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Longfor Properties Co. Ltd. 龍湖地產有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 960)

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Longfor Properties Co. Ltd. 龍湖地產有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 960) 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. Longfor Properties Co. Ltd. 龍湖地產有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 960) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2016 FINANCIAL SUMMARY • Contracted sales increased by 61.6% to RMB88.14 billion as compared with that of last year. • Revenue increased by 15.6% to RMB54.80 billion as compared with that of last year, of which the rental income from the property investment business increased by 35.2% to RMB1.91 billion. • Profit attributable to shareholders was RMB9.15 billion. Excluding effects, such as minority interest and valuation gains, core net profit increased by 11.8% to RMB7.76 billion as compared with that of last year. Gross profit margin increased by 1.7% to 29.1%. Core net profit margin attributable to shareholders was 14.2%. • The net debt to equity ratio (net debt divided by total equity) was 53.9%. Cash in hand was RMB17.36 billion. • Total consolidated borrowings amounted to RMB57.87 billion. Average cost of borrowing decreased from 5.74% to 4.92% per annum. Average maturity period of loan was 5.90 years. • Fully diluted earnings per share were RMB1.57. The Board recommends a final dividend of RMB0.466 per share, representing an increase of 30.5% as compared with that of last year. —1— ANNUAL RESULTS The Board of Directors (the “Board’) of Longfor Properties Co., Ltd. (“Company”) is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively the “Group”) for the year ended December 31, 2016 with comparative figures for the preceding financial year, are follows: CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2016 NOTES 2016 2015 RMB’000 RMB’000 Revenue 2 54,799,495 47,423,099 Cost of sales (38,864,114) (34,408,307) Gross profit 15,935,381 13,014,792 Other income 3 336,045 453,445 Other gains and losses 4 (155,308) (155,988) Fair value gain upon transfer of properties held for sales to investment properties 47,154 434,251 Change in fair value of investment properties 1,970,958 2,439,626 Change in fair value of derivative financial instruments (109,031) — Selling and marketing expenses (1,427,723) (1,017,951) Administrative expenses (2,022,328) (1,435,026) Finance costs 5 (53,059) (43,119) Share of results of associates 1,051,011 (18,707) Share of results of joint ventures 383,210 266,864 Profit before taxation 15,956,310 13,938,187 Income tax expense 6 (6,021,444) (4,574,070) Profit for the year 7 9,934,866 9,364,117 Profit attributable to: Owners of the Company 9,152,953 8,988,037 Non-controlling interests 781,913 376,080 9,934,866 9,364,117 —2— NOTES 2016 2015 RMB’000 RMB’000 Earnings per share, in RMB Basic 9 1.57 1.54 Diluted 9 1.57 1.53 Profit for the year 9,934,866 9,364,117 Other comprehensive income (expense): Items that may be reclassified subsequently to profit or loss: Net fair value gain on hedging instruments 287,663 518,720 Gain on retranslating hedging instruments reclassified to profit and loss (248,592) (613,754) 39,071 (95,034) Total comprehensive income for the year 9,973,937 9,269,083 Total comprehensive income attributable to: Owners of the Company 9,192,024 8,893,003 Non-controlling interests 781,913 376,080 9,973,937 9,269,083 —3— CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT DECEMBER 31, 2016 NOTES 2016 2015 RMB’000 RMB’000 NON-CURRENT ASSETS Investment properties 49,030,600 43,385,100 Property, plant and equipment 198,642 208,374 Prepaid lease payments 17,421,955 11,774,585 Interests in associates 1,585,693 355,793 Interests in joint ventures 2,737,328 882,285 Available-for-sale investments 180,021 130,920 Deposits paid for acquisition of land use rights 11,925,639 4,849,295 Derivative financial instruments 639,233 701,083 Deferred taxation assets 2,622,641 1,623,857 86,341,752 63,911,292 CURRENT ASSETS Inventories 838,729 777,384 Properties under development for sales 89,426,431 70,829,748 Properties held for sales 10,246,730 10,428,963 Accounts and other receivables, deposits and prepayments 10 10,324,224 9,920,130 Amounts due from non-controlling interests 3,854,408 2,301,758 Amounts due from associates — 2,695,676 Amounts due from joint ventures 2,248,153 1,772,453 Taxation recoverable 3,844,962 3,291,225 Derivative financial instruments 349,513 — Pledged bank deposits 97,368 240,313 Bank balances and cash 17,258,104 17,919,664 138,488,622 120,177,314 —4— NOTES 2016 2015 RMB’000 RMB’000 CURRENT LIABILITIES Accounts and bills payables, deposits received and accrued charges 11 66,725,559 52,942,119 Amounts due to non-controlling interests 2,953,235 — Amounts due to associates 1,823,964 179,612 Amounts due to joint ventures 1,686,533 772,930 Amount due to a controlling shareholder of an associate — 669,363 Taxation payable 12,939,782 10,304,622 Bank and other borrowings - due within one year 5,333,349 6,177,916 91,462,422 71,046,562 NET CURRENT ASSETS 47,026,200 49,130,752 TOTAL ASSETS LESS CURRENT LIABILITIES 133,367,952 113,042,044 CAPITAL AND RESERVES Share capital 508,438 507,823 Reserves 61,256,261 54,616,826 Equity attributable to owners of the Company 61,764,699 55,124,649 Non-controlling interests 13,350,481 7,343,005 TOTAL EQUITY 75,115,180 62,467,654 NON-CURRENT LIABILITIES Bank and other borrowings - due after one year 47,027,089 38,158,492 Senior notes 5,511,632 7,929,172 Other derivative financial instruments 215,915 — Deferred taxation liabilities 5,498,136 4,486,726 58,252,772 50,574,390 133,367,952 113,042,044 —5— NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016 1. APPLICATION OF NEW AND AMENDMENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”) Amendments to IFRSs that are mandatorily effective for the current year The Group has applied the following amendments to IFRSs issued by the International Accounting Standards Board (“IASB”) for the first time in the current year: Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations Amendments to IAS 1 Disclosure Initiative Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and Amortisation Amendments to IAS 16 and IAS 41 Agriculture: Bearer Plants Amendments to IAS 27 Equity Method in Separate Financial Statements Amendments to IFRS 10, IFRS 12 Investment Entities: Applying the Consolidation and IAS 28 Exception Amendments to IFRSs Annual Improvements to IFRSs 2012 - 2014 Cycle Except as described below, the application of the amendments to IFRSs in the current year has had no material impact on the Group’s financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements. Amendments to IAS 1 Disclosure Initiative The Group has applied the amendments to IAS 1 Disclosure Initiative for the first time in the current year. The amendments to IAS 1 clarify that an entity need not provide a specific disclosure required by an IFRS if the information resulting from that disclosure is not material, and give guidance on the bases of aggregating and disaggregating information. However, the amendments reiterate that an entity should consider providing additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users of financial statements to understand the impact of particular transactions, events and conditions on the entity’s financial position and financial performance. In addition, the amendments clarify that an entity’s share of the other comprehensive income of associates and joint ventures accounted for using the equity method should be presented separately from those arising from the Group, and should be separated into the share of items that, in accordance with other IFRSs: (i) will not be reclassified subsequently to profit or loss; and (ii) will be reclassified subsequently to profit or loss when specific conditions are met. —6— As regards the structure of the financial statements, the amendments provide examples of systematic ordering or grouping of the notes. The Group has applied these amendments retrospectively. The ordering of certain notes to the consolidated financial statements have been revised to give prominence to the areas of the Group’s activities that management considers to be most relevant to an understanding of the Group’s financial performance and financial position. Specifically, profit for the year and information in relation to directors’, chief executive’s and employees’ emoluments were reordered in consolidated financial statements. Other than the above presentation and disclosure changes, the application of the amendments to IAS 1 has not resulted in any impact on the financial performance or financial position of the Group in these consolidated financial statements. The Group has not early applied the following new and amendments to IFRSs that have been issued but are not yet effective: IFRS 9 Financial Instruments1 IFRS 15 Revenue from Contracts with Customers1 IFRS 16 Leases2 IFRIC 22 Foreign Currency Transactions and Advance Consideration1 Amendments to IFRSs Annual Improvements to IFRS Standards 2014 - 2016 Cycle5 Amendments to IFRS 2 Classification
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