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Hopewell Holdings Limited (Stock Code: 54), Listed on the Stock Exchange of Hong Kong Since Corporate Profile Hopewell Hopewell Holdings Limited (stock code: 54), listed on the Stock Exchange of Hong Kong since Holdings Limited Holdings 1972, is one of Hong Kong’s premier companies HOPEWELL with diverse business interests spreading across Holdings Limited Property Investment and Development, Hotels Annual Report 2005 and Hospitality, and Highway Infrastructure. The 合和實業有限公司二零零五年年報 first two businesses are operated directly under Hopewell Holdings Limited while its 75% owned subsidiary, Hopewell Highway Infrastructure Annual Report 2005 Report Annual Limited (stock code: 737), also listed on the Stock Exchange of Hong Kong since 2003, holds its PRC-based transportation infrastructure interests. The Group, with strong expertise in investment, development and engineering of major projects, focuses on Hong Kong and the Pearl River Delta, and is founded on visionary strategic initiatives. 合和實業有限公司 Hopewell Holdings Limited 64th Floor, Hopewell Centre 183 Queen’s Road East Hong Kong Tel : (852) 2528 4975 Fax : (852) 2861 2068 二零零五年年報 Web Page: www.hopewellholdings.com 合和實業有限公司 香港皇后大道東183號 合和中心64樓 電話 ︰(852) 2528 4975 圖文傳真 ︰(852) 2861 2068 網址 ︰www.hopewellholdings.com Corporate Profile Hopewell Hopewell Holdings Limited (stock code: 54), listed on the Stock Exchange of Hong Kong since Holdings Limited Holdings 1972, is one of Hong Kong’s premier companies HOPEWELL with diverse business interests spreading across Holdings Limited Property Investment and Development, Hotels Annual Report 2005 and Hospitality, and Highway Infrastructure. The 合和實業有限公司二零零五年年報 first two businesses are operated directly under Hopewell Holdings Limited while its 75% owned subsidiary, Hopewell Highway Infrastructure Annual Report 2005 Report Annual Limited (stock code: 737), also listed on the Stock Exchange of Hong Kong since 2003, holds its PRC-based transportation infrastructure interests. The Group, with strong expertise in investment, development and engineering of major projects, focuses on Hong Kong and the Pearl River Delta, and is founded on visionary strategic initiatives. 合和實業有限公司 Hopewell Holdings Limited 64th Floor, Hopewell Centre 183 Queen’s Road East Hong Kong Tel : (852) 2528 4975 Fax : (852) 2861 2068 二零零五年年報 Web Page: www.hopewellholdings.com 合和實業有限公司 香港皇后大道東183號 合和中心64樓 電話 ︰(852) 2528 4975 圖文傳真 ︰(852) 2861 2068 網址 ︰www.hopewellholdings.com Group Business Overview 4 Group Business Overview Business Group Hopewell New Town A composite development in Huadu, 4 Guangzhou with residential, logistic and Guangzhou commercial developments on approximately 797,000 sq.m. near the Guangzhou Baiyun International Airport. 2 Foshan 1 8 3 Guangzhou-Shenzhen Superhighway Hopewell Centre Dongguan A 122.8 km closed system asphalt-paved dual A 66-storey office / commercial building in Shunde three lane expressway running between Wanchai, which is the Group’s flagship Huanggang in Shenzhen and Guangdan in building and a Hong Kong landmark. 1 Guangzhou where it connects to the Guangzhou East-South-West Ring Road. 5 Panda Hotel & Panda Place A 1,000-room hotel in Tsuen Wan area, which is Zhongshan one of the largest hotels in Hong Kong, with its Shenzhen operation managed by a subsidiary of the Group. The ground floor and 3 basement levels of the hotel have been revamped into a modern and stylish 2 shopping mall, named Panda Place. 9 5 Hong Kong Guangzhou East-South-West Ring Road Hongkong International Trade and 9 A 38 km closed system concrete-paved dual three Exhibition Centre Zhuhai 8 10 lane expressway running along the eastern, A modern and unique 14-storey complex in southern and western fringes of the Guangzhou Kowloon Bay, of over 163,000 sq.m., with self- 6 Macau urban areas and connecting to the Northern Ring contained convention and exhibition area, 7 Road to form the Guangzhou Ring Road. showroom offices, restaurants and other 6 related business facilities. Hong Kong -Zhuhai-Macau Bridge 196-206 Queen’s (Under planning) Road East, A proposed Y-shaped 29 km bridge linking Wanchai Hong Kong’s western Lantau Island to the PRINTING: SNP VITE LIMITED 214-224 Queen’s cities of Macau and Zhuhai on mainland Road East and China being pursued by the Group. 9-19 Sam Pan 3 Street, Wanchai The first site with Phases I, II & III of the Western Delta Route area of about Phase I is a completed 14.7 km closed system www.tda.com.hk TES LTD. 464 sq.m. will be asphalt-paved dual three lane expressway developed into a linking Guangzhou to Shunde. Phases II & III, commerical under planning, will run from Shunde to building. The Zhongshan and from Zhongshan to Zhuhai second site with respectively. 7 10 area of about 1,082 sq.m. will be Nova Taipa Gardens developed into a A multi-phase joint venture development of residential and DESIGN AND PRODUCTION: THE DESIGN ASSOCIA residential, commercial, social amenities and commercial hotel on Taipa Island in Macau. building. Contents Inside Front Corporate Profile 02 Financial Highlights 03 5 Year Financial Summary 04 Chairman’s Statement 08 Management Team and Profile of Directors 14 Operations Review 15 15 Rental Property 19 Hotel and Catering 23 Property Development 29 Infrastructure 34 Other Projects & Others 38 Financial Review 42 Report of the Directors 57 Financial Report 58 Report of the Auditors 59 Consolidated Income Statement 60 Consolidated Balance Sheet 62 Company Balance Sheet 63 Consolidated Statement of Changes in Equity 64 Consolidated Cash Flow Statement 66 Notes to the Financial Statements 114 List of Major Properties 116 Corporate Information HOPEWELL HOLDINGS LIMITED ANNUAL REPORT 2005 1 Financial Highlights Turnover (HK$m) Profit Attributable to Shareholders (HK$m) 2,500 1,800 2,192 1,662 1,898 1,514 2,000 1,829 1,500 1,454 1,030 1,245 1,500 1,200 1,000 900 799 500 678 653 600 612 2003 2004 2005 2003 2004 2005 Group’s Attributable Share of HHI JV’s Turnover Group Turnover Earnings before Interest and Tax (HK$m) Net Asset Value vs Market Value Per Share (HK$) 1,239 19.95 1,250 20 1,074 271 16.8 15.6 18.2 1,000 839 275 16 204 968 15.7 750 799 12 635 8.3 500 8 250 4 2003 2004 2005 2003 2004 2005 Other EBIT Net Asset Value Per Share Infrastructure EBIT Market Value Per Share Group EBIT vs Interest Return on Equity 17.5x 18x 10% 10.2% 9.8% 15x 8% 12x 6% 9x 4.5% 4% 6x 5.3x 2% 3x 2.7x 2003 2004 2005 2003 2004 2005 Group EBIT vs Interest Return on Equity 2 HOPEWELL HOLDINGS LIMITED ANNUAL REPORT 2005 5 Year Financial Summary Consolidated Results Year ended 30th June (in HK$ million) 2001 2002 2003 2004 2005 Turnover 1,750 1,132 799 653 678 Profit from ordinary activities 336 363 833 1,815 2,098 before taxation Taxation (27) (18) (122) (50) (99) Profit before minority interests 309 345 711 1,765 1,999 Minority interests (3) (10) (99) (311) (337) Profit attributable to shareholders 306 335 612 1,454 1,662 Consolidated Balance Sheet As at 30th June (in HK$ million) 2001 2002 2003 2004 2005 Investment properties 6,385 5,986 5,655 5,891 6,477 Property, plant and equipment 1,119 1,119 1,493 552 539 Properties for or under development 662 833 1,018 908 1,126 Interests in jointly controlled entities 14,120 8,135 8,207 8,174 7,725 Defeasance/pledged deposits 87 1,833 1,681 95 94 Other non-current assets 946 1,181 575 898 54 Current assets 875 4,038 1,241 4,670 3,965 Total assets 24,194 23,125 19,870 21,188 19,980 Non-current liabilities (8,045) (4,436) (3,921) (1,230) (296) Current liabilities (2,205) (4,914) (2,171) (2,673) (905) Total liabilities (10,250) (9,350) (6,092) (3,903) (1,201) Minority interests (13) (21) (125) (2,419) (2,469) Shareholders’ equity 13,931 13,754 13,653 14,866 16,310 Per Share Basis 2001 2002 2003 2004 2005 Basic earnings per share (HK cents) 35 38 70 165 186 Dividend per share (HK cents) 12 43# 25 70# 80# Net asset value per share (HK$) 15.9 15.7 15.6 16.8 18.2 (# Special dividend HK30 cents included) Financial Ratios 2001 2002 2003 2004 2005 Net debt to equity 56% 21% 14% N/A N/A Net debt to total capitalization 35% 14% 11% N/A N/A Return on equity 2.2% 2.4% 4.5% 9.8% 10.2% HOPEWELLHOPEWELL HOLDINGS HOLDINGS LIMITED LIMITED ANNUAL ANNUAL REPORT REPORT 2005 2005 33 Chairman’s Statement Sir Gordon Ying Sheung WU GBS, KCMG, FICE Chairman I am very pleased to report to shareholders that the Group had another excellent year with net profit attributable to shareholders of HK$1,662 million for the financial year ended 30th June, 2005, an increase of 14% over the HK$1,454 million reported last year. Basic earnings per share was HK$1.86, an increase of 13% over HK$1.65 reported last year. The Board of Directors has proposed a final dividend of HK38 cents per share which, together with the interim dividend of HK12 cents per share and special interim dividend of HK30 cents per share, will result in total dividends for the year of HK80 cents per share, up 14.3% from last year’s HK70 cents. The dividend payment for this year represents a 43% payout of net profits. The Register of Members of the Company will be closed from Wednesday, 12th October, 2005 to Wednesday, 19th October, 2005, both dates inclusive, during which no transfer of shares of the Company will be effected. Subject to approval of the shareholders at the annual general meeting to be held on 19th October, 2005, the final dividend will be paid on or about 20th October, 2005 to shareholders as registered at the close of business on 19th October, 2005.
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