Page 85 - Hang Lung Properties 2012 Annual Report

ҳ༟يุe೯࢝ʕҳ༟يุʿܙ ਯي ุ
Investment Properties, Investment Properties
Under Development and Properties for Sale
׵ɤɚ˜ɧɤɓ˚
At December 31
ಥ࿆ϵຬʩ
HK$ million
140,000
120,000
60,000
40,000
80,000
20,000
100,000
0
2008 2009 2010 2011 2012
$128,814
million
ҳ༟يุ
Investment
properties
೯࢝ʕҳ༟يุ
Investment
properties under
development
ܙਯيุ
Properties for sale
ৌਕ༟๕ʿ༟͉ו ዄ
Financing Resources and Capital Commitment
׵ɤɚ˜ɧɤɓ˚
At December 31
ვБπಛ
Bank deposits
֠͊౤՟൲ڦʿ
ʕಂୃኽ೯Бඎ
Undrawn credit
facilities and MTN
issuing capacity
༟͉וዄ
Capital
commitment
60,000
30,000
20,000
40,000
10,000
50,000
0
2008 2009 2010 2011 2012
$58,753
million
ಥ࿆ϵຬʩ
HK$ million
͊ԸлଟتਗʿΎፄ༟ࠬᎈ˙ࠦ౤Զһɽ
ᅁ׌fϋlzdණྠ൲࠾ ଡ଼Υ̻ٙѩᒔಛಂ
͟ɧᓃʞϋᄣЇ̬ᓃʞϋf
ତ̹ࣛٙఙᐑྤމ͉ණྠ౤ԶɓᇞԄዚdᔟ
ഹවՎ̹ఙፄ༟̙ಯЭ΢ධৌਕࠬᎈdԨ̙
ਗ਼ࢫπତږᔷ౬މɛ͏࿆πಛfϤᑘމණྠ
ᒃ՟һ৷ٙлࢹϗɝdԨΝࣛމණྠlzήධ
ͦٙ༟͉וዄ౤ԶəІ್ٙ஬࿆࿁әf
ΪϤd͉ණྠϋlzٙତږ ʿ൲࠾ ѩϞᄣ
̋f຾ϔৰᐼ൲࠾€ೌ ץת ಥ࿆ɚϵɘɤ
ɖᄂɧɷʬϵຬʩd͉ණྠ׵ɚཧɓɚϋ
ɤɚ˜ɧɤɓ˚ܵϞତږଋᕘಥ࿆ʬɤɚ
ᄂɞɷɘϵຬʩf׵ɚཧɓɓϋɤɚ˜ɧ
ɤɓ˚d͉ණྠܵϞତږଋᕘಥ࿆ɚɤɘ
ᄂɘɷɞϵຬʩf
͉ණྠਗ਼ᘱᚃમ՟ᄲฐՙ൳ٙৌਕ၍ଣഄ
ଫd˸˕ܵՉڗᇞᄣ ڗfኯᔟඪ ێٙ༟͉
ձ௴ிତږঐɢdණྠᖢЦᎴ൳ήЗd̙
ᒅໄһεɺήʿҴၡอٙҳ༟ዚ༾f
and further enhanced its ability in managing interest rate volatility and
re-financing risks in the future. The average maturity period of the debt
portfolio has been lengthened to 4.5 years from 3.5 years during the year.
The current market conditions provide a window for the Group to tap
the bond market to mitigate various financial risks and to convert the
surplus cash to RMB deposits. As a result, it could earn higher interest
income while at the same time benefiting from a natural currency hedge
for the Group’s capital commitments on various Mainland projects.
Consequently, both the cash and borrowings of the Group increased
during the year. After netting off total borrowings, all unsecured, of
HK$29,736 million, the Group had net cash of HK$6,289 million as at
December 31, 2012. As at December 31, 2011, net cash of the Group
amounted to HK$2,998 million.
The Group will continue to adopt a prudent and sound financial
management strategy to support its long-term growth. With a strong
balance sheet and cash generation capability, the Group is well positioned
to buy more land and seize new investment opportunities when arise.
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