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(Stock Code: 2355)
ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2018
The board (the "Board") of directors (the "Directors") of Baoye Group Company Limited* (the "Company") is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2018 prepared in accordance with Hong Kong Financial Reporting Standards, together with comparative figures for the year ended 31 December 2017. The following financial information is extracted from the audited consolidated financial statements as set out in the Group's 2018 Annual Report.
*
For identification purpose only
CONSOLIDATED INCOME STATEMENT
Year ended 31 December 2018 2017
Note | |||
Revenue | 5 | 23,230,614 | 18,978,200 |
Cost of sales | (21,258,035) | (17,697,062) | |
Gross profit | 1,972,579 | 1,281,138 | |
Other income | 6 | 116,706 | 107,936 |
Other gains - net | 7 | 32,432 | 51,105 |
Selling and marketing costs | (82,764) | (84,457) | |
Administrative expenses | (585,760) | (461,842) | |
Net impairment losses on financial and | |||
contract assets | (59,605) | (21,604) | |
Operating profit | 1,393,588 | 872,276 | |
Finance costs | (26,767) | (4,891) | |
Share of results of joint ventures | 17,038 | 3,256 | |
Share of results of associates | (8,944) | (1,094) | |
Profit before income tax | 1,374,915 | 869,547 | |
Income tax expense | 8 | (460,002) | (262,812) |
Profit for the year | 914,913 | 606,735 | |
Profit attributable to: | |||
- Owners of the Company | 874,175 | 608,895 | |
- Non-controlling interests | 40,738 | (2,160) | |
914,913 | 606,735 | ||
Earnings per share for profit attributable to | |||
the owners of the Company | |||
- Basic and diluted (expressed in RMB yuan | |||
per share) | 9 | 1.53 | 1.03 |
RMB'000 RMB'000
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended 31 December
2018 | 2017 | |
RMB'000 | RMB'000 | |
Profit for the year | 914,913 | 606,735 |
Other comprehensive income: | ||
Items that will not be reclassified to profit or loss | ||
Change in fair value of financial assets at fair value through | ||
other comprehensive income, net of tax | 400 | - |
Items that may be reclassified to profit or loss | ||
Transfer of reserves to income statement upon sale of | ||
available-for-sale financial assets, net of tax | - | (11,655) |
Change in fair value of available-for-sale financial assets, | ||
net of tax | - | 12,152 |
Other comprehensive income for the year, net of tax | 400 | 497 |
Total comprehensive income for the year | 915,313 | 607,232 |
Total comprehensive income attributable to: | ||
- Owners of the Company | 874,575 | 609,392 |
- Non-controlling interests | 40,738 | (2,160) |
Total comprehensive income for the year | 915,313 | 607,232 |
CONSOLIDATED BALANCE SHEET
2017 | |||
Note | RMB'000 | RMB'000 | |
ASSETS | |||
Non-current assets | |||
Land use rights | 616,765 | 491,382 | |
Property, plant and equipment | 2,077,820 | 1,473,768 | |
Investment properties | 11 | 742,768 | 617,169 |
Goodwill | 16,534 | 16,534 | |
Investments in joint ventures | 12(a) | 244,322 | 126,783 |
Loans to joint ventures | 12(b) | 325,914 | 374,453 |
Investments in associates | 13(a) | 323,693 | 15,547 |
Loans to associates | 13(b) | 622,549 | 230,939 |
Financial assets at fair value through other | |||
comprehensive income | 232,801 | - | |
Financial assets at fair value through profit or loss | 8,727 | - | |
Available-for-sale financial assets | - | 241,628 | |
Deferred income tax assets | 237,224 | 343,350 | |
Prepayments for investments in associates | - | 158,865 | |
5,449,117 | 4,090,418 | ||
Current assets | |||
Inventories | 243,392 | 179,165 | |
Properties under development | 14 | 3,685,492 | 4,527,638 |
Completed properties held for sale | 15 | 3,429,544 | 3,559,157 |
Contract assets and contract acquisition costs | 3,681,687 | - | |
Due from customers on construction contracts | - | 3,766,827 | |
Trade receivables | 16 | 3,943,479 | 3,668,651 |
Other receivables and prepayments | 4,126,542 | 4,598,294 | |
Loans to joint ventures | 12(b) | 61,385 | - |
Loans to associates | 13(b) | 11,102 | - |
Financial assets at fair value through profit or loss | 517,820 | - | |
Available-for-sale financial assets | - | 249,250 | |
Restricted bank deposits | 628,485 | 658,125 | |
Term deposits with initial term of over three months | 85,704 | 90,199 | |
Cash and cash equivalents | 3,698,252 | 2,575,717 | |
24,112,884 | 23,873,023 | ||
Total assets | 29,562,001 | 27,963,441 |
As at 31 December 2018
CONSOLIDATED BALANCE SHEET (CONTINUED)
EQUITY |
Equity attributable to owners of the Company |
Share capital |
Share premium |
Reserves |
Retained earnings |
Non-controlling interests |
Total equity |
LIABILITIES |
Non-current liabilities |
Borrowings |
Deferred income tax liabilities |
Current liabilities |
Contract liabilities |
Trade payables |
Other payables |
Receipts in advance |
Due to customers on construction contracts |
Borrowings |
Current income tax liabilities |
Total liabilities |
Total equity and liabilities |
2017 | ||
Note | RMB'000 | RMB'000 |
562,664 | 586,210 | |
481,433 | 565,872 | |
205,263 | 205,633 | |
7,087,446 | 5,960,204 | |
8,336,806 | 7,317,919 | |
230,734 | 178,445 | |
8,567,540 | 7,496,364 | |
434,057 | 70,862 | |
143,400 | 83,834 | |
577,457 | 154,696 | |
6,522,661 | - | |
6,934,169 | 6,083,747 | |
4,628,528 | 3,395,107 | |
- | 5,246,117 | |
- | 3,388,705 | |
1,865,430 | 1,684,165 | |
466,216 | 514,540 | |
20,417,004 | 20,312,381 | |
20,994,461 | 20,467,077 | |
29,562,001 | 27,963,441 |
As at 31 December 2018
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