Financial Highlights
Five-Year Financial Summary
For the year ended 31 December
| 2024 HK$ million | 2023 HK$ million | 2022 HK$ million | 2021 HK$ million | 2020 HK$ million |
|
|---|---|---|---|---|---|
| RESULTS | |||||
| Turnover | 3,409 | 3,210 | 3,460 | 3,608 | 3,710 |
| Property expenses | (646) | (621) | (567) | (499) | (490) |
| Gross profit | 2,763 | 2,589 | 2,893 | 3,109 | 3,220 |
| Investment income | 167 | 261 | 248 | 92 | 272 |
| Other gains and losses | 3 | 1 | (1) | (3) | 8 |
| Administrative expenses | (308) | (307) | (332) | (274) | (268) |
| Finance costs | (450) | (478) | (423) | (393) | (546) |
| Change in fair value of investment properties | (1,506) | (2,763) | (3,213) | (720) | (4,903) |
| Change in fair value of other financial investments | (19) | (267) | (1) | (5) | (3) |
| Share of results of associates | 204 | 270 | 274 | 458 | 225 |
| Share of results of joint ventures | (287) | (37) | (52) | (3) | - |
| Profit (loss) before taxation | 567 | (731) | (607) | 2,261 | (1,995) |
| Taxation | (296) | (295) | (342) | (358) | (353) |
| Profit (loss) for the year | 271 | (1,026) | (949) | 1,903 | (2,348) |
| Perpetual capital securities holders | (418) | (442) | (450) | (459) | (288) |
| Other non-controlling interests | 182 | 596 | 242 | (61) | 89 |
| Profit (loss) attributable to owners of the Company | 35 | (872) | (1,157) | 1,383 | (2,547) |
| Underlying profit for the year | 1,956 | 1,832 | 2,129 | 2,330 | 2,398 |
| Recurring underlying profit for the year | 1,956 | 1,832 | 2,063 | 2,330 | 2,398 |
| Dividends | |||||
| Dividends paid | 1,109 | 1,479 | 1,486 | 1,497 | 1,502 |
| Dividends declared | 832 | 832 | 1,202 | 1,210 | 1,216 |
| Dividends per share (HK cents) | 108 | 108 | 144 | 144 | 144 |
| Earnings (loss) per share (HK$), based on: | |||||
| Profit (loss) for the year | |||||
| - basic | 0.03 | (0.85) | (1.12) | 1.33 | (2.44) |
| - diluted | 0.03 | (0.85) | (1.12) | 1.33 | (2.44) |
Performance Indicators
| 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|
| Net debt to equity | 31.4% | 27.2% | 23.4% | 11.7% | N/A |
| Net interest coverage (after interest capitalization) (times) | 8.8x | 9.6x | 13.1x | 9.1x | 9.8x |
| Net interest coverage (before interest capitalization) (times) | 2.3x | 2.4x | 3.9x | 5.3x | 9.8x |
| Net asset value per share (HK$) | 64.3 | 65.4 | 68.4 | 71.4 | 70.9 |
| Net debt (cash) per share (HK$) | 23.7 | 21.1 | 19.0 | 9.9 | (5.7) |
| Year-end share price (HK$) | 11.8 | 15.5 | 25.3 | 24.1 | 28.4 |
As at 31 December
| 2024 HK$ million | 2023 HK$ million | 2022 HK$ million | 2021 HK$ million | 2020 HK$ million |
|
|---|---|---|---|---|---|
| ASSETS AND LIABILITIES | |||||
| Investment properties | 96,547 | 96,005 | 96,787 | 95,107 | 74,993 |
| Investments in associates | 5,347 | 5,488 | 5,491 | 5,995 | 5,577 |
| Loans to associates | 8 | 8 | 10 | 10 | 11 |
| Investments in joint ventures | 342 | 445 | 473 | 475 | 125 |
| Loans to joint ventures | 4,324 | 4,029 | 3,485 | 1,256 | 1,153 |
| Other financial investments | 1,657 | 1,557 | 2,035 | 1,780 | 789 |
| Time deposits, cash and cash equivalents | 2,211 | 3,854 | 7,771 | 8,404 | 24,935 |
| Other assets | 3,653 | 3,140 | 3,113 | 4,346 | 2,172 |
| Total assets | 114,089 | 114,526 | 119,165 | 117,373 | 109,755 |
| Borrowings | (26,514) | (25,564) | (27,277) | (18,657) | (18,970) |
| Taxation | (1,384) | (1,272) | (1,203) | (1,091) | (1,031) |
| Other liabilities | (8,762) | (7,999) | (7,274) | (9,740) | (2,305) |
| Total liabilities | (36,660) | (34,835) | (35,754) | (29,488) | (22,306) |
| Net assets | 77,429 | 79,691 | 83,411 | 87,885 | 87,449 |
| Perpetual capital securities | (9,437) | (10,224) | (10,224) | (10,657) | (10,657) |
| Other non-controlling interests | (1,999) | (2,285) | (2,987) | (3,358) | (3,112) |
| Shareholders’ funds | 65,993 | 67,182 | 70,200 | 73,870 | 73,680 |
Definitions:
- 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.
- 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
