SHENZHEN INVESTMENT 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 Hong Kong with limited liability)
(Stock Code: 604) 2016 INTERIM RESULTS ANNOUNCEMENTThe board of directors (the "Board") of Shenzhen Investment Limited (the "Company") presents the interim condensed consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2016 together with the comparative figures for the corresponding period in 2015. These interim financial statements have not been audited, but have been reviewed by the Company's audit committee and the auditors, KPMG.
FINANCIAL HIGHLIGHTSContracted sales up significantly by 83.3% to RMB14.04 billion, completing 76.0% of its full-year target contracted sales;
Revenue up by 1.6% over the same period of last year to HK$6,382.7 million; gross profit margin was 33.8%, which remained more or less the same as that of the same period of last year;
Profit attributable to shareholders up significantly by 68.0% to HK$1,654.7 million. If excluding the net effect of the changes in fair value of investment properties attributable to the Group and one-off gain on a bargain purchase of a subsidiary during the period, profit attributable to shareholders was HK$588.6 million, representing an increase of 34.6% over the same period of last year. Basic earnings per share for the interim period were HK22.41 cents, representing an increase of 53.5% over the same period of last year.
Net gearing ratio (including all the liabilities carrying interest) remained at a lower level of 37.9%;
The Board has declared an interim dividend of HK7.00 cents per share, representing a substantial increase of 133.3% over the same period of last year.
CONSOLIdATEd STATEMENT OF pROFIT OR LOSS For the six months ended 30 June 2016 - Unaudited | |
Note | Six months ended 30 June 2016 2015 HK$'000 HK$'000 |
Revenue 4 | 6,382,666 6,279,078 |
Cost of sales | (4,225,765) (4,147,060) |
Gross profit | 2,156,901 2,132,018 |
Other income and gains 4 | 616,766 268,333 |
Increase in fair value of investment properties Fair value gain on equity investments at fair value through profit or loss, net | 741,479 753,971 72 1,933 |
Selling and distribution costs | (156,241) (161,366) |
Administrative expenses | (407,426) (383,896) |
Other expenses | (116,362) (109,618) |
Finance costs 5 Share of profits less losses of: Joint ventures | (313,566) (418,103) 212,601 168,137 |
Associates | 79,057 (35,103) |
profit before tax 6 | 2,813,281 2,216,306 |
Income tax 7 | (1,120,729) (1,184,483) |
profit for the period | 1,692,552 1,031,823 |
Attributable to: Equity shareholders of the Company | 1,654,741 984,733 |
Non-controlling interests | 37,811 47,090 |
1,692,552 1,031,823 | |
Earnings per share 8 Basic | HK22.41 cents HK14.60 cents |
Diluted | HK22.40 cents HK14.57 cents |
For the six months ended 30 June 2016 - Unaudited
Six months ended 30 June 2016 2015HK$'000 HK$'000
profit for the period 1,692,552 1,031,823 Other comprehensive income for the period (after tax and reclassification adjustments):Items that may be reclassified subsequently to profit or loss:
- Available-for-sale investments: Change in fair value | (4,255) | 9,581 |
Income tax effect | 1,064 | (2,395) |
(3,191) | 7,186 | |
- Exchange differences on translation of foreign operations | (973,170) | 5,092 |
- Share of other comprehensive income of associates | (65,375) | (10,859) |
Net other comprehensive income that may be reclassified subsequently to profit or loss | (1,041,736) | 1,419 |
Item that will not be reclassified to profit or loss: | ||
- Share of other comprehensive income of associates | - (72) | |
Net other comprehensive income will not be reclassified to profit or loss | - (72) | |
Other comprehensive income for the period | (1,041,736) 1,347 | |
Total comprehensive income for the period | 650,816 1,033,170 | |
Attributable to: Equity shareholders of the Company | 664,643 987,201 | |
Non-controlling interests | (13,827) 45,969 | |
Total comprehensive income for the period | 650,816 1,033,170 | |
As at 30 June 2016 - Unaudited
Note | 30 June 2016 HK$'000 | 31 December 2015 HK$'000 | |
Non-current assets Property, plant and equipment | 4,049,919 | 4,144,176 | |
Prepaid land lease payments | 39,777 | 40,355 | |
Goodwill | 322,449 | 322,542 | |
Investment properties | 21,672,747 | 20,908,173 | |
Interests in associates | 3,794,378 | 3,838,027 | |
Interests in joint ventures | 3,125,602 | 3,037,310 | |
Available-for-sale investments | 117,115 | 123,684 | |
Other long term assets | 2,955,053 | 1,778,889 | |
Deferred tax assets | 1,429,425 | 1,386,915 | |
Breeding biological assets | 6,922 | 7,075 | |
37,513,387 | 35,587,146 | ||
Current assets Inventories | 88,064 | 98,803 | |
Completed properties held for sale | 7,103,241 | 9,031,517 | |
Properties under development | 41,446,537 | 30,311,525 | |
Trading biological assets | 9,000 | 9,576 | |
Trade receivables | 10 | 429,426 | 528,154 |
Prepayments, deposits and other receivables | 1,880,608 | 1,696,026 | |
Equity investments at fair value through profit or loss | 3,769 | 3,696 | |
Restricted cash | 4,125,111 | 4,110,729 | |
Cash and cash equivalents | 10,258,993 | 9,708,046 | |
65,344,749 | 55,498,072 |
Shenzhen Investment Limited published this content on 29 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 August 2016 13:41:01 UTC.
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