Annual Report 2011 - Hongkong Land

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Financial Review Both Moody’s and Standard & Poor’s have maintained their credit ratings of Hongkong Land Holdings Limited at A3 and A- respectively. During the year, the Group refinanced a syndicated facility of S$800 million with facilities from eight relationship banks totalling S$1.12 billion. A term of five years applies to S$870 million and a term of seven years applies to the remaining S$250 million. The Group also issued US$65 million of bonds under its US$3.0 billion Medium Term Note programme, with maturities ranging from 15 to 20 years. Also, US$336 million of the Group’s 2.75% convertible bonds due in December 2012 were converted into equity leaving US$58 million outstanding at 31st December 2011. The average tenor of the Group’s debt was 5.3 years at 31st December 2011, compared with 5.2 years at the end of 2010. At the end of 2011, the Group had total committed lines of approximately US$5.2 billion. Of these lines, 57% was sourced from banks with the remaining 43% from capital markets. The Group had drawn US$3.3 billion from these lines leaving US$1.9 billion of committed, but unused facilities. Adding the Group’s year-end cash balances, the Group had overall liquidity at 31st December 2011 of US$2.9 billion. This is in line with the Group’s overall liquidity at 31st December 2010 of US$3.0 billion (after excluding the proceeds of the early refinancing in 2010 of the US$600 million bonds due in early May 2011). Interest rate 52% Fixed 48% Floating * After currency swaps Currency* 69% HK$ 29% S$ 2% US$ Debt profile at 31st December 2011 260 1,101 1,250 2012 2013 2014 369 2015 Maturity 43% >5 years 35% 2-5 years 20% 1-2 years 2%
Gross Assets The Group’s gross assets, including its share of joint ventures, (excluding cash balances) is analysed below, by activity and by location. 92% Commercial 8% Residential 92% Commercial 8% Residential 80% Hong Kong 14% Southeast Asia 5% Mainland China 1% Macau By activity By location Principal Risks and Uncertainties A review of the principal risks and uncertainties facing the Group is set out on page 68. John R. Witt Chief Financial Officer 80% Hong Kong 1st March 2012 14% Southeast Asia 5% Mainland China 1% Macau Annual Report 2011 17
Page 1 and 2: Annual Report 2011 Hongkong Land Ho
Page 3 and 4: is one of Asia’s leading property
Page 5 and 6: Highlights • Strong commercial le
Page 7 and 8: People The Group’s excellent repu
Page 9 and 10: Top five office tenants (in alphabe
Page 11 and 12: In 2012, the final office tower of
Page 13 and 14: space, including villas, townhouses
Page 15 and 16: a significant number of convertible
Page 17: Treasury Policy The Group manages i
Page 21 and 22: Lord Leach of Fairford Lord Leach h
Page 23 and 24: Consolidated Statement of Comprehen
Page 25 and 26: Consolidated Statement of Changes i
Page 27 and 28: Notes to the Financial Statements 1
Page 29 and 30: 1 Principal Accounting Policies con
Page 35 and 36: 2 Financial Risk Management continu
Page 37 and 38: 2 Financial Risk Management continu
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Page 63 and 64: Five Year Summary 2007 2008 2009 20
Page 65 and 66: Corporate Governance Hongkong Land
Page 67 and 68: Corporate Governance Code of Conduc
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Principal Risks and Uncertainties T
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Offices Offices Hongkong Land Holdi
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Major Property Portfolio at 31st De
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Major Property Portfolio hong kong
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eijing, CHINA The Newly Acquired Wa
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Hongkong Land Holdings Limited Jard
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Annual Report 2011 - Hongkong Land

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