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HKJC 25/7 Finanical Review

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HKJC 25/7 Finanical Review Financial review ল৻ลؗ Hong Kong’s unique business model of racing for charity enables The Hong Kong Jockey Club to bring world-class horse racing entertainment to millions of fans and make a significant contribution to the community in the form of duties and taxes to the Government and substantial funding for charity. The Club is the single largest tax payer in the Hong Kong Special Administrative Region and ranks amongst the top charity benefactors in the world. Group operations All activities are conducted through The Hong Kong Jockey Club and its subsidiaries (the “Group”), and The Hong Kong Jockey Club Charities Trust. The Group comprises mainly The Hong Kong Jockey Club (the “Club”), The Jockey Club Membership Services Limited, The Hong Kong Jockey Club (Managers) Limited, and The Hong Kong Jockey Club (Charities) Limited. The Hong Kong Jockey Club is a not-for-profit organisation, and is a company limited by guarantee. It holds the sole licence for the operation and management of Hong Kong’s horse racing, and it is also the authorised operator of the Mark Six lottery game. The Jockey Club Membership Services Limited manages Members’ recreational facilities and provides services and programmes for Members of the Club. It derives all its income from membership fees and charges, and is totally self-financed. The Hong Kong Jockey Club (Managers) Limited administers the employee retirement scheme and oversees the Club’s Retirement Benefits Scheme Fund. The Hong Kong Jockey Club Charities Trust serves as the vehicle through which all of the Club’s charitable donations are distributed and administered. For selected major charity projects, the Club may adopt a more ࠗಋᑩ৛ผ˞ᑩ৛య෯ഁؿዟऋᅡβ຤Ꮺc੣Ϥݯᅕ˞ϛຒ߮ එ྆༜А ৛ผֺτพ৻cя஦༦ࠗಋᑩ ᙔʔ̇එ྆c˞ʥࠗಋڃ৛ผʥԯ ೢ֚ܧज़ؿᑩ৛࡯ᅥcҡᔄടᖔढ़௟੟ೢ՗ވ˖ؿᑩ৛ᜮଠొԜ ൬Ϸ༜Аeඑ྆ᙔټপਥڌᑩ৛ผ෯ഁ ࠗಋᑩ৛ผܢ˳ผАˮࠇɣ঳ᘆe৛ผܰࠗಋ Ɏͳτ̒࠯˚߬ୂᓱcمඖc˞ʥྐྵషࢶХΈ෯ഁ྆᛽cྦྷ ৛ผdᑩ৛ผผࡗԑ৻τࠉʔ̇dࠗ ढ़ೢ௖Λؿዀ࿚c΃ࣂᙻӸͲଈ௖ɣ෯ഁ༅ХୂᓱɾͶeਂܧऋПϷ ಋᑩ৛ผ຤ଉτࠉʔ̇c˞ʥࠗಋᑩ ৛ผ෯ഁτࠉʔ̇e ᖬτࠉړϙСؿڈࠗಋᑩ৛ผܰȹࡼ ʔ̇c͛ܰ਒ȹᏵೕಶ๑Ε̯ಋ຤Ꮺ՗ ဳଉᑩ৛c˞ʥᏵ઒ᚬ຤ፒʒ΋੟ᆉԴ ؿዀ࿚e 82 participatory and proactive approach, ensuring that the benefits from these projects are sustainable in the long term. Where appropriate, equity shareholdings in these projects may be retained by The Hong Kong Jockey Club (Charities) Limited as nominee. In anticipation of football betting being legalised in Hong Kong, HKJC Football Betting Limited, a wholly owned subsidiary of the Club, has been incorporated to operate the new football betting business when it has received the necessary licence from the Hong Kong SAR Government. With the proposed dissolution of the Hong Kong Lotteries Board under the Betting Duty (Amendment) Ordinance 2003, it is anticipated that a new lotteries licence will be granted to HKJC Lotteries Limited, a wholly owned subsidiary of the Club, to operate the lottery business. To support the Club’s current and expanding business activities, a wholly owned subsidiary will be incorporated to insure the Club and its other subsidiaries against certain risks associated with their business activities. Another subsidiary will develop and hold the necessary intellectual property rights associated with the operations of the Club and its subsidiaries. Finance and investment Notwithstanding its not-for-profit nature, the Club and all its subsidiaries adopt prudent commercial practices in the planning and management of their businesses to strengthen their status as a leader in world-class horse racing entertainment and Hong Kong’s premier charity provider. ɔؿႈऩeΕሬ๫ੱؗ ࠗಋ৛ผᆉԴτࠉʔ̇ೕ೽ᆉԴಶ๑cܛႩٽᑩ৛ผผࡗԑ৻τࠉʔ̇c߲ஐဳଉ ਪ੓Ԟ ৻ Ɏcࠗಋᑩ৛ผ෯ഁτࠉʔ̇ҡผ˞ ͅ໮ʔ߲̇ஐ຤ᏪᆉԴพ৻eרcԎݯผࡗొԜΈඖܪผࡗ੖ᅥஉ τ஛Ԓི߮ؿٖᚬe ݯʻ౐̯ผଊτ՗ณᄈؿพ৻c̯ผܛˤΊɁӸʗ ר՗ݠ৽cνɃԞ฻ܰผࡗ˂൒ʥΈඖ ᙔʔ̇cڃད౨̯ಋӷଈ௟੟ੀผஃᆲʝc ੀഽ˫ι͓ȹࡼͲ༅ኟτؿכͅ ᑋeޔዟ͓cѧͲϬ߲ܧ৻ؿν൒cল ᙔʔ̇ؿพ৻൬Ϸࠓ፮ڃᙔʔ ݯ̯ผʥΈڃࠗಋᑩ৛ผ຤ଉτࠉʔ̇c߲ஐဳ ৛ผɰഽ˫ι͓ȹࡼͲ༅ኟτؿ ᙔڃଉ཭ࡗঽིͤ߮cԎဟྦ৛ผࡗɮঽͤ ̇cΊݯࠗಋ৛ผӷଈ௟੟τࠉʔ̇c ဳଉeϊ̔c̯ผ͛ੀι͓̊ȹࡼ ᙔڃτၤ̯ผʥΈܛc ʔ̇c߲ஐ඀ೕʥ܃ೕ೽ಶ๑֚ܧᏵ੡ࠗಋऋਂכڏ˞ ؿ༜АeټါСི߮ਥ ᖫଐᚬeكc߲ஐဳଉ ߲ஐ຤Ꮺӷଈ௟੟ณพ৻e ʔ̇พ৻τᗐؿ̦߬ټপਥڌࠗಋᑩ৛ผ෯ഁ Εɀ³³ɍα௟੟ೢ࠳֚߯ܧכ৛ผֺτ෯ഁࢶಁc˞ʥτᗐؿᅆಁԑ ᛆ ᘪ໬ౙࠗಋᆉԴဳଉѫcད౨ۺ෯ഁི߮c৛ผҡዶ ૈԝɻcێ஫ʗɣכփeྦྷ ᙔʔ̇zڃੀผΉ৛ผͲ༅ኟτؿ֚ܧ ஛Ԓི߮ॶړรҙɃ՗˚৽਄ၤc˞ᆢ 83 Financial review ল৻ลؗ The Club has faced tough economic conditions over recent years, and this situation has been further compounded by a myriad of other unfavourable factors, such as the outbreak of Severe Acute Respiratory Syndrome (“SARS”), the Iraq War, intense competition from illegal gaming operators and other forms of entertainment, and changing customer demands. Despite these difficulties, the Club was still able to significantly improve its customer facilities to maintain its competitiveness and continue to contribute to worthy charities causes. The Club invested in upgrading racecourse facilities with the addition of the Leading Edge at Happy Valley and the MezzaOne at Sha Tin. These air-conditioned venues are fitted with advanced audio-visual equipment as well as comfortable seating, a wide variety of food and beverage offerings and convenient betting facilities. Despite the slowing economy, plans are moving ahead to build a new Members and a new public entrance at Happy Valley and a Diamond Vision screen at Sha Tin will be ready next season, similar to but larger than the one at Happy Valley, for racegoers to keep constant watch on the progress of races. Over the past few years, the Club has continued its quest for productivity improvement. Year 2002/2003 was no exception. In October, the Club launched the Service Value Review. It is an in-depth examination of the value and the cost of services provided by, as well as consumed by, the Club’s operating units. The objective is to identify areas for service improvement or cost reduction through proactive identification and correction of mismatches in value and cost of services. The Club has also stepped up its cost improvement programme through comprehensive reviews of operational efficiency and resource deployment, as well as in-depth reassessment of various ongoing projects. Ɉc˘ॶᘗᙩྦྷ෯ഁʔऩАˮ঳ᘆeج ᙔʔ̇ᒖڃল৻ʥҙ༅ ৛ผʥԯֺτ яᏵ੡ܪพ৻ؿ೪ི Ε̯α۹ʑcԭ࠯৛௿ؿஉכϙСֲሔcЎྦྷڈಳяᙔ ೪c৻ұ ҝഁcൠ৛ΔᄈஉȿͱᒟఢcϤҳ̈́ܧ՗ဳଉcʋઔ͂ᄗ෶ؿਆพ ɺЎܪ௅ज़ᑩ৛࡯ᅥዀ࿚c ؿΡሌࠕ͛ɰઢ͂e஛Ԓณஉވ˖቏՞৛ผАݯ ሁcᑹௐτͱ൬ؿ഼ᚹኂҥ՗ഒيʥ̯ಋ௖ɣ෯ഁ༅Хዀ࿚ؿΔϽe உτ˞ רαc̯ผࠍྦྷᗲ࢈ؿ຤Ꮬ᏷ྊcԎ ሬؿ࢔ϽcҡొԜΈβΈᅚؿඝࠕٶ ܛeቱဳ຤Ꮬܪؿҙ؇உڏ৻c˞ʥʿ ڈሯՇଠΛԯˢɺСΐॖؿшᒹcԝΣ உ߮ۺᇅc̯ผʋಳͲɈઐϷΈඖיሐ ᙩؒڈؿᕶೕcּ͠Кኝԑcاْێ԰ ณؿผۺd˞ʥɺ ིcԝΣᅆಁΕൠ৛Δ৛௿ጙج௟cΈိ࡯ᅥԑพؿውईᘏ ᒾᔝᛰؿᚋ۪჏ұ೩eቱဳшᗒࠇࠇc ࡗɃɟ՗ʔଠɃɟcΕҳ̈́৛௿໦உؿ Ԟտઢ͂cԯ̔כcੀྭۮᘏ Ͳณ੟ϳɣܛړc੣Ϥܪผʋॶɣఝҝഁᚋ۪உ̯ ΃cЎೋޚɣߎྭۮၤൠ৛Δଊτؿێ 84 The Club has made significant productivity gains over the past few years and kept full-time staff count 11.8% below the 1996/1997 level despite a 19.3% increase in the number of races over the same period. However, the continuing rapid decline in betting turnover over the past year has necessitated further restructuring of the Club’s cost structure. After careful consideration and with the support of staff, the Club opted to reduce employee costs through cuts in basic pay for management grade staff, abolition of the 13th- month pay for other full-time employees, and reduction of part-time pay rates, thus avoiding significant loss of jobs at a time when signs of economic recovery have yet to appear. Investment portfolio management The Group and the Charities Trust’s financial assets are managed in accordance with an overall strategic framework provided by the Finance and General Purposes Committee. It reviews and approves all investment objectives and guidelines regularly. These assets are managed by external professional fund managers and by the Club’s Treasury Department. The cautious approach in risk management is demonstrated by the extensive financial modelling that takes place before investment strategies are implemented. Investment objectives, risk parameters and benchmarks are clearly defined for each strategy, while performance of the fund managers is monitored closely to ensure that any aberrations are corrected on a timely basis. Ε຤Ꮬֆ̰Ӯτనೊ༌˿ڏ˞ሌᑩ቞ؿ ຤༦ᅕαؿЦɈc̯ผɰੀ́ଐɈᛷ ࡗι̯c؀ࠍҡɣc˿ᜑɃ௿ᜮଠ૜ฟ ോ౨ංcᑷЛസಕɣ൴ᓻϽe ܛᘏ஢༦ೡe ടొঢ়c˘ι˲ҐͲᓻࡗɮؿɁᅕၐ ߎɈొঢ়́ଐ ΕˈȹȾȾʒĀȹȾȾȼα۹Ɂᅕᑹ߬ʭق༦˾ᅕαc৛ผȹ ټপਥڌɈcɀ³³ɀĀɀ³³ɍα۹͛ɺԝ̔e ϛʗɾɊȹᒨɄؿˋ̡cЎΕ΃ȹ౨ංc ҙ༅ୂ΋ؿဳଉ එ྆՗෯ഁ ๑໎ԑѫল৻ʥȹঁܘᄈ˱ȿϛʗɾɊȾᒨɍe ؿল৻༅ଐcяڳ৻ࢽऩᏎ ᑩԑ௿ᅕרαɊ˂c̯ผ඀ն൬Ϸ˾ ᑸɎไc ԑ৻կࡗผֺԹ߯ؿ೪଑ɣ၊൬Ϸဳ܈ʌտҙ؇ᔾᘗᙩכಳϤcᛆ רদc૯Ƀሁ݅ΈᏪ༜௰ϽొԜʥԚ͂ ৻ ̯ผྡྷτ̦߬൬ȹүࠇኬι̯೶࿚e຤ ଉe໮կࡗผց౨ᄗғֺτҙ༅͌ᅟʥר৻ؿࢽऩၤι̯cዶรҒˮ՗ٍ̳ ͚̔ͅංڬʵcϤτᗐؿল৻༅ଐcܞ Ɏc̯ผܛࢽऩၤι̯ʃɺ৉΋ɾ୮c੣Ϥ༠ϭҝ ༦෶ࠇϣᄬcԎΕࡗɮؿʻ ຤ଉʥ৛ผؿ࢒৻஫ဳଉeټಕဳଉज़ᓻࡗؿਥ̯ᑀ༭dՅࣱ ؿਿพਥڨ৻dಕГι̯ؿ͌ᅟe̯ผ͛ɰͲ Һցרഁ c˞ʥ ˢࠨ஭ผፓ๑ࠓ፮ဳଉʿࠍؿᄗ෶ࡈټࠍᏎদพ৻༜Аࢽଅʥ༅฻ሁ৉ੱؗc ԯˢͲᓻ཭ࡗؿ଱Ɋɍ࠯˂ᑀ cࠖͱ൬کਨϷҰඖҙ༅೪଑ɾכcڬ ΃ࣂ૯ɃࠇณിЅΈ࠯ଊϷඖ͌c˱၇ ሁГ࠹ᓻࡗɮؿᑀ༭ˋ̡cᔄ˞ࠌГ཭ Ұඖ೪଑cכᅡᏃಡ໰eྦྷܧઐϷҝഁι̯ࢽऩི߮e ϷΛωল 85 Financial review ল৻ลؗ The in-house portfolios are managed primarily to meet immediate operational and liquidity requirements, and are invested mainly in bank deposits and debt instruments. In the past five years, the performances of the in-house portfolios have exceeded their respective benchmark returns by a range of 103 to 200 basis points per annum, despite a dampening of their returns due to historically low interest rates currently experienced in Hong Kong. The portfolios managed by external fund managers are mainly for long-term growth. These portfolios adopt an active global balanced approach aimed at achieving diversification, and are therefore less susceptible to the high volatility of a single market. Nonetheless, the adverse impact of the Iraq War and the sudden outbreak of SARS has prolonged the continuing uncertainty in global markets for most parts of the year, thus causing the Club’s portfolios to incur some slight losses. Despite these difficult market conditions, the Club’s portfolios in total have outperformed the MSCI world index. The year in review The Club’s betting turnover was down to HK$71,465 million in year 2002/2003, compounded by difficult economic conditions, illegal gambling, changing customer behaviour and the outbreak of SARS. This drop amounted to HK$6,694 million, or 8.6% of turnover for the previous year. As a result, betting commission revenue, that is after paying dividends and duty, came in HK$355 million below last year’s HK$4,218 million.
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