Financial Highlights
Five-Year Financial Summary
For the year ended 31 December
| 2022 HK$ million | 2021 HK$ million | 2020 HK$ million | 2019 HK$ million (Note 1) | 2018 HK$ million |
|
|---|---|---|---|---|---|
| RESULTS | |||||
| Turnover | 3,460 | 3,608 | 3,710 | 3,988 | 3,890 |
| Property expenses | (567) | (499) | (490) | (536) | (523) |
| Gross profit | 2,893 | 3,109 | 3,220 | 3,452 | 3,367 |
| Other income | - | - | - | - | - |
| Investment income | 248 | 92 | 272 | 154 | 78 |
| Other gains and losses | (2) | (8) | 5 | 10 | (16) |
| Administrative expenses | (332) | (274) | (268) | (269) | (227) |
| Finance costs | (423) | (393) | (546) | (313) | (222) |
| Change in fair value of investment properties | (3,213) | (720) | (4,903) | 792 | 3,532 |
| Share of results of associates | 274 | 458 | 225 | 1,733 | 288 |
| Share of results of joint ventures | (52) | (3) | - | - | - |
| (Loss) profit before taxation | (607) | 2,261 | (1,995) | 5,559 | 6,800 |
| Taxation | (342) | (358) | (353) | (473) | (481) |
| (Loss) profit for the year | (949) | 1,903 | (2,348) | 5,086 | 6,319 |
| Perpetual capital securities holders | (450) | (459) | (288) | - | - |
| Other non-controlling interests | 242 | (61) | 89 | (241) | (286) |
| (Loss) profit attributable to owners of the Company | (1,157) | 1,383 | (2,547) | 4,845 | 6,033 |
| Underlying profit for the year | 2,129 | 2,330 | 2,398 | 2,587 | 2,536 |
| Recurring underlying profit for the year | 2,063 | 2,330 | 2,398 | 2,587 | 2,536 |
| Dividends | |||||
| Dividends paid | 1,486 | 1,497 | 1,502 | 1,507 | 1,444 |
| Dividends declared | 1,202 | 1,210 | 1,216 | 1,221 | 1,224 |
| Dividends per share (HK cents) | 144 | 144 | 144 | 144 | 144 |
| (Loss) earnings per share (HK$), based on: | |||||
| (Loss) profit for the year | |||||
| - basic | (1.12) | 1.33 | (2.44) | 4.63 | 5.77 |
| - diluted | (1.12) | 1.33 | (2.44) | 4.63 | 5.76 |
Performance Indicators
| 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|
| Net debt to equity | 23.4% | 11.7% | N/A | 3.9% | 4.5% |
| Net interest coverage (times) | 13.1x | 9.1x | 9.8x | 17.0x | 18.1x |
| Net asset value per share (HK$) | 68.4 | 71.4 | 70.9 | 74.4 | 71.1 |
| Net debt (cash) per share (HK$) | 19.0 | 9.9 | (5.7) | 3.1 | 3.4 |
| Year end share price (HK$) | 25.3 | 24.1 | 28.4 | 30.6 | 37.3 |
As at 31 December
| 2022 HK$ million | 2021 HK$ million | 2020 HK$ million | 2019 HK$ million (Note 1) | 2018 HK$ million |
|
|---|---|---|---|---|---|
| ASSETS AND LIABILITIES | |||||
| Investment properties | 96,787 | 95,107 | 74,993 | 79,116 | 77,442 |
| Investment in associates | 5,491 | 5,995 | 5,577 | 5,189 | 3,708 |
| Loans to associates | 10 | 10 | 11 | 11 | 11 |
| Investment in a joint venture | 473 | 475 | 125 | 143 | 145 |
| Loans to a joint venture | 3,485 | 1,256 | 1,153 | 1,090 | 1,062 |
| Other financial investments | 2,035 | 1,780 | 789 | 601 | 294 |
| Time deposits, cash and cash equivalents | 7,771 | 8,404 | 24,935 | 9,332 | 2,817 |
| Other assets | 3,113 | 4,346 | 2,172 | 1,561 | 1,564 |
| Total assets | 119,165 | 117,373 | 109,755 | 97,043 | 87,043 |
| Borrowings | (27,277) | (18,657) | (18,970) | (12,529) | (6,322) |
| Taxation | (1,203) | (1,091) | (1,031) | (1,341) | (962) |
| Other liabilities | (7,274) | (9,740) | (2,305) | (2,201) | (2,122) |
| Total liabilities | (35,754) | (29,488) | (22,306) | (16,071) | (9,406) |
| Net assets | 83,411 | 87,885 | 87,449 | 80,972 | 77,637 |
| Perpetual capital securities | (10,224) | (10,657) | (10,657) | - | - |
| Other non-controlling interests | (2,987) | (3,358) | (3,112) | (3,322) | (3,206) |
| Shareholders’ funds | 70,200 | 73,870 | 73,680 | 77,650 | 74,431 |
Definitions:
- 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.
- 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
- Net debt to equity: borrowings less time deposits, cash and cash equivalents divided by total equity
- Net interest coverage: gross profit less administrative expenses before depreciation divided by net interest expenses
- Net asset value per share: shareholders’ funds divided by number of issued shares as at year end
- Net debt per share: borrowings less time deposits, cash and cash equivalents divided by number of issued shares at year end
Note:
- 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.
