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HANG LUNG PROPERTIES LIMITED |
(Incorporated in Hong Kong with limited liability) |
(Stock Code: 00101) |
in HK$ Million (unless otherwise stated)
RESULTSRevenue | 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 | $0.58 | - |
Underlying Net Profit Attributable to Shareholders Underlying Earnings Per Share (HK$) | 2016 6,341 $1.41 | 2015 Change 4,387 45% $0.98 44% |
2015 Change
Shareholders' Equity Net Assets Net Debt128,989 -2%
134,892 -2%
1,482 86%
Financial RatioNet Debt to Equity Ratio Debt to Equity Ratio
1.1% 1.0pt
24.3% -3.8pts
Shareholders' Equity Per Share (HK$) Net Assets Per Share (HK$)$28.7 -2%
$30.0 -2%
REVIEW OF OPERATIONS CONSOLIDATED RESULTSFor 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% |
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).