Annual Report - QuamIR

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Chairman’s Statement (Continued) For 2012, HKC will continue to streamline its business and explore opportunities to sell assets that are not part of its core real estate business. Management continually evaluates property market conditions, and looks to sell existing assets that no longer match with the growth direction of the Group, with the intention of reinvesting the proceeds in higher potential projects. Balance sheet remains strong. Given macroeconomic tightening by the government, there has been fear over the solvency of Chinese property developers. However, the Group is well positioned as it is conservatively geared with a net debt ratio of only 2.4%. Moreover, there are no major debts that are coming due. Only HK$740.0 million is due in 2012, HK$533.1 million is due in 2013, HK$2,457.8 million is due in 2014 and thereafter. The Group’s cash on hand is sufficient to support HKC’s requirements for working capital, as well as to cover the initial development costs of a number of projects. For 2011, HKC will have distributed dividends worth an equivalent to HK$0.038. To partially unlock the value of the Group’s assets, the Group, during the interim period, distributed shares of China Renewable Energy Investment Limited (“CRE”) to shareholders, while still maintaining enough shares to maintain the Group’s control over the subsidiary. 2.4% 740,000,000 533,100,000 2,457,800,000 0.038 In addition, the Group has distributed a special cash dividend of HK$0.01 per ordinary share for the interim period. Board of Directors is recommending an additional final special cash dividend of HK$0.01, or a total special cash dividend of HK$0.02 for the full year. Combined with the distribution of CRE shares, shareholders will have received a special cash dividend and CRE shares worth HK$0.038 per HKC share (based on the closing price of HK$0.315 per CRE share as of 22 March 2012), or an equivalent dividend yield of 9% based on the closing price of HK$0.42 per HKC share as of 22 March 2012. 0.01 0.01 0.02 0.038 0.315 9% 0.42 6 HKC (Holdings) Limited • <strong>Annual</strong> <strong>Report</strong> 2011
Chairman’s Statement (Continued) Acknowledgements On behalf of the Board, I would like to express my sincerest thanks to each of our business partners, employees, management and shareholders for their dedication and support, so critical to the long-term growth of the Group. OEI Tjie Goan Chairman 22 March 2012 • 7
Page 1 and 2: HKC (HOLDINGS) LIMITED (incorporat
Page 3 and 4: Contents 2 Corporate Information
Page 5 and 6: Corporate Information (Continued)
Page 7: Chairman’s Statement (Continued)
Page 11 and 12: Management Discussion and Analysis
Page 17 and 18: Corporate Governance Report (Contin
Page 29 and 30: Directors and Senior Management (Co
Page 35 and 36: Report of the Directors (Continued)
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Report of the Directors (Continued)
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Independent Auditor’s Report (Con
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Consolidated Statement of Comprehen
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Consolidated Balance Sheet (Continu
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Consolidated Statement of Changes i
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Consolidated Statement of Changes i
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Notes to the Consolidated Financial
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Principal Subsidiaries, Associated
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Five-Year Financial Summary 2011 2
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Schedule of Principal Properties (C
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HKC (HOLDINGS) LIMITED 9/F., Tower
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Annual Report - QuamIR

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