Urban Renewal Authority 2018-19 Annual Report

FINANCIAL HIGHLIGHTS 113 The financial results of the Authority for the past ten years are summarised in the table below. In HK$’million Year ended 31 March 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Revenues for the year 9,663 3,647 3,690 5,341 1,169 9,904 7,422 5,035 13,868 3,423 Surplus/(deficit) for the year (before interest income) 6,993 2,159 2,431 4,292 (2,387) 918 4,302 2,898 11,718 1,895 Surplus/(deficit) for the year 7,018 2,209 2,584 4,437 (2,270) 1,076 4,451 3,142 12,038 2,330 Accumulated surplus 6,977 9,186 11,770 16,207 13,937 15,013 19,464 22,606 34,644 36,974 Capital 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Net assets 16,977 19,186 21,770 26,207 23,937 25,013 29,464 32,606 44,644 46,974 Debt securities issued less unamortised finance charges 1,497 1,498 1,699 3,288 4,777 4,582 3,285 3,288 2,791 2,793 Properties under development (Note 1) 14,114 15,956 19,066 22,431 28,113 21,516 20,695 19,028 25,400 29,413 Land premia waived by the Government during the year (3,177) (922) (64) (1,018) – (7,785) (940) (180) (4,077) (190) Surplus/(deficit) for the year if no land premium waiver 3,841 1,287 2,520 3,419 (2,270) (6,709) 3,511 2,962 7,961 2,140 Accumulated surplus if no land premium waiver 2,475 3,762 6,282 9,701 7,431 722 4,233 7,195 15,156 17,296 Note: 1. “Properties under development” includes properties under development before provision for impairment and joint development projects.