HSBC Holdings Results (1/1)
HSBC Holdings PLC
05 August 2002
HSBC Holdings PLC
2002 INTERIM RESULTS - HIGHLIGHTS
* Operating income up 2 per cent to US$13,103 million (US$12,801 million in the
first half of 2001).
On a cash basis (excluding goodwill amortisation):
* Operating profit before provisions up 5 per cent to US$5,957 million (US$5,652
million in the first half of 2001).
* Group pre-tax profit down 7 per cent to US$5,458 million (US$5,840 million in
the first half of 2001).
* Attributable profit down 7 per cent to US$3,681 million (US$3,945 ^ million
in the first half of 2001).
* Return on invested capital of 13.8 per cent (15.2 ^ per cent in the first
half of 2001).
* Cash earnings per share US$0.40 (US$0.43 ^ in the first half of 2001).
On a reported basis (after goodwill amortisation):
* Operating profit before provisions up 6 per cent to US$5,561 million (US$5,251
million in the first half of 2001).
* Group pre-tax profit down 7 per cent to US$5,057 million (US$5,435 million in
the first half of 2001).
* Attributable profit down 7 per cent to US$3,280 million (US$3,540 ^ million
in the first half of 2001).
* Return on average shareholders' funds of 13.7 per cent (15.1 ^ per cent in
the first half of 2001).
* Basic earnings per share US$0.35 (US$0.38 ^ in the first half of 2001).
Dividend and capital positions:
* First interim dividend of US$0.205 per share; an increase of 8 per cent over
the 2001 first interim dividend.
* Tier 1 capital ratio of 9.7 per cent; total capital ratio of 13.5 per cent.
^ Restated to reflect the adoption of UK Financial Reporting Standard 19
'Deferred Tax', details of which are set out in Note 1 on page 15.
HSBC HOLDINGS REPORTS PRE-TAX PROFIT OF US$5,057 MILLION
HSBC made a profit before tax on a reported basis of US$5,057 million, a
decrease of 7 per cent compared with the first half of 2001. Profit attributable
to shareholders was US$3,280 million, a decrease of 7 per cent compared with the
first half of 2001.
Profit before tax on a cash basis was US$5,458 million in the first six months
of 2002, down US$382 million, or 7 per cent, over the same period in 2001. On
the same basis, profit attributable to shareholders declined by 7 per cent to
US$3,681 million.
Net interest income of US$7,593 million was US$401 million, or 6 per cent,
higher than the same period in 2001.
Other operating income fell by US$99 million, or 2 per cent, to US$5,510 million
over the same period in 2001.
Operating expenses (excluding goodwill amortisation) were US$7,146 million in
line with the first half of 2001 but 4 per cent lower than in the second half.
HSBC's cost:income ratio (excluding goodwill amortisation) was 54.5 per cent in
the first half of 2002 compared with 55.8 per cent for the same period in 2001
and 57.0 per cent for the second half of 2001.
The charge for bad and doubtful debts of US$715 million was US$274 million
higher than in the same period of 2001 but US$881 million lower than the second
half of 2001. This was mainly as a result of the US$600 million general
provision against Argentina charged in the second half of 2001. The loss from
foreign currency redenomination in Argentina in the first half of 2002 relates
to losses arising from judicial orders or 'amparos' allowing certain depositors
to circumvent the mandatory pesification rules and recover their historic US
dollar deposits at current exchange rates.
Amounts written off fixed asset investments mainly reflected a provision for the
diminution in value of a minority holding in a European life company acquired in
the CCF acquisition.
The US$23 million share of operating losses in joint ventures principally
reflected the ongoing costs of Merrill Lynch HSBC. In the current period these
costs have been significantly reduced from prior years.
Gains on disposal of investments of US$351 million included profit on the sales
of CCF's stake in Lixxbail to its joint venture partner and HSBC's 6.99 per cent
shareholding in Banco Santiago S.A. In addition, disposal gains of US$131
million were achieved mainly on the sale of investment debt securities as HSBC
adjusted its exposure to interest rates and sovereign credit.
The tier 1 capital and total capital ratio for the Group remained strong at 9.7
per cent and 13.5 per cent, respectively, at 30 June 2002.
The Group's total assets at 30 June 2002 were US$746 billion, an increase of
US$50 billion, or 7 per cent, since 31 December 2001.
Geographical distribution of results
Figures in US$m Half-year to Half-year to Half-year to
30Jun02 30Jun01* 31Dec01*
Profit/(loss) before tax -
cash basis
% % %
Europe 2,179 40.0 2,377 40.7 1,805 60.9
Hong Kong 1,900 34.8 2,055 35.2 1,828 61.6
Rest of Asia-Pacific 670 12.3 638 10.9 458 15.4
North America 652 11.9 599 10.3 24 0.8
Latin America 57 1.0 171 2.9 (1,148 ) (38.7 )
Group profit before tax -
cash basis 5,458 100.0 5,840 100.0 2,967 100.0
Goodwill amortisation (401 ) (405 ) (402 )
Group profit before tax 5,057 5,435 2,565
Tax on profit on ordinary
activities (1,315 ) (1,359 ) (629 )
Profit on ordinary activities
after tax 3,742 4,076 1,936
Minority interests (462 ) (536 ) (484 )
Profit attributable 3,280 3,540 1,452
Profit attributable - cash basis 3,681 3,945 1,854
Distribution of results by line of business
Figures in US$m Half-year to Half-year to Half-year to
30Jun02 30Jun01 31Dec01
Profit/(loss) before tax -
cash basis % % %
Personal Financial Services 1,879 34.4 1,837 31.5 1,667 56.1
Commercial Banking 1,503 27.5 1,339 22.9 1,046 35.3
Corporate, Investment
Banking and Markets 1,941 35.6 2,218 38.0 1,812 61.1
Private Banking 234 4.3 192 3.3 220 7.4
Other (99 ) (1.8 ) 254 4.3 (1,778 ) (59.9 )
Group profit before tax
- cash basis 5,458 100.0 5,840 100.0 2,967 100.0
Goodwill amortisation (401 ) (405 ) (402 )
Group profit before tax 5,057 5,435 2,565
* The figures for 2001 have been restated to reflect the adoption of UK
Financial Reporting Standard 19 'Deferred Tax' details of which are set out in
Note 1
Comment by Sir John Bond, Group Chairman
Our performance in the first half of 2002 showed once again the resilience of
HSBC in difficult market conditions. Our geographical spread of businesses,
together with our financial strength, conservatism and our straightforward
character stood us in good stead. Operating profit before provisions grew by 6
per cent to US$5,561million. Reflecting this, the Board has approved a first
interim dividend of US$0.205 per share, an increase of 8 per cent over last
year's first interim dividend.
The mixed economic signals we referred to when reporting our full year results
for 2001 continued throughout the first half of 2002. They provided the backdrop
to significant swings in confidence which influenced financial markets during
the half year. The unfolding of a number of corporate scandals, particularly in
the United States, drove investors to seek capital protection rather than
capital growth. In the corporate market, nervousness over continuing access to
finance led companies to bolster their financial position, to focus on expenses
and to defer investment spending.
In this environment, we concentrated on controlling costs and on extending the
range of products we deliver to our core customer base. Compared with the first
half of 2001 we added some US$300 million in revenues and held costs flat.
Credit costs of US$715 million absorbed 12 per cent of cash basis operating
profit before provisions, in line with 2001 (excluding the additional general
provision for Argentina), reflecting a broadly stable experience in a difficult
credit environment. Disposal gains of US$350 million were some 48 per cent or
US$326 million lower than the equivalent period in 2001 which benefited from the
sale of our stakes in British Interactive Broadcasting and Modern Terminals
Limited. Accordingly, attributable profit for the first half of 2002 on a cash
basis of US$3.7 billion was 7 per cent lower than the comparable period in 2001.
Our performance in the first half of 2002 also illustrated the continued
development of HSBC in line with our strategy. In particular, there is evidence
that the investment of recent years in electronic distribution channels,
customer relationship management systems, and in training, is resulting in
improved service for our customers and productivity for our shareholders.
Furthermore, we are harnessing our international resources and capabilities to
serve customer needs. The improved focus on our worldwide customer segments has
resulted in stronger revenue generation. There has been progress in our business
with all groups of customers.
Personal Financial Services
With confidence in equity markets eroding, customers have preferred to keep
their funds readily available and the combination of higher deposits and shorter
maturities improved our margins. At the same time, given the low yield on
deposits, sales of unit trusts which offer capital protection were again very
strong, particularly in Hong Kong. Economic uncertainty also encouraged sales of
insurance products. With interest rates low and equity investment seen as
volatile, real property activity boomed driving strong mortgage growth in the UK
and the US. In Hong Kong the property market enjoyed a period of relative
stability with some modest improvements in activity. Other consumer lending was
also strong in the first half of 2002.
Perhaps the most significant long-term trend in our personal financial services
business, however, is the increasing use by our customers of automated and
electronic access channels for conducting their transactions. The benefits of
this trend are evident. On average, internet customers source more products from
the Group than non-internet customers. The internet is also contributing to
lower operating costs and freeing up staff to handle more complex transactions.
* HSBC grew its deposit base successfully, in particular in the personal sector.
In the UK savings balances grew by US$4.9 billion or 23 per cent.
* During the first half of 2002 we sold US$1.9 billion of capital protection
products in Hong Kong, an increase of 58 per cent compared with the first half
of 2001.
* In mainland China we advanced our preparations for the day when we can offer
domestic retail banking services by obtaining licences for all our branches to
transact foreign currency business with domestic retail customers.
* On a like for like basis revenues from sales of insurance products in the UK,
US and Hong Kong at US$159 million, US$21 million and US$123 million
respectively were 26, 55 and 27 per cent higher than the levels achieved in the
first half of 2001.
* In the UK we generated more than 64,000 mortgages, adding US$6.6 billion to
mortgage lending. HSBC Bank plc was again winner of the What Mortgage Award for
the best national bank over two, five and 10 years. In the US mortgages grew by
US$1.7 billion or 11 per cent. In Hong Kong balances excluding the Government
Home Ownership Scheme have grown by 5.6 per cent over the last twelve months. We
achieved strong origination in Canada, Singapore, New Zealand, Korea, Taiwan and
India.
* By 30 June 2002 we had 3.3 million registered internet users, up 33 per cent
from 31 December 2001. In First Direct internet traffic has overtaken telephone
traffic as the primary contact. Through our partnership with Yahoo! we were the
lead sponsor of the China World Cup website which attracted 16 million visits to
HSBC's mini site.
Commercial Banking
HSBC has perhaps the largest international middle market or small business
customer base and this continued to provide opportunities for growth. For the
first six months of 2002 the acquisitions of Banque Hervet in France and
Demirbank in Turkey made full period contributions for the first time, both
meeting our expectations. Trade flows in Asia began to pick up against the
second half of last year and, with interest rates remaining low and domestic
economies in Asia strengthening, credit costs remained low. In the UK much
attention has been directed to the sector as a result of the Competition
Commission Review of banking services to small and medium sized businesses.
* Although the conclusions of the Competition Commission Review were
disappointing we were pleased that HSBC was ranked top for services provided on
business accounts and for relationship management. HSBC UK customers are the
most satisfied overall with their bank.
* The necessary actions to implement the pricing adjustments proposed by the
Competition Commission are underway and will be in place by the end of this
year. The cost to our shareholders is estimated at £80 million in a full year.
* Business internet banking was launched in Hong Kong, the USA and the UK.
Corporate, Investment Banking and Markets
Our services for Corporate and Institutional Banking clients were integrated in
the first half of 2002. Our strategy for this business will ensure a greater
focus on client needs and an improved ability to provide tailored financial
solutions. Co-operation between all products and geographic areas is being
strengthened and the fruits of these efforts are already becoming visible in the
results of the business.
* Throughout the first half, equity markets remained difficult and market values
declined. As part of our overall strategy, we have reorganised our corporate
finance and equities business to provide a strong focus on our customers'
requirements. We will continue to ensure that the resources applied to this
business are appropriate to client needs.
* In Debt Capital Markets activities, HSBC ranked first in issuance in all
currencies for UK and French corporates and all Asian issuers (excluding Japan).
In addition, for the fifth consecutive year we achieved the "Best at Treasury
and Risk Management in Asia" Euromoney award for excellence.
* We led the IPO of Autoroutes du Sud de la France, the largest European IPO in
the first half of 2002.
* We were privileged to be awarded the mandate to lead the first ever global
Islamic bond which was issued on behalf of the Government of Malaysia, and was
successfully completed in June.
* In our global custody business we again increased market share in Asia and
reinforced our position as the largest UK based custodian.
* We continued to pursue our web-enabling initiatives and are a leading
participant in FXall, which provides customers with access to an electronic
trading platform offering foreign currency trade execution, access to research,
and straight through processing.
Private Banking
Against a background of investment uncertainty, our Private Banking operations
performed well, attracting net inflows over the last twelve months of US$14.8
billion and increasing fee and commission income by 6 per cent to US$316
million. We have substantially completed the co-ordination of our Private
Banking businesses. Now we look forward to growing this business within HSBC.
Credit Quality
The credit environment was variable during the first half of 2002 as corporate
profits fell and unemployment increased. However, our provisioning requirements
remained substantially in line with those of 2001 (excluding last year's
exceptional charge for Argentina) amounting on an annualised basis to 0.41 per
cent of our loan book. 61 per cent of this net charge arose from personal
lending, in line with our expectations as we grow this higher margin business.
The stability of our bad debt charge reflects the continuing benefit to our
customers of historically low interest rates. We also benefited from a
relatively modest exposure to the US telecommunications and technology sectors
and to US high yield debt. Credit costs in the first half of 2002 remained below
what we would regard as the trend level for this part of the economic cycle and
therefore we remain cautious.
Argentina
The situation in Argentina remains of great concern but we do not need at
present to revise the provisioning we made at the end of last year. The
principal deterioration in the first half of 2002 has been in relation to events
we cannot control, such as the impact of judicial orders or 'amparos' allowing
certain depositors to circumvent the mandatory pesification rules and recover
their historic US dollar deposits at current exchange rates. This has been the
major factor contributing to the attributable loss of US$61 million arising in
the first half of 2002.
On the positive side we have recovered 25 per cent of personal and corporate
credit outstanding at 31 December 2001 and renegotiation of all contractual
arrangements is now proceeding. Government approval for the issue of
compensation bonds to address the impact of the asymmetrical pesification has
now been finalised and the bonds are expected to be issued later this year. We
have taken no benefit from these bonds as they are not issued and therefore
there is no reliable basis of valuation. We hope that the continuing dialogue
with the IMF can be concluded satisfactorily. We cannot discount the risk of
further deterioration, however.
Share Based Payments
Currently, there is considerable debate internationally about the proper
accounting for share option plans. HSBC benefits from the use of share option
plans to align the interests of employees and shareholders. Our Savings Related
Share Option Plan (SRSOP) is the only one of our plans to offer an option over
shares at a discount to market prices. This is offered to all our employees
(subject to a service condition) and has over 70,000 participants, almost 45 per
cent of our employee base. We support moves at the International Accounting
Standards Board and from some leading US corporates to reflect the cost of such
schemes through earnings. We have been doing so in our US GAAP numbers since
1997 and in Note 24 to the Interim Report we disclose that the expense in the
first six months of 2002 was US$127 million, of which US$45 million arose from
our SRSOP. HSBC is giving consideration to reflecting this cost in its primary
UK financial statements in due course.
Outlook
Given the events of recent months, our view is that the outlook for the rest of
2002 is more likely to be shaped by sentiment than by economic fundamentals or
by policy action although there are signs of recovery in the world economy.
It is unlikely that the decline in personal wealth caused by the fall in the
equity markets can be reversed quickly by macroeconomic policy actions.
Consumers, who drove a prolonged period of growth and mitigated the effects of
the bursting of the technology and telecoms bubble, are becoming more cautious.
Without growth in corporate profitability and investment, a stock market rebound
is unlikely.
We continue to position HSBC for a subdued environment. We have strengthened our
capital position still further. We maintain strong liquidity and we are pursuing
a policy of diversification, both geographically and by line of business. We are
in a good position to seek out and respond to new opportunities and to create
long term value for our shareholders.
Financial Overview
30Jun01 31Dec01 Half-year to 30Jun02
US$m US$m US$m £m HK$m
For the half-year
Cash basis ^
5,840 2,967 Profit before tax 5,458 3,782 42,567
3,945 1,854 Profit attributable 3,681 2,551 28,708
Reported basis
5,435 2,565 Profit before tax 5,057 3,505 39,440
3,540 1,452 Profit attributable 3,280 2,273 25,581
1,764 2,703 Dividends 1,929 1,337 15,044
At period-end
46,728 46,388 Shareholders' funds 51,178 33,470 399,188
52,732 50,854 Capital resources 55,440 36,258 432,432
506,141 503,631 Customer accounts and deposits by banks 532,233 348,081 4,151,417
692,191 696,245 Total assets 746,335 488,103 5,821,413
386,054 391,478 Risk-weighted assets 410,986 268,785 3,205,691
US$ US$ Per share US$ £ HK$
0.43 0.20 Cash earnings ^ 0.40 0.28 3.12
0.38 0.16 Basic earnings 0.35 0.24 2.73
0.38 0.16 Diluted earnings 0.35 0.24 2.73
0.19 0.29 Dividends ^^ 0.205 0.13 1.60
5.01 4.96 Net asset value 5.42 3.54 42.28
Share information
9,333 9,355 US$0.50 ordinary shares in issue (million) 9,450
US$110 US$109 Market capitalisation (billion) US$109
£8.43 £8.06 Closing market price per share £7.55
Total shareholder return to 30 June
2002 ^^^ HSBC Benchmark
- over 1 year 94 84
- since 1 January 1999 167 115
^ Cash based measurements are after excluding the impact of goodwill
amortisation.
^^ The first interim dividend of US$0.205 per share is translated at the
closing rate on 30 Jun 2002 (see page 22).
^^^ Total shareholder return (TSR) is as defined on page 146 of the Annual
Report and Accounts 2001. HSBC's governing objective is to beat the TSR of its
defined benchmark, with a minimum objective to achieve double TSR over a
five-year period beginning on 1 January 1999.
* The figures for 2001 have been restated to reflect the adoption of UK
Financial Reporting Standard 19 'Deferred Tax' details of which are set out in
Note 1.
30Jun01* 31Dec01* Half-year to 30Jun02
% % Performance ratios %
On a cash basis^
15.2 7.2 Return on invested capital ^^ 13.8
24.9 11.0 Return on net tangible equity ^^^ 23.3
1.34 0.67 Post-tax return on average tangible assets 1.18
2.35 1.17 Post-tax return on average risk-weighted assets 2.11
On a reported basis
15.1 5.9 Return on average shareholders' funds 13.7
1.20 0.54 Post-tax return on average assets 1.04
2.14 0.97 Post-tax return on average risk-weighted assets 1.90
Efficiency and revenue mix ratios
55.8 57.0 Cost:income ratio (excluding goodwill amortisation) 54.5
As a percentage of total operating income:
56.2 57.6 - net interest income 57.9
43.8 42.4 - other operating income 42.1
29.4 28.3 - net fees and commissions 29.4
6.8 6.2 - dealing profits 4.9
Capital ratios
9.4 9.0 - tier 1 capital 9.7
13.7 13.0 - total capital 13.5
^ Cash based measurements are after excluding the impact of goodwill
amortisation.
^^ Return on invested capital is based on cash based attributable profit
adjusted for depreciation attributable to revaluation surpluses. Average
invested capital is measured as shareholders' funds after adding back goodwill
amortised and goodwill previously written-off directly to reserves and deducting
property revaluation reserves. This measure broadly reflects invested capital.
^^^ Cash basis attributable profit divided by average shareholders' funds
after deduction of average purchased goodwill.
Elsewhere within this document, the Hong Kong Special Administrative Region of
the People's Republic of China has been referred to as 'Hong Kong'.
* The figures for 2001 have been restated to reflect the adoption of UK
Financial Reporting Standard 19 'Deferred Tax' details of which are set out in
Note 1.
30Jun01* 31Dec01* Half-year to 30 June 2002
US$m US$m US$m £m HK$m
19,219 16,042 Interest receivable 14,229 9,861 110,972
(12,027 ) (8,509 ) Interest payable (6,636 ) (4,599 ) (51,754 )
7,192 7,533 Net interest income 7,593 5,262 59,218
5,609 5,554 Other operating income 5,510 3,818 42,972
12,801 13,087 Operating income 13,103 9,080 102,190
(7,149 ) (7,456 ) Operating expenses excluding goodwill (7,146 ) (4,952 ) (55,732 )
(401 ) (398 ) Goodwill amortisation (396 ) (274 ) (3,088 )
5,251 5,233 Operating profit before provisions 5,561 3,854 43,370
Provisions for bad and doubtful
(441 ) (1,596 ) debts (715 ) (495 ) (5,576 )
Provisions for contingent
(42 ) (607 ) liabilities and commitments (3 ) (2 ) (23 )
Loss from foreign currency
- (520 ) redenomination in Argentina (45 ) (31 ) (351 )
Amounts written off fixed
(53 ) (72 ) asset investments (139 ) (96 ) (1,084 )
4,715 2,438 Operating profit 4,659 3,230 36,336
(48 ) (43 ) Share of operating loss in joint ventures (23 ) (16 ) (179 )
92 72 Share of operating profit in associates 71 49 554
Gains on disposal of:
667 87 - investments 351 243 2,737
9 11 - tangible fixed assets (1 ) (1 ) (8 )
5,435 2,565 Profit on ordinary activities before tax 5,057 3,505 39,440
(1,359 ) (629 ) Tax on profit on ordinary activities (1,315 ) (911 ) (10,256 )
4,076 1,936 Profit on ordinary activities after tax 3,742 2,594 29,184
Minority interests:
(314 ) (265 ) - equity (278 ) (193 ) (2,168 )
(222 ) (219 ) - non-equity (184 ) (128 ) (1,435 )
3,540 1,452 Profit attributable to shareholders 3,280 2,273 25,581
(1,764 ) (2,703 ) Dividends (1,929 ) (1,337 ) (15,044 )
1,776 (1,251 ) Retained profit/(deficit) for the period 1,351 936 10,537
* The figures for 2001 have been restated to reflect the adoption of UK
Financial Reporting Standard 19 'Deferred Tax' details of which are set out in
Note 1.
Consolidated Balance Sheet
At At
30Jun01* 31Dec01* At 30Jun02
US$m US$m US$m £m HK$m
ASSETS
Cash and balances at central
4,464 6,185 banks 5,561 3,637 43,376
Items in the course of
7,519 5,775 collection from other banks 5,894 3,855 45,973
Treasury bills and other
20,896 17,971 eligible bills 19,255 12,593 150,189
Hong Kong SAR Government
8,274 8,637 certificates of indebtedness 8,986 5,877 70,091
Loans and advances to
121,791 104,641 banks 100,965 66,031 787,526
Loans and advances to
299,471 308,649 customers 342,057 223,705 2,668,045
149,046 160,579 Debt securities 172,792 113,006 1,347,778
7,656 8,057 Equity shares 8,710 5,696 67,938
258 292 Interests in joint ventures 144 94 1,123
1,072 1,056 Interests in associates 1,042 681 8,128
135 120 Other participating interests 47 31 367
13,909 14,564 Intangible fixed assets 15,111 9,883 117,866
13,600 13,521 Tangible fixed assets 13,988 9,148 109,106
36,772 38,632 Other assets 44,363 29,013 346,031
Prepayments and accrued
7,328 7,566 income 7,420 4,853 57,876
692,191 696,245 Total assets 746,335 488,103 5,821,413
LIABILITIES
Hong Kong SAR currency
8,274 8,637 notes in circulation 8,986 5,877 70,091
64,313 53,640 Deposits by banks 61,455 40,192 479,349
441,828 449,991 Customer accounts 470,778 307,889 3,672,068
Items in the course of transmission
5,903 3,798 to other banks 4,112 2,689 32,074
25,962 27,098 Debt securities in issue 28,683 18,759 223,727
65,284 72,623 Other liabilities 86,642 56,664 675,808
Accruals and deferred
7,036 7,149 income 7,707 5,040 60,115
Provisions for liabilities and
charges
808 1,057 - deferred taxation 1,181 772 9,212
3,225 3,883 - other provisions 3,292 2,153 25,677
Subordinated liabilities
3,475 3,479 - undated loan capital 3,517 2,300 27,433
11,993 12,001 - dated loan capital 12,199 7,978 95,152
Minority interests
2,292 2,210 - equity 2,253 1,474 17,573
5,070 4,291 - non-equity 4,352 2,846 33,946
4,667 4,678 Called up share capital 4,725 3,090 36,855
42,061 41,710 Reserves 46,453 30,380 362,333
46,728 46,388 Shareholders' funds 51,178 33,470 399,188
692,191 696,245 Total liabilities 746,335 488,103 5,821,413
* The figures for 2001 have been restated to reflect the adoption of UK
Financial Reporting Standard 19 'Deferred Tax' details of which are set out in
Note 1
Consolidated Cash Flow Statement
Half-year to Half-year to Half-year to
Figures in US$m 30Jun02 30Jun01 31Dec01
Net cash inflow from operating activities 12,948 5,261 7,654
Dividends received from associated undertakings 66 76 37
Returns on investments and servicing of finance:
Interest paid on finance leases and similar hire purchase
contracts (14 ) (12 ) (15 )
Interest paid on subordinated loan capital (364 ) (525 ) (591 )
Dividends paid to minority interests - equity (284 ) (274 ) (198 )
- non-equity (20 ) (209 ) (390 )
Net cash (outflow) from returns on investments
and servicing of finance (682 ) (1,020 ) (1,194 )
Taxation paid (523 ) (954 ) (1,152 )
Capital expenditure and financial investments:
Purchase of investment securities (66,893 ) (79,212 ) (69,614 )
Proceeds from sale and maturities of investment securities 62,767 81,918 63,443
Purchase of tangible fixed assets (756 ) (809 ) (1,064 )
Proceeds from sale of tangible fixed assets 123 235 322
Net cash (outflow)/inflow from capital expenditure
and financial investments (4,759 ) 2,132 (6,913 )
Acquisitions and disposals:
Net cash inflow/(outflow) from acquisition of
and increase in stake in subsidiary undertakings 20 (72 ) (762 )
Net cash inflow/(outflow) from disposal of subsidiary
undertakings - 28 (2 )
Purchase of interest in associated undertakings
and other participating interests (26 ) (101 ) (53 )
Proceeds from disposal of associated
undertakings and other participating interests 356 70 9
Net cash inflow/(outflow) from acquisitions
and disposals 350 (75 ) (808 )
Equity dividends paid (1,844 ) (1,890 ) (1,638 )
Net cash inflow/(outflow) before financing 5,556 3,530 (4,014 )
Financing:
Issue of ordinary share capital 182 19 93
Redemption of preference share capital (50 ) - (825 )
Subordinated loan capital issued 630 251 205
Subordinated loan capital repaid (637 ) (583 ) (382 )
Net cash inflow/(outflow) from financing 125 (313 ) (909 )
Increase/(decrease) in cash 5,681 3,217 (4,923 )
Other Primary Financial Statements
Statement of total consolidated recognised gains and losses for the half-year to
30Jun01* 31Dec01* 30Jun02
US$m US$m US$m
Profit for the period attributable to
3,540 1,452 shareholders 3,280
Unrealised surplus on revaluation of
investment properties:
- (18 ) - subsidiaries -
- (5 ) - associates -
Unrealised surplus on revaluation of land
and buildings (excluding investment properties):
- (227 ) - subsidiaries -
(2,190 ) 948 Exchange and other movements 2,432
1,350 2,150 Total recognised gains and losses for the period 5,712
Prior period adjustment (as explained in Note 1) 409
Total gains and losses since last annual report 6,121
Reconciliation of movements in consolidated shareholders' funds for the half-year to
30Jun01* 31Dec01* 30Jun02
US$m US$m US$m
Profit for the period attributable
3,540 1,452 to shareholders 3,280
(1,764 ) (2,703 ) Dividends (1,929 )
1,776 (1,251 ) 1,351
Other recognised gains and losses
(2,190 ) 698 relating to the period 2,432
New share capital subscribed,
19 93 net of costs 182
Reserve in respect of obligations under CCF
(7 ) (9 ) share options (31 )
Amounts arising on shares issued
737 129 in lieu of dividends 856
Net addition to shareholders'
335 (340 ) funds 4,790
Shareholders' funds at beginning of period
(originally
US$45,979 million before adding prior period
46,393 46,728 adjustment of US$409 million) 46,388
Shareholders' funds at end of
46,728 46,388 period 51,178
* The figures for 2001 have been restated to reflect the adoption of UK
Financial Reporting Standard 19 'Deferred Tax' details of which are set out in
Note 1
Additional Information
1. Accounting policies
The accounting policies adopted are consistent with those described in the
Annual Report and Accounts 2001 except as noted below.
HSBC has adopted the provisions of the UK Financial Reporting Standard ('FRS')
FRS 19 'Deferred Tax' with effect from 1 January 2002. This has required a
change in the method of accounting for deferred tax. Deferred tax is now
recognised in full, subject to recoverability of deferred tax assets.
Previously, deferred tax assets and liabilities were recognised only to the
extent they were expected to crystallise. As deferred tax liabilities have
generally been fully provided, the main impact of the change in method for HSBC
has been the recognition of deferred tax assets previously not recognised.
The change in accounting policy has been reflected by way of a prior period
adjustment. The comparative figures have been restated as follows:
Consolidated profit and loss account - tax on profit on ordinary activities
Half-year to Half-year to
Figures in US$m 30Jun01 31Dec01
Under previous policy (1,229 ) (345 )
Adoption of FRS 19 (130 ) (284 )
Under new policy (1,359 ) (629 )
The effect on the results for the current period of the adoption of FRS 19 is
immaterial.
Consolidated balance sheet
Provisions
Intangible for liabilities Minority
fixed Other and charges interests
Figures in US$m assets assets - deferred tax -equity Reserves
At 30 June 2001
Under previous policy 13,926 36,404 1,161 2,281 41,368
Adoption of FRS 19 (17 ) 368 (353 ) 11 693
Under new policy 13,909 36,772 808 2,292 42,061
At 31 December 2001
Under previous policy 14,581 38,247 1,109 2,199 41,301
Adoption of FRS 19 (17 ) 385 (52 ) 11 409
Under new policy 14,564 38,632 1,057 2,210 41,710
The increase in HSBC's tax charge for 2001 as restated can be explained as
follows:
- reversal of a benefit taken in 2001 under SSAP 15 in respect of deferred tax
assets attributable under FRS 19 to prior periods;
- reversal of a benefit taken in 2001 under SSAP 15 in respect of the release of
a provision for additional UK tax on remittances from overseas, such a provision
not being permissible under FRS 19; and
- establishment of a provision required under FRS 19 in respect of a possible
claw-back of capital allowances.
2. Dividend
The Directors have declared a first interim dividend for 2002 of US$0.205 per
ordinary share, an increase of 8 per cent. The dividend will be payable on 9
October 2002 to shareholders on the Register at the close of business on 23
August 2002. The dividend will be payable in cash, in US dollars, sterling or
Hong Kong dollars, or a combination of these currencies, at the exchange rates
on 1 October 2002, with a scrip dividend alternative. Particulars of these
arrangements will be mailed to shareholders on or about 5 September 2002, and
elections will be required to be made by 26 September 2002.
The dividend payable in cash on shares held through Euroclear France, the
settlement and central depositary system for Euronext Paris, will be converted
into euros at the exchange rate on 1 October 2002 and paid on 9 October 2002
through CCF, HSBC's paying agent.
The dividend payable to holders of American Depositary Shares ('ADSs'), each of
which represents five ordinary shares, will be paid in cash in US dollars on 9
October 2002 or invested in additional ADSs for participants in the dividend
reinvestment plan operated by the depositary.
The Company's shares will be quoted ex-dividend in London and in Hong Kong on 21
August 2002 and in Paris on 26 August 2002. The ADSs will be quoted ex-dividend
in New York on 21 August 2002.
3. Earnings and dividends per share Half-year to Half-year to Half-year to
Figures in US$ 30Jun02 30Jun01* 31Dec01*
Cash earnings per share 0.40 0.43 0.20
Basic earnings per share 0.35 0.38 0.16
Diluted earnings per share 0.35 0.38 0.16
Dividend per share 0.205 0.19 0.29
Dividend pay out ratio ^ 51 % 44 % 145 %
^ Dividends per share expressed as a percentage of cash earnings per share.
* The figures for 2001 have been restated to reflect the adoption of UK
Financial Reporting Standard 19 'Deferred Tax' details of which are set out in
Note 1.
Basic earnings per ordinary share was calculated by dividing the earnings of
US$3,280 million by the weighted average number of ordinary shares outstanding,
excluding own shares held, of 9,298 million (first half of 2001: earnings of
US$3,540 million and 9,210 million shares; second half of 2001: earnings of
US$1,452 million and 9,264 million shares).
Diluted earnings per share was calculated by dividing the basic earnings, which
require no adjustment for the effects of dilutive ordinary potential shares, by
the weighted average number of ordinary shares outstanding, excluding own shares
held, plus the weighted average number of ordinary shares that would be issued
on conversion of all the dilutive potential ordinary shares (being share options
outstanding not yet exercised) of 9,404 million (first half of 2001: 9,319
million shares; second half of 2001: 9,353 million shares).
The cash earnings per share was calculated by dividing the basic earnings,
including the add-back of amortised goodwill, by the weighted average number of
ordinary shares outstanding.
4. Taxation Half-year Half-year Half-year
Figures in US$m to 30Jun02 to 30Jun01* to 31Dec01*
UK corporation tax charge 322 400 16
Overseas taxation 736 879 691
Joint ventures (6 ) (7 ) (6 )
Associates 19 15 11
Current taxation 1,071 1,287 712
Deferred taxation 244 72 (83 )
Total charge for taxation 1,315 1,359 629
Effective tax rate 26.0 % 25.0 % 24.5 %
*The figures for 2001 have been restated to reflect the adoption of UK Financial
Reporting Standard 19 'Deferred Tax' details of which are set out in Note 1.
The Company and its subsidiary undertakings in the United Kingdom provided for
UK corporation tax at 30 per cent, the rate for the calendar year 2002 (2001: 30
per cent). Overseas tax included Hong Kong profits tax of US$253 million (first
half 2001: US$224 million; second half 2001: US$204 million) provided at the
rate of 16.0 per cent (2001: 16.0 per cent) on the profits assessable in Hong
Kong. Other overseas taxation was provided for in the countries of operation at
the appropriate rates of taxation.
At 30 June 2002, there were in total potential future tax benefits of
approximately US$842 million (30 June 2001: US$457 million; 31 December 2001:
US$887 million) in respect of trading losses, expenditure charged to the profit
and loss account but not yet allowed for tax, and capital losses, against which
a 100 per cent valuation allowance has been taken, as recoverability of these
assets is currently considered remote. Should circumstances change then the
treatment of these assets would be reviewed.
The charge for taxation for the current year is based on the adoption of FRS 19.
The comparative figures have been adjusted to reflect the impact of the adoption
of FRS 19. This adjustment resulted in an increase in the tax charge of US$130
million for the first half 2001 and US$284 million for the second half 2001.
Analysis of overall tax charge: Half-year Half-year Half-year
Figures in US$m to 30Jun02 to 30Jun01* to 31Dec01*
Taxation at UK corporate tax rate of 30.0% 1,517 1,631 769
Impact of differently taxed overseas profits
in principal locations (241 ) (306 ) (310 )
Tax free gains (48 ) (92 ) (10 )
Argentine losses 18 - 336
Goodwill amortisation 128 131 132
Prior period adjustments (7 ) (10 ) (157 )
Other items (52 ) 5 (131 )
Timing differences impact on current tax (244 ) (72 ) 83
Current tax charge 1,071 1,287 712
Deferred tax charge 244 72 (83 )
Overall tax charge 1,315 1,359 629
5. Subordinated liabilities At At At
Figures in US$m 30Jun02 30Jun01 31Dec01
Dated subordinated loan capital which is
repayable:
- within 1 year 1,651 596 1,393
- between 1 and 2 years 652 1,573 950
- between 2 and 5 years 2,056 2,294 2,165
- over 5 years 7,840 7,530 7,493
12,199 11,993 12,001
6. Assets charged as security for liabilities
HSBC has pledged assets as security for liabilities included under the following headings:
Amount of liability secured
At At At
Figures in US$m 30Jun02 30Jun01 31Dec01
Deposits by banks 1,386 1,324 290
Customer accounts 5,510 6,878 5,371
Debt securities in issue 1,718 2,043 1,692
Other liabilities 3,619 3,259 3,175
12,233 13,504 10,528
* The figures for 2001 have been restated to reflect the adoption of UK
Financial Reporting Standard 19 'Deferred Tax' details of which are set out in
Note 1
The amount of assets pledged to secure these amounts was US$40,845 million (31
December 2001: US$32,757 million; 30 June 2001: US$34,015 million). This is
mainly made up of items included in 'Debt securities' and 'Treasury bills and
other eligible bills' of US$36,253 million (31 December 2001: US$30,682 million;
30 June 2001: US$29,291 million).
7. Capital resources
At 30June02 At 30Jun01 At 31Dec01
Capital ratios (%)
Total capital ratio 13.5 13.7 13.0
Tier 1 capital ratio 9.7 9.4 9.0
Composition of capital
Figures in US$m
Tier 1:
Shareholders' funds 51,178 46,035 45,979
Minority interests 3,434 4,436 3,515
Innovative tier 1 securities 3,570 3,421 3,467
Less: property revaluation reserves (2,292 ) (2,561 ) (2,271 )
: goodwill capitalised and intangible
assets (15,587 ) (14,330 ) (14,989 )
: own shares held ^ (576 ) (640 ) (628 )
Total qualifying tier 1 capital 39,727 36,361 35,073
Tier 2:
Property revaluation reserves 2,292 2,561 2,271
General provisions 2,085 2,077 2,091
Perpetual subordinated debt 3,514 3,330 3,338
Term subordinated debt 9,882 10,176 9,912
Minority and other interests
in tier 2 capital 793 691 693
Total qualifying tier 2 capital 18,566 18,835 18,305
Unconsolidated investments (2,031 ) (1,560 ) (1,781 )
Investments in other banks (696 ) (740 ) (627 )
Other deductions (126 ) (164 ) (116 )
Total capital 55,440 52,732 50,854
Total risk-weighted assets 410,986 386,054 391,478
^ This principally reflects shares held in trust to fulfil the Group's
obligations under employee share option plans.
The above figures were computed in accordance with the EU Banking Consolidation
Directive. The comparative figures for 30 June 2001 and 31 December 2001 have
not been restated for the impact of FRS 19, details of which are set out in Note
1.
8. Foreign exchange exposure
The Group's foreign exchange exposures comprise trading exposures and structural
foreign currency translation exposures. Foreign exchange trading exposures
comprise those which arise from foreign exchange dealing within Treasury, and
currency exposures originated by commercial banking businesses in HSBC. The
latter are transferred to local treasury units where they are managed, together
with exposures which result from dealing activities, within limits approved by
the Group Executive Committee.
The Group's structural currency translation exposures are represented by the net
asset value foreign currency equity and subordinated debt investments in its
subsidiaries, branches and associated undertakings. Translation gains or losses
arising from these exposures are recognised in the statement of total
consolidated gains and losses. The Group's structural foreign currency exposures
are managed with the primary objective of ensuring, where practical, that the
Group's and individual banking subsidiaries' tier 1 capital ratios are protected
from the effect of changes in exchange rates.
9. Contingent liabilities and commitments
The total contract amounts of contingent liabilities and commitments which, at
30 June 2002, were US$255,130 million (30 June 2001: US$224,396 million; 31
December 2001: US$242,504 million) are credit-related instruments which include
acceptances, letters of credit, guarantees and commitments to extend credit. The
contract amounts represent the amounts at risk should the contract be fully
drawn upon and the client default. The total of the contract amounts is not
representative of future liquidity requirements.
10. Reconciliation of operating profit to net cash flow from operating activities
Half-year Half-year Half-year
Figures in US$m to 30Jun02 to 30Jun01 to 31Dec01
Operating profit 4,659 4,715 2,438
Change in prepayments and accrued income 156 626 (174 )
Change in accruals and deferred income 447 (2,372 ) 165
Interest on finance leases and similar
hire purchase contracts 15 14 13
Interest on subordinated loan capital 445 581 493
Depreciation and amortisation 941 955 978
Amortisation of discounts and premiums 9 (511 ) (129 )
Provisions for bad and doubtful debts 715 441 1,596
Loans written off net of recoveries (888 ) (618 ) (1,275 )
Provisions for liabilities and charges 462 320 909
Provisions utilised (948 ) (307 ) (235 )
Amounts written off fixed asset investments 139 53 72
Net cash inflow from trading activities 6,152 3,897 4,851
Change in items in the course of collection
from other banks (119 ) (740 ) 1,749
Change in treasury bills and other eligible bills 460 34 2,166
Change in loans and advances to banks 11,320 8,257 11,344
Change in loans and advances to customers (32,940 ) (7,617 ) (8,455 )
Change in other securities (7,523 ) (17,769 ) (2,538 )
Change in other assets (5,947 ) (419 ) (1,437 )
Change in deposits by banks 7,806 2,358 (10,904 )
Change in customer accounts 20,505 13,111 6,688
Change in items in the course of
transmission to other banks 314 1,301 (2,128 )
Change in debt securities in issue 1,585 (2,339 ) 902
Change in other liabilities 14,092 2,135 7,044
Elimination of exchange differences ^ (2,757 ) 3,052 (1,628 )
Net cash inflow from operating activities 12,948 5,261 7,654
^ Adjustment to bring changes between opening and closing balance sheet amounts
to average rates. This is not done on a line-by-line basis, as it cannot be
determined without unreasonable expense
11. Registers of shareholders
The Overseas Branch Register of shareholders in Hong Kong will be closed for one
day, on Friday 23 August 2002. Any person who has acquired shares registered on
the Hong Kong Branch Register but who has not lodged the share transfer with the
Branch Registrar should do so before 4.00pm on Thursday 22 August 2002 in order
to receive the dividend.
Any person who has acquired shares registered on the Principal Register in the
United Kingdom but who has not lodged the share transfer with the Principal
Registrar should do so before 4.00pm on Friday 23 August 2002 in order to
receive the dividend. Transfers between the Principal Register and the Branch
Register may not be made while the Branch Register is closed.
Similarly, transfers of American Depositary Shares must be lodged with the
depositary by noon on Friday 23 August 2002 in order to receive the dividend.
12. Foreign currency amounts
The sterling and Hong Kong dollar equivalent figures in the consolidated profit
and loss account and balance sheet are for information only. These are
translated at the average rate for the period for the profit and loss account
and the closing rate for the balance sheet as follows:
Period-end 30Jun02 30Jun01 31Dec01
Closing : HK$/US$ 7.800 7.800 7.798
: £/US$ 0.654 0.712 0.690
Average : HK$/US$ 7.799 7.800 7.800 ^
: £/US$ 0.693 0.694 0.696 ^
^ Average for the second half of 2001.
13. Litigation
The Group, through a number of its subsidiary undertakings, is named in and is
defending legal actions in various jurisdictions arising from its normal
business. None of these proceedings is regarded as material litigation. There
are certain proceedings relating to the 'Princeton Note Matter' that are
described below.
In relation to the Princeton Note Matter, as disclosed in the 2001 year-end news
release, HSBC USA Inc has settled civil law suits brought by 51 of the 53
Japanese plaintiffs. It has also resolved all of the previously reported
regulatory and criminal investigations arising from the Princeton Note Matter.
Two of the noteholders, whose civil suits seek damages arising from unpaid
Princeton Notes with face amounts totalling approximately US$125 million, are
not included in the settlement and their civil suits will continue. The US
Government excluded one of them from the restitution order because that
noteholder is being criminally prosecuted in Japan for its conduct relating to
its Princeton Notes, and excluded the other because the sum it is likely to
recover from the Princeton Receiver exceeds its losses attributable to its funds
transfers with Republic New York Securities Corporation as calculated by the US
Government.
As previously reported, there is pending a purported class action entitled
Ravens v. Republic New York Corporation, et al., that was filed in the United
States District Court for the Eastern District of Pennsylvania on 7 October 1999
on behalf of former shareholders of Republic New York Corporation ('Republic')
who acquired their common stock between 10 May 1999 (when signing of the merger
agreement between Republic and HSBC was announced) and 15 September 1999. On 16
October 2000 an amended complaint in the Ravens action was filed, alleging that
the defendants violated the federal securities laws in the merger transaction
between Republic and HSBC by failing to disclose facts relating to the potential
liabilities with respect to the Princeton Note Matter. The amended complaint
seeks unspecified damages on behalf of the class. On 16 January 2001, defendants
filed a motion to dismiss the Ravens action. On 24 April 2002, the court denied
in part HSBC USA Inc's motion to dismiss. HSBC USA Inc intends to defend
vigorously against these claims.
14. Substantial interests in share capital
No substantial interest, being 10 per cent or more, in the equity share capital
is recorded in the register maintained under Section 16(1) of the Securities
(Disclosure of Interests) Ordinance.
15. Dealings in HSBC Holdings shares
Save for dealings by HSBC Investment Bank plc, trading as an intermediary in the
Company's shares in London, neither the Company nor any subsidiary undertaking
has bought, sold or redeemed any securities of the Company during the six months
ended 30 June 2002. On 31 July 2002 HSBC Holdings redeemed at par all of its
£413,457,163 of 11.69 per cent subordinated bonds 2002.
16. Interim Report and Statutory accounts
The information in this news release does not constitute statutory accounts
within the meaning of Section 240 of the Companies Act 1985 (the Act). The 2002
Interim Report was approved by the Board of Directors on 5 August 2002. The
statutory accounts for the year ended 31 December 2001 have been delivered to
the Registrar of Companies in England and Wales in accordance with Section 242
of the Act and filed with the US Securities and Exchange Commission. The auditor
has reported on those accounts. Its report was unqualified and did not contain a
statement under Section 237(2) or (3) of the Act. This news release does not
constitute the unaudited interim consolidated financial statements which are
contained in the Interim Report. The unaudited interim consolidated financial
statements have been reviewed by the Company's auditor, KPMG Audit Plc, in
accordance with the guidance contained in Bulletin 1999/4: Review of interim
financial information issued by the Auditing Practices Board. On the basis of
its review it was not aware of any material modifications that should be made to
the unaudited interim consolidated financial statements as presented for the six
months ended 30 June 2002 in the Interim Report. The full report of its review
is included in the Interim Report to the shareholders.
17. Forward-looking statements
This news release contains certain forward-looking statements with respect to
the financial condition, results of operations and business of the Group. These
forward-looking statements represent the Group's expectations or beliefs
concerning future events and involve known and unknown risks and uncertainty
that could cause actual results, performance or events to differ materially from
those expressed or implied in such statements. Certain statements, such as those
that include the words 'potential', 'estimated', and similar expressions or
variations on such expressions may be considered 'forward-looking statements'.
18. Corporate Governance
The Group is committed to high standards of corporate governance. The Company
has complied throughout the six months to 30 June 2002 with the best practice
provisions of the Combined Code on corporate governance appended to the Listing
Rules of the Financial Services Authority and with the provisions of Appendix 14
to the Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong.
There have been no material changes to the information disclosed in the Annual
Report and Accounts 2001 in respect of the number and remuneration of employees,
remuneration policies and share option plans.
19. Interim Report
Copies of the Interim Report will be sent to registered shareholders on or about
16 August 2002 and may be obtained from Group Corporate Affairs, HSBC Holdings
plc, 10 Lower Thames Street, London EC3R 6AE, United Kingdom; or from Group
Public Affairs, The Hongkong and Shanghai Banking Corporation Limited, 1 Queen's
Road Central, Hong Kong; or from HSBC Bank USA, 452 Fifth Avenue, New York, New
York 10018, USA; or from Direction de la Communication, CCF, 103 avenue des
Champs Elysees, 75419, Paris Cedex 08, France. The Group's Interim Report will
also be available on the HSBC website - www.hsbc.com.
The Interim Report will be available on The Stock Exchange of Hong Kong's
website www.hkex.com.hk.
A Chinese translation of the report may be obtained on request from Central
Registration Hong Kong Limited, Rooms 1901-5, Hopewell Centre, 183 Queen's Road
East, Hong Kong.
Custodians or nominees that wish to distribute copies of the Interim Report to
their clients may request copies for collection by writing to Group Corporate
Affairs at the addresses given above.
20. Final results and second interim dividend for 2002
The results for the year to 31 December 2002 will be announced on Monday 3 March
2003. It is intended that any second interim dividend for 2002 that is announced
on that date would be payable on 6 May 2003 to shareholders on the Register on
21 March 2003. The Company's shares would be quoted ex-dividend in London and in
Hong Kong on 19 March 2003 and in Paris on 24 March 2003. The American
Depositary Shares would be quoted ex-dividend in New York on 19 March 2003.
21. News release
Copies of this news release may be obtained from Group Corporate Affairs, HSBC
Holdings plc, 10 Lower Thames Street, London EC3R 6AE, United Kingdom; The
Hongkong and Shanghai Banking Corporation Limited, 1 Queen's Road Central, Hong
Kong; HSBC Bank USA, 452 Fifth Avenue, New York, New York 10018, USA. The News
Release will also be available on the HSBC website - www.hsbc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 22nd November 2024
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