Year
1999 2000(3) 2001(3) 2002 2003
Revenue
$2,015m $2,626m $2,227m $2,289m $2,326m
Profit before tax
$513m $546m $139m $243m $214m
Profit for the year attributable to equity holders of the Company
$383m $287m $54m $151m $152m
Net gearing ratio
0.54 0.76 0.86 0.80 0.64
Return on equity
11.1% 7.3% 1.4% 3.9% 3.3%
Net asset value per share
$4.28 $4.86 $4.71 $4.82 $5.56
Basic earnings per share
47.8 cents 35.8 cents 6.7 cents 18.9 cents 18.8 cents
         
Dividends
         
a) Ordinary dividend
    (gross) per share
         
    - final
7.5 cents 7.5 cents 7.5 cents 7.5 cents 7.5 cents
    - special interim
- - - - -
    - special final
- - - - 50.0 cents
b) Preference dividend
    (net) per share
- - - - -

Year
2004(3) 2005 2006 2007 2008
Revenue
$2,380m $2,374m $2,547m $3,106m $2,945m
Profit before tax
$503m $404m $692m $955m $834m
Profit for the year attributable to equity holders of the Company
$227m $200m $352m $725m $581m
Net gearing ratio
0.55 0.50 0.40 0.48 0.48
Return on equity
5.2% 4.4% 7.4% 13.9% 10.7%
Net asset value per share
$4.99 $5.12 $5.21 $5.72 $5.97
Basic earnings per share
25.3 cents 20.8 cents 37.0 cents 78.3 cents 62.5 cents
         
Dividends
         
a) Ordinary dividend
    (gross) per share
         
    - final
7.5 cents 7.5 cents 7.5 cents 7.5 cents(1) 7.5 cents(2)
    - special interim
- - 7.5 cents 10.0 cents -
    - special final
- 5.0 cents 10.0 cents 12.5 cents(1) -
b) Preference dividend
    (net) per share
2.19 cents 3.90 cents 3.90 cents 3.90 cents 3.90 cents(1)

Notes:
(1)
Dividends declared were tax exempt (one-tier).
(2)
Final tax exempt (one-tier) ordinary dividend proposed for financial year ended 31 December 2008 will be subject to the approval of the ordinary shareholders at the forthcoming Annual General Meeting.
(3)
Certain accounting policies or accounting standards had changed in the financial years 2001, 2002 and 2005. Only the financial information presented above for each of the years immediately preceding 2001, 2002 and 2005 had been restated to reflect the relevant changes in accounting policies or accounting standards.


  As at 31/12/08 As at 31/12/07
Cash flows from operating activities
$448m $260m
Cash and cash equivalents
$776m $712m
Net borrowings
$3,378m $3,328m
Net gearing ratio(a)
0.48 0.48
Net gearing ratio if fair value gains on investment properties are taken in
0.32 0.31
Interest cover ratio
11.0 times 10.5 times
 
(a)
Excludes fair value gains on investment properties as the Group’s accounting policy is to state its investment properties at cost less accumulated depreciation and impairment losses.


 
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