Page 78 - URA Annual Report 2020-21

MANAGEMENT DISCUSSION AND ANALYSIS
(C) Debt Securities Issued
The URA is rated AA+ by Standard & Poor’s Rating Services. As at 31 March 2021, the outstanding debt securities issued by the URA was $1,097 million under the Medium Term Note (MTN) Programme.
(D) Net Asset Value
The URA’s net asset value as at 31 March 2021 was $47,242 million (31 March 2020: $47,092 million), representing the Government’s capital injection of $10,000 million (31 March 2020: $10,000 million) and an accumulated surplus of $37,242 million (31 March 2020: $37,092 million).
The financial summary of the past ten years is described on page 109 of this Annual Report.
(III) Capital Injection and Tax Exemption
Following approval by the Finance Committee of the Legislative Council on 21 June 2002, the Government injected $10,000 million of equity capital into the URA in five tranches of $2,000 million each over a five- year period from 2002/03 to 2006/07. The Government continues to exempt the URA from taxation.
(IV) Waiver of Land Premia by the Government
The Government waives the land premia for redevelopment sites granted to the URA. For 2020/21, the land premia waived by the Government on a land grant amounted to $17 million. Since May 2001, a total of 45 land grants have been waived in respect of all the tendered projects with aggregate land premia totalling $19,699 million.
Without this waiver, the URA’s net surplus for 2020/21 of $150 million for the year would have been lowered by $17 million to $133 million; its accumulated surplus as at 31 March 2021 would have been lowered by $19,699 million to $17,543 million; and its net asset value as at 31 March 2021 would have been decreased to $27,543 million.
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URA ANNUAL REPORT 2020-21