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Fantasia Holdings Group Co., Limited 花樣年控股集團有限公司 (Incorporated in Cayman Islands with Limited Liability) (Stock Code: 01777)

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Fantasia Holdings Group Co., Limited 花樣年控股集團有限公司 (Incorporated in Cayman Islands with Limited Liability) (Stock Code: 01777) 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. Fantasia Holdings Group Co., Limited 花樣年控股集團有限公司 (Incorporated in Cayman Islands with limited liability) (Stock Code: 01777) ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2018 HIGHLIGHTS – The Group’s contracted sales for the Period increased by approximately 123.8% to approximately RMB11,307 million from approximately RMB5,053 million for the corresponding period in 2017. – The Group’s revenue for the Period was approximately RMB5,196 million, which increased by 42.8% from approximately RMB3,637 million for the corresponding period in 2017. – The Group’s gross profit margin for the Period maintained at a relatively normal level of 25.4%. – The Group’s profit for the Period was approximately RMB180 million (the corresponding period in 2017: RMB156 million). – The Group’s net gearing ratio (being aggregated borrowings and senior notes net of bank balances and cash and restricted cash over the total equity) as at 30 June 2018 was 82.9%, which increased by 6.9% from 76% as at 31 December 2017. – Basic earnings per share was RMB1.78 cents (the corresponding period in 2017: RMB1.41 cents). – 1 – The board (the “Board”) of directors (the “Directors”) of Fantasia Holdings Group Co., Limited (hereinafter referred to as “Fantasia” or the “Company”) announces the unaudited financial results of the Company and its subsidiaries (collectively, the “Group”) for the six months ended 30 June 2018 (the “Period”) as follows: CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 JUNE 2018 Six months ended 30 June NOTES 2018 2017 RMB’000 RMB’000 (unaudited) (unaudited) Revenue Goods and services 5,069,750 3,520,314 Rental 125,761 116,945 Total revenue 5,195,511 3,637,259 Cost of sales and services (3,877,542) (2,527,895) Gross profit 1,317,969 1,109,364 Other income 75,295 49,537 Other gains and losses (257,804) 152,420 Impairment loss, net of reversal (35,037) (16,561) Change in fair value of investment properties 195,009 407,411 Recognition of change in fair value of completed properties for sale upon transfer to investment properties 236,744 122,567 Selling and distribution expenses (157,181) (113,075) Administrative expenses (689,868) (573,692) Finance costs (814,317) (609,782) Share of results of associates 16,866 21,071 Share of results of joint ventures (21,741) 29,716 Gains on disposal of subsidiaries 766,779 98,820 Profit before tax 632,714 677,796 Income tax expense 4 (452,803) (521,392) Profit for the period 5 179,911 156,404 Other comprehensive (expense) income Items that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit obligations (238) (7,372) Change in fair value of equity instruments designated at fair value through other comprehensive income (“FVTOCI”) 11,742 – Deferred taxation effect (2,876) 1,843 Other comprehensive income (expense) for the period, net of income tax 8,628 (5,529) Total comprehensive income for the period 188,539 150,875 – 2 – Six months ended 30 June NOTE 2018 2017 RMB’000 RMB’000 (unaudited) (unaudited) Profit for the period attributable to: Owners of the Company 102,841 81,270 Other non-controlling interests 77,070 75,134 179,911 156,404 Total comprehensive income for the period attributable to: Owners of the Company 111,541 77,962 Other non-controlling interests 76,998 72,913 188,539 150,875 Earnings per share (RMB cents) – Basic 7 1.78 1.41 – Diluted 7 1.77 1.40 – 3 – CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 JUNE 2018 30 June 31 December NOTE 2018 2017 RMB’000 RMB’000 (unaudited) (audited) NON-CURRENT ASSETS Property, plant and equipment 2,684,319 2,611,084 Investment properties 10,777,165 10,194,164 Interests in associates 1,309,435 1,174,908 Interests in joint ventures 673,621 1,060,057 Available-for-sale investments – 117,663 Equity instruments designated at FVTOCI 150,635 – Goodwill 2,303,370 2,299,758 Intangible assets 1,249,588 1,319,901 Prepaid lease payments 340,119 754,720 Premium on prepaid lease payments 1,259,376 1,268,992 Other receivables 157,040 167,624 Deposits paid for potential acquisition of subsidiaries 1,108,541 799,606 Deposit paid for acquisition of a property project 159,214 159,214 Deposits paid for acquisition of land use rights 342,887 118,103 Deferred tax assets 504,438 461,990 23,019,748 22,507,784 CURRENT ASSETS Properties for sale 28,547,372 23,777,966 Inventories 330,542 194,655 Prepaid lease payments 12,455 18,228 Premium on prepaid lease payments 19,233 19,233 Contract assets 142,011 – Contract costs 181,256 – Trade and other receivables 8 4,976,379 4,129,404 Amounts due from customers for contract works – 104,079 Tax recoverable 101,435 85,990 Amounts due from non-controlling shareholders of the subsidiaries of the Company 586,376 1,052,812 Amounts due from joint ventures 72,059 362,935 Amounts due from associates 18,284 27,567 Financial assets at fair value through profit or loss (“FVTPL”) 113,644 234,460 Restricted/pledged bank deposits 1,826,400 2,106,552 Bank balances and cash 20,783,247 14,335,075 57,710,693 46,448,956 – 4 – 30 June 31 December NOTE 2018 2017 RMB’000 RMB’000 (unaudited) (audited) CURRENT LIABILITIES Trade and other payables 9 8,725,138 9,282,468 Deposits received for sale of properties – 5,503,060 Amounts due to customers for contract works – 13,778 Contract liabilities 10,017,226 – Amounts due to joint ventures 274,184 10,000 Amount due to a related party 217,952 – Amounts due to associates 3,267 13,513 Tax liabilities 4,171,313 4,431,080 Borrowings due within one year 5,538,267 3,022,026 Obligations under finance leases 52,244 51,693 Senior notes and bonds 4,421,452 4,484,610 Assets backed securities issued 50,028 42,533 Defined benefit obligations 182 220 Provisions 35,139 40,131 33,506,392 26,895,112 NET CURRENT ASSETS 24,204,301 19,553,844 TOTAL ASSETS LESS CURRENT LIABILITIES 47,224,049 42,061,628 NON-CURRENT LIABILITIES Deferred tax liabilities 1,934,028 1,754,528 Borrowings due after one year 9,666,666 6,841,619 Obligations under finance leases 276,485 259,299 Senior notes and bonds 17,370,491 15,320,332 Assets backed securities issued 252,988 185,204 Defined benefit obligations 2,681 2,615 29,503,339 24,363,597 17,720,710 17,698,031 CAPITAL AND RESERVES Share capital 497,945 497,868 Reserves 11,868,329 12,139,049 Equity attributable to owners of the Company 12,366,274 12,636,917 Non-controlling interests 5,354,436 5,061,114 17,720,710 17,698,031 – 5 – NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2018 1. BASIS OF PREPARATION The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 (HKAS 34) (“Interim Financial Reporting”) issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) as well as the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). 2. PRINCIPAL ACCOUNTING POLICIES The condensed consolidated financial statements have been prepared on the historical cost convention, except for the investment properties and certain financial instruments, which are measured at fair values. Except as described below and changes in accounting policies which became first applicable during the interim period and resulting from application of new and amendments to Hong Kong Financial Reporting Standards (“HKFRSs”), the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 June 2018 are the same as those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 December 2017. In the current interim period, the Group has applied, for the first time, the following new and amendments to Hong Kong Accounting Standard (“HKAS”) and HKFRSs (hereinafter collectively referred to as the “new and amendments to HKFRSs”) issued by the HKICPA which are mandatory effective for the annual period beginning on or after 1 January 2018 for the preparation of the Group’s condensed consolidated financial statements. HKFRS 9 Financial Instruments HKFRS 15 Revenue from Contracts with Customers and the related Amendments HKFRIC 22 Foreign Currency Transactions and Advance Consideration Amendments to HKFRS 2 Classification and Measurement of Share-based Payment Transactions Amendments to HKFRS 4 Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts Amendments to HKAS 28 As part of the Annual Improvements to HKFRSs 2014–2016 Cycle Amendments to HKAS 40 Transfers of Investment Property The new and amendments to HKFRSs have been applied in accordance with the relevant transition provisions in the respective standards and amendments which results in changes in accounting policies and amounts reported as described below. Impacts and changes in accounting policies of application on HKFRS 15 “Revenue from Contracts with Customers” The Group has applied HKFRS 15 for the first time in the current interim period.
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