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Growth in Asset Values Through Quality Earnings Enhancement Solid Foundations Growth in Asset Values through Quality Earnings Enhancement CK CK ASSET HOLDINGS LIMITED A CK ASSET HOLDINGS LIMITED based on Solid Foundations nn U al R E P ort 2018 CK ASSET HOLDINGS LIMITED 長江實業集團有限公司 Annual Report 2018 (Incorporated in the Cayman Islands with limited liability) STOCK CODE: 1113 WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 Group Structure Li family & Trust Other Shareholders 32.40% 67.60% CK ASSET HOLDINGS LIMITED (A limited liability Cayman Islands company registered and listed in Hong Kong) Stock Code: 1113 Development Investment Infrastructure Aircraft Properties Properties and Utility Asset Leasing Operation Hotels and Serviced 40% Suites CK William Group 100% 32.37% Hui Xian REIT (Listed in Hong Kong, Stock Code: 87001) 100% 66% 27.26% Fortune REIT (Listed in Hong Kong, Stock Code: 778 and Singapore, Stock Code: F25U) 100% 65% 18.46% Prosperity REIT (Listed in Hong Kong, Stock Code: 808) 75% CK Asset Group Total Market Capitalisation HK$295 Billion 21 March 2019 WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 Contents 2 Five Year Financial Summary 3 The Year at a Glance 10 Chairman’s Statement 15 Management Discussion and Analysis 28 Directors’ Biographical Information 31 Key Personnel’s Biographical Information 40 Report of the Directors 56 Corporate Governance Report 89 Environmental, Social and Governance Report 116 Highlights of Development Properties 126 Highlights of Investment Properties 128 Highlights of Hotels and Serviced Suites 130 Highlights of Infrastructure and Utility Asset Operation 132 Highlights of Aircraft Leasing 133 1881 Heritage 134 Schedule of Major Properties 140 Consolidated Financial Statements 179 Independent Auditor’s Report 184 Listed Real Estate Investment Trusts 190 Risk Factors 200 Corporate Information and Key Dates WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 2 CK ASSET HOLDINGS LIMITED FIVE YEAR FINANCIAL SUMMARY Consolidated Income Statement (HK$ million) 2014 2015 2016 2017 2018 Group revenue 24,038 57,280 69,300 57,546 50,368 Share of revenue of joint ventures 8,189 1,513 610 6,234 14,113 Total 32,227 58,793 69,910 63,780 64,481 Profit attributable to shareholders 17,068 17,113 19,415 30,125 40,117 Consolidated Statement of Financial Position (HK$ million) 2014 2015 2016 2017 2018 Fixed assets 9,928 18,614 33,695 35,337 37,660 Investment properties 33,285 119,959 125,306 135,998 123,478 Joint ventures 45,897 4,393 7,907 65,293 59,842 Associates – 7,743 7,333 7,402 7,256 Other non-current assets 7,473 9,599 9,791 12,331 26,784 Net current assets 3,837 174,870 169,047 123,572 166,478 100,420 335,178 353,079 379,933 421,498 Non-current liabilities 1,349 65,491 76,805 70,753 80,470 Net assets 99,071 269,687 276,274 309,180 341,028 Representing: Share capital and share premium – 254,811 253,003 245,875 245,639 Combined capital 93 – – – – Reserves 96,161 8,285 17,196 45,677 77,881 Shareholders’ funds 96,254 263,096 270,199 291,552 323,520 Perpetual capital securities – – – 11,670 11,670 Non-controlling interests 2,817 6,591 6,075 5,958 5,838 Total equity 99,071 269,687 276,274 309,180 341,028 Shareholders’ funds – NBV per share (HK$) (Note 1) 24.94 68.17 70.66 78.85 87.59 Earnings per share (HK$) (Note 2) 4.42 4.43 5.05 8.07 10.85 Dividends per share (HK$) 1.40 1.53 1.70 1.90 Interim dividend 0.35 0.38 0.42 0.47 Final dividend 1.05 1.15 1.28 1.43 Note 1: Calculation of NBV per share for 2015 to 2018 is based on number of shares in issue at the year end dates and calculation of NBV per share for 2014 is based on 3,859,678,500 shares issued on 3 June 2015, the listing date, as if such number of shares had been in issue at the year end date concerned. Note 2: Calculation of earnings per share for 2016 to 2018 is based on weighted average number of shares in issue during the years concerned and calculation of earnings per share for 2014 and 2015 is based on 3,859,678,500 shares issued on the listing date as if such number of shares had been in issue throughout the years concerned. WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 Annual Report 2018 3 THE YEAR AT A GLANCE 1 2 3 1. The Group announced its 2018 Annual Results on 21 March 2019 2. 2018 Annual Results Analysts’ Briefing 3. Caring Companies 148 member companies of the CK Group were named “Caring Companies” by the Hong Kong Council of Social Service – the highest number of awards received by a group for 15 consecutive years. 1-3 WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 4 CK ASSET HOLDINGS LIMITED THE YEAR AT A GLANCE (CONTINUED) WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 Annual Report 2018 5 1 2 3 1. 5 Broadgate in London 2. 90 Repulse Bay Road in Hong Kong 3. Noble Hills in Guangzhou On 10 May 2018, Mr. Victor T K Li succeeded Mr. Li Ka-shing, the founder of the CK Group, as Chairman of the Company. Mr. Li Ka-shing continues to serve as Senior Advisor of the Company. 90 Repulse Bay Road in Hong Kong was offered for sale with favourable response. In May, the sale of a commercial building, The Center, in Central was completed, generating proceeds of HK$40.2 billion. Acquisition of 5 Broadgate in London, the United Kingdom, was made in June at a consideration of GBP1 billion. Phase 2A of Noble Hills in Guangzhou was offered for sale with favourable response. 4-6 WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 6 CK ASSET HOLDINGS LIMITED THE YEAR AT A GLANCE (CONTINUED) The Company won the MTR tender for the Harbour Plaza Hotels & Resorts was awarded phase 3 development of Wong Chuk Hang “Best Local Hotel Chain” in the “29th Station. Annual TTG Travel Awards 2018” by TTG Asia Media. Land No. 13 of Regency Hills in Chongqing achieved good sales results. CK Group and the Li Ka Shing Foundation made a donation of HK$10 million to The Community Chest of Hong Kong (the “Community Chest”) in commemoration of its 50th anniversary. CK Group was named one of the Community Chest’s Top 3 Donors for 19 consecutive years. 7-9 WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 Annual Report 2018 7 1 2 3 4 1. Donation to the Community Chest 2. Harbour Plaza Hotels & Resorts was awarded “Best Local Hotel Chain” 3. Phase 3 development of Wong Chuk Hang Station 4. Launch of Regency Hills in Chongqing WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 8 CK ASSET HOLDINGS LIMITED THE YEAR AT A GLANCE (CONTINUED) Land No. 905 of Lake Como in Shanghai was launched. 1 3 Member companies of the Group were awarded the 2017-18 “Good MPF Employer”, “Support for MPF Management Award” and “E-Contribution Award” by the 2 4 Mandatory Provident Fund Schemes Authority. 1. Greater China Super Brands Awards 2018 Directors’ training was held with distinguished professionals presenting topics relating to regulatory and compliance issues. 2. Directors’ training 1881 Heritage received the “Top Ten Malls of Digital EX Awards” and “Brilliance 3. Digital EX Awards 2018 in Tourist Landmark” accolades in Metro Finance’s “Digital EX Awards 2018”. 4. Luxury City Hotel Award WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 Annual Report 2018 9 1 2 3 1. Listed Company Awards of Excellence 2018 2. My Favourite Shopping Mall Event 3. Lake Como in Shanghai The Group was awarded the “Listed Company Awards of Excellence 2018” by the Hong Kong Economic Journal. CK Group received the “Greater China Super Brands Awards 2018” presented by East Week Magazine. The “Dog’s Got Talent Show at Whampoa” of The Whampoa received “My Favourite Shopping Mall Event” award presented by the Hong Kong Economic Times Group. Harbour Grand Hong Kong was named “Luxury City Hotel” in “2018 World 10-12 Luxury Hotel Awards”. WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 10 CK ASSET HOLDINGS LIMITED CHAIRMAn’s STATEMENT Growth in Asset Values through Quality Earnings Enhancement based on Solid Foundations WorldReginfo - 7997a55b-66c7-41d4-84d5-2058c0a19db5 Annual Report 2018 11 HIGHLIGHTS 2018 2017 Change HK$ Million HK$ Million Growth in Asset Values through Revenue Note 64,481 63,780 Profit before investment property (“IP”) revaluation 24,134 20,320 and disposal Quality Earnings Enhancement IP revaluation (after tax and non-controlling interests) 4,155 9,805 based on IP disposal (after tax and non-controlling interests) 11,828 – Solid Foundations Profit attributable to shareholders 40,117 30,125 Earnings per share – profit before IP revaluation and HK$6.53 HK$5.44 +20% disposal – profit attributable to shareholders HK$10.85 HK$8.07 +34% Final dividend per share HK$1.43 HK$1.28 +12% Full year dividend per share HK$1.90 HK$1.70 +12% Note: Revenue includes the Group’s revenue of HK$50,368 million and the Group’s share of revenue of joint ventures of HK$14,113 million. PROFIT FOR THE YEAR The Group’s audited profit attributable to shareholders The Group’s audited for the year ended 31 December 2018 amounted to HK$40,117 million (2017 – HK$30,125 million). Earnings profit attributable to per share were HK$10.85 (2017 – HK$8.07), an increase shareholders amounted of 34% when compared with last year. to HK$40,117 million. DIVIDEND The Directors recommend the payment of a final dividend of HK$1.43 per share in respect of 2018 to shareholders whose names appear on the Register of Members of the Company at the close of business on Wednesday, 22 May 2019.
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