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Interim Report 2014Interim Report Shui On Land Limited On Land Shui 瑞安房地產有限公司 Change 變中求進 Interim ReportInterim 2014 二零一四年度中期業績報告 Shui On Land Limited 瑞安房地產有限公司 Interim Report 2014 二零一四年度中期業績報告 Stock Code 股份代號：272 We Optimise Our Development Strategy, Strengthen Our Management Control, Enhance Our Operations Efficiency. Innovative Property Developer in China Established in 2004 and listed on The Stock Exchange of Hong Kong (Stock Code: 272) in October 2006, Shui On Land Limited is the Shui On Group’s flagship property development company in the www.yellowcreative.com Chinese Mainland. Headquartered in Shanghai, Shui On Land has established a solid foundation in the Chinese Mainland and has a proven track record in developing large-scale, mixed-use city-core communities and integrated residential development projects. Shui On Land develops innovative and high-quality residential, office, retail, entertainment and cultural properties in the Chinese Mainland. Shui On Land applies its hallmark approach of master-planning to all projects to ensure that developments are fully consistent with government objectives in economic development and urban planning while simultaneously incorporating local historical and cultural characteristics into our designs and planning. Manifesting the “Total Community” concept, our projects provide a unique environment enabling life enrichment of “Live-Work-Play”. The Company’s landbank stood at 12.5 million sq.m. (10.3 million sq.m. of leasable and saleable GFA, and 2.2 million sq.m. of clubhouses, car parking spaces and other facilities). Its eight projects, in various stages of development, are all situated in prime locations within Shanghai, Chongqing, Wuhan, Dalian and Foshan. DESIGN AND PRODUCTION : YELLOW CREATIVE (HK) LIMITED CONTENTS 目錄 02 Chairman’s Statement 68 Directors’ Interests in Securities 主席報告 董事於證券的權益 04 Management Discussion and Analysis 69 Substantial Shareholders’ Interests 管理層討論與分析 in Securities 主要股東於證券的權益 34 Independent Review Report 獨立審閱報告 70 Share Options 購股權 35 Condensed Consolidated Statement of Profit or Loss 71 Corporate Governance 簡明綜合損益表 企業管治 36 Condensed Consolidated Statement of 73 Purchase, Sale or Redemption/Cancellation Profit or Loss and Other Comprehensive Income of Securities 簡明綜合損益及其他全面收益表 購買、出售或贖回／註銷證券 37 Condensed Consolidated Statement of 73 Disclosure Under Rule 13.21 of Financial Position the Listing Rules 簡明綜合財務狀況表 根據上市規則第13.21條作出的披露 39 Condensed Consolidated Statement of 75 Update on Information of Directors Under Rule Changes in Equity 13.51B(1) of the Listing Rules 簡明綜合權益變動表 根據上市規則第13.51B(1)條披露有關董事 資料之更新 40 Condensed Consolidated Statement of Cash Flows 75 Employees and Remuneration Policy 簡明綜合現金流量表 僱員及薪酬政策 41 Notes to the Condensed Consolidated 75 Scope of Work of Financial Statements Messrs. Deloitte Touche Tohmatsu 簡明綜合財務報表附註 德勤 • 關黃陳方會計師行之工作範疇 68 Interim Dividend 76 Corporate Information 中期股息 公司資料 CHAIRMAN’S STATEMENT Volatility continued to exert a dampening effect on both transaction volumes and prices in China’s property market during the first half of 2014 (“1H 2014”). Shui On Land generated turnover of RMB5,236 million (HKD6,613 million) in the six-month period ended 30 June 2014, representing an increase of 45% compared with the same period in 2013. However, profit attributable to shareholders decreased by 24% to RMB797 million in 1H 2014 compared with RMB1,051 million in the first half of 2013 (“1H 2013”). The decrease was mainly due to the distribution to the owners of the Perpetual Capital Securities of the Group and the Convertible Perpetual Securities of China Xintiandi Holding, and a lower net profit caused by an increase in overhead cost as a result of the establishment of the fully integrated asset management of China Xintiandi Holding and the one-off cost incurred for the preparation works of Brookfield’s investment. The depreciation of the Renminbi during 1H 2014 also caused an exchange loss, in contrast to the appreciation recorded in 1H 2013. Basic earnings per share were To meet the challenges of China’s property RMB0.10 (HKD0.13). sector, we have initiated a comprehensive reorganisation of the Group that gives us A new direction for a new strategic direction. Shui On Land To meet the challenges of China’s property sector, we have initiated a comprehensive reorganisation of the Group that gives us a new strategic direction. We have separated the roles of Shui On Land and China Xintiandi, and reorganised our management structure, thereby strengthening our project-led management system. We have also enhanced management and internal controls, clarified departmental 2 Shui On Land Limited roles and individual responsibilities, and satisfactorily and is on track for the benefit of Brookfield’s experience to reinforced the KPIs against which our completion in early 2015. In June this China Xintiandi, including systems employees’ performance is measured. year, we opened Showroom Offices for and asset enhancement strategies THE HUB. Shell, Roche Diagnostics, for improving rental rates and the Our focus is on accelerating our asset Grundfos and Keyence are now overall business. turnover rate and improving profitability. conducting business in these Offices. The restructuring has progressed steadily since its implementation late Appreciation last year. China Xintiandi on The first half of 2014 has been a a solid footing challenge for us all. However, I am Steady progress, In 2013, we established China Xintiandi hopeful that the changes in our management structure will ultimately an improved outlook as a wholly-owned subsidiary of Shui On Land. This will enable Shui On Land lead to improved profitability. I would Fewer saleable resources in Shanghai to focus on developing master-planned like to take this opportunity to thank resulted in decreased contract sales communities without holding any my fellow Directors, our management in 1H 2014 compared with the same investment properties. and employees for sharing our vision on period in 2013. We anticipate bringing the way forward and for their ongoing on-stream more properties in Wuhan Under this new structure, Shui On Land efforts towards realising this vision. Tiandi, Chongqing Tiandi, Foshan continues to operate as a developer for Lingnan Tiandi and Dalian Tiandi for residential and commercial properties. I would like to welcome Mr Brian sale or pre-sale in the second half of In complement, China Xintiandi is the Kingston and Mr Bill Powell of this year. investor, operator and manager of Brookfield to the Board of China the core investment properties and is Xintiandi. There is much we can During the period under review, responsible for the disposal of the non- learn from Brookfield, and I would hope we accelerated the relocation and core commercial properties. The goal of that they find their experience with us development of our integrated, master- this new arrangement is to accelerate equally rewarding. planned communities in city centres, the sale of commercial assets in order As we enter the second half of 2014, including Rui Hong Xin Cheng and to increase asset churn. Taipingqiao in Shanghai. As a result of I believe our reinvigorated management new rules and regulations introduced The reorganisation of China Xintiandi structure gives us a promising in late 2011 governing the relocation was completed during 1H 2014. foundation for the future and the of residents, we have cleared 283,000 Two senior managing partners from means to create greater value for sq.m. of Gross Floor Area (“GFA”) from Brookfield, Mr Brian Kingston and Mr our shareholders. our landbank in the centre of Shanghai Bill Powell, are now on China Xintiandi’s by August this year, providing more Board of Directors. Another two senior saleable resources starting in the management personnel – the Chief second half of 2015 (“2H 2015”). We Operating Officer, Mr Stefan Dembinski aim to improve overall sales and achieve and Executive Director of Corporate a more stable sales performance. Finance, Mr Ricky Tang – are currently based in Shanghai, working with the 3 Corporate Avenue, also in Shanghai, China Xintiandi team on a daily basis. is scheduled to be completed in the first Vincent H. S. LO half of 2015 (“1H 2015”). THE HUB, All of us at the Group welcome the Chairman located in the Hongqiao Commercial partnership with Brookfield, the world’s Zone of Shanghai, is progressing largest property investor, which brings Hong Kong, 27 August 2014 Interim Report 2014 3 MANAGEMENT DISCUSSION AND ANALYSIS Wuhan Tiandi creates a comfortable living environment Business Review (Lot 6) of Shanghai Rui Hong Xin Cheng Jialing Tiandi at Chongqing Tiandi, (“RHXC”), constituting a total Gross received overwhelming responses For the first half of year 2014 (“1H Floor Area (“GFA”) of 88,100 sq.m. from top tier retailers and multi-national 2014”), the Group’s turnover increased and carparks, for RMB3,885 million, corporations for the respective retail by 45% to RMB5,236 million, in or 87.4% of the total recognised and office spaces. The Group expects a comparison with turnover of RMB3,623 property sales. stronger rental growth with completion million in the first half of year 2013 of investment properties in Shanghai (“1H 2013”). Property sales and rental Rental and related income (including in the coming year. Details of the and related income (including income income from hotel operations) increased business performance of the investment from hotel operations) accounted for by 9% to RMB764 million in 1H 2014 properties are reported under the RMB4,447 million and RMB764 million compared to 1H 2013. Occupancy of sections: Business Updates of CXTD respectively, or 84.9% and 14.6% of the completed investment properties Holding and Business Updates of total turnover in 1H 2014. The remaining remained stable. Pre-leasing of Knowledge Communities. sum of RMB25 million or 0.5% was 3 Corporate Avenue, Phase II (“3 generated from other income. The Corporate Avenue”), THE HUB and Rui Gross profit increased by 17% to significant increase in turnover in 1H Hong Tiandi Lot 6 located in Shanghai, RMB1,667 million in 1H 2014 compared 2014 reflected delivery at a higher as well as the HORIZON (Lots A1/A2/ to RMB1,419 million in 1H 2013.
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