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HSBC Holdings Plc 2003 Annual Report & Accounts

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HSBC Holdings Plc 2003 Annual Report & Accounts Annual Report HSBC Holdings plc and Accounts HSBC HOLDINGS PLC Table of Contents Page Page Certain Defined Terms ................................... below Board of Directors and Senior Management ... 184 Financial Highlights................................................1 Report of the Directors ...................................... 189 Five-Year Comparison............................................3 Directors’ Remuneration Report ...................... 213 Cautionary Statement Regarding Statement of Directors’ Responsibilities in Forward-Looking Statements ............................5 Relation to Financial Statements .................. 230 Information about the Enforceability of Independent Auditors’ Report .......................... 231 Judgements Made in the United States .............6 Financial Statements .......................................... 233 Exchange Controls and Other Limitations Affecting Equity Security Holders.....................6 Notes on the Financial Statements .................... 239 Description of Business...........................................7 Taxation of Shares and Dividends .................... 367 Regulation and Supervision .................................30 Shareholder Information ................................... 370 Description of Property ........................................35 Organisational Structure ................................... 375 Legal Proceedings .................................................35 Glossary............................................................... 376 Financial Review ...................................................36 Index.................................................................... 377 Other Information...............................................177 Certain Defined Terms Unless the context requires otherwise, ‘HSBC Hong Kong Special Administrative Region of the Holdings’ means HSBC Holdings plc and ‘HSBC’ or People’s Republic of China is referred to as ‘Hong the ‘Group’ means HSBC Holdings together with its Kong’. subsidiary undertakings. Within this document the This document comprises the Annual Report and Accounts 2003 for HSBC Holdings plc and its subsidiary and associated undertakings. It contains the Directors’ Report and Financial Statements, together with the Auditors’ Report thereon, as required by the UK Companies Act 1985. The Annual Review 2003 of HSBC Holdings plc is published as a separate document. HSBC HOLDINGS PLC Financial Highlights HSBC’s Financial Statements and Notes thereon, as set out on pages 233 to 366, are prepared in accordance with UK Generally Accepted Accounting Principles (‘UK GAAP’). HSBC uses the US dollar as its reporting currency because the US dollar and currencies linked to it form the major currency bloc in which HSBC transacts its business. As HSBC is listed on the New York Stock Exchange, it also reconciles certain financial information to US Generally Accepted Accounting Principles (‘US GAAP’), which differ in certain respects from UK GAAP as explained on page 326 and reconciled in Note 50 of the ‘Notes on the Financial Statements’. Unless otherwise stated, the numbers presented in this document have been prepared in accordance with UK GAAP. HSBC judges its own performance by comparing returns before goodwill amortisation on cash invested as HSBC believes this gives an important measure of its underlying performance and facilitates comparison with its peer group. Profit before goodwill amortisation is derived by adjusting reported earnings to eliminate the impact of the amortisation of goodwill arising on acquisitions. The derivation of non-GAAP measures from the equivalent reported measures is explained in the ‘Footnotes to Financial Highlights’ on page 4. 2003 2002 US$m US$m For the year (excluding goodwill amortisation) Operating profit before provisions1 ...................................................................................................... 19,990 11,641 Profit on ordinary activities before tax2 ................................................................................................ 14,401 10,513 Profit attributable to shareholders2 ........................................................................................................ 10,359 7,102 For the year (as reported) Operating profit before provisions ........................................................................................................ 18,540 10,787 Profit on ordinary activities before tax ................................................................................................. 12,816 9,650 Profit attributable to shareholders ......................................................................................................... 8,774 6,239 Dividends ............................................................................................................................................. (6,532) (5,001) At year-end Shareholders’ funds3 ............................................................................................................................. 74,473 51,765 Capital resources .................................................................................................................................. 74,042 57,430 Customer accounts and deposits by banks ............................................................................................ 643,556 548,371 Total assets3 .......................................................................................................................................... 1,034,216 758,605 Risk-weighted assets ............................................................................................................................ 618,662 430,551 US$ US$ Per ordinary share4 Basic earnings ...................................................................................................................................... 0.84 0.67 Earnings excluding goodwill amortisation5 .......................................................................................... 0.99 0.76 Diluted earnings ................................................................................................................................... 0.83 0.66 Dividends ............................................................................................................................................. 0.60 0.53 Net asset value at year end ................................................................................................................... 6.79 5.46 At At 31 December 31 December 2003 2002 Share information US$0.50 ordinary shares in issue .......................................................................................................... 10,960m 9,481m Market capitalisation ............................................................................................................................ US$172bn US$105bn Closing market price per ordinary share: – London .............................................................................................................................................. £8.78 £6.87 – Hong Kong ........................................................................................................................................ HK$122.50 HK$85.25 Closing market price per American Depositary Share (‘ADS’)6............................................................ US$78.82 US$54.98 HSBC Benchmark Total shareholder return to 31 December 20037 – over 1 year ......................................................................................................................................... 136 132 – since 1 January 19998 ......................................................................................................................... 211 126 For the above footnotes, see ‘Footnotes to Financial Highlights’ on page 4. 1 HSBC HOLDINGS PLC Financial Highlights (continued) Capital and performance ratios 2003 2002 % % Capital ratios Tier 1 capital ....................................................................................................................................... 8.9 9.0 Total capital ......................................................................................................................................... 12.0 13.3 Performance ratios (excluding goodwill amortisation) Return on average invested capital9 ...................................................................................................... 13.7 12.9 Return on average net tangible equity10,11 ............................................................................................. 24.7 20.1 Post-tax return on average tangible assets11.......................................................................................... 1.21 1.11 Post-tax return on average risk-weighted assets11 ................................................................................. 2.07 1.95 Performance ratios (as reported) Return on average shareholders’ funds3 ............................................................................................... 13.0 12.4 Post-tax return on average total assets3 ................................................................................................ 1.01 0.97 Post-tax return on average risk-weighted assets .................................................................................. 1.78 1.74 Credit coverage ratios Provisions for bad and doubtful debts as a percentage of operating profits before goodwill amortisation and provisions ...........................................................................................................
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