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Annual Report 2008/09

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Annual Report 2008/09 Annual Report 2008/09 SUN HUNG KAI PROPERTIES LIMITED Annual Report 2008/09 SUN HUNG KAI PROPERTIES LIMITED Annual Report 2008/09 Content 2 Board of Directors and Committees 3 Corporate and Shareholders’ Information 4 Financial Highlights and Land Bank 6 Group Financial Summary 7 Corporate Structure 8 Chairman’s Statement 20 Review of Operations 80 Corporate Governance 84 Investor Relations 86 Corporate Social Responsibility 92 Financial Review 94 Directors’ Report 111 Directors and Organization 128 Financial Contents Board of Directors and Committees Board of Directors Chairman Kwong Siu-hing (Non-Executive Director) Executive Directors Kwok Ping-kwong, Thomas (Vice Chairman & Managing Director) Kwok Ping-luen, Raymond (Vice Chairman & Managing Director) Chan Kai-ming Chan Kui-yuen, Thomas Kwong Chun Wong Yick-kam, Michael Wong Chik-wing, Mike Chan Kwok-wai, Patrick (Chief Financial Offi cer) Non-Executive Directors Lee Shau-kee (Vice Chairman) Kwok Ping-sheung, Walter Woo Po-shing Kwan Cheuk-yin, William Lo Chiu-chun, Clement Woo Ka-biu, Jackson (Alternate Director to Woo Po-shing) Independent Non-Executive Directors Yip Dicky Peter Wong Yue-chim, Richard Cheung Kin-tung, Marvin Li Ka-cheung, Eric Committees Audit Committee Cheung Kin-tung, Marvin* Yip Dicky Peter Li Ka-cheung, Eric Remuneration Committee Wong Yue-chim, Richard* Lo Chiu-chun, Clement Li Ka-cheung, Eric Nomination Committee Wong Yue-chim, Richard* Kwan Cheuk-yin, William Yip Dicky Peter Executive Committee Kwok Ping-kwong, Thomas Kwok Ping-luen, Raymond Chan Kai-ming Chan Kui-yuen, Thomas Kwong Chun Wong Yick-kam, Michael Wong Chik-wing, Mike Chan Kwok-wai, Patrick * Committee Chairman 2 SUN HUNG KAI PROPERTIES LIMITED Annual Report 2008/09 Corporate and Shareholders’ Information Corporate Information Company Secretary Registrars Principal Bankers Yung Sheung-tat, Sandy Computershare Hong Kong Investor Bank of China (Hong Kong) Limited Services Limited The Hongkong and Shanghai Banking Auditors Shops Nos. 1712–1716 Corporation Limited Deloitte Touche Tohmatsu 17th Floor, Hopewell Centre The Bank of Tokyo 183 Queen’s Road East — Mitsubishi UFJ, Ltd Registered Offi ce Wanchai Sumitomo Mitsui Banking Corporation 45th Floor, Sun Hung Kai Centre Hong Kong Industrial and Commercial Bank of China 30 Harbour Road Mizuho Corporate Bank, Ltd. Hong Kong Solicitors BNP Paribas Telephone : (852) 2827 8111 Woo, Kwan, Lee & Lo Hang Seng Bank Limited Facsimile : (852) 2827 2862 JSM Bank of Communications Website : www.shkp.com Winston Chu & Company The Bank of East Asia, Limited E-mail : [email protected] Shareholders’ Information Financial Calendar Share Listing Financial Calendar for 2008/09 The Company’s shares are listed on The Stock Exchange of Interim results announcement 11 March 2009 Hong Kong and are traded over the counter in the United Interim dividend paid 6 April 2009 States in the form of American Depositary Receipts (ADR). Annual results announcement 15 September 2009 Closure of register of members 26 November 2009 – Stock Code 3 December 2009 The Stock Exchange of Hong Kong : 16 (both days inclusive) Bloomberg : 16 HK Equity Annual general meeting 3 December 2009 Reuters : 0016.HK Final dividend payable 7 December 2009 Trading Symbol for ADR : SUHJY CUSIP : 86676H302 Investor Relations Telephone : (852) 2828 8764 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 and on the website of the Company. If shareholders who have received or chosen to receive this annual report by electronic means and (i) wish to receive a printed copy; or (ii) for any reason have diffi culty in receiving or gaining access to this report on the Company’s website, they may obtain a printed copy free of charge by sending a request to the Company’s Registrars by email at [email protected] or by post to Rooms 1806–1807, 18th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong. 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 could at any time notify the Company’s Registrars by email or by post. SUN HUNG KAI PROPERTIES LIMITED Annual Report 2008/09 3 Financial Highlights and Land Bank For the year ended 30 June 2009 2008 Change (%) Financial Highlights (HK$ million) Revenue 34,234 24,471 +39.9 Profi t attributable to the Company’s shareholders – Reported 10,356 27,602 -62.5 – Underlying1 12,415 12,186 +1.9 Gross rental income2 9,763 8,262 +18.2 Net rental income2 7,271 5,992 +21.3 Financial Ratios Net debt to shareholders’ funds (%) 15.2 15.3 -0.13 Dividend payout (%) 51.7 52.1 -0.43 Financial Information per Share (HK$) Earnings per share for profi t attributable to the Company’s shareholders – Reported 4.04 10.87 -62.8 – Underlying 4.84 4.80 +0.8 Dividends – Interim dividend 0.80 0.80 — – Final dividend 1.70 1.70 — – Full-Year 2.50 2.50 — Shareholders’ funds 86.69 85.51 +1.4 Land Bank in Hong Kong (gross fl oor area in million square feet) Properties under development4 15.9 17.4 -8.6 Completed investment properties 26.0 25.6 +1.6 Total 41.9 43.0 -2.6 Land Bank on the mainland (gross fl oor area in million square feet)5 Properties under development 52.3 53.0 -1.3 Completed investment properties 3.0 3.0 — Total 55.3 56.0 -1.3 Notes: 1 Underlying profi t attributable to the Company’s shareholders excluded the effect of fair value change on investment properties 2 Including contributions from jointly-controlled entities and associates 3 Change in percentage points, dividend payout based upon underlying profi t 4 Excluding over 24 million square feet of agricultural land in terms of site area 5 Figures for 2008 are updated to September 4 SUN HUNG KAI PROPERTIES LIMITED Annual Report 2008/09 Financial Highlights and Land Bank Underlying Earnings and Dividends per Share* HK$ 5.0 4.80 4.84 4.61 4.5 4.27 4.34 4.0 3.5 3.0 2.50 2.50 2.5 2.20 2.20 2.30 2.0 Dividend 1.5 Underlying Earnings * Based upon underlying earnings 1.0 ^ Adoption of new HKFRS from 2006 0.5 with 2005 restated 0.0 FY 2005^ 2006 2007 2008 2009 Shareholders’ Funds per Share Net Debt to Shareholders’ Funds Ratio HK$ % 98 20 94 19 90 86.69 85.51 18 86 17 82 16 78 74.43 15.3 15.2 15 74 14.0 14 70 67.25 13.4 66 13 59.94 62 12 11.5 58 11 FY2005^ 2006 2007 2008 2009 FY 2005^ 2006 2007 2008 2009 ^Adoption of new HKFRS from 2006 with 2005 restated Land Bank in Hong Kong Land Bank on the mainland million square feet million square feet 60 60 56.0 55.3 50 50 45.8 43.5 43.0 41.9 40.8 41.9 40 40 30 30 19.8 20 20 10 10 8.5 0 0 FY 2005 2006 2007 2008 2009 FY 2005 2006 2007 2008# 2009 # Updated to September 2008 Properties Under Development Completed Investment Properties SUN HUNG KAI PROPERTIES LIMITED Annual Report 2008/09 5 Group Financial Summary (Restated)1 Key Financial Information and Ratios Financial year 2009 2008 2007 2006 2005 HK$ HK$ HK$ HK$ HK$ Reported earnings per share 4.04 10.87 8.52 8.23 7.45 Underlying earnings per share 4.84 4.80 4.61 4.34 4.27 Dividends per share 2.50 2.50 2.30 2.20 2.20 Shareholders’ funds at book value per share 86.69 85.51 74.43 67.25 59.94 Net debt to shareholders’ funds (%) Net debt 15.2 15.3 14.0 13.4 11.5 Shareholders’ funds Interest cover (times) Operating profi t before change in fair value of investment properties 13.6 7.6 9.2 9.9 20.1 Net interest expenses before capitalization Key Profi t and Loss Account Items For the year ended 30 June 2009 2008 2007 2006 2005 HK$M HK$M HK$M HK$M HK$M Revenue 34,234 24,471 30,994 25,598 22,945 Operating profi t before change in fair value of investment properties 13,896 10,728 11,562 12,314 8,209 Operating profi t after change in fair value of investment properties 11,242 22,934 20,466 21,424 16,348 Profi t attributable to the Company’s shareholders 10,356 27,602 21,226 19,850 17,900 Underlying profi t attributable to the Company’s shareholders3 12,415 12,186 11,495 10,468 10,262 Key Balance Sheet Items As at 30 June 2009 2008 2007 2006 2005 HK$M HK$M HK$M HK$M HK$M Investment properties and fi xed assets2 180,205 175,610 151,995 129,024 111,082 Associates and jointly controlled entities 28,842 31,193 23,098 24,046 20,939 Other fi nancial assets and loans (Non-current) 3,418 5,259 7,417 4,776 7,549 Intangible assets2 4,647 4,971 5,258 5,514 5,783 Net current assets 68,615 64,888 50,667 48,854 34,237 Non-current liabilities (58,807) (57,864) (49,940) (41,667) (33,500) Net assets 226,920 224,057 188,495 170,547 146,090 Share capital 1,282 1,282 1,246 1,246 1,201 Share premium and reserves 220,986 217,968 184,230 166,283 142,722 Shareholders’ funds 222,268 219,250 185,476 167,529 143,923 Minority interests 4,652 4,807 3,019 3,018 2,167 Total Equity 226,920 224,057 188,495 170,547 146,090 Notes: 1 With effect from 1 July 2005, the Group has adopted the new/revised Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards and Interpretations issued by Hong Kong Institute of Certifi ed Public Accountants which are effective for accounting periods beginning on or after 1 January 2005.
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