Financial Highlights

Five-Year Financial Summary

For the year ended 31 December
2016
HK$
million
2015
HK$
million
2014
HK$
million
2013
HK$
million
2012
HK$
million
RESULTS
Turnover 3,535 3,430 3,224 3,063 2,486
Property expenses (428) (414) (404) (405) (423)
Gross profit 3,107 3,016 2,820 2,658 2,063
Investment income 50 54 68 76 55
Other gains and losses - - (2) 1 18
Administrative expenses (219) (234) (214) (208) (187)
Finance costs (178) (204) (228) (242) (156)
Change in fair value of investment properties (1,187) 695 2,940 4,575 8,533
Share of results of associates 237 246 252 309 334
Profit before taxation 1,810 3,573 5,636 7,169 10,660
Taxation (463) (438) (386) (372) (289)
Profit for the year 1,347 3,135 5,250 6,797 10,371
Non-controlling interests (129) (232) (348) (639) (416)
Profit attributable to owners of the Company 1,218 2,903 4,902 6,158 9,955
Underlying profit for the year 2,369 2,283 2,163 2,043 1,622
Recurring underlying profit for the year 2,369 2,283 2,163 2,043 1,622
Dividends
Dividends paid 1,394 1,330 1,255 1,064 859
Dividends proposed 1,139 1,122 1,064 1,010 829
Dividends per share (HK cents) 135.00 132.00 123.00 117.00 95.00
Earnings per share (HK$), based on:
Profit for the year
- basic 1.16 2.73 4.61 5.79 9.38
- diluted 1.16 2.73 4.61 5.79 9.38
Underlying profit for the year – basic 2.26 2.15 2.03 1.92 1.53
Recurring underlying profit for the year – basic 2.26 2.15 2.03 1.92 1.53
PERFORMANCE INDICATORS
Net debt to equity 5.4% 3.0% 4.2% 5.3% 6.2%
Net interest coverage (times) 23.5x 19.5x 17.1x 15.4x 16.8x
Net asset value per share (HK$) 64.56 64.48 63.02 59.54 54.68
Net debt per share (HK$) 3.50 1.94 2.64 3.18 3.41
Year end share price (HK$) 32.05 31.75 34.65 33.40 37.25
At 31 December
2016
HK$
million
2015
HK$
million
2014
HK$
million
2013
HK$
million
2012
HK$
million
ASSETS AND LIABILITIES
Investment properties 69,633 69,810 68,735 65,322 60,022
Investment in associates 3,497 3,683 4,154 4,181 3,759
Investment in a joint venture 145 - - - -
Loan to a joint venture 1,891 - - - -
Equity investments - - - - 1
Tax recoverable - - - - 2
Time deposits, cash and bank balances 2,630 2,804 3,640 4,123 2,311
Other assets 2,225 2,491 2,494 2,468 2,328
Total assets 80,021 78,788 79,023 76,094 68,423
Borrowings (6,293) (4,859) (6,447) (7,504) (5,941)
Taxation (863) (803) (732) (660) (511)
Other liabilities (2,180) (1,758) (1,715) (1,749) (1,524)
Total liabilities (9,336) (7,420) (8,894) (9,913) (7,976)
Net assets 70,685 71,368 70,129 66,181 60,447
Non-controlling interests (3,195) (3,196) (3,089) (2,855) (2,324)
Shareholders’ funds 67,490 68,172 67,040 63,326 58,123
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 (such as gains or losses on disposal of long-term assets)
  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