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2001 Annual Report

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2001 Annual Report Contents Strategic Overview 1 Corporate Profile 2 Property Portfolio: Projects with Great Potential 4 2001 Milestones 6 Financial Highlights 8 Chairman’s Statement 12 A Conversation with the Chairman 14 Business Review, Analysis and Outlook 14 Northern 28 Northeast 36 Central 52 Southern Region Region Region Region 64 Financial Review Corporate and Financial Information 70 Directors’ Profile 77 Notice of Annual General Meeting 80 Report of the Directors 95 Report of the Auditors 96 Consolidated Profit and Loss Account 97 Consolidated Balance Sheet 98 Balance Sheet 99 Consolidated Cash Flow Statement 100 Consolidated Statement of Recognised Gains and Losses 101 Notes to the Accounts 149 Financial Summary 150 Major Project Profile Market Analysis 158 China Property Market Overview Other Information 171 Glossary of Terms inside back cover Corporate Information When the sky is round and the earth is level, then there will be space for living “China’s economy has witnessed remarkable growth in the last few years. A significant increase in disposable income has stimulated “demand for a quality living environment. As in the past, New World China Land Limited (“NWCL”) has always dedicated itself fully not only to deliver quality properties but also to create a lifestyle for those who appreciate the joy of living. What do we mean by ‘the joy of living’? At NWCL, we believe that by delivering superior architecture and design, detailed landscape features, spacious floor layout, fine craftsmanship and finishes, as well as reliable and comprehensive property services, we can share this joy of living with our customers. At NWCL, we believe quite simply in the best.” NWCL, listed on the Stock Exchange of Hong Kong Limited (“SEHK”) in July 1999, is the” China property arm of New World Development Company Limited (“NWD”). NWCL’s well-diversified property portfolio comprises 41 major projects ranging from residential communities, service apartments and villas, to multi-use complexes as well as hotels across 22 high growth cities in China. Building on its mission to become a leading nationwide developer and to meet the nation’s increasing need for quality developments, NWCL is firmly positioned to deliver increasing growth for its shareholders. 2 Property Portfolio: Projects with Great Potential Projects with Great Potential The Company’s property projects are concentrated in national and provincial capitals, high-economic growth regions or transportation hubs such as Beijing, Tianjin, Shenyang, Shanghai, Wuhan, Guangzhou and Pearl River Delta. The portfolio encompasses: 41 major development projects for sale with a total GFA of 18,268,737 sq.m. together with investment properties under development of 734,658 sq.m. 10 completed investment properties with a total GFA of 464,040 sq.m. Major Development Projects For Sale By Location Beijing 2,889,022 sq.m. Major Development Projects Tianjin 1,800,993 sq.m. For Sale By Usage Shenyang 3,109,232 sq.m. Residential 14,717,705 sq.m. Shanghai 581,049 sq.m. Commercial 1,518,010 sq.m. Wuhan 2,897,795 sq.m. Office 520,420 sq.m. Guangzhou 3,849,593 sq.m. Others 1,512,602 sq.m. Pearl River Delta 2,198,093 sq.m. 18,268,737 sq.m. Other Regions 942,960 sq.m. 18,268,737 sq.m. Property Portfolio By Type Investment Properties Under Investment Properties Under Major development 18,268,737 sq.m. Development By Usage Development By Location projects for sale Residential 84,405 sq.m. Beijing 68,346 sq.m. Investment properties 734,658 sq.m. Commercial 264,412 sq.m. Shanghai 259,733 sq.m. under development Office 140,266 sq.m. Wuhan 216,300 sq.m. Completed investment 464,040 sq.m. Hotel 131,782 sq.m. Other Regions 190,279 sq.m. properties Others 113,793 sq.m. 734,658 sq.m. 19,467,435 sq.m. 734,658 sq.m. Completed Investment Properties Completed Investment By Location Properties By Usage Beijing 222,948 sq.m. Residential 34,115 sq.m. Tianjin 101,934 sq.m. Commercial 223,289 sq.m. Shenyang 32,200 sq.m. Office 46,639 sq.m. Wuhan 19,673 sq.m. Hotel 104,622 sq.m. Pearl River Delta 87,285 sq.m. Others 55,375 sq.m. 464,040 sq.m. 464,040 sq.m. Property Portfolio: Projects with Great Potential 3 Shenyang One major development project for sale with a total GFA of 3,109,232 sq.m. One completed investment property with a total GFA of 32,200 sq.m. Dalian One major development project for sale with a total GFA of 120,394 sq.m. together with investment property under development of 52,195 sq.m. Northeast Region Beijing Seven major development projects for sale with a total GFA of 2,889,022 sq.m. together with investment properties under development of 68,346 sq.m. Three completed investment properties with a total GFA of 222,948 sq.m. Tianjin Four major development projects for sale with a total GFA of 1,800,993 sq.m. One completed investment property with a total GFA of 101,934 sq.m. Northern Region Shanghai Four major development projects for sale with a total GFA of 581,049 sq.m. together with investment properties under development of 259,733 sq.m. Jinan One major development project for sale with a total GFA of 480,459 sq.m. Hefei One major development project for sale with a total GFA of 69,782 sq.m. Wuhan Four major development projects for sale with a total GFA of 2,897,795 sq.m. together with investment properties under development of 216,300 sq.m. Two completed investment properties with a total GFA of 19,673 sq.m. Central Region Nanjing One major development project for sale with a total GFA of 74,237 sq.m. together with investment property under development of 138,083 sq.m. Guangzhou Seven major development projects for sale with a total GFA of 3,849,593 sq.m. Pearl River Delta Nine major development projects for sale with a total GFA of 2,198,093 sq.m. Three completed investment properties with a total GFA of 87,285 sq.m. Haikou One major development project for sale with a total GFA of 198,088 sq.m. Southern Region 4 2001 Milestones 2001 Milestones Completion of Gross Floor Area By Location FY01 FY00 16,776 Beijing Xin Kang Garden Phase I Beijing 84,606 Tianjin 193,511 Shenyang 83,720 Shenyang New World Garden Phase IA Wuhan Changqing Garden – part of Phase IV Wuhan 69,522 454,164 Hefei 75,019 Hefei New World Garden Phase I Guangzhou New World Casa California Guangzhou 20,001 186,996 Pearl River 72,162 Dongguan New World Garden Phase VIB & VIIIB (36,744 sq.m.) Delta 23,280 Dongguan New World Garden Phase IXA (15,863 sq.m.) Xintang New World Garden - part of Phase IA (4,430 sq.m.) Huiyang Palm Island Golf Club & Resort Phase I Villa portion (13,465 sq.m.) Huiyang Palm Island Golf Club & Resort Phase I Hotel portion (1,660 sq.m.)* 0 100,000 200,000 300,000 400,000 500,000 Gross Floor Area (sq.m.) * Investment property 2001 Milestones 5 Completion of Gross Floor Area By Usage FY01 FY00 Residential 335,540 906,167 Commercial 14,022 Hotel 1,660 Other 22,368 0 200,000 400,000 600,000 800,000 1,000,000 Gross Floor Area (sq.m.) Project Acquisitions/Disposals Increased interests in Tianjin New World Xin An Shopping Centre and Tianjin Xin An Garden from 51% to 100% in November 2000. Increased interests in Beijing Lai Loi Garden from 24.5% to 35% in June 2001. Increased interests in Nanjing New World Centre from 48% to 92% in June 2001. Disposed of interests in Wuhan International Trade Centre Main and Annex Building shopping mall portion in June 2001. 6 Financial Highlights Financial Highlights Key Financial Data FY 2001 FY 2000 HK$’000 HK$’000 Operating Results Turnover Property sales 415,798 439,272 Rental operation 171,467 158,535 Hotel operation - 9,224 Total turnover 587,265 607,031 Finance costs (69,996) (79,173) Profit before taxation 232,999 220,537 Profit attributable to shareholders 206,994 203,529 Earnings per share Basic 14.13 cents 13.90 cents Diluted 14.08 cents N/A Financial Position Cash and bank balances 1,252,375 682,302 Total assets 23,144,442 22,049,563 Total liabilities 5,611,812 4,942,505 Shareholders’ funds 17,469,752 16,988,519 Financial Ratios Current ratio 1.87 1.44 Net debt to equity ratio 17% 19% Bank Borrowings Profile 30 June 2001 30 June 2000 Outstanding Amount HK$’Million Equivalent HK$’Million Equivalent Renminbi loans 1,035 589 US Dollar loans - 373 Financial Highlights 7 Turnover FY01 587,265 FY00 607,031 100,000 200,000 300,000 400,000 500,000 600,000 700,000 ( HK$ '000 ) Operating Profit Before Interest and Taxation FY01 302,995 FY00 299,710 100,000 200,000 300,000 400,000 500,000 600,000 700,000 ( HK$ '000 ) Profit Attributable to Shareholders FY01 206,994 FY00 203,529 100,000 200,000 300,000 400,000 500,000 600,000 700,000 ( HK$ '000 ) Total Assets FY01 23,144 FY00 22,050 21,600 21,800 22,000 22,200 22,400 22,600 22,800 23,000 23,200 23,400 ( HK$ 'Million ) Net Asset Value per Share FY01 11.90 FY00 11.61 10.60 10.80 11.00 11.20 11.40 11.60 11.80 12.00 ( HK$ ) Cash and Bank Balances FY01 1,252 FY00 682 200 400 600 800 1,000 1,200 1,400 ( HK$ 'Million ) 8 Chairman’s Statement Strong Economy Strong Market Position Chairman’s Statement 9 At New World China Land, Our Focus Has Always Been Very Clear: To accelerate our property development schedule across the country to capture the upturn in the PRC property market.
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