Annual Report (in PDF) - Hongkong Land

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Contents Highlights 1 Corporate Overview 2 Chairman’s Statement 4 Chief Executive’s Review 6 Financial Review 11 Directors’ Profiles 15 Financial Statements 16 Independent Auditor’s Report 56 Five Year Summary 57 Corporate Governance 58 Shareholder Information 63 Management and Offices 64 Report of the Valuers 65 Property Portfolio 66 Properties in Hong Kong’s Central Business District 68 Corporate Information Directors Simon Keswick Chairman A J L Nightingale Managing Director Y K Pang Chief Executive Charles Allen-Jones Mark Greenberg Jenkin Hui Henry Keswick R C Kwok Lord Leach of Fairford Dr Richard Lee Percy Weatherall Company Secretary and Registered Office C H Wilken Jardine House 33-35 Reid Street Hamilton Bermuda Hongkong Land is one of Asia’s leading property investment, management and development groups. Founded in Hong Kong in 1889, the Group has interests across the region. Hongkong Land’s business is built on partnership, integrity and excellence. In Hong Kong, the Group owns and manages some five million sq. ft of prime commercial space that defines the heart of the Central Business District. In Singapore, it is helping to create the city-state’s new Central Business District with the expansion of its joint venture portfolio of new developments. Hongkong Land’s properties in these and other Asian centres are recognised as market leaders and house the world’s foremost financial, business and luxury retail names. Hongkong Land also develops premium residential properties in a number of cities in the region, not least in Singapore where its 77%-owned listed affiliate, MCL Land, is a significant developer. Hongkong Land Holdings Limited is incorporated in Bermuda. Its primary listing is in London, and its shares are also listed in Bermuda and Singapore. The Group’s assets and investments are managed from Hong Kong by Hongkong Land Limited. Hongkong Land is a member of the Jardine Matheson Group. The new entrance to The Landmark on Queen’s Road Central provides added convenience and style (front cover). ii Hongkong Land
Highlights • Continued strength in Hong Kong capital values, rents and occupancy • Good profits from residential developments in Singapore and mainland China • Underlying earnings per share up 37% • Adjusted net assets per share* up 29% • Full-year dividend per share increased by 30% • Results 2007 2006 Change US$m US$m % Underlying profit attributable to shareholders 345 245 41 Profit attributable to shareholders 2,840 1,901 49 Shareholders’ funds 11,833 9,197 29 Adjusted shareholders’ funds* 14,041 10,922 29 Net debt 2,431 2,312 5 US¢ US¢ % Underlying earnings per share 15.02 10.98 37 Earnings per share 123.72 85.31 45 Dividends per share 13.00 10.00 30 US$ US$ % Net asset value per share 5.16 4.01 29 Adjusted net asset value per share* 6.12 4.76 29 * In preparing the Group’s financial statements under International Financial Reporting Standards (‘IFRS’), the fair value model for investment properties has been adopted. In accordance with this model, the Group’s leasehold investment properties have been included at their open market value as determined by independent valuers. In the territories where the Group has significant leasehold investment properties, no capital gains tax would be payable on the sale of these properties. In relation to leasehold investment properties, however, IFRS require deferred tax on any revaluation amount to be calculated using income tax rates. This is in contrast to the treatment for the revaluation element of freehold properties where IFRS require capital gains tax rates to be used. As Management considers that the Group’s long leasehold properties have very similar characteristics to freehold property, the adjusted shareholders’ funds and adjusted net asset value per share information is presented on the basis that would be applicable if the leasehold properties were freehold. The adjustments made add back the deferred tax provided in the financial statements that would not be payable if the properties were sold. See Note 26 to the financial statements. Annual Report 2007
Page 1: Hongkong Land Holdings Limited Annu
Page 5 and 6: The newly refurbished retail areas
Page 7 and 8: The Singapore office market also wi
Page 9 and 10: Central portfolio at 31st December
Page 11 and 12: Residential Property The profit con
Page 13 and 14: Financial Review Financial Market R
Page 15 and 16: As Management considers that the Gr
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: Amendments to IFRS 2, Share-based P
Page 25 and 26: g. Depreciation Depreciation is cal
Page 27 and 28: Certain derivative transactions, wh
Page 29 and 30: Price risk The Group is exposed to
Page 31 and 32: The Group determines the appropriat
Page 33 and 34: Underlying profit attributable to s
Page 35 and 36: 7 Operating profit 2007 2006 US$m U
Page 37 and 38: 11 Earnings per share Basic earning
Page 39 and 40: 14 Joint ventures 2007 2006 US$m US
Page 41 and 42: 17 Pension plans The Group has defi
Page 43 and 44: 18 Properties for sale 2007 2006 US
Page 45 and 46: 21 Non-current assets classified as
Page 47 and 48: 23 Borrowings continued Fixed rate
Page 49 and 50: 25 Revenue and other reserves conti
Page 51 and 52: 31 Derivative financial instruments
Page 53 and 54:
34 Related party transactions In th
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36 Principal subsidiaries and joint
Page 57 and 58:
36 Principal subsidiaries and joint
Page 59 and 60:
Five Year Summary 2003 2004 2005 20
Page 61 and 62:
Directors’ Appointment, Retiremen
Page 63 and 64:
Prior to completion and announcemen
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:
11 9 8 1 2 10 6 5 3 7 12 4 13
Page 73:
Hongkong Land Holdings Limited Jard
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