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2021-08-27 Interim Results Announcement for the Six Months

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2021-08-27 Interim Results Announcement for the Six Months Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. SEAZEN GROUP LIMITED 新城發展控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1030) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2021 RESULTS HIGHLIGHTS – Contracted sales* were approximately RMB117,664 million, representing a period-on- period increase of 20.7%; – Rental income** from Wuyue Plazas was approximately RMB3,667 million, representing a period-on-period increase of 72.0%; – Revenue was approximately RMB79,802.2 million, representing a period-on-period growth of approximately 110.5%; – Gross profit was approximately RMB14,034.3 million, representing a period-on-period growth of approximately 60.3%; – Core earnings*** were approximately RMB4,300 million, representing a period-on-period growth of 31.1%. Core earnings attributable to equity holders of the Company were approximately RMB2,662 million, representing a period-on-period growth of 62.5%; – Total cash including restricted cash was approximately RMB57,098 million, with a net debt-to-equity ratio of 65.2%; – The weighted average interest rate was 6.5%; – The contracted amount of pre-sold but not recognized* was approximately RMB343,872 million, subject to recognition; and – Total gross floor area (“GFA”) of the land bank* was approximately 150 million sq.m., with an average acquisition cost of approximately RMB2,674 per sq.m. * Including joint ventures and associates ** Rental income includes property management fees *** Core earnings equal to net profit less after-tax fair value gains or losses on investment properties and financial assets and unrealized foreign exchange gains or losses relating to borrowings and financial assets and after-tax profit or loss on disposal of subsidiaries. 1 The board (the “Board”) of directors (the “Directors”) of Seazen Group Limited (the “Company”) is pleased to announce the unaudited interim results of the Company and its subsidiaries (collectively referred to as the “Group”) for the six months ended 30 June 2021 (or the “Reporting Period”), together with comparative figures for 2020, as follows: CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021 30 June 31 December Note 2021 2020 RMB’000 RMB’000 (Unaudited) (Audited) ASSETS Non-current assets Property, plant and equipment 6,610,645 6,498,269 Right-of-use assets 1,063,183 1,070,163 Investment properties 93,994,054 85,705,342 Intangible assets 404,286 412,761 Investment in associates 15,930,766 12,724,497 Investment in joint ventures 9,837,908 10,184,181 Deferred income tax assets 5,642,193 4,767,163 Financial assets at fair value through profit or loss 366,571 466,271 Financial assets at amortised costs 337,809 570,229 Goodwill 10,260 10,260 Trade and other receivables and prepayments 5 163,502 257,218 Total non-current assets 134,361,177 122,666,354 Current assets Prepayments for leasehold land 14,481,236 12,734,497 Properties held or under development for sale 283,940,000 270,616,600 Trade and other receivables and prepayments 5 84,621,056 70,308,846 Contract costs 2,170,422 2,473,915 Financial assets at fair value through other comprehensive income 920,602 677,362 Financial assets at fair value through profit or loss 719,457 869,292 Financial assets at amortised costs 539,605 773,022 Restricted cash 3,982,223 4,402,276 Cash and cash equivalents 53,115,332 58,965,908 Total current assets 444,489,933 421,821,718 Total assets 578,851,110 544,488,072 2 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021 30 June 31 December Note 2021 2020 RMB’000 RMB’000 (Unaudited) (Audited) EQUITY Equity attributable to owners of the Company Share capital: nominal value 6 5,103 5,081 Reserves 36,342,573 35,763,189 36,347,676 35,768,270 Non-controlling interests 51,592,908 45,701,702 Total equity 87,940,584 81,469,972 LIABILITIES Non-current liabilities Borrowings 7 81,008,261 73,417,094 Lease liabilities 642,686 663,024 Deferred income tax liabilities 5,715,890 5,703,404 Total non-current liabilities 87,366,837 79,783,522 Current liabilities Trade and other payables 8 158,466,722 134,148,309 Advances from lessees 914,332 794,544 Contract liabilities 197,512,166 202,196,750 Current income tax liabilities 13,121,257 14,770,224 Borrowings 7 33,436,543 31,226,480 Lease liabilities 92,669 98,271 Total current liabilities 403,543,689 383,234,578 Total liabilities 490,910,526 463,018,100 Total equity and liabilities 578,851,110 544,488,072 3 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 June 2021 Six months ended 30 June Note 2021 2020 RMB’000 RMB’000 (Unaudited) (Unaudited) Revenue 9 79,802,227 37,905,194 Cost of sales and services 10 (65,767,955) (29,151,514) Gross profit 14,034,272 8,753,680 Fair value gains on investment properties 551,722 588,282 Fair value losses on financial instruments at fair value through profit or loss (34,967) (58,997) Selling and marketing costs 10 (2,767,499) (1,922,325) Administrative expenses 10 (2,571,862) (2,230,133) Net impairment (losses)/gains on financial assets (355,623) 11,626 Other income 235,550 145,612 Other expenses (12,600) (16,147) Other (losses)/gains – net (32,007) 27,857 Operating profit 9,046,986 5,299,455 Finance income 11 269,062 290,505 Finance costs 11 (1,096,139) (943,491) Finance costs – net 11 (827,077) (652,986) Share of results of associates 94,169 750,025 Share of results of joint ventures 446,585 465,062 Profit before income tax 8,760,663 5,861,556 Income tax expense 12 (4,100,900) (2,370,012) Profit for the period 4,659,763 3,491,544 Profit for the period attributable to: – Equity holders of the Company 2,914,918 1,758,454 – Non-controlling interests 1,744,845 1,733,090 4,659,763 3,491,544 Earnings per share for profit attributable to equity holders of the Company – Basic earnings per share 13 RMB0.47 RMB0.28 – Diluted earnings per share 13 RMB0.47 RMB0.28 4 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2021 Six months ended 30 June 2021 2020 RMB’000 RMB’000 (Unaudited) (Unaudited) Profit for the period 4,659,763 3,491,544 Other comprehensive income Items that may be reclassified subsequently to profit or loss – Currency translation differences 184,977 (221,981) – Changes in fair value of financial assets at fair value through other comprehensive income (2,272) – Items that will not be reclassified subsequently to profit or loss – Currency translation differences attributable to non-controlling interests 89,983 – – Share of other comprehensive income of an associate accounted for using the equity method (2,463) (40,745) – Changes in fair value of financial assets at fair value through other comprehensive income (1,515) (9,102) Other comprehensive income/(loss) for the period net of tax 268,710 (271,828) Total comprehensive income for the period 4,928,473 3,219,716 Total comprehensive income for the period attributable to: – Equity holders of the Company 3,095,160 1,561,807 – Non-controlling interests 1,833,313 1,657,909 4,928,473 3,219,716 5 1 GENERAL INFORMATION Seazen Group Limited (the “Company”) was incorporated in the Cayman Islands on 23 April 2010 as an exempted company with limited liability under the Companies Law (2010 Revision) of the Cayman Islands. The address of its registered office is Grand Pavilion, Hibiscus Way, 802 West Bay Road, P.O. Box 31119, Grand Cayman KY1-1205, Cayman Islands. The principal activities of the Company and its subsidiaries (together, the “Group”) are property development and property investment in the People’s Republic of China (the “PRC”). The Company’s parent company is Wealth Zone Hong Kong Investments Limited and the Company’s ultimate holding company is First Priority Group Limited, both of which are incorporated in the British Virgin Islands. The ultimate controlling party of the Group is Mr. Wang Zhenhua (“Mr Wang” or the “Controlling Shareholder”). The Company’s shares began to list on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 29 November 2012 (the “Listing”). The condensed consolidated interim financial statements are presented in thousands of Renminbi (“RMB’000”), unless otherwise stated, and were approved and authorized for issue by the board of directors of the Company on 27 August 2021. The condensed consolidated interim financial statements have not been audited. 2 BASIS OF PREPARATION The condensed consolidated interim financial statements for the six months ended 30 June 2021 have been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting”, issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The interim results announcement does not include all the notes of the type normally included in an annual financial report. Accordingly, the condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements of the Company for the year ended 31 December 2020, which have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the HKICPA.
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