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HANG LUNG PROPERTIES LIMITED
(Incorporated in Hong Kong with limited liability)
(Stock Code: 00101)
2016 ANNUAL RESULTS
CONTENTS
Page
Financial Highlights 1
Review of Operations 2
Consolidated Financial Statements 17
Notes to the Consolidated Financial Statements 20
Other Information 30
Glossary 32
FINANCIAL HIGHLIGHTS
in HK$ Million (unless otherwise stated)
RESULTS
Revenue
2016
2015
Change
13,059
8,948
46%
Property Leasing
7,737
7,751
-
Property Sales
5,322
1,197
345%
Operating Profit
8,919
6,548
36%
Property Leasing
5,710
5,704
-
Property Sales
3,209
844
280%
Net Profit Attributable to Shareholders
6,195
5,092
22%
Earnings Per Share (HK$)
$1.38
$1.13
22%
Dividends Per Share (HK$)
$0.75
$0.75
-
Interim (Paid)
$0.17
$0.17
-
Final (Proposed)
$0.58
$0.58
-
UNDERLYING RESULTS
Underlying Net Profit Attributable to Shareholders Underlying Earnings Per Share (HK$)
2016
6,341
$1.41
2015 Change
4,387 45%
$0.98 44%
FINANCIAL POSITION
At December 31
2016
126,565
132,145
2,757
2.1%
20.5%
$28.1
$29.4
2015 Change
Shareholders' Equity Net Assets
Net Debt
128,989 -2%
134,892 -2%
1,482 86%
Financial Ratio
Net Debt to Equity Ratio Debt to Equity Ratio
1.1% 1.0pt
24.3% -3.8pts
Shareholders' Equity Per Share (HK$)
Net Assets Per Share (HK$)
$28.7 -2%
$30.0 -2%
REVIEW OF OPERATIONS
CONSOLIDATED RESULTS
For the financial year ended December 31, 2016, total revenue of Hang Lung Properties Limited and its subsidiaries (collectively known as "Hang Lung Properties") increased 46% to HK$13,059 million attributable to higher property sales. Property sales revenue surged 345% to HK$5,322 million as more residential units were sold during 2016. Revenue of property leasing was flat at HK$7,737 million, or up 3% if excluding the 6% year-on-year Renminbi (RMB) depreciation against the Hong Kong Dollar (HKD). Total operating profit advanced 36% to HK$8,919 million.
Underlying net profit attributable to shareholders increased 45% to HK$6,341 million. After including a revaluation loss on investment properties, net profit attributable to shareholders increased 22% to HK$6,195 million. Earnings per share increased similarly to HK$1.38.
Revenue and Operating Profit
Revenue Operating Profit
2016 2015 Change 2016 2015 Change
HK$ Million
7,737
HK$ Million
7,751
-
HK$ Million
5,710
HK$ Million
5,704
-
3,995
4,194
-5%
2,514
2,715
-7%
3,742
3,557
5%
3,196
2,989
7%
Property Sales
5,322 1,197 345%
3,209 844 280%
Total
13,059 8,948 46%
8,919 6,548 36%
Property Leasing Mainland China Hong Kong
DIVIDEND
The Board of Directors has recommended a final dividend of HK58 cents per share for 2016 (2015: HK58 cents) to be paid by cash on May 18, 2017, to shareholders whose names appeared on the register of members on May 5, 2017. Together with an interim dividend of HK17 cents per share (2015: HK17 cents), the full year dividends for 2016 amounted to HK75 cents per share (2015: HK75 cents).
Hang Lung Group Ltd. published this content on 26 January 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 January 2017 04:27:09 UTC.
Hang Lung Group Ltd is an investment holding company principally engaged in the property leasing business. The Company operates its business through two segments. The Property Leasing segments engages in the property leasing operation. The Company's investment properties portfolio consists of retail, office, residential, serviced apartments and car parks, are primarily located in mainland China and Hong Kong. Property Sales segment engages in the development and sale of the trading properties in mainland China and Hong Kong.