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Hang Lung Group Limited Hang Lung Group Limited STOCK CODE: 00010 Hang Lung Group Limited STOCK CODE: 00010 Hang Lung Properties Limited STOCK CODE: 00101 The annual reports of Hang Lung Group Limited (Stock Code: 00010) and Hang Lung Properties Limited (Stock Code: 00101) for the 2019 financial year both embody the Group’s Five Overarching Strategies that are integral in driving sustainable business development: Be Customer Centric, Build Hang Lung Branded Experience, Embrace Technology, Disciplined Execution and Uphold Hang Lung Core Values. The cover images of both reports feature a twinning effect that showcases our two major projects for 2019 – the newly opened Spring City 66 in Kunming, and Peak Galleria in Hong Kong, which was reopened following the completion of its Asset Enhancement Initiative. These are projects that underline the Group’s development strategy, both in mainland China and Hong Kong, and the cover designs highlight the symbiotic relationship between beautiful, unique architecture and the people who use it. World-class properties such as these, designed, built and managed by Hang Lung, show our Five Strategies in action, and enable the Group to fulfil and exceed customers’ expectations. The reports are exquisitely designed, and detail Hang Lung’s concerted effort to strive for excellence and create value for shareholders and stakeholders. CORPORATE PROFILE Hang Lung Group Limited (stock code: 00010) is one of the most established listed companies in Hong Kong with more than 50 years of experience in the property development market. Through Hang Lung Properties Limited (stock code: 00101), we have built a leading reputation as a top-tier property developer in Hong Kong and on the Mainland, with a recognized commitment to quality. Our businesses in Hong Kong include property development for sale and lease and our substantial portfolio encompasses well-planned large-scale mall, commercial, office and residential developments in prominent locations. We made our first investment on the Mainland in the early 1990s as the foremost step in our future business expansion. Adhering to the strategy of developing prime sites in major cities, our portfolio of investment properties currently comprises two large-scale developments in Shanghai – the mall/commercial, office and residential complex Grand Gateway 66, and the commercial and office complex Plaza 66. HANG LUNG GROUP ANNIVERSARY Together with our prime landmark complexes of Parc 66 in Jinan, Center 66 in Wuxi, Riverside 66 in Tianjin, Olympia 66 in Dalian, and Spring City 66 in Kunming, as well as Palace 66 and Forum 66 in Shenyang, we are vigorously building on our successes to develop similar properties in major cities including Wuhan and Hangzhou. 2020 marks the 60th anniversary of our founding, we will continue not only to expand our horizons on the Mainland, but also to invest in our portfolio in Hong Kong, as we aim to become a highly admired national commercial property developer. Joining hands with our subsidiary Hang Lung Properties, we strive to building a sustainable future for our stakeholders and the communities where we live and work. Contents 6 Financial Highlights 109 Corporate Governance Report 218 Ten-Year Financial Summary 12 Chairman’s Letter to Shareholders 131 Profile of the Directors 220 Glossary 38 Review of Operations 137 Profile of Key Executive 222 Corporate Information 81 Financial Review 138 Report of the Directors 223 Financial Calendar 94 Sustainable Development 145 Independent Auditor’s Report 224 Listing Information 105 Risk Management 150 Financial Statements Achieving Sustainable Growth through Our Five Be Customer Centric Overarching Strat egies Build Hang Lung Branded Experience Embrace Technology Our Five Disciplined Overarching Execution Strat egies Uphold Hang Lung Core Values 6 FINANCIAL HIGHLIGHTS Results For the year ended December 31 Property Leasing Revenue Underlying Net Profit in HK$ Million (unless otherwise stated) 2019 2018 Overall Revenue +4% +44% HK$ Million HK$ Million Property leasing 9,139 8,784 HK$3,796 Million 10,000 HK$9,139 Million 4,000 Mainland China 4,975 4,686 9,000 3,500 8,000 Hong Kong 4,164 4,098 3,000 7,000 Property sales 296 1,231 6,000 2,500 Total revenue 9,435 10,015 5,000 2,000 4,000 1,500 Property Net profit attributable to shareholders 6,816 5,285 3,000 1,000 Leasing 2,000 Property leasing 5,869 4,865 1,000 500 Property Sales Property sales 947 420 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Dividends 1,470 1,089 Shareholders' equity 91,294 86,447 Per share data Mainland China Net Assets Attributable to Earnings $5.01 $3.88 Shareholders per Share Dividends +6% Total $1.08 $0.80 HK$ Million HK$4,975 Million HK$ +6% Interim $0.19 $0.19 5,000 80 HK$67.0 4,500 70 Special $0.26 – 4,000 60 3,500 Final $0.63 $0.61 3,000 50 Net assets attributable to shareholders $67.0 $63.5 2,500 40 Financial ratio 2,000 30 1,500 20 Payout ratio 1,000 500 10 Total 22% 21% 0 0 Property leasing 25% 22% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Net debt to equity ratio 17.3% 12.0% Debt to equity ratio 19.7% 20.3% Hong Kong Dividends per Share Underlying Results +35% For the year ended December 31 HK$ Million +2% HK$ 5,000 1.2 HK$1.08 HK$ Million in HK$ Million (unless otherwise stated) 2019 2018 4,500 4,164 1.0 4,000 Underlying net profit attributable to shareholders 3,796 2,631 3,500 0.8 Property leasing 2,849 2,211 3,000 2,500 0.6 Property sales 947 420 2,000 0.4 (Note 1) 1,500 Earnings per share $2.79 $1.93 Final 1,000 (Note 1) 0.2 Special Payout ratio 500 0 0 Interim Total 39% 41% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Property leasing 52% 49% Note: 1. The relevant calculations are based on the underlying net profit attributable to shareholders. Hang Lung Group Limited 7 Property Leasing Revenue Underlying Net Profit Overall +4% +44% HK$ Million HK$ Million HK$3,796 Million 10,000 HK$9,139 Million 4,000 9,000 3,500 8,000 3,000 7,000 6,000 2,500 5,000 2,000 4,000 1,500 Property 3,000 1,000 Leasing 2,000 1,000 500 Property Sales 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Mainland China Net Assets Attributable to Shareholders per Share +6% HK$ Million HK$4,975 Million HK$ +6% 5,000 80 HK$67.0 4,500 70 4,000 60 3,500 3,000 50 2,500 40 2,000 30 1,500 20 1,000 500 10 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Hong Kong Dividends per Share +35% HK$ Million +2% HK$ 5,000 1.2 HK$1.08 HK$ Million 4,500 4,164 1.0 4,000 3,500 0.8 3,000 2,500 0.6 2,000 0.4 1,500 Final 1,000 0.2 Special 500 0 0 Interim 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2019 Annual Report Peak Galleria BE CUSTOMER CENTRIC Plaza 66, Shanghai Grand Gateway 66, Shanghai 12 CHAIRMAN’S LETTER TO SHAREHOLDERS Ronnie C. Chan Chairman Hang Lung Group Limited 13 Results and Dividend Mr. Weber Lo, our present CEO, took up the post in July 2018. We are indeed blessed with very stable Revenue decreased 6% to HK$9,435 million for the leadership. Weber was 47 years old when he joined us. year ended December 31, 2019. Net profit attributable Together with our Executive Director Mr. Adriel Chan, to shareholders jumped 29% to HK$6,816 million. who is now 37, the pair should ensure management Earnings per share rose likewise to HK$5.01. continuity for at least another 20 to 30 years. Underlying net profit attributable to shareholders In the past, I have managed to convince the Board as leaped 44% to HK$3,796 million when excluding all the well as the individuals concerned to have our former effects of property revaluation gain. Underlying CEOs stay on as non-executive directors. While always earnings per share increased similarly to HK$2.79. giving younger leaders a free hand, they nevertheless In the past year, we sold an older building in Hong provide critical experience at the board level. Ours is an Kong at a good profit. In light of our strong financial experience-intensive industry with long market cycles, position, your Board proposes to pay a special dividend. each lasting many years. Unless someone has gone through two or three such cycles, it is easy to repeat The Board declares a special dividend and recommends the same mistakes. a final dividend of HK26 cents and HK63 cents per share respectively. If the final dividend is approved by That said, your Board is also cognizant of the need to shareholders, total dividends per share for the year invite people of younger age to join as directors. At ended December 31, 2019 will be HK108 cents. Both least two facts dictate this: everywhere around the the special and final dividends are payable on May 20, world, the average age of shoppers of luxury items has 2020 to shareholders of record on May 7, 2020. gone down significantly. This is particularly true on mainland China, our primary growth market. Second, the use of technology in our business is becoming Business Review critical and will remain so in the foreseeable future.
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