Annual Report 2019

ANNUAL REPORT 2019 39 MANAGEMENT DISCUSSION AND ANALYSIS 4. Net asset value per share As at 31 March 2019 As at 31 March 2018 HK$ million HK$ million Equity attributable to shareholders of the Company 13,413 12,971 Add: Hotel revaluation surplus 17,838 15,593 Total net asset value 31,251 28,564 Number of shares issued (million) 2,352 2,302 Net asset value per share HK$13.29 HK$12.41 Adjusting for revaluation surplus on hotel assets of approximately HK$17,838 million based on independent valuation assessed as at 31 March 2019, net asset value attributable to the Shareholders reached approximately HK$31,251 million. Net asset value per share for the Company as at 31 March 2019 was approximately HK$13.29, showing a growth of 7.1% despite adverse foreign currency movements on the Group’s non-Hong Kong operations and the mark-to-market loss of the Group’s long-term investment in The Star as mentioned above. 5. Capital expenditure The Group’s capital expenditure consists of expenditure for acquisitions, development and refurbishment of hotel properties, plant and equipment. During FY2019, the Group’s capital expenditure amounted to approximately HK$1,880 million primarily attributable to the acquisition of TWC and the investment in The Star. The capital expenditure was funded through a combination of borrowings and internal resources. 6. Capital commitments As at 31 March 2019 As at 31 March 2018 HK$ million HK$ million Capital expenditure contracted but not provided in the consolidated financial statements in respect of: Acquisition, development and refurbishment of hotel properties 878 1,596 Commitment to provide credit facility to BC Group 65 – Others 28 31 971 1,627