净债务减除集团於中国项目之计息贷款.pptVIP

Key Highlights Group Results Group Resultant Debt Group Earnings before Interest Tax Group Net Profit After Tax Group EBIT vs Interest Group Gearing Ratio Group Return On Equity Group Dividend History Group Cash Flow Regular Cash Inflow Rental Cash from Properties Operating Cash from Hotel Dividend from HHI TJB Proceeds Supplementary Info· Group Results· Property· Hospitality· HHI Group Turnover Group Net Profit Earnings before Interest Tax Group Finance Cost lnterest Income Group Balance Sheet Group Liquidity Gearing Group Liquidity Strong Financial Resources Unutilised Facilities as at 31.12.03: HK$2.3b Cash on Hand as at 31.12.03: HK$3.0b (of which HK$1.7b reserved for Bond Defeasance) Group Debt Maturity Profile(without Bond) Group Month-end Exchange Rate PropertyEarnings before Interest Tax HK Rental PropertyAverage Occupancy HospitalityEarnings before Interest Tax HHI - GS SuperhighwayAverage Daily Toll Revenue HHI - ESW Ring RoadAverage Daily Toll Revenue HHI – Consolidated Income Statement Hopewell Holdings Limited Unaudited Interim Results six months ended 31.12.2003 26 February 2004 Presentation slides are available in Note: Total HHI Toll Revenue of JV for 6 months amount to RMB1,399M (last year: RMB1,144M) and the Group’s attributable portion thereof are not included in the Group’s Turnover. Operating EBIT: include Share of JV profit * Exclude impairment and disposal loss of non-core investment $49M (Dec-02: Nil) * Resultant Debt: 淨債務減除集團於中國項目之計息貸款 Dec-02 Dec-03 6-month EBIT $451M $508M ?13% # # # Include Interest Income from China Infrastructure JV for $23M (Dec-02 $32M) ?256% (6 months) # # Prior period adjustment: change of SSAP 12 (deferred tax) = $179M - $3M = $176M EBIT: $508M Interest: $106M x x x x x x x x x x x x #1 Total Net Debt $0.3b vs Equity $14.1b #2 Total Net Debt $0.3b vs Total Capital $17.2b #1 #2 Low gearing allows for project development #2: Special