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Annual Report 2020 HANG LUNG GROUP LIMITED STOCK CODE: 00010 Annual Report 2020 We Do It Well HANG LUNG HANG LUNG GROUP LIMITED PROPERTIES LIMITED STOCK CODE: 00010 STOCK CODE: 00101 Annual Report 2020 Annual Report 2020 We Do It Well We Do It Well 60 YEARS OF HERITAGE INFINITE POSSIBILITIES 2020 marked the 60th anniversary of Hang Lung Group. Driven by our customer-centric approach to architectural design and service excellence over the past six decades, we have built a thriving portfolio of world-class properties and an exceptionally talented workforce who live up to our core values of sustainability, excellence, openness and integrity. Our rich history is the inspiration behind this year’s theme of “60 Years of Heritage, Infinite Possibilities” – one you will find illustrated throughout the 2020 annual reports for Hang Lung Group Limited and Hang Lung Properties Limited. The number “60” and “∞” symbol featured on this year’s cover pages represent our properties’ unique aesthetic design in Hong Kong and mainland China. The former denotes the milestone anniversary of the Hang Lung Group while the latter represents the infinite possibilities that lie ahead in the next 60 years – a sentiment also reflected in the close connection between the “6” and “0” on the Hang Lung Group report cover. Inside the covers, photos depicting our world-class properties and talented people – the backbone of our 60 years of growth and success – are masterly incorporated throughout the pages of both reports. Linking up different sections are dividers themed on our core values, which are designed as icons that are inspired by the meaning of the values and our properties’ signature design features. 60 YEARS OF HERITAGE INFINITE POSSIBILITIES CORPORATE PROFILE Hang Lung Group Limited (stock code: 00010) is one of Hong Kong’s most established listed companies with 60 years’ experience in the property development market. Through our subsidiary Hang Lung Properties Limited (stock code: 00101), we have cultivated a leading reputation as a top-tier property developer in Hong Kong and on the Mainland with a recognized commitment to customer-centricity and quality. Our substantial Hong Kong portfolio comprises well-planned, large-scale commercial, office, and residential developments for sale and lease in prominent locations. In the early 1990s, we took a significant step in our expansion by making our first investment on the Mainland. Adhering to our ensuing strategy of developing prime sites in major cities, our Mainland portfolio currently includes two large-scale developments in Shanghai – the commercial, office, and residential complex Grand Gateway 66, and the commercial and office complex Plaza 66, together with the landmark developments Palace 66 and Forum 66 in Shenyang, Parc 66 in Jinan, Center 66 in Wuxi, Riverside 66 in Tianjin, Olympia 66 in Dalian, Spring City 66 in Kunming and Heartland 66 in Wuhan. We are continuing to build on our successes by establishing similar property in Hangzhou. With a solid foundation and an expanded footprint, we recognize our increased impacts on the environment and communities in which we operate, as well as our responsibilities and obligations to future generations. We have therefore established an ambitious set of 2030 sustainability goals and targets to sharpen our focus in achieving sustainability leadership in the coming decade. In 2020, we were proud to celebrate the 60th anniversary of Hang Lung Group. As we embark on a new era of development and growth, we have taken the opportunity to communicate our vision, mission and values in a clearer way. These are guiding principles by which we do business and will guide us to the next 60 years fostering sustainable growth and enriching lives in the communities we serve. Together with our subsidiary Hang Lung Properties, We Do It Well. Our Values We live up to our brand Our Mission motto of We Do It Well by focusing on: Our Vision We pursue sustainable Integrity We create compelling growth by connecting spaces that enrich lives our customers and Sustainability communities Excellence Openness Hang Lung Group Limited 4 CONTENTS 6 Financial Highlights 126 Report of the Directors 10 Chair’s Letter to Shareholders 133 Independent Auditor’s Report 22 Vice Chair’s Notes 138 Financial Statements 28 Review of Operations 202 Ten-Year Financial Summary 67 Financial Review 204 Glossary 80 Sustainable Development 206 Corporate Information 90 Corporate Governance Report 207 Financial Calendar 119 Profile of the Directors 208 Listing Information 125 Profile of Key Executive 5 2020 Annual Report FINANCIAL HIGHLIGHTS Results Property Leasing Revenue Underlying Net Profit in HK$ Million (unless otherwise stated) Overall 2020 2019 +4% -2 Property Property Property Property HK$ Million HK$ Million Leasing Sales Total Leasing Sales Total HK$9,6 Million HK$2,3 Million 10,000 4,000 Revenue 9,464 62 9,526 9,139 296 9,435 9,000 3,500 8,000 – Mainland China 5,694 – 5,694 4,975 – 4,975 3,000 7,000 – Hong Kong 3,770 62 3,832 4,164 296 4,460 6,000 2,500 Operating profit 6,836 44 6,880 6,736 162 6,898 5,000 2,000 4,000 1,500 – Mainland China 3,757 (8) 3,749 3,226 (2) 3,224 Property 3,000 1,000 Leasing – Hong Kong 3,079 52 3,131 3,510 164 3,674 2,000 1,000 500 Property Gain on disposal of investment Sales 0 0 properties – 2 2 – 869 869 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Underlying net profit attributable to shareholders 2,812 22 2,834 2,849 947 3,796 Net (decrease)/increase in fair value of properties attributable to ainland China Net Assets Attributable to shareholders (4,375) – (4,375) 3,020 – 3,020 Shareholders per Share Net (loss)/profit attributable to shareholders (1,563) 22 (1,541) 5,869 947 6,816 1 HK$ Million HK$ 1 At December 31, At December 31, HK$,69 Million 6,000 80 2020 2019 HK$6.6 70 Shareholders’ equity 92,105 91,294 5,000 60 Net assets attributable to shareholders per share (HK$) $67.6 $67.0 4,000 50 3,000 40 30 Earnings and Dividend (HK$) 2,000 20 1,000 2020 2019 10 (Loss)/earnings per share 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 – based on underlying net profit attributable to shareholders $2.08 $2.79 – based on net (loss)/profit attributable to shareholders ($1.13) $5.01 Dividend per share $0.82 $1.08 – Interim $0.19 $0.19 Hong Kong Dividends per Share – Special Nil $0.26 – Final $0.63 $0.63 -2 HK$ Million -9 HK$ 5,000 1.2 HK$0.2 HK$ Million Financial ratio 4,500 3,0 1.0 2020 2019 4,000 3,500 0.8 Payout ratio (based on net profit attributable to shareholders) 3,000 – Total N/A 22% 2,500 0.6 2,000 – Property leasing N/A 25% 0.4 1,500 Final – Property leasing (after deducting amount of interest capitalized) N/A 29% 1,000 0.2 Special Payout ratio (based on underlying net profit attributable to shareholders) 500 0 0 Interim – Total 39% 39% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 – Property leasing 40% 52% – Property leasing (after deducting amount of interest capitalized) 52% 71% At December 31, At December 31, 2020 2019 Net debt to equity ratio 20.1% 17.3% Debt to equity ratio 24.3% 19.7% Hang Lung Group Limited 6 FINANCIAL HIGHLIGHTS Property Leasing Revenue Underlying Net Profit Overall +4% -2 HK$ Million HK$ Million HK$9,6 Million HK$2,3 Million 10,000 4,000 9,000 3,500 8,000 3,000 7,000 6,000 2,500 5,000 2,000 4,000 1,500 Property 3,000 1,000 Leasing 2,000 1,000 500 Property Sales 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 ainland China Net Assets Attributable to Shareholders per Share 1 HK$ Million HK$ 1 HK$,69 Million 6,000 80 HK$6.6 70 5,000 60 4,000 50 3,000 40 30 2,000 20 1,000 10 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Hong Kong Dividends per Share -2 HK$ Million -9 HK$ 5,000 1.2 HK$0.2 HK$ Million 4,500 3,0 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 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 7 2020 Annual Report Heartland 66, Wuhan Plaza 66, Shanghai Peak Galleria, Hong Kong SUSTAINABILITY We collaborate with like-minded stakeholders to drive sustainable growth not only in our Company but also in our communities CHAIR’S LETTER TO SHAREHOLDERS Results and Dividend Having been with the Company now for just over a decade, Adriel has been intimately involved in all key For the year ended December 31, 2020, revenue aspects of our business and has led many important increased by 1% to HK$9,526 million against the departments. He has also worked with many of our backdrop of the coronavirus (COVID-19) pandemic. outside stakeholders from the chairmen and CEOs of Purely owing to property revaluation loss, net loss major tenants, service providers, and investors to attributable to shareholders was HK$1,541 million. relevant public sector leaders. Recently, I have asked Loss per share was HK$1.13. him to share the responsibility of communicating with When excluding all the effects of property revaluation, shareholders by writing a column “Vice Chair’s Notes” underlying net profit attributable to shareholders to supplement my semi-annual letter to shareholders.
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