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 Hong Kong with limited liability)
(Stock Code: 00604) 2016 FINAL RESULTS ANNOUNCEMENT FINANCIAL HIGHLIGHTSDuring the year, the Group achieved a revenue of HK$21,354.0 million, representing an increase of 15.9% over the same period of last year; the profit for the year attributable to the shareholders was HK$3,170.6 million, representing an increase of 10.5% over the same period of last year. If excluding the net effects on the changes in fair value of investment properties attributable to the Group, gain on a bargain purchase, provision for litigation and provision of land projects in third- and fourth-tier cities, net profit attributable to the shareholders was HK$2,614.9 million, representing an increase of 21.1% over the same period of last year.
The overall gross profit margin was 38.7%, representing an increase of 4.1 percentage points over the same period of last year; in which, the gross profit margin of sales on property development was 41.3%, representing an increase of 4.4 percentage points over the same period of last year.
During the year, the Group achieved contracted sales of RMB19.1 billion, representing an increase of 20% over the same period of last year.
As of 31 December 2016, the cash and bank balance (including restricted cash) was HK$12,063.7 million, and the net gearing ratio (including all interest-bearing liabilities) was 38.9%.
The Board recommends the payment of a final dividend of HK10.00 cents per share for year 2016. To celebrate the 20th anniversary of the Company's listing on Hong Kong Stock Exchange and to appreciate the long-term support of the shareholders, the Board also recommends the payment of a special dividend of HK5.00 cents per share. Together with the interim dividend of HK7.00 cents per share already paid, the total dividend for the whole year will amount to HK22.0 cents per share.
The board of directors (the "Board") of Shenzhen Investment Limited (the "Company") is pleased to present the audited consolidated results of the Company and its subsidiaries (the "Group") for
the year ended 31 December 2016 together with the comparative figures for the December 2015 as follows: | year ended 31 |
CONSOLIdATEd STATEMENT OF pROFIT OR LOSS for the year ended 31 December 2016 | |
2016 Notes HK$'000 | 2015 HK$'000 |
Revenue 4 21,353,993 | 18,428,172 |
Cost of sales (13,083,234) | (12,053,688) |
Gross profit 8,270,759 | 6,374,484 |
Other income and gains 4 832,342 Increase in fair value of equity investments at fair value through profit or loss, net 870 | 615,289 580 |
Increase in fair value of investment properties 1,204,139 Recognition of change in fair value of completed properties held for sale/properties under development upon transfer to investment properties 654,516 | 1,082,176 432,102 |
Selling and distribution expenses (362,224) | (483,087) |
Administrative expenses (956,298) | (867,298) |
Other operating expenses (1,656,121) | (542,978) |
Finance costs 5 (838,167) Share of profits less losses of joint ventures and associates 1,142,976 | (708,484) 607,845 |
Profit before taxation 6 8,292,792 | 6,510,629 |
Income tax expense 7 (4,821,911) | (3,423,377) |
Profit for the year 3,470,881 | 3,087,252 |
Attributable to: Equity shareholders of the Company 3,170,581 | 2,868,796 |
Non-controlling interests 300,300 | 218,456 |
3,470,881 | 3,087,252 |
Earnings per share 8 | |
Basic HK42.36 cents | HK40.56 cents |
Diluted HK42.35 cents | HK40.56 cents |
for the year ended 31 December 2016
2016 2015HK$'000 HK$'000
Profit for the year 3,470,881 3,087,252
Other comprehensive income for the year
Items that may be reclassified subsequently to profit or loss:
Available-for-sale investments:
- Changes in fair value | (10,785) | (6,261) |
- Income tax effect | 2,696 | 1,565 |
(8,089) | (4,696) | |
Share of other comprehensive income of joint ventures and associates | (235,432) | (175,080) |
Exchange differences on translation of foreign
operations (2,918,015) (1,767,065)
(3,161,536) (1,946,841)Items that will not be reclassified to profit and loss:
Share of other comprehensive income of joint
ventures and associates - (72)
- (72) | |
Other comprehensive income for the year, net of tax | (3,161,536) (1,946,913) |
Total comprehensive income for the year | 309,345 1,140,339 |
Attributable to: Equity shareholders of the Company | 170,542 1,038,058 |
Non-controlling interests | 138,803 102,281 |
309,345 1,140,339 |
Notes | 31 december 2016 HK$'000 | 31 December 2015 HK$'000 | |
Non-current assets | |||
Property, plant and equipment | 3,844,311 | 4,144,176 | |
Prepaid land lease payments | 36,083 | 40,355 | |
Goodwill | 322,240 | 322,542 | |
Investment properties | 22,807,211 | 20,908,173 | |
Interests in associates | 3,994,821 | 3,838,027 | |
Interests in joint ventures | 3,300,931 | 3,037,310 | |
Available-for-sale investments | 112,985 | 123,684 | |
Other long term assets | 3,188,483 | 1,778,889 | |
Breeding biological assets | - | 7,075 | |
Deferred tax assets | 1,954,441 | 1,386,915 | |
Total non-current assets | 39,561,506 | 35,587,146 | |
Current assets | |||
Trading biological assets | 8,136 | 9,576 | |
Completed properties held for sale | 7,514,657 | 9,031,517 | |
Properties under development | 35,292,229 | 30,311,525 | |
Inventories | 93,354 | 98,803 | |
Trade receivables | 10 | 322,506 | 528,154 |
Prepayments, deposits and other receivables Equity investments at fair value through profit or loss | 1,684,928 4,566 | 1,696,026 3,696 | |
Restricted cash | 2,204,157 | 4,110,729 | |
Cash and cash equivalents | 9,859,526 | 9,708,046 | |
Total current assets | 56,984,059 | 55,498,072 |
Shenzhen Investment Limited published this content on 27 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 March 2017 15:09:11 UTC.
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