Annual Report 2003
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
ANNUAL REPORT 2016/17 5-Year Financial Summary
HOPEWELL HOLDINGS LIMITED Stock Code: 54 ANNUAL 2016/17 REPORT 64th Floor, Hopewell Centre 183 Queen’s Road East A Wan Chai, Hong Kong N N Tel: (852) 2528 4975 U A Fax: (852) 2861 2068 L REPORT www.hopewellholdings.com 2 0 1 6 / 1 7 Hopewell Holdings Limited, a Hong Kong-based group listed on the Stock Exchange since 1972 (stock code: 54). The Group has continuously grown and become one of the leading business conglomerates in Hong Kong. The Group is actively engaged in property development and investment, highway infrastructure, power, hotel & hospitality and other businesses. While achieving substantial long term growth, the Group recognises the vital importance of promoting sustainable development. It devotes significant resources to enhance corporate governance, promote environmental protection, make community investment, instill best workplace practices and engage stakeholders. CONTENTS 2 Financial Highlights 3 5-Year Financial Summary 4 Chairman’s Statement 10 Awards & Recognition 12 Profile of Directors 21 Management Discussion and Analysis 21 Business Review 59 Financial Review 68 Others 69 Highlights of Sustainability Report 71 Corporate Governance Report 89 Report of the Directors 101 Independent Auditor’s Report 107 Consolidated Statement of Profit or Loss and Other Comprehensive Income 108 Consolidated Statement of Financial Position 110 Consolidated Statement of Changes in Equity 111 Consolidated Statement of Cash Flows 113 Notes to the Consolidated Financial Statements 113 Company’s Statement of Financial Position 114 Notes -
Hopewell Holdings Limited (Stock Code: 54), Listed on the Stock Exchange of Hong Kong Since
Corporate Profile Hopewell Hopewell Holdings Limited (stock code: 54), listed on the Stock Exchange of Hong Kong since Holdings Limited Holdings 1972, is one of Hong Kong’s premier companies HOPEWELL with diverse business interests spreading across Holdings Limited Property Investment and Development, Hotels Annual Report 2005 and Hospitality, and Highway Infrastructure. The 合和實業有限公司二零零五年年報 first two businesses are operated directly under Hopewell Holdings Limited while its 75% owned subsidiary, Hopewell Highway Infrastructure Annual Report 2005 Report Annual Limited (stock code: 737), also listed on the Stock Exchange of Hong Kong since 2003, holds its PRC-based transportation infrastructure interests. The Group, with strong expertise in investment, development and engineering of major projects, focuses on Hong Kong and the Pearl River Delta, and is founded on visionary strategic initiatives. 合和實業有限公司 Hopewell Holdings Limited 64th Floor, Hopewell Centre 183 Queen’s Road East Hong Kong Tel : (852) 2528 4975 Fax : (852) 2861 2068 二零零五年年報 Web Page: www.hopewellholdings.com 合和實業有限公司 香港皇后大道東183號 合和中心64樓 電話 ︰(852) 2528 4975 圖文傳真 ︰(852) 2861 2068 網址 ︰www.hopewellholdings.com Corporate Profile Hopewell Hopewell Holdings Limited (stock code: 54), listed on the Stock Exchange of Hong Kong since Holdings Limited Holdings 1972, is one of Hong Kong’s premier companies HOPEWELL with diverse business interests spreading across Holdings Limited Property Investment and Development, Hotels Annual Report 2005 and Hospitality, and Highway Infrastructure. The 合和實業有限公司二零零五年年報 first two businesses are operated directly under Hopewell Holdings Limited while its 75% owned subsidiary, Hopewell Highway Infrastructure Annual Report 2005 Report Annual Limited (stock code: 737), also listed on the Stock Exchange of Hong Kong since 2003, holds its PRC-based transportation infrastructure interests. -
Operations Review
Operations Review The Pearl River Delta in southern Guangdong Province has rapidly become one of the world’s most important centres of industrial output and is continuing to grow. New port and airport developments and the PRC’s World Trade Organisation (“WTO”) membership have resulted in increasing foreign investment in manufacturing facilities in the region and have contributed to its continuous rise in GDP. As a result, vehicle production and ownership have continued to grow at record rates. Toll roads, built as part of the Hopewell’s vision, are now strategic links in the transportation network that underpins the Pearl River Delta’s economic growth. 10 HOPEWELL HOLDINGS LIMITED INFRASTRUCTURE The financial year 2002-2003 has seen Hopewell Holdings reap the results from significant debt reduction over the past five years and a strong infrastructure business. These, together with a focused approach to the strengths of our other key business elements – property and hotels – and the positioning of those businesses within the geographical context of Hong Kong and Pearl River Delta, have laid the foundation for the Group’s future investment and development strategies. The Group, through co-operative joint venture arrangements, has invested in five toll road projects across the Pearl River Delta (“PRD”) . Four of these projects, namely, the Guangzhou-Shenzhen Superhighway, Guangzhou ESW Ring Road, Shunde Roads and Shunde 105 Road, with a combined road length of over 300 km, are operational and have exhibited remarkable strength in terms of traffic volume and toll revenue growth over the year. The fifth toll road project, Western Delta Route (Phase 1), is a 14.7km dual three lane expressway from Guangzhou to Shunde that is expected to be completed by mid-2004. -
Hopewell Focuses on Sustainability
HOPEWELL FOCUSES ON SUSTAINABILITY OUR HISTORY GUIDES OUR FUTURE Contents About This Report 1 Our People 23 Managing Director’s Message 2 Customers and Communities 27 Our Business 3 Procurement and Supply Chain 34 Our Sustainability Vision and Focus 6 Progress of Actions and Sustainability Targets for 2012/13 36 Stakeholder Engagement 9 Economic Performance Table 39 Case Study 1: Hopewell 40th Anniversary 13 Environmental Performance Tables 40 Environmental Performance 15 Social Performance Table 43 Case Study 2: Green Transportation 20 Verification Statements 45 Case Study 3: Hopewell New Town: GRI Index Table 47 Building a Green Community 22 Glossary 51 ABOUT THIS REPORT Hopewell Holdings Limited (“HHL” and together with its subsidiaries, the “Group”) published its first Sustainability Report in 2011. This second annual Sustainability Report (“Report”) demonstrates our continuing commitment to transparency and accountability to our stakeholders. A summary of this Report has been incorporated into our Annual Report 2011/12 and the full version is available for download at http://www.hopewellholdings.com/en-US/corporate-sustainability/sustainability-report. Scope of the Report This Report presents a group-wide approach to sustainability and our performance in the economic, environmental and social aspects of our business during our 2011/12 financial year, i.e. from 1 July 2011 to 30 June 2012. It covers the activities of HHL, its key subsidiaries and joint-venture operations central to our core business activities in Hong Kong and Mainland China. Our core operations involve four business sectors: property investment and development, hospitality, highways and energy. How we Report The materiality of the topics covered in this Report was determined through stakeholder dialogue – both structured and informal. -
Hong Kong Pioneers' Contribution to China Through FDI an Excerpt from the Book Developing China: the Remarkable Impact of Foreign Direct Investment by Michael J
Hinrich Foundation Case Study Hong Kong Pioneers' contribution to China through FDI An excerpt from the book Developing China: The Remarkable Impact of Foreign Direct Investment by Michael J. Enright China’s economic reforms have created the world’s most dynamic economy. A major part of China’s economic development has involved foreign companies. This document contains an excerpt from a larger project initiated by the Hinrich Foundation and undertaken by Enright, Scott and Associates on the impact of foreign investment and foreign enterprises as a whole on China’s economy. The results of the larger project were published in a book by Michael J. Enright, Developing China: The Remarkable Impact of Foreign Direct Investment (Routledge 2017). Using the tools of economic impact analysis, the author concludes that foreign direct investment (FDI) has contributed 33% to China’s GDP and 27% to its employment in recent years. The book offers a balanced and rigorous view of the full impact of FDI – using China as an example to illuminate the mutually beneficial partnership between investing companies and host economies – and more importantly, serves as an effective toolkit for policymakers and corporations to approach FDI globally. It is available in English and Chinese. Visit www.hinrichfoundation.com/trade-research/fdi-in-china for more information about the book. This case study includes the following key findings: • Hong Kong has been the largest single source of foreign investment into the Chinese Mainland. From 1985 to 2014, Hong Kong was the source of USD 744.8 billion in foreign direct investment, or 47 percent of all of the FDI into the Chinese Mainland, according to Chinese statistics. -
Hong Kong's Artificial Anti-Archipelago and the Unnaturing of the Natural 89
Frederic Landy 86 Economic and Political Weekly 4 Mawdsley, E., D. Mehra, and K. Beazley. 2009. "Nature Lovers, Picnickers and Bourgeoi Development Plan for Greater Mumbai 2014-2034. Preparatory Studies,s Environmentalism." 44 (11): 49-59. Hong Kong's Artificial Anti-Archipelago and MCGM. 2014. A Forest Department and Centre for Wildlife Studies Collaborative Project to the Unnaturing of the Natural SCE-India. address Human-Leopard Conflict in and around Sanjay Gandhi National Park. MfSGNP. 2012. Mumbai. http://mum baikarsforsgn p.com/ docs/ final_report_mumbaika rs_for_SGNP _project. zip, Andrew Toland accessed July 16, 2016. Natures Sciences Societes, Migot, P., and M. Roue. 2006. "La gestion de la faune sauvage: une approche interdisciplinaire, Rule of Experts: Egypt, Tee/mo-Politics, Modernity. une demarche adaptative:' supp. 1: 1-2. Mitchell, T. 2002. Berkeley, University of Nature, Environment and Society, CaliforniaPress. TheBillionaire's Island(s) Pouchepadass, J. 2012. "Foreword:' In edited by N. Laine and Ecologies of Urbanism T. B. Subba, ix-xvi. New Delhi: Orient Blackswan. in India. Metropolitan Civility and Sustainability, Jules Verne's (1895) L'!le a helice (The floating island) describes a gigantic artificial Rademacher, A., and K. Sivaramakrishnan. 2013. "Introduction:' In island, 2,250 hectares in size, constructed by a private corporation, financed by a edited by A. Rademacher and Megacity slums. Social Exclusion, Space and K. Sivaramakrishnan, 1-41. Hong Kong: Hong Kong University Press. stock float, and populated by millionaires. It travels the waters of the Pacific Ocean, Urban Policies in Brazil and India. Sagi io-Yatzimirsky, M. C., and F. Landy, eds. 2014. charting a climatically defined course to ensure a perpetual summer. -
合和實業有限公司 合和實業有限公司 二零零一至二零零二年中期報告 香港皇后大道東 183 號 合和中心 64 樓 電話:(852) 2528-4975 傳真:(852) 2861-2068 網址: Financial Highlights
Hopewell Holdings Limited 64th Floor, Hopewell Centre, 183 Queen’s Road East, Hong Kong HOPEWELL HOLDINGS LIMITED Tel: (852) 2528-4975 2001–2002 Interim Report Fax: (852) 2861-2068 Web Page: www.hopewellholdings.com 合和實業有限公司 合和實業有限公司 二零零一至二零零二年中期報告 香港皇后大道東 183 號 合和中心 64 樓 電話:(852) 2528-4975 傳真:(852) 2861-2068 網址:www.hopewellholdings.com FINANCIAL HIGHLIGHTS Earnings before interest and tax was HK$516 million, up 7%. Net profit was HK$165 million, up 3%. Guangzhou–Shenzhen–Zhuhai Superhighway Company Ltd. repaid the shareholders loan of US$684 million to the Group in February 2002. The sum received has been used to effect Covenant Defeasance for the repayment of the 2004 and 2007 Notes and the exercise of the option to early redeem the 2007 Notes. CONTENTS Group Results 2 Interim Dividend and Close of Register 3 Business Review 3 Financial Review 7 Prospects 8 Changes of Directors 8 Disclosure of Additional Information in accordance with the Listing Rules 9 Condensed Consolidated Income Statement 13 Condensed Consolidated Balance Sheet 14 Condensed Consolidated Statement of Recognised Gains and Losses 15 Condensed Consolidated Cash Flow Statement 16 Notes to the Condensed Financial Statements 17 2 HOPEWELL HOLDINGS LIMITED 2001-2002 Interim Report GROUP RESULTS For the six months ended 31st December, 2001, the unaudited Group’s turnover by activities and their respective earnings before interest and tax are reported as follows: Group Earnings before Turnover interest and tax (Note 1) 2001 2000 2001 2000 HK$’million HK$’million HK$’million -
Equity Valuation—Hopewell Holdings 54 HK: End of the Tunnel
City University of Hong Kong EF4300 Project Semester A 09/10 AND CityU entry for HKSFA University Investment Research Challenge 09-10 (2nd Runner-up, HK Region) Equity Valuation – Hopewell Holdings 54 HK End of the Tunnel Group Members Ai, Tom Zhongcheng (艾仲承) Chan, Thomas Kwun Wa (陳冠華) Lam, Daniel Yik Chun (林益進) Qin, Monica Xue Lu (秦雪璐) November 2009 54 HK Hopewell Holdings Initiating CCCOOONNNGGGLLLOOOMMMEEERRRAAATTTEEESSS || | HHHooonnnggg K KKooonnnggg Tom AI Monica QIN CITYU ASIA-PACIFIC Thomas CHAN Daniel LAM EQUITY RESEARCH STRONG Fundamentals are good; the sale decision of 12 Broadwood remains desirable: Recent BUY policy change in HK luxury home market causes numerous fears. However, we believe that the market fundamentals are still good, with low supply-demand ratio, high liquidity, strong external demand, and early economy recovery signs. Moreover, this policy tweak’s impact is Stock Data also mitigated by the facts that luxury home buyers are usually cash rich, and that luxury and Price HK$ 24.3 mass markets are relatively separated, implying that the government has no REAL intention Price Objective HK$ 31.03 to further intervene in the overall home market. Therefore, in our view, the sale decision of 12 Broadwood remains desirable for HH, which is principally a landlord rather than a Data Established 3 Nov 2009 developer in HK, under the current market condition. 52-week Range HK$19.34 - HK$26.90 Market Value (mn) 21,360 Strong 4Q09 hiring expectations; positive for Hopewell Center: The latest Hudson survey shows continuing improvement in net hiring from +10% in 3Q09 to +32% in 4Q09. -