10-Year Financial Higlights
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 owners 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(1)
- 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)
 
Year 2009 2010(3) 2011 2012 2013
Revenue $3,273m $3,103m $3,280m $3,354m $3,162m
Profit before tax $832m $1,067m $1,136m $960m $892m
Profit for the year attributable
to owners of the Company
$593m $784m $799m $678m $683m
Net gearing ratio 0.40 0.29 0.21 0.25 0.20
Return on equity 9.9% 12.5% 11.7% 9.3% 8.7%
Net asset value per share $6.57 $6.89 $7.51 $8.03 $8.63
Basic earnings per share 63.8 cents 84.8 cents 86.4 cents 73.2 cents 73.7 cents
           
Dividends          
a) Ordinary dividend (gross)
per share
         
- final 8.0 cents(1) 8.0 cents(1) 8.0 cents(1) 8.0 cents(1) 8.0 cents(2)
- special interim 5.0 cents(1) 8.0 cents(1)
- special final 10.0 cents(1) 5.0 cents(1) 5.0 cents(1)
b) Preference dividend (net)
per share
3.90 cents(1) 3.90 cents(1) 3.90 cents(1) 3.90 cents(1) 3.90 cents(1)


(1) Dividends declared were tax-exempt (one-tier).
(2) Final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2013 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 2005 and 2011. Only the financial information above presented for each of the years immediately preceding 2005 and 2011 had been restated to reflect the relevant changes in accounting policies or accounting standards.
Capital Management

  As at 31/12/13 As at 31/12/12
Cash and cash equivalents $2,871m $2,162m(a)
Net borrowings $1,968m $2,357m
Net gearing ratio(b) 0.20 0.25
Net gearing ratio if fair value gains on investment properties are taken in 0.14 0.18
Interest cover ratio 15.2 times 17.4 times


(a) Includes cash and cash equivalents classified as assets held for sale.
(b) 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


 

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