2007 Interim Results Presentation by P1OBWG

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									Welcome to Hysan Development
2007 Interim Results – Press Conference
                                          15 August 2007
歡迎蒞臨 希慎興業2007年中期業績 - 新聞發布會                 2007年8月15日
General Directions
整體方向




       Core investment properties portfolio: maximise revenue
        集團核心物業投資業務:優化收入

       Take long term view while balancing short term targets:
        established Asset Enhancement programme
        不單著重短期目標,更考慮長遠觀點:確立資產增值計劃

       Committed to take Company forward: including recruiting new CEO
        決心帶領公司邁進新階段: 包括委任新行政總裁

       Maximise shareholders’ value
        提高股東價值




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2007 Interim Results Highlights
2007年中期業績摘要




       Group turnover up 6.9 %; like-for-like turnover up 22.5%
        集團營業額上升6.9%;相同基準營業額上升22.5%

       Profit excluding asset value changes up 19.6%
        不包括資產值變動之溢利上升19.6%

       Strong growth in office sector revenue recorded
        寫字樓租金錄得強勁增長

       Core leasing business outlook positive for the rest of the year
        於2007年下半年,核心物業投資業務前景樂觀




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2007 Interim Results Highlights (cont’d)
2007年中期業績摘要 (續)

                                                             2007     2006    Changes   變動

                                                             HK$’M    HK$’M   HK$’M %
                                                             百萬港元     百萬港元    百萬港元______
     Profit excluding asset value changes
            不包括資產值變動之溢利                                      512      428      84       19.6%



  Asset value changes資產值變動:
  - Net realised gain on disposal of available-for-sale       72      105
    investments 出售可供出售投資之淨收益                                   -       87
  - Recovery of a loan to an associate
    收回一聯營公司貸款
                                                              72      192

  Underlying profit attributable to shareholders              584     620      (36)      (5.8%)
  股東應佔基本溢利


  - Unrealised fair value changes on investment properties
    net of deferred tax 投資物業未變現的公平值變動減遞延稅項                    789     899

  (Statutory) Profit attributable to shareholders            1,373   1,519    (146)      (9.6%)
  ( 法定 ) 股東應佔溢利
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2007 1H Performance: Revenue by Sector
2007年上半年表現: 按業務劃分之收入




                                              Office寫字樓
                                              42% (HK$270m)


                                              Retail 商舖
             Residential 住宅                   38% (HK$247m)
                                 Office 寫字樓
                Retail 商舖                     Residential 住宅
                                              20% (HK$129m)




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2007 1H Performance: Office Sector
2007年上半年表現: 寫字樓業務




       Substantial rises in rental rates for lease renewals and new leases
        續租租約和新租約的租金水平明顯上升

       Underlying trend reflected in 32.5% like-for-like office revenue growth
        (overall revenue increased by 11.8%)
        租金走勢反映於相同基準寫字樓收入增長32.5%
        (整體寫字樓業務收入增加 11.8%)

       (Latest) occupancy at 96%
        (最新)出租率: 96%




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2007 1H Performance: Retail Sector
2007年上半年表現: 商舖業務




        Better employment prospects, higher real wages led to increased
         consumption and increase in retail sector rentals
         較佳的就業前景以及較高的薪金收入,令消費有所增加,進一步刺激商舖
         租金水平上升。

        Underlying trend reflected in 16.9% like-for-like retail revenue increase
         (overall sector revenue decreased marginally, reflecting the effect of the
         Hennessy Centre redevelopment)
         租金走勢反映於相同基準商舖收入增加16.9%
         (整體業務收入稍微減少,反映興利中心重建的影響。)

        (Latest) occupancy at 95%
         (最新)出租率: 95%



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20071H Performance: Residential Sector
2007年上半年表現: 住宅業務



       Healthy increases in luxury residential property rentals on renewals
        豪宅物業租約續租時,租金錄得健康增幅。

       Residential rental income increased by 16.9%
        住宅租金收入上升16.9%

       (Latest) occupancy at 93%
        (最新)出租率: 93%




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Debt Maturity Profile
債務還款期限


                  ( As at 30 Jun 2007 ) (於2007年6月30日)
            Average maturity was 4.5 years (平均債務期限為4.5年)

       As at 31 Dec 06 (於2006年12月31日)
       As at 30 Jun 07 (於2007年6月30日)



                                             92%




                                   44%                56%



                                                              8%

                                       2 - 5 Years     > 5 Years
                                        二至五年            五年後        9
Debt Levels and Borrowing Costs
借貸水平及借貸成本

      HK$ million
      百萬港元                                      Year-end/ Period-end Gross Debt 年末/期末債務總額
                                                Average Borrowing Costs 平均借貸成本
         6,000                                                                          6.00%
         5,500
         5,000                                                                      5.44%
         4,500                                                      4.90%
         4,000                                                                                4.00%
         3,500
                                                      3.60%
         3,000
         2,500
                         2.69%         2.54%
         2,000                                                                                2.00%
         1,500
         1,000        5,922         5,612           4,375         2,909          2,915
           500
             0                                                                                0.00%
                    03 year-end   04 year-end     05 year-end   06 year-end     30 June 07
                     (03年 末 )      (04年 末 )        (05年 末 )      (06年 末 )     (07年 6月 30日 )

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Strong Balance Sheet: Overall Position
鞏固的財政狀況: 整體狀況




       Ratio of fixed to floating debt 定息與浮息債務比率
        38% fixed (31 December 2006: 35%)

       Net debt to equity 淨債務與股東權益比率
        6.9% (31 December 2006: 7.9%)

       Net interest coverage 淨利息償付率
        8.9 times (31 December 2006: 6.9 times)

       Credit ratings remain unchanged 信貸評級維持不變
        - Moody’s (穆迪): Baa1
        - Standard and Poor’s (標準普爾): BBB




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2007 Outlook
展望



        Despite the recent volatility in the financial markets, fundamentals of the
         global economy should remain broadly sound for the rest of 2007
         儘管最近金融市場出現波動,環球經濟的基本因素於2007年下半年應大致
         保持良好。

        Outlook for Hong Kong’s investment property market and the Group’s core
         leasing business is expected to stay positive throughout 2007
         於2007年,香港投資物業市場以至本集團核心租賃業務前景,預期
         保持樂觀。

        Our office portfolio, located in prime Causeway Bay, is well positioned to
         capitalise on increased relocation activities away from Central
         本集團位於銅鑼灣區黃金地段的寫字樓物業組合,亦有優越條件受惠於租戶
         從中環外移的趨勢。




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