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$’ million, unless otherwise specified)    
  Six months ended 31 December 2017 Six months ended 31 December 2016
Revenue 399.3 383.6
Property operating expenses 89.1 84.4
Net property income 310.2 299.2
Cost-to-income ratio (%) 22.3 22.0
Profit after taxation 935.1 278.9
Distributable income 214.1 205.1
DPU (HK cents) 12.6 12.2
Payout ratio (%) 96.6 97.3
  At 31 December 2017 At 30 June 2017
Portfolio valuation 18,535.1 17,062.4
Total assets 19,244.8 18,297.8
Total liabilities 4,718.4 4,398.3
Net asset value 14,526.4 13,899.5
Net asset value per unit (HK$) 8.85 8.49
Gearing ratio (%) 22.1 21.5