Interim Results
Hong Kong Land Hldgs Ld
31 July 2001
The following announcement was today issued to the London
Stock Exchange.
HONGKONG LAND HOLDINGS LIMITED
INTERIM REPORT 2001 HIGHLIGHTS
* Occupancy in Central Portfolio over 97%
* Commercial rentals flat as uncertain international markets
weaken sentiment
* Major commercial site acquired in Singapore joint venture
'The uncertain outlook for the global economy is likely to
delay further recovery in our core Hong Kong market. Limited
supply over the medium term, however, should underpin values
and the lengthening of our debt in the first half will enable
us to take advantage of renewed growth.'
Simon Keswick, Chairman
31st July 2001
Results
Prepared in accordance with IAS as (unaudited)
modified by revaluation of Six months ended
leasehold properties* 30th June
2001 2000 Change
US$m US$m %
--------------------------------------------------------------
Operating profit 152 144 +5
Net profit 114 118 -3
--------------------------------------------------------------
USc USc %
--------------------------------------------------------------
Earnings per share 4.78 4.68 +2
Interim dividend per share 3.50 3.50 -
--------------------------------------------------------------
* The Group's financial statements are prepared under
International Accounting Standards ('IAS') which, following
recent changes, no longer permit leasehold interests in
land to be carried at valuation. This treatment does not
reflect the generally accepted accounting practice in the
territories in which the Group has significant leasehold
interests, nor how management measures the performance of
the Group. Accordingly, the Group has presented
supplementary financial information prepared in accordance
with IAS as modified by the revaluation of leasehold
interests in land and buildings in addition to the IAS
financial statements. The figures included in the above
summary and the Chairman's Statement are based on this
supplementary financial information.
The interim dividend of USc3.50 per share will be payable on
17th October 2001 to shareholders on the register of members
at the close of business on 24th August 2001. The ex-dividend
date will be on 22nd August 2001, and the share registers will
be closed from 27th to 31st August 2001, inclusive.
HONGKONG LAND HOLDINGS LIMITED
INTERIM REPORT 2001
Hongkong Land Holdings Limited today announced that following
the sharp recovery in the office market in Hong Kong in 2000
rents stabilised in the first half of 2001. Sentiment has
been weakened by the difficult environment facing
international financial markets in particular and the global
economy in general. Despite this, occupancy in premium grade
buildings has remained high with no new supply in Central Hong
Kong this year. Rental reversions in the Central portfolio
are beginning to turn positive but are unlikely to enhance
earnings materially in the short term.
PERFORMANCE
Net profit for the six months ended 30th June 2001 was US$114
million, little changed on the figure of US$118 million
achieved in the first half of 2000. An improvement in net
rental income between the two half years was broadly offset by
higher net financing charges reflecting the higher debt levels
which resulted from the buy-back of shares. Although earnings
were slightly lower, earnings per share for the period rose to
USc4.78, compared with USc4.68 in the first half of 2000, as a
result of the reduced number of shares in issue following the
buy-back.
Net debt has risen to US$954 million but gearing remains low
at 14%. The Group's debt profile has been substantially
restructured during 2001, extending maturities and
diversifying into new debt markets.
The Board has declared an unchanged interim dividend of
USc3.50 per share.
BUSINESS REVIEW
Commercial Property
Turning to the operations, the Chairman, Simon Keswick, said
that Hong Kong's Central District maintained high levels of
occupancy during the first half of 2001 with no significant
supply coming onto the market. Despite tight supply and an
inactive leasing market, however, sentiment deteriorated over
the period as international financial markets weakened and
the outlook for global growth became more uncertain. The
prospect of new supply in 2002 has also affected sentiment,
although it has no direct effect on current market
transactions. Vacancy in high quality buildings remains low,
at around 2%. In less well specified space and in buildings
in multi-ownership, vacancy is rather higher.
Hongkong Land has now released the final designs for its new
building in the heart of Central at 11 Chater Road. More than
50% of the retail portion has been pre-let to the Armani
group, while discussions are underway with a number of
potential anchor tenants for the office portion. On its
completion in mid 2002 at the heart of Central, 11 Chater Road
will enhance the value of the surrounding portfolio, as well
as taking its place as the leading building in Central.
Hongkong Land continues to invest in its key Central
portfolio, with the refurbishment of the footbridge network
which will complete this year, and the preparation of building
plans for the upgrading of the Alexandra House retail podium,
to commence in 2002.
Following the successful completion and letting of One Raffles
Link, Singapore last year, Hongkong Land has, in joint venture
with Cheung Kong and Keppel Land, won the first site to be
tendered on the Marina South development in the city. This
important new development of over 1 1/2 million sq. ft of office
and 45,000 sq. ft of retail space is expected to be
completed in 2004 and 2005.
Residential Property
Grosvenor Land, Hongkong Land's joint venture with Grosvenor
Estates, completed the investment of its initial capital last
year and has now raised third party funds sufficient to double
the size of its portfolio of investments in the luxury
residential sector in the region. Roxas Land in the
Philippines has completed the construction of its luxury tower
in Manila where some 50% of the apartments have been sold.
Two new residential development sites have been identified in
Hong Kong and in Mainland China. Subject to the relevant
approvals, both sites offer good prospects for profitable
development. Meanwhile, the Group has announced the
redevelopment of a small site at Belcher's Street in Hong Kong
which is planned to be completed in 2004.
Infrastructure
Tradeport Hong Kong, a joint venture in which Hongkong Land is
a major shareholder, has been awarded the concession to build
a logistics terminal at Hong Kong's Chek Lap Kok International
Airport. This will be completed in 2003. China Water Company
has brought two more plants into service and has signed joint
venture agreements on further sites. Central China Power has
made less progress, with profitable projects more difficult to
identify.
Finance
In the first half of 2001, two major refinancings were
undertaken. In March, a HK$6.38 billion (US$820 million)
syndicated loan facility with 5 and 7 year maturities was
signed. In April, the Group issued its first global bond,
raising US$600 million with a 10 year maturity. The issue was
rated A- and A3 by Standard & Poor's and Moody's Investors
Service respectively. As a result, the Group's sources of
debt have been broadened and the maturities significantly
extended.
OUTLOOK
In conclusion, Simon Keswick said, 'The uncertain outlook for
the global economy is likely to delay further recovery in our
core Hong Kong market. Limited supply over the medium term,
however, should underpin values and the lengthening of our
debt in the first half will enable us to take advantage of
renewed growth.'
-------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Profit and Loss Account
-------------------------------------------------------------------------
Prepared in accordance with IAS as
modified by revaluation of
Prepared in accordance with IAS leasehold properties (refer note 1)
Year
Year Ended (unaudited) (unaudited) ended
31st Six months ended Six months ended 31st
December 30th June 30th June December
2000 2000 2001 2001 2000 2000
US$m US$m US$m Note US$m US$m US$m
--------------------------- ----------------------
386 188 199 2 Revenue 199 188 386
Recoverable and non-
(97) (40) (47) recoverable costs (36) (31) (77)
----- ----- ----- ----- ----- -----
289 148 152 Net income from 163 157 309
properties
1 1 3 Other income 3 1 1
Administrative and
(27) (14) (14) other expenses (14) (14) (27)
----- ----- ----- ----- ----- -----
263 135 141 152 144 283
Fair value gain of
investment
- - - properties - - 2,022
Asset impairment
(provisions)
/reversals and
125 - - disposals - - (10)
----- ----- ----- ----- ----- -----
388 135 141 3 Operating profit 152 144 2,295
Net financing
(41) (21) (25) charges (25) (21) (41)
4 Share of results of
associates and joint
13 9 2 Ventures 2 10 17
----- ----- ----- ----- ----- -----
360 123 118 Profit before tax 129 133 2,271
(27) (15) (15) 5 Tax (15) (15) (27)
----- ----- ----- ------ ----- ------
333 108 103 Profit after tax 114 118 2,244
- - - Minority interests - - -
----- ----- ----- ----- ----- -----
333 108 103 6 Net profit 114 118 2,244
----- ----- ----- ----- ----- -----
USc USc USc USc USc USc
----- ----- ----- ----- ----- -----
7 Earnings per share
13.23 4.28 4.30 - basic 4.78 4.68 89.09
8.27 4.28 4.30 - underlying 4.78 4.68 9.11
----- ----- ----- ----- ----- -----
---------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Balance Sheet
---------------------------------------------------------------------------
Prepared in accordance with IAS as
modified by revaluation of
Prepared in accordance with IAS leasehold properties (refer note 1)
At (unaudited) (unaudited) At
31st At At 31st
December 30th June 30th June December
2000 2000 2001 2001 2000 2000
US$m US$m US$m Note US$m US$m US$m
--------------------------- ------------------------
Net operating assets
8 Tangible assets
735 700 753 Investment properties 7,636 5,557 7,620
6 5 5 Others 14 16 16
----- ----- ----- ----- ----- -----
741 705 758 7,650 5,573 7,636
9 Leasehold land
798 668 786 payments - - -
Associates and joint
208 394 404 ventures 426 413 229
25 14 21 Other investments 21 14 25
2 2 2 Deferred tax assets 2 2 2
10 9 10 Pension assets 10 9 10
----- ----- ----- ----- ----- -----
1,784 1,792 1,981 Non-current assets 8,109 6,011 7,902
Property held for
41 41 41 sale 41 41 41
Properties under
- - 3 development 3 - -
Debtors, prepayments
35 31 45 and others 45 31 35
Bank balances and
1,494 1,295 932 other liquid funds 932 1,295 1,494
----- ----- ----- ----- ----- -----
1,570 1,367 1,021 Current assets 1,021 1,367 1,570
----- ----- ----- ----- ----- -----
Creditors and
(474) (179) (207) accruals (207) (179) (474)
(927) (263) (796) 10 Borrowings (796) (263) (927)
Current tax
(13) (18) (20) liabilities (20) (18) (13)
----- ----- ----- ----- ----- -----
(1,414) (460) (1,023) Current liabilities (1,023) (460) (1,414)
----- ----- ----- ----- ----- -----
Net current
156 907 (2) (liabilities)/assets (2) 907 156
10 Long-term
(1,098) (1,719) (1,091) borrowings (1,091) (1,719) (1,098)
Deferred tax
(11) (10) (12) liabilities (14) (12) (13)
----- ----- ----- ----- ----- -----
831 970 876 7,002 5,187 6,947
----- ----- ----- ----- ----- -----
Capital employed
246 259 246 Share capital 246 259 246
Revenue and other
663 789 708 reserves 6,833 5,005 6,778
(78) (78) (78) Own shares held (78) (78) (78)
----- ----- ----- ----- ----- -----
831 970 876 Shareholders' funds 7,001 5,186 6,946
- - - Minority interests 1 1 1
----- ----- ----- ----- ----- -----
831 970 876 7,002 5,187 6,947
----- ----- ----- ----- ----- -----
----- ----- ----- ----- ----- -----
US$ US$ US$ US$ US$ US$
----- ----- ----- ----- ----- -----
Net asset value per
0.35 0.38 0.37 share 2.93 2.06 2.91
----- ----- ----- ----- ----- -----
No interim valuation of the Group's investment properties has been undertaken
in the preparation of supplementary financial information. Stated values at
30th June 2001 and 2000 reflect the values at the previous 31st December.
----------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Statement of Changes in Shareholders' Funds
----------------------------------------------------------------------------
Prepared in accordance with IAS as
modified by revaluation of
Prepared in accordance with IAS leasehold properties (refer note 1)
Year
Year Ended (unaudited) (unaudited) ended
31st Six months ended Six months ended 31st
December 30th June 30th June December
2000 2000 2001 2001 2000 2000
US$m US$m US$m Note US$m US$m US$m
--------------------------- ----------------------
At beginning of period
- as previously
5,225 5,225 6,946 reported 6,946 5,225 5,225
- effect of adopting
(4,217) (4,217) (6,115) IAS 40 - - -
----- ----- ----- ----- ----- -----
1,008 1,008 831 6,946 5,225 5,225
- effect of adopting
- - 143 IAS 39 143 - -
----- ----- ----- ----- ----- -----
1,008 1,008 974 - as restated 7,089 5,225 5,225
Net exchange
translation differences
(10) (7) (27) - amount arising in (28) (18) (23)
the period
- release to the
consolidated profit
19 - - and loss account - - 19
Revaluation of other
investments
- - (39) - fair value losses (39) - -
- transfer to the
consolidated profit
and loss account on
- - (2) disposal (2) - -
Cashflow hedges
- - (6) - fair value losses (6) - -
- transfer to the
consolidated profit
- - 4 and loss account 4 - -
Net (losses)/gains not
recognised in the
consolidated profit
9 (7) (70) and loss account (71) (18) (4)
333 108 103 Net profit 114 118 2,244
(227) (139) (131) 11 Dividends (131) (139) (227)
Repurchase of ordinary
(292) - - shares - - (292)
----- ----- ----- ----- ----- -----
831 970 876 At end of period 7,001 5,186 6,946
----- ----- ----- ----- ----- -----
--------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Cash Flow Statement
--------------------------------------------------------------------------
Prepared in accordance with IAS as
modified by revaluation of
Prepared in accordance with IAS leasehold properties (refer note 1)
Year
Year Ended (unaudited) (unaudited) ended
31st Six months ended Six months ended 31st
December 30th June 30th June December
2000 2000 2001 2001 2000 2000
US$m US$m US$m Note US$m US$m US$m
--------------------------- ------------------------
Cash flows from
operating
activities
388 135 141 Operating profit 152 144 2,295
Depreciation and
25 12 14 amortisation 3 3 5
Fair value gain of
investment
- - - properties - - (2,022)
Profit on disposal
of other
- - (2) investments (2) - -
Asset impairment
provisions/
(reversals)
(125) - - and disposals - - 10
(Increase)/decrease
in debtors and
(2) 1 (1) prepayments (1) 1 (2)
Decrease in
creditors and
(10) (4) (6) accruals (6) (4) (10)
90 45 34 Interest received 34 45 90
Interest and other
financing charges
(128) (69) (68) paid (68) (69) (128)
(25) (9) (6) Tax paid (6) (9) (25)
1 1 - Dividends received - 1 1
214 112 106 106 112 214
Cash flows from
investing
activities
Major renovations
(16) (8) (12) expenditure (12) (8) (16)
Developments
(80) (44) (25) capital expenditure (25) (44) (80)
Investments in and
loans to joint
(20) (10) (96) ventures (96) (10) (20)
Disposal of
208 - - associates - - 208
Purchase of
other
(12) (1) (2) investments (2) (1) (12)
Disposal of
other
- - 6 investments 6 - -
80 (63) (129) (129) (63) 80
Cash flows from
financing
activities
Net proceeds
from issue of
- - 591 bonds 591 - -
Drawdown of
secured bank
162 24 - loans - 24 162
Repayment of
secured bank
(1) (4) (274) loans (274) (4) (1)
Drawdown of
146 32 38 unsecured bank loans 38 32 146
Repayment of
unsecured bank
(186) (20) (173) loans (173) (20) (186)
Repurchase of 4%
convertible
(51) (5) - bonds - (5) (51)
Repayment of 4%
convertible
- - (307) bonds (307) - -
Dividends paid
(227) (136) (123) by the Company (123) (136) (227)
Repurchase of
- - (292) ordinary shares (292) - -
(157) (109) (540) (540) (109) (157)
Effect of
exchange rate
1 1 - changes - 1 1
------ ------ ------ ------ ------ ------
Net (decrease)
/increase in cash
138 (59) (563) and cash equivalents (563) (59) 138
Cash and cash
equivalents at
beginning of
1,353 1,353 1,491 period 1,491 1,353 1,353
------ ------ ------ ------ ------ ------
Cash and cash
equivalents at end
1,491 1,294 928 of period 928 1,294 1,491
------ ------ ------ ------ ------ ------
---------------------------- -----------------------
USc USc USc USc USc USc
---------------------------- -----------------------
12 Cash flow per
7.87 4.12 3.93 share 3.93 4.12 7.87
---------------------------------------------------------------------------
Hongkong Land Holdings Limited
Notes
---------------------------------------------------------------------------
1. ACCOUNTING POLICIES AND BASIS OF PREPARATION
The unaudited interim condensed financial statements have
been prepared in accordance with IAS 34 Interim
Financial Reporting. The Group has presented
supplementary financial information prepared in
accordance with IAS as modified by the revaluation of
leasehold properties in addition to the IAS financial
statements.
Other than described below, there have been no other
changes to the accounting policies described in the 2000
annual financial statements.
(a) Financial statements prepared in accordance with IAS
In 2001, the Group adopted IAS 39 Financial Instruments:
Recognition and Measurement and IAS 40 - Investment
Property.
In accordance with IAS 39, non-current investments and
derivatives are recognised on the balance sheet at fair
value with unrealised gains and losses arising from the
changes in fair value taken to reserves until realised.
This is a change in accounting policy as in previous
years non-current investments were stated on the balance
sheet at cost less amounts provided and derivatives were
recognised only to the extent of premiums paid or
received on options. The effect of this change has been
to increase shareholders' funds at 1st January 2001 by
US$143 million.
In accordance with IAS 40 and as a result of an inability
to estimate reliably the element of leasehold property
values attributable to the building component, leasehold
land and buildings which are investment properties are
carried at depreciated historical cost. Similarly
leasehold interests in land in respect of other leasehold
properties are carried at depreciated cost. This is a
change in accounting policy as in previous years the
Group had reflected the fair value of leasehold
investment properties in the financial statements and
recorded fair value changes in property revaluation
reserves, except for movements on individual properties
below cost which were dealt with in the consolidated
profit and loss account. The effect of this change has
been to decrease net profit for the six months ended 30th
June 2000 and for the year ended 31st December 2000 by
US$10 million and US$21 million respectively, and
shareholders' funds at 1st January 2000 and 2001 by
US$4,217 million and US$6,115 million respectively.
(b) Financial information prepared in accordance with
IAS as modified by revaluation of leasehold properties
As described above, in prior years the Group reflected
the fair value of leasehold properties on its financial
statements. Changes in IAS, which came into effect
during 2001, no longer permit the valuation of leasehold
interests in land. As a result, the Group is required to
revert to accounting for leasehold land in respect of
investment and other properties at depreciated cost in
order to comply with IAS. This treatment does not
reflect the generally accepted accounting practice in the
territories in which the Group has significant leasehold
interests, nor how management measures the performance of
the Group. Accordingly, the Group has presented
supplementary financial information on pages 5 to 8
prepared in accordance with IAS as modified by the
revaluation of leasehold properties. In accordance with
IAS 40, changes in fair values of investment properties
which were previously taken directly to property
revaluation reserves are recorded in the consolidated
profit and loss account. The effect of this change has
been to increase net profit for the year ended
31st December 2000 by US$1,890 million. There is no
impact on net profit for the six months ended 30th June
2000 as no interim valuation of the Group's investment
properties had been undertaken.
2. REVENUE
Prepared in accordance with IAS
(unaudited)
Six months ended 30th June
2001 2000
US$m US$m
----- -----
By business
Property
Rental income 169 162
Service and management charges 30 26
----- -----
199 188
----- -----
3. OPERATING PROFIT
Prepared in accordance with IAS
(unaudited)
Six months ended 30th June
2001 2000
US$m US$m
By business ------ -----
Property 151 143
Infrastructure (1) (1)
Corporate (9) (7)
----- -----
141 135
----- -----
4. SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES
Prepared in accordance with IAS
(unaudited)
Six months ended 30th June
2001 2000
US$m US$m
By business ----- -----
Property - -
Infrastructure 1 2
Corporate 1 7
----- -----
2 9
----- -----
5. TAX
Prepared in accordance with IAS
(unaudited)
Six months ended 30th June
2001 2000
US$m US$m
----- -----
Company and subsidiaries 15 15
Associates and joint ventures - -
----- -----
15 15
----- -----
Tax on profits is provided at the rates of taxation
prevailing in the territories in which the Group
operates.
6. NET PROFIT
The difference between net profit as shown in the
financial statements and net profit as shown in the
supplementary financial information is reconciled as
follows:
(unaudited)
Six months ended 30th June
2001 2000
US$m US$m
------ ------
Net profit as shown in financial statements 103 108
Depreciation of investment properties 9 7
Amortisation of leasehold land payments 3 3
Deferred tax - -
Others (1) -
------ ------
Net profit as shown in supplementary financial
information 114 118
------ ------
Underlying profit excludes fair value gain of investment
properties and asset impairment and disposals.
7. EARNINGS PER SHARE
Earnings per share are calculated on the net profit of
US$103 million (2000: US$108 million) and on the
weighted average of 2,391 million (2000: 2,523
million) shares in issue during the period, which excludes
70 million shares in the Company held by a wholly-owned
subsidiary.
Earnings per share reflecting the revaluation of
leasehold properties are calculated on net profit of
US$114 million (2000: US$118 million) as shown in the
supplementary financial information.
8. TANGIBLE ASSETS AND CAPITAL COMMITMENTS
Prepared in accordance with IAS
(unaudited) At
At 30th June 31st December
2001 2000 2000
US$m US$m US$m
------ ------ ------
Tangible assets
Net book value at beginning
of period
- as previously reported 7,636 5,562 5,562
- effect of adopting IAS 40 (6,895) (4,880) (4,880)
----- ----- -----
- as restated 741 682 682
Exchange rate adjustments (7) (6) (7)
Additions 36 38 84
Depreciation (11) (9) (20)
Transfer to trading
properties under development (1) - -
Write-back - - 2
----- ----- -----
Net book value at end of 758 705 741
period
----- ----- -----
Capital commitments 849 547 623
----- ----- -----
9. LEASEHOLD LAND PAYMENTS
Prepared in accordance with IAS
(unaudited) At
At 30th June 31st December
2001 2000 2000
US$m US$m US$m
------ ------ ------
Net book value at beginning of period
- as previously reported - - -
- effect of adopting IAS 40 798 676 676
----- ----- -----
- as restated 798 676 676
Exchange rate adjustments (8) (5) (6)
Amortisation (3) (3) (5)
Transfer to trading properties
under development (1) - -
Write-back - - 133
----- ------ -----
Net book value at end of period 786 668 798
----- ----- -----
10. BORROWINGS
Prepared in accordance with IAS
(unaudited) At
At 30th June 31st December
2001 2000 2000
US$m US$m US$m
------ ------ ------
Hong Kong Dollar
Secured bank loans 977 1,110 1,241
Unsecured bank loans and overdraft 41 226 175
7.625% bonds - 1993/2001 65 64 64
------- ----- ------
1,083 1,400 1,480
Singapore Dollar
Secured bank loans 105 111 120
United States Dollar
Secured bank loans 2 3 3
Unsecured bank loans and
overdraft 114 114 114
4% convertible bonds due
2001 - 353 307
7% bonds - 2001/2011 581 - -
697 470 424
Vietnamese Dong
Unsecured bank loans and overdraft 2 1 1
----- ----- -----
1,887 1,982 2,025
Less: Current borrowings (796) (263) (927)
----- ------ -----
1,091 1,719 1,098
----- ----- -----
The 4% convertible bonds were repaid at par in February 2001.
The US$600 million 7% bonds due 2011 were issued in April 2001
and raised US$591 million net of expenses. The bonds are
listed on the Luxembourg Stock Exchange.
11. DIVIDENDS
Prepared in accordance with IAS
(unaudited)
Six months ended 30th June
2001 2000
US$m US$m
------ ------
Final dividend in respect of 2000 of
USc5.50 (1999: USc5.50) per share 131 139
------ ------
An interim dividend in respect of 2001 of USc3.50 (2000:
USc3.50) per share amounting to a total of US$84 million
(2000: US$88 million) is declared by the Board and will
be accounted for as an appropriation of revenue reserves
in the year ending 31st December 2001.
12. CASH FLOW PER SHARE
Cash flow per share is based on cash flows from operating
activities less major renovations expenditure amounting
to US$94 million (2000: US$104 million) and is calculated
on the weighted average of 2,391 million (2000: 2,523
million) shares in issue during the period, which
excludes 70 million shares in the Company held by a
wholly-owned subsidiary.
13. CONTINGENT LIABILITIES
A subsidiary of the Group has given guarantees in respect
of the Group's obligations to the Container Terminal 9
development in Hong Kong. The anticipated commitment to
the build out of two berths in the project is estimated
to be approximately US$160 million. However, were the
subsidiary required to provide additional funds for the
build out cost of the other berths, the maximum
contingent liability assumed in respect of the guarantees
would be US$271 million (2000: US$272 million).
14. INTERIM REPORT
The Interim Report will be posted to shareholders on or
about 22nd August 2001. Copies may be obtained from
Jardine Matheson International Services Limited, P.O. Box
HM 1068, Hamilton HM EX, Bermuda; Capita IRG plc, Bourne
House, 34 Beckenham Road, Beckenham, Kent BR3 4TU,
England and M & C Services Private Limited, 138 Robinson
Road 17-00, Hong Leong Centre, Singapore 068906.
The interim dividend of USc3.50 per share will be payable on
17th October 2001 to shareholders on the register of members
at the close of business on 24th August 2001. The ex-dividend
date will be on 22nd August 2001, and the share registers will
be closed from 27th to 31st August 2001, inclusive.
Shareholders will receive their dividends in United States
Dollars, unless they are registered on the Jersey branch
register where they will have the option to elect for
Sterling. These shareholders may make new currency elections
by notifying the United Kingdom transfer agent in writing by
27th September 2001. The Sterling equivalent of dividends
declared in United States Dollars will be calculated by
reference to a rate prevailing ten business days prior to the
payment date. Shareholders holding their shares through The
Central Depository (Pte) Limited ('CDP') in Singapore will
receive United States Dollars unless they elect, through CDP,
to receive Singapore Dollars.
For further information, please contact:
Hongkong Land Limited
N R Sallnow-Smith (852) 2842 8300
Kuah Boon Wee (852) 2842 8400
Matheson & Co. Limited (44) 207 816 8135
Martin Henderson
Golin/Harris Forrest (852) 2501 7937
Adrian Overholser
Golin/Harris Ludgate (44) 207 324 8888
Richard Hews
This and other Group announcements can be accessed through the
Internet at 'www.hkland.com'.
NOTE TO EDITORS
Hongkong Land is a leading property investment, management and
development group with a major portfolio in Hong Kong and with
other property and infrastructure interests in Asia.
Hongkong Land Holdings Limited is incorporated in Bermuda with
its primary share listing in London. The Company's shares are
also listed in Singapore, where the bulk of the shares are
traded, and in Bermuda. In addition, it has a sponsored
American Depositary Receipt programme. Hongkong Land is a
member of the Jardine Matheson Group.
The Group's operations are managed from Hong Kong by Hongkong
Land Limited through three operating companies: Hongkong Land
China Holdings Limited, Hongkong Land International Holdings
Limited and Hongkong Land Infrastructure Holdings Limited:
* Hongkong Land China Holdings Limited owns and manages
some five million sq. ft of prime office and retail space
in the heart of Hong Kong's Central business district, of
which ten percent is under redevelopment, and is
developing a range of property activities in Hong Kong
and Mainland China.
* Hongkong Land International Holdings Limited is
establishing a portfolio of property projects elsewhere
in Asia.
* Hongkong Land Infrastructure Holdings Limited holds
infrastructure investments in Hong Kong, Mainland China
and a number of countries in Asia and is seeking to
further develop its regional portfolio.
Hongkong Land employs some 600 people, and at end of 2000,
reported shareholders' funds in excess of US$6 billion.
Latest directors dealings
- 8 hours ago Rathbones Group
- 8 hours ago Sage Group
- 8 hours ago Rathbones Group
- 8 hours ago Sage Group
- 8 hours ago Kavango Resources