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ANNUAL REPORT Annual Report 2020 2 Content e Artisanal Movement is a cultural vision, a celebration of the human values of crasmanship, heritage and imagination. Today, as our business evolves in step with the society, we look ahead to bring a new purpose to this vision: create shared value for all stake- holders in communities that we serve, in order to make a positive impact on the world. It is our belief of using the power of business and innovation to give back to the society. rough three core areas - culture and creativity, sustainability, and social innovation - we will forge new paths that tie our business success to social progress. Because together we create, we are artisans, we are CSV. 2020 ANNUAL 2020 ANNUAL REPORT Annual Report 2020 2 Content 24 Corporate Structure 25 Financial Highlights 26 Chairman’s Statement 28 CEO’s Report 44 Major Property Projects in Hong Kong 46 Major Property Projects in Mainland China 48 Directors’ Profile 57 Senior Management Profile 58 Corporate Sustainability 98 Corporate Governance Report 122 Investor Relations 124 Corporate Information 125 Report of the Directors 150 Management Discussion and Analysis 161 Independent Auditor’s Report 170 Consolidated Income Statement 171 Consolidated Statement of Comprehensive Income 172 Consolidated Statement of Financial Position 174 Consolidated Statement of Changes in Equity 178 Consolidated Statement of Cash Flows 180 Notes to the Financial Statements 299 Five-year Financial Summary 301 Principal Projects Summary 316 Glossary of Terms Disclaimer The photographs, images, drawings or sketches shown in this annual report represent an artist’s impression of the development concerned only. They are not drawn to scale and/or may have been edited and processed with computerised imaging techniques. Prospective purchasers should make reference to the sales brochure for details of the development. The vendor also advises prospective purchasers to conduct an on-site visit for a better understanding of the development site, its surrounding environment and the public facilities nearby. All parties engaged in the production of this annual report have made their best efforts to ensure the highest accuracy of all information, photographs, images, drawings or sketches herein contained as to the printing of this annual report and to minimise the existence of clerical errors. Readers are invited to make enquires to sales personnel or consult relevant professionals for verification of doubts or particulars of specific items. If there is any inconsistency or conflict between the English and the Chinese versions, the English version shall prevail. 4 New World Development Company Limited 2020年報 5 6 New World Development Company Limited Annual Report 2020 7 8 New World Development Company Limited Annual Report 2020 9 10 New World Development Company Limited Annual Report 2020 11 12 New World Development Company Limited Annual Report 2020 13 14 New World Development Company Limited Annual Report 2020 15 16 New World Development Company Limited Annual Report 2020 17 18 New World Development Company Limited Annual Report 2020 19 Victoria Dockside th anniversary When Tsim Sha Tsui waterfront was still known as Holt’s Wharf in the early 20th century, it already played a pivotal role in the city’s rise to the busiest port in the world, establishing Hong Kong’s reputation as the Gateway to the East. In 1971, New World Development bought the site of Holt’s Wharf from Swire Group and Blue Funnel Line. Following the opening of New World Centre in 1978, this area became a stronghold for international brands in the city and hosted some of the most innovative “happenings” Hong Kong ever witnessed. Forty years on, now as Victoria Dockside created by the cultural enterprise New World Group, it is set to trigger a new wave of disruptions in design, the arts, culture and sustainability. It will be the game-changer that will once again, break through traditions to create a new paradigm for the world. 1970 1978 20 New World Development Company Limited Annual Report 2020 21 Annual Report 2020 22 Victoria Dockside A GAME-CHANGING GLOBAL ART AND DESIGN DISTRICT Victoria Dockside is a 3 million-square-foot art and design district, and a US$2.6 billion redevelopment project on Hong Kong's iconic Tsim Sha Tsui waterfront by New World Development. Fully opened in August 2019 after a 10-year redevelopment, Victoria Dockside is now anchored by cultural-retail destination K11 MUSEA, and is home to luxury residences and artisanal home K11 ARTUS, next-generation workspace K11 ATELIER, and ultra-luxury hotel Rosewood Hong Kong. The district is fringed by two redesigned public spaces Avenue of Stars and Salisbury Garden to form a full waterfront community. The history of this site dates back to 1910 when it was Hong Kong’s most important freight and logistics hub Holt’s Wharf. In 1978, it was redeveloped into New World Centre, Hong Kong’s first multiplex and a landmark that turned Tsim Sha Tsui into a tourism and cultural hotspot. Victoria Dockside has been described by media outlets as “Hong Kong’s most anticipated opening”. Annual Report 2020 23 Corporate Structure New World Group New World Development Company Limited ( HK Stock Code: 0017 ) Property Development and Investment in Hong Kong NWS Holdings Limited New World China Land Limited ( HK Stock Code: 0659 ) 61%* 100% Roads Aviation Property Development and Investment Construction Insurance in Mainland China * The percentage of interest held by the Group as at 30 June 2020 24 New World Development Company Limited Financial Highlights FY2020 FY2019 HK$ m HK$ m Revenues 59,007.8 76,763.6 Segment results(1) 13,918.7 19,977.8 Changes in fair value of and gain on transfer to investment properties 1,653.2 10,305.7 Underlying profit 6,588.9 8,814.1 Dividend per share (HK$)(2) Interim 0.56 0.56 Final 1.48 1.48 Full-year 2.04 2.04 As at As at 30 June 30 June 2020 2019 HK$ m HK$ m Total assets 600,195.9 503,284.9 Cash and bank balances (including restricted bank balances) 67,435.6 63,731.6 Undrawn facilities from banks 39,303.3 31,435.5 Net debt(3) 116,458.6 88,288.0 Net gearing ratio(4) (%) 41.6 32.1 RESULTS HIGHLIGHTS • Underlying profit amounted to HK$6,588.9 million notwithstanding a very challenging operating environment due to social incidents in 1H FY2020 and COVID-19 in 2H FY2020 • Maintain prevailing sustainable and progressive dividend policy • Robust 19% year-on-year growth in revenues of property investment segment of the Group following the opening of K11 MUSEA and K11 ATELIER King’s Road in FY2020 despite rental concessions granted to tenants • High property development gross margin of 57% achieved in both Hong Kong and Mainland China, reflecting the strong brand equity of the Group • Stringent cost control efforts evidenced by the 8% year-on-year decrease in recurring administrative and other operating expenses • Non-core asset disposals amounted to approximately HK$10.6 billion in FY2020, exceeded target for the year, will continue non-core assets disposal to unlock value and enhance asset portfolio Remarks: (1) Include share of results of joint ventures and associated companies, but exclude changes in fair value of and gain on transfer to investment properties (2) On 23 June 2020, every four issued shares of the Company were consolidated into one share of the Company (each a “Consolidated Share”) and the number of Consolidated Shares was rounded down to the nearest whole number by disregarding each and every fractional Consolidated Share which would otherwise arise (the “Share Consolidation”). The impact of share consolidation is reflected on the interim, final and full-year dividend per share in FY2019 and the interim dividend per share in FY2020 (3) The aggregate of bank loans, other loans, fixed rate bonds and other borrowings less cash and bank balances (4) Net debt divided by total equity Annual Report 2020 25 Chairman’s Statement The Group is fully confident in the development of the Nation and has a strategic focus on the Greater Bay Area. By completing its unique ecosystem through its old city redevelopment projects in Mainland China and major projects and premium residences in Hong Kong, it promotes society development and enhances quality of life, creating more shared value for shareholders and the society. 26 New World Development Company Limited Chairman’s Statement TO OUR SHAREHOLDERS Xunzi, a thinker in the Warring States Period in China, once mentioned the importance of learning. In “Xunzi, An Exhortation to Learning”, the gentleman says, “In learning there can be no respite.” Blue derives from indigo plant yet it is bluer than the plant. Ice comes from water yet it is colder than water. Through steaming and bending, you can make wood as straight as an ink-line into a wheel. And after its curve conforms to the compass, even when parched under the sun it will never become straight again as the steaming and bending have made it a certain way. Hence wood becomes straight when it comes under the ink-line, and metal becomes sharp when it is brought to the whetstone. Likewise, the gentleman will become keen minded and his conduct will be without fault when he learns extensively and examines himself thrice a day. To gain a firm foothold in today’s fickle world, apart from a solid foundation, one must also have a humble attitude and the courage to challenge, and keep learning and making progress. 2020 marks the 50th anniversary of the founding of New World Group. Since its founding in 1970, the Group has been rooted in Hong Kong with the backing of the Nation, and has been through thick and thin during which it has established milestones one after another through laying a solid foundation of core property business and constantly pursing innovations and changes with a human-centric corporate philosophy and a dedicated team.
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