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Premium Brand Solidfoundations Customer Focus Foundations Premium Brand Premium 2015/16 Solid Customer Focus Customer Annual Report Stock Code : 16 2015/16 Annual Report C007445 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 24 Business Model and Strategic Direction 26 Review of Operations 28 Hong Kong Property Business 54 Mainland Property Business 74 Property Related Businesses 83 Telecommunications and Information Technology 84 Infrastructure and Other Businesses 87 Corporate Finance 88 Financial Review 92 Investor Relations 94 Sustainable Development 102 Corporate Governance Report 115 Directors’ Report 140 Directors’ Biographical Information 150 Executive Committee 151 Consolidated Financial Statements Board of Directors and Committees Board of Directors Executive Directors Kwok Ping-luen, Raymond (Chairman & Managing Director) Wong Chik-wing, Mike (Deputy Managing Director) Lui Ting, Victor (Deputy Managing Director) Kwok Kai-fai, Adam Kwok Kai-wang, Christopher Kwong Chun Tung Chi-ho, Eric Fung Yuk-lun, Allen Kwok Ho-lai, Edward (Alternate Director to Kwok Ping-luen, Raymond) Non-Executive Directors Lee Shau-kee (Vice Chairman) Woo Po-shing Kwan Cheuk-yin, William 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 Leung Nai-pang, Norman Leung Kui-king, Donald Leung Ko May-yee, Margaret Committees Executive Committee Kwok Ping-luen, Raymond Wong Chik-wing, Mike Lui Ting, Victor Kwok Kai-fai, Adam Kwok Kai-wang, Christopher Kwong Chun Tung Chi-ho, Eric Fung Yuk-lun, Allen Chow Kwok-yin, Eric Wong Chin-wah, Jimmy Yung Sheung-tat, Sandy Li Ching-kam, Frederick Audit and Risk Management Committee Li Ka-cheung, Eric* Yip Dicky Peter Leung Kui-king, Donald Leung Nai-pang, Norman Remuneration Committee Wong Yue-chim, Richard* Li Ka-cheung, Eric Kwan Cheuk-yin, William Leung Nai-pang, Norman Nomination Committee Wong Yue-chim, Richard* Kwan Cheuk-yin, William Yip Dicky Peter Leung Nai-pang, Norman * Committee Chairman SUN HUNG KAI PROPERTIES LIMITED 2 ANNUAL REPORT 2015/16 Corporate Information and Information for Shareholders Corporate Information Company Secretary Share Registrar Principal Bankers Yung Sheung-tat, Sandy Computershare Hong Kong Bank of China (Hong Kong) Limited Investor Services Limited The Bank of Tokyo-Mitsubishi UFJ, Ltd. Auditor Shops 1712–1716 The Hongkong and Shanghai Banking Deloitte Touche Tohmatsu 17th Floor, Hopewell Centre Corporation Limited 183 Queen’s Road East Mizuho Bank, Ltd. Registered Office Wanchai Sumitomo Mitsui Banking Corporation Hong Kong Hang Seng Bank Limited 45th Floor, Sun Hung Kai Centre United Overseas Bank Limited 30 Harbour Road Solicitors China Construction Bank (Asia) Corporation Limited Hong Kong Bank of Communications Co., Ltd. Telephone : (852) 2827 8111 Woo Kwan Lee & Lo Industrial and Commercial Bank of China (Asia) Limited Facsimile : (852) 2827 2862 Mayer Brown JSM Website : www.shkp.com Winston Chu & Company E-mail : [email protected] Clifford Chance Information for Shareholders Share Listing Financial Calendar for 2015/16 The Company’s shares are listed on The Stock Exchange of Interim results announcement : 26 February 2016 Hong Kong Limited (“Stock Exchange”) and are traded over Interim dividend paid : 22 March 2016 the counter in the United States in the form of American Annual results announcement : 8 September 2016 Depositary Receipts (“ADR”). Closure of register of members1 : 7 to 9 November 2016 (both days inclusive) Stock Code Annual general meeting : 9 November 2016 Stock Exchange : 16 Ex-dividend date for final dividend : 14 November 2016 Bloomberg : 16 HK Equity Closure of register of members2 : 16 November 2016 Reuters : 0016.HK Final dividend payable : 24 November 2016 Trading Symbol for ADR : SUHJY CUSIP : 86676H302 Notes: 1. For the purpose of ascertaining shareholders’ entitlement to attend and vote at the Investor Relations Contact annual general meeting Telephone : (852) 3766 5787 2. For the purpose of ascertaining shareholders’ entitlement to the proposed final dividend Facsimile : (852) 2116 0597 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 in English or in Chinese, 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 the Share Registrar, 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 the Share Registrar by post or by email or by completing and returning the accompanying Change Request Form. SUN HUNG KAI PROPERTIES LIMITED ANNUAL REPORT 2015/16 3 Financial Highlights and Land Bank For the year ended 30 June 2016 2015 Change (%) Financial Highlights (HK$ million) Revenue 91,184 66,783 +36.5 Profit attributable to the Company’s shareholders – Reported 32,666 31,082 +5.1 – Underlying1 24,170 19,825 +21.9 Gross rental income2 21,036 19,681 +6.9 Net rental income2 16,481 15,352 +7.4 Financial Ratios Net debt to shareholders’ funds (%) 10.8 11.2 –0.4 3 Dividend payout (%) 46.0 47.4 –1.4 3 Financial Information per Share (HK$) Basic earnings per share for profit attributable to the Company’s shareholders – Reported 11.31 11.09 +2.0 – Underlying 8.37 7.07 +18.4 Dividends – Interim dividend 1.05 0.95 +10.5 – Final dividend 2.80 2.40 +16.7 – Full-year dividend 3.85 3.35 +14.9 Shareholders’ funds 161.90 156.82 +3.2 Land Bank in Hong Kong (gross floor area in million square feet) Properties under development4 20.9 22.1 –5.4 Completed investment properties5 29.0 28.7 +1.0 Total 49.9 50.8 –1.8 Land Bank on the Mainland (gross floor area in million square feet) Properties under development 57.8 68.0 –15.0 Completed investment properties5 12.1 11.6 + 4.3 Total 69.9 79.6 –12.2 Notes: 1. Underlying profit attributable to the Company’s shareholders excluded the net effect of changes in the valuation of investment properties 2. Including contributions from associates and joint ventures 3. Change in percentage points and dividend payout based upon underlying profit 4. Excluding about 0.4 million square feet of gross floor area from a site acquired after the end of the financial year and over 30 million square feet of agricultural land in terms of site area 5. The Group has a 50% stake in a premium 950,000-square-foot shopping mall in Singapore in addition to property holdings in Hong Kong and on the mainland SUN HUNG KAI PROPERTIES LIMITED 4 ANNUAL REPORT 2015/16 Underlying Earnings and Dividends per Share HK$ Shareholders’ Funds per Share Net Debt to Shareholders’ Funds Ratio HK$ % 30 25 20 15 10 5 0 Land Bank in Hong Kong Land Bank on the Mainland 90 75 60 45 30 15 0 SUN HUNG KAI PROPERTIES LIMITED ANNUAL REPORT 2015/16 5 Group Financial Summary Key Financial Information and Ratios Financial year 2016 2015 2014 2013 2012 HK$ HK$ HK$ HK$ HK$ Reported earnings per share (basic) 11.31 11.09 12.45 15.28 16.63 Underlying earnings per share (basic) 8.37 7.07 7.95 7.05 8.37 Dividends per share 3.85 3.35 3.35 3.35 3.35 Shareholders’ funds at book value per share 161.90 156.82 152.21 144.48 132.49 Net debt/Shareholders’ funds (%) 10.8 11.2 15.7 12.5 16.4 Interest cover (times)1 12.5 9.3 11.1 8.7 13.7 Key Consolidated Income Statement Items For the year ended 30 June 2016 2015 2014 2013 2012 HK$M HK$M HK$M HK$M HK$M Revenue 91,184 66,783 75,100 53,793 68,400 Operating profit before changes in fair value of investment properties 28,856 22,778 24,982 19,300 24,988 Operating profit after changes in fair value of investment properties 37,625 33,765 37,113 38,487 44,470 Profit attributable to the Company’s shareholders 32,666 31,082 33,520 40,329 43,080 Underlying profit attributable to the Company’s shareholders2 24,170 19,825 21,415 18,619 21,678 Key Consolidated Statement of Financial Position Items As at 30 June 2016 2015 2014 2013 2012 HK$M HK$M HK$M HK$M HK$M Investment properties and fixed assets 343,963 334,826 303,016 281,637 252,458 Associates and joint ventures 60,807 56,975 53,589 53,534 49,515 Other financial assets and loans 4,361 4,030 3,527 4,176 4,109 Intangible assets 3,754 4,090 4,539 4,937 4,699 Net current assets 142,559 146,456 145,822 117,295 114,862 Non-current liabilities (80,936) (89,559) (90,804) (71,050) (74,684) Net assets 474,508 456,818 419,689 390,529 350,959 Share capital 70,384 68,451 53,464 1,335 1,308 Share premium3 – – – 46,880 40,782 Reserves 398,323 382,575 361,319 337,697 304,469 Shareholders’ funds 468,707 451,026 414,783 385,912 346,559 Non-controlling interests 5,801 5,792 4,906 4,617 4,400 Total Equity 474,508 456,818 419,689 390,529 350,959 Notes: 1.
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