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FINANCIAL PERFORMANCE
MTR's Annual Report 2003 describes how the Corporation enhances
long-term shareholder value and details our financial performance during
2003. Of particular interest may be the Financial Review, Profit and Loss
Account, Balance Sheet and Consolidated Cash Flow Statement. A summary
of MTR's financial performance is presented below (The Annual
Report is available online at www.mtr.com.hk).
Summary of MTR's Financial Performance (2002-2003)
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2003
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2002
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Profit
& loss account (HK$ million)
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Turnover
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7,594
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7,686
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Operating
profit before depreciation
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3,747
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7,769
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Depreciation
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(2,402)
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(2,470)
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Interest
and Finance Charges
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(1,539)
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(1,125)
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Profit
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4,450
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3,579*
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Dividend
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2,215
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2,161
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Balance
sheet (HK$ million)
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Total assets
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102,366
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101,119*
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Loans, obligations
under financial leases & bank overdrafts
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32,025
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33,508
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Deferred
income
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5,061
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6,226
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Shareholders'
funds
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57,292
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53,574*
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Financial
ratios
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Operating
profit from railway & related operations before depreciation
as a % of turnover
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49.3%
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52.2%
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Non-fare
revenue as a % of turnover
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27.7%
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25.6%
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Gross Debt/equity
ratio**
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55.9%
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62.5%*
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Interest
cover (in times)
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5.6
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4.5
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*Restated to include retrospective adjustments on deferred income tax
provided in accordance with a revised accounting standard.
** Loans, obligations under finance leases and bank overdrafts as a percentage
of the shareholders' funds
 Summary
of MTR's Total shareholder Return (2000-2003)
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MTR Corporation Total Shareholder Return
(1)
|
Hang Seng Index (2) |
Total shareholder return(3) (from IPO 2000
to 31 Dec 2003)
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HK$2.23 per share |
2464.699 HSI points |
Total shareholder return(3) (from IPO 2000
to 31 Dec 2003) in %
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23.8% |
-15.23% |
Total shareholder return(3) (from IPO 2000
to 31 Dec 2003) Annual Equivalent
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6.8% |
-5.0% |
(1) Based on HK$9.38 share price on IPO day.
(2) The comparison for the Hang Seng Index has been obtained by making
similar adjustments to the data available through the Bloomberg Terminal.
(3) Including dividends
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