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(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 3883)
ANNOUNCEMENT OF INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2019
2019 INTERIM RESULTS HIGHLIGHTS
- Contracted sales for the period was RMB53.63 billion, representing a year-on-year increase of 33%.
- Revenue for the period was RMB23.67 billion, representing a year-on-year increase of 73%.
- Gross profit for the period was RMB7.05 billion, representing a year-on-year increase of 81%; gross profit margin was 29.8%.
- Net profit for the period was RMB2.80 billion, representing a year-on-year increase of 90%; net profit margin was 11.8%.
- Core net profit for the period Note 1 was RMB2.49 billion, representing a year-on-year increase of 79%; core net profit margin was 10.5%.
- Basic earnings per share for the period was RMB84.81 cents, and diluted earnings per share for the period was RMB84.66 cents.
- Bank balances and cash (including restricted bank deposits and structured deposits) as at 30 June 2019 was RMB54.84 billion, and net gearing ratio was 64.2%.
- In the first half of 2019, newly added GFA of approximately 7.26 million sq.m.; total GFA of land bank as at 30 June 2019 was 40.12 million sq.m..
Note 1: Excluding non-recurring profit or loss items and their related tax expenses, comprising fair value gain on investment properties, net exchange differences, etc.
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The board of directors (the "Board" or the "Directors") of China Aoyuan Group Limited ("China Aoyuan" or the "Company") is pleased to present the unaudited interim condensed consolidated results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 June 2019 together with comparative figures for the corresponding period in the previous year as follows:
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 June 2019
Six months ended | |||||
Notes | 30.6.2019 | 30.6.2018 | |||
RMB'000 | RMB'000 | ||||
(unaudited) | (unaudited) | ||||
Revenue | 3 | 23,669,677 | 13,666,552 | ||
Cost of sales | (16,623,992) | (9,764,429) | |||
Gross profit | 7,045,685 | 3,902,123 | |||
Other income, gains and losses | 5 | 363,926 | 72,831 | ||
Change in fair value of investment properties | 363,792 | 406,700 | |||
Recognition of change in fair value of completed properties | |||||
for sale upon transfer to investment properties | 3,392 | 8,103 | |||
Gain on disposal of subsidiaries | 4,576 | 18,288 | |||
Selling and distribution expenses | (943,658) | (599,773) | |||
Administrative expenses | (1,153,364) | (651,176) | |||
Share of results of joint ventures | 7,099 | 87,882 | |||
Share of results of associates | 19,079 | 1,430 | |||
Finance costs | (276,415) | (172,749) | |||
Profit before tax | 5,434,112 | 3,073,659 | |||
Income tax expense | 6 | (2,634,076) | (1,598,850) | ||
Profit for the period | 7 | 2,800,036 | 1,474,809 | ||
Other comprehensive expense | |||||
Item that may be reclassified to profit or loss | |||||
Exchange differences on translating foreign operations | (5,842) | (18,702) | |||
Profit and total comprehensive income for the period | 2,794,194 | 1,456,107 | |||
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CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CON'T)
Six months ended
Note 30.6.2019 30.6.2018
RMB'000 RMB'000
(unaudited) (unaudited)
Profit for the period attributable to: | ||||
Owners of the Company | 2,271,914 | 1,216,254 | ||
Non-controlling interests | 528,122 | 258,555 | ||
2,800,036 | 1,474,809 | |||
Profit and total comprehensive income for | ||||
the period attributable to: | ||||
Owners of the Company | 2,266,152 | 1,202,783 | ||
Non-controlling interests | 528,042 | 253,324 | ||
2,794,194 | 1,456,107 | |||
Earnings per share (RMB cents) | 9 | |||
Basic | 84.81 | 45.37 | ||
Diluted | 84.66 | 45.36 | ||
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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 June 2019
30.6.2019 | 31.12.2018 | |||
Notes | RMB'000 | RMB'000 | ||
(unaudited) | (audited) | |||
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 1,604,271 | 2,057,192 | ||
Right-of-use assets | 1,159,141 | - | ||
Prepaid lease payments | - | 337,977 | ||
Investment properties | 9,540,381 | 8,833,493 | ||
Goodwill | 3,491 | 3,491 | ||
Intangible assets | 3,050 | 3,600 | ||
Interests in joint ventures | 1,912,497 | 1,721,376 | ||
Interests in associates | 517,610 | 217,131 | ||
Equity instruments at fair value through other | ||||
comprehensive income | 143,726 | 31,465 | ||
Deferred tax assets | 803,152 | 676,948 | ||
Deposits paid for acquisitions of subsidiaries | 1,507,461 | 1,531,947 | ||
Deposit paid for acquisition of a joint venture | 68,379 | 40,941 | ||
Amounts due from non-controlling shareholders of subsidiaries | 66,667 | - | ||
Amounts due from joint ventures | 1,314,763 | 1,118,809 | ||
Trade and other receivables | 10 | 422,996 | 476,296 | |
19,067,585 | 17,050,666 | |||
CURRENT ASSETS | ||||
Properties for sale | 135,697,160 | 114,894,214 | ||
Inventories | 71,979 | 66,834 | ||
Trade and other receivables | 10 | 16,172,137 | 12,274,166 | |
Deposits paid for acquisitions of land use rights | ||||
and property projects | 826,398 | 177,065 | ||
Amounts due from non-controlling shareholders of subsidiaries | 2,245,637 | 1,924,264 | ||
Amounts due from joint ventures | 569,547 | 294,064 | ||
Amounts due from associates | 166,953 | 48,292 | ||
Financial assets at fair value through profit or loss | 524,400 | 524,400 | ||
Tax recoverable | 2,389,194 | 1,967,938 | ||
Prepaid lease payments | - | 14,772 | ||
Structured deposits | 2,776,289 | 1,328,000 | ||
Restricted bank deposits | 4,186,984 | 2,281,255 | ||
Bank balances and cash | 47,873,495 | 36,012,289 | ||
213,500,173 | 171,807,553 | |||
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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CON'T)
30.6.2019 | 31.12.2018 | |||
Notes | RMB'000 | RMB'000 | ||
(unaudited) | (audited) | |||
CURRENT LIABILITIES | ||||
Trade and other payables | 11 | 34,920,240 | 25,564,843 | |
Contract liabilities | 68,604,544 | 59,966,365 | ||
Amounts due to non-controlling shareholders of subsidiaries | 2,885,797 | 2,352,730 | ||
Amounts due to joint ventures | 2,416,986 | 2,402,017 | ||
Amount due to an associate | 45 | 49 | ||
Loan from non-controlling shareholders of subsidiaries | 542,900 | 543,330 | ||
Lease liabilities/Obligation under finance lease | 142,456 | 38,821 | ||
Tax liabilities | 6,307,033 | 5,534,968 | ||
Bank and other borrowings | 27,568,351 | 19,261,443 | ||
Senior notes and bonds | 5,986,146 | 4,470,449 | ||
Provisions | 913,061 | 897,617 | ||
150,287,559 | 121,032,632 | |||
NET CURRENT ASSETS | 63,212,614 | 50,774,921 | ||
TOTAL ASSETS LESS CURRENT LIABILITIES | 82,280,199 | 67,825,587 | ||
NON-CURRENT LIABILITIES | ||||
Other payables | 11 | - | 503,810 | |
Loan from non-controlling shareholders of subsidiaries | 925,600 | 1,153,300 | ||
Deferred tax liabilities | 1,493,609 | 1,184,072 | ||
Lease liabilities/Obligations under finance leases | 491,844 | 260,940 | ||
Bank and other borrowings | 26,102,327 | 21,489,907 | ||
Senior notes and bonds | 17,899,534 | 12,499,712 | ||
46,912,914 | 37,091,741 | |||
NET ASSETS | 35,367,285 | 30,733,846 | ||
CAPITAL AND RESERVES | ||||
Share capital | 25,409 | 25,343 | ||
Reserves | 13,371,854 | 11,846,874 | ||
Equity attributable to owners of the Company | 13,397,263 | 11,872,217 | ||
Non-controlling interests | 21,970,022 | 18,861,629 | ||
TOTAL EQUITY | 35,367,285 | 30,733,846 | ||
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