Full Year 2024 New World Development Co Ltd Earnings Call (Chinese, English) Transcript
Key Points
- New World Development Co Ltd (NWWDF) reported a core operating profit of HKD6.9 billion, despite a challenging market environment.
- The company's K11 brand has shown resilience and innovation, achieving a 10% CAGR over the past five years.
- The company has a sound financial position with diversified financing channels and strong support from over 60 banks.
- New World Development Co Ltd (NWWDF) has successfully completed significant non-core asset disposals, achieving its target of HKD8 billion for FY24.
- The company has a forward-looking strategy with a focus on high-quality development in key regions like the Greater Bay Area and Yangtze River Delta, which are expected to drive future growth.
- The company reported a significant loss attributable to shareholders of HKD19.7 billion, primarily due to non-cash impairments and provisioning.
- Total debt as of June 2024 was HKD151.6 billion, with a net gearing ratio rising to 55%, indicating high leverage.
- The company has temporarily halted dividend payments due to the financial impact of non-cash adjustments and impairments.
- The property market in mainland China remains weak, affecting sales performance despite some recovery in certain regions.
- High interest rates and market uncertainties have posed significant challenges, impacting the company's overall financial performance.
Friends from the investment sector, greetings. Welcome to New World Development Company Limited's FY 2024 annual presentation online analyst briefing. I am Patrick Chong, Head of Investors Relations, the moderator for this session.
Now let me introduce to you our management in attendance. They are New World Development Non-Executive Vice Chairman, Dr. Adrian Cheng; New World Development CEO, Mr. Eric Ma; New World Development, New World China CEO, Ms. [Eko] Wong; New World Development CFO, Mr. Edward Lau. If you have any questions, please feel free to type your questions into the chat box on webcast. I will read out your questions.
Now I will pass the floor to Adrian.
Right. Regarding FY 2024 results, I would like to clarify a point. Please do not misunderstand that we have lost HKD20 billion of cash. Actually, we noticed that in the market, there are many people who have aroused a lot of
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