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Poly Property Group Co., Limited 保利置業集團有限公司 (Incorporated in Hong Kong with Limited Liability) (Stock Code: 119)

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Poly Property Group Co., Limited 保利置業集團有限公司 (Incorporated in Hong Kong with Limited Liability) (Stock Code: 119) 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. Poly Property Group Co., Limited 保利置業集團有限公司 (Incorporated in Hong Kong with limited liability) (Stock code: 119) RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31ST DECEMBER, 2017 RESULTS The directors (the “Directors”) of Poly Property Group Co., Limited (the “Company”) presented the audited consolidated financial statements of the Company and its subsidiaries (the “Group”) for the year ended 31st December, 2017, together with the independent auditor’s report issued by BDO Limited, as follows: – 1 – INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF POLY PROPERTY GROUP CO., LIMITED (incorporated in Hong Kong with limited liability) Opinion We have audited the consolidated financial statements of Poly Property Group Co., Limited and its subsidiaries (together “the Group”) set out on pages 9 to 120, which comprise the consolidated statement of financial position as at 31st December, 2017, the consolidated statement of profit or loss, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended and notes to the consolidated financial statements, including a summary of significant accounting policies. In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31st December, 2017 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance. Basis for Opinion We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements” section of our report. We are independent of the Group in accordance with the HKICPA’s “Code of Ethics for Professional Accountants” (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole and, in forming our opinion thereon, and we do not provide a separate opinion on these matters. – 2 – (i) Revenue recognition from sales of properties The Group recognised revenue arising from sales of properties of HK$29,862,706,000 for the year ended 31st December, 2017. Revenue is one of the key performance indicators of the Group which gives rise to an inherent risk that revenue could be recorded in the incorrect period or subject to manipulation. Sales of properties are recognised as revenue at the point in time when substantial risks and rewards of ownership of the property are passed to the buyer. Determination of this point in time is dependent on the contractual arrangements for a sale, the laws in the relevant jurisdiction and May, require management judgement. Refer to note 8 to the consolidated financial statements and the accounting policies on pages 42. Our response: Our procedures involved sampling revenue transactions for the sale of properties and specifically included: • Obtaining evidence regarding the transfer of substantial risks and rewards of ownership (including, where relevant, completion certificates, occupation permits and acceptance letters); • Reading the signed sales and purchase agreements to identify contractual arrangements; • Reconciling the amounts from the ledger and agreeing the corresponding contracted terms to the signed sales and purchase agreements; and • agreeing the deposits, final payments or mortgage receipts to bank statements. – 3 – (ii) Valuation of investment properties Management has estimated the fair value of the Group’s investment properties to be HK$10,904,879,000 at 31st December, 2017, with a revaluation gain for the year ended 31st December, 2017 recorded in the consolidated statement of profit or loss of HK$66,329,000. Estimations of fair value are dependent on certain key assumptions and unobservable inputs that require significant management judgement, including capitalisation rates and market transaction prices for comparable properties. Favourable or unfavourable changes to these assumptions would result in changes in fair value of the Group’s investment properties and the corresponding adjustments to the gain or loss recognised in the consolidated statement of profit or loss. As a result, the financial performance can be greatly affected by the assumptions and unobservable inputs. Refer to note 16 to the consolidated financial statements and the accounting policies on pages 32. Our response: Our procedures in relation to management’s valuation of investment properties included: • Evaluating the competence, capabilities and objectivity of independent external valuers; • Obtaining external valuation reports and meeting with external valuers to understand the results of their work. We assessed and challenged the valuation methodologies used and the appropriateness of the significant assumptions, including market transaction prices for comparable properties and capitalisation rates. We benchmarked these assumptions to relevant market evidence including specific property sales and other external data; and • Checking, on a sample basis, the accuracy and relevance of the input data used as supporting evidence. The significant inputs have been appropriately disclosed in note 16. – 4 – (iii) Impairment of properties under development and held for sale The net carrying amount of the Group’s properties under development and held for sale as at 31st December, 2017 was HK$75,239,834,000. No impairment loss was recognised for the year ended 31st December, 2017. Estimations of net realisable value of the Group’s properties under development and held for sale are dependent on certain key assumptions that require significant management judgement, including current schedules of the projects, construction progress by contractors, estimated costs to completion, intended use and management’s expectation on future property market. Favourable or unfavourable changes to these assumptions would result in change in net realisable value of the Group’s properties under development and held for sale and the corresponding adjustments to the impairment recognised in the consolidated statement of profit or loss. As a result, the financial performance can be greatly affected by the assumptions. Refer to note 24 to the consolidated financial statements and the accounting policies on pages 33 and 34. Our response: Our procedures in relation to management’s assessments of the net realisable value of the properties under developments and held for sales included: • Assessing the valuation methodologies used; • Challenging the reasonableness of key assumptions, specifically including future market value, estimated costs to completion, intended use and current market environment, based on our knowledge of the Group’s business and property industry; and • Reconciling, on a sample basis, the input data used as supporting evidence, such as approved budgets of the project and most recent transaction prices of comparable properties in the market, and considering their reasonableness. We also assessed the recoverable amount of properties we deemed at high risk of impairment by reviewing independent publicly available information, such as property industry reports for potential impairment triggers. Where the market environment or estimated costs to completion changed significantly, we challenged management as to whether this indicated impairment had occurred. – 5 – Other Information in the Annual Report The directors are responsible for the other information. The other information comprises the information included in the Company’s annual report, but does not include the consolidated financial statements and our auditor’s report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Directors’ Responsibilities for the Consolidated Financial Statements The directors are responsible for the preparation of the consolidated financial
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