Financial Highlights

Financial Highlights

Five-Year Financial Summary

For the year ended 31 December

 2021
HK$
million
2020
HK$
million
2019
HK$
million
(Note 1)
2018
HK$
million
(Note 2)
2017
HK$
million
RESULTS
Turnover3,6083,7103,9883,890 3,548
Property expenses(499)(490)(536)(523)(449)
Gross profit3,1093,2203,4523,3673,099
Other income----261
Investment income922721547869
Other gains and losses(8)510(16)-
Administrative expenses(274)(268)(269)(227)(247)
Finance costs(393)(546)(313)(222)(158)
Change in fair value of investment properties(720)(4,903)7923,532853
Share of results of associates4582251,733288220
Share of results of joint ventures(3)----
Profit (Loss) before taxation2,261(1,995)5,5596,8004,097
Taxation(358)(353)(473)(481)(484)
Profit (Loss) for the year1,903(2,348)5,086 6,3193,613
Perpetual capital securities holders(459)(288)---
Other non-controlling interests(61)89(241)(286)23
Profit (Loss) attributable to owners of the Company1,383(2,547)4,8456,033 3,636
Underlying profit for the year2,3302,3982,5872,5362,491
Recurring underlying profit for the year2,3302,3982,5872,5362,349
Dividends
Dividends paid1,4971,5021,5071,4441,411
Dividends declared1,2101,2161,2211,2241,161
Dividends per share (HK cents)144144144144137
Earnings (Loss) per share (HK$), based on:
Profit (Loss) for the year
- basic1.33(2.44)4.635.773.48
- diluted1.33(2.44)4.635.763.48

Performance Indicators

 20212020201920182017
Net debt to equity11.7%N/A3.9%4.5%4.8%
Net interest coverage (times)9.1x9.8x17.0x18.1x 17.1x
Net asset value per share (HK$)71.470.8774.3971.12 66.89
Net debt (cash) per share (HK$)9.9(5.74)3.063.353.37
Year end share price (HK$)24.128.4030.5537.2541.45

As at 31 December

 2021
HK$ million
2020
HK$ million
2019
HK$ million
(Note 1)
2018
HK$ million
(Note 2)
2017
HK$ million
ASSETS AND LIABILITIES
Investment properties95,10774,99379,11677,44272,470
Investment in associates5,9955,5775,1893,7083,779
Loans to associates1011111110
Investment in a joint venture475125143145147
Loans to a joint venture1,2561,1531,0901,062 982
Other financial investments1,78078960129421
Time deposits, cash and cash equivalents8,40424,9359,3322,8172,662
Other assets4,3462,1721,5611,5642,049
Total assets117,373109,75597,04387,04382,120
Borrowings(18,657)(18,970)(12,529)(6,322) (6,185)
Taxation(1,091)(1,031)(1,341)(962)(945)
Other liabilities(9,740)(2,305)(2,201)(2,122)(1,989)
Total liabilities(29,488)(22,306)(16,071)(9,406)(9,119)
Net assets87,88587,44980,97277,63773,001
Perpetual capital securities(10,657)(10,657)---
Other non-controlling interests(3,358)(3,112)(3,322)(3,206)(3,048)
Shareholders’ funds 73,87073,68077,65074,43169,953
Definitions:
  1. Underlying profit for the year: a non-HKFRS measure, is arrived at by adding (i) Reported Profit (Loss) 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.