Page 83 - Hang Lung Group 2012 Annual Report

由於租金收入增長，加上物業銷售增加及
出售非核心投資物業收益帶動，營業溢利
較二零一一財政期增長百分之二百二十
八，至港幣八十四億三千四百萬元。與去
年同期比較，升幅為百分之七十二。
投資物業公平值的增幅為港幣三十億五千
七百萬元，二零一一財政期為港幣九億五
千三百萬元，去年同期為港幣二十一億元。
本集團持有相當數量的現金結餘，大部分為
人民幣存款以對沖日後內地項目的施工費。
受惠於人民幣利率較港幣存款為高，年內錄
得利息收入淨額為港幣二億六千四百萬元，
較二零一一財政期及去年同期分別增加百分
之四百三十九及百分之一百二十。
由於租金收入及發展溢利上升，本年度的
稅項支出相應增加至港幣十三億七千九百
萬元，較二零一一財政期上升百分之一百
三十八，較去年同期上升百分之二十。
因此，本年度溢利較二零一一財政期增長百
分之二百二十七，至港幣九十九億三千萬
元。與去年同期比較，升幅為百分之六十三。
二零一二年財政狀況回顧
本集團保持雄厚資本，擁有充裕的財務資
源和適當貨幣組合的現金流量以便於到期
時履行各項承擔。
在計入二零一二年九月底開業的市府恒隆
廣場、租賃物業組合温和的重估收益，以
及扣除年內出售部分香港非核心投資物
業，本年度投資物業增加百分之四至港幣
一千零六十一億零二百萬元。
本集團受惠於相對較低的借貸成本優勢，以
及遠高於港幣的人民幣銀行存款利率，我們
採取保持較高現金結餘的政策，並把大部分
庫存現金轉為人民幣存款，作為內地項目日
後的注資及施工付款計劃的自然對沖。集團
於二零一二年十二月三十一日的現金及銀行
結餘達港幣四百零一億八千三百萬元，較一
年前增加港幣一百四十億三千四百萬元。手
頭現金主要以人民幣存款持有。
As a result of the growth in rental turnover, increases in property sales
and gain on disposal of non-core investment properties, operating profit
grew 228% to HK$8,434 million against the 2011 financial period. When
compared with the last corresponding period, the growth was 72%.
Increase in fair value of investment properties amounted to HK$3,057
million, compared to HK$953 million in the 2011 financial period and
HK$2,100 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$264 million was recorded for the year, increased
by 439% and 120%, respectively, against the 2011 financial period and
the last corresponding period.
Taxation charges for the year amounted to HK$1,379 million, increased
by 138% against the 2011 financial period and 20% against the
last corresponding period, in line with the higher rental turnover and
development profit.
As a result, profit for the year increased by 227% to HK$9,930 million
when compared with the 2011 financial period. Against the last
corresponding period, profit for the year grew 63%.
REVIEW OF 2012 FINANCIAL POSITION
The Group maintained a strong balance sheet with sufficient financial
resources and liquidity at appropriate currency mix to meet all
obligations as they fall due.
Investment properties rose by 4%during the year toHK$106,102million.
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$40,183 million, an increase of HK$14,034 million
when compared with a year ago. The cash in hand was predominantly
held in RMB deposits.
83