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2017 Annual Report 3 Financial Highlights

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2017 Annual Report 3 Financial Highlights FSC 中文LOGO Strong Roots for Growth Hang Lung Properties’ prized portfolio of properties featured prominently on the cover and in this year’s Annual Report are the strong roots for our sustainable growth. While signifying the fruitful returns generated by our assets in Hong Kong and mainland China, the leaves with growing linings are also a distinct reminder of our corporate values and commitment as a leading commercial property developer that builds, manages and owns world-class commercial complexes in Hong Kong and mainland China. On closer scrutiny, they are also a symbol of our professional teams, whose members work closely with each other to underpin our ongoing drive for growth and excellence. Vision Excellence Fruitful Commitment Clarity We Do It Right We Do It Right is a business philosophy that extends beyond our core business and embraces the initiatives we undertake on behalf of our staff, the community and the environment. We believe this is fundamental to our success and helps us win the trust of our stakeholders. In this annual report we describe the progress we have made during the year, using meaningful metaphors to signify our efforts to create unmatched value for our cherished shareholders, tenants and customers. As Hang Lung’s business continues to grow, we will continue to maintain our high standards in order to become a highly admired national commercial property developer in Hong Kong and mainland China. 2 Hang Lung Properties Limited Corporate Profile Hang Lung Properties Limited (stock code: 00101) is the property arm of Hang Lung Group Limited (stock code: 00010). We are a top-tier property developer in Hong Kong and on the Mainland with a recognized commitment to quality. We are a truly diversified property developer with a varied portfolio of commercial, office, residential, serviced apartment, industrial/office and car park properties. Our primary focus is to acquire the best sites in the cities with growth potential and employ only the top architectural firms to achieve the highest design quality and develop the best properties. In Hong Kong and on the Mainland, our corporate strategy is to constantly review and, where necessary, upgrade our tenant mix and enhance our existing developments so as to achieve a maximum return on our investments. We also emphasize value-added services and incentives, which add to the appeal and marketability of our properties. Our long-term vision is to expand on the Mainland while continuing to invest in our home market of Hong Kong. As our business will certainly continue to grow, we are set to develop into a highly admired and leading national commercial property developer. Contents 04 Financial Highlights 127 Profile of Key Executives 06 2017 Highlights 131 Report of the Directors 10 Chairman’s Letter to Shareholders 140 Independent Auditor’s Report 28 Review of Operations 146 Financial Statements 66 Financial Review 214 Ten-Year Financial Summary 80 Sustainable Development 216 Glossary 92 Risk Management 218 Corporate Information 96 Corporate Governance Report 219 Financial Calendar 122 Profile of the Directors 220 Listing Information 2017 Annual Report 3 Financial Highlights Results For the year ended December 31 in HK$ Million (unless otherwise stated) 2017 2016 Revenue Property leasing 7,779 7,737 Mainland China 3,958 3,995 Hong Kong 3,821 3,742 Property sales 3,420 5,322 Total revenue 11,199 13,059 Net profit attributable to shareholders 8,124 6,195 Dividends 3,373 3,373 Shareholders’ equity 136,158 126,565 Per share data Earnings $1.81 $1.38 Dividends Total $0.75 $0.75 Interim $0.17 $0.17 Final $0.58 $0.58 Shareholders’ equity $30.3 $28.1 Net assets $31.6 $29.4 Financial ratio Payout ratio 42% 54% Net debt to equity ratio 1.9% 2.1% Debt to equity ratio 17.4% 20.5% Underlying Results For the year ended December 31 in HK$ Million (unless otherwise stated) 2017 2016 Underlying net profit attributable to shareholders 5,530 6,341 Earnings per share (Note 1) $1.23 $1.41 Payout ratio (Note 1) 61% 53% Note: 1. The relevant calculations are based on the underlying net profit attributable to shareholders. 4 Hang Lung Properties Limited Rental Revenue Underlying Net Profit Overall +1% -13% HK$ Million HK$ 7,779 Million HK$ Million HK$ 5,530 Million 8,000 12,000 10,000 Property 6,000 8,000 Leasing Property 4,000 6,000 Sales 4,000 2,000 2,000 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Mainland China Net Assets per Share -1% +7% HK$ Million HK$ 3,958 Million HK$ HK$ 31.6 4,500 35 4,000 30 3,500 25 3,000 2,500 20 2,000 15 1,500 10 1,000 500 5 0 0 20132014 2015 2016 2017 20132014 2015 2016 2017 Hong Kong Dividends per Share +2% Same HK$ Million HK$ 3,821 Million HK$ HK$ 0.75 4,000 1.0 3,500 Final 0.8 Interim 3,000 2,500 0.6 2,000 1,500 0.4 1,000 0.2 500 0 0 20132014 2015 2016 2017 20132014 2015 2016 2017 2017 Annual Report 5 2017 Highlights JAN MAY • JobMarket • HR Asia — Best Companies to Work for in Asia 2017 — Corporate • Hong Kong Investor Relations Associationion Sustainability Awardard — Best IR Presentation Collateralsals • Certification (Large Cap) Award under Leadershipp • 2017 Asia Pacific Stevie Awardsds in Energy and — Silver in the “Innovation Environmental Design (LEED) in Consumer Events — for Core and Shellell Advertising, Marketing & Development Public Relations” — Plaza 66 — Gold Level — — “Santa’s Atelier” Program Forum 66 — Offi ce Tower JUN • Asia Pacificcific CustomerCustomer ServiceService ConsortiumConsortium — International Customer Relationship Excellence Awards — Property Management category — Corporate Social Responsibility Leadership of the Year, Best Use of Technology of the Year, Best Use of Knowledge Management of the Year, FEB Employee Engagement Program of the Year, People Development Program of the Year and Corporate Employer of the Year • 2016/2017 MERCURY Awards — Annual Reports — Overall Presentation: Real Estate Developer — Gold Award AUG — Annual Reports — Overall Presentation: Property Development — Gold Award • Emerald Awards presented to six frontline staff members who demonstrated extraordinary excellence in customer service • The Marketing Events Awards 2017 MAR — Best Mall Event — Gold Award — The Peak Galleria — “Fear in the Ears” installation at Halloween Haunted Playground Campaign 2016 • 2017 ICSC VIVA (Vision, Innovation, Value, Achievement) Best of the Best • The Marketing Events Awards 2017 Awards — Best Event — Design — Silver Award — Fashion Walk — Honoree title in the Marketing Category — — Joy of Lights 20201616 Fashion Walk — Fashion Intelligence Index APR • Promotion of Accessibility for the Disabled Association in Shenyang — Best Barrier-free Facilities in Commercial Property Category — Palace 66 SEP • Dow Jones Sustainability Indices • Promotion of Accessibility for the — Listed as an Index Component in the Asia Pacifi c Index Disabled Association — Best Barrier-free Facilities — Forum 66 • Celebration of the completion of mega-scale transformation of Plaza 66 in Shanghai that redefined the realm of modern luxury retail in China OCT • 2017 Galaxy Awards • Launched large-scale CSR — The Chairman’s campaign in Hong Kong Letter to Shareholders — Hang Lung Young — Bronze Award Architects Program NOV • Guandian • Fashion Walk — China Top 100 Players in Commercial Real Estate — Second — Walk Your Fashion Promotion Campaign clclinchedinched fi ve ve awar awardsds u ndunderer t hethe • Union for the Disabled in Jinan 22017017 KKamam FFanan AwAwardsards — Best Barrier-free Facilities — Parc 66 • 2017 International Council of Shopping Centers (ICSC) Asia- Pacific Shopping Center Awards — Design and Development — New Development — Gold Award and Sustainable Design Award — Olympia 66 DECDEC • Hong Kong IInstitute of Certified Public Accountants — 2017 BesBestt Corporate Governance Awards — CCommendationommend for Internal Control and Risk Management • MIPIM AsAsiaia AAwards 2017 — Best RetaiRetaill Development — Silver Award — Olympia 66 VISION At Hang Lung, we are driven by a shared vision: to always strive for excellence and scale new heights. Chairman’s Letter to Shareholders Ronnie C. Chan Chairman Results and Dividend For the year ended December 31, 2017, revenue decreased 14% to HK$11,199 million because fewer residential apartments were sold over the previous year. Net profit attributable to shareholders increased 31% to HK$8,124 million. Earnings per share likewise grew to HK$1.81. When excluding all the effects of property revaluation gain, the underlying net profit attributable to shareholders fell 13% to HK$5,530 million. The Board recommends a final dividend of HK58 cents per share payable on May 16, 2018 to shareholders of record on May 3, 2018. If approved by shareholders, total dividends per share for the year ended December 31, 2017 will be HK75 cents which is the same as the year before. 10 Hang Lung Properties Limited Business Review Retail sales continued to recover in both mainland China and Hong Kong. This has yet to be translated into higher rents due to the lagging effect of lease contracts. It will likely take another 12 to 18 months after which our results should be positively impacted. On the Mainland, the recovery of retail sales of luxury products is particularly strong. On a year-on-year and like-for-like basis, all our malls saw improvements, ranging from 1% in the case of Shenyang Forum 66 to 99% for Dalian Olympia 66. Most of the others increased by 10% to 12%, with Shanghai Plaza 66 climbing 26%. Occupancy rate also advanced in almost all properties, with the biggest rise in Wuxi Center 66 and Tianjin Riverside 66. Overall, there were far fewer instances of lease terminations and negative rent reversions than in the past few years. In the cases of Shanghai Grand Gateway 66 and Wuxi Center 66, the fall in rental revenue was entirely due to the renovation and construction works that took some retail space out of the market.
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