TIDM57HB
RNS Number : 0764A
Hongkong & Shanghai Banking Corp Ld
21 March 2017
Page Page
Financial Statements
Trading liabilities
Consolidated income ...............................
statement .............................. 66 20 ................. 113
Consolidated statement Financial liabilities
of comprehensive income designated at fair
.. 67 21 value .......... 113
Consolidated balance 22 Debt securities in
sheet ...................................... issue..........................
68 ............... 113
Consolidated statement 69 23 Accruals and deferred
of changes in equity income, other liabilities
........... and provisions
...............................
........................ 113
Liabilities under
Consolidated statement insurance contracts
of cash flows....................... 71 24 .................... 114
Provisions for liabilities
25 and charges.................... 114
Notes on the Financial 26 Subordinated
Statements liabilities....................
...................... 115
Basis of preparation
1 and significant
accounting policies Preference
................................. shares......................... 115
....................... 72 27 .......................... ]
Operating profit 86 28 Share
2 ................................. capital........................
............. ............................... 116
... ]
Insurance income 89 29 Other equity instruments 116
3 ................................. ...............................
........... ........
Employee compensation 90 30 Maturity analysis
4 and benefits ............. of assets and
liabilities................ 117
31 Analysis of cash
flows payable under
Tax expense financial liabilities
................................. by remaining contractual
5 .................. 94 maturities..... 121
32 Reconciliation of
operating profit
to cash generated
Dividends from
................................. operations.....................
6 ....................... 95 ............. 122
Trading assets 33 Analysis of cash
7 ................................. and cash
................ equivalents....................
96 . 123
Derivatives 96 34 Contingent liabilities
8 ................................. and
.................... commitments................. 123
Financial assets Other
9 designated at fair commitments....................
value............ 99 35 ........................... 124
Offsetting of financial
Loans and advances assets and financial
10 to customers..................... 99 36 liabilities 125
11 Impairment allowances
against loans and
advances to Segmental analysis
customers........................ ...............................
.......... 101 37 ................. 127
12 Financial 103 38 Related party transactions 129
investments...................... ...............................
................ ......
13 Assets pledged, 39 Fair values of financial 132
assets transferred instruments carried
and collateral at fair value
received......................... ...............................
............................... ...............................
104 ...
14 Investments in 105 40 Fair values of financial
subsidiaries..................... instruments not carried
.......... at fair
value..........................
...............................
... 136
15 Interests in associates 41 Structured 137
and joint ventures.......... entities.......................
106 ...........................
16 Goodwill and intangible 42 Bank balance sheet 139
assets........................... and statement of
changes in
equity.........................
...............................
110 .........
Property, plant
and Legal proceedings
equipment........................ and regulatory
17 . 111 43 matters............... 141
18 Prepayments, accrued 44 Ultimate holding 143
income and other company
assets. ...............................
112 .....
19 Customer 45 Events after the 143
accounts......................... balance sheet
.................. 112 date........................
Approval of financial
statements
46 .......................... 143
Consolidated income statement for the year ended 31 December
2016
2016 2015
Note HK$m HK$m
Interest income
.........................................................................................
............... 2a 122,564 124,060
Interest expense
.........................................................................................
.............. (25,656) (29,683)
-------- --------
Net interest income
.........................................................................................
......... 96,908 94,377
Fee income
.........................................................................................
...................... 47,139 51,926
Fee expense
.........................................................................................
..................... (7,837) (6,267)
-------- --------
Net fee income
.........................................................................................
................ 2b 39,302 45,659
Net trading income
.........................................................................................
.......... 2c 24,064 23,616
Net income/(expense) from financial
instruments designated at fair
value ................. 2d 3,570 (2,560)
Gains less losses from financial
investments .............................................................. 2e 1,232 11,611
Dividend income
.........................................................................................
.............. 234 210
Net insurance premium income
................................................................................. 3a 55,912 52,593
Other operating income
.........................................................................................
... 2f 11,516 10,439
-------- --------
Total operating income
......................................................................................... 232,738 235,945
Net insurance claims and benefits
paid and movement in liabilities
to policyholders... 3b (64,586) (52,431)
-------- --------
Net operating income before loan
impairment charges
and other credit risk provisions
....................................................................... 168,152 183,514
Loan impairment charges and other
credit risk provisions ........................................ 2g (5,554) (5,074)
-------- --------
Net operating income
.........................................................................................
.. 162,598 178,440
Employee compensation and benefits
....................................................................... 4a (38,896) (41,126)
General and administrative expenses
......................................................................... 2h (29,917) (29,883)
Depreciation of property, plant
and equipment ........................................................ 17a (4,493) (4,380)
Amortisation and impairment of
intangible assets ..................................................... (1,497) (1,602)
-------- --------
Total operating expenses
...................................................................................... (74,803) (76,991)
-------- --------
Operating profit
.........................................................................................
........... 87,795 101,449
Share of profit in associates
and joint ventures ......................................................... 14,912 15,830
-------- --------
Profit before tax
.........................................................................................
........... 102,707 117,279
Tax expense
.........................................................................................
.................... 5a (17,912) (17,296)
-------- --------
Profit for the year
.........................................................................................
........ 84,795 99,983
-------- --------
Profit attributable to shareholders
of the parent company ........................................ 78,646 89,533
Profit attributable to non-controlling
interests ......................................................... 6,149 10,450
Consolidated statement of comprehensive income for the year
ended 31 December 2016
2016 2015
HK$m HK$m
Profit for the year
...............................................................................................
.................. 84,795 99,983
Other comprehensive income/(expense)
Items that will subsequently be
reclassified to the income statement
when specific conditions are met:
Available-for-sale investments:
- fair value changes taken to
equity........................................................................................ (430) (2,430)
- fair value changes transferred
to the income statement on disposal
..................................... (1,226) (15,637)
- amounts transferred to the income
statement on impairment ............................................. 2 8
- fair value changes transferred
to the income statement on hedged
items.............................. 2,296 37
- income
taxes..........................................................................................
............................. (143) 354
Cash flow hedges:
- fair value changes taken to equity
....................................................................................... 1,354 1,662
- fair value changes transferred
to the income statement ....................................................... (2,295) (1,433)
- income
taxes..........................................................................................
............................. 139 (97)
Share of other comprehensive income
of associates and joint ventures................................... 1,266 460
Exchange
differences....................................................................................
.......................... (15,241) (19,188)
Items that will not subsequently
be reclassified to the income statement:
Property revaluation:
- fair value changes taken to
equity........................................................................................ 3,825 6,601
- income
taxes..........................................................................................
............................. (678) (1,101)
Remeasurement of defined benefit:
- before income
taxes..........................................................................................
................... 1,016 (662)
- income
taxes..........................................................................................
............................. (183) 105
-------- --------
Other comprehensive income/(expense)
for the year, net of tax ........................................... (10,298) (31,321)
-------- --------
Total comprehensive income for the
year, net of tax ..................................................... 74,497 68,662
-------- --------
Total comprehensive income for the
year attributable to:
- shareholders of the parent company
................................................................................... 68,577 63,447
- non-controlling interests
...............................................................................................
..... 5,920 5,215
-------- --------
74,497 68,662
-------- --------
Consolidated balance sheet at 31 December 2016
2016 2015
Note HK$m HK$m
ASSETS
Cash and sight balances at central
banks .................................................................. 213,783 151,103
Items in the course of collection
from other banks ................................................. 21,401 25,020
Hong Kong Government certificates
of indebtedness .............................................. 242,194 220,184
Trading assets
.......................................................................................
.................. 7 371,634 302,626
Derivatives
.......................................................................................
...................... 8 479,807 380,955
Financial assets designated at
fair value ................................................................... 9 106,016 99,095
Reverse repurchase agreements
- non-trading ......................................................... 271,567 212,779
Placings with and advances to
banks ....................................................................... 463,211 421,221
Loans and advances to
customers............................................................................. 10 2,834,114 2,762,290
Financial investments
.......................................................................................
...... 12 1,835,351 1,716,046
Amounts due from Group companies
...................................................................... 38 242,773 244,396
Interests in associates and joint
ventures ................................................................. 15 125,792 122,438
Goodwill and intangible assets
................................................................................. 16 56,936 49,568
Property, plant and equipment
............................................................................... 17 111,640 110,064
Deferred tax assets
.......................................................................................
........... 5 1,503 1,836
Prepayments, accrued income and
other assets ....................................................... 18 171,230 134,062
--------- ---------
Total assets
.......................................................................................
.................... 7,548,952 6,953,683
--------- ---------
LIABILITIES
Hong Kong currency notes in circulation
................................................................ 242,194 220,184
Items in the course of transmission
to other banks ................................................. 37,753 30,753
Repurchase agreements - non-trading
..................................................................... 27,810 16,158
Deposits by banks
.......................................................................................
............ 192,479 148,294
Customer accounts
.......................................................................................
........... 19 4,900,004 4,640,076
Trading liabilities
.......................................................................................
............. 20 188,470 191,851
Derivatives
.......................................................................................
...................... 8 462,458 369,419
Financial liabilities designated
at fair value .............................................................. 21 51,116 50,770
Debt securities in issue
.......................................................................................
..... 22 25,235 40,859
Retirement benefit liabilities
................................................................................... 4c 3,867 5,809
Amounts due to Group companies
........................................................................... 38 198,038 110,073
Accruals and deferred income,
other liabilities and provisions
................................. 23 99,487 86,920
Liabilities under insurance contracts
........................................................................ 24 386,170 340,820
Current tax liabilities
.......................................................................................
....... 5 1,619 2,456
Deferred tax liabilities
.......................................................................................
...... 5 21,401 18,799
Subordinated liabilities
.......................................................................................
...... 26 4,836 8,003
Preference shares
.......................................................................................
............. 27 26,879 36,553
--------- ---------
Total liabilities
.......................................................................................
............. 6,869,816 6,317,797
EQUITY
Share capital
.......................................................................................
.................... 28 114,359 96,052
Other equity instruments
.......................................................................................
. 29 14,737 14,737
Other reserves
.......................................................................................
................. 85,886 93,031
Retained profits
.......................................................................................
............... 413,024 380,381
Total shareholders' equity
...................................................................................... 628,006 584,201
Non-controlling interests
.......................................................................................
. 51,130 51,685
--------- ---------
Total equity
.......................................................................................
..................... 679,136 635,886
--------- ---------
Total equity and
liabilities............................................................................
...... 7,548,952 6,953,683
--------- ---------
Directors
Stuart Gulliver
Peter Wong
Consolidated statement of changes in equity for the year ended
31 December 2016
2016
------- ------------ -------- ---------------------------------------------------- -------- --------------- ----------
Other reserves
----------------------------------------------------
Available- Cash Total
Other Property for-sale flow Foreign share-
Share equity Retained revaluation investment hedge exchange holders' Non-controlling Total
capital instruments profits reserve reserve reserve reserve Other(1) equity interests equity
HK$m HK$m HK$m HK$m HK$m HK$m HK$m HK$m HK$m HK$m HK$m
At 1 January
..................
.. 96,052 14,737 380,381 52,099 4,880 (35) (16,991) 53,078 584,201 51,685 635,886
Profit for
the year
........... - - 78,646 - - - - - 78,646 6,149 84,795
Other comprehensive
income/ (expense)
(net of tax)
..................
............ - - 542 3,123 1,309 (758) (14,870) 585 (10,069) (229) (10,298)
------- ------------ -------- ----------- ---------- ------- -------- -------- -------- --------------- --------
Available-for-sale
investments
................. - - - - 622 - - - 622 (123) 499
Cash flow
hedges
.............. - - - - - (758) - - (758) (44) (802)
Property
revaluation
....... - - (245) 3,123 - - - - 2,878 269 3,147
Actuarial
gains on
defined benefit
plans
................ - - 793 - - - - - 793 40 833
Share of
other
comprehensive
income/(expense)
of associates
and joint
ventures
..................
..... - - (6) - 687 - - 585 1,266 - 1,266
Exchange
differences
....... - - - - - - (14,870) - (14,870) (371) (15,241)
------- ------------ -------- ----------- ---------- ------- -------- -------- -------- --------------- --------
Total comprehensive
income/ (expense)
for the year
..................
........... - - 79,188 3,123 1,309 (758) (14,870) 585 68,577 5,920 74,497
Shares issued
..................
.. 18,307 - - - - - - - 18,307 - 18,307
Dividends
paid(2)
............... - - (43,296) - - - - - (43,296) (6,297) (49,593)
Movement
in respect
of share-based
payment
arrangements
............... - - 235 - - - - (258) (23) (3) (26)
Transfers
and other
movements(3)
................. - - (3,484) (1,459) - - - 5,183 240 (175) 65
------------
At 31 December
.............. 114,359 14,737 413,024 53,763 6,189 (793) (31,861) 58,588 628,006 51,130 679,136
------- ------------ -------- ----------- ---------- ------- -------- -------- -------- --------------- --------
Consolidated statement of changes in equity for the year ended
31 December 2015
2015
------- ------------ -------- ---------------------------------------------------- -------- --------------- --------
Other reserves
----------------------------------------------------
Available- Cash Total
Other Property for-sale flow Foreign share-
Share equity Retained revaluation investment hedge exchange holders' Non-controlling Total
capital instruments profits reserve reserve reserve reserve Other(1) equity interests equity
HK$m HK$m HK$m HK$m HK$m HK$m HK$m HK$m HK$m HK$m HK$m
At 1 January
................ 96,052 14,737 339,061 48,481 16,537 (166) 1,872 41,261 557,835 50,511 608,346
Profit for the
year ....... - - 89,533 - - - - - 89,533 10,450 99,983
Other comprehensive
income/ (expense)
(net of tax)
.............. - - (929) 5,146 (11,657) 131 (18,863) 86 (26,086) (5,235) (31,321)
------- ------------ -------- ----------- ---------- ------- -------- -------- -------- --------------- --------
Available-for-sale
investments
............. - - - - (12,032) - - - (12,032) (5,636) (17,668)
Cash flow hedges
.......... - - - - - 131 - - 131 1 132
Property
revaluation
... - - (238) 5,146 - - - - 4,908 592 5,500
Actuarial losses
on defined benefit
plans - - (690) - - - - - (690) 133 (557)
Share of other
comprehensive
income/(expense)
of associates
and joint ventures
..................
. - - (1) - 375 - - 86 460 - 460
Exchange
differences
... - - - - - - (18,863) - (18,863) (325) (19,188)
------- ------------ -------- ----------- ---------- ------- -------- -------- -------- --------------- --------
Total comprehensive
income/ (expense)
for the year
..................
. - - 88,604 5,146 (11,657) 131 (18,863) 86 63,447 5,215 68,662
Dividends paid(2)
............ - - (37,405) - - - - - (37,405) (4,053) (41,458)
Movement in respect
of share-based
payment
arrangements
........... - - 7 - - - - 345 352 4 356
Transfers and
other movements(3)
............. - - (9,886) (1,528) - - - 11,386 (28) 8 (20)
------------
At 31 December
.......... 96,052 14,737 380,381 52,099 4,880 (35) (16,991) 53,078 584,201 51,685 635,886
------- ------------ -------- ----------- ---------- ------- -------- -------- -------- --------------- --------
1 The other reserves mainly comprise the share-based payment
reserve account, purchase premium arising from transfer of business
within the HSBC Group and other non-distributable reserves. The
share-based payment reserve account is used to record the amount
relating to share awards and options granted to employees of the
group directly by HSBC Holdings plc.
2 Including distributions paid on perpetual subordinated loans
classified as equity under HKFRSs.
3 The movement from retained profits to other reserves includes
the relevant transfers in associates according to local regulatory
requirements.
Consolidated statement of cash flows for the year ended 31
December 2016
2016 2015
Note HK$m HK$m
Operating activities
Cash generated from operations
.........................................................................
....... 32 210,612 168,508
Interest received on financial
investments
................................................................ 17,961 15,201
Dividends received on financial
investments ............................................................. 235 212
Dividends received from associates
.........................................................................
.. 4,664 4,990
Taxation paid
.........................................................................
.................................. (18,222) (17,020)
----------------------- ---------
Net cash inflow from operating
activities .......................................................... 215,250 171,891
----------------------- ---------
Investing activities
Purchase of financial investments
.........................................................................
.... (567,270) (579,361)
Proceeds from sale or redemption
of financial investments ...................................... 446,850 462,793
Purchase of property, plant and
equipment ............................................................... (3,009) (3,687)
Proceeds from sale of property,
plant and equipment and assets
held for sale ............ 2 355
Purchase of other intangible
assets
.........................................................................
... (1,825) (1,796)
Net cash inflow from the sale
of interests in business portfolios
................................ 388 5,092
Net cash outflow from investing
activities ......................................................... (124,864) (116,604)
----------------------- ---------
Net cash inflow before financing
activities......................................................... 90,386 55,287
----------------------- ---------
Financing activities
Issue of ordinary share capital
.........................................................................
.......... 18,307 -
Issue of subordinated liabilities
.........................................................................
........ 63,982 1,395
Redemption of preference shares
.........................................................................
..... (9,688) -
Repayment of subordinated liabilities
........................................................................ (3,110) (7,704)
Ordinary dividends paid
.........................................................................
.................... 6 (42,565) (36,750)
Dividends paid on perpetual subordinated
loans ......................................................... 6 (731) (655)
Dividends paid to non-controlling
interests ............................................................... (6,297) (4,053)
Interest paid on preference shares
.........................................................................
.... (1,008) (864)
Interest paid on subordinated
liabilities
...................................................................... (1,010) (1,004)
----------------------- ---------
Net cash inflow/(outflow) from
financing activities .......................................... 17,880 (49,635)
----------------------- ---------
Increase in cash and cash equivalents
................................................................ 33 108,266 5,652
----------------------- ---------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 21, 2017 07:51 ET (11:51 GMT)
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