Shangri-La HKD S07
Financials
Annual Report 2025
Auditor’s opinion: a true and fair view. Read auditor’s report (PDF p. 113)
Explore the statements
28 tablesGroup consolidated statement of profit or loss
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended 31 December 2025 | 2024Group / year ended 31 December 2024 | Source |
|---|---|---|---|
| income | |||
| RevenueUS dollars thousands | 2,234,072 | 2,185,356 | PDF p. 122 |
| Cost of salesUS dollars thousands | (988,888) | (968,538) | PDF p. 122 |
| Gross profitUS dollars thousands | 1,245,184 | 1,216,818 | PDF p. 122 |
| Other gains – netUS dollars thousands | 99,183 | 47,328 | PDF p. 122 |
| Marketing costsUS dollars thousands | (88,713) | (86,896) | PDF p. 122 |
| Administrative expensesUS dollars thousands | (308,089) | (283,121) | PDF p. 122 |
| Other operating expensesUS dollars thousands | (612,683) | (659,238) | PDF p. 122 |
| Operating profitUS dollars thousands | 334,882 | 234,891 | PDF p. 122 |
| Finance costs – net | |||
| – Interest expenseUS dollars thousands | (308,906) | (309,961) | PDF p. 122 |
| income | |||
| – Foreign exchange (losses)/gainsUS dollars thousands | (10,149) | 23,746 | PDF p. 122 |
| Share of profit of associatesUS dollars thousands | 208,359 | 309,658 | PDF p. 122 |
| Profit before income taxUS dollars thousands | 224,186 | 258,334 | PDF p. 122 |
| Income tax expenseUS dollars thousands | (89,672) | (75,408) | PDF p. 122 |
| Profit for the yearUS dollars thousands | 134,514 | 182,926 | PDF p. 122 |
| Profit attributable to: | |||
| Owners of the CompanyUS dollars thousands | 112,293 | 161,387 | PDF p. 122 |
| Non-controlling interestsUS dollars thousands | 22,221 | 21,539 | PDF p. 122 |
| Subtotal (unlabelled in original)US dollars thousands | 134,514 | 182,926 | PDF p. 122 |
| (expressed in US cents per share) | |||
| – basicUS cents per share | 3.16 | 4.54 | PDF p. 122 |
| – dilutedUS cents per share | 3.13 | 4.50 | PDF p. 122 |
Definitions & sources
Original report: PDF p. 122 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group consolidated statement of comprehensive income
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended 31 December 2025 | 2024Group / year ended 31 December 2024 | Source |
|---|---|---|---|
| oci | |||
| Profit for the yearUS dollars thousands | 134,514 | 182,926 | PDF p. 123 |
| Items that will not be reclassified subsequently to profit or loss | |||
| Remeasurements of post-employment benefit obligationsUS dollars thousands | (243) | (1,422) | PDF p. 123 |
| Effect of hyperinflationUS dollars thousands | 6,209 | 16,182 | PDF p. 123 |
| Items that may be reclassified subsequently to profit or loss | |||
| Fair value changes of interest rate swap and cross-currency swap contracts – hedgingUS dollars thousands | (34,202) | (32,726) | PDF p. 123 |
| Currency translation differences – subsidiariesUS dollars thousands | 29,887 | (24,989) | PDF p. 123 |
| Currency translation differences – associatesUS dollars thousands | 107,480 | (69,328) | PDF p. 123 |
| Other comprehensive income/(loss) for the yearUS dollars thousands | 109,131 | (112,283) | PDF p. 123 |
| Total comprehensive income for the yearUS dollars thousands | 243,645 | 70,643 | PDF p. 123 |
| Total comprehensive income attributable to: | |||
| Owners of the CompanyUS dollars thousands | 205,025 | 47,968 | PDF p. 123 |
| Non-controlling interestsUS dollars thousands | 38,620 | 22,675 | PDF p. 123 |
| Subtotal (unlabelled in original)US dollars thousands | 243,645 | 70,643 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 123 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group statement of financial position
46 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / as at 31 December 2025 | 2024Group / as at 31 December 2024 | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipmentUS dollars thousands | 3,788,656 | 3,768,173 | PDF p. 120 |
| Investment propertiesUS dollars thousands | 1,827,112 | 1,784,273 | PDF p. 120 |
| Right-of-use assetsUS dollars thousands | 1,180,894 | 1,004,424 | PDF p. 120 |
| Intangible assetsUS dollars thousands | 102,367 | 103,132 | PDF p. 120 |
| Interest in associatesUS dollars thousands | 4,545,301 | 4,280,314 | PDF p. 120 |
| Deferred income tax assetsUS dollars thousands | 62,477 | 73,331 | PDF p. 120 |
| Financial assets at fair value through other comprehensive incomeUS dollars thousands | 2,412 | 2,101 | PDF p. 120 |
| Financial assets at fair value through profit or lossUS dollars thousands | 10,233 | 10,787 | PDF p. 120 |
| Derivative financial instrumentsUS dollars thousands | 2,092 | 25,102 | PDF p. 120 |
| Other receivablesUS dollars thousands | 9,734 | 11,482 | PDF p. 120 |
| Subtotal (unlabelled in original)US dollars thousands | 11,531,278 | 11,063,119 | PDF p. 120 |
| Current assets | |||
| InventoriesUS dollars thousands | 27,847 | 29,271 | PDF p. 120 |
| Properties for saleUS dollars thousands | 49,012 | 52,577 | PDF p. 120 |
| Accounts receivable, prepayments and depositsUS dollars thousands | 202,303 | 226,737 | PDF p. 120 |
| Amounts due from associatesUS dollars thousands | 56,908 | 160,157 | PDF p. 120 |
| Derivative financial instrumentsUS dollars thousands | 15,251 | 24,658 | PDF p. 120 |
| Financial assets at fair value through profit or lossUS dollars thousands | 13,748 | 10,948 | PDF p. 120 |
| Bank deposits with original maturities over 3 monthsUS dollars thousands | 288,953 | 113,916 | PDF p. 120 |
| Cash and cash equivalentsUS dollars thousands | 2,241,234 | 1,817,076 | PDF p. 120 |
| Subtotal (unlabelled in original)US dollars thousands | 2,895,256 | 2,435,340 | PDF p. 120 |
| Total assetsUS dollars thousands | 14,426,534 | 13,498,459 | PDF p. 120 |
| Capital and reserves attributable to owners of the Company | |||
| Share capital and premiumUS dollars thousands | 3,201,995 | 3,201,995 | PDF p. 120 |
| Shares held for share award schemeUS dollars thousands | (10,180) | (13,595) | PDF p. 120 |
| Other reservesUS dollars thousands | 366,765 | 279,984 | PDF p. 120 |
| Retained earningsUS dollars thousands | 1,765,849 | 1,715,142 | PDF p. 120 |
| Subtotal (unlabelled in original)US dollars thousands | 5,324,429 | 5,183,526 | PDF p. 120 |
| Non-controlling interestsUS dollars thousands | 275,666 | 253,644 | PDF p. 120 |
| Total equityUS dollars thousands | 5,600,095 | 5,437,170 | PDF p. 120 |
| Non-current liabilities | |||
| Bank loansUS dollars thousands | 4,508,410 | 4,708,500 | PDF p. 121 |
| Fixed rate bondsUS dollars thousands | 1,683,047 | 771,291 | PDF p. 121 |
| Derivative financial instrumentsUS dollars thousands | 10,721 | 21,100 | PDF p. 121 |
| Long-term lease liabilitiesUS dollars thousands | 689,044 | 506,059 | PDF p. 121 |
| Loan from a non-controlling shareholderUS dollars thousands | 38,452 | 38,452 | PDF p. 121 |
| Deferred income tax liabilitiesUS dollars thousands | 337,164 | 321,297 | PDF p. 121 |
| Subtotal (unlabelled in original)US dollars thousands | 7,266,838 | 6,366,699 | PDF p. 121 |
| Current liabilities | |||
| Accounts payable and accrualsUS dollars thousands | 605,840 | 599,329 | PDF p. 121 |
| Contract liabilitiesUS dollars thousands | 120,160 | 107,407 | PDF p. 121 |
| Short-term lease liabilitiesUS dollars thousands | 64,207 | 42,777 | PDF p. 121 |
| Amounts due to non-controlling shareholdersUS dollars thousands | 53,337 | 51,416 | PDF p. 121 |
| Current income tax liabilitiesUS dollars thousands | 22,448 | 19,087 | PDF p. 121 |
| Bank loansUS dollars thousands | 664,682 | 232,148 | PDF p. 121 |
| Fixed rate bondsUS dollars thousands | – | 640,324 | PDF p. 121 |
| Derivative financial instrumentsUS dollars thousands | 28,927 | 2,102 | PDF p. 121 |
| Subtotal (unlabelled in original)US dollars thousands | 1,559,601 | 1,694,590 | PDF p. 121 |
| Total liabilitiesUS dollars thousands | 8,826,439 | 8,061,289 | PDF p. 121 |
| Total equity and liabilitiesUS dollars thousands | 14,426,534 | 13,498,459 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 120 ↗ PDF p. 121 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Company statement of financial position
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company / as at 31 December 2025 | 2024Company / as at 31 December 2024 | Source |
|---|---|---|---|
| Non-current assets | |||
| Property, plant and equipmentUS dollars thousands | 3,596 | 3,700 | PDF p. 224 |
| Investments in subsidiariesUS dollars thousands | 4,865,438 | 4,332,113 | PDF p. 224 |
| Financial assets at FVPLUS dollars thousands | 2,393 | 2,473 | PDF p. 224 |
| Subtotal (unlabelled in original)US dollars thousands | 4,871,427 | 4,338,286 | PDF p. 224 |
| Current assets | |||
| Amounts due from subsidiariesUS dollars thousands | 637,677 | 666,295 | PDF p. 224 |
| Dividends receivable, prepayments and depositsUS dollars thousands | 556,812 | 547,057 | PDF p. 224 |
| Cash and cash equivalentsUS dollars thousands | 63,246 | 108,247 | PDF p. 224 |
| Subtotal (unlabelled in original)US dollars thousands | 1,257,735 | 1,321,599 | PDF p. 224 |
| Total assetsUS dollars thousands | 6,129,162 | 5,659,885 | PDF p. 224 |
| Capital and reserves attributable to owners of the Company | |||
| Share capital and premiumUS dollars thousands | 3,201,995 | 3,201,995 | PDF p. 224 |
| Shares held for share award schemeUS dollars thousands | (10,180) | (13,595) | PDF p. 224 |
| Other reservesUS dollars thousands | 1,545,902 | 1,545,851 | PDF p. 224 |
| Retained earningsUS dollars thousands | 288,946 | 326,796 | PDF p. 224 |
| Total equityUS dollars thousands | 5,026,663 | 5,061,047 | PDF p. 224 |
| Non-current liabilities | |||
| Bank loansUS dollars thousands | 246,557 | 105,726 | PDF p. 224 |
| Fixed rate bondsUS dollars thousands | 680,733 | 277,165 | PDF p. 224 |
| Subtotal (unlabelled in original)US dollars thousands | 927,290 | 382,891 | PDF p. 224 |
| Current liabilities | |||
| Accounts payable and accrualsUS dollars thousands | 13,527 | 10,738 | PDF p. 224 |
| Amounts due to subsidiariesUS dollars thousands | 147,739 | 199,645 | PDF p. 224 |
| Bank loansUS dollars thousands | 13,943 | 5,564 | PDF p. 224 |
| Subtotal (unlabelled in original)US dollars thousands | 175,209 | 215,947 | PDF p. 224 |
| Total liabilitiesUS dollars thousands | 1,102,499 | 598,838 | PDF p. 224 |
| Total equity and liabilitiesUS dollars thousands | 6,129,162 | 5,659,885 | PDF p. 224 |
Definitions & sources
Original report: PDF p. 224 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group changes in equity / 2025
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / Share capital and premium | 2025Group / Shares held for share award scheme | 2025Group / Other reserves | 2025Group / Retained earnings | 2025Group / Total attributable to owners of the Company | 2025Group / Non-controlling interests | 2025Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| equity | ||||||||
| At 1 January 2025US dollars thousands | 3,201,995 | (13,595) | 279,984 | 1,715,142 | 5,183,526 | 253,644 | 5,437,170 | PDF p. 124 |
| Remeasurements of post-employment benefit obligationsUS dollars thousands | – | – | – | (207) | (207) | (36) | (243) | PDF p. 124 |
| Effect of hyperinflationUS dollars thousands | – | – | – | 6,209 | 6,209 | – | 6,209 | PDF p. 124 |
| Fair value changes of interest rate swap and cross-currency swap contracts – hedgingUS dollars thousands | – | – | (34,202) | – | (34,202) | – | (34,202) | PDF p. 124 |
| Currency translation differencesUS dollars thousands | – | – | 120,932 | – | 120,932 | 16,435 | 137,367 | PDF p. 124 |
| Other comprehensive income for the year recognised directly in equityUS dollars thousands | – | – | 86,730 | 6,002 | 92,732 | 16,399 | 109,131 | PDF p. 124 |
| Profit for the yearUS dollars thousands | – | – | – | 112,293 | 112,293 | 22,221 | 134,514 | PDF p. 124 |
| Total comprehensive income for the yearUS dollars thousands | – | – | 86,730 | 118,295 | 205,025 | 38,620 | 243,645 | PDF p. 124 |
| Shares purchased for share award schemeUS dollars thousands | – | (5,607) | – | – | (5,607) | – | (5,607) | PDF p. 124 |
| Share-based compensation under share award schemeUS dollars thousands | – | – | 10,254 | – | 10,254 | – | 10,254 | PDF p. 124 |
| Vesting of shares under share award schemeUS dollars thousands | – | 9,022 | (10,203) | 1,181 | – | – | – | PDF p. 124 |
| Payment of 2024 final dividendUS dollars thousands | – | – | – | (45,802) | (45,802) | – | (45,802) | PDF p. 124 |
| Payment of 2025 interim dividend (Note 36)US dollars thousands | – | – | – | (22,967) | (22,967) | – | (22,967) | PDF p. 124 |
| Dividend paid and payable to non-controlling shareholdersUS dollars thousands | – | – | – | – | – | (16,503) | (16,503) | PDF p. 124 |
| Injection of equity loans from a non-controlling shareholderUS dollars thousands | – | – | – | – | – | 75 | 75 | PDF p. 124 |
| Repayment of equity loans from a non-controlling shareholderUS dollars thousands | – | – | – | – | – | (170) | (170) | PDF p. 124 |
| Subtotal (unlabelled in original)US dollars thousands | – | 3,415 | 51 | (67,588) | (64,122) | (16,598) | (80,720) | PDF p. 124 |
| At 31 December 2025US dollars thousands | 3,201,995 | (10,180) | 366,765 | 1,765,849 | 5,324,429 | 275,666 | 5,600,095 | PDF p. 124 |
Definitions & sources
Original report: PDF p. 124 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group changes in equity / 2024
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group / Share capital and premium | 2024Group / Shares held for share award scheme | 2024Group / Other reserves | 2024Group / Retained earnings | 2024Group / Total attributable to owners of the Company | 2024Group / Non-controlling interests | 2024Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| equity | ||||||||
| At 1 January 2024US dollars thousands | 3,201,995 | (15,645) | 406,450 | 1,629,620 | 5,222,420 | 245,623 | 5,468,043 | PDF p. 125 |
| Remeasurements of post-employment benefit obligationsUS dollars thousands | – | – | – | (1,255) | (1,255) | (167) | (1,422) | PDF p. 125 |
| Effect of hyperinflationUS dollars thousands | – | – | – | 16,182 | 16,182 | – | 16,182 | PDF p. 125 |
| Fair value changes of interest rate swap and cross-currency swap contracts – hedgingUS dollars thousands | – | – | (32,726) | – | (32,726) | – | (32,726) | PDF p. 125 |
| Currency translation differencesUS dollars thousands | – | – | (95,620) | – | (95,620) | 1,303 | (94,317) | PDF p. 125 |
| Other comprehensive (loss)/income for the year recognised directly in equityUS dollars thousands | – | – | (128,346) | 14,927 | (113,419) | 1,136 | (112,283) | PDF p. 125 |
| Profit for the yearUS dollars thousands | – | – | – | 161,387 | 161,387 | 21,539 | 182,926 | PDF p. 125 |
| Total comprehensive (loss)/income for the yearUS dollars thousands | – | – | (128,346) | 176,314 | 47,968 | 22,675 | 70,643 | PDF p. 125 |
| Shares purchased for share award schemeUS dollars thousands | – | (5,335) | – | – | (5,335) | – | (5,335) | PDF p. 125 |
| Share-based compensation under share award schemeUS dollars thousands | – | – | 10,119 | – | 10,119 | – | 10,119 | PDF p. 125 |
| Vesting of shares under share award schemeUS dollars thousands | – | 7,385 | (8,239) | 854 | – | – | – | PDF p. 125 |
| Payment of 2023 final dividendUS dollars thousands | – | – | – | (68,701) | (68,701) | – | (68,701) | PDF p. 125 |
| Payment of 2024 interim dividend (Note 36)US dollars thousands | – | – | – | (22,945) | (22,945) | – | (22,945) | PDF p. 125 |
| Dividend paid and payable to non-controlling shareholdersUS dollars thousands | – | – | – | – | – | (16,276) | (16,276) | PDF p. 125 |
| Injection of equity loans from non-controlling shareholdersUS dollars thousands | – | – | – | – | – | 1,622 | 1,622 | PDF p. 125 |
| Subtotal (unlabelled in original)US dollars thousands | – | 2,050 | 1,880 | (90,792) | (86,862) | (14,654) | (101,516) | PDF p. 125 |
| At 31 December 2024US dollars thousands | 3,201,995 | (13,595) | 279,984 | 1,715,142 | 5,183,526 | 253,644 | 5,437,170 | PDF p. 125 |
Definitions & sources
Original report: PDF p. 125 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group consolidated cash flows
42 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group / year ended 31 December 2025 | 2024Group / year ended 31 December 2024 | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net cash generated from operationsUS dollars thousands | 522,564 | 501,169 | PDF p. 126 |
| Interest paid for loans and fixed rate bondsUS dollars thousands | (276,105) | (277,417) | PDF p. 126 |
| Interest paid for lease liabilitiesUS dollars thousands | (31,091) | (27,914) | PDF p. 126 |
| Hong Kong profits tax refundUS dollars thousands | 5 | 5 | PDF p. 126 |
| Overseas tax paidUS dollars thousands | (55,921) | (50,685) | PDF p. 126 |
| Net cash generated from operating activitiesUS dollars thousands | 159,452 | 145,158 | PDF p. 126 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipmentUS dollars thousands | (47,468) | (63,204) | PDF p. 126 |
| Capital expenditure on properties under developmentUS dollars thousands | (15,825) | (41,679) | PDF p. 126 |
| Capital expenditure on investment propertiesUS dollars thousands | (982) | (8,759) | PDF p. 126 |
| Capital expenditure on intangible assetsUS dollars thousands | (3,375) | (6,222) | PDF p. 126 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 932 | 414 | PDF p. 126 |
| Proceeds from disposal of investment propertiesUS dollars thousands | 3,132 | 2,773 | PDF p. 126 |
| Proceeds from disposal of an associateUS dollars thousands | – | 673 | PDF p. 126 |
| Capital injection to an associateUS dollars thousands | (4,409) | (1,461) | PDF p. 126 |
| Cash received from capital reduction of associatesUS dollars thousands | 4,111 | 53,415 | PDF p. 126 |
| Injection of loans to associatesUS dollars thousands | (31,072) | (1,113) | PDF p. 126 |
| Repayment of loans from associatesUS dollars thousands | 24,542 | 25,325 | PDF p. 126 |
| Interest received from associatesUS dollars thousands | 1,318 | 963 | PDF p. 126 |
| Interest received from short-term fund placementsUS dollars thousands | 1,638 | 1,401 | PDF p. 126 |
| Other interest receivedUS dollars thousands | 82,327 | 54,793 | PDF p. 126 |
| Dividends received from associatesUS dollars thousands | 164,315 | 148,123 | PDF p. 126 |
| Dividends received from listed sharesUS dollars thousands | 856 | 1,017 | PDF p. 126 |
| Purchase of financial assets at fair value through other comprehensive incomeUS dollars thousands | (311) | – | PDF p. 126 |
| Net increase in bank deposits with original maturities over 3 monthsUS dollars thousands | (175,037) | (17,091) | PDF p. 126 |
| Net cash generated from investing activitiesUS dollars thousands | 4,692 | 149,368 | PDF p. 126 |
| Cash flows from financing activities | |||
| Dividends paid to owners of the CompanyUS dollars thousands | (68,769) | (91,646) | PDF p. 126 |
| Dividends paid to non-controlling shareholdersUS dollars thousands | (17,019) | (14,351) | PDF p. 126 |
| Purchase of shares under share award schemeUS dollars thousands | (5,607) | (5,335) | PDF p. 126 |
| Injection of loans from non-controlling shareholdersUS dollars thousands | 75 | 44,375 | PDF p. 126 |
| Repayment of loans from a non-controlling shareholderUS dollars thousands | (170) | – | PDF p. 126 |
| Principal elements of lease paymentsUS dollars thousands | (24,985) | (20,033) | PDF p. 126 |
| Net proceeds from issuance of fixed rate bondsUS dollars thousands | 866,524 | 279,221 | PDF p. 126 |
| Repayment of fixed rate bondsUS dollars thousands | (670,691) | (99,609) | PDF p. 126 |
| Net interest received from cross-currency swap contractsUS dollars thousands | 6,303 | 7,530 | PDF p. 126 |
| Cash paid upon maturity of cross-currency swap contractsUS dollars thousands | (2,105) | – | PDF p. 126 |
| Repayment of bank loansUS dollars thousands | (1,789,119) | (1,920,440) | PDF p. 126 |
| Bank loans drawn downUS dollars thousands | 1,932,360 | 2,480,373 | PDF p. 126 |
| Net cash generated from financing activitiesUS dollars thousands | 226,797 | 660,085 | PDF p. 126 |
| Net increase in cash and cash equivalentsUS dollars thousands | 390,941 | 954,611 | PDF p. 126 |
| Cash and cash equivalents at beginning of the yearUS dollars thousands | 1,817,076 | 870,797 | PDF p. 126 |
| Exchange gains/(losses) on cash and cash equivalentsUS dollars thousands | 33,217 | (8,332) | PDF p. 126 |
| Cash and cash equivalents at end of the yearUS dollars thousands | 2,241,234 | 1,817,076 | PDF p. 126 |
Definitions & sources
Original report: PDF p. 126 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group consolidated statement of profit or loss
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| income | ||
| RevenueUS dollars thousands | 2,141,790 | PDF p. 120 |
| Cost of salesUS dollars thousands | (975,048) | PDF p. 120 |
| Gross profitUS dollars thousands | 1,166,742 | PDF p. 120 |
| Other gains – netUS dollars thousands | 9,050 | PDF p. 120 |
| Marketing costsUS dollars thousands | (80,205) | PDF p. 120 |
| Administrative expensesUS dollars thousands | (241,069) | PDF p. 120 |
| Other operating expensesUS dollars thousands | (639,812) | PDF p. 120 |
| Operating profitUS dollars thousands | 214,706 | PDF p. 120 |
| Finance costs – net | ||
| – Interest expenseUS dollars thousands | (272,303) | PDF p. 120 |
| income | ||
| – Net foreign exchange gainsUS dollars thousands | 13,925 | PDF p. 120 |
| Share of profit of associatesUS dollars thousands | 323,818 | PDF p. 120 |
| Profit before income taxUS dollars thousands | 280,146 | PDF p. 120 |
| Income tax expenseUS dollars thousands | (78,470) | PDF p. 120 |
| Profit for the yearUS dollars thousands | 201,676 | PDF p. 120 |
| Profit attributable to: | ||
| Owners of the CompanyUS dollars thousands | 184,139 | PDF p. 120 |
| Non-controlling interestsUS dollars thousands | 17,537 | PDF p. 120 |
| Subtotal (unlabelled in original)US dollars thousands | 201,676 | PDF p. 120 |
| (expressed in US cents per share) | ||
| – basicUS cents per share | 5.17 | PDF p. 120 |
| – dilutedUS cents per share | 5.13 | PDF p. 120 |
Definitions & sources
Original report: PDF p. 120 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group consolidated statement of comprehensive income
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| oci | ||
| Profit for the yearUS dollars thousands | 201,676 | PDF p. 121 |
| Items that will not be reclassified subsequently to profit or loss | ||
| Fair value changes of financial assets at fair value through other comprehensive incomeUS dollars thousands | 24 | PDF p. 121 |
| Remeasurements of post-employment benefit obligationsUS dollars thousands | (615) | PDF p. 121 |
| Effect of hyperinflationUS dollars thousands | 7,653 | PDF p. 121 |
| Items that may be reclassified subsequently to profit or loss | ||
| Fair value changes of interest rate swap and cross-currency swap contracts – hedgingUS dollars thousands | (51,072) | PDF p. 121 |
| Currency translation differences – subsidiariesUS dollars thousands | (28,407) | PDF p. 121 |
| Currency translation differences – associatesUS dollars thousands | (81,492) | PDF p. 121 |
| Other comprehensive loss for the yearUS dollars thousands | (153,909) | PDF p. 121 |
| Total comprehensive income for the yearUS dollars thousands | 47,767 | PDF p. 121 |
| Total comprehensive income attributable to: | ||
| Owners of the CompanyUS dollars thousands | 31,513 | PDF p. 121 |
| Non-controlling interestsUS dollars thousands | 16,254 | PDF p. 121 |
| Subtotal (unlabelled in original)US dollars thousands | 47,767 | PDF p. 121 |
Definitions & sources
Original report: PDF p. 121 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group statement of financial position
46 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / as at 31 December 2023 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentUS dollars thousands | 3,998,055 | PDF p. 118 |
| Investment propertiesUS dollars thousands | 1,803,429 | PDF p. 118 |
| Right-of-use assetsUS dollars thousands | 1,051,345 | PDF p. 118 |
| Intangible assetsUS dollars thousands | 104,661 | PDF p. 118 |
| Interest in associatesUS dollars thousands | 4,304,252 | PDF p. 118 |
| Deferred income tax assetsUS dollars thousands | 76,625 | PDF p. 118 |
| Financial assets at fair value through other comprehensive incomeUS dollars thousands | 2,101 | PDF p. 118 |
| Financial assets at fair value through profit or lossUS dollars thousands | 11,563 | PDF p. 118 |
| Derivative financial instrumentsUS dollars thousands | 42,173 | PDF p. 118 |
| Other receivablesUS dollars thousands | 12,615 | PDF p. 118 |
| Subtotal (unlabelled in original)US dollars thousands | 11,406,819 | PDF p. 118 |
| Current assets | ||
| InventoriesUS dollars thousands | 30,054 | PDF p. 118 |
| Properties for saleUS dollars thousands | 52,125 | PDF p. 118 |
| Accounts receivable, prepayments and depositsUS dollars thousands | 236,122 | PDF p. 118 |
| Amounts due from associatesUS dollars thousands | 126,596 | PDF p. 118 |
| Derivative financial instrumentsUS dollars thousands | 32,609 | PDF p. 118 |
| Financial assets at fair value through profit or lossUS dollars thousands | 10,639 | PDF p. 118 |
| Bank deposits with original maturities over 3 monthsUS dollars thousands | 96,825 | PDF p. 118 |
| Cash and cash equivalentsUS dollars thousands | 870,797 | PDF p. 118 |
| Subtotal (unlabelled in original)US dollars thousands | 1,455,767 | PDF p. 118 |
| Total assetsUS dollars thousands | 12,862,586 | PDF p. 118 |
| Capital and reserves attributable to owners of the Company | ||
| Share capital and premiumUS dollars thousands | 3,201,995 | PDF p. 118 |
| Shares held for share award schemeUS dollars thousands | (15,645) | PDF p. 118 |
| Other reservesUS dollars thousands | 406,450 | PDF p. 118 |
| Retained earningsUS dollars thousands | 1,629,620 | PDF p. 118 |
| Subtotal (unlabelled in original)US dollars thousands | 5,222,420 | PDF p. 118 |
| Non-controlling interestsUS dollars thousands | 245,623 | PDF p. 118 |
| Total equityUS dollars thousands | 5,468,043 | PDF p. 118 |
| Non-current liabilities | ||
| Bank loansUS dollars thousands | 3,907,801 | PDF p. 119 |
| Fixed rate bondsUS dollars thousands | 1,168,534 | PDF p. 119 |
| Derivative financial instrumentsUS dollars thousands | 13,665 | PDF p. 119 |
| Long-term lease liabilitiesUS dollars thousands | 530,560 | PDF p. 119 |
| Loan from a non-controlling shareholderUS dollars thousands | – | PDF p. 119 |
| Deferred income tax liabilitiesUS dollars thousands | 305,816 | PDF p. 119 |
| Subtotal (unlabelled in original)US dollars thousands | 5,926,376 | PDF p. 119 |
| Current liabilities | ||
| Accounts payable and accrualsUS dollars thousands | 639,048 | PDF p. 119 |
| Contract liabilitiesUS dollars thousands | 101,051 | PDF p. 119 |
| Short-term lease liabilitiesUS dollars thousands | 41,792 | PDF p. 119 |
| Amounts due to non-controlling shareholdersUS dollars thousands | 44,981 | PDF p. 119 |
| Current income tax liabilitiesUS dollars thousands | 24,239 | PDF p. 119 |
| Bank loansUS dollars thousands | 506,600 | PDF p. 119 |
| Fixed rate bondsUS dollars thousands | 102,271 | PDF p. 119 |
| Derivative financial instrumentsUS dollars thousands | 8,185 | PDF p. 119 |
| Subtotal (unlabelled in original)US dollars thousands | 1,468,167 | PDF p. 119 |
| Total liabilitiesUS dollars thousands | 7,394,543 | PDF p. 119 |
| Total equity and liabilitiesUS dollars thousands | 12,862,586 | PDF p. 119 |
Definitions & sources
Original report: PDF p. 118 ↗ PDF p. 119 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Company statement of financial position
23 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / as at 31 December 2023 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentUS dollars thousands | 3,791 | PDF p. 232 |
| Investments in subsidiariesUS dollars thousands | 4,117,683 | PDF p. 232 |
| Financial assets at FVPL – Club debenturesUS dollars thousands | 2,720 | PDF p. 232 |
| Subtotal (unlabelled in original)US dollars thousands | 4,124,194 | PDF p. 232 |
| Current assets | ||
| Amounts due from subsidiariesUS dollars thousands | 681,682 | PDF p. 232 |
| Dividends receivable, prepayments and depositsUS dollars thousands | 544,937 | PDF p. 232 |
| Cash and cash equivalentsUS dollars thousands | 24,429 | PDF p. 232 |
| Subtotal (unlabelled in original)US dollars thousands | 1,251,048 | PDF p. 232 |
| Total assetsUS dollars thousands | 5,375,242 | PDF p. 232 |
| Capital and reserves attributable to owners of the Company | ||
| Share capital and premiumUS dollars thousands | 3,201,995 | PDF p. 232 |
| Shares held for share award schemeUS dollars thousands | (15,645) | PDF p. 232 |
| Other reservesUS dollars thousands | 1,543,971 | PDF p. 232 |
| Retained earningsUS dollars thousands | 445,525 | PDF p. 232 |
| Total equityUS dollars thousands | 5,175,846 | PDF p. 232 |
| Non-current liabilities | ||
| Bank loansUS dollars thousands | – | PDF p. 232 |
| Fixed rate bondsUS dollars thousands | – | PDF p. 232 |
| Subtotal (unlabelled in original)US dollars thousands | – | PDF p. 232 |
| Current liabilities | ||
| Accounts payable and accrualsUS dollars thousands | 5,101 | PDF p. 232 |
| Amounts due to subsidiariesUS dollars thousands | 194,295 | PDF p. 232 |
| Bank loansUS dollars thousands | – | PDF p. 232 |
| Subtotal (unlabelled in original)US dollars thousands | 199,396 | PDF p. 232 |
| Total liabilitiesUS dollars thousands | 199,396 | PDF p. 232 |
| Total equity and liabilitiesUS dollars thousands | 5,375,242 | PDF p. 232 |
Definitions & sources
Original report: PDF p. 232 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group changes in equity / 2023
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / Share capital and premium | 2023Group / Shares held for share award scheme | 2023Group / Other reserves | 2023Group / Retained earnings | 2023Group / Total attributable to owners of the Company | 2023Group / Non-controlling interests | 2023Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| equity | ||||||||
| At 1 January 2023US dollars thousands | 3,201,995 | (6,111) | 568,847 | 1,489,310 | 5,254,041 | 170,474 | 5,424,515 | PDF p. 123 |
| Fair value changes of financial assets at fair value through other comprehensive incomeUS dollars thousands | – | – | 10 | – | 10 | 14 | 24 | PDF p. 123 |
| Remeasurements of post-employment benefit obligationsUS dollars thousands | – | – | – | (622) | (622) | 7 | (615) | PDF p. 123 |
| Effect of hyperinflationUS dollars thousands | – | – | – | 7,653 | 7,653 | – | 7,653 | PDF p. 123 |
| Fair value changes of interest rate swap and cross-currency swap contracts – hedgingUS dollars thousands | – | – | (48,983) | – | (48,983) | (2,089) | (51,072) | PDF p. 123 |
| Currency translation differencesUS dollars thousands | – | – | (110,684) | – | (110,684) | 785 | (109,899) | PDF p. 123 |
| Other comprehensive (loss)/income for the year recognised directly in equityUS dollars thousands | – | – | (159,657) | 7,031 | (152,626) | (1,283) | (153,909) | PDF p. 123 |
| Profit for the yearUS dollars thousands | – | – | – | 184,139 | 184,139 | 17,537 | 201,676 | PDF p. 123 |
| Total comprehensive (loss)/income for the yearUS dollars thousands | – | – | (159,657) | 191,170 | 31,513 | 16,254 | 47,767 | PDF p. 123 |
| Shares purchase for share award schemeUS dollars thousands | – | (13,900) | – | – | (13,900) | – | (13,900) | PDF p. 123 |
| Share-based compensation under share award schemeUS dollars thousands | – | – | 7,889 | – | 7,889 | – | 7,889 | PDF p. 123 |
| Vesting of shares under share award schemeUS dollars thousands | – | 4,366 | (4,212) | (154) | – | – | – | PDF p. 123 |
| Transfer gain on change in fair value of equity instruments sold to retained earningsUS dollars thousands | – | – | (201) | 201 | – | – | – | PDF p. 123 |
| Transfer from share option reserve to retained earningsUS dollars thousands | – | – | (6,216) | 6,216 | – | – | – | PDF p. 123 |
| Dividend paid and payable to non-controlling shareholdersUS dollars thousands | – | – | – | – | – | (1,927) | (1,927) | PDF p. 123 |
| Capital reduction for subsidiariesUS dollars thousands | – | – | – | – | – | (3,576) | (3,576) | PDF p. 123 |
| Injection of equity loan from non-controlling shareholdersUS dollars thousands | – | – | – | – | – | 7,191 | 7,191 | PDF p. 123 |
| Return of equity loan to a non-controlling shareholderUS dollars thousands | – | – | – | – | – | (2,640) | (2,640) | PDF p. 123 |
| Acquisition of equity interest in a subsidiary from a non-controlling shareholderUS dollars thousands | – | – | – | (57,123) | (57,123) | 59,847 | 2,724 | PDF p. 123 |
| Subtotal (unlabelled in original)US dollars thousands | – | (9,534) | (2,740) | (50,860) | (63,134) | 58,895 | (4,239) | PDF p. 123 |
| At 31 December 2023US dollars thousands | 3,201,995 | (15,645) | 406,450 | 1,629,620 | 5,222,420 | 245,623 | 5,468,043 | PDF p. 123 |
Definitions & sources
Original report: PDF p. 123 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group consolidated cash flows
43 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Net cash generated from operationsUS dollars thousands | 546,128 | PDF p. 124 |
| Interest paid for loans and fixed rate bondsUS dollars thousands | (244,256) | PDF p. 124 |
| Interest paid for lease liabilitiesUS dollars thousands | (27,949) | PDF p. 124 |
| Hong Kong profits tax refund/(paid)US dollars thousands | (135) | PDF p. 124 |
| Overseas tax paidUS dollars thousands | (34,958) | PDF p. 124 |
| Net cash generated from operating activitiesUS dollars thousands | 238,830 | PDF p. 124 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipmentUS dollars thousands | (40,227) | PDF p. 124 |
| Capital expenditure on properties under developmentUS dollars thousands | (42,315) | PDF p. 124 |
| Capital expenditure on investment propertiesUS dollars thousands | (67,710) | PDF p. 124 |
| Capital expenditure on intangible assetsUS dollars thousands | (4,934) | PDF p. 124 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 193 | PDF p. 124 |
| Proceeds from disposal of investment propertiesUS dollars thousands | 6,310 | PDF p. 124 |
| Proceeds from disposal of an associateUS dollars thousands | – | PDF p. 124 |
| Capital injection to associatesUS dollars thousands | (14,136) | PDF p. 124 |
| Cash received from capital reduction of associatesUS dollars thousands | 11,701 | PDF p. 124 |
| Injection of loans to associatesUS dollars thousands | (50,451) | PDF p. 124 |
| Repayment of loans from associatesUS dollars thousands | 383 | PDF p. 124 |
| Interest received from associatesUS dollars thousands | 2,250 | PDF p. 124 |
| Interest received from short-term fund placementsUS dollars thousands | 938 | PDF p. 124 |
| Other interest receivedUS dollars thousands | 17,657 | PDF p. 124 |
| Dividends received from associatesUS dollars thousands | 104,513 | PDF p. 124 |
| Dividends received from listed sharesUS dollars thousands | 917 | PDF p. 124 |
| Proceeds from disposal of listed sharesUS dollars thousands | 1,223 | PDF p. 124 |
| Net increase in bank deposits with original maturities over 3 monthsUS dollars thousands | (83,833) | PDF p. 124 |
| Net cash generated from/(used in) investing activitiesUS dollars thousands | (157,521) | PDF p. 124 |
| Cash flows from financing activities | ||
| Dividends paid to owners of the CompanyUS dollars thousands | – | PDF p. 124 |
| Dividends paid to non-controlling shareholdersUS dollars thousands | (1,927) | PDF p. 124 |
| Purchase of shares under share award schemeUS dollars thousands | (13,900) | PDF p. 124 |
| Injection of loans from non-controlling shareholdersUS dollars thousands | 7,562 | PDF p. 124 |
| Repayment of loans from non-controlling shareholdersUS dollars thousands | (7,624) | PDF p. 124 |
| Return of equity to non-controlling shareholdersUS dollars thousands | (3,576) | PDF p. 124 |
| Principal elements of lease paymentsUS dollars thousands | (17,232) | PDF p. 124 |
| Net proceeds from issuance of fixed rate bondsUS dollars thousands | 119,017 | PDF p. 124 |
| Repayment of fixed rate bondsUS dollars thousands | – | PDF p. 124 |
| Net interest received from cross-currency swap contractsUS dollars thousands | – | PDF p. 124 |
| Cash received upon maturity of cross-currency swap contractsUS dollars thousands | 8,968 | PDF p. 124 |
| Repayment of bank loansUS dollars thousands | (1,532,454) | PDF p. 124 |
| Bank loans drawn downUS dollars thousands | 1,474,708 | PDF p. 124 |
| Net cash generated from financing activitiesUS dollars thousands | 33,542 | PDF p. 124 |
| Net increase in cash and cash equivalentsUS dollars thousands | 114,851 | PDF p. 124 |
| Cash and cash equivalents at beginning of the yearUS dollars thousands | 753,002 | PDF p. 124 |
| Exchange (losses)/gains on cash and cash equivalentsUS dollars thousands | 2,944 | PDF p. 124 |
| Cash and cash equivalents at end of the yearUS dollars thousands | 870,797 | PDF p. 124 |
Definitions & sources
Original report: PDF p. 124 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group consolidated statement of profit or loss
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 December 2022 | Source |
|---|---|---|
| income | ||
| RevenueUS dollars thousands | 1,462,145 | PDF p. 112 |
| Cost of salesUS dollars thousands | (775,627) | PDF p. 112 |
| Gross profitUS dollars thousands | 686,518 | PDF p. 112 |
| Other gains – netUS dollars thousands | 108,913 | PDF p. 112 |
| Marketing costsUS dollars thousands | (64,947) | PDF p. 112 |
| Administrative expensesUS dollars thousands | (195,389) | PDF p. 112 |
| Other operating expensesUS dollars thousands | (539,378) | PDF p. 112 |
| Operating profit/(loss)US dollars thousands | (4,283) | PDF p. 112 |
| Finance costs – netUS dollars thousands | (360,932) | PDF p. 112 |
| Share of profit of associatesUS dollars thousands | 190,772 | PDF p. 112 |
| Profit/(Loss) before income taxUS dollars thousands | (174,443) | PDF p. 112 |
| Income tax expenseUS dollars thousands | (13,009) | PDF p. 112 |
| Profit/(Loss) for the yearUS dollars thousands | (187,452) | PDF p. 112 |
| Profit/(Loss) attributable to: | ||
| Owners of the CompanyUS dollars thousands | (158,519) | PDF p. 112 |
| Non-controlling interestsUS dollars thousands | (28,933) | PDF p. 112 |
| Subtotal (unlabelled in original)US dollars thousands | (187,452) | PDF p. 112 |
| (expressed in US cents per share) | ||
| – basicUS cents per share | (4.44) | PDF p. 112 |
| – dilutedUS cents per share | (4.44) | PDF p. 112 |
Definitions & sources
Original report: PDF p. 112 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group consolidated statement of comprehensive income
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 December 2022 | Source |
|---|---|---|
| oci | ||
| Profit/(Loss) for the yearUS dollars thousands | (187,452) | PDF p. 113 |
| Items that will not be reclassified subsequently to profit or loss | ||
| Fair value changes of financial assets at fair value through other comprehensive incomeUS dollars thousands | (296) | PDF p. 113 |
| Remeasurements of post-employment benefit obligationsUS dollars thousands | 467 | PDF p. 113 |
| Effect of hyperinflationUS dollars thousands | 53,713 | PDF p. 113 |
| Items that may be reclassified subsequently to profit or loss | ||
| Fair value changes of interest-rate swap and cross-currency swap contracts – hedgingUS dollars thousands | 155,457 | PDF p. 113 |
| Currency translation differences – subsidiariesUS dollars thousands | (331,806) | PDF p. 113 |
| Currency translation differences – associatesUS dollars thousands | (359,059) | PDF p. 113 |
| Other comprehensive loss for the yearUS dollars thousands | (481,524) | PDF p. 113 |
| Total comprehensive income/(loss) for the yearUS dollars thousands | (668,976) | PDF p. 113 |
| Total comprehensive income/(loss) attributable to: | ||
| Owners of the CompanyUS dollars thousands | (609,354) | PDF p. 113 |
| Non-controlling interestsUS dollars thousands | (59,622) | PDF p. 113 |
| Subtotal (unlabelled in original)US dollars thousands | (668,976) | PDF p. 113 |
Definitions & sources
Original report: PDF p. 113 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group statement of financial position
45 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / as at 31 December 2022 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentUS dollars thousands | 4,171,457 | PDF p. 110 |
| Investment propertiesUS dollars thousands | 1,724,867 | PDF p. 110 |
| Right-of-use assetsUS dollars thousands | 1,074,681 | PDF p. 110 |
| Intangible assetsUS dollars thousands | 108,804 | PDF p. 110 |
| Interest in associatesUS dollars thousands | 4,124,967 | PDF p. 110 |
| Deferred income tax assetsUS dollars thousands | 86,534 | PDF p. 110 |
| Financial assets at fair value through other comprehensive incomeUS dollars thousands | 3,177 | PDF p. 110 |
| Financial assets at fair value through profit or lossUS dollars thousands | 12,902 | PDF p. 110 |
| Derivative financial instrumentsUS dollars thousands | 74,975 | PDF p. 110 |
| Other receivablesUS dollars thousands | 13,488 | PDF p. 110 |
| Subtotal (unlabelled in original)US dollars thousands | 11,395,852 | PDF p. 110 |
| Current assets | ||
| InventoriesUS dollars thousands | 31,378 | PDF p. 110 |
| Properties for saleUS dollars thousands | 51,177 | PDF p. 110 |
| Accounts receivable, prepayments and depositsUS dollars thousands | 209,026 | PDF p. 110 |
| Amounts due from associatesUS dollars thousands | 107,942 | PDF p. 110 |
| Derivative financial instrumentsUS dollars thousands | 58,253 | PDF p. 110 |
| Financial assets at fair value through profit or lossUS dollars thousands | 13,884 | PDF p. 110 |
| Bank deposits with original maturities over 3 monthsUS dollars thousands | 12,992 | PDF p. 110 |
| Cash and cash equivalentsUS dollars thousands | 753,002 | PDF p. 110 |
| Subtotal (unlabelled in original)US dollars thousands | 1,237,654 | PDF p. 110 |
| Total assetsUS dollars thousands | 12,633,506 | PDF p. 110 |
| Capital and reserves attributable to owners of the Company | ||
| Share capital and premiumUS dollars thousands | 3,201,995 | PDF p. 110 |
| Shares held for share award schemeUS dollars thousands | (6,111) | PDF p. 110 |
| Other reservesUS dollars thousands | 568,847 | PDF p. 110 |
| Retained earningsUS dollars thousands | 1,489,310 | PDF p. 110 |
| Subtotal (unlabelled in original)US dollars thousands | 5,254,041 | PDF p. 110 |
| Non-controlling interestsUS dollars thousands | 170,474 | PDF p. 110 |
| Total equityUS dollars thousands | 5,424,515 | PDF p. 110 |
| Non-current liabilities | ||
| Bank loansUS dollars thousands | 3,527,212 | PDF p. 111 |
| Fixed rate bondsUS dollars thousands | 1,132,761 | PDF p. 111 |
| Derivative financial instrumentsUS dollars thousands | 7,700 | PDF p. 111 |
| Long term lease liabilitiesUS dollars thousands | 518,960 | PDF p. 111 |
| Deferred income tax liabilitiesUS dollars thousands | 295,490 | PDF p. 111 |
| Subtotal (unlabelled in original)US dollars thousands | 5,482,123 | PDF p. 111 |
| Current liabilities | ||
| Accounts payable and accrualsUS dollars thousands | 579,222 | PDF p. 111 |
| Contract liabilitiesUS dollars thousands | 89,412 | PDF p. 111 |
| Short term lease liabilitiesUS dollars thousands | 44,729 | PDF p. 111 |
| Amounts due to non-controlling shareholdersUS dollars thousands | 51,779 | PDF p. 111 |
| Current income tax liabilitiesUS dollars thousands | 6,113 | PDF p. 111 |
| Bank loansUS dollars thousands | 952,444 | PDF p. 111 |
| Fixed rate bondsUS dollars thousands | – | PDF p. 111 |
| Derivative financial instrumentsUS dollars thousands | 3,169 | PDF p. 111 |
| Subtotal (unlabelled in original)US dollars thousands | 1,726,868 | PDF p. 111 |
| Total liabilitiesUS dollars thousands | 7,208,991 | PDF p. 111 |
| Total equity and liabilitiesUS dollars thousands | 12,633,506 | PDF p. 111 |
Definitions & sources
Original report: PDF p. 110 ↗ PDF p. 111 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Company statement of financial position
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Company / as at 31 December 2022 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentUS dollars thousands | 4,057 | PDF p. 228 |
| Investments in subsidiariesUS dollars thousands | 4,031,939 | PDF p. 228 |
| Financial assets at FVPL – Club debenturesUS dollars thousands | 3,073 | PDF p. 228 |
| Subtotal (unlabelled in original)US dollars thousands | 4,039,069 | PDF p. 228 |
| Current assets | ||
| Amounts due from subsidiariesUS dollars thousands | 707,952 | PDF p. 228 |
| Dividends receivable, prepayments and depositsUS dollars thousands | 583,163 | PDF p. 228 |
| Cash and cash equivalentsUS dollars thousands | 7,330 | PDF p. 228 |
| Subtotal (unlabelled in original)US dollars thousands | 1,298,445 | PDF p. 228 |
| Total assetsUS dollars thousands | 5,337,514 | PDF p. 228 |
| Capital and reserves attributable to owners of the Company | ||
| Share capital and premiumUS dollars thousands | 3,201,995 | PDF p. 228 |
| Shares held for share award schemeUS dollars thousands | (6,111) | PDF p. 228 |
| Other reservesUS dollars thousands | 1,546,510 | PDF p. 228 |
| Retained earningsUS dollars thousands | 441,582 | PDF p. 228 |
| Total equityUS dollars thousands | 5,183,976 | PDF p. 228 |
| Current liabilities | ||
| Accounts payable and accrualsUS dollars thousands | 3,198 | PDF p. 228 |
| Amounts due to subsidiariesUS dollars thousands | 150,340 | PDF p. 228 |
| Subtotal (unlabelled in original)US dollars thousands | 153,538 | PDF p. 228 |
| Total liabilitiesUS dollars thousands | 153,538 | PDF p. 228 |
| Total equity and liabilitiesUS dollars thousands | 5,337,514 | PDF p. 228 |
| Net current assetsUS dollars thousands | 1,144,907 | PDF p. 228 |
| Total assets less current liabilitiesUS dollars thousands | 5,183,976 | PDF p. 228 |
Definitions & sources
Original report: PDF p. 228 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group changes in equity / 2022
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / Share capital and premium | 2022Group / Shares held for share award scheme | 2022Group / Other reserves | 2022Group / Retained earnings | 2022Group / Total attributable to owners of the Company | 2022Group / Non-controlling interests | 2022Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| equity | ||||||||
| Balance at 1 January 2022US dollars thousands | 3,201,995 | (2,858) | 1,073,259 | 1,591,897 | 5,864,293 | 185,571 | 6,049,864 | PDF p. 115 |
| Fair value changes of financial assets at fair value through other comprehensive incomeUS dollars thousands | – | – | (125) | – | (125) | (171) | (296) | PDF p. 115 |
| Remeasurements of post-employment benefit obligationsUS dollars thousands | – | – | – | 474 | 474 | (7) | 467 | PDF p. 115 |
| Effect of hyperinflationUS dollars thousands | – | – | – | 53,713 | 53,713 | – | 53,713 | PDF p. 115 |
| Fair value changes of interest-rate swap and cross-currency swap contracts – hedgingUS dollars thousands | – | – | 145,939 | – | 145,939 | 9,518 | 155,457 | PDF p. 115 |
| Currency translation differencesUS dollars thousands | – | – | (650,836) | – | (650,836) | (40,029) | (690,865) | PDF p. 115 |
| Other comprehensive (loss)/income for the year recognised directly in equityUS dollars thousands | – | – | (505,022) | 54,187 | (450,835) | (30,689) | (481,524) | PDF p. 115 |
| Loss for the yearUS dollars thousands | – | – | – | (158,519) | (158,519) | (28,933) | (187,452) | PDF p. 115 |
| Total comprehensive loss for the year ended 31 December 2022US dollars thousands | – | – | (505,022) | (104,332) | (609,354) | (59,622) | (668,976) | PDF p. 115 |
| Shares purchase for share award schemeUS dollars thousands | – | (6,139) | – | – | (6,139) | – | (6,139) | PDF p. 115 |
| Share-based compensation under share award schemeUS dollars thousands | – | – | 5,241 | – | 5,241 | – | 5,241 | PDF p. 115 |
| Vesting of shares under share award schemeUS dollars thousands | – | 2,886 | (2,294) | (592) | – | – | – | PDF p. 115 |
| Transfer gain on change in fair value of equity instruments sold to retained earningsUS dollars thousands | – | – | (2,337) | 2,337 | – | – | – | PDF p. 115 |
| Dividend paid and payable to non-controlling shareholdersUS dollars thousands | – | – | – | – | – | (2,025) | (2,025) | PDF p. 115 |
| Net change in equity loans due to non-controlling shareholdersUS dollars thousands | – | – | – | – | – | 46,550 | 46,550 | PDF p. 115 |
| Subtotal (unlabelled in original)US dollars thousands | – | (3,253) | 610 | 1,745 | (898) | 44,525 | 43,627 | PDF p. 115 |
| Balance at 31 December 2022US dollars thousands | 3,201,995 | (6,111) | 568,847 | 1,489,310 | 5,254,041 | 170,474 | 5,424,515 | PDF p. 115 |
Definitions & sources
Original report: PDF p. 115 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group consolidated cash flows
40 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 December 2022 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Net cash generated from operationsUS dollars thousands | 140,885 | PDF p. 116 |
| Interest paid for loans and fixed rate bondsUS dollars thousands | (189,849) | PDF p. 116 |
| Interest paid for lease liabilitiesUS dollars thousands | (28,120) | PDF p. 116 |
| Hong Kong profits tax paidUS dollars thousands | (190) | PDF p. 116 |
| Overseas tax paidUS dollars thousands | (13,764) | PDF p. 116 |
| Net cash generated from/(used in) operating activitiesUS dollars thousands | (91,038) | PDF p. 116 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipmentUS dollars thousands | (25,713) | PDF p. 116 |
| Capital expenditure on properties under developmentUS dollars thousands | (46,707) | PDF p. 116 |
| Capital expenditure on investment propertiesUS dollars thousands | (65,499) | PDF p. 116 |
| Capital expenditure on intangible assetsUS dollars thousands | (6,986) | PDF p. 116 |
| Proceeds from disposal of property, plant and equipmentUS dollars thousands | 7,149 | PDF p. 116 |
| Proceeds from disposal of investment propertiesUS dollars thousands | 2,361 | PDF p. 116 |
| Capital injection to associatesUS dollars thousands | – | PDF p. 116 |
| Cash received from capital reduction of associatesUS dollars thousands | 30,360 | PDF p. 116 |
| Injection of loans to associatesUS dollars thousands | (2,441) | PDF p. 116 |
| Repayment of loans from associatesUS dollars thousands | 912 | PDF p. 116 |
| Interest received from associatesUS dollars thousands | 635 | PDF p. 116 |
| Interest received from short term fund placementUS dollars thousands | – | PDF p. 116 |
| Other interest receivedUS dollars thousands | 9,855 | PDF p. 116 |
| Dividends received from associatesUS dollars thousands | 130,325 | PDF p. 116 |
| Dividends received from listed SharesUS dollars thousands | 1,185 | PDF p. 116 |
| Sale proceeds from disposal of listed SharesUS dollars thousands | 3,546 | PDF p. 116 |
| Sale proceeds received for disposal of controlling interest in a subsidiaryUS dollars thousands | 22,850 | PDF p. 116 |
| Net (increase)/decrease in bank deposits with original maturities over 3 monthsUS dollars thousands | 26,334 | PDF p. 116 |
| Net cash (used in)/generated from investing activitiesUS dollars thousands | 88,166 | PDF p. 116 |
| Cash flows from financing activities | ||
| Dividends paid to non-controlling shareholdersUS dollars thousands | (1,995) | PDF p. 116 |
| Purchase of shares under share award schemeUS dollars thousands | (6,139) | PDF p. 116 |
| Injection of loans from non-controlling shareholdersUS dollars thousands | 5,785 | PDF p. 116 |
| Repayment of loans to non-controlling shareholdersUS dollars thousands | (236) | PDF p. 116 |
| Return of equity to non-controlling shareholdersUS dollars thousands | – | PDF p. 116 |
| Principal elements of lease paymentsUS dollars thousands | (16,379) | PDF p. 116 |
| Net proceeds from issuance of fixed rate bondsUS dollars thousands | – | PDF p. 116 |
| Cash received upon maturity of cross currency swap contractsUS dollars thousands | – | PDF p. 116 |
| Repayment of bank loansUS dollars thousands | (304,476) | PDF p. 116 |
| Bank loans drawn downUS dollars thousands | 387,482 | PDF p. 116 |
| Net cash generated from financing activitiesUS dollars thousands | 64,042 | PDF p. 116 |
| Net increase in cash and cash equivalentsUS dollars thousands | 61,170 | PDF p. 116 |
| Cash and cash equivalents at beginning of the yearUS dollars thousands | 745,540 | PDF p. 116 |
| Exchange gains/(losses) on cash and cash equivalentsUS dollars thousands | (53,708) | PDF p. 116 |
| Cash and cash equivalents at end of the yearUS dollars thousands | 753,002 | PDF p. 116 |
Definitions & sources
Original report: PDF p. 116 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group consolidated statement of profit or loss
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended 31 December 2021 | Source |
|---|---|---|
| income | ||
| RevenueUS dollars thousands | 1,241,049 | PDF p. 111 |
| Cost of salesUS dollars thousands | (696,527) | PDF p. 111 |
| Gross profitUS dollars thousands | 544,522 | PDF p. 111 |
| Other gains/(losses) – netUS dollars thousands | (3,435) | PDF p. 111 |
| Marketing costsUS dollars thousands | (57,415) | PDF p. 111 |
| Administrative expensesUS dollars thousands | (193,424) | PDF p. 111 |
| Other operating expensesUS dollars thousands | (644,244) | PDF p. 111 |
| Operating lossUS dollars thousands | (353,996) | PDF p. 111 |
| Finance costs – netUS dollars thousands | (212,594) | PDF p. 111 |
| Share of profit of associatesUS dollars thousands | 209,644 | PDF p. 111 |
| Loss before income taxUS dollars thousands | (356,946) | PDF p. 111 |
| Income tax (expense)/creditUS dollars thousands | 12,527 | PDF p. 111 |
| Loss for the yearUS dollars thousands | (344,419) | PDF p. 111 |
| Loss attributable to: | ||
| Owners of the CompanyUS dollars thousands | (290,575) | PDF p. 111 |
| Non-controlling interestsUS dollars thousands | (53,844) | PDF p. 111 |
| Subtotal (unlabelled in original)US dollars thousands | (344,419) | PDF p. 111 |
| (expressed in US cents per share) | ||
| – basicUS cents per share | (8.13) | PDF p. 111 |
| – dilutedUS cents per share | (8.13) | PDF p. 111 |
Definitions & sources
Original report: PDF p. 111 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group consolidated statement of comprehensive income
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended 31 December 2021 | Source |
|---|---|---|
| oci | ||
| Loss for the yearUS dollars thousands | (344,419) | PDF p. 112 |
| Items that will not be reclassified subsequently to profit or loss | ||
| Fair value changes of financial assets at fair value through other comprehensive incomeUS dollars thousands | 4,955 | PDF p. 112 |
| Remeasurements of post-employment benefit obligationsUS dollars thousands | 2,878 | PDF p. 112 |
| Effect of hyperinflationUS dollars thousands | – | PDF p. 112 |
| Items that may be reclassified subsequently to profit or loss | ||
| Fair value changes of interest-rate swap and cross-currency swap contracts – hedgingUS dollars thousands | 55,823 | PDF p. 112 |
| Currency translation differences – subsidiariesUS dollars thousands | (49,146) | PDF p. 112 |
| Currency translation differences – associatesUS dollars thousands | 64,994 | PDF p. 112 |
| Other comprehensive (loss)/income for the yearUS dollars thousands | 79,504 | PDF p. 112 |
| Total comprehensive loss for the yearUS dollars thousands | (264,915) | PDF p. 112 |
| Total comprehensive loss attributable to: | ||
| Owners of the CompanyUS dollars thousands | (201,815) | PDF p. 112 |
| Non-controlling interestsUS dollars thousands | (63,100) | PDF p. 112 |
| Subtotal (unlabelled in original)US dollars thousands | (264,915) | PDF p. 112 |
Definitions & sources
Original report: PDF p. 112 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group statement of financial position
49 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / as at 31 December 2021 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentUS dollars thousands | 4,634,879 | PDF p. 109 |
| Investment propertiesUS dollars thousands | 1,758,979 | PDF p. 109 |
| Right-of-use assetsUS dollars thousands | 1,174,309 | PDF p. 109 |
| Intangible assetsUS dollars thousands | 110,024 | PDF p. 109 |
| Interest in associatesUS dollars thousands | 4,341,708 | PDF p. 109 |
| Deferred income tax assetsUS dollars thousands | 73,484 | PDF p. 109 |
| Financial assets at fair value through other comprehensive incomeUS dollars thousands | 7,364 | PDF p. 109 |
| Financial assets at fair value through profit or lossUS dollars thousands | 12,626 | PDF p. 109 |
| Derivative financial instrumentsUS dollars thousands | 1,949 | PDF p. 109 |
| Other receivablesUS dollars thousands | 14,882 | PDF p. 109 |
| Subtotal (unlabelled in original)US dollars thousands | 12,130,204 | PDF p. 109 |
| Current assets | ||
| InventoriesUS dollars thousands | 28,956 | PDF p. 109 |
| Properties for saleUS dollars thousands | 74,976 | PDF p. 109 |
| Accounts receivable, prepayments and depositsUS dollars thousands | 200,803 | PDF p. 109 |
| Amounts due from associatesUS dollars thousands | 147,987 | PDF p. 109 |
| Derivative financial instrumentsUS dollars thousands | 2,793 | PDF p. 109 |
| Financial assets at fair value through profit or lossUS dollars thousands | 17,251 | PDF p. 109 |
| Short-term deposits with original maturities over 3 monthsUS dollars thousands | 39,326 | PDF p. 109 |
| Cash and cash equivalentsUS dollars thousands | 745,540 | PDF p. 109 |
| Subtotal (unlabelled in original)US dollars thousands | 1,257,632 | PDF p. 109 |
| Assets of disposal group classified as held for saleUS dollars thousands | 86,431 | PDF p. 109 |
| Subtotal (unlabelled in original)US dollars thousands | 1,344,063 | PDF p. 109 |
| Total assetsUS dollars thousands | 13,474,267 | PDF p. 109 |
| Capital and reserves attributable to owners of the Company | ||
| Share capital and premiumUS dollars thousands | 3,201,995 | PDF p. 109 |
| Shares held for share award schemeUS dollars thousands | (2,858) | PDF p. 109 |
| Other reservesUS dollars thousands | 1,073,259 | PDF p. 109 |
| Retained earningsUS dollars thousands | 1,591,897 | PDF p. 109 |
| Subtotal (unlabelled in original)US dollars thousands | 5,864,293 | PDF p. 109 |
| Non-controlling interestsUS dollars thousands | 185,571 | PDF p. 109 |
| Total equityUS dollars thousands | 6,049,864 | PDF p. 109 |
| Non-current liabilities | ||
| Bank loansUS dollars thousands | 3,400,972 | PDF p. 110 |
| Fixed rate bondsUS dollars thousands | 1,124,794 | PDF p. 110 |
| Derivative financial instrumentsUS dollars thousands | 25,507 | PDF p. 110 |
| Amounts due to non-controlling shareholdersUS dollars thousands | 46,550 | PDF p. 110 |
| Long term lease liabilitiesUS dollars thousands | 570,726 | PDF p. 110 |
| Deferred income tax liabilitiesUS dollars thousands | 303,768 | PDF p. 110 |
| Subtotal (unlabelled in original)US dollars thousands | 5,472,317 | PDF p. 110 |
| Current liabilities | ||
| Accounts payable and accrualsUS dollars thousands | 614,869 | PDF p. 110 |
| Contract liabilitiesUS dollars thousands | 140,823 | PDF p. 110 |
| Short term lease liabilitiesUS dollars thousands | 48,072 | PDF p. 110 |
| Amounts due to non-controlling shareholdersUS dollars thousands | 50,018 | PDF p. 110 |
| Current income tax liabilitiesUS dollars thousands | 4,205 | PDF p. 110 |
| Bank loansUS dollars thousands | 1,062,086 | PDF p. 110 |
| Derivative financial instrumentsUS dollars thousands | 19,622 | PDF p. 110 |
| Subtotal (unlabelled in original)US dollars thousands | 1,939,695 | PDF p. 110 |
| Liabilities of disposal group classified as held for saleUS dollars thousands | 12,391 | PDF p. 110 |
| Subtotal (unlabelled in original)US dollars thousands | 1,952,086 | PDF p. 110 |
| Total liabilitiesUS dollars thousands | 7,424,403 | PDF p. 110 |
| Total equity and liabilitiesUS dollars thousands | 13,474,267 | PDF p. 110 |
Definitions & sources
Original report: PDF p. 109 ↗ PDF p. 110 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Company statement of financial position
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Company / as at 31 December 2021 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentUS dollars thousands | 4,394 | PDF p. 227 |
| Investments in subsidiariesUS dollars thousands | 4,116,000 | PDF p. 227 |
| Financial assets at FVPL – Club debenturesUS dollars thousands | 3,003 | PDF p. 227 |
| Subtotal (unlabelled in original)US dollars thousands | 4,123,397 | PDF p. 227 |
| Current assets | ||
| Amounts due from subsidiariesUS dollars thousands | 646,337 | PDF p. 227 |
| Dividends receivable, prepayments and depositsUS dollars thousands | 581,727 | PDF p. 227 |
| Cash and cash equivalentsUS dollars thousands | 1,305 | PDF p. 227 |
| Subtotal (unlabelled in original)US dollars thousands | 1,229,369 | PDF p. 227 |
| Total assetsUS dollars thousands | 5,352,766 | PDF p. 227 |
| Capital and reserves attributable to owners of the Company | ||
| Share capital and premiumUS dollars thousands | 3,201,995 | PDF p. 227 |
| Shares held for share award schemeUS dollars thousands | (2,858) | PDF p. 227 |
| Other reservesUS dollars thousands | 1,543,563 | PDF p. 227 |
| Retained earningsUS dollars thousands | 480,776 | PDF p. 227 |
| Total equityUS dollars thousands | 5,223,476 | PDF p. 227 |
| Current liabilities | ||
| Accounts payable and accrualsUS dollars thousands | 3,718 | PDF p. 227 |
| Amounts due to subsidiariesUS dollars thousands | 125,572 | PDF p. 227 |
| Subtotal (unlabelled in original)US dollars thousands | 129,290 | PDF p. 227 |
| Total liabilitiesUS dollars thousands | 129,290 | PDF p. 227 |
| Total equity and liabilitiesUS dollars thousands | 5,352,766 | PDF p. 227 |
| Net current assetsUS dollars thousands | 1,100,079 | PDF p. 227 |
| Total assets less current liabilitiesUS dollars thousands | 5,223,476 | PDF p. 227 |
Definitions & sources
Original report: PDF p. 227 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group changes in equity / 2021
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / Share capital and premium | 2021Group / Shares held for share award scheme | 2021Group / Other reserves | 2021Group / Retained earnings | 2021Group / Total attributable to owners of the Company | 2021Group / Non-controlling interests | 2021Group / Total equity | Source |
|---|---|---|---|---|---|---|---|---|
| equity | ||||||||
| Balance at 1 January 2021US dollars thousands | 3,201,995 | (4,265) | 985,882 | 1,877,977 | 6,061,589 | 253,158 | 6,314,747 | PDF p. 114 |
| Fair value changes of financial assets at fair value through other comprehensive incomeUS dollars thousands | – | – | 2,653 | – | 2,653 | 2,302 | 4,955 | PDF p. 114 |
| Remeasurements of post-employment benefit obligationsUS dollars thousands | – | – | – | 2,498 | 2,498 | 380 | 2,878 | PDF p. 114 |
| Fair value changes of interest-rate swap and cross-currency swap contracts – hedgingUS dollars thousands | – | – | 52,519 | – | 52,519 | 3,304 | 55,823 | PDF p. 114 |
| Currency translation differencesUS dollars thousands | – | – | 31,090 | – | 31,090 | (15,242) | 15,848 | PDF p. 114 |
| Other comprehensive income/(loss) for the year recognised directly in equityUS dollars thousands | – | – | 86,262 | 2,498 | 88,760 | (9,256) | 79,504 | PDF p. 114 |
| Loss for the yearUS dollars thousands | – | – | – | (290,575) | (290,575) | (53,844) | (344,419) | PDF p. 114 |
| Total comprehensive income/(loss) for the year ended 31 December 2021US dollars thousands | – | – | 86,262 | (288,077) | (201,815) | (63,100) | (264,915) | PDF p. 114 |
| Share-based compensation under share award schemeUS dollars thousands | – | – | 2,337 | – | 2,337 | – | 2,337 | PDF p. 114 |
| Vesting of shares under share award schemeUS dollars thousands | – | 1,407 | (1,222) | (185) | – | – | – | PDF p. 114 |
| Dividend paid and payable to non-controlling shareholdersUS dollars thousands | – | – | – | – | – | (4,487) | (4,487) | PDF p. 114 |
| Adjustment on the difference between the consideration and the portion of the non-controlling interests arising from acquisition of partial equity interest in a subsidiary from a non-controlling shareholderUS dollars thousands | – | – | – | 2,182 | 2,182 | – | 2,182 | PDF p. 114 |
| Subtotal (unlabelled in original)US dollars thousands | – | 1,407 | 1,115 | 1,997 | 4,519 | (4,487) | 32 | PDF p. 114 |
| Balance at 31 December 2021US dollars thousands | 3,201,995 | (2,858) | 1,073,259 | 1,591,897 | 5,864,293 | 185,571 | 6,049,864 | PDF p. 114 |
Definitions & sources
Original report: PDF p. 114 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Group consolidated cash flows
36 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2021Group / year ended 31 December 2021 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Net cash generated from operationsUS dollars thousands | 84,188 | PDF p. 115 |
| Interest paid for loans and fixed rate bondsUS dollars thousands | (169,819) | PDF p. 115 |
| Interest paid for lease liabilitiesUS dollars thousands | (30,697) | PDF p. 115 |
| Hong Kong profits tax paidUS dollars thousands | (134) | PDF p. 115 |
| Overseas tax paidUS dollars thousands | (27,970) | PDF p. 115 |
| Net cash used in operating activitiesUS dollars thousands | (144,432) | PDF p. 115 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipmentUS dollars thousands | (44,211) | PDF p. 115 |
| Capital expenditure on properties under developmentUS dollars thousands | (27,043) | PDF p. 115 |
| Payments for right-of-use assetsUS dollars thousands | (2,313) | PDF p. 115 |
| Capital expenditure on investment propertiesUS dollars thousands | (41,256) | PDF p. 115 |
| Capital expenditure on intangible assetsUS dollars thousands | (5,054) | PDF p. 115 |
| Proceeds from disposal of property, plant and equipment; and investment propertiesUS dollars thousands | 4,775 | PDF p. 115 |
| Capital injection to an associateUS dollars thousands | (10,800) | PDF p. 115 |
| Cash received from capital reduction of an associateUS dollars thousands | 19,500 | PDF p. 115 |
| Net (increase)/decrease in loans to associatesUS dollars thousands | 41,786 | PDF p. 115 |
| Interest received from associatesUS dollars thousands | 15,744 | PDF p. 115 |
| Other interest receivedUS dollars thousands | 8,887 | PDF p. 115 |
| Dividends received from associatesUS dollars thousands | 43,676 | PDF p. 115 |
| Dividends received from listed securitiesUS dollars thousands | 4,712 | PDF p. 115 |
| Sale proceeds from disposal of listed securitiesUS dollars thousands | 2,833 | PDF p. 115 |
| Sale proceeds received for disposal of controlling interest in a subsidiaryUS dollars thousands | 41,452 | PDF p. 115 |
| Decrease in short-term bank deposits with original maturities over 3 monthsUS dollars thousands | 27,068 | PDF p. 115 |
| Net cash generated from investing activitiesUS dollars thousands | 79,756 | PDF p. 115 |
| Cash flows from financing activities | ||
| Dividends paid to non-controlling shareholdersUS dollars thousands | (5,301) | PDF p. 115 |
| Purchase of shares under share award schemeUS dollars thousands | – | PDF p. 115 |
| Net increase in loans from non-controlling shareholdersUS dollars thousands | 1,666 | PDF p. 115 |
| Principal elements of lease paymentsUS dollars thousands | (16,897) | PDF p. 115 |
| Net proceeds from issuance of fixed rate bondsUS dollars thousands | 75,604 | PDF p. 115 |
| Repayment of bank loansUS dollars thousands | (762,149) | PDF p. 115 |
| Bank loans drawn downUS dollars thousands | 598,829 | PDF p. 115 |
| Net cash generated from/(used in) financing activitiesUS dollars thousands | (108,248) | PDF p. 115 |
| Net increase/(decrease) in cash and cash equivalentsUS dollars thousands | (172,924) | PDF p. 115 |
| Cash and cash equivalents at beginning of the yearUS dollars thousands | 924,457 | PDF p. 115 |
| Exchange (losses)/gains on cash and cash equivalentsUS dollars thousands | 2,592 | PDF p. 115 |
| Less: Cash and cash equivalents of disposal group classified as held for saleUS dollars thousands | (8,585) | PDF p. 115 |
| Cash and cash equivalents at end of the yearUS dollars thousands | 745,540 | PDF p. 115 |
Definitions & sources
Original report: PDF p. 115 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Original FY2023 Group statement of profit or loss
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Group / year ended 31 December 2023 | Source |
|---|---|---|
| income | ||
| RevenueUS dollars thousands | 2,141,790 | PDF p. 112 |
| Cost of salesUS dollars thousands | (975,048) | PDF p. 112 |
| Gross profitUS dollars thousands | 1,166,742 | PDF p. 112 |
| Other gains – netUS dollars thousands | 9,050 | PDF p. 112 |
| Marketing costsUS dollars thousands | (80,205) | PDF p. 112 |
| Administrative expensesUS dollars thousands | (241,069) | PDF p. 112 |
| Other operating expensesUS dollars thousands | (639,812) | PDF p. 112 |
| Operating profit/(loss)US dollars thousands | 214,706 | PDF p. 112 |
| Finance costs – netUS dollars thousands | (258,378) | PDF p. 112 |
| Share of profit of associatesUS dollars thousands | 323,818 | PDF p. 112 |
| Profit/(Loss) before income taxUS dollars thousands | 280,146 | PDF p. 112 |
| Income tax expenseUS dollars thousands | (78,470) | PDF p. 112 |
| Profit/(Loss) for the yearUS dollars thousands | 201,676 | PDF p. 112 |
| Profit/(Loss) attributable to: | ||
| Owners of the CompanyUS dollars thousands | 184,139 | PDF p. 112 |
| Non-controlling interestsUS dollars thousands | 17,537 | PDF p. 112 |
| Subtotal (unlabelled in original)US dollars thousands | 201,676 | PDF p. 112 |
| (expressed in US cents per share) | ||
| – basicUS cents per share | 5.17 | PDF p. 112 |
| – dilutedUS cents per share | 5.13 | PDF p. 112 |
Definitions & sources
Original report: PDF p. 112 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Original FY2023 Company statement of financial position
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2023Company / as at 31 December 2023 | Source |
|---|---|---|
| Non-current assets | ||
| Property, plant and equipmentUS dollars thousands | 3,791 | PDF p. 228 |
| Investments in subsidiariesUS dollars thousands | 4,117,683 | PDF p. 228 |
| Financial assets at FVPL – Club debenturesUS dollars thousands | 2,720 | PDF p. 228 |
| Subtotal (unlabelled in original)US dollars thousands | 4,124,194 | PDF p. 228 |
| Current assets | ||
| Amounts due from subsidiariesUS dollars thousands | 681,682 | PDF p. 228 |
| Dividends receivable, prepayments and depositsUS dollars thousands | 544,937 | PDF p. 228 |
| Cash and cash equivalentsUS dollars thousands | 24,429 | PDF p. 228 |
| Subtotal (unlabelled in original)US dollars thousands | 1,251,048 | PDF p. 228 |
| Total assetsUS dollars thousands | 5,375,242 | PDF p. 228 |
| Capital and reserves attributable to owners of the Company | ||
| Share capital and premiumUS dollars thousands | 3,201,995 | PDF p. 228 |
| Shares held for share award schemeUS dollars thousands | (15,645) | PDF p. 228 |
| Other reservesUS dollars thousands | 1,543,971 | PDF p. 228 |
| Retained earningsUS dollars thousands | 445,525 | PDF p. 228 |
| Total equityUS dollars thousands | 5,175,846 | PDF p. 228 |
| Current liabilities | ||
| Accounts payable and accrualsUS dollars thousands | 5,101 | PDF p. 228 |
| Amounts due to subsidiariesUS dollars thousands | 194,295 | PDF p. 228 |
| Subtotal (unlabelled in original)US dollars thousands | 199,396 | PDF p. 228 |
| Total liabilitiesUS dollars thousands | 199,396 | PDF p. 228 |
| Total equity and liabilitiesUS dollars thousands | 5,375,242 | PDF p. 228 |
| Net current assetsUS dollars thousands | 1,051,652 | PDF p. 228 |
| Total assets less current liabilitiesUS dollars thousands | 5,175,846 | PDF p. 228 |
Definitions & sources
Original report: PDF p. 228 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Original FY2022 Group cash flows
36 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2022Group / year ended 31 December 2022 | Source |
|---|---|---|
| Cash flows from operating activities | ||
| Net cash generated from operationsUS dollars thousands | 140,885 | PDF p. 115 |
| Interest paid for loans and fixed rate bondsUS dollars thousands | (189,849) | PDF p. 115 |
| Interest paid for lease liabilitiesUS dollars thousands | (28,120) | PDF p. 115 |
| Hong Kong profits tax paidUS dollars thousands | (190) | PDF p. 115 |
| Overseas tax paidUS dollars thousands | (13,764) | PDF p. 115 |
| Net cash used in operating activitiesUS dollars thousands | (91,038) | PDF p. 115 |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipmentUS dollars thousands | (25,713) | PDF p. 115 |
| Capital expenditure on properties under developmentUS dollars thousands | (46,707) | PDF p. 115 |
| Payments for right-of-use assetsUS dollars thousands | – | PDF p. 115 |
| Capital expenditure on investment propertiesUS dollars thousands | (65,499) | PDF p. 115 |
| Capital expenditure on intangible assetsUS dollars thousands | (6,986) | PDF p. 115 |
| Proceeds from disposal of property, plant and equipment; and investment propertiesUS dollars thousands | 9,510 | PDF p. 115 |
| Capital injection to an associateUS dollars thousands | – | PDF p. 115 |
| Cash received from capital reduction of an associateUS dollars thousands | 30,360 | PDF p. 115 |
| Net (increase)/decrease in loans to associatesUS dollars thousands | (1,529) | PDF p. 115 |
| Interest received from associatesUS dollars thousands | 635 | PDF p. 115 |
| Other interest receivedUS dollars thousands | 9,855 | PDF p. 115 |
| Dividends received from associatesUS dollars thousands | 130,325 | PDF p. 115 |
| Dividends received from listed securitiesUS dollars thousands | 1,185 | PDF p. 115 |
| Sale proceeds from disposal of listed securitiesUS dollars thousands | 3,546 | PDF p. 115 |
| Sale proceeds received for disposal of controlling interest in a subsidiaryUS dollars thousands | 22,850 | PDF p. 115 |
| Decrease in short-term bank deposits with original maturities over 3 monthsUS dollars thousands | 26,334 | PDF p. 115 |
| Net cash generated from investing activitiesUS dollars thousands | 88,166 | PDF p. 115 |
| Cash flows from financing activities | ||
| Dividends paid to non-controlling shareholdersUS dollars thousands | (1,995) | PDF p. 115 |
| Purchase of shares under share award schemeUS dollars thousands | (6,139) | PDF p. 115 |
| Net increase in loans from non-controlling shareholdersUS dollars thousands | 5,549 | PDF p. 115 |
| Principal elements of lease paymentsUS dollars thousands | (16,379) | PDF p. 115 |
| Net proceeds from issuance of fixed rate bondsUS dollars thousands | – | PDF p. 115 |
| Repayment of bank loansUS dollars thousands | (304,476) | PDF p. 115 |
| Bank loans drawn downUS dollars thousands | 387,482 | PDF p. 115 |
| Net cash generated from/(used in) financing activitiesUS dollars thousands | 64,042 | PDF p. 115 |
| Net increase/(decrease) in cash and cash equivalentsUS dollars thousands | 61,170 | PDF p. 115 |
| Cash and cash equivalents at beginning of the yearUS dollars thousands | 745,540 | PDF p. 115 |
| Exchange (losses)/gains on cash and cash equivalentsUS dollars thousands | (53,708) | PDF p. 115 |
| Less: Cash and cash equivalents of disposal group classified as held for saleUS dollars thousands | – | PDF p. 115 |
| Cash and cash equivalents at end of the yearUS dollars thousands | 753,002 | PDF p. 115 |
Definitions & sources
Original report: PDF p. 115 ↗
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
Where the money comes from
Segment information
By business
Revenue recognised by type 9 lines
| Item / unit | 2025USD'000 | 2024USD'000 | Source |
|---|---|---|---|
| Hotel properties | |||
| Revenue from roomsUSD'000 | 1,107,549 | 1,069,464 | PDF p. 155 |
| Food and beverage salesUSD'000 | 766,658 | 767,961 | PDF p. 155 |
| Rendering of ancillary servicesUSD'000 | 99,861 | 106,602 | PDF p. 155 |
| Revenue | |||
| Hotel management and related servicesUSD'000 | 97,131 | 98,190 | PDF p. 155 |
| Property development for saleUSD'000 | 9,243 | 2,314 | PDF p. 155 |
| Other businessUSD'000 | 14,143 | 15,065 | PDF p. 155 |
| Revenue from contracts with customersUSD'000 | 2,094,585 | 2,059,596 | PDF p. 155 |
| Investment propertiesUSD'000 | 139,487 | 125,760 | PDF p. 155 |
| TotalUSD'000 | 2,234,072 | 2,185,356 | PDF p. 155 |
Notes
Revenue recognised in the consolidated financial statements; revenue of associates not included.
Segment profit or loss: revenue and profit/(loss) after tax 26 lines
| Item / unit | 2025Revenue (Note (b)), USD million | 2025Profit/(Loss) after tax (Note (a)), USD million | 2024Revenue (Note (b)), USD million | 2024Profit/(Loss) after tax (Note (a)), USD million | Source |
|---|---|---|---|---|---|
| Hotel properties - The People's Republic of China | |||||
| Hong KongUSD million | 338.1 | 32.0 | 321.9 | 21.2 | PDF p. 157 |
| Chinese MainlandUSD million | 627.9 | (14.3) | 655.2 | (10.1) | PDF p. 157 |
| Hotel properties | |||||
| SingaporeUSD million | 255.6 | 24.0 | 260.0 | 30.4 | PDF p. 157 |
| MalaysiaUSD million | 121.8 | 9.8 | 112.0 | 7.8 | PDF p. 157 |
| The PhilippinesUSD million | 165.4 | 17.9 | 156.5 | 17.1 | PDF p. 157 |
| JapanUSD million | 60.4 | 8.4 | 51.6 | 11.1 | PDF p. 157 |
| ThailandUSD million | 65.0 | 9.4 | 66.2 | 13.0 | PDF p. 157 |
| FranceUSD million | 66.8 | 2.7 | 57.5 | (0.9) | PDF p. 157 |
| AustraliaUSD million | 96.4 | 3.0 | 88.2 | (1.4) | PDF p. 157 |
| United KingdomUSD million | 62.2 | (14.2) | 60.4 | (13.7) | PDF p. 157 |
| MongoliaUSD million | 22.8 | 0.6 | 21.7 | (2.2) | PDF p. 157 |
| Sri LankaUSD million | 41.0 | 8.0 | 40.5 | (2.0) | PDF p. 157 |
| Other countriesUSD million | 50.7 | 2.9 | 52.3 | (0.3) | PDF p. 157 |
| Hotel properties subtotal (unlabelled) | |||||
| 1,974.1USD million | 1,974.1 | 90.2 | 1,944.0 | 70.0 | PDF p. 157 |
| Segments | |||||
| Hotel management and related servicesUSD million | 258.9 | 26.2 | 258.4 | 37.6 | PDF p. 157 |
| Sub-totalUSD million | 2,233.0 | 116.4 | 2,202.4 | 107.6 | PDF p. 157 |
| Investment properties | |||||
| Chinese MainlandUSD million | 35.2 | 153.9 | 31.3 | 171.3 | PDF p. 157 |
| SingaporeUSD million | 16.1 | 11.7 | 14.4 | 10.5 | PDF p. 157 |
| MalaysiaUSD million | 4.8 | 0.7 | 4.3 | 0.6 | PDF p. 157 |
| MongoliaUSD million | 40.1 | 13.3 | 36.5 | 9.3 | PDF p. 157 |
| Sri LankaUSD million | 28.4 | 14.2 | 24.5 | 5.2 | PDF p. 157 |
| Other countriesUSD million | 14.9 | 3.1 | 14.8 | 3.0 | PDF p. 157 |
| Investment properties subtotal (unlabelled) | |||||
| 139.5USD million | 139.5 | 196.9 | 125.8 | 199.9 | PDF p. 157 |
| Segments | |||||
| Property development for saleUSD million | 9.3 | 21.1 | 2.3 | 6.0 | PDF p. 157 |
| Other businessUSD million | 14.1 | (6.0) | 15.1 | (5.6) | PDF p. 157 |
| TotalUSD million | 2,395.9 | 328.4 | 2,345.6 | 307.9 | PDF p. 157 |
Notes
Exchange (losses)/gains of corporate investment holding companies: (9.1) in 2025 and 13.3 in 2024 (label wraps across two lines).
Empty strings indicate no printed cell in that column.
Note (a): Profit/(Loss) after tax includes net of tax results from associates and the Company and its subsidiaries after share of non-controlling interests.
Note (b): Revenue excludes revenue of associates.
Unlabelled subtotal rows use first value as label.
Reconciliation to consolidated profit attributable to owners (non-operating items) 7 lines
| Item / unit | 2025USD million | 2024USD million | Source |
|---|---|---|---|
| Reconciliation | |||
| Profit before non-operating itemsUSD million | 122.8 | 115.9 | PDF p. 158 |
| Non-operating items | |||
| Share of net fair value gains on investment propertiesUSD million | 17.9 | 74.9 | PDF p. 158 |
| Fair value adjustments on security deposits on leased premisesUSD million | 0.7 | 0.3 | PDF p. 158 |
| Net impairment losses on hotel propertiesUSD million | (30.4) | (46.0) | PDF p. 158 |
| Insurance claims recovered from property damageUSD million | 2.9 | 4.1 | PDF p. 158 |
| Total non-operating itemsUSD million | (10.5) | 45.5 | PDF p. 158 |
| Reconciliation | |||
| Consolidated profit attributable to owners of the CompanyUSD million | 112.3 | 161.4 | PDF p. 158 |
Notes
Other non-operating lines (unrealised gains on FVPL assets 3.0/0.5; cross-currency swap (4.6)/7.7; Sri Lankan rupee FX gain –/11.2; loss on disposal of associate –/(4.4); write-off of PPE –/(2.8)) wrap across lines and are omitted here.
Note (a): Profit/(Loss) after tax includes net of tax results from associates and the Company and its subsidiaries after share of non-controlling interests.
Note (b): Revenue excludes revenue of associates.
Group's share of profit/(loss) of associates by operating segment 13 lines
| Item / unit | 2025USD million | 2024USD million | Source |
|---|---|---|---|
| Hotel properties - The People's Republic of China | |||
| Hong KongUSD million | (0.5) | (0.3) | PDF p. 159 |
| Chinese MainlandUSD million | (3.0) | 5.1 | PDF p. 159 |
| Hotel properties | |||
| SingaporeUSD million | 0.8 | 1.4 | PDF p. 159 |
| MalaysiaUSD million | 3.9 | 3.5 | PDF p. 159 |
| The PhilippinesUSD million | 9.1 | 8.6 | PDF p. 159 |
| Other countriesUSD million | 4.1 | 1.0 | PDF p. 159 |
| Hotel properties subtotal (unlabelled) | |||
| 14.4USD million | 14.4 | 19.3 | PDF p. 159 |
| Investment properties | |||
| Chinese MainlandUSD million | 162.0 | 171.9 | PDF p. 159 |
| SingaporeUSD million | 4.5 | 4.5 | PDF p. 159 |
| Investment properties subtotal (unlabelled) | |||
| 166.5USD million | 166.5 | 176.4 | PDF p. 159 |
| Segments | |||
| Property development for saleUSD million | 16.1 | 5.4 | PDF p. 159 |
| Other businessUSD million | 0.2 | 0.1 | PDF p. 159 |
| TotalUSD million | 197.2 | 201.2 | PDF p. 159 |
Notes
Excludes projects under development; included in profit before non-operating items.
Depreciation and amortisation and income tax expense/(credit) by segment 26 lines
| Item / unit | 2025Depreciation and amortisation, USD million | 2025Income tax expense/(credit), USD million | 2024Depreciation and amortisation, USD million | 2024Income tax expense/(credit), USD million | Source |
|---|---|---|---|---|---|
| Hotel properties - The People's Republic of China | |||||
| Hong KongUSD million | 40.3 | 2.8 | 39.8 | 1.9 | PDF p. 160 |
| Chinese MainlandUSD million | 86.6 | 19.4 | 97.6 | 20.1 | PDF p. 160 |
| Hotel properties | |||||
| SingaporeUSD million | 19.8 | 3.8 | 17.5 | 5.2 | PDF p. 160 |
| MalaysiaUSD million | 10.9 | 4.5 | 9.9 | 3.2 | PDF p. 160 |
| The PhilippinesUSD million | 19.1 | 8.7 | 19.3 | 6.3 | PDF p. 160 |
| JapanUSD million | 5.2 | 1.7 | 4.5 | (3.6) | PDF p. 160 |
| ThailandUSD million | 5.1 | 5.2 | 4.8 | 6.1 | PDF p. 160 |
| FranceUSD million | 7.0 | 1.1 | 6.1 | – | PDF p. 160 |
| AustraliaUSD million | 10.7 | (0.2) | 12.0 | – | PDF p. 160 |
| United KingdomUSD million | 7.3 | – | 7.5 | – | PDF p. 160 |
| MongoliaUSD million | 5.3 | (0.5) | 8.3 | 0.1 | PDF p. 160 |
| Sri LankaUSD million | 4.3 | 0.6 | 8.4 | 5.3 | PDF p. 160 |
| Other countriesUSD million | 7.0 | 1.1 | 7.4 | 0.1 | PDF p. 160 |
| Hotel properties subtotal (unlabelled) | |||||
| 228.6USD million | 228.6 | 48.2 | 243.1 | 44.7 | PDF p. 160 |
| Segments | |||||
| Hotel management and related servicesUSD million | 12.9 | 16.0 | 14.9 | 9.6 | PDF p. 160 |
| Sub-totalUSD million | 241.5 | 64.2 | 258.0 | 54.3 | PDF p. 160 |
| Investment properties | |||||
| Chinese MainlandUSD million | – | 15.1 | – | 5.2 | PDF p. 160 |
| SingaporeUSD million | – | 1.5 | – | 1.2 | PDF p. 160 |
| MalaysiaUSD million | – | 0.6 | – | 0.5 | PDF p. 160 |
| MongoliaUSD million | – | 0.9 | – | 2.1 | PDF p. 160 |
| Sri LankaUSD million | 0.2 | 2.2 | 0.2 | (0.6) | PDF p. 160 |
| Other countriesUSD million | 0.1 | 0.5 | 0.1 | 0.3 | PDF p. 160 |
| Investment properties subtotal (unlabelled) | |||||
| 0.3USD million | 0.3 | 20.8 | 0.3 | 8.7 | PDF p. 160 |
| Segments | |||||
| Property development for saleUSD million | – | 0.5 | – | 0.2 | PDF p. 160 |
| Other businessUSD million | 4.6 | 0.5 | 4.0 | – | PDF p. 160 |
| TotalUSD million | 246.4 | 86.0 | 262.3 | 63.2 | PDF p. 160 |
Notes
Income tax expense/(credit) is before share of non-controlling interests; from the Company and its subsidiaries, excluding projects under development.
Segment assets 33 lines
| Item / unit | 2025As at 31 December 2025, USD million | 2024As at 31 December 2024, USD million | Source |
|---|---|---|---|
| Hotel properties - The People's Republic of China | |||
| Hong KongUSD million | 781.2 | 814.1 | PDF p. 161 |
| Chinese MainlandUSD million | 2,231.4 | 2,137.7 | PDF p. 161 |
| Hotel properties | |||
| SingaporeUSD million | 593.5 | 481.6 | PDF p. 161 |
| MalaysiaUSD million | 289.8 | 257.9 | PDF p. 161 |
| The PhilippinesUSD million | 270.1 | 300.3 | PDF p. 161 |
| JapanUSD million | 68.5 | 62.7 | PDF p. 161 |
| ThailandUSD million | 271.2 | 238.3 | PDF p. 161 |
| FranceUSD million | 255.0 | 232.3 | PDF p. 161 |
| AustraliaUSD million | 282.5 | 269.5 | PDF p. 161 |
| United KingdomUSD million | 225.6 | 239.5 | PDF p. 161 |
| MongoliaUSD million | 112.7 | 110.2 | PDF p. 161 |
| Sri LankaUSD million | 145.0 | 146.6 | PDF p. 161 |
| Other countriesUSD million | 135.0 | 132.9 | PDF p. 161 |
| Hotel properties subtotal (unlabelled) | |||
| 5,661.5USD million | 5,661.5 | 5,423.6 | PDF p. 161 |
| Investment properties | |||
| Chinese MainlandUSD million | 570.0 | 598.8 | PDF p. 161 |
| SingaporeUSD million | 530.0 | 506.0 | PDF p. 161 |
| MalaysiaUSD million | 78.4 | 70.0 | PDF p. 161 |
| MongoliaUSD million | 379.6 | 355.6 | PDF p. 161 |
| Sri LankaUSD million | 206.8 | 191.0 | PDF p. 161 |
| Other countriesUSD million | 190.4 | 196.7 | PDF p. 161 |
| Investment properties subtotal (unlabelled) | |||
| 1,955.2USD million | 1,955.2 | 1,918.1 | PDF p. 161 |
| Property development for sale | |||
| Chinese MainlandUSD million | 32.6 | 33.0 | PDF p. 161 |
| Sri LankaUSD million | 16.4 | 19.5 | PDF p. 161 |
| Property development for sale subtotal (unlabelled) | |||
| 49.0USD million | 49.0 | 52.5 | PDF p. 161 |
| Segments | |||
| Hotel management and related servicesUSD million | 346.7 | 375.7 | PDF p. 161 |
| Less: EliminationUSD million | (57.3) | (69.7) | PDF p. 161 |
| Reconciliation | |||
| Total segment assetsUSD million | 7,955.1 | 7,700.2 | PDF p. 161 |
| Assets allocated to projects and other businessUSD million | 232.7 | 263.1 | PDF p. 161 |
| Unallocated assetsUSD million | 1,591.0 | 1,151.8 | PDF p. 161 |
| Intangible assetsUSD million | 102.4 | 103.1 | PDF p. 161 |
| Total assets of the Company and its subsidiariesUSD million | 9,881.2 | 9,218.2 | PDF p. 161 |
| Interest in associatesUSD million | 4,545.3 | 4,280.3 | PDF p. 161 |
| Total assetsUSD million | 14,426.5 | 13,498.5 | PDF p. 161 |
Notes
Unallocated assets mainly comprise other assets of the Company and non-properties holding companies of the Group as well as the financial assets at FVOCI and FVPL, derivative financial instruments and deferred income tax assets.
Debt
Borrowings
Bank loans – current/non-current and maturity
| Item / unit | 2025USD'000 | 2024USD'000 | Source |
|---|---|---|---|
| Bank loans total | |||
| Bank loansUSD'000 | 5,173,092 | 4,940,648 | PDF p. 183 |
| Less: Non-current portionUSD'000 | (4,508,410) | (4,708,500) | PDF p. 183 |
| Current portionUSD'000 | 664,682 | 232,148 | PDF p. 183 |
| Maturity of bank loans | |||
| Within one yearUSD'000 | 664,682 | 232,148 | PDF p. 183 |
| In the second yearUSD'000 | 854,173 | 1,148,552 | PDF p. 183 |
| In the third to fifth yearsUSD'000 | 3,370,204 | 3,181,256 | PDF p. 183 |
| Repayable within five yearsUSD'000 | 4,889,059 | 4,561,956 | PDF p. 183 |
| After five yearsUSD'000 | 284,033 | 378,692 | PDF p. 183 |
Notes
As at 31 December 2025 and 2024, all bank loans are unsecured.
Maturities of Borrowings Contracted as at 31 December 2025 (Discussion and Analysis)
| Item / unit | 2025Within 1 year, USD million | 2025In the 2nd year, USD million | 2025In the 3rd to 5th year, USD million | 2025After 5 years, USD million | 2025Total, USD million | Source |
|---|---|---|---|---|---|---|
| Corporate borrowings | ||||||
| – unsecured bank loansUSD million | 570.2 | 817.4 | 2,747.5 | 64.0 | 4,199.1 | PDF p. 45 |
| – fixed rate bondsUSD million | – | 355.4 | 848.8 | 478.8 | 1,683.0 | PDF p. 45 |
| Bank loans of subsidiaries | ||||||
| – unsecuredUSD million | 94.5 | 36.8 | 622.7 | 220.0 | 974.0 | PDF p. 45 |
| Borrowings | ||||||
| Total outstanding balanceUSD million | 664.7 | 1,209.6 | 4,219.0 | 762.8 | 6,856.1 | PDF p. 45 |
| % of total outstanding balance% | 9.7 | 17.7 | 61.5 | 11.1 | 100.0 | PDF p. 45 |
| Undrawn but committed facilities | ||||||
| Bank loansUSD million | 9.0 | 0.2 | 664.9 | 84.9 | 759.0 | PDF p. 45 |
Liquidity risk – contractual maturity of borrowings and lease liabilities
| Item / unit | 2025Less than 3 months, USD'000 | 2025Between 3 months and 1 year, USD'000 | 2025Between 1 and 2 years, USD'000 | 2025Over 2 years, USD'000 | Source |
|---|---|---|---|---|---|
| At 31 December 2025 | |||||
| Bank loansUSD'000 | 41,385 | 623,297 | 854,173 | 3,654,237 | PDF p. 149 |
| Fixed rate bondsUSD'000 | – | – | 355,890 | 1,329,735 | PDF p. 149 |
| Interest payable for bank loansUSD'000 | 48,869 | 139,159 | 149,842 | 204,027 | PDF p. 149 |
| Interest payable for fixed rate bondsUSD'000 | 4,761 | 118,395 | 120,527 | 207,429 | PDF p. 149 |
| Lease liabilitiesUSD'000 | 18,281 | 54,842 | 69,648 | 1,642,538 | PDF p. 149 |
Notes
Undiscounted contractual cash flows per liquidity risk analysis.
Liquidity risk – contractual maturity of borrowings and lease liabilities
| Item / unit | 2025At 31 December 2025, Less than 3 months, USD'000 | 2025At 31 December 2025, Between 3 months and 1 year, USD'000 | 2025At 31 December 2025, Between 1 and 2 years, USD'000 | 2025At 31 December 2025, Over 2 years, USD'000 | 2024At 31 December 2024, Less than 3 months, USD'000 | 2024At 31 December 2024, Between 3 months and 1 year, USD'000 | 2024At 31 December 2024, Between 1 and 2 years, USD'000 | 2024At 31 December 2024, Over 2 years, USD'000 | Source |
|---|---|---|---|---|---|---|---|---|---|
| At 31 December | |||||||||
| Bank loansUSD'000 | 41,385 | 623,297 | 854,173 | 3,654,237 | 9,350 | 222,798 | 1,148,552 | 3,559,948 | PDF p. 149 |
| Fixed rate bondsUSD'000 | – | – | 355,890 | 1,329,735 | – | 640,727 | – | 773,821 | PDF p. 149 |
| Interest payable for bank loansUSD'000 | 48,869 | 139,159 | 149,842 | 204,027 | 56,228 | 165,251 | 193,341 | 280,279 | PDF p. 149 |
| Interest payable for fixed rate bondsUSD'000 | 4,761 | 118,395 | 120,527 | 207,429 | 4,497 | 79,419 | 54,827 | 94,682 | PDF p. 149 |
| Lease liabilitiesUSD'000 | 18,281 | 54,842 | 69,648 | 1,642,538 | 12,299 | 36,898 | 42,801 | 1,386,601 | PDF p. 149 |
Notes
Undiscounted contractual cash flows per liquidity risk analysis.
Borrowing notes 5 tables
Bank loans – currency denomination
| Item / unit | 2025USD'000 | 2024USD'000 | Source |
|---|---|---|---|
| Currency | |||
| Hong Kong dollars (HKD)USD'000 | 171,690 | 786,413 | PDF p. 183 |
| Renminbi (RMB)USD'000 | 3,956,239 | 3,087,066 | PDF p. 183 |
| United States dollars (USD)USD'000 | 937,640 | 941,645 | PDF p. 183 |
| Japanese yen (JPY)USD'000 | 104,679 | 104,645 | PDF p. 183 |
| Fijian dollars (FJD)USD'000 | 2,844 | 3,625 | PDF p. 183 |
| Singapore dollars (SGD)USD'000 | – | 17,254 | PDF p. 183 |
Notes
The carrying amounts of the bank loans approximate their fair values.
Effective interest rates of bank loans, 31 December
| Item / unit | 2025HKD | 2025RMB | 2025USD | 2025JPY | 2025FJD | 2024HKD | 2024RMB | 2024USD | 2024JPY | 2024FJD | 2024SGD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Effective interest rates 31 December | ||||||||||||
| Bank loans% | 4.19 | 3.68 | 4.88 | 1.22 | 3.75 | 5.79 | 4.04 | 5.67 | 0.97 | 3.75 | 4.74 | PDF p. 184 |
Undrawn borrowing facilities
| Item / unit | 2025USD'000 | 2024USD'000 | Source |
|---|---|---|---|
| Floating rate | |||
| – expiring within one yearUSD'000 | 9,042 | 11,287 | PDF p. 184 |
| – expiring beyond one yearUSD'000 | 693,028 | 332,651 | PDF p. 184 |
| Fixed rate | |||
| – expiring beyond one yearUSD'000 | 56,909 | 989,093 | PDF p. 184 |
Notes
Total undrawn facilities printed: 758,979 (2025); 1,333,031 (2024).
Fixed rate bonds – carrying amount and current/non-current
| Item / unit | 2024At 31 December 2024, USD'000 | 2025At 31 December 2025, USD'000 | Source |
|---|---|---|---|
| Fixed rate bonds | |||
| Face valueUSD'000 | 1,414,548 | 1,685,625 | PDF p. 185 |
| Carrying amountUSD'000 | 1,411,615 | 1,683,047 | PDF p. 185 |
| Less: Non-current portionUSD'000 | (771,291) | (1,683,047) | PDF p. 185 |
| Current portionUSD'000 | 640,324 | – | PDF p. 185 |
Notes
As at 31 December 2025 and 2024, all fixed rate bonds are unsecured.
Bond-level coupon rates (2.03%–4.50%) and maturities (Jun 2027–Jul 2032) are listed per tranche on page 185; per-tranche rows not extracted.
Currency mix of borrowings as at 31 December 2025
| Item / unit | 2025Borrowings, USD million | Source |
|---|---|---|
| Currency mix | ||
| In United States dollarsUSD million | 937.6 | PDF p. 45 |
| In Hong Kong dollarsUSD million | 171.7 | PDF p. 45 |
| In Singapore dollarsUSD million | 1,002.3 | PDF p. 45 |
| In RenminbiUSD million | 4,637.0 | PDF p. 45 |
| In Japanese yenUSD million | 104.7 | PDF p. 45 |
| In Fijian dollarsUSD million | 2.8 | PDF p. 45 |
| TotalUSD million | 6,856.1 | PDF p. 45 |
Notes
Printed table also has a cash and bank balances column (not extracted). Other currencies show – for borrowings.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| DIVIDEND POLICY | The Company’s dividend policy is aimed at providing sustainable returns to Shareholders over time and should be based on the profits of the Group that were not affected by exceptional items (ie, based on operating/recurring profits). Given the capital expenditure requirements to support the Group’s expansion plans, the Board was of the view that 50% to 55% of operating/recurring profits could be a general yet non-mandatory yardstick/benchmark for the Board’s consideration as payment of dividends to Shareholders. | Company | PDF p. 109 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim dividend paid of HK5 cents (2024: HK5 cents) per ordinary share | 5 HK cents per share | Interim dividend per ordinary share, FY2025 | PDF p. 5 |
| Interim dividend paid of HK5 cents (2024: HK5 cents) per ordinary share | 5 HK cents per share | Interim dividend per ordinary share, comparative FY2024 | PDF p. 5 |
| Proposed final dividend of HK10 cents (2024: HK10 cents) per ordinary share | 10 HK cents per share | Proposed final dividend per ordinary share, FY2025 · As at 2026-03-26 | PDF p. 200 |
| Proposed final dividend of HK10 cents (2024: HK10 cents) per ordinary share | 10 HK cents per share | Final dividend per ordinary share, comparative FY2024 | PDF p. 5 |
| total dividend for full year 2025 | 15 HK cents per share | Total dividend per ordinary share, FY2025 | PDF p. 5 |
| total dividend for full year 2025 | 15 HK cents per share | Total dividend per ordinary share, comparative FY2024 | PDF p. 5 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| annual operating/recurring profits | 56% | Total dividend as % of annual operating/recurring profits, FY2025 | PDF p. 109 |
| annual operating/recurring profits | 59% | Total dividend as % of annual operating/recurring profits, comparative FY2024 | PDF p. 109 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | PricewaterhouseCoopers | Group · As at 2026-03-26 | PDF p. 119 |
| Engagement partner | CHO, Kin Lun | Group | PDF p. 119 |
| Our opinion | In our opinion, the consolidated financial statements give a true and fair view | Group | PDF p. 113 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Five full years ended 31 December 2021–2025. Monetary amounts are US dollars thousands (USD’000); EPS is US cents per share. S07 HKD trading currency is separate. Group primary statements and the Company financial-position note are retained; Company reserve schedules are not presented as an invented full Company primary statement.
FY2023 finance costs were originally a net expense of 258,378. The later comparative separates interest expense 272,303 and foreign-exchange gain 13,925, preserving the combined expense. The original FY2023 profit statement is also retained (FY2023 PDF pp.112,197; FY2024 pp.120,201).
FY2022 cashflow originally combined PPE/investment-property proceeds 9,510; the later comparative separates 7,149 and 2,361. Associate-loan net outflow 1,529 is separated into injection 2,441 and repayment 912; NCI-loan net inflow 5,549 becomes injection 5,785 and repayment 236. Net cashflow is unchanged. The original FY2022 cashflow is retained (FY2022 PDF p.115; FY2023 p.116).
The Company retained-earnings note records the 2025 interim dividend as 23,034, while Note36 records Company interim dividend paid of 23,035, a difference of 1 US dollar thousand. Both original figures are retained without an invented reconciliation. The Company retained-earnings roll-forward reconciles using 23,034 (FY2025 PDF pp.200,225).
EPS uses weighted shares in thousands after the disclosed subsidiary/share-award adjustments. Potential shares are excluded as anti-dilutive for loss periods. Current FY2025 basic/diluted denominators are 3,556,388/3,588,437 thousand shares, giving 3.16/3.13 US cents. Issued shares in ownership disclosures are a different denominator (FY2025 PDF p.200).
PricewaterhouseCoopers gave an unmodified true-and-fair opinion. Engagement partner CHO, Kin Lun signed on 26 March 2026. Key audit matters concern impairment of hotel properties and valuation of investment properties (FY2025 PDF pp.113–119).
The proposed FY2025 final dividend of HK10 cents per share was not recorded as a dividend payable at the reporting date. Group and Company dividend amounts differ; the note separately describes holdings of issuer shares by a subsidiary and the share-award trust (FY2025 PDF p.200).
The original FY2021–FY2023 Company statements also show net current assets and total assets less current liabilities below the balance totals. These face rows are retained where available, including the original FY2023 Company statement; later comparative presentation omits these two rows but preserves the underlying amounts (FY2021 PDF p.239; FY2022 p.227; FY2023 p.228; FY2024 p.232).
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.