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Annual Report Transforming Urban Areas

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Annual Report Transforming Urban Areas We are a leading developer, owner and operator of mixed-use, principally commercial properties in Hong Kong and Mainland China, with a well-established record of creating long-term value by Annual Report transforming urban areas. Our business comprises three main areas: 2011 Property Property Hotel Annual Report 2011 Investment Trading Investment The Upper House www.swireproperties.com Stock Code: 1972 Hong Kong C M Y K SPAR Cover 1C 3 Mar 2012 C M Y K SPAR Cover 1C with 97% White 3 Mar 2012 We are a leading developer, owner and operator of mixed-use, principally commercial properties in Hong Kong and Mainland China, with a well-established record of creating long-term value by Annual Report transforming urban areas. Our business comprises three main areas: 2011 Property Property Hotel Annual Report 2011 Investment Trading Investment The Upper House www.swireproperties.com Stock Code: 1972 Hong Kong C M Y K SPAR Cover 1C 3 Mar 2012 C M Y K SPAR Cover 1C with 97% White 3 Mar 2012 Company Milestones 1972 1975 1985 1998 2001 Incorporation of Commencement Commencement Completion of Company enters the Mainland China Swire Properties in of work on Taikoo of planning for Festival Walk. market and begins acquiring sites in Hong Kong as a Shing, the Company’s Pacific Place. top-tier cities for development. wholly-owned first residential subsidiary of development in Swire Pacific. Hong Kong. Our 1975 1975 1978 Portfolios RESIDENTIAL Redevelopment begins Development of of the former Taikoo Brickell Key, a PORTFOLIO Dockyard site into one unique mixed-use of Hong Kong’s first community, located major private housing off Downtown estates, Taikoo Shing. Miami. 1975 1975 1983 1991-1992 ISLAND Commencement of Staged opening of Cityplaza Four work for Taikoo Cityplaza, the largest opens in 1991; EAST Shing, the residential shopping and Cityplaza Three is area of Island East. entertainment centre completed the on Hong Kong Island. following year. 1985 1988 1985 The Victoria Pacific Place opens PACIFIC Barracks site is to first tenants. PLACE purchased at auction. 1998 1998 Festival Walk opens FESTIVAL for business in WALK Kowloon Tong. 2001 MAINLAND CHINA 2006 2008 2011 Transformation of the retail centre Launch of Swire Hotels brand to create Establishment of a representative office in Tung Chung into Citygate and manage intriguing urban hotels in in Singapore. Outlets, Hong Kong’s first outlet Hong Kong, Mainland China and the Commencement of planning for the Brickell shopping mall. United Kingdom. CitiCentre project, a mixed-use development located in Miami, Florida, U.S.A. 1989 1994 2003 2009 2010 2011 Completion Completion of Completion of Completion of Sales launch Name unveiled for of The Robinson Place, residences at 3 Island Lodge, of AZURA, OPUS HONG KONG, Albany, Mid- Mid-Levels. Coombe Road North Point. Mid-Levels and the Peak, the first Levels. on the Peak. 5 Star Street, residential project in Asia Wan Chai. designed by Pritzker Prize-winning architect Frank Gehry. 1993-2003 2008 2010 Devon House is The Island East Completion of One Opening of EAST, completed in 1993. Matrix, a dedicated Island East, Swire Hong Kong, the first of a In the next decade, fibre-optic network, Properties’ largest new group of lifestyle Dorset House, PCCW is completed in office tower in Hong business hotels launched Tower, Cityplaza One, 2001. Cambridge Kong to date. by Swire Hotels. Lincoln House and House is completed Oxford House follow. in 2003. 2004 2007 2009 2011 Opening of Three Beginning of the Opening of The Completion of the Pacific Place. HK$2.0 billion Upper House, Pacific Place Pacific Place Pacific Place’s first Contemporisation Contemporisation small luxury hotel. Project. Project. 2006 2011 Remaining 50% interest is purchased Sale of Festival Walk to and Festival Walk becomes wholly Mapletree, a Singapore- owned by Swire Properties. based developer. 2001 2006 2007 2008 2010 2011 Company enters the Acquisition of Company Formation of a 50:50 joint Opening of Sanlitun Opening of TaiKoo Hui. Mainland China market 50% interest acquires 80% venture with Sino-Ocean Land Village North. Opening of INDIGO’s and an agreement is in HKR interest to develop to develop the INDIGO project Successful land office tower, ONE INDIGO. signed with Guangzhou International’s Sanlitun Village in in Beijing. acquisition in Daci Daily Group to develop Dazhongli Beijing. Opening of Sanlitun Village Temple area, TaiKoo Hui, Guangzhou, project in South and The Opposite House. Chengdu. the following year. Shanghai. Contents 2 Company Profile AUDITOR’S REPORT AND ACCOUNTS 3 Ten-Year Financial Summary 88 Independent Auditor’s Report 6 Chairman’s Statement 89 Consolidated Income Statement 11 Financial Highlights 90 Consolidated Statement of Comprehensive Income 12 Key Business Strategies 91 Consolidated Statement of Financial Position 92 Company Statement of Financial Position MANAGEMENT DISCUSSION & 93 Consolidated Statement of Cash Flows ANALYSIS 94 Consolidated Statement of Changes in Equity 16 Review of Operations 95 Notes to the Accounts 46 Financial Review 136 Principal Accounting Policies 53 Financing 145 Principal Subsidiary, Jointly Controlled and Associated Companies CORPORATE GOVERNANCE & SUSTAINABILITY SUPPLEMENTARY INFORMATION 64 Corporate Governance 148 Schedule of Principal Group Properties 72 Directors and Officer 159 Glossary 74 Directors’ Report 160 Financial Calendar and Information for Investors 82 Sustainable Development Company Profile Swire Properties is a leading developer, owner and operator of mixed-use, principally commercial properties in Hong Kong and Mainland China, with a well-established record of creating long-term value by transforming urban areas. Our business comprises three main areas: property investment, property trading and hotel investment. Founded in Hong Kong in 1972, Swire Properties is listed on The Stock Exchange of Hong Kong Limited and, with its subsidiaries, employs more than 4,000 people. In Hong Kong, we have spent nearly 40 years developing Island East from an industrial area into one of Hong Kong’s best planned and most efficient business districts. Pacific Place, built on the former Victoria Barracks site, is now one of Hong Kong’s premier retail and business addresses. In Mainland China, Swire Properties has five major mixed-use projects either in operation or under development in Beijing, Guangzhou, Chengdu and Shanghai. Similar in scale and vision to our developments in Hong Kong, our Mainland properties are located in commercial districts near transport hubs. Swire Properties continues to expand its activities in the luxury residential market in Hong Kong. Under our Swire Hotels brand, we develop and manage urban hotels in Hong Kong, Mainland China and the United Kingdom. The Company has a significant presence in Miami, Florida, where it commenced business in 1980. It is in the process of developing Brickell CitiCentre, a large-scale mixed-use project in the Brickell financial district in Miami. The Company has also set up a representative office in Singapore to explore investment opportunities in the city. 2 Swire Properties Annual Report | 2011 Ten-Year Financial Summary 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 HK$M HK$M HK$M HK$M HK$M HK$M HK$M HK$M HK$M HK$M INCOME STATEMENT Turnover Property investment 4,693 4,366 4,060 4,382 4,872 5,663 6,901 7,516 7,953 8,651 Property trading 565 2,366 2,506 1,339 554 10 889 643 400 213 Hotel – – – – 27 148 156 172 518 717 5,258 6,732 6,566 5,721 5,453 5,821 7,946 8,331 8,871 9,581 Profit Attributable to the Company’s Shareholder Property investment 2,125 2,046 1,459 1,917 2,592 3,066 3,336 3,970 4,589 4,656 Property trading (269) 278 667 264 198 (43) 95 23 87 7 Hotels 23 9 80 104 126 175 73 (332) (109) (33) Change in fair value of investment properties (5,157) (2,688) 15,224 12,365 17,221 19,530 (236) 13,596 21,478 20,496 (3,278) (355) 17,430 14,650 20,137 22,728 3,268 17,257 26,045 25,126 Interim and final dividends for the year 1,025 1,254 1,141 2,303 1,532 1,652 2,966 25 2,426 11,067 Retained profit/(loss) (4,303) (1,609) 16,289 12,347 18,605 21,076 302 17,232 23,619 14,059 STATEMENT OF FINANCIAL POSITION Net Assets Employed Property investment 55,502 52,731 71,247 85,965 105,658 133,454 140,510 155,411 183,092 191,273 Property trading 4,855 3,593 1,555 701 1,448 2,762 3,496 3,772 6,303 6,581 Hotel 631 644 717 1,037 1,429 3,624 4,037 5,523 5,797 6,421 60,988 56,968 73,519 87,703 108,535 139,840 148,043 164,706 195,192 204,275 Financed by Equity attributable to the Company’s shareholder 41,815 40,237 56,533 70,027 88,229 109,605 110,305 129,815 157,877 176,043 Non-controlling interests 4,682 4,927 6,193 6,185 296 801 1,068 424 479 532 Net debt 14,491 11,804 10,793 11,491 20,010 29,434 36,670 34,467 36,836 27,700 60,988 56,968 73,519 87,703 108,535 139,840 148,043 164,706 195,192 204,275 HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ HK$ Earnings/(loss) per share (0.60) (0.06) 3.17 2.67 3.67 4.14 0.60 3.14 4.58 4.40 Dividends per share 0.19 0.23 0.21 0.42 0.28 0.30 0.54 – 0.43 1.94 Equity attributable to shareholder per share 7.61 7.33 10.29 12.75 16.06 19.96 20.08 23.61 27.75 30.09 RATIOS Return on average equity attributable to the Company’s shareholder -7.5% -0.9% 36.0% 23.2% 25.4% 23.0% 3.0% 14.4% 18.1% 15.0% Gearing ratio 31.17% 26.14% 17.21% 15.08% 22.60% 26.66% 32.93% 26.46% 23.26% 15.69% Interest cover – times (2.80) 2.13 20.02 23.11 32.16 33.71 4.81 17.57 21.80 18.24 Dividend cover – times (3.20) (0.28) 15.28 6.36 13.14 13.76 1.10 N/A 10.74 2.27 UNDERLYING
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