CHINA AOYUAN GROUP LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 3883) ANNOUNCEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2017 HIGHLIGHTSUnaudited contracted sales for the period amounted to approximately RMB16,520 million, increased by 56.9% YoY.
The revenue for the period amounted to approximately RMB8,154 million, representing an increase of 25.8% YoY.
Gross profit for the period amounted to approximately RMB2,191 million, increased by 35.1% YoY; gross profit margin was approximately 26.9%, up 1.9 percentage point YoY.
Net profit for the period amounted to approximately RMB858 million, increased by 42.8% YoY. Basic earnings per share for the period amounted to approximately RMB28.09 cents.
Core net profit (excluding fair value gain on investment properties, loss on early redemptions of senior notes, net exchange gain and loss on change in fair value of derivative financial instruments) for the period amounted to approximately RMB832 million, increased by 27.4% YoY.
Bank balances and cash (including restricted bank deposits) as at 30 June 2017 was approximately RMB14,814 million; cash collection rate was 86%, net gearing ratio was 63%.
In the first half of 2017, acquired several high-quality lands in Guangdong, Beijing, Hubei, Jiangsu in China and Vancouver in Canada etc., resulting in newly added GFA approximately 3.70 million sq.m..
The board of directors (the "Board" or the "Directors") of China Aoyuan Property Group Limited (the "Company") is pleased to present the consolidated results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 June 2017 together with comparative figures for the corresponding period in the previous year as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the six months ended 30 June 2017
Six months endedNotes | 30.6.2017 RMB'000 (unaudited) | 30.6.2016 RMB'000 (unaudited) | |
Revenue | 3 | 8,154,290 | 6,479,513 |
Cost of sales | (5,962,865) | (4,857,184) | |
Gross profit | 2,191,425 | 1,622,329 | |
Other income, gains and losses | 4 | 29,501 | (120,474) |
Change in fair value of investment properties | 142,026 | 129,692 | |
Selling and distribution expenses | (345,523) | (191,564) | |
Administrative expenses | (332,218) | (237,609) | |
Share of results of joint ventures | (39,472) | (11,275) | |
Finance costs | (118,129) | (78,899) | |
Profit before tax | 1,527,610 | 1,112,200 | |
Income tax expense | 5 | (669,129) | (510,904) |
Profit for the period | 6 | 858,481 | 601,296 |
Other comprehensive income Items that may be reclassified to profit or loss Net fair value gain on available-for-sale investments, net of income tax | 19,062 | - | |
Gain on disposal of available-for-sale investments reclassified to profit and loss | (21,865) | - | |
Exchange differences on translating foreign operations | 16,966 | 20,419 | |
14,163 | 20,419 | ||
Profit and total comprehensive income for the period | 872,644 | 621,715 |
Note | 30.6.2017 RMB'000 (unaudited) | 30.6.2016 RMB'000 (unaudited) | ||
Owners of the Company 750,360 | 566,622 | |||
Non-controlling interests | 108,121 | 34,674 | ||
858,481 | 601,296 | |||
for the period attributable to: Owners of the Company 760,046 | 580,745 | |||
Non-controlling interests | 112,598 | 40,970 | ||
Profit for the period attributable to:
Profit and total comprehensive income
872,644 621,715Earnings per share (RMB cents) 8
Basic 28.09 20.46
Diluted 28.07 N/A
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAt 30 June 2017
Notes | 30.6.2017 RMB'000 (unaudited) | 31.12.2016 RMB'000 (audited) | |
NON-CURRENT ASSETS Property, plant and equipment | 496,241 | 505,983 | |
Prepaid lease payments | 14,721 | 14,939 | |
Investment properties | 5,836,335 | 5,424,507 | |
Goodwill | 1,602 | 1,602 | |
Intangible assets | 2,647 | 2,956 | |
Interests in joint ventures | 123,600 | 163,790 | |
Available-for-sale investments | - | 9,707 | |
Deferred tax assets | 228,146 | 183,279 | |
Deposit paid for acquisition of a joint venture | 25,864 | - | |
Deposits paid for acquisition of a subsidiary Amount due from a non-controlling shareholder of a subsidiary | 492,430 89,317 | 130,000 - | |
Amounts due from joint ventures | 455,853 | 152,009 | |
7,766,756 | 6,588,772 | ||
CURRENT ASSETS Properties for sale | 55,265,222 | 43,486,574 | |
Inventories | 91,973 | 26,481 | |
Trade and other receivables | 9 | 4,179,226 | 3,604,457 |
Deposits paid for acquisitions of land use rights Amounts due from non-controlling shareholders of subsidiaries | 394,662 918,331 | 147,053 364,823 | |
Amounts due from related parties | 89,196 | 98,206 | |
Amounts due from joint ventures | 393,204 | 386,350 | |
Tax recoverable | 844,896 | 616,404 | |
Prepaid lease payments | 435 | 435 | |
Derivative financial instruments | - | 142,402 | |
Restricted bank deposits | 1,079,868 | 485,578 | |
Bank balances and cash | 13,734,118 | 10,470,878 | |
76,991,131 | 59,829,641 | ||
CURRENT LIABILITIES Trade and other payables | 10 | 8,222,422 | 6,794,500 |
Deposits received for sale of properties Amounts due to non-controlling shareholders of subsidiaries | 24,860,775 546,746 | 20,523,884 163,098 | |
Amounts due to joint ventures | 135,191 | 132,819 | |
Tax liabilities | 2,531,105 | 2,592,685 | |
Bank and other borrowings | 5,985,864 | 2,997,390 | |
Loan from non-controlling shareholders of subsidiaries | 252,100 | - | |
Senior notes and bonds | 3,775,353 | 1,508,498 | |
Provisions | 1,270,408 | 1,429,723 | |
47,579,964 | 36,142,597 | ||
NET CURRENT ASSETS | 29,411,167 | 23,687,044 | |
TOTAL ASSETS LESS CURRENT LIABILITIES | 37,177,923 | 30,275,816 |
China Aoyuan Property Group Limited published this content on 16 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 August 2017 15:16:09 UTC.
Original documenthttp://en.aoyuan.com.cn/vancheerfile/files/2017/8/20170816110944665.pdf
Public permalinkhttp://www.publicnow.com/view/061CC96372F72B958B8EE9AD9B38EC9829A805FB
