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CHINA MERCHANTS LAND LIMITED 招商局置地有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 978)

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CHINA MERCHANTS LAND LIMITED 招商局置地有限公司 (Incorporated in the Cayman Islands with Limited Liability) (Stock Code: 978) 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. CHINA MERCHANTS LAND LIMITED 招商局置地有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 978) ANNOUNCEMENT OF FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 The board (the “Board”) of directors (the “Directors”) of China Merchants Land Limited (the “Company”) announces the consolidated results of the Company and its subsidiaries (together referred to as the “Group”) for the year ended 31 December 2020 together with the comparative figures for the year ended 31 December 2019 as follows: CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2020 2020 2019 NOTES RMB’000 RMB’000 Revenue 3 18,956,418 19,453,295 Cost of sales (14,236,842) (13,123,667) Gross profit 4,719,576 6,329,628 Other income 5 268,044 370,897 Net foreign exchange gains 72,902 44,482 Selling and marketing expenses (673,586) (507,007) Administrative expenses (202,843) (247,011) Allowance of expected credit losses on amounts due from associates and joint ventures (187,294) – Fair value gain on financial asset at fair value through profit or loss (“FVTPL”) 2,407 3,031 Gain on disposal of a joint venture – 18,013 Gain on disposal of subsidiaries 81,577 204 Share of profits of associates 195,728 433,017 Share of profits of joint ventures 13,942 40,423 Finance costs 6 (685,307) (733,006) – 1 – 2020 2019 NOTES RMB’000 RMB’000 Profit before tax 8 3,605,146 5,752,671 Income tax expense 7 (2,091,701) (3,052,935) Profit for the year 1,513,445 2,699,736 Other comprehensive (expense) income, net of income tax Item that may be reclassified subsequently to profit or loss: Exchange differences arising on translation of financial statements of foreign operations (44,011) 14,190 Total comprehensive income for the year 1,469,434 2,713,926 Profit for the year attributable to: Owners of the Company 701,260 1,794,470 Non-controlling interests 812,185 905,266 1,513,445 2,699,736 Total comprehensive income for the year attributable to: Owners of the Company 657,249 1,808,660 Non-controlling interests 812,185 905,266 1,469,434 2,713,926 RMB cents RMB cents Earnings per share 10 Basic 14.30 36.58 – 2 – CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 December 2020 At 31 December 2020 2019 NOTES RMB’000 RMB’000 Non-current assets Property, plant and equipment 272,778 289,943 Right-of-use assets 202,910 32,275 Investment properties 3,266,458 4,065,318 Goodwill 160,210 160,210 Interests in associates 8,102,901 2,232,629 Interests in joint ventures 3,551,133 3,528,493 Financial asset at FVTPL 106,899 104,492 Other receivables 4,583,367 3,200,762 Deferred tax assets 953,844 1,022,890 21,200,500 14,637,012 Current assets Properties for sale 50,168,069 47,057,932 Deposits paid for acquisitions of land use rights 444,838 – Trade and other receivables 11 28,059,097 17,191,986 Contract costs 371,470 72,942 Prepaid income tax 1,063,094 504,240 Bank balances and cash 9,718,815 8,957,799 89,825,383 73,784,899 Current liabilities Contract liabilities 23,798,352 14,288,848 Trade and other payables 12 31,289,620 18,338,632 Lease liabilities 31,980 22,521 Loans from non-controlling interests 1,722,334 736,546 Loans from an intermediate holding company 1,796,823 3,098,298 Bank borrowings 6,128,418 1,289,292 Bond payable 1,900,000 – Income tax payable 4,197,466 4,350,852 70,864,993 42,124,989 Net current assets 18,960,390 31,659,910 Total assets less current liabilities 40,160,890 46,296,922 – 3 – At 31 December 2020 2019 RMB’000 RMB’000 Non-current liabilities Loans from non-controlling interests 765,817 3,262,640 Loan from an intermediate holding company 200,000 200,000 Bank borrowings 6,979,382 11,474,256 Bond payable – 1,900,000 Lease liabilities 410,939 254,813 Deferred tax liabilities 537,918 375,646 8,894,056 17,467,355 Net assets 31,266,834 28,829,567 Capital and reserves Share capital 39,132 39,132 Reserves 9,461,794 9,466,609 Equity attributable to owners of the Company 9,500,926 9,505,741 Non-controlling interests 21,765,908 19,323,826 Total equity 31,266,834 28,829,567 – 4 – NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2020 1. GENERAL China Merchants Land Limited (the “Company”, together with its subsidiaries, collectively referred to as the “Group”) is incorporated in the Cayman Islands as a limited liability company and its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited. The address of the registered office and principal place of business of the Company are disclosed in the “Corporate Information” section to the annual report. The principal activity of the Company is investment holding and the principal activities of its subsidiaries are mainly investment holding, properties development and assets management. The Company’s immediate holding company is Success Well Investment Limited, a limited liability company incorporated in the British Virgin Islands. One of its intermediate holding company is China Merchants Shekou Industrial Zone Holdings Co., Ltd., which is established in the People’s Republic of China (the “PRC”) and listed on the Shenzhen Stock Exchange. The ultimate holding company of the Company is China Merchants Group Limited (“CMG”). CMG is a PRC enterprise regulated and directly managed by the State-owned Assets Supervision and Administration Commission of the State Council and is owned and controlled by the PRC government. The consolidated financial statements are presented in Renminbi (“RMB”), which is also the functional currency of the Company. 2. APPLICATION OF AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) Amendments to HKFRSs that are mandatorily effective for the current year In the current year, the Group has applied the Amendments to References to the Conceptual Framework in HKFRS Standards and the following amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) for the first time, which are mandatorily effective for the annual period beginning on or after 1 January 2020 for the preparation of the consolidated financial statements: Amendments to HKAS 1 and HKAS 8 Definition of Material Amendments to HKFRS 3 Definition of a Business Amendments to HKFRS 9, HKAS 39 and HKFRS 7 Interest Rate Benchmark Reform Except as described below, the application of the Amendments to References to the Conceptual Framework in HKFRS Standards and the amendments to HKFRSs in the current year had no material impact on the Group’s financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements. – 5 – Amendments to HKAS 1 and HKAS 8 Definition of Material The Group has applied the Amendments to HKAS 1 and HKAS 8 for the first time in the current year. The amendments provide a new definition of material that states “information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.” The amendments also clarify that materiality depends on the nature or magnitude of information, either individually or in combination with other information, in the context of the financial statements taken as a whole. The application of the amendments in the current year had no impact on the consolidated financial statements. Amendments to HKFRS 3 Definition of a Business The Group has applied the amendments for the first time in the current year. The amendments clarify that while businesses usually have outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The amendments remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs. The amendments also introduce additional guidance that helps to determine whether a substantive process has been acquired. In addition, the amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets. The gross assets under assessment exclude cash and cash equivalents, deferred tax assets, and goodwill resulting from the effects of deferred tax liabilities. The election on whether to apply the optional concentration test is available on transaction-by-transaction basis. The Group has elected to apply the optional concentration test on its acquisitions and concluded that such acquisitions do not constitute a business.
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