Financial Summary
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Financial Summary


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Five Year Performance Summary

Financial Data

​​​​​ Year ended
31 March
2018
HK$'M​
Year ended
31 March
2017
HK$'M​​​
Year ended
31 March
2016
HK$'M​​
Year ended
31 March
2015
HK$'M​
Year ended
31 March
2014
HK$'M​
Consolidated income statement
Revenue 10,023 9,255​ 8,740​ 7,723​ 7,155
Property operating expenses (2,360) (2,261)​ (2,227)​ (2,054)​ (1,953)​
Net property income 7,663 6,994​ 6,513​ ​5,669 5,202​
General and administrative expenses (417) (342)​ (368) (437) (222)​
Change in fair values of investment properties​ 35,493 11,494​ 11,263​ ​22,699 13,445​
​Gains on disposals of investment properties 7,306 1,387​ 396​ 445​ -​
​Interest income, 19 4​ 6 32​​ 28
​Finance costs (665) (567) (508) ​(359) (393)
​Profit before taxation and transactions with Unitholders 49,399​ 18,970 17,302 28,049​ 18,060​
​Taxation (1,420) (1,057)​ (953)​ (819)​ (755)
​Profit for the year, before transactions with Unitholders 47,979 17,913​ 16,349​ 27,230​ 17,305​
​Distributions paid to Unitholders (5,254) (4,898)​ (4,368)​ (4,030)​ (3,579)​
42,725 13,015​ 11,981​ 23,200​ 13,726​
​Represented by:
Change in net assets attributable to Unitholders,
excluding issues of new units and units bought back
44,609 12,461​ 11,404​ 23,217​ 13,851​
​Amount arising from exchange reserve and cash flow hedging reserve movements (2,102) 352​ 523​ (17)​​ (125)​
​Non-controlling interest 218 202​​ 54 - -​
42,725​ 13,015 11,981​ 23,200​ 13,726
Consolidated statement of distributions​
​Profit for the year, before transactions with Unitholders attributable to Unitholders 47,761 17,711​ 16,295​ 27,230 17,305​
​Adjustments:​
​  - Change in fair values of investment properties attributable to Unitholders (35,270) (11,290)​ (11,209)​ (22,699)​ (13,445)​
​  - Deferred taxation on change in fair values of investment properties attributable to Unitholders 368 73​ 24​ -​ ​-
​  - Other non-cash income (122) (107)​ (101)​ (46)​ ​(30)
​  - Depreciation charge on investment properties under China Accounting Standards (150) (83)​ (67)​ ​- ​-
​  - Gains on disposals of investment properties, net of transaction costs (7,306) (1,312)​ (375)​ (421)​​ -​
​Total distributable income 5,281 4,992​ 4,567​ 4,064​ ​3,830
​Discretionary distribution 150 83​ 67​​ 128 ​-
​Total distributable amount 5,431 5,075​ 4,634​ ​4,192 3,830​
​Distribution per unit (HK cents)
​Interim DPU 121.50 111.75​ 98.99​ 89.56​ 80.22​
Final DPU 128.28 116.66​ 107.19​ 93.28​ 85.59
​Total DPU 249.78 228.41​ 206.18​ 182.84​ 165.81

 
 
As at
31 March
2018​
As at
31 March
2017​
As at
31 March
2016​
As at
31 March
2015​
As at
31 March
2014​
Assets and liabilities
​Investment properties HK$’M​ 203,091 174,006​ 160,672​ 138,383​ 109,899​
​Other non-current assets ​HK$’M 811​ 669 ​1,816 934​ 470​
Current assets, excluding investment properties held for sale ​HK$’M 12,502 1,265​ ​964 3,827​ 3,097​
Total assets ​HK$’M 216,404 175,940​ 163,452 143,144​ 113,466​
Current liabilities ​HK$’M 7.225 4,046​ ​4,387 4,880​ 5,532​
Non-current liabilities ​HK$’M 30,111 33,397​ 31,624 20,158​ 11,583
​Total liabilities, excluding net assets attributable to Unitholders ​HK$’M 37,336 37,443​ 36,011 25,038​​​ 17,115
​Non-controlling interest ​​HK$’M 474​ 256 ​54​ ​- ​-
​Net assets attributable to Unitholders ​HK$’M 178,594 138,241​ 127,387 118,106​ 96,351​
​Interest bearing liabilities to total assets​ ​% 11.9 15.6 16.5 11.9​​ 11.0
​Total liabilities to total assets​ ​% 17.3​ 21.3 22.0 17.5​ 15.1​
Valuation of investment properties ​HK$’M 203,091 174,006​ 160,672​ 138,383​ 109,899​
​Valuation capitalisation rate
​- Hong Kong (weighted average) ​​% 4.01 4.57​ ​4.59 4.61​ 5.27​
​- Mainland China
​     - Retail ​​%​ 4.50-4.75 4.50​ 4.50-5.00​​ N/A​ N/A​
​     - Office ​​%​ 4.25 4.25​ 4.00​​ N/A​ N/A​
Net assets per unit attributable to Unitholders ​HK$ 83.06 62.47​ ​56.79 51.53​ 41.69​
Closing price per unit ​HK$ 67.00 54.45​ ​46.00 47.80​ 38.15​
​Market capitalis​ation HK$'M​ 144,054 120,498​ ​103,185 109,547​ 88,160​
​Discount of unit price to net assets per unit attributable to Unitholders ​​% 19.3 12.8​ 19.0​​ 7.2​​ 8.5
​Units in issue 2,150,058,972 2,213,002,276​ 2,243,148,13​6​ 2,291,770,269​ 2,310,889,561


Portfolio Data

Year ended
31 March
2018​​​
Year ended
31 March
2017​​
Year ended
31 March
2016​
Year ended
31 March
2015​
Year ended
31 March
2014​
Hong Kong Portfolio
Average monthly unit ren​t at year end ​HK$ per sq ft​ 62.4 55.3​ 50.0​ 45.4​ 42.1
​Average monthly unit rent excluding Self use office, Education/Welfare and Ancillary at year end HK$ per sq ft​​ 66.7 58.9​ 53.7 48.7 ​45.3
Reversion rate​
​- Shops​ ​​% 31.2 23.4​ 29.0 23.3 25.8​
​- Overall ​​% 29.1 23.8​ 25.9 22.0 25.7​
Occupancy rate at year end ​​% 97.0 96.1​ 96.0​ 94.8​ 94.4
​Net property income margin​ ​% 76.4 75.3​ 74.6 ​73.4 72.7​
​Number of turnover rent leases (excluding ancillary) at year end 4,463 4,927​ 5,250​ 5,124 5,193
​Car park income per space per month HK$ 2,492 2,239​ 2,022​ 1,767 1,566
Mainland China Portfolio
​Reversion rate
​- Retail %​ 38.9 32.6​ 39.1 N/A​ N/A​
​- Office %​​ 13.3 10.8​ 12.8​ N/A​ N/A​
​Occupancy rate at year end
​- Retail %​​ 99.5 99.6​ 99.5​ N/A​ N/A​
​- Office %​​ 99.3 100.0​ 100.0 N/A​ N/A​
Performance Data​
​The highest premium of the traded price to net assets per unit attributable to Unitholders (Note (i)) HK$​ N/A N/A​ N/A 2.12 4.71​
The highest discount of the traded price to net assets per unit attributable to Unitholders (Note (i))​ ​HK$​ (28.86) (17.37)​ (16.29) (14.13) (8.39)​
Net yield per unit (Note (ii))​ %​​ 3.7​ 4.2 4.5​ 3.8 4.3​
Net yield per unit on listing price of HK$10.30 per unit ​% 24.3 22.2 20.0 17.8 16.1​


​​​​​​​​​​​
Notes:
(i)
 

The highest premium and discount are calculated based on the highest and lowest traded prices of HK$75.00 (2017: HK$58.30) and HK$54.20 (2017: HK$45.10) respectively on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) during the year. During the year, the highest traded price was lower than the net assets per unit attributable to Unitholders as at year end date. Accordingly, no premium of the traded price to net assets per unit attributable to Unitholders was presented at 31 March 2018.

(ii) ​Net yield per unit is calculated based on distribution per unit for the year ended 31 March 2018 of HK249.78 cents (2017: HK228.41 cents) over the closing price as at 31 March 2018 of HK$67.00 (2017: HK$54.45).

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