,381,881,098 in 2022[11] - Non-current assets increased to HKD 112,404,573,768 in 2023 from HKD 108,335,065,373 in 2022, indicating a growth of 3.9%[11] - The company’s total liabilities decreased to HKD 78,483,033,266 in 2023 from HKD 77,282,492,711 in 2022, reflecting a reduction of 1.5%[11] Property Sales and Development - Property sales accounted for 42.2% of the total revenue, while property leasing contributed 44.6%[18] - The group achieved property sales revenue of HKD 11.973 billion, an increase from HKD 10.841 billion in the previous fiscal year[35] - The group plans to launch multiple new residential projects, including Kai Pak Fung III and ONE CENTRAL PLACE, with a new project in Yau Tong expected to receive pre-sale consent in the fiscal year 2023/2024[37] - The group completed several property development projects, including Silversands and St. George's Mansions, with a total floor area of 1,098,479 square feet[41] Rental Income and Occupancy - Total rental income for the fiscal year was HKD 3.548 billion, a decrease of 1.1% year-on-year[49] - Net rental income was HKD 2.985 billion, down 3.7% from HKD 3.101 billion in the previous fiscal year[49] - Overall occupancy rate for the investment property portfolio was 91.2%, an increase of 0.4 percentage points year-on-year[50] - Commercial properties saw the largest increase in occupancy rate, rising 2.1 percentage points to 95%[50] Hotel Operations - Hotel operating revenue was HKD 1.375 billion, significantly up from HKD 0.582 billion in the previous year[54] - The company recorded significant improvements in hotel performance during the second half of the fiscal year, particularly benefiting from major events like the Basel Art Fair and the Hong Kong Sevens[55] - The company plans to reopen the Hong Kong Ocean Park Hotel in Q4 2023 with new business and operational strategies after undergoing improvement works since December 2021[58] Sustainability and Corporate Social Responsibility - The company has been recognized as a leader in sustainability, achieving an AA rating in the Hang Seng Sustainability Index and being selected as one of the top ten companies in the Greater Bay Area Sustainability Index[65] - The company has engaged external consultants to conduct climate risk assessments for over 170 existing and new properties, becoming one of the first developers in Hong Kong to publish an independent climate action report[69] - The company is committed to achieving net-zero carbon emissions by 2050 as part of the "Business Ambition for 1.5°C" global initiative[97] - SINO Land partnered with local NGOs to support over 10,000 underprivileged individuals through various community initiatives[94] Governance and Corporate Structure - The board consists of seven directors, including two executive directors and three independent non-executive directors, ensuring diverse skills and expertise[152] - The company has established four board committees, including the remuneration, nomination, audit, and compliance committees, to enhance board functionality[156] - The company is committed to adhering to the highest standards of business ethics and corporate governance, which is crucial for becoming the preferred choice for customers, investors, and employees[150] Employee Training and Development - The company conducted over 156,500 hours of employee training in the fiscal year, representing a 47.71% increase from the 2019 baseline[108] - The company aims for 100% of employees to receive ESG-related training by 2025[95] - As of June 30, 2023, 51% of employees, including senior management, are female, with women holding 41% of management positions[185] Market Outlook and Economic Environment - The company is preparing for business recovery as the economic environment improves following the easing of pandemic-related restrictions, while remaining vigilant to market changes[75] - The macroeconomic environment in Hong Kong is expected to improve significantly in the second half of the fiscal year due to the reopening of borders with mainland China and various government initiatives to attract tourists and businesses[79] - The population of Hong Kong increased from 7.3 million in mid-2022 to 7.5 million in mid-2023, contributing to a cautiously optimistic outlook for the property market[80]
TST PROPERTIES(00247) - 2023 - 年度财报