SOLID PERFORMANCE
Despite a challenging operating
environment, we have made steady
progress on implementing our
Three-Year Plan, to generate
higher profits
Financial Highlights
Operating Results For the Year Ended 31 December
2011
HK$’million
2010
HK$’million
2011
RMB’million
2010
RMB’million
10,249
5,611
8,484
4,879
Property development
9,158
4,753
7,581
4,133
Property investment
1,026
812
849
706
65
46
54
40
Gross profit
4,471
2,312
3,701
2,010
Increase in fair value of investment properties
3,257
3,118
2,696
2,711
165
67
137
58
4,141
3,230
3,428
2,809
HK$0.80
HK$0.63
RMB0.66
RMB0.55
HK$0.025
HK$0.06
HK$0.025
HK$0.06
HK$0.10
HK$0.05
HK$0.10
HK$0.05
HK$0.125
HK$0.11
HK$0.125
HK$0.11
Turnover
Represented by:
Others
Share of results of associates
Profit attributable to shareholders
Basic earnings per share
Dividend per share
Interim paid
Proposed final
Full year
Note:
Except for dividend per share that is originally denominated in HK dollar, all of the HK dollar figures presented above are shown for reference only and have been arrived at based on the
exchange rate of RMB1.000 to HK$1.208 for 2011 and RMB1.000 to HK$1.150 for 2010 being the average exchange rates that prevailed during the respective years.
Financial Position as of 31 December
2011
RMB’million
Total bank balances and cash
2010
RMB’million
6,370
6,790
Total assets
68,604
56,253
Total equity
29,471
26,028
Total debt
25,488
18,245
Bank and other borrowings
16,743
13,183
Convertible bonds
2,225
2,117
Notes
6,520
2,945
65%
44%
Net gearing ratio*
*
Calculated on the basis of the excess of the sum of bank loans, convertible bonds and notes over the sum of bank balances and cash by total equity.
Landbank as of 31 december 2011
million sq.m.
5%
21%
41%
GFA *
by Usage
Residential
million sq.m.
19%
29%
4.5
Office
3.8
Retail
2.3
18%
GFA *
by City
Hotel/Serviced Apartment 0.5
33%
*
Total leasable and
saleable GFA
Attributable GFA
Percentages are calculated based on attributable GFA
SHUI ON LAND LIMITED
11.1
8.2
11%
23%
Shanghai
2.8
Wuhan
1.1
Chongqing
2.5
Foshan
1.5
Dalian
3.2
Total leasable and
saleable GFA
Attributable GFA
11.1
8.2
(sq.m.)
(%)
(%)
2010
31%
2011
373,000
4,879
2010
38%
(RMB’million)
44%
Operating ebitda
margin
41%
Gross profit
margin
585,000
Total GFA
completed
8,484
Turnover
2011
2010
2011
2010
2011
Profit Attributable
to Shareholders
(sq.m.)
(RMB’million)
(RMB’million)
756
2,809
3,428
849
706
509,000
(RMB’million)
1,572
Core Earnings
438,000
Investment
Rental Income
Property Portfolio –
Leasable GFA
2010
2011
2010
2011
2010
2011
2010
2011
(RMB’million)
(RMB/share)
(%)
2011
2010
2010
65%
2011
44%
0.55
2010
5.36
(RMB/share)
4.76
Net Gearing Ratio
27,945
Shareholders’
Equity Per Share
24,820
Shareholders’
Equity
0.66
Basic Earnings
Per Share
2011
2010
2011
ANNUAL REPORT 2011