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Annual Report 2013

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Annual Report 2013 NWD_AR13_CoverBack_E new.ai 2013/10/9 12:01:28 AM Annual Report 2013 Contents 2 Corporate Profile Design Concept 4 Corporate Structure This design scheme revolves around the 5 Financial Highlights concept enshrined under Luban Lock, which 6 Chairman’s Statement represents ancient wisdom and sophisticated 8 Joint General Managers’ Report craftsmanship. This sophisticated structure depicted in the cover page represents the 8 Property focal point to converge the core businesses of 18 Hotel Operations 24 Infrastructure and Service New World Development. 30 Department Stores 34 Telecommunications 35 Outlook 40 Management Discussion and Analysis 46 Principal Projects Summary 68 Corporate Governance Report 78 Investor Relations 82 Directors’ Profile 89 Senior Management Profile 90 Corporate Sustainability 100 Corporate Information 101 Financial Section Contents 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. With sophisticated structure, Luban Lock represents NWD’s attention Sculptured with the landmark constructions of NWD, the wooden doors to designs and quality during the course of its ongoing development represent doors of guest rooms in our hotels. The fine craftsmanship of properties. It combines perfectly the contemporary techniques and articulates the Group’s commitment to building and operating hotels for humanised facilities, aiming to create cozy homes for the general public. bringing superb experience to travellers. Property Hotel Operations Our property development portfolio is The Group owns and develops a portfolio focused on residential in Hong Kong and of hotels properties. The portfolio covers Mainland China. This is complemented a wide spectrum of distinct hotels by a sizable investment property portfolio located in Asia which are managed and comprising shopping malls, offices, hotels operated under its own hotel brands, and service apartments. Our property arm being Rosewood Hotels & Resorts, New in Mainland China, New World China Land, World Hotels and pentahotels, or other is one of the leading national property internationally recognised hotel brands. developers in Mainland China. The design of a wheel highlights the correlations between the Group’s Apothecary cabinet represents the Group’s department store business. infrastructure development and service businesses to the lives of the general It symbolises NWDS’s wide array of merchandising supplies and its public, shortening geographical distance and contributing significantly to commitment to providing comfortable one-stop shopping experience to the social development. general public. Infrastructure and Service Department Stores Our infrastructure portfolio includes roads, New World Department Store operates and energy, water and ports & logistics projects manages renowned department store chain in Hong Kong, Mainland China and Macau. in 20 major cities in Mainland China. Our service businesses comprise facilities management, contracting & transport and strategic investments. Corporate Structure • Hong Kong property (development & investment) • Infrastructure • Mainland property • Mainland department store • Service (development & investment) • Hotel management services 4 New World Development Company Limited Financial Highlights FY2013 FY2012 HK$m HK$m Revenues 46,779.9 35,620.1 Segment results(1) 16,484.8 13,241.6 Profit before taxation 23,311.2 18,721.6 Profit attributable to shareholders of the Company 14,148.7 10,139.0 Basic earnings per share (HK$) 2.28 1.88 Dividend per share (HK cents) Interim 12.0 10.0 Final 30.0 28.0 Full-year 42.0 38.0 As at As at 30 June 30 June 2013 2012 HK$m HK$m Total assets 332,189.1 286,371.7 Net debt(2) 62,493.0 57,773.4 Gearing ratio(3) 35.2% 36.6% Remarks: (1) Segment results include share of results of jointly controlled entities and associated companies (2) Net debt: The aggregate of bank loans, other loans, fixed rate bonds and convertible bonds less cash and bank balances (3) Gearing ratio: Net debt divided by total equity Annual Report 2013 5 Chairman’s Statement New World, One Step For ward TO OUR SHAREHOLDERS, Subsequent to the unprecedented capital accumulation and technological advancement in major economies around the world resulting from the Industrial Revolution, many traditional enterprises found their further development stumbled by difficulties involved in sustainably developing, soundly organising, effectively controlling and managing such rich resources. Under the epochal theory of scientific management proposed in the nineteenth century by Frederick Taylor, an American scholar in classical management, a scientific and standardised management system may be applied to review the existing workflows of an enterprise, identify the rules for operations and actions, formulate scientific manufacturing processes, and use standardisation as a way to streamline procedures and systems. Additionally, employees are trained so that they grow in their respective areas to enhance the production efficiency of the enterprise as a whole. This will in turn form the basis on which employers and employees build up their wealth together, and the organisation will become highly united, thereby achieving its goals and targets. Such notions proposed by Frederick Taylor contributed significantly to the key stage of transition of enterprise management from small-scale and hereditary to large- scale and professional. For many successful enterprises in a traditional Chinese or oriental society, exceptional visions and personal talents may make an outstanding leader the core cohesive force driving the whole organisation to move forward. However, a model of management dominated by personal success as such may give rise to the key concerns of perpetual development and sustainability of efficiency of an enterprise. Any leader of any great vigor must face the passage of time and change of era. This is the universal truth and necessarily challenges the development of such enterprises. 6 New World Development Company Limited Chairman’s Statement “An incompetent leader makes the best out of his own overall competitiveness of the core business of property ability; a fair leader makes the best out of others’ efforts; development. Meanwhile, we have also taken the initiative a brilliant leader makes the best out of others’ wisdoms”, by studying extensively the needs of the general public and said Han Feizi, an ancient Chinese philosopher. In other the feedback from the consumers. We look for inspirations words, a good leader shall be good at pooling together and room for improvement from the consumers, seeking to wisdoms in addition to efforts, to drive motivation for the enhance the quality of both our products and services, and sound management of a country with collective mental thereby creating brand-new experience of life and living competence. The western style of management of modern for the general public which is uniquely available under the enterprises in a scientific approach further enlightens the New World brand. traditional Chinese wisdoms on management. Looking back at FY2013, New World Group achieved Based upon statutory powers, a modern enterprise satisfactory results in property sales, land acquisitions and establishes its internal management system with clearly- project management. “The Signature” at Tai Hang and “The defined functions. Workflows are handled in a standardised Riverpark” at Sha Tin recorded satisfactory sales, with and scientific way, to stress accuracy, perpetuity, product quality widely recognised by the market. Winning disciplines, sternness and reliability within an organisational the tender of Sai Yee Street project in Mong Kok and West structure using the golden rules of division of labour Rail Tsuen Wan West Station TW6 project has secured and hiring of the best talents. As such, each and every stable resources for our development cycle. The continual segment of an enterprise is led to the same direction, and enhancement in the quality of assets in our portfolio of employees are therefore steered to the same clear goals investment properties has secured better return to assets and values, delivering the best performance under the for the Group. All these accomplishments are attributable spirit of unity, and sharing the fruits of accomplishments to our highly loyal, reliable and experienced management of the enterprise. This lays a solid foundation for the long- and staff members. These represent precious and fruitful term development of an enterprise, to support its ongoing results of their seamless cooperation, and are important business growth. milestones for New World
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