Annual Report 2011 - Hongkong Land

Consolidated Profit and Loss Account
for the year ended 31st December 2011
2011 2010
Underlying Non- Underlying Nonbusiness
trading business trading
performance items Total performance items Total
Note US$m US$m US$m US$m US$m US$m
Revenue 5 1,223.7 – 1,223.7 1,340.6 – 1,340.6
Net operating costs 6 (392.0 ) – (392.0 ) (459.2 ) – (459.2 )
831.7 – 831.7 881.4 – 881.4
Change in fair value of investment properties 11 – 4,382.7 4,382.7 – 3,197.6 3,197.6
Asset impairment provisions, reversals
and disposals 11 – – – – 0.1 0.1
Operating profit 831.7 4,382.7 5,214.4 881.4 3,197.7 4,079.1
Financing charges (99.7) – (99.7) (112.3) – (112.3)
Financing income 33.2 – 33.2 35.2 – 35.2
Net financing charges 7 (66.5) – (66.5) (77.1) – (77.1)
Share of results of associates and joint ventures 8 76.3 221.7 298.0 173.9 731.4 905.3
Profit before tax 841.5 4,604.4 5,445.9 978.2 3,929.1 4,907.3
Tax 9 (133.6 ) (0.9 ) (134.5 ) (122.8 ) 0.7 (122.1 )
Profit after tax 707.9 4,603.5 5,311.4 855.4 3,929.8 4,785.2
Attributable to:
Shareholders of the Company 703.4 4,603.0 5,306.4 810.2 3,929.2 4,739.4
Non-controlling interests 4.5 0.5 5.0 45.2 0.6 45.8
707.9 4,603.5 5,311.4 855.4 3,929.8 4,785.2
US¢
US¢
Earnings per share 10
– basic 228.48 210.70
– diluted 227.13 202.30
20 Hongkong Land