Financial Highlights

Annual Results

(in HK$’ million, unless otherwise specified) 2017 2016 2015 2014 2013
For the year ended 30 June :          
Revenue 788.1 769.7  754.4 688.9 630.2
Property operating expenses 164.7 161.2  167.8 153.8 139.6
Net property income 623.4 608.5  586.6 535.1 490.6
Cost-to-income ratio (%) 20.9 20.9  22.2 22.3 22.2
Profit after taxation 743.5 825.3  1,902.7 1,230.0 1,674.6
Annual distributable income 434.5 415.0  375.2 342.8 307.0
DPU (HK cents)1 33.0 24.3  22.0 20.0 17.7
Payout ratio (%)1, 2 124.3 95.8  95.9 94.8 93.1
At 30 June :          
Portfolio valuation 17,062.4 16,651.0  17,035.3 15,390.6 14,408.8
Total assets 18,297.8 17,925.0  17,897.7 16,151.9 15,156.4
Total liabilities 4,398.3 4,406.9  4,800.6 4,657.0 4,624.7
Net asset value 13,899.5 13,518.1  13,097.1 11,494.9 10,531.7
Net asset value per unit (HK$) 8.49 8.26  7.99 7.06 6.52
Gearing ratio (%) 21.5 21.9  22.0 24.3 25.9


Notes :
1. Including a special distribution of HK 7.5 cents in 2017.
2. Payout ratio for 2017 would have been 96.1% if the special distribution were excluded.


Interim Results

(in HK$’ million, unless otherwise specified)    
  Six months ended 31 December 2016 Six months ended 31 December 2015
Revenue 383.6 385.2
Property operating expenses 84.4 80.0
Net property income 299.2 305.2
Cost-to-income ratio (%) 22.0 20.8
Profit after taxation 278.9 587.2
Distributable income 205.1 206.4
DPU (HK cents) 12.2 12.0
Payout ratio (%) 97.3 95.2
  At 31 December 2016 At 30 June
2016
Portfolio valuation 16,782.6 16,651.0
Total assets 18,016.9 17,925.0
Total liabilities 4,357.3 4,406.9
Net asset value 13,659.6 13,518.1
Net asset value per unit (HK$) 8.35 8.26
Gearing ratio (%) 21.8 21.9