Ck Asset Holdings Limited · HKEX:1113
Ck Asset — FY2024 Earnings Presentation
27 slides from Ck Asset's earnings presentation, Mar 20, 2025
Slide 1: 2024 Annual Results
CK ASSET HOLDINGS LIMITED 2024 ANNUAL RESULTS 20 March 2025
Slide 2: Disclaimer
Disclaimer Potential investors and shareholders of the Company (the “Potential Investors and Shareholders”) are reminded that information contained in this Presentation comprises extracts of operational data and financial information of the Group. The information included is solely for the use in th
Slide 3: 2024 Annual Results Highlights
2024 Annual Results Highlights 2024 2023 2024 2023 HK$ Million HK$ Million HK$ per share HK$ per share Change Revenue 71,585 71,082 +0.7% Profit before IP revaluation 11,688 14,014 3.33 3.92 -15.1% IP revaluation (net of tax and 1,969 3,326 0.56 0.94 non-controlling interests) Profit attributable to
Slide 4: Reduction in 2024 DPS in-line with change in EPS before IP revaluation
Interim: HK$0.39 Final: HK$1.35 HK$110.77 Full Year: HK$1.74 Dividend per share Net book value per share - 15.1% +1.9% DPS (HK$/share) 2.5 2 1.5 1.62 1 1.35 0.5 Reduction in 2024 DPS 0.43 0.39 in-line with change in EPS before IP revaluation 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Interim Fin
Slide 5: Principal Activities Analysis
Revenue by 80,000 71,082 2,241 71,585 1,208 Principal 70,000 -3,191 226 7 12 Activities 60,000 50,000 Principal Activities HK$ Million Analysis 40,000 81% recurrent 86% recurrent 30,000 HK$57,929M HK$61,623M 20,000 86% of our revenue and 88% of our profit 10,000 contribution are recurrent in nature
Slide 6: 2024 Profit Contribution by Geography
2024 Profit Contribution by Geography 40% contribution from HK, 3% from the Mainland, 57% from Overseas 2024 HK$ Million Profit Contribution Profit Contribution by Geography Hong Kong 7,053 25,000 21,841 The Mainland 608 20,000 UK 5,777 -2,738 523 96 17,843 -1,879 Others 4,405 HK$ Million 15,000 Tot
Slide 7: Property Sales
Property Sales Fewer sales recognition and provision of properties for sale leading to lower contribution HK$ Million 2024 2023 Change Revenue 9,962 13,153 -24% Profit 2,209 4,475 -51% contribution Margin 22.2% 34.0% Note: (1) Profit Contribution is after provision of properties for sale of HK$1,217
Slide 8: Property Sales
Property Sales 28.1% 10.9% 24.4% Hong Kong The Mainland Overseas HK$ Million Revenue Profit Contribution & Margin 2024 2023 2024 2023 Hong Kong 5,718 5,840 1,609 28.1% 2,087 35.7% The Mainland 3,235 6,630 354 10.9% 2,238 33.8% Overseas 1,009 683 246 24.4% 150 22.0% 8
Slide 9: Property Sales
Property Sales HK$31,741M contracted sales not yet recognized • About HK$26,422 million scheduled for recognition in 2025 Hong Kong The Mainland Overseas HK$23,107M HK$4,485M HK$4,149M 9
Slide 10: Property Rental
Property Rental Solid performance backed by diversified rental portfolio HK$ Million 2024 2023 Change Revenue 6,135 5,909 +4% Profit 4,720 4,635 +2% contribution Margin 76.9% 78.4% 10
Slide 11: Property Rental Analysis
2024 2023 Revenue by use of Change Property Rental Analysis property Decrease in Hong Kong retail and office rental HK$ Million HK$ Million contribution offset by increase in UK social Retail 1,867 2,056 -9.2% infrastructure contribution Office 1,780 1,881 -5.4% Industrial 771 771 0.0% Social infras
Slide 12: 22.4 million sq.ft. of investment properties
22.4 million sq.ft. of investment properties Increase in fair value of investment properties of HK$1,349 million (before tax and non-controlling interests) 13.1 4.6 4.7 4% - 8% million million million sq.ft. sq.ft. sq.ft. cap rate Hong Kong The Mainland Overseas Cheung Kong Center II Upper West Shan
Slide 13: Social Infrastructure Portfolio
Social Infrastructure Portfolio Resilient investment in an asset class meeting society’s needs Long tenure, triple-net, inflation-adjusted leases Government subsidised tenant base Focus on highly-rated OECD countries Strong demand and supply dynamics Managed by Civitas Investment Management, a seaso
Slide 14: Social Infrastructure Portfolio
Social Infrastructure Portfolio Social Infrastructure Portfolio Summary by Rent Roll (1) (2) (3) Children’s Home/Services 3% Others Others5% 6% Schools 17% Supported Living 43% Living Supported 43% Registered RegisteredCare Care 32% 32% > 1,200 Properties > 9,700 Service Users 2024 Revenue HK$1,275m
Slide 15: Hotel and Serviced Suite Operation
Hotel and Serviced Suite Operation Solid recovery in margin and contribution year on year HK$ Million 2024 2023 Change Revenue 4,390 4,383 +0.2% Profit 1,651 1,525 +8.3% contribution Margin 37.6% 34.8% 15
Slide 16: Hotel and Serviced Suite Operation
HK$ Million Profit Contribution 2024 2023 Hong Kong 1,700 1,652 The Mainland (49) (127) Total 1,651 1,525 Average hotel room Hotel and 82 % occupancy rate Serviced Suite Average serviced suites 91 % Operation occupancy rate 16
Slide 17: Property and Project Management
Property and Project Management 254 million sq. ft under management HK$ Million 2024 2023 Change Revenue 912 900 +1% Profit 361 359 +1% contribution Margin 39.6% 39.9% 17
Slide 18: Pub Operation
Pub Operation A leading integrated brewer and pub retailer operating about 2,600 pubs restaurants and hotels across England, Wales and Scotland Pub Pub Brewing & Company Partners Brands Operates food-led Owns a portfolio of Sells and distributes a and drink-led mainly drink-led pubs wide range of be
Slide 19: Pub Operation
Pub Operation Fixed asset impairment caused by increase in long-term interest rates and forecasted cost pressure Pub Pub Brewing & HK$ Million Company Partners Brands 2024 Total 2023 Total Change Revenue 20,122 1,933 2,370 24,425 23,217 +5% Profit Contribution 1,772 1,532 +16% before Asset Impairmen
Slide 20: Infrastructure and Utility Asset Operation
Infrastructure and Utility Asset Operation Interest Principal Activity in Joint Venture CK William JV Owner and operator of energy utility assets in Australia, 40% the United Kingdom, the United States and Canada CKP (Canada) JV A building equipment and service provider under the 75% consumer brand
Slide 21: Infrastructure and Utility Asset Operation
Infrastructure and Utility Asset Operation Resilient portfolio delivering steady contribution 47.3% HK$ Million Revenue Profit Contribution Margin CK William JV 4,974 1,523 30.6% CKP (Canada) JV 4,661 1,463 31.4% ista JV 6,680 1,432 21.4% UK Power Networks JV 3,961 2,143 54.1% Northumbrian Water JV
Slide 22: Interests in Real Estate Investment Trusts
Hui Xian REIT Fortune REIT Prosperity REIT Interests in Real Estate Investment Trusts Interest as of 31 December 34.9% 11.8 25.9% 30 17.8% 1.3 2024 HK$236 million(1) total distribution received Asset under management 11.8 3.0 1.3 (Million sq.ft.) (2) HK$ Million 2024 2023 Share of (loss)/profit of H
Slide 23: Gearing and Maturity Profile
Gearing and Maturity Profile Bank and other loans HK$ Billion with maturities 4.3% Net Debt to Within one year 11.1 Shareholders’ Funds Within two to five years 35.9 Beyond five years 5.7 4.0% Net Debt to Total 52.7 Net Total Capital Bank balances and Moody’s: 36.1 A2 (Stable) deposits S&P: A (Stabl
Slide 24: Landbank Summary
Landbank Summary Total landbank of 128 million sq. ft. Overseas Hong Kong The Mainland Total(1)(2) Million Million sq.ft. Million sq.ft. Million sq.ft. sq.ft. Properties under 7 60 3 70 Development Investment Properties 13 5 4 22 Hotels and Serviced 8 1 - 9 Suites Pub Properties - - 27 27 Total 28 6
Slide 25: ESG – Sustainability Highlights
ESG – Sustainability Decarbonisation Progress and Commitment to SBTi Highlights • Science-based Targets validated by SBTi • Near-term targets for 2030 include: • reducing absolute Scope 1 and 2 GHG emissions by 46.8% by 2030 from a 2019 base year; • reducing absolute Scope 3 GHG emissions from capit
Slide 26: ESG – Business Unit Highlights
ESG – Business Unit Highlights Property Hotel and Development Property Serviced and Management Operation Investment Pub Operation Infrastructure • Awarded the TTG Travel • Citybase Property • Investment in social Award 2024 – Travel Management Limited infrastructure, Hall of Fame Award was awarded p
Slide 27: Thank You
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