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Annual Report 2016

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Annual Report 2016 Mingfa AR16 Cover E&C OP.pdf 1 8/7/2019 下午3:59 Mingfa Group (International) Company Limited Mingfa Group (International) Company Limited Mingfa Group (International) Company Limited 明發集團（國際）有限公司 明發集團（國際）有限公司 （於開曼群島註冊成立的有限公司） (incorporated in the Cayman Islands with limited liability) 股份代號 : 846 Stock code : 846 年度報告2016 ANNUAL REPORT 2016 C M 明發集 Y CM 團 MY （國際 CY CMY ） K 有限公司 Annual Report 2 01 6 年度報告 CONTENTS Corporate Information 2 Chairman’s Statement 4 Management Discussion and Analysis 6 Corporate Governance Report 36 Biographical Details of Directors and Senior Management 46 Report of the Directors 51 Independent Auditor’s Report 63 Consolidated Financial Statements • Consolidated Statement of Profit or Loss 69 • Consolidated Statement of Other Comprehensive Income 70 • Consolidated Statement of Financial Position 71 • Consolidated Statement of Changes in Equity 74 • Consolidated Statement of Cash Flows 76 • Notes to the Consolidated Financial Statements 79 Summary of Financial Information 202 Corporate Information BOARD OF DIRECTORS NOMINATION COMMITTEE Mr. Wong Wun Ming (appointed as chairperson of the Executive Directors committee on 1 September 2018) Mr. Wong Wun Ming (Chairman) Mr. Lau Kin Hon Mr. Huang Qingzhu Mr. Chu Kin Wang Peleus (appointed on 1 November 2016) Mr. Huang Lianchun Mr. Qu Wenzhou (resigned on 31 August 2018) Mr. Huang Li Shui Mr. Dai Yiyi (chairperson of the committee and resigned on 1 September 2018) Independent Non-Executive Directors Mr. Lau Kin Hon REMUNERATION COMMITTEE Mr. Chu Kin Wang Peleus (appointed on 1 November 2016) Mr. Lau Kin Hon (chairperson of the committee Dr. Lam, Lee G. (appointed on 1 September 2018) effective 1 September 2018) Mr. Qu Wenzhou (resigned on 31 August 2018) Mr. Chu Kin Wang Peleus (appointed on 1 November 2016) Mr. Dai Yiyi (resigned on 1 September 2018) Mr. Wong Wun Ming (appointed as a member of Dr. Wong Tin Yau Kelvin J.P. (appointed on 1 September the committee on 1 September 2018) 2018 and retired on 6 March 2019) Mr. Qu Wenzhou (chairperson of the committee and resigned on 31 August 2018) COMPANY SECRETARY Mr. Dai Yiyi (resigned on 1 September 2018) Mr. Poon Wing Chuen (FCCA) AUTHORISED REPRESENTATIVES AUDIT COMMITTEE Mr. Wong Wun Ming Mr. Chu Kin Wang Peleus (appointed on 1 November 2016) Mr. Poon Wing Chuen (FCCA) (chairperson of the committee effective 1 September 2018) Mr. Lau Kin Hon REGISTERED OFFICE Dr. Lam, Lee G. (appointed on 1 September 2018) Vistra (Cayman) Limited Mr. Qu Wenzhou (chairperson of the committee and P.O. Box 31119 Grand Pavilion resigned on 31 August 2018) Hibiscus Way, 802 West Bay Road Mr. Dai Yiyi (resigned on 1 September 2018) Grand Cayman, KY1–1205 Dr. Wong Tin Yau Kelvin J.P. (appointed on 1 September Cayman Islands 2018 and retired on 6 March 2019) 2 Mingfa Group (International) Company Limited Corporate Information HEAD OFFICE IN THE PEOPLE’S HONG KONG BRANCH SHARE REPUBLIC OF CHINA (“PRC”) REGISTRAR AND TRANSFER OFFICE Jiangsu Mingfa Business Park Computershare Hong Kong Investor Services Limited No. 88 Pudong North Road Shops 1712–1716 Pukou, Nanjing City 17th Floor, Hopewell Centre Jiangsu Province 183 Queen’s Road East PRC Wanchai Hong Kong PRINCIPAL PLACE OF BUSINESS IN HONG KONG PRINCIPAL BANKERS Units 6–8, 23/F, South Tower Hang Seng Bank Limited Concordia Plaza Bank of China (Hong Kong) Limited 1 Science Museum Road Tsim Sha Tsui LEGAL ADVISER AS TO HONG KONG Kowloon LAWS Hong Kong Paul Hastings 21–22/F, Bank of China Tower COMPANY’S WEBSITE 1 Garden Road http://www.ming-fa.com Central Hong Kong STOCK CODE ON THE STOCK EXCHANGE OF HONG KONG LIMITED AUDITOR (MAIN BOARD) BDO Limited 846 25th Floor, Wing On Centre 111 Connaught Road Central PRINCIPAL SHARE REGISTRAR AND Hong Kong TRANSFER OFFICE Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands 2016 Annual Report 3 Chairman’s Statement Dear Shareholders, On behalf of the board (“Board”) of directors (“Directors”) of Mingfa Group (International) Company Limited (“Company” and together with its subsidiaries, “Group” or “Mingfa Group”), I am pleased to present the annual report for the year ended 31 December 2016 (“year under review”). On behalf of the Board, I would like to express our most sincere gratitude to all the shareholders of the Company, investors, business partners and other stakeholders for their understanding and continued support to the Company despite the suspension of trading in the shares of the Company (“Shares”) on The Stock Exchange of Hong Kong Limited (“Stock Exchange”) since 1 April 2016. During the year under review, the loan and purchase restriction was launched in the fourth quarter 2016 so as to avoid the over-heating in the property market. The market became more stable in terms of ASP and transaction volume. 4 Mingfa Group (International) Company Limited Chairman’s Statement The Group has continued to strengthen its expertise to Last but not least, I wish to express my heartfelt bolster its market position and focus on developing a appreciation to the members of the Board for their diversified and balanced property portfolio. For the year outstanding leadership, the shareholders and business under review, the Group achieved revenue of approximately associates for their patience and understanding as well as RMB5,089.7 million, delivering a total gross floor area trust and the entire staff for their constant dedication. (“GFA”) of approximately 674,347 sq.m. Meanwhile, the Group achieved contracted sales of approximately RMB14.0 Wong Wun Ming billion with GFA of 1.8 million sq.m.. Chairman At the same time, the Group is adhering to prudent 28 June 2019 financial management practices through carefully controlled its leverage level while maintaining diverse financial resources. The Board remains positive towards the prospect of the property development business in PRC. By steadfastly adhering to its low-cost land strategy and actively exploring acquisition opportunities of land parcels in high growth potential cities, the Board is confident about future of the Group. In addition, the Group is continuing to take measures aimed at improving its management capabilities and operational efficiency. At the same time, it is dedicating efforts to enhance its product structure and product quality with the aim of boosting its brand reputation. 2016 Annual Report 5 Management Discussion and Analysis 6 Mingfa Group (International) Company Limited Management Discussion and Analysis FINANCIAL HIGHLIGHTS For the year ended 31 December 2016 2015 (audited) (audited and Percentage of restated) increase Revenue (RMB million) 5,089.7 3,039.7 67.4% Profit for the year (RMB million) 1,174.2 359.6 226.5% Profit attributable to equity holders of the Company (RMB million) 1,169.4 379.0 208.5% Basic earnings per share (RMB cents) 19.2 6.2 209.7% Diluted earnings per share (RMB cents) 19.2 6.2 209.7% 2016 Annual Report 7 Management Discussion and Analysis RESULTS The consolidated revenue of the Group was approximately RMB5,089.7 million for 2016 (2015: approximately RMB3,039.7 million (restated)), representing an increase of 67.4% as compared to 2015. The consolidated profit for the year and profit attributable to the equity holders of the Company were approximately RMB1,174.2 million and RMB1,169.4 million respectively for 2016 (2015: approximately RMB359.6 million (restated) and RMB379.0 million (restated) respectively), representing an increase of 226.5% and 208.5% respectively as compared to 2015. The basic and diluted earnings per share were RMB19.2 cents for 2016 (2015: RMB6.2 cents per share (restated)), representing an increase of 209.7% as compared to 2015. The Board does not recommend payment of final dividend for the year ended 31 December 2016. INDUSTRY REVIEW Pursuant to the favorable supportive monetary and regulatory policies launched in 2015, the real estate market in PRC had a significant growth of 34.8% and 22.5% in transaction value and GFA respectively in 2016 as compared to 2015. This was mainly resulted from the inventory clearance in the first three quarters in 2016. In order to avoid the overheating of the property market, some austerity measures such as purchase and loan restriction was launched in the fourth quarter of 2016. The real estate market became more stable in terms of average selling price (“ASP”) and transaction volume. BUSINESS REVIEW Sales and Earnings The revenue of the Group was approximately RMB5,089.7 million for 2016 (2015: approximately RMB3,039.7 million (restated)), representing an increase of 67.4% as compared to 2015. The increase in revenue in 2016 was mainly due to the increase in the GFA delivered from 278,255 sq.m. in 2015 to 674,347 sq.m. in 2016. The gross profit of the Group was approximately RMB1,147.5 million for 2016, representing an increase of 29.5% as compared to 2015 (2015: approximately RMB886.3 million (restated)). The reason for such increase was due to the increase in revenue from approximately RMB3,039.7 million (restated) in 2015 to approximately RMB5,089.7 million in 2016. 8 Mingfa Group (International) Company Limited Management Discussion and Analysis The profit for the year of the Group has increased by 226.5% from approximately RMB359.6 million (restated) in 2015 to approximately RMB1,174.2 million in 2016. The profit attributable to the equity holders of the Company has increased from approximately RMB379.0 million (restated) in 2015 to approximately RMB1,169.4 million in 2016, representing an increase of approximately RMB790.4 million or 208.5% from that of 2015. The major reason for the increase was due to more GFA being delivered and revenue recognized in 2016 as compared to 2015.
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