Half Yearly Report

RNS Number : 1335Q
Hongkong Land Hldgs Ld
29 July 2010
 



To:       Business Editor

29th July 2010


For immediate release

 

The following announcement was issued today to a Regulatory Information Service approved by the Financial Services Authority in the United Kingdom.

 
HONGKONG LAND HOLDINGS LIMITED

HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2010

 

Highlights

·    Underlying earnings up 70% to US$477 million

·    Excellent contribution from residential developments in Singapore

·    Modest upward revision in investment property values

 

"The commercial property markets of Hong Kong and Singapore should remain stable as the year progresses, while conditions in the Group's residential markets are mixed.  The second-half result will benefit from the completion of further residential units, although the contribution will be less than in the first half."

 

Simon Keswick, Chairman

29th July 2010

 

Results


         (unaudited)

Six months ended 30th June  

 

 

Change

%

2010

US$m

2009 

US$m 

  Underlying profit attributable to shareholders#

477 

281 

+70

  Profit/(loss) attributable to shareholders

1,391 

(402)

n/m

  Shareholders' funds

13,873 

12,756*

+9

  Adjusted shareholders' funds

16,226 

14,936*

+9

  Net debt

2,137 

2,417*

-12


US¢

US¢

%

  Underlying earnings per share

21.20 

12.47 

+70

  Earnings/(loss) per share

61.84 

(17.89)

n/m

  Interim dividend per share

6.00

6.00 

-


US$

US$

%

  Net asset value per share

6.17 

5.67*

+9

  Adjusted net asset value per share

7.21 

6.64*

+9

*

At 31st December 2009

 

#

The Group uses 'underlying profit attributable to shareholders' in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in note 8 to the condensed financial statements.  Management considers this to be a key measure which provides additional information to enhance understanding of the Group's underlying business performance.

 

In preparing the Group's financial statements under International Financial Reporting Standards ('IFRS'), the fair value model for investment properties has been adopted.  In accordance with this model, the Group's leasehold investment properties have been included at their open market value as determined by independent valuers.  In the territories where the Group has significant leasehold investment properties, no capital gains tax would be payable on the sale of these properties.  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 investment 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 be payable if the properties were sold.  See note 11 to the condensed financial statements.

The interim dividend of US¢6.00 per share will be payable on 13th October 2010 to shareholders on the register of members at the close of business on 20th August 2010.  The ex-dividend date will be on 18th August 2010, and the share registers will be closed from 23rd to 27th August 2010, inclusive.

 

HONGKONG LAND HOLDINGS LIMITED

HALF-YEARLY RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2010

 

OVERVIEW

Despite ongoing economic uncertainties, demand for office and retail space in Hong Kong's Central district in the first half of 2010 was relatively robust.  In addition, the Group recognised significant profits from two of its Singapore residential projects, Marina Bay Residences and Waterfall Gardens, upon their completion.

 

PERFORMANCE

Underlying profit in the period was US$477 million compared with US$281 million in the first half of 2009.  While rental income from the Group's commercial portfolio was stable, profit from the Group's residential activities increased significantly as two large projects in Singapore were completed.  The results also benefited from a US$39 million share of a reversal of a writedown previously made in respect of The Estuary development in Singapore.

 

Profit attributable to shareholders was US$1,391 million including a US$914 million gain on investment property revaluations.  The adjusted net asset value per share was US$7.21, a 9% increase from 31st December 2009.  This reflected the results of an independent valuation of the Group's investment properties at 30th June 2010, including the Group's share of properties in joint ventures.

 

The Directors have declared an interim dividend of US¢6.00 per share, unchanged from 2009.

 

GROUP REVIEW

Commercial Property

Vacancy in the Group's office portfolio in Hong Kong stood at 4.2% at 30th June 2010. Average rents remained stable and rent reversions were largely neutral.  The retail portfolio in the Central district was fully leased.

 

In Singapore, there was growing demand from financial service companies for quality office space in Marina Bay.  As a result, achieved rents were relatively firm despite the new supply of commercial space being built. Construction of the Group's joint venture development, Marina Bay Financial Centre, continued on schedule.  The first office tower is now completed with the second due by the year end.  Both towers, which comprise a total lettable area of 159,000 sq. m., are almost fully let.  Construction of a 122,000 sq. m. third tower is underway with completion expected in 2012, of which 55% is already committed.

 

The Group's joint venture in Jakarta commenced construction of a 61,000 sq. m., 30-storey tower within its existing office development in the city, due for completion in 2012.

 

Residential Property

The contribution from residential property was significant during the period.  Two projects which had previously been pre-sold were completed, Marina Bay Residences, in which the Group has a 33% interest, and MCL Land's Waterfall Gardens project. 

 

The second residential tower of the Marina Bay project, Marina Bay Suites, which will be completed in late 2013, is selling well with almost 60% of the 221 units sold.  The launch in February of MCL Land's project, The Estuary, was well received and all 608 units have been pre-sold.  During the period, MCL Land acquired an additional site for future development.

 

The Serenade in Hong Kong is due to complete in the second half of the year, and approximately a third of the apartments were sold by the end of June.  The profit arising on sale of apartments in Tower 4 of the 47%-held One Central Macau will also be recognised in the second half.  The Group has announced the launch of 92 branded apartments to be sold in One Central Macau, which will be managed by Mandarin Oriental following the opening of its 213-room hotel in late June.

 

Another phase of the joint venture development Bamboo Grove in Chongqing comprising 261 townhouses, all but two of which have been sold, is scheduled for completion later this year.  A further 427 units, including high rise apartments to be completed in later years, were released to the market and 254 had been sold by the end of June.  In Beijing, sales continued at Maple Place, while development work on the Group's other projects continued.  Recent government measures to dampen the market have led to reduced sales throughout the country. 

FINANCE

The Group's financial position remained strong with net debt of US$2.1 billion at 30th June 2010, compared with US$2.4 billion at the end of 2009.  Gearing was 13.0%, based on adjusted total equity.  During the first six months of the year, the Group raised funding of US$334 million under its medium-term note programme, with maturities ranging from ten to 30 years. 

 

PEOPLE

John Witt joined the Board as Chief Financial Officer in April 2010.

 

OUTLOOK

The commercial property markets of Hong Kong and Singapore should remain stable as the year progresses, while conditions in the Group's residential markets are mixed.  The second-half result will benefit from the completion of further residential units, although the contribution will be less than in the first half.

 

Simon Keswick

 

Chairman

 

29th July 2010

 


Hongkong Land Holdings Limited

Consolidated Profit and Loss Account





(unaudited)



Six months ended 30th June


Year ended 31st December



2010

2009

2009




Underlying






Underlying






Underlying








business


Non-trading




business


Non-trading




business


Non-trading






performance


items


Total


performance


 items


Total


performance


 items


Total




US$m


US$m


US$m


US$m


US$m


US$m


US$m


US$m


US$m







































Revenue (note 2)


765.1 







765.1 




521.5 




- 




521.5




1,322.6 




- 




1,322.6 


Net operating costs (note 3)


(252.9)







(252.9)




(184.6)




- 




(184.6)




(508.1)




- 




(508.1)












































































512.2 







512.2 




336.9 




- 




336.9 




814.5 




- 




814.5 


Change in fair value of investment properties





726.8 




726.8 




- 




(885.2)




(885.2)




- 




1,000.6 




1,000.6 


Asset impairment provisions, reversals and disposals 





 - 







- 




0.4 




0.4 




- 




(8.4)




(8.4)






































  




































Operating profit/(loss) (note 4)


512.2 




726.8 




1,239.0 




336.9 




(884.8)




(547.9)




814.5 




992.2 




1,806.7 


Net financing charges




































  








































































-  Financing charges


(49.2)







(49.2)




(52.3)




- 




(52.3)




(110.0)




- 




(110.0)


-  Financing income


18.4 







18.4 




26.6 




- 




26.6 




58.0 




- 




58.0 












































































(30.8)




-




(30.8)




(25.7)




- 




(25.7)




(52.0)




- 




(52.0)


Share of results of associates and joint ventures (note 5)


104.1 




307.4 




411.5 




28.1 




61.7 




89.8 




177.8 




44.6 




222.4 










































































Profit/(loss) before tax


585.5 




1,034.2 




1,619.7 




339.3 




(823.1)




(483.8)




940.3 




1,036.8 




1,977.1 


Tax (note 6)


(69.1)




(119.7)




(188.8)




(49.3)




145.0 




95.7 




(120.3)




(168.9)




(289.2)










































































Profit/(loss) after tax


516.4 




914.5 




1,430.9 




290.0 




(678.1)




(388.1)




820.0 




 867.9 




1,687.9 










































































Attributable to:




































Shareholders of the Company


476.8 




914.1 




1,390.9 




280.6 




 (683.0)




(402.4)




777.1 




 864.0 




1,641.1 


Minority interests


39.6 




0.4 




40.0 




9.4 




 4.9 




14.3 




42.9 




 3.9 




 46.8 












































































516.4 




914.5 




1,430.9 




290.0 




(678.1)




(388.1)




820.0 




867.9 




1,687.9 






































  














































US¢












US¢












US¢


  





































































Earnings/(loss) per share (note 7)




































- basic










61.84 












(17.89)












72.96 


- diluted










59.55 












(17.89)












70.62 










































































 

 


Hongkong Land Holdings Limited

 

Consolidated Statement of Comprehensive Income

 







(unaudited)



Year ended








Six months ended



31st








30th June



December








2010




2009



2009








US$m




US$m




US$m


















































Profit/(loss) for the period



1,430.9 




(388.1)




1,687.9 




























Revaluation of properties






83.3 




83.3 


Revaluation of other investments













- (loss)/gain arising during the period



(4.6)




- 




8.5 


Actuarial gains on employee benefit plans






- 




4.0 


Net exchange translation differences



(40.3)




(7.1)




16.1 


Cash flow hedges


























- losses arising during the period



(5.7)




(4.4)




(7.1)


- transfer to profit and loss



3.5 




3.3 




(1.4)































(2.2)




(1.1)




(8.5)


Share of other comprehensive income of associates













and joint ventures



(1.6)




- 




6.3 


Tax relating to components of other














comprehensive income



(0.1)




(14.0)




(14.1)




























Other comprehensive income for the period



(48.8)




61.1 




95.6 




























Total comprehensive income for the period



1,382.1 




(327.0)




1,783.5 




























Attributable to:













Shareholders of the Company



1,341.8 




(340.0)




1,735.0 


Minority interests



40.3 




13.0 




48.5 































1,382.1 




(327.0)




1,783.5 




























 


Hongkong Land Holdings Limited

Consolidated Balance Sheet







(unaudited)




At 31st









At 30th June




December









2010




2009




2009









US$m




US$m




US$m


































Net operating assets














Investment properties (note 9)



15,496.6 




12,911.0 




14,817.7 



Fixed assets



4.3 




6.2 




3.9 



Associates and joint ventures



2,601.7 




1,987.3 




2,305.2 



Other investments



41.6 




- 




46.4 



Deferred tax assets



5.7 




3.7 




3.9 



Pension assets



10.2 




6.0 




10.0 



Non-current debtors



63.0 




68.8 




56.7 































Non-current assets



18,223.1 




14,983.0 




17,243.8 































Properties for sale



676.2 




817.0 




787.1 



Current debtors



431.1 




297.3 




315.3 



Bank balances



1,495.6 




1,131.9 




1,226.1 































Current assets



2,602.9 




2,246.2 




2,328.5 































Current creditors



(701.3)




(656.5)




(687.1)



Current borrowings (note 10)



(847.1)




(174.6)




(245.9)



Current tax liabilities



(116.5)




(84.5)




(120.6)































Current liabilities



(1,664.9)




(915.6)




(1,053.6)































Net current assets



938.0 




1,330.6 




1,274.9 



Long-term borrowings (note 10)



(2,785.6)




(3,508.9)




(3,397.5)



Deferred tax liabilities



(2,292.7)




(1,863.5)




(2,179.4)



Non-current creditors



(41.9)




(23.1)




(50.5)


































14,040.9 




10,918.1 




12,891.3 































Total equity














Share capital



224.9 




224.9 




224.9 



Revenue and other reserves



13,647.9 




10,590.9 




12,531.0 






























Shareholders' funds



13,872.8 




10,815.8 




12,755.9 



Minority interests



168.1 




102.3 




135.4 


































14,040.9 




10,918.1 




12,891.3 































 


 Hongkong Land Holdings Limited

Consolidated Statement of Changes in Equity



Attributable to shareholders of the Company















Attributable




Share


Revenue


Capital


Hedging


Exchange




 to minority


Total


capital


reserves


reserves


reserves


reserves


Total


interests


equity


US$m


US$m


US$m


US$m


US$m


US$m


US$m


US$m
































Six months ended 30th June 2010
















At 1st January 2010

224.9 


12,332.5 


63.4 


(7.4)


142.5 


12,755.9 


135.4 


12,891.3 

Total comprehensive income

- 


1,386.3 


- 


(2.3)


(42.2)


1,341.8 


40.3 


1,382.1 

Dividends paid by the Company

- 


(224.9)


- 


- 


- 


 (224.9)


- 


(224.9)

Dividends paid to minority shareholders

- 


- 


- 


- 


- 


 - 


(7.6)


(7.6)

































At 30th June 2010

224.9 


13,493.9 


63.4 


(9.7)


100.3 


13,872.8 


168.1 


14,040.9 

































Six months ended 30th June 2009
















At 1st January 2009

224.9 


10,901.9 


63.4 


1.2 


121.9 


11,313.3 


95.1 


11,408.4 

Total comprehensive income

- 


(332.4)


- 


(1.7)


(5.9)


(340.0)


13.0 


(327.0)

Dividends paid by the Company

- 


(157.5)


- 


- 


- 


(157.5)


- 


(157.5)

Dividends paid to minority shareholders

- 


- 


- 


- 


- 


- 


(5.8)


(5.8)

































At 30th June 2009

224.9 


10,412.0 


63.4 


(0.5)


116.0 


10,815.8 


102.3 


10,918.1 

































Year ended 31st December 2009
















At 1st January 2009

224.9 


10,901.9 


63.4 


1.2 


121.9 


11,313.3 


95.1 


11,408.4 

Total comprehensive income

- 


1,723.0 


- 


 (8.6)


20.6 


1,735.0 


48.5 


1,783.5 

Dividends paid by the Company

- 


 (292.4)


- 


 - 


 - 


(292.4)


- 


(292.4)

Dividends paid to minority shareholders

- 


- 


- 


- 


- 


- 


(6.0)


(6.0)

New subsidiary

- 


- 


- 


- 


- 


- 


 (2.2)


(2.2)

































At 31st December 2009

224.9 


12,332.5 


 63.4 


(7.4)


142.5 


12,755.9 


135.4 


12,891.3 

















 

Total  comprehensive  income  for  the  six  months  ended  30th June 2010  included  in  revenue  reserves  comprises  the  profit  attributable  to  shareholders  of  the  Company  of  US$1,390.9 million  (2009: loss of US$402.4 million) and the fair value loss in other investments of US$4.6 million (2009: Nil).


Total  comprehensive   income  for  the  year  ended  31st December 2009  included   in  revenue  reserves  comprises  the   profit  attributable  to  shareholders  of  the  Company  of US$1,641.1 million, the fair value gain in other investments of US$8.5 million and the net actuarial gain on employee benefit plans of US$3.3 million.


 


Hongkong Land Holdings Limited

 

Consolidated Cash Flow Statement

 



(unaudited)


Year ended





Six months ended


31st





30th June


December





2010




2009




2009





US$m




US$m




US$m





























Operating activities


























Operating profit/(loss)


1,239.0 




(547.9)




1,806.7 



Depreciation


0.5 




1.0 




1.6 



Fixed assets written off


-




-




1.5 



Write-back of provision for properties for sale


(50.9)




-




-



(Increase)/decrease in fair value of investment














properties


(726.8)




885.2 




(1,000.6)



Asset impairment provisions, reversals and














disposals


-




(0.4)




8.4 



Decrease in properties for sale


161.3 




11.6 




152.4 



Increase in debtors, prepayments and others


(115.8)




(34.4)




(34.3)



Increase in creditors and accruals


27.6 




28.9 




41.4 



Interest received


22.8 




25.2 




62.3 



Interest and other financing charges paid


(46.7)




(52.6)




(94.6)



Tax paid


(72.3)




(20.0)




(53.1)



Dividends from associates and joint ventures


165.9 




7.5 




11.6 





























Cash flows from operating activities


604.6 




304.1 




903.3 





























Investing activities


























Major renovations expenditure


(14.3)




(14.8)




(29.5)



Developments capital expenditure


(0.2)




(3.6)




(4.4)



Purchase of a subsidiary


-




-




(42.0)



Investments in and loans to associates














and joint ventures


(51.9)




(114.1)




(305.2)



Purchase of other investments


-




-




(37.9)





























Cash flows from investing activities


(66.4)




(132.5)




(419.0)





























Financing activities


























Drawdown of borrowings


361.5 




93.6 




456.3 



Repayment of borrowings


(396.3)




(90.7)




 (541.4)



(Repayment of loan)/contribution from minority














shareholders


(6.7)




3.8 




3.8 



Dividends paid by the Company


(222.9)




(157.1)




(292.2)



Dividends paid to minority shareholders


(7.4)




(5.8)




(6.0)





























Cash flows from financing activities


(271.8)




(156.2)




(379.5)



Effect of exchange rate changes


2.9 




(2.0)




3.1 





























Net increase in cash and cash equivalents


269.3 




13.4 




107.9 



Cash and cash equivalents at beginning of period


1,225.0 




1,117.1 




1,117.1 





























Cash and cash equivalents at end of period


1,494.3 




1,130.5 




1,225.0 
















  














Hongkong Land Holdings Limited

Notes to Condensed Financial Statements


1.


ACCOUNTING POLICIES AND BASIS OF PREPARATION









The condensed financial statements have been prepared in accordance with IAS 34, 'Interim Financial Reporting'.  The condensed financial statements have not been audited or reviewed by the Group's auditor pursuant to the UK Auditing Practices Board guidance on the review of interim financial information.

 

There have been no changes to the accounting policies described in the 2009 annual financial statements except for the adoption of the amendments and interpretations described in the paragraphs below.

 

The following amendments and interpretation to existing standards which are effective in the current accounting period and relevant to the Group's operations are adopted in 2010:






Amendment to IAS 39


Eligible Hedged Items





Improvements to IFRSs (2009)







IFRIC 17


Distributions of Non-cash Assets to Owners










The adoption of these amendments and interpretation do not have any significant impact on the results of the Group.


 

2.


REVENUE

 





Six months ended 30th June


 





2010


2009






US$m


US$m





















Rental income

339.6


331.0





Service income

49.7


46.9





Sales of trading properties

375.8


143.6






















765.1


521.5





















Service income includes service and management charges and hospitality service income.

 

3.


NET OPERATING COSTS





Six months ended 30th June







2010


2009







US$m


US$m























Cost of sales


(220.7)


(153.1)





Other income


2.2 


0.3 





Administrative expenses


(34.4)


(31.8)

























(252.9)


(184.6)




















 

4.


OPERATING PROFIT






Six months ended 30th June







2010




2009







US$m




US$m



























By business











Commercial property


327.7 




320.1 





Residential property


207.8 




39.5 





Corporate


(23.3)




(22.7)





























512.2 




336.9 





Change in fair value of investment properties






















- Commercial property


718.4 




(885.2)





- Residential property


8.4 




- 





























726.8 




(885.2)





Asset impairment provisions, reversals and disposals


-




0.4 





























1,239.0 




(547.9)
























 

5.


SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES






Six months ended 30th June







2010




2009







US$m




US$m



























By business











Commercial property


3.7 




4.8 





Residential property


100.4 




23.3 





























104.1 




28.1 





Change in fair value of investment properties






















- Commercial property


304.6 




63.1 





- Residential property


2.8 




2.8 





























307.4 




65.9 





Asset impairment provisions, reversals and disposals





(4.2)





























411.5 




89.8 




















Results are shown after tax and minority interests in the associates and joint ventures.

 

6.

TAX




Six months ended 30th June




2010


2009




US$m


US$m















Tax (charged)/credited to profit and loss is analysed







as follows:









Current tax

(68.5)


(46.6)



Deferred tax






- changes in fair value of investment properties

(119.7)


145.0 



- other temporary differences

(0.6)


(2.7)
















(188.8)


95.7 















Tax relating to components of other comprehensive







income is analysed as follows:









Revaluation of properties


(13.3)



Cash flow hedges

(0.1)


(0.7)
















(0.1)


(14.0)







 



Tax on profits has been calculated at the rates of taxation prevailing in the territories in which the Group operates.  The Group has no tax payable in the United Kingdom.

 

Share of tax of associates and joint ventures of US$91.6 million (2009: US$15.9 million) is included in share of results of associates and joint ventures.




 

7.


EARNINGS PER SHARE






Basic earnings per share are calculated on profit attributable to shareholders of US$1,390.9 million (2009: loss of US$402.4 million) and on the weighted average number of 2,249.3 million (2009: 2,249.3 million) shares in issue during the period.

 

Diluted  earnings  per  share  are   calculated  on   profit   attributable  to  shareholders  of US$1,401.4 million (2009: loss of US$392.2 million), which is after adjusting for the effects of the conversion of convertible bonds, and on the weighted average number  of 2,353.2 million (2009: 2,353.2 million) shares in issue during the period.







Ordinary shares




in millions




2010



2009

















Weighted average number of shares in issue

2,249.3



2,249.3



Adjustment for shares to be issued on conversion








of convertible bonds

103.9



103.9










Weighted average number of shares for diluted








earnings per share calculation

2,353.2



2,353.2

















Earnings per share are additionally calculated based on underlying profit attributable to shareholders.  A reconciliation of earnings is set out below:

 









Six months ended 30th June











2010






2009













Basic


Diluted




Basic


Diluted











earnings


earnings




earnings


earnings










per share

per share



per share

per share









US$m


US¢


US¢


US$m


US¢


US¢










































Underlying profit attributable
















to shareholders

476.8 


21.20 




280.6 


12.47 






Non-trading items (note 8)

914.1 






(683.0)














































Profit/(loss) attributable to
















shareholders

1,390.9 


61.84 




(402.4)


(17.89)

























Interest expense on convertible

















bonds (net of tax)

10.5 






10.2 














































Profit/(loss) for calculation of
















diluted earnings per share

1,401.4 




59.55 


(392.2)




(17.89)







































 

8.


NON-TRADING ITEMS


























Non-trading items are separately identified to provide greater understanding of the Group's underlying business performance.  Items classified as non-trading items include fair value gains or losses on revaluation of investment properties; gains and losses arising from the sale of businesses and investment properties; impairment of other investments; provisions for the closure of businesses; acquisition-related costs in business combinations and other credits and charges of a non-recurring nature that require inclusion in order to provide additional insight into underlying business performance.

 

An analysis of non-trading items is set out below:


















Six months ended 30th June







2010




2009







US$m




US$m




























Change in fair value of investment properties

726.8 




(885.2)






Deferred tax (charges)/credits on change in fair value of












investment properties

(119.7)




145.0 






Share of change in fair value of investment properties of












associates and joint ventures (net of deferred tax)

307.4 




65.9 






Asset impairment provisions, reversals and disposals

- 




0.4 






Share of asset impairment provisions, reversals and












disposals of associates and joint ventures

- 




(4.2)






Minority interests

(0.4)




(4.9)





























914.1 




(683.0)




































 

9.

INVESTMENT PROPERTIES



















Year ended
















31st













Six months ended 30th June



December













2010



2009



2009













US$m



US$m



US$m











































Net book value at beginning of period


14,817.7 



13,702.7 



13,702.7 





Exchange rate adjustments


(57.1)



(4.3)



2.6 





Additions


9.2 



9.5 



21.0 





Net revaluation surpluses/(deficits)


726.8 



(885.2)



1,000.6 




Transfer


- 



88.3 



90.8 











































Net book value at end of period


15,496.6 



12,911.0 



14,817.7 









































 

10.

BORROWINGS











At 31st








At 30th June


December






2010




2009



2009






US$m




US$m



US$m


















Current




























Bank overdrafts


1.3 




1.4 




1.1 




Bank loans


- 




17.3 







Current portion of long-term borrowings














- Bank loans


0.9 




155.9 




10.5 




- 3.01% Singapore Dollar notes due 2010


232.7 







234.3 




- 7% United States Dollar bonds due 2011


612.2 








































847.1 




174.6 




245.9 




Long-term




























Bank loans


1,051.4 




1,503.2 




1,405.2 




7% United States Dollar bonds due 2011


- 




621.8 




619.1 




5.5% United States Dollar bonds due 2014


551.9 




534.9 




537.0 




3.01% Singapore Dollar notes due 2010


- 




226.3 







3.65% Singapore Dollar notes due 2015


269.5 




259.5 




268.9 




2.75% United States Dollar convertible















bonds due 2012


373.1 




363.2 




368.1 




Medium term notes


539.7 







199.2 


































2,785.6 




3,508.9 




3,397.5 


































3,632.7 




3,683.5 




3,643.4 
































Secured


83.1 




208.2 




99.7 




Unsecured


3,549.6 




3,475.3 




3,543.7 


































3,632.7 




3,683.5 




3,643.4 






























 

11.

NET ASSET VALUE PER SHARE






 



Net asset value per share is calculated on shareholders' funds of US$13,872.8 million (2009: US$10,815.8 million) and on 2,249.3 million (2009: 2,249.3 million) shares issued at the period end.

 

Net asset value per share is additionally calculated based on adjusted shareholders' funds.  A reconciliation of shareholders' funds is set out below:

 


 














At 31st


 








At 30th June




December


 






2010




2009




2009


 






US$m




US$m




US$m


 
















 
















 




Shareholders' funds


13,872.8 




10,815.8 




12,755.9 


 




Deferred tax on revaluation surpluses of












 





investment properties


2,244.5 




1,820.2 




2,133.2 


 




Share of deferred tax on revaluation surpluses












 





of investment properties of associates and












 





joint ventures


108.5 




53.5 




46.9 


 
















 






















 




Adjusted shareholders' funds




16,225.8 




12,689.5 




14,936.0 


 






















 

 

12.

DIVIDENDS




Six months ended 30th June




2010


2009




US$m


US$m















Final dividend in respect of 2009 of US¢10.00







(2008: US¢7.00) per share

224.9


157.5