Annual Report 2011 - Hysan Development Company Limited

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2 Strategy in Action This section starts with an overview of Hong Kong’s macroeconomic environment and property leasing markets in 2011, followed by Hysan’s strategic actions in response to the market developments. We then discuss in detail our operations and performances, finance, risks and people management during the year. 22 Hysan Annual Report 2011
24 28 30 45 48 Our Marketplace and Our Response The Hysan Community – Our Investment Property Portfolio Management’s Discussion and Analysis 30 32 37 40 Review of Results Review of Operations Financial Review Treasury Policy Internal Controls and Risk Management Human Resources Strategy in Action Hysan Annual Report 2011 23
Page 1 and 2: A BETTER FUTURE TODAY Annual Report
Page 3 and 4: A BETTER FUTURE TODAY 2011 was a pr
Page 6: Asset enhancements: Lee Theatre are
Page 10: Hysan Place at the northern gateway
Page 14: An energetic and unique district in
Page 17 and 18: Overview 16 18 20 Who We Are 16 16
Page 19 and 20: OUR VALUES We foster the highest bu
Page 21 and 22: NON-FINANCIAL PERFORMANCE 789 700 4
Page 23: Further Transformation of Hysan’s
Page 27 and 28: 6% 4% Real Gross Domestic Product*
Page 29 and 30: Index 140 130 120 110 100 90 80 Q1
Page 31 and 32: THE LEE GARDENS 33 Hysan Avenue, Ca
Page 33 and 34: Recurring Underlying Profit, arrive
Page 35 and 36: Overview Our office has a balanced
Page 37 and 38: Overview Residential Sector Our res
Page 39 and 40: Financial Review A review of the Gr
Page 41 and 42: Cash Flows Cash flow of the Group d
Page 43 and 44: How are they measured Interest expe
Page 45 and 46: The following graph shows the perce
Page 47 and 48: Internal Controls and Risk Manageme
Page 49 and 50: Our Approach to Risk Management We
Page 51 and 52: Talent Management Our people manage
Page 53 and 54: 52 56 73 81 89 Board of Directors a
Page 55 and 56: Non-executive Deputy Chairman (S) S
Page 57 and 58: Overview Senior management team (fr
Page 59 and 60: Exceeded Code Provisions ✓ ✓
Page 61 and 62: Governance Framework The Group oper
Page 63 and 64: Board and Management At the core of
Page 65 and 66: Board Effectiveness Skills and Bala
Page 67 and 68: Independent Advice The Board recogn
Page 69 and 70: Audit Committee Composition and Mee
Page 71 and 72: Shareholders The Board and manageme
Page 73 and 74: Shareholder Rights Self-funded Prog
Page 75 and 76:
Directors’ Report The Directors s
Page 77 and 78:
THE BOARD continued According to Ar
Page 79 and 80:
CONTINUING CONNECTED TRANSACTIONS c
Page 81 and 82:
CONTINUING CONNECTED TRANSACTIONS c
Page 83 and 84:
Directors’ Remuneration and Inter
Page 85 and 86:
DIRECTOR COMPENSATION continued Lon
Page 87 and 88:
DIRECTOR COMPENSATION continued Lon
Page 89 and 90:
DIRECTORS’ INTERESTS IN SHARES As
Page 91 and 92:
Audit Committee Report The Audit Co
Page 93 and 94:
Overview 4 Financial Statements and
Page 95 and 96:
Independent Auditor’s Report Over
Page 97 and 98:
Consolidated Statement of Comprehen
Page 99 and 100:
Statement of Financial Position At
Page 101 and 102:
Attributable to owners of the Compa
Page 103 and 104:
2011 2010 Note HK$ million HK$ mill
Page 105 and 106:
4. Investment Properties Investment
Page 107 and 108:
7. FINANCIAL INSTRUMENTS continued
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
13. TAXATION continued Deferred tax
Page 115 and 116:
2. APPLICATION OF NEW AND REVISED H
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
5. SEGMENT INFORMATION continued Se
Page 123 and 124:
6. INVESTMENT INCOME Investment inc
Page 125 and 126:
9. TAXATION continued The taxation
Page 127 and 128:
12. DIRECTORS’ EMOLUMENTS continu
Page 129 and 130:
12. DIRECTORS’ EMOLUMENTS continu
Page 131 and 132:
15. EARNINGS PER SHARE (a) Basic an
Page 133 and 134:
17. PROPERTY, PLANT AND EQUIPMENT L
Page 135 and 136:
18. Investments in Subsidiaries Inv
Page 137 and 138:
19. Investments in Associates conti
Page 139 and 140:
22. Equity Investments/Available-fo
Page 141 and 142:
23. Other Financial Assets/Liabilit
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
27. TIME DEPOSITS/CASH AND BANK BAL
Page 149 and 150:
30. BORROWINGS continued (c) Fixed
Page 151 and 152:
32. SHARE CAPITAL Number of shares
Page 153 and 154:
36. CONTINGENT LIABILITIES At the e
Page 155 and 156:
39. RELATED PARTY TRANSACTIONS AND
Page 157 and 158:
40. SHARE-BASED PAYMENT TRANSACTION
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
1. Financial Risk Management Object
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
3. FAIR VALUE continued The followi
Page 171 and 172:
4. CAPITAL RISK MANAGEMENT The Grou
Page 173 and 174:
At 31 December As restated As resta
Page 175 and 176:
Schedule of Principal Properties At
Page 177 and 178:
Shareholding Analysis Share Capital
Page 179 and 180:
It is not just our quality assets t
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Annual Report 2011 - Hysan Development Company Limited

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