LONGFOR GROUP HOLDINGS 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.
Longfor Properties Co. Ltd. 龍 湖 地 產 有 限 公 司(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 960)
ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2016 FINANCIAL SUMMARYContracted sales increased by 61.6% to RMB88.14 billion as compared with that of last year.
Revenue increased by 15.6% to RMB54.80 billion as compared with that of last year, of which the rental income from the property investment business increased by 35.2% to RMB1.91 billion.
Profit attributable to shareholders was RMB9.15 billion. Excluding effects, such as minority interest and valuation gains, core net profit increased by 11.8% to RMB7.76 billion as compared with that of last year. Gross profit margin increased by 1.7% to 29.1%. Core net profit margin attributable to shareholders was 14.2%.
The net debt to equity ratio (net debt divided by total equity) was 53.9%. Cash in hand was RMB17.36 billion.
Total consolidated borrowings amounted to RMB57.87 billion. Average cost of borrowing decreased from 5.74% to 4.92% per annum. Average maturity period of loan was 5.90 years.
Fully diluted earnings per share were RMB1.57. The Board recommends a final dividend of RMB0.466 per share, representing an increase of 30.5% as compared with that of last year.
The Board of Directors (the "Board') of Longfor Properties Co., Ltd. ("Company") is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended December 31, 2016 with comparative figures for the preceding financial year, are follows:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2016NOTES | 2016 RMB'000 | 2015 RMB'000 | |
Revenue | 2 | 54,799,495 | 47,423,099 |
Cost of sales | (38,864,114) | (34,408,307) | |
Gross profit | 15,935,381 | 13,014,792 | |
Other income | 3 | 336,045 | 453,445 |
Other gains and losses Fair value gain upon transfer of properties held for sales to investment properties | 4 | (155,308) 47,154 | (155,988) 434,251 |
Change in fair value of investment properties Change in fair value of derivative financial instruments | 1,970,958 (109,031) | 2,439,626 - | |
Selling and marketing expenses | (1,427,723) | (1,017,951) | |
Administrative expenses | (2,022,328) | (1,435,026) | |
Finance costs | 5 | (53,059) | (43,119) |
Share of results of associates | 1,051,011 | (18,707) | |
Share of results of joint ventures | 383,210 | 266,864 | |
Profit before taxation | 15,956,310 | 13,938,187 | |
Income tax expense | 6 | (6,021,444) | (4,574,070) |
Profit for the year | 7 | 9,934,866 | 9,364,117 |
Profit attributable to: Owners of the Company | 9,152,953 | 8,988,037 | |
Non-controlling interests | 781,913 | 376,080 | |
9,934,866 | 9,364,117 |
NOTES | 2016 RMB'000 | 2015 RMB'000 | |
Earnings per share, in RMB Basic | 9 | 1.57 | 1.54 |
Diluted | 9 | 1.57 | 1.53 |
Profit for the year | 9,934,866 | 9,364,117 | |
Other comprehensive income (expense): Items that may be reclassified subsequently to profit or loss: Net fair value gain on hedging instruments | 287,663 | 518,720 | |
Gain on retranslating hedging instruments reclassified to profit and loss | (248,592) | (613,754) | |
39,071 | (95,034) | ||
Total comprehensive income for the year | 9,973,937 | 9,269,083 | |
Total comprehensive income attributable to: Owners of the Company | 9,192,024 | 8,893,003 | |
Non-controlling interests | 781,913 | 376,080 | |
9,973,937 | 9,269,083 |
NOTES | 2016 RMB'000 | 2015 RMB'000 | |
NON-CURRENT ASSETS Investment properties | 49,030,600 | 43,385,100 | |
Property, plant and equipment | 198,642 | 208,374 | |
Prepaid lease payments | 17,421,955 | 11,774,585 | |
Interests in associates | 1,585,693 | 355,793 | |
Interests in joint ventures | 2,737,328 | 882,285 | |
Available-for-sale investments | 180,021 | 130,920 | |
Deposits paid for acquisition of land use rights | 11,925,639 | 4,849,295 | |
Derivative financial instruments | 639,233 | 701,083 | |
Deferred taxation assets | 2,622,641 | 1,623,857 | |
86,341,752 | 63,911,292 | ||
CURRENT ASSETS Inventories | 838,729 | 777,384 | |
Properties under development for sales | 89,426,431 | 70,829,748 | |
Properties held for sales Accounts and other receivables, deposits and | 10,246,730 | 10,428,963 | |
prepayments | 10 | 10,324,224 | 9,920,130 |
Amounts due from non-controlling interests | 3,854,408 | 2,301,758 | |
Amounts due from associates | - | 2,695,676 | |
Amounts due from joint ventures | 2,248,153 | 1,772,453 | |
Taxation recoverable | 3,844,962 | 3,291,225 | |
Derivative financial instruments | 349,513 | - | |
Pledged bank deposits | 97,368 | 240,313 | |
Bank balances and cash | 17,258,104 | 17,919,664 | |
138,488,622 | 120,177,314 |
Longfor Properties Co. Ltd. published this content on 24 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 March 2017 04:14:19 UTC.
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