Financial Highlights

Five-Year Financial Summary

For the year ended 31 December
2017
HK$
million
2016
HK$
million
2015
HK$
million
2014
HK$
million
2013
HK$
million
RESULTS
Turnover 3,548 3,535 3,430 3,224 3,063
Property expenses (449) (428) (414) (404) (405)
Gross profit 3,099 3,107 3,016 2,820 2,658
Other income 261 - - - -
Investment income 69 50 54 68 76
Other gains and losses - - - (2) 1
Administrative expenses (247) (219) (234) (214) (208)
Finance costs (158) (178) (204) (228) (242)
Change in fair value of investment properties 853 (1,187) 695 2,940 4,575
Share of results of associates 220 237 246 252 309
Profit before taxation 4,097 1,810 3,573 5,636 7,169
Taxation (484) (463) (438) (386) (372)
Profit for the year 3,613 1,347 3,135 5,250 6,797
Non-controlling interests 23 (129) (232) (348) (639)
Profit attributable to owners of the Company 3,636 1,218 2,903 4,902 6,158
Underlying profit for the year 2,491 2,369 2,283 2,163 2,043
Recurring underlying profit for the year 2,349 2,369 2,283 2,163 2,043
Dividends
Dividends paid 1,411 1,394 1,330 1,255 1,064
Dividends proposed 1,161 1,139 1,122 1,064 1,010
Dividends per share (HK cents) 137.00 135.00 132.00 123.00 117.00
Earnings per share (HK$), based on:
Profit for the year
- basic 3.48 1.16 2.73 4.61 5.79
- diluted 3.48 1.16 2.73 4.61 5.79
Underlying profit for the year – basic 2.38 2.26 2.15 2.03 1.92
Recurring underlying profit for the year – basic 2.25 2.26 2.15 2.03 1.92
PERFORMANCE INDICATORS
Net debt to equity 5.0% 5.4% 3.0% 4.2% 5.3%
Net interest coverage (times) 17.1x 23.5x 19.5x 17.1x 15.4x
Net asset value per share (HK$) 66.89 64.56 64.48 63.02 59.54
Net debt per share (HK$) 3.37 3.50 1.94 2.64 3.18
Year end share price (HK$) 41.45 32.05 31.75 34.65 33.40
At 31 December
2017
HK$
million
2016
HK$
million
2015
HK$
million
2014
HK$
million
2013
HK$
million
ASSETS AND LIABILITIES
Investment properties 72,470 69,633 69,810 68,735 65,322
Investment in associates 3,779 3,497 3,683 4,154 4,181
Loans to associates 10 - - - -
Investment in a joint venture 147 145 - - -
Loan to a joint venture 982 1,891 - - -
Fund investment 21 - - - -
Time deposits, cash and bank balances 2,662 2,630 2,804 3,640 4,123
Other assets 2,049 2,225 2,491 2,494 2,468
Total assets 82,120 80,021 78,788 79,023 76,094
Borrowings (6,185) (6,293) (4,859) (6,447) (7,504)
Taxation (945) (863) (803) (732) (660)
Other liabilities (1,989) (2,180) (1,758) (1,715) (1,749)
Total liabilities (9,119) (9,336) (7,420) (8,894) (9,913)
Net assets 73,001 70,685 71,368 70,129 66,181
Non-controlling interests (3,048) (3,195) (3,196) (3,089) (2,855)
Shareholders’ funds 69,953 67,490 68,172 67,040 63,326
Definitions :
  1. Underlying profit for the year: profit adjusted for group’s share of unrealised fair value changes on investment properties
  2. Recurring underlying profit for the year: underlying profit adjusted for items that are non-recurring in nature
  3. Net debt to equity: borrowings less time deposits, cash and bank balances divided by shareholders’ funds
  4. Net interest coverage: gross profit less administrative expenses before depreciation divided by net interest expenses
  5. Net asset value per share: shareholders’ funds divided by number of issued shares at year end
  6. Net debt per share: borrowings less time deposits, cash and bank balances divided by number of issued shares at year end