Financial Highlights

Financial Highlights

Five-Year Financial Summary

For the year ended 31 December

 2023
HK$
million
2022
HK$
million
2021
HK$
million
2020
HK$
million
2019
HK$
million
(Note 1)
RESULTS
Turnover3,2103,4603,6083,7103,988
Property expenses(621)(567)(499)(490)(536)
Gross profit2,5892,8933,1093,2203,452
Investment income26124892272154
Other gains and losses1(2)(8)510
Administrative expenses(307)(332)(274)(268)(269)
Finance costs(478)(423)(393)(546)(313)
Change in fair value of investment properties(2,763)(3,213)(720)(4,903)792
Change in fair value of other financial investments (267)(1)(5)(3)12
Share of results of associates2702744582251,733
Share of results of joint ventures(37)(52)(3)--
(Loss) profit before taxation(731)(607)2,261(1,995)5,559
Taxation(295)(342)(358)(353)(473)
(Loss) profit for the year(1,026)(949)1,903(2,348)5,086
Perpetual capital securities holders(442)(450)(459)(288)-
Other non-controlling interests596242(61)89(241)
(Loss) profit attributable to owners of the Company(872)(1,157)1,383(2,547)4,845
Underlying profit for the year1,8322,1292,3302,3982,587
Recurring underlying profit for the year1,8322,0632,3302,3982,587
Dividends
Dividends paid1,4791,4861,4971,5021,507
Dividends declared8321,2021,2101,2161,221
Dividends per share (HK cents)108144144144144
(Loss) earnings per share (HK$), based on:
(Loss) profit for the year
- basic(0.85)(1.12)1.33(2.44)4.63
- diluted(0.85)(1.12)1.33(2.44)4.63

Performance Indicators

 20232022202120202019
Net debt to equity27.2%23.4%11.7%N/A3.9%
Net interest coverage (after interest capitalization) (times)9.6x13.1x9.1x9.8x17.0x
Net interest coverage (before interest capitalization) (times)
2.4x3.9x5.3x9.8x17.0x
Net asset value per share (HK$)65.468.471.470.974.4
Net debt (cash) per share (HK$)21.119.09.9(5.7)3.1
Year-end share price (HK$)15.525.324.128.430.6

As at 31 December

 2023
HK$ million
2022
HK$ million
2021
HK$ million
2020
HK$ million
2019
HK$ million
(Note 1)
ASSETS AND LIABILITIES
Investment properties96,00596,78795,10774,99379,116
Investments in associates5,4885,4915,9955,5775,189
Loans to associates810101111
Investments in joint ventures445473475125143
Loans to joint ventures4,0293,4851,2561,1531,090
Other financial investments1,5572,0351,780789601
Time deposits, cash and cash equivalents3,8547,7718,40424,9359,332
Other assets3,1403,1134,3462,1721,561
Total assets114,526119,165117,373109,75597,043
Borrowings(25,564)(27,277)(18,657)(18,970)(12,529)
Taxation(1,272)(1,203)(1,091)(1,031)(1,341)
Other liabilities(7,999)(7,274)(9,740)(2,305)(2,201)
Total liabilities(34,835)(35,754)(29,488)(22,306)(16,071)
Net assets79,69183,41187,88587,44980,972
Perpetual capital securities(10,224)(10,224)(10,657)(10,657)-
Other non-controlling interests(2,285)(2,987)(3,358)(3,112)(3,322)
Shareholders’ funds 67,18270,20073,87073,68077,650
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 (after interest capitalization): “Gross profit less administrative expenses before depreciation” divided by “net interest expenses charged to profit or loss”
  5. Net Interest Coverage (before interest capitalization): “Gross profit less administrative expenses before depreciation” divided by “net interest expenses charged to profit or loss plus interest expenses capitalized”
  6. Net asset value per share: shareholders’ funds divided by number of issued shares as at year end
  7. Net debt (cash) 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 2018 may not be comparable to the year ended 31 December 2019 as such comparative information was prepared under HKAS 17. Accounting policies resulting from application of HKFRS 16 are disclosed in the “Material Accounting Policy Information” Section.