10-Year Financial Highlights
Year 2002 2003 2004(3) 2005 2006
Revenue $2,289m $2,326m $2,380m $2,374m $2,547m
Profit before tax $243m $214m $503m $404m $692m
Profit for the year attributable to owners of the Company $151m $152m $227m $200m $352m
Net gearing ratio 0.80 0.64 0.55 0.50 0.40
Return on equity 3.9% 3.3% 5.2% 4.4% 7.4%
Net asset value per share $4.82 $5.56 $4.99 $5.12 $5.21
Basic earnings per share 18.9 cents 18.8 cents 25.3 cents 20.8 cents 37.0 cents
Dividends          
a) Ordinary dividend
    (gross) per share
         
    - final 7.5 cents 7.5 cents 7.5 cents 7.5 cents 7.5 cents
    - special interim - - - - 7.5 cents
    - special final - 50.0 cents - 5.0 cents 10.0 cents
b) Preference dividend
    (net) per share
- - 2.19 cents 3.90 cents 3.90 cents
Year 2007 2008 2009 2010(3) 2011
Revenue $3,106m $2,945m $3,273m $3,103m $3,280m
Profit before tax $955m $834m $832m $1,067m $1,136m
Profit for the year attributable to owners of the Company $725m $581m $593m $784m $799m
Net gearing ratio 0.48 0.48 0.40 0.29 0.21
Return on equity 13.9% 10.7% 9.9% 12.5% 11.7%
Net asset value per share $5.72 $5.97 $6.57 $6.89 $7.51
Basic earnings per share 78.3 cents 62.5 cents 63.8 cents 84.8 cents 86.4 cents
Dividends          
a) Ordinary dividend
    (gross) per share
         
    - final 7.5 cents(1) 7.5 cents(1) 8.0 cents(1) 8.0 cents(1) 8.0 cents(2)
    - special interim 10.0 cents - - - 5.0 cents(1)
    - special final 12.5 cents(1) - - 10.0 cents(1) 5.0 cents(2)
b) Preference dividend
    (net) per share
3.90 cents 3.90 cents(1) 3.90 cents(1) 3.90 cents(1) 3.90 cents(1)

Notes:
(1) Dividends declared were tax-exempt (one-tier).
(2) Final and special final tax-exempt (one-tier) ordinary dividends proposed for financial year ended 31 December 2011 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 presented above 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 31/12/11 As at 31/12/10
Cash and cash equivalents $2,603m $1,874m
Net borrowings $1,816m $2,346m
Net gearing ratio(a) 0.21 0.29
Net gearing ratio if fair value gains on investment properties are taken in 0.15 0.21(b)
Interest cover ratio 21.8 times 21.3 times(b)
 
(a) 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.
(b) Restated to take into account the retrospective adjustments arising from the adoption of INT FRS 115 - Agreements for the Construction of Real Estate.

Net Gearing