Financial Highlights

Financial Highlights

Five-Year Financial Summary

For the year ended 31 December

 2020
HK$
million
2019
HK$
million
(Note 1)
2018
HK$
million
(Note 2)
2017
HK$
million
2016
HK$
million
RESULTS
Turnover3,7103,9883,890 3,5483,535
Property expenses(490)(536)(523)(449)(428)
Gross profit3,2203,4523,3673,0993,107
Other income---261-
Investment income272154786950
Other gains and losses510(16)--
Administrative expenses(268)(269)(227)(247)(219)
Finance costs(546)(313)(222)(158)(178)
Change in fair value of investment properties(4,903)7923,532853(1,187)
Share of results of associates2251,733288220237
(Loss) profit before taxation(1,995)5,5596,8004,0971,810
Taxation(353)(473)(481)(484)(463)
(Loss) profit for the year(2,348)5,086 6,3193,6131,347
Perpetual capital securities holders(288)----
Other non-controlling interests89(241)(286)23(129)
(Loss) profit attributable to owners of the Company(2,547)4,8456,033 3,6361,218
Underlying profit for the year2,3982,5872,5362,4912,369
Recurring underlying profit for the year2,3982,5872,5362,3492,369
Dividends
Dividends paid1,5021,5071,4441,4111,394
Dividends declared1,2161,2211,2241,1611,139
Dividends per share (HK cents)144144144137135
(Loss) earnings per share (HK$), based on:
(Loss) profit for the year
- basic(2.44)4.635.773.481.16
- diluted(2.44)4.635.763.481.16

Performance Indicators

 20202019201820172016
Net debt to equityN/A3.9%4.5%4.8%5.2%
Net interest coverage (times)9.8x17.0x18.1x 17.1x20.5x
Net asset value per share (HK$)70.8774.3971.12 66.8964.56
Net (cash) debt per share (HK$)(5.74)3.063.353.373.50
Year end share price (HK$)28.4030.5537.2541.4532.05

As at 31 December

 2020
HK$ million
2019
HK$ million
(Note 1)
2018
HK$ million
(Note 2)
2017
HK$ million
2016
HK$ million
ASSETS AND LIABILITIES
Investment properties74,99379,11677,44272,470 69,633
Investment in associates5,5775,1893,7083,7793,497
Loans to associates11111110-
Investment in a joint venture125143145147145
Loans to a joint venture1,1531,0901,062 9821,891
Other financial investments78960129421-
Time deposits, cash and cash equivalents24,9359,3322,8172,6622,630
Other assets2,1721,5611,5642,0492,225
Total assets109,75597,04387,04382,12080,021
Borrowings(18,970)(12,529)(6,322) (6,185)(6,293)
Taxation(1,031)(1,341)(962)(945)(863)
Other liabilities(2,305)(2,201)(2,122)(1,989) (2,180)
Total liabilities(22,306)(16,071)(9,406)(9,119)(9,336)
Net assets87,44980,97277,63773,00170,685
Perpetual capital securities(10,657)----
Other non-controlling interests(3,112)(3,322)(3,206)(3,048)(3,195)
Shareholders’ funds 73,68077,65074,43169,95367,490
Definitions:
  1. Underlying profit for the year: a non-HKFRS measure, is arrived at by adding (i) Reported (Loss) Profit excluding unrealized fair value change of investment properties and items not generated from the Group’s core property investment business; and (ii) Profit attributable to holders of perpetual capital securities.
  2. Recurring underlying profit for the year: a non-HKFRS measure, is a performance indicator of the Group’s core property investment business and is arrived at by excluding from Underlying Profit items that are non-recurring in nature
  3. Net debt to equity: borrowings less time deposits, cash and cash equivalents divided by total equity
  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 as at year end
  6. Net debt per share: borrowings less time deposits, cash and cash equivalents divided by number of issued shares at year end
Note:
  1. In 2019, the Group has applied HKFRS 16.  Accordingly, certain comparative information for the years ended 31 December 2016, 2017 and 2018 may not be comparable to the year ended 31 December 2019 as such comparative information was prepared under HKAS 17.
  2. In 2018, the Group has applied the remaining sections of HKFRS 9.  Accordingly, certain comparative information for the years ended 31 December 2016 and 2017 may not be comparable to the years ended 31 December 2018 and 2019 as such comparative information was prepared under HKAS 39.