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2007 Annual Report

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2007 Annual Report New World New Living brings new vision of urban living Our vision is based on our relentless pursuit of new concept in urban living. We provide quality housing and comfortable living environment to different families, contribute to the creation of a modern Chinese society in which people of different walks of life can live in harmony. 01 Contents-81144-01N 2 22/10/07, 19:06 Missions Contents Transforming city vistas 1 Missions We have dedicated ourselves in rejuvenating old city neighbourhood through comprehensive 3 Our portfolio redevelopment plans. As a living embodiment of 4 Chairman’s statement China’s cosmopolitan life, these mixed-use redevelopments have been undertaken to 6 Financial highlights rejuvenate the old city into vibrant communities characterised by eclectic urban housing, ample 8 Business review public space, shopping, entertainment and leisure 54 Management discussion & analysis facilities. 60 Corporate governance report Spurring business opportunities 66 Directors’ profile We have developed large-scale multi-purpose commercial complexes, all well-recognised city 70 Senior management profile landmarks that generate new business opportunities 72 Corporate citizenship and breathe new life into throbbing hearts of Chinese metropolitans. 76 Contents: financial section 174 Major project profiles Creating modern communities We pride ourselves on having created large scale 178 Glossary of terms self-contained communities that nurture family 180 Corporate information living and promote a healthy cultural and social life. Refining living lifestyle Our resort-style residential properties bring together exotic tropical landscape and mood-inspiring architecture. In addition to redefining aesthetic standards and envisioning a new way of living, we enable owners and residents to experience for themselves the exquisite and sensual lifestyle enjoyed by home buyers around the world. 01 Contents-81144-01N 3 23/10/07, 11:28 AM BRAND VALUES AND ESSENCE Unsurpassed Quality and Long Term Value No matter what products or services we are offering, “Quality” is always at our heart. Our continuous adherence to excellent quality has won long term reliable reputation in the market. We choose the best locations in town to develop world-class properties with quality property management services. Our determination in providing the best contributes to preservation of asset value in the long run. Comprehensive Property Development We develop wide ranges and types of properties to cater for varying demands on sizes and functions from different market segments. Our dedicated professionalism and wide embracing experiences in project planning and execution have enable us to handle the stringent demand of multi-product lines with ease. Building City and Corporate Citizenship We value corporate citizenship and are actively involved in continuous development of the local community. We commit ourselves to long term urban redevelopment projects, and participate enthusiastically in national and local charity programmes. Our act of good corporate citizenship has inspired the locals in joining us to create a more harmonious society. Localised Hong Kong Brand As a Hong Kong based and well recognised brand, we fully apply our advanced and wide embracing experience in Hong Kong to property development in Mainland China, while at the same time develop projects that meet the needs of the city. We value local concepts, we understand market operation and culture through extensive staff localisation, and as a result, we become an integral part of the local community. Reliability and Reputation With over 30 years of property development experience and 20 years of investment experience in Mainland China, we are undoubtedly a mature and reliable developer with outstanding reputation in complying with local market rules and government regulations. 03 Portfolio-81144-01N 2 23/10/07, 11:28 AM Shenyang Dalian Beijing Tianjin Jinan Chengdu Wuhan Shanghai Changsha Property portfolio by type sq.m. Development projects 24,369,737 Guiyang Investment properties under development 73,951 Completed investment properties 1,592,329 Hotel properties under development 87,655 Completed hotel properties 155,101 Total 26,278,773 Guangzhou Property portfolio by location Pearl River Delta Beijing 1,980,541 Tianjin 379,296 Shenyang 2,878,965 Dalian 279,861 Shanghai 824,544 Wuhan 2,725,866 Haikou Chengdu 3,416,055 Changsha 1,292,941 Guiyang 3,561,850 Guangzhou 3,480,586 Pearl River Delta 2,112,333 Haikou 2,767,758 Other regions 578,177 Total 26,278,773 Property portfolio by usage Residential 18,397,651 Commercial 2,734,316 Office 827,214 Hotel 391,802 Carpark 3,927,790 Total 26,278,773 03 Portfolio-81144-01N 3 23/10/07, 11:28 AM 04 Chairman’s Statement To Our Shareholders, The Group has recorded a profit of HK$1,191 million in FY2007, up 61% year-on-year. The significant increase in profit for the year was attributable to the improved performance achieved by all three major operations of the Group, namely property sales, rental operation and hotel operation. 04 Chairman-81144-01N 4 23/10/07, 11:28 AM 05 New World China Land Limited Annual Report 2007 In the first half of 2007, China recorded a 11.5% GDP growth compared to same period last year. In particular, the fixed assets investment in middle and Western part of Mainland China were RMB1,111.1 billion and RMB1,009.4 billion, up 35.6% and 30.2% year-on-year respectively. With the economic boom in Mainland China, listing as a capital-raising activity for future development is becoming a trend for enterprises. In recent years, property developers in Mainland China have been surging to be listed on the Hong Kong Stock Exchange. NWCL has been listed in Hong Kong as early as 1999. And, NWCL has become one of the major developers in the mainland since then, creating modern communities and refining living lifestyle. For a property developer, landbank is the most important asset and also the blueprint of its future development. In this regard, developers in Hong Kong and Mainland China are actively expanding their landbanks in different cities in Mainland China, thus contributing to the record-breaking land auction prices. High land prices inevitably bring negative effect to the profit margins of enterprises. NWCL has been continuously looking for suitable land parcels ever since its investment in China during the 1980s. As a Hong Kong developer with the largest land bank in China, NWCL can be immune from the impact of high land prices. In 2006, the Group acquired several new projects located in mid-western Mainland China. The decision was based on our positive view on the property market in that region. Firstly, the lower land costs in these secondary cities will translate into better margins. Secondly, the rapid development of the mid-western cities, under the strong support from the central government, means a higher growth potential. In FY2008, the first phase of the projects located in Chengdu, Changsha and Guiyang will be completed and start the contribution to the Group. Branding is to create a response from a target audience based on cumulative impressions and positive reinforcement. Branding is no longer a fashion gimmick. It is also an important selection criterion for home buyers. New World China Land is now well-recognised by the local home buyers. NWCL has been four years in a row awarded “Top10 National Real Estate Developers Brand Value”, recognising ‘New World China Land’ as a name for guaranteed quality. The Group has planned to carry out a series of branding strategy, reinforcing market recognition to NWCL while at the same time, strive to deliver quality products, satisfying ever-increasing market demand. Dr Cheng Kar-shun, Henry Chairman and Managing Director Hong Kong, 11th October 2007 04 Chairman-81144-01N 5 23/10/07, 11:28 AM 06 Financial Highlights KEY FINANCIAL DATA FY2007 FY2006 Operating Result (HK$’000) Revenue Company and subsidiaries 2,474,238 1,691,320 Share of associated companies and jointly controlled entities (note 1) 2,916,382 2,699,615 5,390,620 4,390,935 Representing: Sale of properties 4,248,248 3,519,213 Rental income 713,009 563,541 Income from hotel operations 319,761 248,276 Property management services fees income 75,992 57,182 Project management fee income 33,610 2,723 5,390,620 4,390,935 Gross profit (HK$’000) Company and subsidiaries 847,194 529,145 Share of associated companies and jointly controlled entities (note 2) 1,073,485 563,791 1,920,679 1,092,936 Profit attributable to equity holders of the Company (HK$’000) 1,191,444 740,512 Earnings per share (HK cents) Basic 31.12 19.50 Diluted 31.07 19.48 Dividend per share (HK cents) Interim 2.00 — Final 6.00 4.00 Full-year 8.00 4.00 As at As at 30th June 30th June 2007 2006 Financial Position (HK$ million) Cash and bank balances 6,396.1 2,851.9 Total assets 43,114.1 34,002.1 Total liabilities 15,642.5 9,790.5 Capital and reserves attributable to the Company’s equity holders 26,229.9 24,035.0 Financial Ratios Current ratio (times) 2.95 2.75 Net debt to equity ratio 17.7% 12.8% Note 1: It represents attributable share of turnover of associated companies and jointly controlled entities to the Group. Note 2: It represents attributable share of gross profit of associated companies and jointly controlled entities to the Group. 05 Financial Higl-81144-01N 6 23/10/07, 11:28 AM 07 New World China Land Limited Annual Report 2007 Revenue (note 1) (HK$’000) FY2007 5,390,620 FY2006 4,390,935 Gross profit (note 2) (HK$’000) FY2007 1,920,679 FY2006 1,092,936 Profit attributable to equity holders of the Company (HK$’000) FY2007 1,191,444 FY2006 740,512 Total assets (HK$ million) 30th June 2007 43,114.1 30th June 2006 34,002.1 Capital and reserves attributable to the Company’s equity holders (HK$ million) 30th June 2007 26,229.9 30th June 2006 24,035.0 Cash and bank balances (HK$ million) 30th June 2007 6,396.1 30th June 2006 2,851.9 Note 1: It represents revenue of the Company and subsidiaries plus share of revenue of associated companies and jointly controlled entities attributable to the Group as tabulated on page 6.
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