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E AR 2010 11 Textonly.Pdf Contents 2 Board of Directors and Committees 3 Corporate Information and Information for Shareholders 4 Financial Highlights and Land Bank 6 Group Financial Summary 7 Business Structure 8 Chairman’s Statement 17 Review of Operations 45 Corporate Governance 51 Investor Relations 53 Corporate Social Responsibility 56 Financial Review 58 Directors’ Report 78 Directors and Organization 96 Financial Contents Board of Directors and Committees Board of Directors Chairman Kwong Siu-hing1 (Non-Executive Director) Executive Directors Kwok Ping-kwong, Thomas2 (Vice Chairman & Managing Director) Kwok Ping-luen, Raymond2 (Vice Chairman & Managing Director) Chan Kai-ming Chan Kui-yuen, Thomas Kwong Chun Wong Chik-wing, Mike Chan Kwok-wai, Patrick (Chief Financial Officer) Non-Executive Directors Lee Shau-kee (Vice Chairman) Kwok Ping-sheung, Walter Woo Po-shing Kwan Cheuk-yin, William Lo Chiu-chun, Clement1 Wong Yick-kam, Michael Woo Ka-biu, Jackson (Alternate Director to Woo Po-shing) Independent Non-Executive Directors Yip Dicky Peter Wong Yue-chim, Richard Li Ka-cheung, Eric Fung Kwok-lun, William Committees Executive Committee Kwok Ping-kwong, Thomas Kwok Ping-luen, Raymond Chan Kai-ming Chan Kui-yuen, Thomas Kwong Chun Wong Chik-wing, Mike Chan Kwok-wai, Patrick Audit Committee Li Ka-cheung, Eric* Yip Dicky Peter Wong Yick-kam, Michael Remuneration Committee Wong Yue-chim, Richard* Lo Chiu-chun, Clement3 Li Ka-cheung, Eric Nomination Committee Wong Yue-chim, Richard* Kwan Cheuk-yin, William Yip Dicky Peter * Committee Chairman Notes: 1. Madam Kwong Siu-hing and Mr. Lo Chiu-chun, Clement will retire from office by rotation at the annual general meeting to be held on 8 December 2011 (the “AGM”) and have informed the Company that they will not seek re-election as Directors. 2. Mr. Kwok Ping-kwong, Thomas and Mr. Kwok Ping-luen, Raymond have been appointed as joint Chairmen of the Company, such appointment to take effect from the close of the AGM after the passing of the special resolution on the proposed amendments to the articles of association of the Company. They will both continue to serve as Managing Directors and Executive Directors of the Company. 3. Mr. Kwan Cheuk-yin, William has been appointed as a member of the Remuneration Committee in place of Mr. Lo Chiu-chun, Clement with effect from 9 December 2011. SUN HUNG KAI PROPERTIES LIMITED Annual Report 2010/11 2 Corporate Information and Information for Shareholders Corporate Information Company Secretary Share Registrars Principal Bankers Yung Sheung-tat, Sandy Computershare Hong Kong Bank of China (Hong Kong) Limited Investor Services Limited The Hongkong and Shanghai Banking Auditor Shops Nos. 1712-1716 Corporation Limited Deloitte Touche Tohmatsu 17th Floor, Hopewell Centre The Bank of Tokyo — Mitsubishi UFJ, Ltd 183 Queen’s Road East Industrial and Commercial Bank of China Registered Office Wanchai Mizuho Corporate Bank, Ltd. 45th Floor, Sun Hung Kai Centre Hong Kong Sumitomo Mitsui Banking Corporation 30 Harbour Road Bank of Communications Hong Kong Solicitors BNP Paribas Telephone : (852) 2827 8111 Woo, Kwan, Lee & Lo Hang Seng Bank Limited Facsimile : (852) 2827 2862 Mayer Brown JSM China Construction Bank Website : www.shkp.com Winston Chu & Company E-mail : [email protected] Clifford Chance Information for Shareholders Financial Calendar for 2010/11 Share Listing Interim results announcement : 28 February 2011 The Company’s shares are listed on The Stock Exchange of Interim dividend paid : 23 March 2011 Hong Kong and are traded over the counter in the United Annual results announcement : 15 September 2011 States in the form of American Depositary Receipts (ADR). Closure of register of members : 5 to 8 December 2011 (for the purpose of ascertaining (both days inclusive) Stock Code shareholders’ entitlement to attend and vote at the annual The Stock Exchange of Hong Kong : 16 general meeting) Bloomberg : 16 HK Equity Annual general meeting : 8 December 2011 Reuters : 0016.HK Closure of register of members : 14 to 16 December 2011 Trading Symbol for ADR : SUHJY (for the purpose of ascertaining (both days inclusive) CUSIP : 86676H302 shareholders’ entitlement to Investor Relations Contact the proposed final dividend) Final dividend payable : on or about 19 January 2012 Telephone : (852) 3766 5787 Facsimile : (852) 2827 0676 E-mail : [email protected] Choice of Language or Means of Receipt of Corporate Communications This annual report is now available in printed form in English and in Chinese, and on the website of the Company. If (i) shareholders, who have received or chosen to receive printed copies of this annual report, wish to receive the same in the other language; or (ii) shareholders, who have received or chosen to receive or are deemed to have consented to receive this annual report by electronic means, wish to receive printed copies; or (iii) shareholders for any reason have difficulty in receiving or gaining access to this annual report on the Company’s website, they may obtain printed copies free of charge by sending a request to the Company c/o Share Registrars, Computershare Hong Kong Investor Services Limited, by post to 17M Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong or by email at [email protected]. For shareholders who wish to change their choice of language or means of receipt of the Company’s future corporate communications free of charge, they may at any time notify the Company by giving reasonable notice (of not less than 7 days) to the Company c/o Share Registrars by post or by email or by completing and returning the accompanying Change Request Form. SUN HUNG KAI PROPERTIES LIMITED Annual Report 2010/11 3 Financial Highlights and Land Bank For the year ended 30 June 2011 2010 Change (%) Financial Highlights (HK$ million) Revenue 62,553 33,211 +88.4 Profit attributable to the Company’s shareholders – Reported 48,097 30,0395 +60.1 – Underlying1 21,479 13,883 +54.7 Gross rental income2 12,609 11,082 +13.8 Net rental income2 9,511 8,314 +14.4 Financial Ratios Net debt to shareholders’ funds (%) 17.1 14.15 +3.03 Dividend payout (%) 40.1 49.9 -9.83 Financial Information per Share (HK$) Earnings per share for profit attributable to the Company’s shareholders – Reported 18.71 11.715 +59.8 – Underlying 8.36 5.41 +54.5 Dividends – Interim dividend 0.95 0.85 +11.8 – Final dividend 2.40 1.85 +29.7 – Full-Year dividend 3.35 2.70 +24.1 Shareholders’ funds 119.44 102.425 +16.6 Land Bank in Hong Kong (gross floor area in million square feet) Properties under development 4 16.5 16.6 -0.6 Completed investment properties 27.7 27.6 +0.4 Total 44.2 44.2 – Land Bank on the Mainland (gross floor area in million square feet) Properties under development 78.6 76.8 +2.3 Completed investment properties 7.5 5.5 +36.4 Total 86.1 82.3 +4.6 Notes: 1. Underlying profit attributable to the Company’s shareholders excluded the net effect of changes in the valuation of investment properties 2. Including contributions from jointly controlled entities and associates 3. Change in percentage points, dividend payout based upon underlying profit 4. Excluding over 26 million square feet of farmland in terms of site area 5. Restated for the early adoption of HKAS 12 (amendments) SUN HUNG KAI PROPERTIES LIMITED Annual Report 2010/11 4 Financial Highlights and Land Bank Underlying Earnings and Dividends per Share* HK$ 10.0 8.36 8.0 6.0 5.41 4.61 4.80 4.84 4.0 3.35 Dividends 2.70 Underlying Earnings 2.30 2.50 2.50 2.0 Based upon underlying earnings 0.0 FY 2007 2008 2009 2010 2011 Shareholders’ Funds per Share# Net Debt to Shareholders’ Funds Ratio# HK$ % 125 30 120 115 25 110 119.44 105 20 17.1 100 14.2 14.2 14.1 95 91.95 92.98 102.42 15 13.0 90 10 85 80.30 80 5 75 70 0 FY 2007 2008 2009 2010 2011 FY 2007 2008 2009 2010 2011 # Comparative figures for FY 2007-2010 were restated for the early adoption of HKAS 12 (Amendments) Land Bank in Hong Kong Land Bank on the Mainland million square feet million square feet 60 90 82.3 86.1 50 75 43.5 43.0 41.9 44.2 44.2 40 60 55.3 50.6 45.8 30 45 20 30 10 15 0 0 FY 2007 2008 2009 2010 2011 FY 2007 2008 2009 2010 2011 Properties Under Development Completed Investment Properties SUN HUNG KAI PROPERTIES LIMITED Annual Report 2010/11 5 Group Financial Summary Key Financial Information and Ratios (Restated)2 Financial year 2011 2010 2009 2008 2007 HK$ HK$ HK$ HK$ HK$ Reported earnings per share 18.71 11.71 3.89 11.61 9.20 Underlying earnings per share 8.36 5.41 4.84 4.80 4.61 Dividends per share 3.35 2.70 2.50 2.50 2.30 Shareholders’ funds at book value per share 119.44 102.42 92.98 91.95 80.30 Net debt / Shareholders’ funds (%) 17.1 14.1 14.2 14.2 13.0 Interest cover (times)3 16.9 15.9 13.7 7.6 9.2 Key Income Statement Items (Restated)2 For the year ended 30 June 2011 2010 2009 2008 2007 HK$M HK$M HK$M HK$M HK$M Revenue 62,553 33,211 34,234 24,471 30,994 Operating profit before change in fair value of investment properties 21,366 13,842 13,983 10,728 11,562 Operating profit after change in fair value of investment properties 46,436 30,311 11,329 22,934 20,466 Profit attributable to the Company’s shareholders 48,097 30,039 9,984 29,475 22,924 Underlying profit attributable to the Company’s shareholders4 21,479 13,883 12,415 12,186 11,495 Key Statement of Financial Position Items (Restated)2 As at 30 June 2011 2010 2009 2008 2007 HK$M HK$M HK$M HK$M HK$M Investment properties and fixed assets1 230,759 200,826 180,205 175,610 151,995 Associates and jointly controlled entities 41,935 35,826 31,775 34,100 25,029 Other financial assets and loans 3,637 3,900 3,418 5,259 7,417 Intangible assets1 5,049 4,357 4,647 4,971 5,258 Net current assets 93,017 65,170 68,615 64,888 50,667 Non-current liabilities (62,202) (42,054) (45,595) (44,234) (37,224) Net assets 312,195 268,025 243,065 240,594 203,142 Share capital 1,285 1,285 1,282 1,282 1,246 Share premium and reserves 305,680 261,936 237,117 234,490 198,863 Shareholders’ funds 306,965 263,221 238,399 235,772 200,109 Non-controlling interests 5,230 4,804 4,666 4,822 3,033 Total Equity 312,195 268,025 243,065 240,594 203,142 Notes: 1.
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