10-Year Financial Highlights
Year
2001(3) 2002 2003 2004(3) 2005
Revenue
$2,227m $2,289m $2,326m $2,380m $2,374m
Profit before tax
$139m $243m $214m $503m $404m
Profit for the year attributable to owners of the Company
$54m $151m $152m $227m $200m
Net gearing ratio
0.86 0.80 0.64 0.55 0.50
Return on equity
1.4% 3.9% 3.3% 5.2% 4.4%
Net asset value per share
$4.71 $4.82 $5.56 $4.99 $5.12
Basic earnings per share
6.7 cents 18.9 cents 18.8 cents 25.3 cents 20.8 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 - 5.0 cents
b) Preference dividend
    (net) per share
- - - 2.19 cents 3.90 cents
Year
2006 2007 2008 2009 2010
Revenue
$2,547m $3,106m $2,945m $3,273m $3,129m
Profit before tax
$692m $955m $834m $832m $1,032m
Profit for the year attributable to owners of the Company
$352m $725m $581m $593m $749m
Net gearing ratio
0.40 0.48 0.48 0.40 0.29
Return on equity
7.4% 13.9% 10.7% 9.9% 11.7%
Net asset value per share
$5.21 $5.72 $5.97 $6.57 $7.03
Basic earnings per share
37.0 cents 78.3 cents 62.5 cents 63.8 cents 80.9 cents
Dividends
         
a) Ordinary dividend
    (gross) per share
         
    - final
7.5 cents
7.5 cents (1)
7.5 cents(1) 8.0 cents(1) 8.0 cents(2)
    - special interim
7.5 cents
10.0 cents  
- - -
    - special final
10.0 cents
12.5 cents (1)
- - 10.0 cents(2)
b) Preference dividend
    (net) per share
3.90 cents 3.90 cents 3.90 cents(1) 3.90 cents(1) 3.90 cents(1)

Notes:
(1)
Dividends declared were tax-exempt (one-tier).
(2)
Final and special final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2010 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 2002 and 2005 had been restated to reflect the relevant changes in accounting policies or accounting standards.
CAPITAL MANAGEMENT
 
  As at 31/12/10 As at 31/12/09
Cash and cash equivalents
$1,874m $981m
Net borrowings
$2,346m $3,053m
Net gearing ratio(a)
0.29 0.40
Net gearing ratio if fair value gains on investment properties are taken in
0.20 0.27
Average interest rate of borrowings
2.1% to 2.2% 2.2% to 2.5%
Interest cover ratio
20.7 times 14.5 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.
NET GEARING