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Annual Report 2007 Premier Class of Companies in Hong Kong

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Annual Report 2007 Premier Class of Companies in Hong Kong HOPEWELL 35TH ANNIVERSARY CELEBRATION Hopewell Holdings Limited Holdings Hopewell 合和實業有限公司 Hopewell Holdings Limited 64th Floor, Hopewell Centre 54 183 Queen’s Road East Hopewell Holdings Limited, based in Hong Hong Kong 股份代號： Kong, was listed on the Stock Exchange of Hong Tel : (852) 2528 4975 Fax : (852) 2861 2068 Kong in 1972 (stock code: 54). With diversified Web Page : www.hopewellholdings.com Stock Code interests spread across property investment and 二零零七年年報 development, highway infrastructure, power 合和 實 業 有 限 公 司 香港皇后大道東183號 HOPEWELL plants, hotel and hospitality businesses, 合和中心64樓 the Hopewell Group is considered one of the 電話 : (852) 2528 4975 Holdings Limited 圖文傳真 : (852) 2861 2068 Annual Report 2007 premier class of companies in Hong Kong. We are 網址 : www.hopewellholdings.com 合和實業有限公司二零零七年年報 celebrating our 35th anniversary during the year. BUSINESS SHOWCASE Business Showcase Showcase Business Hopewell Centre Guangzhou-Shenzhen in Wanchai Superhighway Phase I of the Western Panda Place in Tsuen Wan Delta Route linking Guangzhou to Shunde EMax in Kowloon Bay Panda Hotel in Tsuen Wan Financial Calendar Interim results announcement 1st March, 2007 Closure of Register 19th March, 2007 to 22nd March, 2007 (both days inclusive) Interim dividend paid 23rd March, 2007 (HK38 cents per ordinary share) Hopewell New Town in Huadu, Guangzhou Final results announcement 21st August, 2007 Closure of Register 28th September, 2007 to 4th October, 2007 (both days inclusive) Annual General Meeting 4th October, 2007 Proposed fi nal dividend and on or about 5th October, 2007 special dividend payable Hong Kong-Zhuhai-Macau (HK82 cents and HK35 cents respectively per ordinary share) Bridge Project (proposed by Hopewell) 財務日誌 公佈中期業績 二零零七年三月一日 暫停辦理股份過戶登記 二零零七年三月十九日至二零零七年三月二十二日 （包括首尾兩天在內） 派付中期股息 二零零七年三月二十三日 （每普通股港幣38仙） 公佈全年業績 二零零七年八月二十一日 Construction of Phase II of the Western 暫停辦理股份過戶登記 二零零七年九月二十八日至二零零七年十月四日 Delta Route linking Shunde to Zhongshan （包括首尾兩天在內） (Under Construction) 股東週年大會 二零零七年十月四日 派付建議之末期股息及特別股息 約於二零零七年十月五日 Heyuan Power Plant TdA - concept and design tda.com.hk printing - RFP （每普通股分別為港幣82仙及35仙） QRE Plaza in Wanchai (Under Construction) CONTENTS 2 Financial Highlights 3 5-Year Financial Summary 4 Chairman’s Statement 8 Profi le of Directors 14 Management Discussion & Analysis 14 Operations Review 15 Property 21 Infrastructure 31 Hotel and Catering 33 Others 34 Financial Review 38 Corporate Governance Report 44 Report of the Directors 59 Corporate Information 61 Financial Report 62 Independent Auditor’s Report 63 Consolidated Income Statement 64 Consolidated Balance Sheet 66 Company Balance Sheet 67 Consolidated Statement of Recognised Income and Expense 68 Consolidated Cash Flow Statement 71 Notes to the Consolidated Financial Statements 123 List of Major Properties F`Ipmejoht/joec!!!2 60:03118!!!25;54;66 FINANCIAL HIGHLIGHTS Turnover (HK$m) Profi t Attributable to Equity Holders (HK$m) 5,000 4,721 3,000 3,720 2,500 4,000 2,632 2,250 2,000 3,000 2,614 1,907 2,251 1,500 1,791 2,000 1,617 1,000 1,000 500 823 1,001 634 0 0 2005 2006 2007 2005 2006 2007 Group’s Attributable Share of Turnover of jointly controlled entities Group Turnover Earnings before Interest and Tax (HK$m) Market Value Per Share vs NAV Per Share (HK$) 3,000 35 2,688 31.9 2,500 1,442 30 2,000 1,492 1,500 25 21.9 1,177 409 19.95 1,000 272 1,246 21.3 1,083 1,083 19.2 905 20 500 17.2 0 15 2005 2006 2007 2005 2006 2007 Other EBIT Market Value Per Share Infrastructure EBIT Net Asset Value Per Share Group EBIT vs Interest Return on Equity* 70x 13% 61.9x 12.8% 60x 50x 12% 40x 33.1x 11.1% 30x 11% 20x 16.7x 10.7% 10x 10% 2005 2006 2007 2005 2006 2007 Group EBIT vs Interest Return on Equity * Based on net profi t before property revaluation gain and attributable deferred tax 2 2 HopewellHopewell Holdings Holdings Limited Limited Annual Annual Report Report 2007 2007 F`Ipmejoht/joec!!!3 60:03118!!!25;54;67 5-YEAR FINANCIAL SUMMARY Consolidated Results Year ended 30th June (in HK$ million) 2003* 2004* 2005* 2006* 2007 Turnover 741 613 634 823 1,001 Profi t before taxation 833 1,955 2,318 2,670 3.139 Taxation (122 ) (26 ) (74 ) (68 ) (112 ) Profi t before minority interests 711 1,929 2,244 2,602 3,027 Minority interests (99 ) (311 ) (337 ) (352 ) (395 ) Profi t attributable to equity holders 612 1,618 1,907 2,250 2,632 * Interest income from loans to jointly controlled entities (undertaking infrastructure projects) which was previously included in turnover, has been reclassifi ed and included in share of profi ts of jointly controlled entities. Comparative amounts have been restated accordingly. Th e reclassifi cation has had no impact on the profi t before taxation for the years presented. Please refer to note 6 to the consolidated fi nancial statements for details. Consolidated Balance Sheet As at 30th June (in HK$ million) 2003 2004 2005 2006 2007 Investment properties 5,655 5,563 6,116 6,537 6,870 Property, plant and equipment 1,493 462 441 459 449 Prepaid land lease payment – 640 791 973 983 Properties for or under development 1,018 189 201 232 336 Interests in jointly controlled entities 8,207 6,122 6,526 6,950 7,103 Long-term loans and receivables – 2,199 1,216 1,039 283 Defeasance/pledged deposits 1,681 95 94 – – Other non-current assets 575 747 33 310 379 Current assets 1,241 4,873 4,233 4,884 7,959 Total assets 19,870 20,890 19,651 21,384 24,362 Non-current liabilities (3,921 ) (1,699 ) (811 ) (743 ) (816 ) Current liabilities (2,171 ) (2,673 ) (905 ) (545 ) (1,314 ) Total liabilities (6,092 ) (4,372 ) (1,716 ) (1,288 ) (2,130 ) Share based compensation reserves of a subsidiary – – – – (2 ) Minority interests (125 ) (2,419 ) (2,469 ) (2,862 ) (3,059 ) Shareholders’ equity 13,653 14,099 15,466 17,234 19,171 Per Share Basis 2003 2004 2005 2006 2007 Basic earnings per share (HK cents) 70 183 213 250 293 Dividend per share (HK cents) 25 70# 80 # 84 155# Net asset value per share (HK$) 15.6 16.0 17.2 19.2 21.3 # Special dividend included – 2007 : HK35 cents, 2005 : HK30 cents, 2004 : HK30 cents Financial Ratios 2003 2004 2005 2006 2007 Net debt to equity 14% N/A N/A N/A N/A Net debt to total capitalisation 11% N/A N/A N/A N/A Return on equity 4.5% 10.2% 10.7% 11.1% 12.8% Hopewell Holdings Limited Annual Report 2007 3 F`Ipmejoht/joec!!!4 60:03118!!!25;54;67 CHAIRMAN’S STATEMENT am pleased to report to shareholders that Subject to approval of the shareholders at the the Group had another excellent year forthcoming annual general meeting to be with profit attributable to equity holders held on 4th October, 2007, the proposed final of HK$2,632 million for the fi nancial year dividend and the special dividend will be paid Iended 30th June, 2007, an increase of 17% over on or about 5th October, 2007 to shareholders HK$2,250 million of last year. Basic earnings as registered at the close of business on 4th per share was HK$2.93, an increase of 17% over October, 2007. HK$2.50 of last year. Closure of Register I am also pleased to announce that our Group The Register of Members of the Company will celebrates its 35th Anniversary in August 2007. be closed from Friday, 28th September, 2007 to Th ursday, 4th October, 2007, both days inclusive, Final Dividend and Special Dividend during which period no transfer of shares of the The Board of Directors has proposed a final Company will be effected. In order to qualify dividend of HK82 cents per share in respect of for the proposed fi nal dividend and the special the year ended 30th June, 2007 which, together dividend, all transfers accompanied by the with the interim dividend of HK38 cents per relevant share certifi cates must be lodged with share, will result in total dividends for the the Company’s Registrar, Computershare Hong year of HK120 cents per share, up 43% from Kong Investor Services Limited, at Shops 1712- last year’s HK84 cents. In view of the good 1716, 17th Floor, Hopewell Centre, 183 Queen’s performance and strong financial position, Road East, Wanchai, Hong Kong not later than on the occasion of the 35th Anniversary of the 4:30 p.m. on Th ursday, 27th September, 2007. Group, the Board of Directors has also decided to recommend the additional payment of a Business Review special dividend of HK35 cents per share. The The Hong Kong economic environment dividends for this year (including the special remained strong, supported by robust domestic dividend) represents a 57% payout of net profi ts demand and strong fi nancial markets. Th e PRC (before eff ect of property revaluation gain). economy, particularly the Pearl River Delta 4 Hopewell Holdings Limited Annual Report 2007 F`Ipmejoht/joec!!!5 60:03118!!!25;54;67 (“PRD”) region, continued to enjoy strong 2008. Foundation and site formation works of growth. Th e Macau economy was active in the 12 Broadwood Road, Happy Valley, a residential aggressive expansion in its entertainment and property development which will also be held gaming industry. Globally, major industrialized for long term investment purpose, commenced nations have recorded steady positive growth. in January 2007 and the superstructure work The Group benefited from the favorable is currently planned to be completed in the business environment in the past year.
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