Page 83 - Hang Lung Properties 2012 Annual Report

༰ɚཧɓɓৌ݁ಂᄣ ڗϵʱʘɚϵɧɤ
ɧdЇಥ࿆ɖɤɞᄂɘɷຬʩfၾ̘ϋΝ
ಂˢ༰dʺషމϵʱʘɖɤɖf
ҳ༟ يุʮ̻࠽ٙᄣష މಥ࿆ɚɤʞᄂɚ
ɷɚϵຬʩdɚཧɓɓৌ݁ಂމಥ࿆ɘᄂ
ʬɷ̬ϵຬʩd̘ϋΝಂމಥ࿆ɚɤᄂɓ
ɷʬϵຬʩf
͉ණྠܵϞ޴຅ᅰඎٙତږഐቱdɽ௅ʱ
މɛ͏࿆πಛ˸࿁ә˚ܝlzήධ݄ͦٙʈ
൬fա౉׵ɛ͏࿆лଟ༰ಥ࿆πಛ৷މ d
ϋlz፽੻лࢹϗɝଋᕘމಥ࿆ɚᄂɖɷɧ
ϵຬʩd༰ɚཧɓɓৌ݁ಂʿ̘ϋΝಂʱ
йᄣ̋ϵʱʘɚϵʬɤɘʿϵʱʘʬɤʞf
͟׵ॡ ږϗɝʿ೯࢝๐лɪʺd͉ϋ ܓٙ
೼ධ˕̈޴Ꮠᄣ̋Їಥ࿆ɤɚᄂ̬ɷɘϵ
ຬʩd༰ɚཧɓɓৌ݁ಂɪʺϵʱʘɓϵ
ɧɤɧd༰̘ϋΝಂɪʺϵʱʘɤɞf
ΪϤd͉ϋ๐ܓл༰ɚཧɓɓৌ݁ಂᄣڗϵ
ʱʘɚϵɚɤʬdЇಥ࿆ɞɤɘᄂɚɷຬ
ʩfၾ̘ϋΝಂˢ༰dʺషމϵʱʘʬɤɖf
ɚཧɓɚϋৌً݁رΫᚥ
͉ණྠ ڭܵඪ ێ༟͉dኹϞ̂༃ٙৌਕ༟
๕ձቇ຅஬࿆ଡ଼Υٙତݴږ ඎ˸ ک׵Ցಂ
ࣛᄵБ΢ධוዄf
ίࠇɝɚཧɓɚϋɘ˜ֵකִุ̹ٙ㛬ඤ
ᄿఙe䙺ձٙॡ༣يุଡ଼ΥࠠПϗूd˸
ʿϔৰϋlz̈ਯ௅ʱ ࠰ಥ ڢࣨːҳ༟ ي
ุd͉ϋܓҳ༟ يุᄣ̋ϵʱʘʞЇಥ࿆
ɘϵɞɤɚᄂɚɷɧϵຬʩf
͉ණྠա౉޴࿁༰Эٙ൲࠾ ϓ͉Ꮄැd˸
ʿჃ৷׵ಥ࿆ٙɛ͏࿆ვБπಛлଟdҢ
ࡁમ՟ ڭܵ༰৷ତ ږഐቱٙ݁ഄdԨҪɽ
௅ʱࢫπତږᔷމɛ͏࿆πಛdЪ މlzή
ධͦ˚ ܝٙء༟ʿ݄ʈ˹ಛ ࠇྌٙІ್࿁
әfණྠ׵ɚཧɓɚϋɤɚ˜ɧɤɓ˚ٙ
ତږʿვБഐቱ༺ಥ࿆ɧϵʬɤᄂɚɷʞ
ϵຬʩd༰ɓϋۃᄣ̋ಥ࿆ɓϵɚɤɚᄂ
ɘɷɧϵຬʩf˓᎘ତږ˴ࠅ˸ɛ͏࿆π
ಛܵϞf
grew 233% to HK$7,890 million against the 2011 financial period. When
compared with the last corresponding period, the growth was 77%.
Increase in fair value of investment properties amounted to HK$2,522
million, compared to HK$964 million in the 2011 financial period and
HK$2,016 million in the last corresponding period.
The Group had significant cash balances, with the majority held in
Renminbi (RMB) deposits to hedge against future RMB denominated
construction payments on the Mainland. Benefiting from the higher
interest rates of the RMB than Hong Kong dollars (HKD) deposits,
net interest income of HK$273 million was recorded for the year, an
increase of 269% and 65%, respectively, against the 2011 financial
period and the last corresponding period.
Taxation charges for the year amounted to HK$1,249 million,
increased by 133% against the 2011 financial period and 18% against
the last corresponding period, in line with the higher rental turnover
and development profit.
As a result, profit for the year increased by 226% to HK$8,920 million
when compared with the 2011 financial period. Against the last
corresponding period, profit for the year rose 67%.
REVIEW OF 2012 FINANCIAL POSITION
The Group maintained a strong balance sheet with ample financial
resources and liquidity at appropriate currency mix to meet all
obligations as they fall due.
Investment properties rose by 5% during the year to HK$98,223 million.
This is the net result of inclusion of Forum 66 shopping mall upon its
opening in late September 2012, moderate gains on revaluation of the
leasing portfolio and after the disposal of certain non-core investment
properties in Hong Kong during the year.
Taking advantage of the Group’s relatively low borrowing cost and
a much higher RMB bank deposit rate compared to HKD rate, we
adopted a policy of maintaining a high cash balance and converting
the majority of its cash surplus to RMB deposits as a natural hedge for
its future RMB equity injections and construction payment obligations
on the Mainland. As at December 31, 2012, the Group had cash and
bank deposits of HK$36,025 million, an increase of HK$12,293 million
when compared with a year ago. The cash in hand was predominantly
held in RMB deposits.
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