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Notes to the Financial Statements 9 Share of results of joint ventures 2008 2007 US$m US$m By business Commercial property 17.8 6.5 Residential property 63.5 17.5 81.3 24.0 (Decrease)/increase in fair value of investment properties – Commercial property (9.8) 352.8 – Residential property (6.3) 9.0 (16.1) 361.8 Asset impairment provisions, reversals and disposals (0.3) 0.8 64.9 386.6 Results are shown after tax and minority interests. The share of revenue of joint ventures was US$362.3 million (2007: US$128.7 million). 10 Tax 2008 2007 US$m US$m Current tax (79.7) (49.8) Deferred tax – changes in fair value of investment properties 228.6 (463.2) – other temporary differences (1.4) (6.4) 227.2 (469.6) 147.5 (519.4 ) Reconciliation between tax credit/(expense) and tax at the applicable tax rate Tax at applicable tax rate 60.9 (521.7) Change in Hong Kong profits tax rate 123.6 – Changes in fair value of investment properties not (deductible)/taxable in determining taxable profit (1.8) 0.8 Asset impairment provisions, reversals and disposals not taxable in determining taxable profit 0.6 1.7 Expenses not deductible in determining taxable profit (39.3) (4.3) Other income not subject to tax 2.9 2.3 Utilisation of previously unrecognised tax losses 1.1 0.6 Overprovision in prior years 0.5 1.5 Losses not recognised (1.0) (0.3) 147.5 (519.4 ) The applicable tax rate for the year was 17.6% (2007: 17.5%) and represents the weighted average of the rates of taxation prevailing in the territories in which the Group operates. The increase in the applicable tax rate is caused by a change in the profitability of the Group’s subsidiaries in the respective territories. Share of tax of joint ventures of US$18.6 million (2007: US$90.5 million) are included in share of results of joint ventures. 34 Hongkong Land
11 Earnings per share Basic loss/earnings per share are calculated on loss attributable to shareholders of US$109.4 million (2007: profit of US$2,839.6 million) and on the weighted average number of 2,285.9 million (2007: 2,295.2 million) shares in issue during the year. Diluted loss/earnings per share are calculated on loss attributable to shareholders of US$89.3 million (2007: profit of US$2,859.3 million), which is after adjusting for the effects of the conversion of convertible bonds, and on the weighted average number of 2,389.8 million (2007: 2,399.1 million) shares in issue during the year. The weighted average number of shares for basic and diluted loss/earnings per share is reconciled as follows: Ordinary shares in millions 2008 2007 Weighted average number of shares in issue 2,285.9 2,295.2 Adjustment for shares to be issued on conversion of convertible bonds 103.9 103.9 Weighted average number of shares for diluted earnings per share calculation 2,389.8 2,399.1 Earnings per share are additionally calculated based on underlying profit attributable to shareholders. The difference between underlying profit attributable to shareholders and loss/profit attributable to shareholders is reconciled as follows: 2008 2007 Basic Diluted Basic Diluted earnings earnings earnings earnings per share per share per share per share US$m US¢ US¢ US$m US¢ US¢ Underlying profit attributable to shareholders 375.1 16.41 344.7 15.02 Non-trading items (see Note 12) (484.5 ) 2,494.9 (Loss)/profit attributable to shareholders (109.4 ) (4.79 ) 2,839.6 123.72 Interest expense on convertible bonds (net of tax) 20.1 19.7 (Loss)/profit for calculation of diluted earnings per share (89.3) (4.79) 2,859.3 119.18 12 Non-trading items 2008 2007 US$m US$m Revaluation (deficits)/surpluses of investment properties (698.9) 2,588.9 Deferred tax credit/(charges) on revaluation deficits/surpluses of investment properties 228.6 (463.2) Share of revaluation (deficits)/surpluses of investment properties of joint ventures (net of deferred tax) (16.1) 361.8 Asset impairment provisions, reversals and disposals 1.8 9.4 Share of (loss)/gain on asset disposals of joint ventures (0.3) 0.8 Minority interests 0.4 (2.8) (484.5 ) 2,494.9 Annual Report 2008 35
Page 1 and 2: Hongkong Land Holdings Limited Annu
Page 3 and 4: Highlights • Underlying earnings
Page 5 and 6: Ju Ming’s Tai-chi and Dame Elisab
Page 7 and 8: In the residential sector, Phase IV
Page 9 and 10: Central portfolio at 31st December
Page 11 and 12: Residential Property The residentia
Page 13 and 14: Financial Review Financial Markets
Page 15 and 16: properties, no capital gains tax wo
Page 17 and 18: Directors’ Profiles Simon Keswick
Page 19 and 20: Consolidated Balance Sheet at 31st
Page 21 and 22: Consolidated Cash Flow Statement fo
Page 23 and 24: each step in a step acquisition for
Page 25 and 26: f. Investments Investments are clas
Page 27 and 28: Certain derivative transactions, wh
Page 29 and 30: interest rate risks. As a consequen
Page 31 and 32: transactions and calculations for w
Page 33 and 34: Underlying profit attributable to s
Page 35: 7 Operating profit 2008 2007 US$m U
Page 39 and 40: 14 Joint ventures 2008 2007 US$m US
Page 41 and 42: 17 Pension plans The Group has a nu
Page 43 and 44: 18 Properties for sale 2008 2007 US
Page 45 and 46: 21 Creditors 2008 2007 US$m US$m Tr
Page 47 and 48: 22 Borrowings continued The convert
Page 49 and 50: 24 Revenue and other reserves conti
Page 51 and 52: 28 Derivative financial instruments
Page 53 and 54: 31 Related party transactions conti
Page 55 and 56: 33 Principal subsidiaries and joint
Page 57 and 58: Independent Auditor’s Report To t
Page 59 and 60: Responsibility Statement The Direct
Page 61 and 62: Directors’ Appointment, Retiremen
Page 63 and 64: Directors’ Share Interests The Di
Page 65 and 66: Shareholder Information Financial C
Page 67 and 68: Report of the Valuers To Hongkong L
Page 69 and 70: Residential Development Property fo
Page 71 and 72: 9 11 8 1 2 10 6 5 3 7 12 4 13
Page 73: Hongkong Land Holdings Limited Jard

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