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KowloonDev.Covero/p14/44/21/0314:52›¶1ƒXƒ¤“”CMYCMMYCYCMYK1KowloonDevelopmentCompanyLimited•AnnualReport2002CONTENTS2002BusinessHighlightsCorporateInformationChairman’sStatementReviewofOperationsFinancialReviewFive-YearFinancialSummaryBiographicalDetailsofDirectorsandSeniorManagementReportoftheDirectorsFinancialContentsConsolidatedIncomeStatementConsolidatedBalanceSheetBalanceSheetConsolidatedStatementofChangesinEquityConsolidatedCashFlowStatementNotesontheAccountsReportoftheAuditorsParticularsofProperties200224591516182332343638394390911.PioneerCentre,Mongkok2.SinoCentreshoppingarcade,Mongkok3.TheElgin,Central4.RecoursLaSerre–PhaseI,YuenLong5.TheBonhamMansion,BonhamRoad,Mid-levels6.1212NorthStreet,KennedyTown7.377377PrinceEdwardRoad,KowloonCity8.Professionally-trainedstaffoftheGroup’spropertymanagementcompaniesCoverphotos:12345678KowloonDevelopmentCompanyLimited•AnnualReport200222002BusinessHighlightsJANUARYMARCHMAYAppointmentof9newdirectors.PurchasedretailspaceintheCommercialPodiumofNewMandarinPlazainTsimshatsuiEastataconsiderationof$77million.APRILPolytecHoldingsInternationalLimitedAcquiredfromPolytecHoldingsInternationalLimitedaportfolioofpropertyinterestscomprisingfoursites,principallyforresidentialdevelopment,inNorthStreet,KennedyTown;inTongYanSanTsuen(PhasesIandII),YuenLongandinPrinceEdwardRoad,KowloonCitytogetherwiththeexclusiverightstodeveloparealestateprojectatNgauChiWanatanaggregatecostof$857.1million.LaunchofPhaseIRecoursLaSerre,aqualitylowrisehousingprojectatTongYanSanTsuen,YuenLongtothemarket.3KowloonDevelopmentCompanyLimited•AnnualReport20022002BusinessHighlightsNOVEMBERAUGUSTEasyLivingPropertyManagementLimitedwaspresentedwithTheBestPropertyServiceCompany(PSC/MBO)AwardbytheHongKongHousingAuthority.33AwardedajointventureresidentialprojectbytheUrbanRenewalAuthorityforasiteat33KaWaiManRoad,KennedyTowninvolvingtotaldevelopmentcostofaround$260million.JUNEAcquiredretailshopsinSinoCentre,Mongkokfor$147million.ILJULYAll104residentialunitsofPhaseIRecoursLaSerresold.KowloonDevelopmentCompanyLimited•AnnualReport20024CorporateInformationBOARDOFDIRECTORSOrWaiSheun,ChairmanKeithAlanHolman,DeputyChairmanNgChiMan,ExecutiveDirectorLaiKaFai,ExecutiveDirectorTamHeeChung,Non-executiveDirectorYeungKwokKwong,Non-executiveDirector*ChauChamSon,IndependentNon-executiveDirectorSetoGinChung,John,IndependentNon-executiveDirector*LokKungChin,Hardy,IndependentNon-executiveDirector*LiKwokSing,Aubrey,IndependentNon-executiveDirector**MembersofAuditCommitteeCOMPANYSECRETARYWaiYukHing,MonicaAUDITORSKPMGREGISTRARSComputershareHongKongInvestorServicesLimitedRooms1712–6,HopewellCentre183Queen’sRoadEastHongKongREGISTEREDOFFICE23rdFloor,PioneerCentre750NathanRoad,Kowloon,HongKongTel:(852)23962112Fax:[phone]WEBSITE*****(852)23962112(852)27891370•AnnualReport2002Chairman’sStatementGROUPRESULTSTheBoardofDirectorsofKowloonDevelopmentCompanyLimited(“theCompany”)announcesthatprofitattributabletoshareholdersoftheCompanyanditssubsidiarycompanies(the“Group”)fortheyearended31December2002was$161million.In2001,theCompanydistributedbywayofaspecialinterimdividendinspecieofsharesinTheKowloonMotorBusHoldingsLimited(“KMB”),causingasignificantfinancialeffectintheaccountsofthatyear.Assuch,profitsattributabletoshareholdersforthetwoyearsarenotdirectlycomparable.ThefollowingisananalysisoftheGroup’sadjustedprofitfromoperationsforthetwoyearsaftertakingintoaccountthesaiddistribution:20022001Change$million$million$millionProfitfromoperations201.3229.1-27.8(-12.1%)Less:DividendsfromKMBsharesdistributedinspecieasspecialinterimdividendin2001includedintheabove–(65.4)201.3163.7+37.6(+23.0%)ProfitfromthesaleofalltheunitsofPhaseI,RecoursLaSerre,YuenLongandthesuccessinkeepingtheGroup’scostbaseundercontrolwerethemajorcontributorstothe$37.6millionor23.0%riseintheGroup’sprofitfromoperations.KowloonDevelopmentCompanyLimited•AnnualReport20026Chairman’sStatementDIVIDENDSTheBoardofDirectorsrecommendsthepaymentofafinaldividendof¢20(2001:¢18)pershareforthefinancialyearended31December2002toshareholderswhosenamesappearontheRegisterofMembersoftheCompanyon21May2003.Theproposedfinaldividendisexpectedtobepaidon22May2003followingapprovalattheAnnualGeneralMeetingtobeheldon21May2003.Thefinaldividendtogetherwiththeinterimdividendof¢5persharepaidon16October2002,givesanaggregatedividendof¢25persharefortheyear,resultinginatotaldividendpaymentof$120.9million.Thedividendpersharepaidin2001was$3.02representingaspecialinterimdividendinspecieof4sharesofKMBforevery37sharesoftheCompanyheld(equivalenttoadividendof$2.8pershare),asecondinterimdividendof¢4andafinaldividendof¢18pershare.CLOSUREOFREGISTEROFMEMBERSTheRegisterofMembersoftheCompanywillbeclosedfromTuesday,13May2003toWednesday,21May2003,bothdatesinclusive,duringwhichperiodnotransferofshareswillberegistered.Toqualifyforthefinaldividend,alltransfersaccompaniedbytherelevantsharecertificatesmustbelodgedwiththeCompany’sRegist