Page 111 - Urban Renewal Authority 2023-24 Annual Report

FINANCIAL SUMMARY

The financial results of the Authority for the past ten years are summarised in the table below.

In HK$’million

Year ended 31 March 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Revenue 9,904 7,422 5,035 13,868 3,423 2,107 3,439 22,653 5,513 3,024

Operating surplus/(deficit)
(Note 1) 1,779 5,215 2,311 11,512 1,489 1,143 49 7,240 (494) (831)

Net surplus/(deficit) 1,076 4,451 3,142 12,038 2,330 118 150 6,568 (3,530) (3,920)

Accumulated surplus 15,013 19,464 22,606 34,644 36,974 37,092 37,242 43,810 40,280 36,360

Capital 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000

Net assets 25,013 29,464 32,606 44,644 46,974 47,092 47,242 53,810 50,280 46,360

Debt securities issued less
unamortised finance
charges 4,582 3,285 3,288 2,791 2,793 1,796 1,097 1,098 799 499

Properties under
development (Note 2) 20,984 20,199 19,087 25,769 29,609 33,494 33,287 22,501 25,249 28,684

Land premia waived
by the Government
during the year (7,785) (940) (180) (4,077) (190) (4) (17) (1,106) (2,137) (2,362)

Surplus/(deficit) if no land
premium waiver (6,709) 3,511 2,962 7,961 2,140 114 133 5,462 (5,667) (6,282)

Accumulated surplus if
no land premium waiver 722 4,233 7,195 15,156 17,296 17,410 17,543 23,005 17,338 11,056

Notes:

1. “Operating surplus/(deficit)” refers to operating results before deducting provision for impairment on
properties and committed projects.

2. “Properties under development” represents properties under development before provision for
impairment.

URA ANNUAL REPORT 2023-24 109