Download

Financial reviewOverview2006 2005 % Increase/$’000 $’000 (Decrease)Sales 948,018 586,391 61.7Profit before taxation and gains from en blocproperty sales, less impairment loss 217,983 183,449 18.8Profit before taxation but after gains fromen bloc property sales, less impairment loss 263,408 184,637 42.7Profit after taxation and minority interests(PATMI) 200,310 155,709 28.6Total equity (including minority interests) 1,900,952 1,959,509 (3.0)Borrowings, net of cash 1,969,775 2,234,519 (11.8)Debt-equity ratio (%) 104 114 (8.8)Earnings per share (cents) 27.9 21.8 28.0Return on equity after en bloc property sales,less impairment loss (%) 12.8 9.5 34.7Gross final dividend per share (cents) 6.0 5.0 20.0Special dividend in specie per share, gross equivalent (cents) 44.0 – nmNet tangible assets per share ($) 2.21 2.35 (6.0)nm – not meaningfulGroup salesGroup profit$ million1,000948.0$ million300263.4800600400200299.0678.8476.2586.42502001501005061.326.4184.6155.7139.9 132.7109.3 100.4200.3020022003200420052006020022003200420052006Profit before tax but after enbloc property sales and impairment lossAttributable profitSalesThe Group’s revenue increased by 62% to $948 million in 2006from $586.4 million in 2005. The $361.6 million increase wasdue mainly to higher sales in the Group’s property tradingbusiness which accounted for $344.7 million. Revenue frominvestment properties decreased by $2.1 million, while theGroup’s hospitality and other business activities achieved arevenue increase of $19 million.EarningsProfit before tax but after gains from en bloc property salesand impairment loss improved by 43% to $263.4 million.This was contributed mainly by overseas residential projects.Associated companies contributed marginally lower profitsthan in 2005, while interest costs were higher as a result ofhigher interest rates.74 Financial reviewKeppel Land LimitedReport to Shareholders 2006