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Annual Report 2018

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Annual Report 2018 MTR Corporation Limited Limited MTR Corporation | Annual Report 2018 Report Annual MTR Corporation Limited MTR Headquarters Building, Telford Plaza Kowloon Bay, Kowloon, Hong Kong GPO Box 9916, Hong Kong Telephone : (852) 2993 2111 Facsimile : (852) 2798 8822 www.mtr.com.hk In the 40 years since our service operations started, MTR has grown with the people of Hong Kong to become a critical component of the transport infrastructure, as well as the creator of new integrated communities above and near stations. From a single line that opened in 1979, we now operate 12 lines, 256.6 km of route length in Hong Kong that in 2018 carried over 2.0 billion passengers, together with a wide range of businesses including the development of residential and commercial properties, property leasing and management, advertising, telecommunication services and railway consultancy services. Since 2007, we have been building a portfolio of railway operations in Mainland of China, Europe and Australia. VISION We aim to be a leading multinational company that connects and grows communities with caring service. MISSION VALUES • We will strengthen our Hong Kong corporate • Excellent Service citizen reputation • Mutual Respect • We will grow and enhance our Hong Kong • Value Creation core business • Enterprising Spirit • We will accelerate our success in the Mainland and internationally • We will inspire, engage and develop our staff CONTENTS Overview Corporate Governance Highlights 117 Corporate Governance Report 2 – Performance 139 Audit Committee Report 4 – Caring 142 Risk Management 6 – 2018 Financials 146 Risk Committee Report 8 Hong Kong Operating Network with 148 Capital Works Committee Report Future Extensions 149 Remuneration Committee Report 10 Mainland of China and International 154 Board and Executive Directorate Businesses at a Glance 172 Key Corporate Management 12 Chairman’s Letter 173 Report of the Members of the Board 18 CEO’s Review of Operations and Outlook 39 Awards Financials and Other Information 205 Contents of Consolidated Accounts and Notes Business Review and Analysis 206 Independent Auditor’s Report Business Review 211 Consolidated Profit and Loss Account 40 – Hong Kong Transport Operations 212 Consolidated Statement of Comprehensive Income 54 – Hong Kong Station Commercial Businesses 213 Consolidated Statement of Financial Position 60 – Hong Kong Property and Other Businesses 214 Consolidated Statement of Changes in Equity 72 – Hong Kong Network Expansion 215 Consolidated Cash Flow Statement 80 – Mainland of China and International Businesses 216 Notes to the Consolidated Accounts 90 Financial Review 307 Glossary 102 Ten-Year Statistics 104 Investor Relations 106 Corporate Responsibility 112 Human Resources 116 MTR Academy Annual Report 2018 1 HIGHLIGHTS PERFORMANCE High Speed Rail commenced service in September Over 2.0billion Total patronage in Hong Kong 2 MTR Corporation Overview Shatin to Central Link Awarded 3 88.7% complete property packages Business Review and Analysis Corporate Governance Awarded Macau Light Rapid Transit Taipa Line 99.9% 8% Passenger Journeys fewer reportable on-time events on our Financials and Other Information heavy rail network Over 2.1billion Total patronage outside of Hong Kong Annual Report 2018 3 HIGHLIGHTS CARING OUR PEOPLE Fulfilling working environment for over 47,000 staff worldwide OUR CUSTOMERS About 93 New Trains and QR code 20,000 payment Residential Units Light Rail Vehicles 40 for tickets and 3 Shopping Malls to be launched Under Development 4 MTR Corporation OUR COMMUNITY Overview over 12,000 young people joined youth programmes including HK$28 million STEM Challenge community investment Business Review and Analysis Corporate Governance 5 Railway 17– km 3 New Lines Project Proposals Shatin to Central outside of Financials and Other Information Submitted Link in progress Hong Kong to open Annual Report 2018 5 HIGHLIGHTS 2018 FINANCIALS FINANCIAL PERFORMANCE Total Underlying Net Assets Net Debt-to- Revenue Business Profit Equity Ratio HK$ HK$ HK$ 53.9 billion 11.3 billion 180.6 billion 18.1 % SUMMARY OF PAST PERFORMANCE Total Revenue Operating Profit Before (HK$ million) Depreciation, Amortisation and Variable Annual Payment (HK$ million) 55,440 53,930 21,088 21,442 19,639 19,011 45,189 17,624 40,156 41,701 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Total Assets Ordinary Dividend per Share (HK$ million) (HK$) 274,687 1.20 257,340 263,768 1.12 241,103 1.05 1.06 1.07 227,152 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 6 MTR Corporation KEY FIGURES 2018 2017 Inc./(Dec.) % Financial highlights (in HK$ million) Revenue – Hong Kong transport operations 19,490 18,201 7.1 – Hong Kong station commercial businesses 6,458 5,975 8.1 Overview – Hong Kong property rental and management businesses 5,055 4,900 3.2 – Mainland of China and international railway, property rental and management subsidiaries 20,877 17,194 21.4 – Mainland of China property development 60 6,996 (99.1) – Other businesses 1,990 2,174 (8.5) Operating profit before Hong Kong property development, depreciation, amortisation and variable annual payment 18,868 19,991 (5.6) Profit on Hong Kong property development 2,574 1,097 134.6 Operating profit before depreciation, amortisation and variable annual payment 21,442 21,088 1.7 Profit attributable to shareholders of the Company arising from underlying businesses 11,263 10,515 7.1 Total assets 274,687 263,768 4.1 Loans, other obligations and bank overdrafts 40,205 42,043 (4.4) Obligations under service concession 10,409 10,470 (0.6) Total equity attributable to shareholders of the Company 180,447 166,304 8.5 Financial ratios Business Review and Analysis Operating margin (in %) 35.0 36.1 (1.1%) pts. Operating margin (excluding Mainland of China and international subsidiaries) (in %) 54.5 53.5 1.0% pt. Net debt-to-equity ratio* (in %) 18.1 20.6# (2.5%) pts. Return on average equity attributable to shareholders of the Company arising from underlying businesses (in %) 6.5 6.7 (0.2%) pt. Interest cover (times) 13.6 15.0 (1.4) times Share information Basic earnings per share (in HK$) 2.64 2.83 (6.7) Basic earnings per share arising from underlying businesses (in HK$) 1.86 1.77 5.1 Ordinary dividend per share (in HK$) 1.20 1.12 7.1 Share price at 31 December (in HK$) 41.20 45.80 (10.0) Corporate Governance Market capitalisation at 31 December (HK$ million) 252,947 275,156 (8.1) Operations highlights Total passenger boardings in Hong Kong (million) – Domestic Service 1,670.0 1,637.9 2.0 – Cross-boundary Service 117.4 112.5 4.4 – High Speed Rail (Hong Kong Section) 5.3@ – N/A – Airport Express 17.7 16.6 6.5 – Light Rail and Bus 230.4 229.2 0.5 Average number of passengers (thousand) – Domestic Service (weekday) 4,862 4,772 1.9 – Cross-boundary Service (daily) 321.8 308.4 4.4 ^ – High Speed Rail (Hong Kong Section) (daily) 53.0 – N/A – Airport Express (daily) 48.5 45.5 6.5 Financials and Other Information – Light Rail and Bus (weekday) 652.9 649.2 0.6 Fare revenue per passenger (in HK$) – Domestic Service 7.92 7.84 1.1 – Cross-boundary Service 29.56 29.11 1.6 – High Speed Rail (Hong Kong Section) 89.44 – N/A – Airport Express 65.25 64.75 0.8 – Light Rail and Bus 3.14 3.08 1.8 Proportion of franchised public transport boardings (in %) 49.3 49.1 0.2% pt. * Including obligations under service concession and loan from holders of non-controlling interests as components of debts. # If the cash received from the developer relating to the land premium payment for Wong Chuk Hang Station Package 2 (which was paid to Government in 2018) was excluded from the cash balance, the Group’s net debt-to-equity ratio as at 31 December 2017 would have been 23.7%. @ High Speed Rail (Hong Kong Section) service commenced on 23 September 2018. ^ Average of 23 September 2018 to 31 December 2018. Annual Report 2018 7 HONG KONG OPERATING NETWORK Shenzhen WITH FUTURE EXTENSIONS Lo Wu LEGEND Lok Ma Chau Sheung Shui Station Proposed Station Shenzhen Metro Network Interchange Station Proposed Interchange Station * Racing days only Kwu Tung Fanling EXISTING NETWORK Airport Express Island Line Ma On Shan Line Tsuen Wan Line Disneyland Resort Line Kwun Tong Line South Island Line Tung Chung Line East Rail Line Light Rail Tseung Kwan O Line West Rail Line Tai Wo High Speed Rail Long Yuen Long Ping 48 PROJECTS IN PROGRESS 41 47 Kam Sheung Tai Po Market Shatin to Central Link (Tai Wai to Hung Hom Section) Road 33 Shatin to Central Link (Hung Hom to Admiralty Section) 49 Tin Shui Wai 36 50 Ma On Shan Wu Kai Sha Hung Shui Kiu New Territories POTENTIAL FUTURE EXTENSIONS UNDER RAILWAY Heng On University Tai Siu Hong DEVELOPMENT STRATEGY 2014 Shui Hang Northern Link and Tung Chung West Hung Shui Kiu Station 30 39 Kwu Tung Station Extension and Possible South Island Line (West) 27 35 Tuen Mun South Extension Tung Chung East North Island Line 29 Tuen Mun Racecourse* Station Shek Mun East Kowloon Line Fo Tan 31 City One Tuen Mun South 28 Sha Tin Tsuen05 Wan Tai Wo Hau Sha Tin PROPERTIES OWNED / DEVELOPED / MANAGED BY THE CORPORATION Wai 45 Kwai07 Hing 38 01 Telford Gardens / Telford Plaza I and II 31 Citylink Plaza 02 World-wide House 32 MTR Hung Hom Building / Tsuen Wan West 40 CheTemple Kung 03 Admiralty Centre Hung Hom Station Carpark 06 37 Kwai Fong 04 Argyle Centre 33 Trackside Villas 18 Tai Wai 05 Luk Yeung Sun Chuen / Luk Yeung Galleria 34 The Capitol / Le Prestige / Hemera Hin Keng Mei Foo 06 New Kwai Fong Gardens 35 The Palazzo Tsing Yi Lai King Kowloon Diamond Hill 07 Sun Kwai Hing Gardens 36 Lake Silver Lai
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