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Unaudited Annual Results Announcement for the Year Ended 31 December 2019 Financial Highlights

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Unaudited Annual Results Announcement for the Year Ended 31 December 2019 Financial Highlights 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. (Stock Code: 0832) UNAUDITED ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2019 FINANCIAL HIGHLIGHTS • Revenue for the year ended 31 December 2019 amounted to approximately RMB30,767 million, representing an increase of approximately 108.1% compared with the year 2018. • Gross profit margin for the year was 26.0%, representing a decrease of 8.4 percentage points as compared with 2018. • Profit attributable to equity shareholders of the Company for the year amounted to approximately RMB2,015 million, representing an increase of approximately 74.6% compared with the year 2018. • Net profit margin for the year was 7.9%, representing a decrease of 1.7 percentage points as compared with 2018. • Basic earnings per share for the year was RMB73.75 cents, an increase of approximately 66.5% compared with the year 2018. • The Board recommended to declare a final dividend of HK$31.00 cents (approximately RMB28.44 cents) per share. 1 UNAUDITED ANNUAL RESULTS The Board announces the unaudited consolidated results (the “Annual Results”) of the Group for the year ended 31 December 2019 with comparative figures for the preceding financial year, as follows: UNAUDITED CONSOLIDATED INCOME STATEMENT for the year ended 31 December 2019 (Expressed in Renminbi) 2019 2018 (unaudited) (Note) Note RMB’000 RMB’000 Revenue 2 30,766,698 14,783,480 Cost of sales (22,761,356) (9,692,377) Gross profit 8,005,342 5,091,103 Other revenue 3 262,766 234,854 Other net income 3 799,526 64,192 Selling and marketing expenses (1,901,334) (1,188,393) General and administrative expenses (1,721,783) (1,552,404) Impairment losses on trade and other receivables, including contract assets (169,642) (54,623) 5,274,875 2,594,729 Finance costs 4(a) (395,249) (226,152) Share of profits less losses of associates 7 (33,918) (17,905) Share of profits less losses of joint ventures 8 177,868 15,638 Profit before change in fair value of investment property and income tax 5,023,576 2,366,310 Net valuation gain on investment property 92,773 605,673 Profit before taxation 4 5,116,349 2,971,983 Income tax 5(a) (2,700,827) (1,556,860) Profit for the year 2,415,522 1,415,123 2 2019 2018 (unaudited) (Note) Note RMB’000 RMB’000 Attributable to: Equity shareholders of the Company 2,015,064 1,154,262 Non-controlling interests 400,458 260,861 Profit for the year 2,415,522 1,415,123 Earnings per share 6 – Basic (RMB cents) 73.75 44.30 – Diluted (RMB cents) 72.34 43.51 Note: The Group has initially applied HKFRS 16 at 1 January 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated. See note 1(c). 3 UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2019 (Expressed in Renminbi) 2019 2018 (unaudited) (Note) Note RMB’000 RMB’000 Profit for the year 2,415,522 1,415,123 Other comprehensive income for the year (after tax and reclassification adjustments) Items that will not be reclassified to profit or loss: Equity investments at fair value through other comprehensive income – net movement in fair value reserve (non-recycling) (59,422) 64,627 Items that may be reclassified subsequently to profit or loss: Exchange differences on: – Translation of financial statements to the presentation currency (199,011) (358,273) – Arising on a monetary item that forms part of net investment in foreign operations (114,363) (338,350) Cash flow hedge: net movement in the hedging reserve (529) 529 Other comprehensive income for the year (373,325) (631,467) Total comprehensive income for the year 2,042,197 783,656 Attributable to: Equity shareholders of the Company 1,642,817 524,555 Non-controlling interests 399,380 259,101 Total comprehensive income for the year 2,042,197 783,656 Note: The Group has initially applied HKFRS 16 at 1 January 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated. See note 1(c). 4 UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION at 31 December 2019 (Expressed in Renminbi) 2019 2018 (unaudited) (Note) Note RMB’000 RMB’000 Non-current assets Property, plant and equipment 5,343,435 4,808,494 Investment property 3,212,830 2,916,000 Intangible assets – 518,008 Biological assets 245,349 203,946 Interests in associates 7 310,518 449,913 Interests in joint ventures 8 9,533,912 9,915,331 Other financial assets 1,425,571 651,865 Deferred tax assets 412,877 248,318 20,484,492 19,711,875 Current assets Trading securities 70,596 82,775 Biological assets 42,643 32,778 Inventories and other contract costs 9 69,992,554 50,315,979 Contract assets 214,828 137,691 Trade and other receivables 10 4,435,453 2,577,140 Deposits and prepayments 11 15,146,290 9,161,824 Tax recoverable 2,795,431 2,160,457 Restricted bank deposits 8,077,443 3,579,597 Cash and cash equivalents 22,707,659 14,202,259 123,482,897 82,250,500 Current liabilities Bank loans 12 (3,734,424) (1,756,130) Other loans 13 (2,437,022) (593,150) Trade and other payables 14 (43,615,817) (28,924,187) Contract liabilities (52,954,902) (40,829,626) Corporate bonds (1,489,608) (2,996,760) Senior notes (4,857,923) – Lease liabilities (54,268) – Taxation payable (1,153,501) (833,264) (110,297,465) (75,933,117) Net current assets 13,185,432 6,317,383 Total assets less current liabilities 33,669,924 26,029,258 5 2019 2018 (unaudited) (Note) Note RMB’000 RMB’000 Non-current liabilities Bank loans 12 (3,504,035) (4,074,351) Other loans 13 (850,325) (240,030) Corporate bonds (1,499,870) – Senior notes (13,117,418) (10,190,829) Lease liabilities (481,508) – Deferred tax liabilities (1,614,447) (1,254,264) (21,067,603) (15,759,474) NET ASSETS 12,602,321 10,269,784 CAPITAL AND RESERVES Share capital 240,662 239,958 Reserves 9,477,363 8,597,132 Total equity attributable to equity shareholders of the Company 9,718,025 8,837,090 Non-controlling interests 2,884,296 1,432,694 TOTAL EQUITY 12,602,321 10,269,784 Note: The Group has initially applied HKFRS 16 at 1 January 2019 using the modified retrospective approach. Under this approach, the comparative information is not restated. See note 1(c). 6 NOTES: (Expressed in Renminbi) Central China Real Estate Limited (“the Company”) is a limited liability company incorporated in the Cayman Islands on 15 November 2007. Its principal place of business is at Room 7701B–7702A, 77th Floor, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong and has its registered office at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. The principal activity of the Company is investment holding and its subsidiaries are principally engaged in property development in Henan Province in the People’s Republic of China (“the PRC”). 1. SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (“HKFRSs”), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The HKICPA has issued certain new and revised HKFRSs that are first effective or available for early adoption for the current accounting period of the Group. Note 1(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current and prior accounting periods reflected in these financial statements. (b) Basis of preparation and functional and presentation currency (i) The consolidated financial statements for the year ended 31 December 2019 comprise the Company and its subsidiaries (together referred to as “the Group”) and the Group’s interest in associates and joint ventures. The consolidated financial statements are presented in Renminbi (“RMB”) rounded to the nearest thousand, while the Company’s functional currency is the Hong Kong dollar (“HK$”). 7 (ii) The measurement basis used in the preparation of the financial statements is the historical cost basis except that the following assets and liabilities are stated at their fair value as explained in the accounting policies set out below: – investment property, including interests in leasehold land and buildings held as investment property where the Group is the registered owner of the property interest; – investments in debt and equity securities; and – derivative financial instruments. The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources.
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