 |
|
| Highlights of the Year ended 31 March 2010 |
|
| Financial Data |
|
|
|
Year
ended
31 March 2010 |
|
Year
ended
31 March 2009 |
|
Changes |
|
|
|
HK$'M |
|
HK$'M |
|
(%) |
|
|
| Consolidated income statement |
|
Revenues |
|
|
|
4,990 |
|
4,503 |
|
10.8 |
|
|
Property operating expenses |
|
|
|
(1,662) |
|
(1,698) |
|
(2.1) |
|
|
|
Net property income |
|
|
|
3,328 |
|
2,805 |
|
18.6 |
|
|
General and administrative expenses |
|
|
|
(120) |
|
(134) |
|
(10.4) |
|
|
Change in fair values of investment properties |
|
|
|
9,809 |
|
(1,865) |
|
NA |
|
|
|
Operating profit |
|
|
|
13,017 |
|
806 |
|
1,515.0 |
|
|
Interest income |
|
|
|
6 |
|
37 |
|
(83.8) |
|
|
Finance costs on interest bearing liabilities |
|
|
|
(583) |
|
(511) |
|
14.1 |
|
|
| Profit before taxation and transactions |
|
with unitholders |
|
|
|
12,440 |
|
332 |
|
3,647.0 |
|
|
Taxation |
|
|
|
(2,077) |
|
290 |
|
NA |
|
|
| Profit for the year, before transactions |
|
with unitholders |
|
10,363 |
|
622 |
|
1,566.1 |
|
|
|
|
|
| Consolidated statement of distributions |
| Profit for the year, before transactions |
|
with unitholders |
|
10,363 |
|
622 |
|
1,566.1 |
|
| Adjustments: |
|
Change in fair values of investment properties |
|
|
|
(9,809) |
|
1,865 |
|
NA |
|
|
Deferred taxation on change in fair values |
|
|
of investment properties |
|
|
|
1,619 |
|
(308) |
|
NA |
|
|
Deferred taxation on change in tax rate |
|
|
|
- |
|
(341) |
|
NA |
|
|
Other non-cash income |
|
|
|
(39) |
|
(19) |
|
105.3 |
|
|
|
Total distributable income |
|
|
|
2,134 |
|
1,819 |
|
17.3 |
|
|
|
|
|
|
Distribution per unit (DPU) (HK cents) |
|
|
Interim DPU |
|
|
|
48.35 |
|
40.86 |
|
18.3 |
|
|
Final DPU |
|
|
|
49.02 |
|
43.13 |
|
13.7 |
|
|
|
Total DPU |
|
|
|
97.37 |
|
83.99 |
|
15.9 |
|
|
|
|
|
|
|
|
|
As at
31 March 2010 |
|
As at
31 March 2009 |
|
Changes |
|
|
|
HK$'M |
|
HK$'M |
|
(%) |
|
|
| Assets and liabilities |
|
Investment properties |
|
|
|
53,781 |
|
43,255 |
|
24.3 |
|
|
Other non-current assets |
|
|
|
4,074 |
|
4,053 |
|
0.5 |
|
|
Current assets |
|
|
|
1,076 |
|
1,372 |
|
(21.6) |
|
|
|
Total assets |
|
|
|
58,931 |
|
48,680 |
|
21.1 |
|
|
|
|
|
|
Current liabilities |
|
|
|
1,807 |
|
1,689 |
|
7.0 |
|
|
Non-current liabilities |
|
|
|
18,680 |
|
17,790 |
|
5.0 |
|
|
| Total liabilities, excluding net assets |
|
attributable to unitholders |
|
|
|
20,487 |
|
19,479 |
|
5.2 |
|
|
|
Net assets attributable to unitholders |
|
|
|
38,444 |
|
29,201 |
|
31.7 |
|
|
|
|
|
|
Interest bearing liabilities to total assets |
|
% |
|
18.4 |
|
23.7 |
|
(5.3) |
|
|
Total liabilities to total assets |
|
% |
|
34.8 |
|
40.0 |
|
(5.2) |
|
|
| Valuation |
|
Valuation of investment properties |
|
|
|
53,781 |
|
43,255 |
|
24.3 |
|
|
Valuation weighted average capitalisation rate |
|
% |
|
6.73 |
|
7.42 |
|
(0.7) |
|
|
Net assets per unit attributable to unitholders |
|
HK$ |
|
17.46 |
|
13.47 |
|
29.6 |
|
|
|
Market price per unit |
|
HK$ |
|
19.14 |
|
15.32 |
|
24.9 |
|
|
Market capitalisation |
|
|
|
42,147 |
|
33,199 |
|
27.0 |
|
| Premium of unit price to net assets per unit |
|
attributable to unitholders |
|
% |
|
9.6 |
|
13.7 |
|
(4.1) |
|
|
Units in issue |
|
|
|
2,202,043,479 |
|
2,167,040,427 |
|
1.6 |
|
| Notes: |
| (i) |
The highest premium and discount are calculated based on the highest and lowest traded prices of HK$20.35 (2009: HK$19.80) and HK$14.08 (2009: HK$10.96) respectively on The Stock Exchange of Hong Kong Limited during the year. |
|
| (ii) |
Net yield per unit is calculated based on distribution per unit for the year ended 31 March 2010 of HK97.37 cents (2009: HK83.99 cents) over the last traded price as at 31 March 2010 of HK$19.14 (2009: HK$15.32). |
Disclaimer
Investment in REIT involves risks, and unit prices can go down as well as up. Past results are no guarantee to future performance. Please consult your financial or other professional advisor before you invest.
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Overview