Financial Summary
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Financial Summary


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​​Five Year Performance Summary

Financial Data

​​​​​
Six month​s ended
30 September
2017
(Unaudited)
HK$’M
Six month​s ended
30 September
2016
(Unaudited)
HK$’M
Six month​s ended
30 September
2015
(Unaudited)
HK$’M​
Six month​s ended
30 September
  2014
(Unaudited)
HK$’M​
Six month​s ended
30 September
  2013
(Unaudited)
HK$’M
Condensed consolidated income statement
Revenue

​4,949

4,608​​ 4,185 3,830​ 3,493
Property operating expenses (1,182)​ (1,168)​​ (1,089)​ (1,047)​ (976)​
Net property income 3,767​ 3,440 3,096​ 2,783 2,517​​
General and administrative expenses (185)​ (157)​​ (163)​ (286)​​ (106)
Change in fair values of investment properties​ 9,432​ 2,978 5,785 14,761​ 5,211​​
​Operating profit 13,014​ 6,261 8,718 17,258​ 7,622​​
​Interest income 2​ 2 4​ 14​​ 14
​Finance costs (288)​ (275)​​​​ (216)​​​ (169)​​ ​(193)​
​​Gain on disposals of investment properties -​ 586 - 340 ​-
​Profit before taxation and transactions with
  Unitholders
12,728​ 6,574 8,506 17,443​​ 7,443​​
​Taxation (589) (517)​​​​​ (466)​ (411)​​ (368)
​Profit for the period, before transactions with
  Unitholders
​12,139 6,057​​​​​ 8,040​​​​​ 17,032​ 7,075​​
​Distributions paid to Unitholders ​(2,581) (2,404)​​​​​​ (2,138)​ (1,976)​​ (1,725)
9,558​ 3,653​ 5,902​ 15,056​ 5,350​​
​Represented by:
Change in net assets attributable to
   Unitholders,excluding issues of new units and units
   bought back
10,228 3,138 5,767​​ 15,071​ 5,412​​
​Amount arising from cash flow hedging reserve and
  exchange reserve movements
(677)​ 411 104​ ​(15)​​​ ​(62)​
​Non-controlling interest ​7 104 31 - -
9,558 3,653​​ 5,902​​ 15,056​ 5,350
Consolidated statement of distributions​
​Profit for the period, before transactions
  with Unitholders attributable to Unitholders
​12,132 5,953 8,009 17,032​ 7,075
​Adjustments:​
​ - Change in fair values of investment properties
   attributable to Unitholders
​(9,424) (2,874)​​ (5,754)​ (14,761)​​ (5,211)
​  - Deferred taxation on change in fair values of
    investment properties attributable to Unitholders
48 8 ​17 ​- ​-
​  - Other non-cash income ​(83) (36)​​​ (42)​​ (18)​​​ (10)​
​ - Depreciation charge on investment properties
    under China Accounting Standards
​(69) (42)​ (24) ​- ​-
​ - Gains on disposals of investment properties, net
   of transaction costs
- (557)

-

(327) -
​Total distributable income 2,604 2,452​ 2,206​ 1,926​​ 1,854
​Discretionary distribution ​69 42 ​24 128​ ​-
​Total distribuable amount ​2,673 2,494​ ​2,230 ​2,054 1,854​
​Distribution per unit (HK cents)
​Interim DPU ​121.50 111.75​ 98.99​ 89.56​​ 80.22​

 
 
As at
30 September
2017
(Unaudited)
As at
31 March
2017
(Audited)
As at
31 March
2016
(Audited)​
As at
31 March
2015
(Audited)​
As at
31 March
 2014
(Audited)
Assets and liabilities
​Investment properties HK$’M​ 189,818​ 174,006 160,672 138,383 109,899​​
​Other non-current assets ​HK$’M 660​ 669​ 1,816 934 470​
Current assets, excluding
  investment properties held for sale
​HK$’M 1,340​ 1,265 964 3,827 3,097​
Total assets ​HK$’M 191,818​ 175,940 163,452 143,144 113,466​
Current liabilities ​HK$’M 7,099​ 4,046 4,387 4,880 5,532
Non-current liabilities ​HK$’M 36,822​ 33,397 31,624 ​20,158 ​11,583
​Total liabilities, excluding net assets
  attributable to Unitholders
​HK$’M 43,921​ 37,443 36,011 25,038 1​7,115
​Non-controlling interest HK$’M​ 263​ 256 54​ ​- ​-
​Net assets attributable to
  Unitholders
HK$’M 147,634​ 138,241 127,387 118,106 96,351​
​Interest bearing liabilities to total assets​ ​% 17.4​ 15.6 16.5​ 11.9​ 11.0​
​Total liabilities to total assets​ ​% 22.9​ 21.3 22.0 1​7.5​ 15.1​
Valuation of investment properties ​HK$’M 189,818 174,006 ​160,672 138,383 109,899​​
​Valuation capitalisation rate
​- Hong Kong (weighted average) ​​% 4.57 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$ 67.11​ 62.47 56.79 51.53 41.69​​
Closing price per unit ​HK$ 63.30​ 54.45 46.00 47.80 38.15​
Market capitalisation
HK$'M​ ​139,252 120,498 103,185 109,547 88,160​​
​Discount of unit price to
  net assets per unit attributable to
  Unitholders
​% 5.7​ 12.8 19.0​ 7.2​​ 8.5​
​Units in issue 2,199,876,472 2,213,002,276 2,243,148,136 2,291,770,269 2,310,889,561​


Portfolio Data

 
Six months ended
30 September
2017
(Unaudited)​
Six months ended
30 September
2016
(Unaudited)​
Six months ended
30 September
2015
(Unaudited)​
Six months ended
30 September
 2014
(Unaudited)​
Six months ended
30 September
 2013
(Unaudited)
Hong Kong Portfolio
Average monthly unit ren​​t at
  period end
HK$ psf​ 59.0​ 52.5​ 47.4 43.6​​ 40.2
Average monthly unit rent excluding
  self use office, Education/Welfare
  and Ancillary at period end​
​HK$ psf​ 63.0 56.2​ 51.1​ 46.9​​​ 43.2
Reversion rate​
​- Shops​ ​% ​28.5 21.2​ 29.5​ 24.1​​ 22.6
​- Overall ​% ​26.8 21.0 23.6​ 23.6​​ 23.6​​
Occupancy rate at period end ​% ​96.3 95.9​ 95.1​ 94.4​​ 94.1​​
​Net property income margin​ ​% ​76.0 74.3 74.0​ 72.7​​ ​72.1​​
Number of turnover rent leases
  (excluding ancillary) at period end
5,039 5,035​ 5,199​ 5,187​ 5,082
​Car park income per space per  month HK$ ​2,463 2,206​ 1,986​ 1,738​​ ​1,529​​
Mainland China Portfolio ​​
​Reversion rate​
​- Retail %​ 40.7 41.9​ 33.7 ​N/A​ ​N/A​
​- Office ​% ​17.2 8.3​ N/A​ N/A​ N/A​
​Occupancy rate at period end
​- Retail %​ ​96.9 98.2​ 100.0​ ​N/A​ ​N/A​
​- Office %​ ​98.1 98.4 98.5 ​N/A​ ​N/A​
Performance Data​
​Net assets attributable to Unitholders
  at period end
​HK$'M ​147,634 129,871​ 122,165​ 110,610​ 87,912​​
​Net assets​ per unit attributable to
  Unitholders at period end
​HK$ 67.11 58.20​ 54.24​ 48.23​ 38.04​​
​The highest premium of the traded
  price to net assets per unit
  attributable to Unitholders (Note (i))
HK$ ​N/A 0.10 ​N/A N/A 8.36
The highest discount of the traded
  price to net assets per unit
  attributable to Unitholders (Note (i))​
HK$ ​(12.91) (13.10) (13.74)​ (10.83)​​ (4.74)
​Closing price per unit at period end ​HK$ ​63.30 57.00​ 42.50​ 44.75​ 38.05
Net yield per unit (Note (ii))​ %​ ​1.9 2.0 2.3​ 2.0​​ 2.1​​​
​Net yield (annualised) per unit %​ ​3.8 3.9​ 4.7​ 4.0​​ 4.2​
Net yield (annualised) per unit on
  listing price of HK$10.30 per unit
% 23.6 21.7​ 19.2​ 17.4​​ 15.6



 
Notes:
(i) The highest premium and discount are calculated based on the highest and lowest traded prices of HK$65.40 (2016: HK$58.30) and HK$54.20 (2016: HK$45.10) respectively on The Stock Exchange of Hong Kong Limited during the period. During the period, the highest traded price was lower than the net assets per unit attributable to Unitholders as at period end date. Accordingly, no premium of the traded price to net assets per unit attributable to Unitholders was presented at 30 September 2017.
 
(ii) Net yield per unit is calculated based on distribution per unit for the period ended 30 September 2017 of HK121.50 cents (2016: HK111.75 cents) over the closing price as at 30 September 2017 of HK$63.30 (2016: HK$57.00).
 

 

 

 

 

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