Interim Results
Hongkong Land Hldgs Ld
27 July 2006
To: Business Editor 27th July 2006
For immediate release
The following announcement was today issued to the London Stock Exchange.
HONGKONG LAND HOLDINGS LIMITED
INTERIM REPORT 2006
Highlights
• Hong Kong office rents and values rise further, though at a slowing pace
• Adjusted net asset value per share# up 11%
• MCL Land becomes a 77%-owned subsidiary
• Interim dividend up 50% to USc3.00 per share
'Although rental increases in Hong Kong's commercial market are slowing, the
outlook continues to be underpinned by the lack of supply in Central. The continuing
positive reversion cycle and our pipeline of development sites will produce further
improvements in earnings next year.'
Simon Keswick, Chairman
27th July 2006
Results
--------------------------------------------------------------------------------
(unaudited)
Six months ended 30th June
2006 2005 Change
US$m US$m %
--------------------------------------------------------------------------------
Underlying profit attributable
to shareholders 117 105 +11
Profit attributable to
shareholders 923 1,195 -23
Shareholders' funds 8,005 7,215* +11
Adjusted shareholders' funds# 9,547 8,592* +11
--------------------------------------------------------------------------------
USc USc %
--------------------------------------------------------------------------------
Underlying earnings per share 5.26 4.74 +11
Earnings per share 41.49 53.68 -23
Interim dividend per share 3.00 2.00 +50
--------------------------------------------------------------------------------
US$ US$ %
--------------------------------------------------------------------------------
Net asset value per share 3.60 3.24* +11
Adjusted net asset value per
share# 4.29 3.86* +11
--------------------------------------------------------------------------------
* At 31st December 2005
# In preparing the Group's financial statements under International
Financial Reporting Standards ('IFRS'), the fair value model for investme
nt properties has been adopted. In accordance with this model, the
Group's investment properties have been included at their open market
value as determined by independent valuers. As there is no capital gains
tax in territories where the Group has significant leasehold investment
properties, no tax would be payable if those properties were to be sold
at the amounts included in the financial statements. In relation to
leasehold investment properties, however, IFRS require deferred tax on
any revaluation amount to be calculated using income tax rates. This is
in contrast to the treatment for the revaluation element of freehold
properties where IFRS require capital gains tax rates to be used.
As Management considers that the Group's long leasehold properties have
very similar characteristics to freehold property, the adjusted
shareholders' funds and adjusted net asset value per share information is
presented on the basis that would be applicable if the leasehold
properties were freeholds. The adjustments made add back the deferred tax
provided in the financial statements that would not have been provided if
the properties were freeholds, which in any event would not be payable on
a sale of the properties.
The interim dividend of USc3.00 per share will be payable on 22nd November 2006
to shareholders on the register of members at the close of business on 18th
August 2006. The ex-dividend date will be on 16th August 2006, and the share
registers will be closed from 21st to 25th August 2006, inclusive.
HONGKONG LAND HOLDINGS LIMITED
INTERIM REPORT 2006
OVERVIEW
Firm demand for office space in Hong Kong continued in the first half of 2006.
With diminishing vacancy both in the Central Business District and decentralised
markets, leasing activity has decreased. The pace of growth in capital values
has also slowed.
PERFORMANCE
Underlying profit rose 11% to US$117 million for the first half of the year as
net rental income rose strongly on positive reversions. Residential profits in
Hong Kong and China were lower on fewer completions, although this was more than
compensated for by the first contribution from MCL Land, which included negative
goodwill arising on acquisition. The overall result, however, also reflected the
cost of higher net financing charges as interest rates increased and debt levels
rose following the MCL Land investment in the first quarter.
The independent valuation of the Group's investment portfolio led to a surplus
net of deferred tax of US$759 million being taken to profit and loss account.
This reflected a 10% increase in the portfolio's value, as the impact of rising
rents was only partially offset by higher capitalisation rates. The reported
profit of US$923 million was 23% below the comparable period in 2005 because of
the larger revaluation surplus booked a year ago.
In view of the positive outlook for cash flow and the wish of the Board to improve
the balance between the interim and final distributions, the Directors have declared
an interim dividend of USc3.00 per share, up 50%.
GROUP REVIEW
Commercial Property
As vacancy in Hong Kong's Central district fell to low levels, demand has been
increasingly satisfied in decentralised districts which are now experiencing
equally low vacancy. The resulting high citywide occupancy continues to underpin
rents. At the end of June, the vacancy in the Group's Hong Kong office portfolio
was 5%, while its retail portfolio was fully committed. York House, the Group's
new commercial building on Queen's Road Central, received its temporary occupation
permit just after the half year closed. The retail component is fully pre-let,
while the office portion of the building is now being marketed ahead of an
expected occupation permit in the fourth quarter of 2006.
In Singapore, One Raffles Quay, owned by a consortium in which the Group has a
one-third interest, is now 99% committed. The South Tower received its temporary
occupation permit in April, and tenants are currently fitting out, while the
North Tower is expected to receive its permit in the fourth quarter of this
year. The neighbouring Business and Financial Centre site, acquired by the same
consortium group, has received approval of its masterplan and construction
should begin before the year-end.
Residential Property
The Central Park development in Beijing is completing construction of its third
phase of apartments. Profits from this phase, which was some 90% pre-sold in
previous years, will be booked when the units are handed over to buyers in mid
2007. Phase IV is already under construction and will begin pre-selling later in
the year. Physical completion is projected for 2008.
Activity in Hong Kong's residential market was subdued in the first half, except
for the super-luxury sector. The Grosvenor Land property fund continued its
disposal programme and sold its development on the Peak in the second quarter.
MCL Land, now a 77%-held subsidiary, made good progress in both sales and site
acquisitions during the half year. Its portfolio of developments under
construction in Singapore was some 93% pre-sold at the end of June, while six
new sites have been acquired comprising more than 100,000 sq. m. of developable
gross floor area. The profit contribution from MCL Land, which did not complete
any developments in the first half, arose predominantly from the sale of a site
in Malaysia and the booking of the negative goodwill on acquisition, which
reflected the excess of the valuation of the MCL Land shares over the
acquisition cost.
In Macau, the Group's joint venture with Shun Tak has begun construction on its
site at Nam Van Lake. The first phase of apartments is expected to be launched
within the next 12 months. Completion of the residential and commercial
components is projected for 2008/2009.
Finance
In June, the Group completed a substantial financing, when it signed a 7-year
committed HK$7.5 billion syndicated loan facility. The proceeds will be used
largely to refinance more expensive existing funding lines. Financing charges
rose however, because of higher debt levels and increased interest rates. The
Group continues to hedge its exposure to rising rates, and at the half year 44%
of its gross debt was at fixed rates.
OUTLOOK
In conclusion, the Chairman, Simon Keswick said, 'Although rental increases in
Hong Kong's commercial market are slowing, the outlook continues to be
underpinned by the lack of supply in Central. The continuing positive reversion
cycle and our pipeline of development sites will produce further improvements
in earnings next year.'
--------------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Profit and Loss Account
--------------------------------------------------------------------------------
(unaudited) Year ended
Six months ended 31st
30th June December
2006 2005 2005
US$m US$m US$m
--------------------------------------------------------------------------------
Revenue (note 2) 208.0 180.2 367.6
Cost of sales (48.4) (42.6) (95.7)
------ ------ ------
Gross profit 159.6 137.6 271.9
Other income 21.1 - -
Administrative and other expenses (14.9) (12.5) (28.2)
------ ------ ------
165.8 125.1 243.7
Increase in fair value of investment
properties 914.4 1,306.1 2,367.9
Asset impairment reversals and
disposals (note 3) (6.5) 1.0 11.1
------ ------ ------
Operating profit (note 4) 1,073.7 1,432.2 2,622.7
Net financing charges (37.4) (11.5) (39.3)
Share of results of joint ventures (note 5) 56.0 7.8 10.0
------ ------ ------
Profit before tax 1,092.3 1,428.5 2,593.4
Tax (note 6) (167.5) (233.8) (532.6)
------ ------ ------
Profit for the period 924.8 1,194.7 2,060.8
------ ------ ------
Attributable to:
Shareholders of the Company 923.4 1,194.6 2,060.5
Minority interests 1.4 0.1 0.3
------ ------ ------
924.8 1,194.7 2,060.8
------ ------ ------
--------------------------------------------------------------------------------
USc USc USc
--------------------------------------------------------------------------------
Earnings per share (note 7)
- basic 41.49 53.68 92.58
- diluted 39.92 53.68 92.48
Underlying earnings per share (note 7)
- basic 5.26 4.74 8.42
- diluted 5.31 4.74 8.44
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Balance Sheet
--------------------------------------------------------------------------------
(unaudited) At 31st
At 30th June December
2006 2005 2005
US$m US$m US$m
--------------------------------------------------------------------------------
Net operating assets
Tangible assets (note 8)
Investment properties 10,752.8 8,652.1 9,778.7
Others 13.0 11.6 12.3
-------- -------- --------
10,765.8 8,663.7 9,791.0
Joint ventures 846.5 338.2 638.8
Other investments 13.4 0.3 49.5
Deferred tax assets 0.7 1.4 1.6
Pension assets 10.7 9.6 10.8
Other non-current assets 9.2 7.5 9.1
-------- -------- --------
Non-current assets 11,646.3 9,020.7 10,500.8
Properties for sale 641.8 69.1 87.2
Debtors, prepayments and others 192.0 176.2 135.8
Bank balances 832.1 659.3 1,092.8
-------- -------- --------
Current assets 1,665.9 904.6 1,315.8
-------- -------- --------
Creditors and accruals (384.3) (204.6) (243.1)
Current borrowings (note 9) (288.6) (80.0) (379.0)
Current tax liabilities (19.2) (14.8) (8.6)
-------- -------- --------
Current liabilities (692.1) (299.4) (630.7)
Net current assets 973.8 605.2 685.1
Long-term borrowings (note 9) (2,956.4) (2,209.2) (2,568.6)
Deferred tax liabilities (1,555.6) (1,107.1) (1,400.6)
Other non-current liabilities (5.3) - -
-------- -------- --------
8,102.8 6,309.6 7,216.7
-------- -------- --------
Total equity
Share capital 229.5 229.5 229.5
Revenue and other reserves 7,853.5 6,156.6 7,063.5
Own shares held (77.7) (77.7) (77.7)
-------- -------- --------
Shareholders' funds (note 10) 8,005.3 6,308.4 7,215.3
Minority interests 97.5 1.2 1.4
-------- -------- --------
8,102.8 6,309.6 7,216.7
-------- -------- --------
--------------------------------------------------------------------------------
US$ US$ US$
--------------------------------------------------------------------------------
Net asset value per share (note 11) 3.60 2.83 3.24
Adjusted net asset value per share (note 11) 4.29 3.32 3.86
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Statement of Recognised Income and Expense
--------------------------------------------------------------------------------
(unaudited) Year ended
Six months ended 31st
30th June December
2006 2005 2005
US$m US$m US$m
--------------------------------------------------------------------------------
Net exchange translation differences 6.2 (4.7) 11.0
Actuarial gains on defined benefit
pension plans - - 1.4
Gain on revaluation of other investments - 0.5 4.6
Reversal of loss on revaluation of other
investments on business combination 0.6 - -
(Losses)/gains on cash flow hedges (13.4) 19.8 28.7
Equity component of convertible bonds - - 63.4
Tax on items taken directly to equity 1.6 - (1.6)
------ ------ ------
Net (expense)/income recognised directly
in equity (5.0) 15.6 107.5
Transfer to profit and loss in respect of
cash flow hedges 5.1 4.7 (1.7)
Profit for the period 924.8 1,194.7 2,060.8
------ ------ ------
Total recognised income and expense
for the period 924.9 1,215.0 2,166.6
------ ------ ------
Attributable to:
Shareholders of the Company 923.5 1,214.9 2,166.3
Minority interests 1.4 0.1 0.3
------ ------ ------
924.9 1,215.0 2,166.6
------ ------ ------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Hongkong Land Holdings Limited
Consolidated Cash Flow Statement
--------------------------------------------------------------------------------
(unaudited) Year ended
Six months ended 31st
30th June December
2006 2005 2005
US$m US$m US$m
--------------------------------------------------------------------------------
Operating activities
Operating profit 1,073.7 1,432.2 2,622.7
Depreciation 0.4 0.4 0.7
Negative goodwill on acquisition
of a subsidiary (14.1) - -
Increase in fair value of investment
properties (914.4) (1,306.1) (2,367.9)
Asset impairment reversals and
disposals 6.5 (1.0) (11.1)
Increase in working capital (81.1) (29.2) (26.3)
Interest received 35.5 9.3 34.3
Interest and other financing charges
paid (59.6) (28.5) (76.4)
Tax paid (5.4) (5.4) (22.6)
Dividends received 6.3 0.7 2.8
Cash flows from operating activities 47.8 72.4 156.2
Investing activities
Major renovations expenditure (10.9) (5.1) (14.5)
Development capital expenditure (26.5) (46.7) (78.5)
Purchase of a subsidiary (note 13) (237.8) - -
Investments in and loans to joint
ventures (115.4) (47.0) (335.9)
Purchase of other investments - - (47.4)
Disposal of joint ventures and other
investments 0.7 - 10.1
Cash flows from investing activities (389.9) (98.8) (466.2)
Financing activities
Net proceeds from issue of bonds - - 411.7
Net proceeds from issue of convertible
bonds - - 395.2
Drawdown of bank loans 425.7 52.1 223.4
Repayment of bank loans/notes (218.8) (5.9) (224.4)
Dividends paid by the Company (125.5) (110.7) (155.5)
Dividends paid to minority shareholders (2.7) - -
Cash flows from financing activities 78.7 (64.5) 650.4
Effect of exchange rate changes 2.5 (0.2) 1.8
------ ------ ------
Net (decrease)/increase in cash and
cash equivalents (260.9) (91.1) 342.2
Cash and cash equivalents at beginning
of period 1,089.9 747.7 747.7
------ ------ ------
Cash and cash equivalents at end of
period 829.0 656.6 1,089.9
------ ------ ------
--------------------------------------------------------------------------------
USc USc USc
--------------------------------------------------------------------------------
Cash flow per share (note 14) 1.66 3.02 6.37
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Hongkong Land Holdings Limited
Notes
--------------------------------------------------------------------------------
1. ACCOUNTING POLICIES AND BASIS OF PREPARATION
The financial information contained in this announcement has been based on the
unaudited interim condensed financial statements, which have been prepared in
accordance with IAS 34 - Interim Financial Reporting.
In 2006, the Group adopted the following amendments and interpretation to
existing Standards which are relevant to its operations:
IAS 39 (amended 2005) Cash Flow Hedge Accounting of Forecast
Intragroup Transactions
IAS 39 (amended 2005) The Fair Value Option
IAS 39 and IFRS 4 (amended 2005) Financial Guarantee Contracts
IFRIC 4 Determining Whether an Arrangement Contains
a Lease
There have been no changes to the accounting policies described in the 2005
annual financial statements as a result of adoption of the above amendments and
interpretation.
2. REVENUE
Six months ended 30th June
2006 2005
US$m US$m
----------------------------
By business
Commercial property
Rental income 159.9 134.1
Service and management charges 33.0 30.7
Other 14.0 -
206.9 164.8
Residential property
Rental income 1.1 0.8
Sales of residential properties - 14.6
1.1 15.4
------ ------
208.0 180.2
------ ------
3. ASSET IMPAIRMENT REVERSALS AND DISPOSALS
Six months ended 30th June
2006 2005
US$m US$m
--------------------------
Other asset impairment provision (7.2) -
Other asset impairment reversals 0.7 1.0
------ ------
(6.5) 1.0
------ ------
By business
Commercial property (7.2) -
Residential property - 1.0
Corporate 0.7 -
------ ------
(6.5) 1.0
------ ------
4. OPERATING PROFIT
Six months ended 30th June
2006 2005
US$m US$m
----------------------------
By business
Commercial property 158.7 126.6
Residential property 17.6 7.5
Corporate (10.5) (9.0)
------ ------
165.8 125.1
Increase in fair value of investment
properties 914.4 1,306.1
Asset impairment reversals and disposals
(note 3) (6.5) 1.0
------ ------
1,073.7 1,432.2
------ ------
5. SHARE OF RESULTS OF JOINT VENTURES
Six months ended 30th June
2006 2005
US$m US$m
By business ---------------------------
Commercial property 50.2 (0.2)
Residential property 5.8 8.0
----- -----
56.0 7.8
----- -----
Results are shown after tax and minority interests.
6. TAX
Six months ended 30th June
2006 2005
US$m US$m
--------------------------
Current tax 9.8 11.4
Deferred tax
- changes in fair value of investment
properties 155.6 220.5
- other temporary differences 2.1 1.9
----- -----
167.5 233.8
----- -----
Tax on profits is provided at the rates of taxation prevailing in the
territories in which the Group operates. The Group has no tax payable in the
United Kingdom.
7. EARNINGS PER SHARE
Earnings per share are calculated on profit attributable to shareholders of
US$923.4 million (2005: US$1,194.6 million) and on the weighted average number
of 2,225.6 million (2005: 2,225.6 million) shares in issue during the period,
which excludes 69.6 million shares in the Company held by a wholly-owned
subsidiary.
Diluted earnings per share are calculated on profit attributable to shareholders
of US$930.0 million (2005: US$1,194.6 million), which is after adjusting for the
effects of the conversion of convertible bonds, and on the weighted average
number of 2,329.6 million (2005: 2,225.6 million) shares in issue during the
period. The number of shares for basic and diluted earnings per share is
reconciled as follows:
Ordinary shares in millions
2006 2005
---------------------------
Weighted average number of shares in issue 2,225.6 2,225.6
Adjustment for shares to be issued on
conversion of convertible bonds 104.0 -
------- -------
Weighted average number of shares for diluted
earnings per share 2,329.6 2,225.6
------- -------
Earnings per share are additionally calculated based on underlying profit
attributable to shareholders. A reconciliation of profit is set out below:
Six months ended 30th June
2006 2005
US$m US$m
--------------------------
Profit attributable to shareholders 923.4 1,194.6
Increase in fair value of investment properties (914.4) (1,306.1)
Deferred tax on changes in fair value of investment
properties 155.6 220.5
Share of increase in fair value of investment
properties of joint ventures (66.3) (2.7)
Share of deferred tax on changes in fair value of
investment properties of joint ventures 11.8 -
Asset impairment reversals and disposals 6.5 (1.0)
Share of asset disposals of joint ventures 0.3 -
Minority interests 0.2 0.1
------ ------
Underlying profit attributable to shareholders 117.1 105.4
------ ------
8. TANGIBLE ASSETS
Year ended
31st
Six months ended 30th June December
2006 2005 2005
US$m US$m US$m
--------------------------------------
Net book value at beginning of period 9,791.0 7,300.7 7,300.7
Exchange rate adjustments (4.1) (3.7) 20.4
New subsidiary 25.9 - -
Additions 39.3 61.0 102.7
Depreciation (0.4) (0.4) (0.7)
Disposals (0.3) - -
Increase in fair value of invesment
properties 914.4 1,306.1 2,367.9
-------- ------- -------
Net book value at end of period 10,765.8 8,663.7 9,791.0
-------- ------- -------
9. BORROWINGS
At 31st
At 30th June December
2006 2005 2005
US$m US$m US$m
Current ---------------------------------
Bank overdrafts 3.1 2.7 2.9
Short-term borrowings 57.9 77.2 77.4
Current portion of long-term borrowings 227.6 0.1 298.7
288.6 80.0 379.0
Long-term borrowings
Bank loans 1,108.6 855.8 705.1
7% United States Dollar bonds due 2011 617.1 647.4 625.0
3% Hong Kong Dollar notes due 2006 - 192.4 -
5.5% United States Dollar bonds due 2014 467.1 513.6 493.1
3.01% Singapore Dollar notes due 2010 195.8 - 190.4
3.65% Singapore Dollar notes due 2015 231.4 - 222.9
2.75% United States Dollar convertible
bonds due 2012 336.4 - 332.1
2,956.4 2,209.2 2,568.6
3,245.0 2,289.2 2,947.6
------ ----- ------
Secured 134.9 - -
Unsecured 3,110.1 2,289.2 2,947.6
------ ----- ------
3,245.0 2,289.2 2,947.6
------ ----- ------
Hong Kong Dollar 2,068.0 1,927.0 2,000.6
Singapore Dollar 837.3 293.7 611.4
United States Dollar 339.7 68.5 335.4
Vietnamese Dong - - 0.2
------ ----- ------
3,245.0 2,289.2 2,947.6
------ ----- ------
10. SHAREHOLDERS' FUNDS
Year ended
31st
Six months ended 30th June December
2006 2005 2005
US$m US$m US$m
------------------------------------
At beginning of period 7,215.3 5,204.8 5,204.8
Recognised income and expense attributable
to shareholders of the Company 923.5 1,214.9 2,166.3
Dividends (note 12) (133.5) (111.3) (155.8)
------- ------- -------
At end of period 8,005.3 6,308.4 7,215.3
------- ------- -------
11. NET ASSET VALUE PER SHARE
Net asset value per share is calculated on shareholders' funds of US$8,005.3
million (2005: US$6,308.4 million) and on 2,225.6 million (2005: 2,225.6
million) shares in issue at the period end, which excludes 69.6 million shares
in the Company held by a wholly-owned subsidiary.
Net asset value per share is additionally calculated based on adjusted
shareholders' funds. The difference between shareholders' funds and adjusted
shareholders' funds is reconciled as follows:
At 31st
At 30th June December
2006 2005 2005
US$m US$m US$m
--------------------------------
Shareholders' funds 8,005.3 6,308.4 7,215.3
Deferred tax on increase in fair value of
investment properties 1,524.7 1,081.8 1,371.7
Share of deferred tax on increase in fair
value of investment properties of joint ventures 17.3 6.4 5.2
------- ------- -------
Adjusted shareholders' funds 9,547.3 7,396.6 8,592.2
------- ------- -------
12. DIVIDENDS
Six months ended 30th June
2006 2005
US$m US$m
---------------------------
Final dividend in respect of 2005 of USc6.00
(2004: USc5.00) per share 137.7 114.8
Less dividends paid on the shares held by a wholly-owned
subsidiary (4.2) (3.5)
------ -------
133.5 111.3
------ -------
An interim dividend in respect of 2006 of USc3.00 (2005: USc2.00) per share
amounting to a total of US$68.9 million (2005: US$45.9 million) is declared by
the Board. The net amount after deducting the dividends payable on the shares
held by a wholly-owned subsidiary of US$2.1 million (2005: US$1.4 million) will
be accounted for as an appropriation of revenue reserves in the year ending 31st
December 2006.
13. PURCHASE OF A SUBSIDIARY
Six months ended 30th June 2006
Fair value
Book value adjustments Fair value
US$m US$m US$m
---------------------------------------
Investment properties 24.3 - 24.3
Other tangible assets 1.6 - 1.6
Joint ventures 34.8 1.8 36.6
Current assets 568.8 13.7 582.5
Current liabilities (129.5) - (129.5)
Long-term borrowings (88.9) - (88.9)
Deferred tax liabilities (1.0) (1.4) (2.4)
Other non-current liabilities (2.0) - (2.0)
------ ----- ------
Net assets 408.1 14.1 422.2
------ ----- ------
Adjustment for minority interests (95.4)
------
Net assets acquired 326.8
Excess of net assets acquired over consideration (14.1)
------
Total consideration 312.7
Adjustment for carrying value of other
investments (40.6)
Cash and cash equivalents acquired (34.3)
------
Net cash outflow 237.8
------
14. CASH FLOW PER SHARE
Cash flow per share is based on cash flows from operating activities less major
renovations expenditure amounting to US$36.9 million (2005: US$67.3 million) and
is calculated on the weighted average of 2,225.6 million (2005: 2,225.6 million)
shares in issue during the period, which excludes 69.6 million shares in the
Company held by a wholly-owned subsidiary.
15. CAPITAL COMMITMENTS AND CONTINGENT LIABILITIES
At 30th At 31st
June December
2006 2005 2005
US$m US$m US$m
-----------------------------
Capital commitments 834.9 566.1 632.1
------ ----- -----
Contingent liabilities
Guarantees in respect of facilities made
available to joint ventures 4.9 17.2 8.0
Guarantees in respect of qualifying
certificates for development properties 2.1 - -
------ ----- -----
7.0 17.2 8.0
------ ----- -----
Various Group companies are involved in litigation arising in the ordinary
course of their respective businesses. Having reviewed outstanding claims and
taking into account legal advice received, the Directors are of the opinion that
adequate provisions have been made in the financial statements.
The interim dividend of USc3.00 per share will be payable on 22nd November 2006
to shareholders on the register of members at the close of business on 18th
August 2006. The ex-dividend date will be on 16th August 2006, and the share
registers will be closed from 21st to 25th August 2006, 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 3rd November 2006. The
Sterling equivalent of dividends declared in United States Dollars will be
calculated by reference to a rate prevailing on 8th November 2006. 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.
-end-
For further information, please contact:
Hongkong Land Limited
N R Sallnow-Smith (852) 2842 8300
G M Brown (852) 2842 8138
Matheson & Co Ltd
Martin Henderson (44) 207 816 8135
GolinHarris
C T Hew (852) 2522 7928
Weber Shandwick Square Mile
Richard Hews/Helen Thomas (44) 207 067 0700
This and other Group announcements can be accessed through the Internet at
'www.hkland.com'.
This information is provided by RNS
The company news service from the London Stock Exchange
Friday, 31st May 2024
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