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1

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Hopewell Holdings Hopewell Holdings LimitedLimited 合和實業有限公司合和實業有限公司

Annual ResultsAnnual ResultsFinancial Year ended Financial Year ended

30.6.200430.6.200420042004 年財政年度全年業績年財政年度全年業績

6 September 20046 September 2004

2

Group MessageGroup Message集團信息集團信息

Strong, solid financial health強壯穩固財務

Poised to grow with the Pearl River Delta於珠江三角洲保持平衡增長

Quality future projects will enhance shareholder value優質未來項目將提高股東價值

3

Highlights Highlights 重點重點

Sustained Growth持續増長

Strong Financial Position with positive Net Cash具備財務優勢、無債務、淨現金

Sufficient Financial Resources prepared for New Projects已準備充足財務資源發展新項目

4

Sustained Sustained GrowthGrowth

持續増長

Results Highlights Results Highlights 業績摘要業績摘要

Sustained Profitability 盈利能力持續 Net Profit for the year increased by 138% to HK$1,454M 本年淨溢利為港幣十四億五仟四百萬元 (138%)

Major contribution from China Infrastructure, IPO Gain and TJB Disposal 包括來自中國基建業務，上市收益及出售印尼之業務Strong Interest Coverage (EBIT/Interest) 5.3x 利息覆蓋率 ( 利息稅項前盈利 / 利息 ) 5.3x

Increased Return on Equity from 4.5% to 9.8% 股東權益回報率由 4.5% 上升至 9.8%

Continued growth in all China Infrastructure (Combined Toll Revenue of GS Superhighway & Ring Road JV 21%, China Infrastructure EBIT 26%) 中國基建業務收入持續增長 ( 廣深高速公路及環城公路合作公司之總路費收入 21% ，中國基建除利息及稅項前之溢利 26%)

Dividend: Total HK 70 cents per share (Final HK 30 cents + Interim HK 10 cents + Interim Special HK 30 cents) up 180%股息合共每股港幣 70 仙 ( 未期息每股港幣 30 仙 + 中期息每股港幣 10 仙 + 中期特別息每股港幣 30 仙 ) 増長 180%

5

N1: Total HHI Toll Revenue of JV amount to RMB2,810M (last year: RMB2,324M) and the Group’s attributable portion thereof are not included in the Group’s Turnover.

Group Results Group Results 集團業績集團業績Sustained Sustained GrowthGrowth

持續増長

30.6.03 30.6.04HK$'M HK$'M

Turnover 營業額 799 653

129 135

經營業務溢利 (除減值虧損及出售核心投資之虧損)

710 939

839 1,074

Exceptional Items 非經常項目 366 975

Interest & Financial Charges 利息及財務費用 (372) (233)

Taxation 稅項 (122) (51)

Minority Interest 少數股東權益 (99) (311)

Net Profit 淨溢利 612 1,454

Dividend 股息 (HK cents per share 每股港仙 ) 25 70

Earnings before Interest & Tax 除利息及稅項前溢利

Share of Result of JV/Asso Co應佔共同控制個体/聯營公司之業績

Profit from operations (before impairment & disposal loss of non-core investment)

N1

6

Group Earnings before Interest & TaxGroup Earnings before Interest & Tax集團除利息及稅項前溢利集團除利息及稅項前溢利

HK$'MChina

InfrastructureProperty Others

Group EBIT

FY 02/03 635 217 (13) 839

FY 03/04 799 173 102 1,074

(100)

-

100

200

300

400

500

600

700

800

900

02/03 03/04 02/03 03/04 02/03 03/04

ChinaInfrastructure

Property Others

HK$'M FY 02/03 FY 03/04Annual EBIT $839M $1,074M 28%


持續増長

7

167

306 339

612

1,454

0

200

400

600

800

1,000

1,200

1,400

1,600

FY 99/00 FY 00/01 FY 01/02 FY 02/03 FY 03/04

HK

$M

illio

nProfit Growth: 8.7 Profit Growth: 8.7

timestimes (since FY2000)(since FY2000)淨溢利為 2000 年的 8.7 倍

Group Net Group Net Profit Profit 集團淨溢利集團淨溢利


持續増長

As of 30 June 2004, Total outstanding no. of shares are 884 million.

EPS: HK$1.65 per share

8

Group Dividend Group Dividend HistoryHistory 集團股息之歷史集團股息之歷史


持續増長

5 5 56 7

10

56

7 7

18

30

0

5

10

15

20

25

30

35

FY98/99 FY99/00 FY00/01 FY01/02 FY02/03 FY03/04

Interim Dividend

Final Dividend

HK cents/share

#1: Special Dividend of HK 30 cents/share paid out in FY01/02 not shown above #2: Interim Special Dividend of HK 30 cents/share declared in FY03/04 not shown above

#1

#2

Regular Dividend Payout Ratio98/99: 52%, 99/00: 58%, 00/01: 34%,01/02: 34%, 02/03: 36%, 03/04: 24%

9

Group Return On Group Return On EquityEquity 集團之股東權益回報率集團之股東權益回報率

2.2% 2.5%

1.2%

9.8%

4.5%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

FY99/00 FY00/01 FY01/02 FY02/03 FY03/04

RO

E (

%)


持續増長

10

Group EBIT vs InterestGroup EBIT vs Interest 集團利息覆蓋率集團利息覆蓋率

1.4 1.4

5.3

2.7

1.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

FY 99/00 FY 00/01 FY 01/02 FY 02/03 FY 03/04

EB

IT/In

tere

st

EBIT: $1,074M Interest: $204M

x

x

x

x

x

x x x

x

x

x

x

Strong Strong Financial Financial PositionPosition

財務優勢

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Strong Net CashStrong Net Cash 充裕的淨現金充裕的淨現金Strong Strong Financial Financial PositionPosition

財務優勢

Net cash (after debt) as at 31 August 2004: HK$1.5 billion 截至 2004 年 8 月 31 日，淨現金 ( 扣除債務後 ) 為港幣十五億元

Strong balance sheet allows for project development 充足財務資源、無債務、能發展新項目Notes due and fully repaid on 15th August 2004 於 2004年 8 月 15 日到期之發行票據已悉數償還

42%35%

14%

14%

56%

0%

21%

74%

0%11%

0%

20%

40%

60%

80%

30/06/00 30/06/01 30/06/02 30/06/03 30/06/04

Financial Year Ended

Total Net Debt vs Equity

Total Net Debt vs Total Capital

Gearing

12

Group Balance Group Balance SheetSheet 集團資產負債表集團資產負債表

0

5

10

15

20

25

HK$'b

Total Assets 總資產$19.9b

Equity股東權益$13.7b

Other Liab.$1.8b

As at 30.6.03 As at 30.06.04

Equity股東權益$14.9b


財務優勢

Bank Loan$2.9b

Cash$2.5b

Non-Cash

Assets$17.4b

OtherLiabilities

$3.6b

Bank Loan $1.2bCash

$2.7b

Non-Cash

Assets$18.5b

Total Assets 總資產 $21.2b

Defeased Bond $1.5b

Defeased Bond $1.5b

13

Group Cash Group Cash FlowFlow 集團現金流量集團現金流量

Regular Cash Inflow 經常性現金流入

Rental Cash from Properties 物業之租金收入

Operating Cash from Hotel 酒店之經營現金

Dividend from HHI 合和公路基建之股息

TJB Proceeds TJB 項目之款項

Sufficient Sufficient Financial Financial Resources Resources

for New for New ProjectProject

充足財務資源給予新項目

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Group Projects in Group Projects in ProgressProgress 集團發展中之項目集團發展中之項目

China 中國

Phase I West commenced operation on 30 April 2004

西岸幹道一期於 2004 年 4 月 30 日開始營運

Huadu: Sales expected mid 2005 花都：預期於 2005 年中發售

Macau 澳門

Nova Taipa: Sales expected 2005 濠景花園：預期於 2005 年發售

Quality Quality future future

projects will projects will enhance enhance

shareholder shareholder valuevalue

優質未來項目將提高股東價值

15

Presentation Presentation End End

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Supplementary Info Supplementary Info 補充資料補充資料

Group ResultsGroup Results 集團業績集團業績

PropertyProperty 物業物業

HospitalityHospitality 酒店及餐飲酒店及餐飲

HHI HHI 合和公路基建合和公路基建

17

TurnoverTurnover 營業額營業額

# Group’s attributable share of JV’s toll revenue (net of business tax)

1,1451,352

799653

0

500

1,000

1,500

2,000

2,500

FY02/03 FY03/04

HK$'M

Group TurnoverHopewell Share of JV Turnover#

Sustained Sustained Growth Growth

in JVin JV 持續増長於

合作公司項目

18

1,454

612

0

200

400

600

800

1,000

1,200

1,400

1,600

FY 02/03 FY 03/04

1,074

839

0

200

400

600

800

1,000

1,200

FY 02/03 FY 03/04

Group Net ProfitGroup Net Profit 集團淨溢利集團淨溢利

Earnings before Interest & Earnings before Interest & TaxTax** 除利息及稅項前溢利除利息及稅項前溢利

138%138%

HK$’M HK$’M


持續増長

28%28%

19

Group Finance Cost & Interest Group Finance Cost & Interest IncomeIncome 集團財務成本及利息收入集團財務成本及利息收入

30.6.03 30.6.04HK$'M HK$'M

Finance CostInterest

Corporate (128) (59) Notes (180) (145)

(308) (204) Other Finance Costs

Redemption Premium (Notes 2007) (36) - Amortization of Notes Issue Cost (20) (6) Loan Arrangement Fee & Bank Charges (8) (23)

(64) (29)

(372) (233)

Interest IncomeChina Infrastructure 58 40 Defeased Bond Deposit 70 60 Others 25 43

153 143

Year ended


財務優勢

20

Group Liquidity & Group Liquidity & GearingGearing 集團資金流動及負債集團資金流動及負債比率比率

30.6.03 30.6.04HK$'M HK$'M

EQUITY 股東權益 13,653 14,866

TOTAL NET DEBT 淨債務總額 1,901 N/A

TOTAL CAPITAL 總資本 18,079 17,574

NET CASH (after Debt) 淨現金 (減除債務後) N/A 5

Gearing 負債比率 :-Net Debt vs Equity 淨債務對比股東權益 14% 0%Net Debt vs Total Capital淨債務總額對比總資本

11% 0%

Year ended


財務優勢

21

Group Debt Maturity Profile (without Group Debt Maturity Profile (without Bond)Bond) 集團之借貸之還款期集團之借貸之還款期 (( 不包括票據不包括票據 ))

54%

81%

21%

25%19%

0%

20%

40%

60%

80%

100%

As at 30.6.03 As at 30.6.04

Pe

rce

nta

ge

within 1 year

1 - 2 years

2 - 5 years


財務優勢 HK$2.9b HK$1.2b

22

Property: Earnings before Interest & Property: Earnings before Interest & TaxTax 物業：除利息及稅項前溢利物業：除利息及稅項前溢利

100

6146

43

27

113

0

50

100

150

200

250

FY 02/03 FY 03/04

HK$' M OthersTrademartHopewell Centre

HK$173M

HK$217M

HK HK Business Business

香港業務

23

HK Rental Property: Average HK Rental Property: Average OccupancyOccupancy 香港之出租物業：平均出租率香港之出租物業：平均出租率

64%

92%

62%

91%

0%

20%

40%

60%

80%

100%

Hopewell Centre Trademart

Av

era

ge

Oc

cu

pa

nc

y (

%)

FY 02/03

FY 03/04


香港業務

24

Hospitality: Earnings before Interest & Hospitality: Earnings before Interest & TaxTax 酒店及餐飲：除利息及稅項前溢利酒店及餐飲：除利息及稅項前溢利

7

3713

36

(1)

3

(10)

0

10

20

30

40

50

60

70

80

FY 02/03 FY 03/04

HK$'M

Catering/Foods

China Hotel *Panda Hotel

HK$19M

HK$76M


香港業務

* Upon the expiring of China Hotel BOT contract, the share of results of China Hotel for FY03/04 includes both the operating & final sum relating to termination

25

GS Superhighway: Average Daily Toll GS Superhighway: Average Daily Toll Revenue Revenue 廣深高速公路：平均每日路費收入廣深高速公路：平均每日路費收入

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

RMB'000

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

China China Infrastructure Infrastructure

BusinessBusiness 中國業務

FY02/03 FY03/04Avg Daily Toll Rev 5,779k 6,901k 20%

26

Ring Road: Average Daily Toll Ring Road: Average Daily Toll RevenueRevenue 東南西環高速公路：平均每日路費收入東南西環高速公路：平均每日路費收入

0

100

200

300

400

500

600

700

800

900

1,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

RMB '000

2004

2003

2002

2001

2000

1999

1998

1997

FY02/03 FY03/04Avg Daily Toll Rev. 590k 748k 27%



27

HHI – Consolidated Income HHI – Consolidated Income Statement Statement 合和公路基建 – 綜合財務報告表合和公路基建 – 綜合財務報告表

Notes: (1) (Toll revenue – Toll operating expenses) / Toll revenue (2) EBIT / Total revenue (3) Net profit / Total revenue (4) Net profit excluding interest income from shareholder loans



(HK$ million) 30-June-03 30-June-04 % Change

Toll Revenue 1,030 1,245 21%

Interest Income from S/H's loan 26 19 (27%)

Other Revenue 42 70 67%

Toll Operating Exp (88) (109) 24%

General & Admin Exp (55) (73) 32%

Depreciation & Amortisation Exp (186) (229) 23%

Profit before Interest & Tax 769 923 20%

Finance Cost (201) (151) (25%)

Profit before Taxation 568 772 36%

Deferred Tax Expenses (24) (22) (8%)

Profit after Taxation 544 750 38%

Minority Interest (11) (15) 36%

Net Profit 533 735 36%

Core Earnings (4) 507 716 41%

Gross Margin (1) 91.5% 91.2%

Operating Margin (2) 70.0% 69.2%

Net Margin (3) 48.5% 55.1%

EBITDA/Interest 4.8x 7.7x

28

END

Documents

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