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ANNUAL REPORT 2014 Contents SHIMAO PROPERTY HOLDINGS LIMITED 世茂房地產控股有限公司 Stock Code: 813 ANNUAL REPORT 2014 Contents 004 Corporate Information 006 Five Years Financial Summary 009 Chairman’s Statement 017 Management Discussion and Analysis 045 Report of the Directors 057 Corporate Governance Report 070 Information for Shareholders 073 Directors and Senior Management Profiles 077 Independent Auditor’s Report 079 Consolidated Balance Sheet 081 Balance Sheet 082 Consolidated Statement of Comprehensive Income 084 Consolidated Statement of Changes in Equity 086 Consolidated Cash Flow Statement 087 Notes to the Consolidated Financial Statements Shimao Property Holdings Limited 002 Annual Report 2014 Nationwide Quality Land Reserves Shimao Property Southern Central District Nanjing District Bohai Rim District Wuhan Shimao Splendid River Nanjing Shimao Bund New City Beijing Shimao Lá Villa Wuhan Shimao New City Nanjing Maqun Project Beijing Shimao Salamanca Wuhan Shimao Lake Island Nanjing Pukou Project Beijing Tongzhou Project Wuhan Shimao Carnival Nanjing Shimao Glory Villa Beijing Changyang Project Nanchang Shimao Water City Nanjing Straits City Tianjin Shimao Wetland Century Nanchang Shimao Daguan Western District Tianjin Jinnan New City Nanchang Shimao Sky City Chengdu Shimao Royal Bay Tianjin Wuqing Shimao Luxury Mansion Changsha Shimao Brillianate Bay Chengdu Shimao City Qingdao Shimao Noble Town Changsha Shimao Plaza Chengdu Jianyang Sancha Lake Project Jinan Shimao Pride of the City Xuzhou Shimao Dongdu Chengdu Baohe Project Yantai Shimao No.1 The Harbour Xuzhou Shimao Dongdu (Commercial) Hefei Shimao Jade Mansion Xi’an Shimao Metropolis Northern Fujian District Wuhu Shimao Riviera Garden Yinchuan Greenery Theme Park Fuzhou Minhou Shimao Dragon Bay Wuhu Shimao Riviera Garden (Commercial) Northeastern District Fuzhou Nantong Village Southern China District Shenyang Shimao Wulihe Fuzhou Pingtan Straits Future City Shenzhen Qianhai Project Shenyang Shimao Wulihe (Commercial) Southern Fujian District Nanning Shimao Longgang Garden Xiamen Shimao Lakeside Garden Nanning Shimao International Plaza Shenyang Shimao Notting Hill Xiamen Shimao Coastline Manor Hong Kong Tung Chung Project Mudanjiang Shimao Holiday Landscape Quanzhou Shishi Shimao Skyscraper Hainan Wenchang Shimao Blooming Sea Mudanjiang Shimao South Bund City Guangzhou Finance City Dalian Shimao Glory City Quanzhou Jinjiang Shimao Dragon Bay Guangzhou Asian Games City Quanzhou Shimao Zimaoshan Harbin Shimao Riviera New City Quanzhou Shimao Hi Dream Jiangsu and Shanghai District Shanghai Shimao Shanghai Shimao Riviera Garden Zhejiang District Shanghai Shimao Nano Magic City Shanghai Shimao Emme County Hangzhou Shimao Riviera Garden Shanghai North Bund Project Shanghai Shimao Sheshanli Hangzhou Yuhang Shimao New West Changshu Shimao The Centre Wuxi Shimao The Capital Lake Changshu Shimao Dragon Bay Kunshan Shimao Bund East Hangzhou Shimao Cullinan Jinan Shimao International Plaza Kunshan Shimao East No.1 Hangzhou La Cité Jinan Shimao Skyscraper City Hangzhou Shimao Above the Lake Kunshan Shimao Butterfly Bay Qingdao Shimao Noosa Bay Hangzhou Shimao East No.1 Kunshan Shimao Butterfly Bay (Commercial) Qingdao Shimao International Plaza Hangzhou Shimao Gate of Zhejiang Nantong Shimao In the Park Qingdao Shimao Shi’ao Tower Ningbo Shimao The Capital Nantong Shimao Lohas City Qingdao Shimao Grand Mansion Ningbo Shimao World Gulf Suzhou Shimao Shihu Bay Ningbo Yuyao Shimao Moushan Lake Wuxi Shimao International City Suzhou Shimao Canal Scene Ningbo Shimao Sea Dawn Suzhou Shimao Royal Villa Suzhou Shimao Canal Scene Ningbo Shimao City (Commercial) Suzhou Shimao Bronze Swallow Ningbo Xiangshan Shimao Damuwan Terrace Changzhou Shimao Champagne Lake Shaoxing Shimao Dear Town Suzhou Industrial Park Riviera Garden Fenghua Shimao Peach Garden Changzhou Shimao Champagne Lake (Commercial) Xiamen Shimao Straits Mansion Chongqing District Zhangjiagang Shimao Lake Palace Ningbo Shimao Sunlake Center Chongqing Shimao Château De La Ville Jiangyin Shimao Dragon Bay Ningbo Shimao Riviera Garden Ningbo Sunjia Project Dalian Shimao Dragon Bay Shimao Property Holdings Limited 003 Annual Report 2014 Nationwide Quality Land Reserves Land reserves in 41 cities with 104 projects covered an area of 36.07 million sq.m. (equity attributable as at 31 December 2014) Harbin Mudanjiang Shenyang Dalian Beijing Tianjin Yantai Yinchuan Jinan Qingdao Changzhou Xuzhou Jiangyin Nanjing Wuxi Hefei Nantong Xi’an Changshu Zhangjiagang Kunshan Wuhu Suzhou Shanghai Wuhan Ningbo Chengdu Chongqing Shaoxing Changsha Nanchang Fenghua Hangzhou Fuzhou Quanzhou Xiamen Shenzhen Guangzhou Nanning Hong Kong Hainan Wenchang Group Headquarters Projects held by Shimao Property Projects held by Shanghai Shimao Joint Venture Projects Shimao Property Holdings Limited 004 Annual Report 2014 Corporate Information BOARD OF DIRECTORS NOMINATION COMMITTEE Executive Directors Hui Wing Mau (Committee Chairman) Hui Wing Mau (Chairman) Kan Lai Kuen, Alice Hui Sai Tan, Jason (Vice Chairman) Lu Hong Bing Xu Younong Lam Ching Kam Tang Fei Liao Lujiang COMPANY SECRETARY Non-executive Director Lam Yee Mei, Katherine Liu Sai Fei AUDITOR Independent Non-executive Directors PricewaterhouseCoopers Kan Lai Kuen, Alice Lu Hong Bing PRINCIPAL BANKERS Lam Ching Kam Agricultural Bank of China Limited AUDIT COMMITTEE Bank of China Limited China Construction Bank Corporation Kan Lai Kuen, Alice (Committee Chairman) Hang Seng Bank Limited Lu Hong Bing Industrial and Commercial Bank of China Limited Lam Ching Kam Standard Chartered Bank (Hong Kong) Limited REMUNERATION COMMITTEE The Bank of East Asia, Limited The Hongkong and Shanghai Banking Lu Hong Bing (Committee Chairman) Hui Wing Mau Corporation Limited Kan Lai Kuen, Alice Sumitomo Mitsui Banking Corporation Lam Ching Kam Shimao Property Holdings Limited 005 Annual Report 2014 Corporate Information ▼ ▼Quanzhou Shishi Shimao Skyscraper City HONG KONG BRANCH SHARE REGISTRAR PRINCIPAL PLACE OF BUSINESS AND TRANSFER OFFICE IN HONG KONG Tricor Investor Services Limited 38th Floor, Tower One Level 22, Hopewell Centre Lippo Centre 183 Queen’s Road East 89 Queensway Hong Kong Hong Kong PRINCIPAL SHARE REGISTRAR AND PLACE OF LISTING TRANSFER OFFICE The Stock Exchange of Hong Kong Limited Codan Trust Company (Cayman) Limited Stock code: 813 Cricket Square Hutchins Drive INVESTOR AND MEDIA RELATIONS P.O. Box 2681 Investor Relations Department Grand Cayman KY1-1111 Email: [email protected] Cayman Islands Tel: (852) 2511 9968 Fax: (852) 2511 0287 REGISTERED OFFICE Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands Shimao Property Holdings Limited 006 Annual Report 2014 Five Years Financial Summary 2010 2011 2012 2013 2014 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 21,789,433 26,031,426 28,652,243 41,502,660 56,080,546 Cost of sales (13,812,137) (16,031,376) (19,046,444) (26,861,772) (37,855,393) Gross profit 7,977,296 10,000,050 9,605,799 14,640,888 18,225,153 Fair value gains on investment properties 2,339,562 2,527,013 2,362,880 1,031,206 1,510,622 Other income/other gains-net 796,826 794,320 1,196,104 845,063 502,184 Selling and marketing costs (563,900) (769,889) (1,046,841) (1,305,735) (1,495,887) Administrative expenses (1,083,122) (1,349,272) (1,815,871) (2,283,303) (2,807,693) Other operating expenses (176,703) (192,173) (266,706) (592,136) (262,921) Operating profit 9,289,959 11,010,049 10,035,365 12,335,983 15,671,458 Finance costs-net (671,553) (380,346) (22,115) (121,361) (240,522) Share of results of: – Associated companies (48,110) 97,653 (210,938) (51,443) (153,470) – Joint ventures 14 24,213 363,125 895,649 (21,033) (48,096) 121,866 152,187 844,206 (174,503) Profit before income tax 8,570,310 10,751,569 10,165,437 13,058,828 15,256,433 Income tax expenses (3,079,368) (4,302,640) (3,580,949) (4,833,504) (5,768,686) Profit for the year 5,490,942 6,448,929 6,584,488 8,225,324 9,487,747 Profit for the year attributable to equity holders of the Company 4,671,536 5,722,775 5,764,632 7,389,857 8,103,833 Non-current assets 40,874,204 44,034,957 52,221,579 57,819,154 63,647,567 Current assets 54,795,111 73,207,584 78,606,216 117,948,704 156,885,890 Total assets 95,669,315 117,242,541 130,827,795 175,767,858 220,533,457 Non-current liabilities 27,065,716 30,750,649 32,388,875 41,538,923 47,608,745 Current liabilities 38,649,615 51,473,815 57,511,688 82,377,073 107,941,628 Total liabilities 65,715,331 82,224,464 89,900,563 123,915,996 155,550,373 Net assets 29,953,984 35,018,077 40,927,232 51,851,862 64,983,084 Equity attributable to equity holders of the Company 26,698,834 30,591,680 35,907,150 41,742,250 46,863,379 Non-controlling interests 3,255,150 4,426,397 5,020,082 10,109,612 18,119,705 Total equity 29,953,984 35,018,077 40,927,232 51,851,862 64,983,084 007 Shimao Property Holdings Limited Annual Report 2014 Five Years Financial Summary REVENUE (RMB million) 2014 56,081 2013 41,503 2012 28,652 2011 26,031 2010 21,789 GROSS PROFIT (RMB million) 2014 18,225 2013 14,641 9,606 2012 2011 10,000 2010 7,977 PROFIT ATTRIBUTABLE TO SHAREHOLDERS (RMB million) 2014 8,104 2013 7,390 2012 5,765 2011 5,723 2010 4,672 BASIC EARNINGS PER SHARE (RMB cents) 2014 234.3 2013 213.3 2012 166.3 2011 162.2 2010 131.8 Shimao Property Holdings Limited 009 Annual Report 2014 Chairman's Statement Dear shareholders, I am pleased to present the annual results of Shimao Property Holdings Limited (“Shimao Property”, “Shimao” or the “Company”, together with its subsidiaries, the “Group”) for the year ended 31 December 2014. REVIEW AND OUTLOOK In 2014, the national real estate market underwent a transition by entering into a silver era from a golden era.
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