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 |
|
|---|---|---|---|---|---|
| RESULTS | |||||
| Turnover | 3,210 | 3,460 | 3,608 | 3,710 | 3,988 |
| Property expenses | (621) | (567) | (499) | (490) | (536) |
| Gross profit | 2,589 | 2,893 | 3,109 | 3,220 | 3,452 |
| Investment income | 261 | 248 | 92 | 272 | 154 |
| Other gains and losses | 1 | (2) | (8) | 5 | 10 |
| 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 associates | 270 | 274 | 458 | 225 | 1,733 |
| 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 interests | 596 | 242 | (61) | 89 | (241) |
| (Loss) profit attributable to owners of the Company | (872) | (1,157) | 1,383 | (2,547) | 4,845 |
| Underlying profit for the year | 1,832 | 2,129 | 2,330 | 2,398 | 2,587 |
| Recurring underlying profit for the year | 1,832 | 2,063 | 2,330 | 2,398 | 2,587 |
| Dividends | |||||
| Dividends paid | 1,479 | 1,486 | 1,497 | 1,502 | 1,507 |
| Dividends declared | 832 | 1,202 | 1,210 | 1,216 | 1,221 |
| Dividends per share (HK cents) | 108 | 144 | 144 | 144 | 144 |
| (Loss) earnings per share (HK$), based on: | |||||
| (Loss) profit for the year | |||||
| - basic | (0.85) | (1.12) | 1.33 | (2.44) | 4.63 |
| - diluted | (0.85) | (1.12) | 1.33 | (2.44) | 4.63 |
Performance Indicators
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Net debt to equity | 27.2% | 23.4% | 11.7% | N/A | 3.9% |
| Net interest coverage (after interest capitalization) (times) | 9.6x | 13.1x | 9.1x | 9.8x | 17.0x |
| Net interest coverage (before interest capitalization) (times) | 2.4x | 3.9x | 5.3x | 9.8x | 17.0x |
| Net asset value per share (HK$) | 65.4 | 68.4 | 71.4 | 70.9 | 74.4 |
| Net debt (cash) per share (HK$) | 21.1 | 19.0 | 9.9 | (5.7) | 3.1 |
| Year-end share price (HK$) | 15.5 | 25.3 | 24.1 | 28.4 | 30.6 |
As at 31 December
| 2023 HK$ million | 2022 HK$ million | 2021 HK$ million | 2020 HK$ million | 2019 HK$ million |
|
|---|---|---|---|---|---|
| ASSETS AND LIABILITIES | |||||
| Investment properties | 96,005 | 96,787 | 95,107 | 74,993 | 79,116 |
| Investments in associates | 5,488 | 5,491 | 5,995 | 5,577 | 5,189 |
| Loans to associates | 8 | 10 | 10 | 11 | 11 |
| Investments in joint ventures | 445 | 473 | 475 | 125 | 143 |
| Loans to joint ventures | 4,029 | 3,485 | 1,256 | 1,153 | 1,090 |
| Other financial investments | 1,557 | 2,035 | 1,780 | 789 | 601 |
| Time deposits, cash and cash equivalents | 3,854 | 7,771 | 8,404 | 24,935 | 9,332 |
| Other assets | 3,140 | 3,113 | 4,346 | 2,172 | 1,561 |
| Total assets | 114,526 | 119,165 | 117,373 | 109,755 | 97,043 |
| 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 assets | 79,691 | 83,411 | 87,885 | 87,449 | 80,972 |
| 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 | 67,182 | 70,200 | 73,870 | 73,680 | 77,650 |
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 (after interest capitalization): “Gross profit less administrative expenses before depreciation” divided by “net interest expenses charged to profit or loss”
- 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”
- Net asset value per share: shareholders’ funds divided by number of issued shares as at year end
- Net debt (cash) per share: borrowings less time deposits, cash and cash equivalents divided by number of issued shares at year end
