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ANNUAL REPORT 2015 Develop Our Future with Vision and Enthusiasm

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ANNUAL REPORT 2015 Develop Our Future with Vision and Enthusiasm (Incorporated in the Cayman Islands with limited liability) Stock code: 3383 ANNUAL REPORT 2015 Develop our Future with Vision and Enthusiasm www.agile.com.cn Annual ReportAnnual 2015 Corporate Profile Agile (stock code: 3383) is one of the leading property developers in China. As a renowned brand in China, Agile is principally engaged in the development of large-scale comprehensive property projects, with extensive presence in the businesses of hotel operations, property investment and property management. The Group currently owns a diversified portfolio in 41 cities and districts. As at 23 March 2016, the Group had a land bank with a total planned GFA of 34.87 million sq.m. (including both lands with titles and contractual interests). The shares of Agile have been listed on the Main Board of Hong Kong Stock Exchange since 2005 and are constituent stocks of Morgan Stanley Capital International Emerging Markets Index, Hang Seng Composite Index and Hang Seng Global Composite Index. Contents 1 Business Structure 82 Directors’ Profile 2 Financial Highlights 87 Senior Management’s Profile 4 Milestones 2015 88 Corporate Governance Report 6 Major Honours and Awards 100 Report of the Directors 8 Chairman’s Statement 116 Independent Auditor’s Report 12 Management Discussion and Analysis 118 Consolidated Balance Sheet 18 Property Development 120 Consolidated Income Statement 20 Business Overview 121 Consolidated Statement of Comprehensive Income 24 Project Overview 122 Consolidated Statement of Changes in Equity 26 Land Bank Table 124 Consolidated Statement of Cash Flows 30 Flagship Projects at a Glance 125 Notes to the Consolidated Financial Statements 52 Hotel Operations and Property Investment 199 Five-year Financial Summary 57 Property Management 201 Corporate Information 60 Sustainability Report 205 Glossary 79 Investor Relations Business Structure As one of the leading property developers in China, Agile will continue to operate under its operation philosophy of “Stability, Prudence, Sustainability” to further improve its geographic diversification and optimise its product mix. page 18 Property Development A land bank with a total planned GFA of 34.87 million sq.m. in 41 cities and districts page 52 Hotel Operations and Property Investment Properties including hotels, shopping malls and office buildings are in different stages of development page 57 Property Management Total contracted GFA managed being 47.79 million sq.m. Financial Highlights Income Statement Highlights For the year ended 31 December 2015 2014 Change Revenue (RMB million) 43,004 38,318 +12.2% Gross profit (RMB million) 10,813 12,431 -13.0% Gross profit margin 25.1% 32.4% -7.3 percentage points Net profit (RMB million) 2,302 5,091 -54.8% Net profit margin 5.4% 13.3% -7.9 percentage points Profit attributable to shareholders of the Company (RMB million) 1,390 4,287 -67.6% Core profit attributable to shareholders of the Company* (RMB million) 2,429 4,035 -39.8% Basic earnings per share (RMB) 0.358 1.222 -70.7% Full year dividend per ordinary share (HK cents) 14.5 39.5 -63.3% Special dividend per ordinary share (HK cents) 25.0 – N/A Balance Sheet Highlights As at 31 December 2015 2014 Change Total assets (RMB million) 117,313 123,648 -5.1% Cash and cash equivalents (RMB million) 7,407 6,068 +22.1% Restricted cash (RMB million) 5,730 5,362 +6.9% Short-term borrowings (RMB million) 16,487 16,471 +0.1% Long-term borrowings (RMB million) 23,543 25,851 -8.9% Shareholders’ equity (RMB million) 34,308 33,651 +2.0% Return on equity (ROE) 4.1% 12.7% -8.6 percentage points Total debt/total assets 34.1% 34.2% -0.1 percentage points Net debt/total equity 64.0% 75.2% -11.2 percentage points * Profit attributable to shareholders of the Company excluding fair value gains on revaluation of investment properties and the related tax effect and foreign exchange loss/gain. 2 Agile Property Holdings Limited Annual Report 2015 Financial Highlights (Continued) Revenue (RMB million) Gross profit and gross profit margin (RMB million/%) 50,000 % 43,004 15,000 75 40,000 38,318 12,436 12,615 12,431 35,436 12,000 10,813 60 29,892 30,000 41.6% 9,000 45 35.6% 32.4% 20,000 6,000 25.1% 30 10,000 3,000 15 0 0 0 2012 2013 2014 2015 2012 2013 2014 2015 Net profit and net profit margin Profit attributable to shareholders of the (RMB million/%) Company (RMB million) 7,000 % 6,000 5,862 30 5,000 6,000 5,000 4,827 5,147 5,091 4,287 5,000 25 4,000 20 4,000 17.2% 16.5% 3,000 3,000 13.3% 15 2,302 2,000 2,000 10 1,390 5.4% 1,000 5 1,000 0 0 0 2012 2013 2014 2015 2012 2013 2014 2015 Total assets (RMB million) Shareholders’ equity (RMB million) 150,000 40,000 34,308 123,648 35,000 33,651 114,535 117,313 120,000 29,366 30,000 25,613 90,850 90,000 25,000 20,000 60,000 15,000 10,000 30,000 5,000 0 0 2012 2013 2014 2015 2012 2013 2014 2015 Agile Property Holdings Limited Annual Report 2015 3 Milestones 2015 February Agile Evian Town Changsha was launched for sale. May The Company issued US$500 million 9.0% senior notes due 2020. July Agile Life Diary Xi’an and Agile Garden Huiyang were launched for sale. September The Group acquired a site in Guangzhou City, Guangdong Province. 4 Agile Property Holdings Limited Annual Report 2015 Milestones 2015 (Continued) October Agile International Center Nanning, Agile International Garden Hangzhou and Agile Personage Nanhai (formerly known as Nanhai Dali Town Project) were launched for sale. November Agile Quenya Yunnan and Agile Garden Changsha were launched for sale. December Agile Coastal Pearl Zhongshan (formerly known as Zhongshan Nanlang Binhai Project), Agile Garden Sanshui (formerly known as Sanshui Xi’nan Street Project) and Agile Mont Kiara Kuala Lumpur were launched for sale. Agile Property Holdings Limited Annual Report 2015 5 Major Honours and Awards Corporate Social Responsibility Caring Company 2015 China Corporate Social Responsibility Annual Meeting: The Hong Kong Council of Social Service The Best Responsibility Practice of the Year Southern Weekly magazine Corporate Social Responsibility Awards 2015 Capital magazine Top 100 Advanced Enterprises in Chinese Enterprise Education Capital Eco Enterprise 2015 Organising Committee of Enterprises Education Top 100 in China Capital magazine Capital CEO magazine 2014 China Corporate Universities Elite Award Capital Entrepreneur magazine Training magazine Capital Weekly magazine China Low-Carbon Pioneer Enterprise 2015 Corporate Governance/Investor Relations 21st Century Business Herald Best Investor Relations Companies (China) Corporate Governance Asia magazine The Listed Enterprises Excellence Awards 2015 — Corporate Governance Awards Capital Weekly magazine 6 Agile Property Holdings Limited Annual Report 2015 Major Honours and Awards (Continued) Corporate Brand Outstanding Chinese Property Developer Award 2015 China Real Estate Value Report – Economic Digest magazine Top 20 PRC-funded Shares Listed in Hong Kong China Business News 2014 Ranking of China’s 100 Best Real Estate Enterprises 2014 Top 30 Listed China’s Real Estate Enterprises 2015 China Valuable Real Estate Awards - Guandian Real Estate New Media Valuable Real Estate Enterprise of the Year Most Valuable Tourism Property of the Year The Fourteenth (2015) Guangdong Real Estate National Business Daily Enterprises of High Credit Ratings Top 20 Industrial and Commercial Bank of China Limited China’s Tourism Property Benchmarking Award (Guangdong Branch) of the Year Agricultural Bank of China Limited (Guangdong Branch) China Business Journal Bank of China Limited (Guangdong Branch) China Construction Bank Corporation (Guangdong Branch) People’s Daily Online Agile Property Holdings Limited Annual Report 2015 7 Chairman’s Statement Chairman’s Statement (Continued) Dear shareholders, Upholding the philosophy I am pleased to report the audited consolidated results of Agile Property Holdings Limited (“Agile” or the “Company”) and its of prudent development, subsidiaries (collectively, the “Group”) for the year ended 31 the Group will continue December 2015 as follows: to maintain its inherent Results and dividends strength, enhance its During the year, the revenue and gross profit of the Group were comprehensive corporate RMB43,004 million and RMB10,813 million respectively. Net profit amounted to RMB2,302 million. Overall gross profit margin and management capability net profit margin were 25.1% and 5.4% respectively. and refine its business and During the year, the Group’s total recognised sales of property financial management. development was RMB41,421 million, representing an increase of 11.8% when compared with last year. Revenue from property management, hotel operations and property investment CHEN Zhuo Lin Chairman and President also increased by 19.0%, 27.8% and 36.9% respectively when compared with last year. Taking into account the Group’s business development needs and shareholders’ investment returns, the board of directors of the Company (the “Board”) has proposed the declaration of a final dividend of HK14.5 cents per ordinary share for the year ended 31 December 2015. To celebrate the 10th anniversary of the listing of the Company on The Stock Exchange of Hong Kong Limited and to appreciate the long-term support of the shareholders, the Board has also proposed the declaration and payment of a special dividend of HK25.0 cents per ordinary share. Business review During the year, the global economy saw a slowdown. In China, the overall economy achieved stable development. Driven by a number of favourable policies, the sentiment in the property market has improved. During the year, the Group capitalised on market opportunities by launching projects in a timely manner at reasonable prices, and dedicated its efforts to inventory clearance with its flexible marketing strategy.
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