Five Year Summary


1992 1993 1994 1995 1996

Consolidated Profit and Loss Account
(HK$ millions)


Turnover 21,030 24,748 30,168 35,026 36,662

Profit attributable to the shareholders 3,052 6,304 8,021 9,567 12,020
Preference dividends -- -- -- -- --

Profit attributable to ordinary shareholders 3,052 6,304 8,021 9,567 12,020
Ordinary dividends 1,846 2,461 3,362 4,267 5,703

Profit for the year retained 1,206 3,843 4,659 5,300 6,317

Consolidated Balance Sheet
(HK$ millions)


Fixed assets 32,467 42,292 52,192 54,508 63,188
Deferred expenditures 1,240 395 1,153 2,536 1,086
Associated companies 12,569 14,434 21,705 22,778 26,369
Managed funds and other investments 6,813 14,423 13,223 15,965 22,551
Properties under development for sale -- -- -- -- --
Net current assets (liabilities) (3,930) (6,807) 361 (5,329) (1,903)

Employment of capital 49,159 64,737 88,634 90,458 111,291

Share capital 839 904 905 904 905
Reserves 35,004 48,157 56,252 57,935 67,994

Shareholders' funds 35,843 49,061 57,157 58,839 68,899
Minority interests 2,018 1,795 5,144 5,333 7,814
Loan stock -- -- -- -- --
Long term liabilities 11,126 13,696 26,189 26,174 34,459
Deferred items 172 185 144 112 119

Capital employed 49,159 64,737 88,634 90,458 111,291


Performance Data
Earnings per ordinary share - (cents) 96 179 222 265 332
Dividends per ordinary share - (cents) 55.0 68.0 93.0 118.0 150.0
Ordinary dividend cover 1.7 2.6 2.4 2.2 2.1
Return on ordinary shareholders' funds (%) 8.5 12.9 14.0 16.3 17.4
Current ratio 0.7 0.6 1.0 0.8 0.9
Gearing (%) 18.3 7.0 19.6 19.4 14.0
Net assets per ordinary share - book value (HK$) 10.7 13.6 15.8 16.3 19.0


Gearing represents the ratio of net interest bearing borrowings to shareholders' funds and minority interests. Not applicable (n/a) indicates cash balances exceed borrowings. Net interest bearing borrowings is defined as total interest bearing borrowings net of bank balances and cash equivalents, long term cash deposits, managed funds and other listed investments.





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