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Lane Crawford International WHEELOCK AND COMPANY LIMITED Annual Report 2000 / 2001 Corporate Information Board of Directors Registrars Mr. G. W. J. Li (Chairman) Tengis Limited Mr. S. T. H. Ng (Vice Chairman) 4th Floor, Hutchison House Mr. J. T. Hung, SBS, JP (Managing Director) 10 Harcourt Road Mr. K. H. Leung (Finance Director) Central, Hong Kong Mr. B. M. Chang Sir S. Y. Chung, JP Registered Office 23rd Floor, Wheelock House Mr. Q. Y. K. Law 20 Pedder Street Ms. D. Y. F. Lee Hong Kong Mr. W. W. Y. Lee Website : www.wheelockcompany.com Mr. T. Y. Ng Mr. P. Y. C. Tsui Principal Banker Mr. H. S. S. Wong The Hongkong and Shanghai Banking secretary Corporation Limited Mr. W. W. S. Chan, FCIS Auditors PricewaterhouseCoopers 2 WHEELOCK AND COMPANY LIMITED Annual Report 2000 / 2001 3 WHEELOCK AND COMPANY LIMITED Annual Report 2000 / 2001 FINANCIAL HIGHLIGHTS Restated 2001 2000 HK$ Million HK$ Million Results Turnover 3,761.5 4,551.0 Operating profit 132.3 720.1 Group profit attributable to shareholders 516.6 864.4 Earnings per share 25.4¢ 42.6¢ Dividends per share 7.5¢ 7.5¢ Financial Position Total assets 58,415.0 57,300.5 Net debts 15,664.5 16,081.7 Shareholders’ funds 28,260.3 27,242.4 Net assets per share HK$13.92 HK$13.41 Net debts to total assets (excluding cash) 27.4% 28.8% Group profit/(loss) Earnings attributable to Shareholders’ /(loss) Dividends Distribution Financial Year shareholders funds per share per share cover HK$ Million HK$ Million HK¢ HK¢ Times 1991/1992 976.5 18,522.8 47.7 24.5 1.95 1992/1993 1,468.3 24,100.8 71.6 28.5 2.51 1993/1994 2,204.6 40,638.4 108.3 36.0 3.01 1994/1995 2,306.0 42,332.9 114.3 37.0 3.09 1995/1996 2,459.2 39,170.2 122.0 41.0 2.98 1996/1997 2,535.5 45,820.0 125.5 43.5 2.87 1997/1998 (Restated) (958.0) 39,920.8 (47.3) 28.0 N/A 1998/1999 (Restated) 657.4 27,548.2 32.4 7.5 4.32 1999/2000 (Restated) 864.4 27,242.4 42.6 7.5 5.68 2000/2001 516.6 28,260.3 25.4 7.5 3.39 4 WHEELOCK AND COMPANY LIMITED Annual Report 2000 / 2001 Turnover (HK$ Million) Retailing and trading 1,865.7 Sale of property 1,294.1 Property rental 282.3 Treasury management, investment and others 319.4 Total 3,761.5 Operating Profit before Borrowing Costs and Provision for Properties (HK$ Million) Retailing and trading 56.8 Sale of property 553.5 Property rental 224.9 Treasury management, investment and others 518.3 Total 1,353.5 5 WHEELOCK AND COMPANY LIMITED Annual Report 2000 / 2001 Chairman’s Statement Gonzaga W. J. Li Chairman 6 WHEELOCK AND COMPANY LIMITED Annual Report 2000 / 2001 CHAIRMAN’S STATEMENT heelock and Company Limited’s GROUP FOCUS W consolidated profit attributable to Wheelock and Company Limited and its shareholders for the year ended 31 March 2001 was subsidiaries/associates are engaged in property HK$516.6 million, compared to HK$864.4 million development/sales and quality retailing in for the previous year. Hong Kong, China Mainland, Singapore and Taiwan. Through its substantial associate Earnings per share were 25.4 cents, Wharf Holdings, Wheelock is also compared to 42.6 cents for the previous year. engaged in core investment businesses in property, CME (communications, Wheelock’s investment properties were media and entertainment) and logistics revalued at 31 March 2001, those (container and air cargo terminals). owned by its associates were revalued at the respective year end dates. In accordance with the ECONOMIC REVIEW current established accounting standards, The perceived downturn of the US economy since Wheelock’s investments in listed securities were the beginning of 2001 has slowed down Hong also stated at market value. On these bases, Kong’s impressive economic recovery. Despite the the consolidated net asset value of the Company strong momentum from last year’s double digit as at 31 March 2001 was HK$13.92 per share, GDP growth and a series of interest rate cuts, the compared to HK$13.41 per share a year earlier. major leading indicators of Hong Kong’s economy such as GDP growth, unemployment rate, An interim dividend of 2.5 cents per share was paid deflationary pressure and limited property in January 2001, and the Directors recommend a final transactions all dictate an outlook of caution. The dividend of 5.0 cents per share to be approved at the general view is that until the US economy comes Annual General Meeting. The total dividend for the off the bottom, there is little likelihood of revived year will be 7.5 cents per share, the same as last year. robust economic activities. 7 WHEELOCK AND COMPANY LIMITED Annual Report 2000 / 2001 CHAIRMAN’S STATEMENT Nevertheless, we remain cautiously optimistic that of China trade and this speaks well for Hong Kong’s the Hong Kong economy should improve within the macro economic prospects. next six to 12 months on the expectation of a US economic recovery and the effect of the interest rate PROPERTY cuts filtering through the real economy. Further, the Despite a slowdown of transaction activities, rental stimulus of China’s impending entry into the WTO sentiments have improved and this augurs well for continues to bring some optimism based rental earnings improvements related to on reports that since July 2000, at least Wheelock’s large investment property one overseas company per week has set portfolio, particularly when all the up a regional office in Hong Kong excessive supply of offices has now been aggregating in more than 3,000 regional largely absorbed. The success of Wharf’s offices in Hong Kong – the highest in Asian cities. Harbour City and Times Square projects offers great China trade is also estimated to double within the comfort to the Group as a whole, and the passage of five years following its entry into the WTO. Hong time should only bring further improvements. The Kong has traditionally serviced close to 40 per cent Gateway project within Harbour City is particularly Main Board Executives Harry S. S. Wong Stephen T. H. Ng T. Y. Ng Paul Y. C. Tsui 8 WHEELOCK AND COMPANY LIMITED Annual Report 2000 / 2001 CHAIRMAN’S STATEMENT successful in that all three sectors of retail, offices and GFA MTRC Kowloon Station Two development luxury serviced apartments have leased extremely well. “Sorrento”, and the 2.8-million-square-foot GFA Sham Tseng project “Bellagio”. Both these developments are As a major property owner and developer, the making good progress in construction and in time Wheelock group of companies through Wharf, New should yield high revenue potential. Wharf is also Asia Realty (“NART”) and Realty Development close to the launching of three attractive projects on (“RDC”) holds some 7.5 million square The Peak, namely, Mountain Court, feet GFA in developable properties in Chelsea Court and the substantial its portfolio. The Wheelock Group construction at Plantation Road where conducts its own property development returns should be enhanced by the scarce and manages its own properties as well supply in the top-end luxury market. as its subsidiaries as co-investor. Wheelock has a robust and successful presence in Wheelock has seen further progress in construction of Singapore through Marco Polo Developments two focus projects, namely, the 2.3-million-square-foot Limited (“MPDL”), a publicly listed Singapore Quinn Y. K. Law John T. Hung K. H. Leung Doreen Y. F. Lee 9 WHEELOCK AND COMPANY LIMITED Annual Report 2000 / 2001 CHAIRMAN’S STATEMENT vehicle held through NART. MPDL is a leading Despite difficulties in the economic climate caused luxury residential developer in Singapore and by relatively inactive financial and property markets, recognized to be one of the best managed. It is also Lane Crawford continues to sustain its turnover and one of the largest Hong Kong-owned property positive operating profit. However, the continuing companies in the Island Republic. With the successful deflationary syndrome has imposed restrictions for Ardmore Park development generating approximately pricing flexibility resulting in margins being put S$1 billion profit before tax and the under pressure. The company’s efforts current redevelopment of the now in customer-oriented promotion demolished Marco Polo Hotel, MPDL strategies, relationship marketing, and is now cash rich and on the lookout for effective cost rationalization systems good investment opportunities. have brought stability to its operations, and the Board is pleased to see Lane Crawford RETAIL maintaining its lead position in the market with a Wheelock’s retail initiatives are led by the well-known strong and loyal customer base. Lane Crawford brand which has performed with noticeable improvements in merchandizing and Lane Crawford’s joint venture associate Maison consumer attraction. Acquired last year, Joyce Boutique Mode in Shanghai is now generating reasonable is focusing on consolidating its businesses and profits, and Lane Crawford has opened a store in strengthening its core. These two, with the high-end Shanghai Times Square as a critical step towards supermarket and lifestyle brand of City’Super, bring Greater China retail coverage which will include together a meaningful retail presence of the Wheelock Taipei towards the end of 2001. Group with a geographical coverage of Hong Kong, China Mainland, Taiwan and Singapore on a scale that WHARF is unmatched in the region, with a high level of trust The Wharf group’s corporate structure is anchored established with their customers.
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