Annual Report 2011 - Hongkong Land

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Independent Auditors’ Report To the Members of Hongkong Land Holdings Limited Report on the Financial Statements We have audited the accompanying consolidated financial statements of Hongkong Land Holdings Limited and its subsidiaries (the ‘Group’) which comprise the Consolidated Balance Sheet as at 31st December 2011 and the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Equity and Consolidated Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory notes. Directors’ Responsibility for the Financial Statements The Company’s Directors are responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards and with the requirements of Section 90 of the Bermuda Companies Act. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors’ Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Group as at 31st December 2011, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards and with the requirements of the Bermuda Companies Act. Report on Legal and Regulatory Requirements We have nothing to report in respect of the following matters that under the UK Listing Rules we are required to review: • Directors’ statement in relation to going concern; and • the part of the Corporate Governance Statement relating to the Company’s compliance with the UK Corporate Governance Code specified for our review. Other Matters This report, including the opinion, has been prepared for and only for the Company’s members as a body in accordance with Section 90 of the Bermuda Companies Act and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers LLP Chartered Accountants London United Kingdom 1st March 2012 Annual Report 2011 61
Five Year Summary 2007 2008 2009 2010 2011 US$m US$m US$m US$m US$m Profit/(loss) attributable to shareholders 3,324 (337 ) 1,813 4,739 5,306 Underlying profit attributable to shareholders 345 375 777 810 703 Investment properties 14,261 13,703 14,818 18,036 22,530 12 Net debt 2,431 2,601 2,417 2,358 2,359 10 Shareholders’ funds 14,041 8 13,308 14,936 19,457 24,739 6 US$ 4 US$ US$ US$ US$ Net asset value per share 6.122 5.92 6.64 8.64 10.58 0 34.55 36.02 30.29 10.58 8.64 15.02 13.00 16.41 13.00 16.00 16.00 16.00 6.12 5.92 6.64 2007 2008 2009 2010 2011 Underlying earnings Dividends 2007 2008 2009 2010 2011 Underlying earnings/dividends per share (US¢) Net asset value per share (US$) 62 Hongkong Land
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Annual Report 2011 Hongkong Land Ho
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is one of Asia’s leading property
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Highlights • Strong commercial le
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People The Group’s excellent repu
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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 and 18: Treasury Policy The Group manages i
Page 19 and 20: Gross Assets The Group’s gross as
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
Page 39 and 40: 3 Critical Accounting Estimates and
Page 61: Notes to the Financial Statements 3
Page 65 and 66: Corporate Governance Hongkong Land
Page 67 and 68: Corporate Governance Code of Conduc
Page 69 and 70: Principal Risks and Uncertainties T
Page 71 and 72: Offices Offices Hongkong Land Holdi
Page 73 and 74: Major Property Portfolio at 31st De
Page 75 and 76: Major Property Portfolio hong kong
Page 77 and 78: eijing, CHINA The Newly Acquired Wa
Page 79: Hongkong Land Holdings Limited Jard
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Annual Report 2011 - Hongkong Land

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