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Annual Report 2017

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Annual Report 2017 GUANGZHOU R&F PROPERTIES CO., LTD. GUANGZHOU R&F PROPERTIES CO., LTD. Stock code: 2777 Annual Report 2017 Annual Report 2017 45-54/F., R&F Center, 10 Huaxia Road, Pearl River New Town, Guangzhou, China Postal Code : 510623 Tel : (8620) 3888 2777 Fax : (8620) 3833 2777 Hong Kong Office: Room 1103, Yue Xiu Building, 160-174 Lockhart Road, Wanchai, Hong Kong Tel : (852) 2511 6675 Fax : (852) 2511 9087 / 2507 5464 www.rfchina.com * for identification purpose only About R&F As one of China’s largest and most well-known property developers, Guangzhou R&F Properties Co., Ltd. (“R&F” or the “Company”, together with its subsidiaries, collectively the “Group”) is a major player in the country’s drive towards urbanization. Our core business lies in mass residential property development on a variety of scales. As of the end of 2017, the Group’s attributable land bank was approximately 51.38 million sq.m. across 69 cities and areas. As part of our ongoing development strategy, the Group has also diversified its property portfolio by developing hotels, office buildings and shopping malls. At the beginning of 2018, the Group has become the largest owner of deluxe hotels globally, with 88 operating deluxe hotels managed by well-known hotel management groups. With a prime land bank portfolio sufficient for several years of developments, and a brand name synonymous for quality and value nationwide, R&F is expecting to contribute significantly to the quality of urban life over the coming year. Contents 4 Financial Highlights 8 Letter to Shareholders 16 Business Review 20 Our Property Portfolio 26 Investor Relations 27 Environmental, Social and Governance Report 48 Financial Review 59 Corporate Governance Report 66 Report of the Directors 75 Report of the Supervisory Committee 76 Directors, Supervisors and Senior Management 81 Independent Auditor’s Report 86 Consolidated Financial Statements 192 Supplementary Information 193 Five-Year Financial Summary 194 Property List 211 Corporate Information 212 Shareholders’ Information FINANCIAL HIGHLIGHTS 2017 2016 % changes OPERATING RESULTS (RMB’000) Revenue 59,277,855 53,730,339 10% Gross profit 20,962,301 15,186,740 38% Profit for the year attributable to owners of the Company 21,186,451 6,755,908 214% Basic earnings per share (RMB) 6.5748 2.0997 213% Dividends per share (RMB) 1.10 1.00 10% FINANCIAL POSITION (RMB’000) Cash 32,214,749 45,969,082 -30% Total assets 298,108,940 226,411,479 32% Total liabilities 233,215,286 179,575,282 30% FINANCIAL RATIOS Net assets per share (RMB) 19.1 13.6 40% Dividend payout ratio (%) 16.7 47.6 -65% Return on equity (%) 38.4 14.7 161% Net debt to total equity ratio (%) 169.6 159.9 6% 4 GUANGZHOU R&F PROPERTIES CO., LTD. Annual Report 2017 FINANCIAL HIGHLIGHTS Revenue Profit attributable to RMB (in million) owners of the Company RMB (in million) 59,278 53,730 21,186 44,291 34,705 6,756 5,616 5,221 14 15 16 17 14 15 16 17 Basic earnings Net debt to per share total equity ratio RMB % 6.5748 169.6 159.9 124.3 91.7 2.0997 1.7524 1.6325 14 15 16 17 14 15 16 17 GUANGZHOU R&F PROPERTIES CO., LTD. Annual Report 2017 5 LETTER TO SHAREHOLDERS 8 GUANGZHOU R&F PROPERTIES CO., LTD. Annual Report 2017 LETTER TO SHAREHOLDERS Accumulated Attributable Land Bank of 51.38 million sq.m. ... Saleable Resources of RMB617 billion ... To Target Over 60% Growth in Contracted Sales to RMB130 billion in 2018 ... Dear Shareholders, With high aspirations comes high achievements, which other cities represented 66% of total contracted sales. was the case for the Group in 2017. After setting a Similarly, in response to the contracted sales trend, the contracted sales target for 2017 of RMB73 billion and GFA acquired in 2017 was proportionately higher in these revising it up to RMB80 billion, the Group exceeded cities was 15.22 million sq.m., or 84% of total new land all expectations to achieve a final contracted sales of purchases. However, despite the higher concentration to RMB81.86 billion, representing a growth of 35% and lower tier cities, the Group continues to remain optimistic 35%, respectively, over 2016 in terms of attributable about China’s overall property market and therefore have GFA and attributable sales value. In 2017, China’s made significant investments in land bank across all cities property sector continued to grow steadily driven by in 2017. In 2017, the Group acquired 18.11 million sq.m. robust end user demand across various city tiers with of attributable saleable area for a total consideration of the strongest growth exhibited in tier-2 and tier-3 cities RMB58.43 billion, generating significant additional saleable as China’s population growth in these regions fueled resources of approximately RMB256 billion for the coming the need for new home purchases and upgraders. With years. Consistent with the Group’s long-term strategy the China Central Government’s continued stance on of locking in future value through strategically timed land reducing speculative investment in China property through acquisitions, the Group can ensure it can continue to persistent austerity measures to ease average selling deliver above market profitability and stable return to prices and restrict multiple home purchasers, the sector shareholders despite cyclic fluctuations in the overall has adjusted accordingly to influence the direction of property sector. property developers to cities whereby demand is targeted at end users. In 2017, the volume of GFA developed in STRATEGIC LAND ACQUISITIONS TO LOCK- tier-2 and tier-3 cities continued to outpace the growth IN SALEABLE RESOURCES in tier-1 cities as outskirt cities saw higher demand growth and more project launches to meet the needs of To capture and maintain a steady upward momentum, residential buyers. As the distribution of growth diversified the Group cannot ignore the increasing importance of across cities in China, so did the Group’s concentration identifying, securing and leveraging our market insight of property development in China such that for 2017, to selectively build up a sizeable land bank that can the proportion of contracted sales from tier-2, tier-3 and mitigate sector uncertainties such as land scarcity, rising GUANGZHOU R&F PROPERTIES CO., LTD. Annual Report 2017 9 LETTER TO SHAREHOLDERS land prices and new demand across a number of new hotels were opened under Atour, Conrad, Hilton and emerging cities. After a few years of consolidating sales Lanson Place brands, and there were also 17 hotels in and profits from previous land acquisitions, in 2017, the development and planning pipeline. After the Wanda Group undertook a significant land acquisition strategy to Hotels acquisition and as at the beginning of January acquire land bank to secure future saleable resources. In 2018, the Group is now the largest owner of luxury hotels 2017, the Group committed RMB58.43 billion to acquire globally with a total of 88 completed hotels and 26,365 18.11 million sq.m. of attributable saleable area across 53 room keys with the addition of the Crowne Plaza, Le cities. After the acquisition and delivery of GFA sold, the Meridien, Sheraton, Sofitel, Wanda Realm, Wanda Vista Group’s total attributable land bank at the end of 2017 and Westin brands. The acquisition was highly attractive was 51.38 million sq.m. which is estimated to meet at for various strategic rationales but in addition was also at least four years of future land bank. Based on total GFA a deep discount to net asset value for a maturing hotel acquired, the strategic focus of land bank acquisitions was portfolio with a steady revenue stream that delivers a predominantly in China accounting for 93% of total GFA profit attributable to owners. From a financial perspective, acquired. With the China Central Government’s continued the acquisition was highly accretive having contributed push for urbanisation and sustainable development of to a one-off gain of RMB13.1 billion and will significantly residential housing, China’s growth in affordable residential increase the revenue generated from hotels in the coming housing will continue to be a key driver in the overall years. In 2018, the Group will continue to rationalize the development of China’s property sector. The significant portfolio of hotel assets to improve the operating efficiency investment in land bank in China is consistent with China’s and per hotel revenue contribution to maximise the profits policy on domestic investment and further solidifies the to the Group. Group for long-term sustainable growth. Outside China, the Group has prudently made limited land acquisitions CONTINUE TO BROADEN CONTRACTED including in London and other cities which are strategic in SALES AND REVENUE ACROSS MORE nature. CHINA CITIES CONSOLIDATING THE GROUP’S EXPOSURE Based on current market conditions and robust underlying IN HOTEL DEVELOPMENT demand in mid to lower tier cities, the Group has strategically been diversifying its contracted sales across a Growth has been primarily driven by property development wider distribution of cities and number of projects. Whilst revenue, but hotel development has grown into a sizeable the focus in tier-1 and tier-2 cities remains the same, the recurring revenue stream that has increased over time. Group’s expansion strategy to more cities enables the Over the past three years, revenue from hotel development Group to reach a larger scale whilst maintaining the same has increased at a compound annual growth rate of 29% high profitability profile. In 2017, 87% of contracted sales p.a. to RMB2,375 million for 2017 and continues to grow was achieved from tier-1 and tier-2 cities, down from 94% organically.
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