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SHUI on LAND LIMITED ANNUAL REPORT 2016 Stock Code 272 STRENGTH

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SHUI ON LAND LIMITED ANNUAL REPORT 2016 Stock Code 272 STRENGTH Our asset-light strategy gives us the strength to weather the considerable global economic and political uncertainty that characterises the market. The asset-light strategy generates an increased asset turnover rate and a robust income stream and cash flow. We have reduced our debt gearing and bolstered our balance sheet, putting us in a strong position to capitalise on new opportunities in the coming year. BALANCE WE STRIVE FOR BALANCE BETWEEN LONG AND SHORT TERM GOALS The Group continues to strike a good balance between our long and short term goals as well as between profits generated by our record property sales and the recurring income from our solid rental portfolio. We are balancing our asset-light strategy with plans for future capital investments. PERFORMANCE OUR FINANCIAL PERFORMANCE TO BE DRIVEN BY STRONG AND EFFICIENT MANAGEMENT We aim to continuously enhance our performance in management efficiency and decision-making, which will result in better financial return and increased profitability. Being proactive and taking firm action is particularly important in these times of uncertainty. INNOVATIVE PROPERTY DEVELOPER IN CHINA Established in 2004 and listed on The Stock Exchange of Hong Kong (Stock Code: 272) in October 2006, Shui On Land Limited is the Shui On Group’s flagship property development company in the Chinese Mainland. Headquartered in Shanghai, Shui On Land has established a solid foundation in the Chinese Mainland and has a proven track record in developing mixed-use, sustainable communities. Shui On Land develops and operates high-quality residential, office, retail, entertainment and cultural properties in the Chinese Mainland. Shui On Land applies its hallmark approach of master-planning to all projects to ensure that developments are fully consistent with government objectives in economic development and urban planning while simultaneously incorporating local historical and cultural characteristics into our designs and planning. Manifesting the “Total Community” concept, our projects provide a unique environment enabling life enrichment of “Live-Work-Play”. Shui On Land’s landbank stood at 10.8 million sq.m. (8.6 million sq.m. of leasable and saleable GFA, and 2.2 million sq.m. of clubhouses, car parking spaces and other facilities). Its eight projects, in various stages of development, are all situated in prime locations within the key cities of Shanghai, Chongqing, Wuhan, Dalian and Foshan. OUR COMMITMENT TO INVESTORS COMMUNITY EMPLOYEES We are committed to providing We continually look for innovative Shui On Land believes that care attractive and sustainable returns for ways to build and contribute to for our employees and for the our investors based on a well-planned, the community. development of their talents is long-term growth trajectory and crucial to the long-term success strategic direction. of the Group. ENVIRONMENT As an experienced and socially CUSTOMERS responsible property developer, Shui The expectations of our customers are On Land considers respect for the always at the forefront of our thinking environment to be a key ingredient and planning, enabling us to provide high for the long-term development of the quality and add value to all our projects. communities in which we are involved. WE SUSTAIN OUR VISION BY INTEGRATING QUALITY INTO VISION ALL OF OUR OPERATIONS AND TO BE THE PREMIER AND MOST INNOVATIVE PROPERTY DEVELOPER IN CHINA ASPIRING TO WORLD-CLASS STANDARDS OF EXCELLENCE BRAND PROMISE INNOVATION • QUALITY • EXCELLENCE IN MANAGEMENT, PLANNING, EXECUTION AND CORPORATE SHUI ON SPIRIT GOVERNANCE. INTEGRITY • DEDICATION • INNOVATION • EXCELLENCE CONTENTS 2 Financial Highlights 121 Independent Auditor’s Report 4 Achievement Highlights 128 Consolidated Statement of Profit or Loss 6 Chairman’s Statement 129 Consolidated Statement of Profit or Loss and Other Comprehensive Income 9 Market Updates and Project Profiles 130 Consolidated Statement of 45 Business Review Financial Position 56 Landbank 132 Consolidated Statement of 58 Financial Review Changes in Equity 63 Market Outlook 134 Consolidated Statement of Cash Flows 65 Corporate Governance Report 136 Notes to the Consolidated Financial Statements 77 Risk Management Report 223 Financial Summary 79 Corporate Social Responsibilities 224 Corporate Information 102 Biographies of Directors and Senior Management 108 Directors’ Report FINANCIAL HIGHLIGHTS OPERATING RESULTS for the Year Ended 31 December 2016 2015 2016 2015 HKD’million HKD’million RMB’million RMB’million Turnover 20,539 8,038 17,600 6,472 Represented by: Property development 18,210 5,440 15,604 4,380 Property investment 2,002 2,002 1,716 1,612 Construction 259 527 222 424 Others 68 69 58 56 Gross profit 6,891 2,098 5,905 1,689 Increase in fair value of the remaining investment properties 1,372 3,689 1,176 2,970 Profit attributable to shareholders 1,270 979 1,088 788 Core earnings of the Group 2,098 3,009 1,798 2,423 Basic earnings per share HKD0.16 HKD0.12 RMB0.14 RMB0.10 Dividend per share Interim paid HKD0.011 HKD0.022 HKD0.011 HKD0.022 Proposed final HKD0.039 HKD0.028 HKD0.039 HKD0.028 Full year HKD0.05 HKD0.05 HKD0.05 HKD0.05 Note: Except for dividend per share that is originally denominated in HK dollar, all of the HK dollar figures presented above are shown for reference only and have been arrived at based on the exchange rate of RMB1.000 to HK$1.167 for 2016 and RMB1.000 to HK$1.242 for 2015 being the average exchange rates that prevailed during the respective years. FINANCIAL POSITION as of 31 December 2016 2015 RMB’million RMB’million Total bank balances and cash 15,567 10,614 Total assets 122,213 117,170 Total equity 46,256 46,118 Total debt 47,123 47,992 Bank and other borrowings 29,811 33,337 Senior notes 17,312 14,655 Net gearing ratio* 68% 81% * Calculated on the basis of the excess of the sum of bank and other borrowings and senior notes over the sum of bank balances and cash by total equity. 2 Shui On Land Limited LANDBANK as of 31 December 2016 million sq.m. 5% million sq.m. 28% 30% Shanghai 2.3 29% Residential 2.5 21% Wuhan 1.0 Office 3.2 Chongqing 1.5 Retail 2.4 GFA* GFA* Foshan 1.0 BY USAGE Hotel/ BY CITY Serviced Apartments 0.5 Dalian 2.8 16% Total leasable 13% Total leasable 36% and saleable GFA 8.6 and saleable GFA 8.6 Attributable GFA 6.5 22% Attributable GFA 6.5 * Percentages are calculated based on attributable GFA CONTRACTED PROPERTY TURNOVER RENTAL AND GROSS PROFIT SALES & OTHER ASSETS RELATED INCOME DISPOSAL (RMB’million) (RMB’million) (RMB’million) (RMB’million) 5,905 22,975 21,513 1,716 17,600 1,612 1,689 6,472 2015 2016 2015 2016 2015 2016 2015 2016 GROSS PROFIT ATTRIBUTABLE BASIC EARNINGS SHAREHOLDERS’ PROFIT MARGIN TO SHAREHOLDERS PER SHARE EQUITY PER SHARE (%) (RMB’million) (RMB/share) (RMB/share) 34% 1,088 26% 4.68 4.57 788 0.14 0.10 2015 2016 2015 2016 2015 2016 2015 2016 DIVIDEND PER TOTAL NET GEARING TOTAL BANK BALANCES SHARE ASSETS RATIO AND CASH (HKD/share) (RMB’million) (%) (RMB’million) 81% 122,213 15,567 68% 117,170 10,614 0.039 0.028 2015 2016 2015 2016 2015 2016 2015 2016 Final Final Annual Report 2016 3 ACHIEVEMENT HIGHLIGHTS THE GROUP RECEIVED LEADERSHIP IN ENERGY AND MULTIPLE PROFESSIONAL ENVIRONMENTAL DESIGN (LEED) CERTIFICATIONS FROM THE U.S. • Three office buildings GREEN BUILDING COUNCIL AND in the north of Parcel 311 in Knowledge and MINISTRY OF HOUSING AND Innovation Community URBAN-RURAL DEVELOPMENT (KIC) was certified OF THE PEOPLE’S REPUBLIC OF LEED for Core & Shell – Platinum In January. CHINA, INCLUDING: THE GROUP’S 2015 ANNUAL The Group was conferred the CSR Contribution Award at the CSR REPORT WON MULTIPLE Excellence Awards 2016 “Green AWARDS FROM PROFESSIONAL Development for a Shared Future” ORGANISATIONS: jointly organised by Jiefang Daily, Shanghai Daily, and eastday.com. Won the 2015 Vision Award – Bronze by League of American Communications Professionals (LACP). rd Won the following awards conferred The Group was listed by Standard Ranking as 3 of 2016 Top 10 by the 2016 International ARC China Green Property Developers – Commercial Category and th Awards in August: Cover Photo/ 9 of 2016 Top 30 China Green Property Developers. Design – Honors in the “Real Estate NOVEMBER Development/Service: Various & Multi-Use” category; Traditional The Group was listed as 6th of 2016 Top 30 Most Competitive Annual Report – Silver in the “Real Green Property Developers, one of the 2016 Top 10 China Estate Development/Service: Various Green Property Developers, and 10th of 2016 Green Property & Multi-Use” category; and Interior Operations in the Top China Green Property Developers Design – Gold in the “Real Estate Ranking List, jointly conferred by China Real Estate Business, Development/Service: Various & CIHAF Organizing Committee, and China Green Building Multi-Use” category. Industry Development Alliance. DECEMBER Received Citation for Design in The Group was conferred the The Hong Kong Management Contribution to National Strategy Association’s Best Annual Reports Award at the 2016 Best CSR Practices Awards 2016, and won Silver in of Foreign Invested Enterprises in China, Annual Reports – Print (“Property organised by China Association of Development” category) in the 2016 Enterprises with Foreign Investment. Galaxy Awards. The Group was selected for the ”Value THE GROUP Co-Creation” 2016 Outstanding CSR Practices, jointly awarded by Fudan JULY University School of Management, CIIC Guanaitong, etc. The Group was conferred the Most Valuable Case Award in the 2016 China Learning & Development Value Award by HR Excellence Centre. 4 Shui On Land Limited • Towers A and B, Rui Hong CHINESE GREEN BUILDING Xin Cheng Lot 10 – Commercial was pre- EVALUATION LABEL certified LEED for Core & • Rui Hong Xin Cheng Lot 4 obtained a 2-star Shell – Gold in March.
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    线网， 编织幸福 WIRE MESH, weaving HAPPINESS NETWORK 线网建设 CONSTRUCTION 线网建设 NETWORK CONSTRUCTION 线网建设概况 2014年建设投资汇总表 Overview OF NETWORK CONSTRUCTION Summary OF CONSTRUCTION INVESTMENT IN 2014 item annual Completed the total invest- investment Construction electrome Purchase of equipment other Costs ment (rmb hundred Project chanical and machinery million) installation northward extension of line 3 extension line of line 2 & line 8 Phase i of line 6 九号线马鞍山公园站工程 Project of Maanshan Station, Line 9 Phase ii of line 6 2014年是加快推进新一轮线网建设，实现规划目 2014 was the key year for accelerating network construction of a new round and accomplishing the planning goals. Guangzhou metro overcame a 标的关键之年。广州地铁克服多重困难，与市财局、发 Phase i of line 7 number of difficulties and preserved in communicating and coordinating with 改委、国资委、各区（县级市）等政府相关部门进行 the City Financial Bureau, the National Development and Reform Commis- sion, SASAC and other government departments to strive hard for financial 了坚持不懈地沟通与协调，全力争取财政资金与政策支 Phase i of line 9 fund and policy support; to deeply study policy changes with the bank, the 持；与银行、租赁公司、证券公司等金融机构深入研究 leasing company, the security company and other financing institutions to 政策变化，持续创新融资模式。全年共争取各项财政资 constantly innovate financing modes. For the whole year, the metro compa- Guangfo intercity rail 7.16 2.69 0.69 0.14 3.63 103.36 transit project ny had obtained the financial special funds of 8.274 billion Yuan, the fiscal 金、专项资金82.74亿元，争取财政预拨资金30亿元， appropriations capital of 3 billion Yuan, downtown joint construction capital 争取市区共建资金22.38亿元，发行企业债80亿元，发 of 2.238 billion Yuan, issued corporate bonds of RMB 8 billion, short-term Southward extension of line 4 行短期融资券、超短期融资券各50亿元，开展境内外 financing bonds of 5 billion Yuan and SCP of 5 billion Yuan, carried out domestic and overseas financing lease of 9.884 Yuan, and got a bank loan 融资租赁98.84亿元，争取银行贷款47.46亿元，年内 of 4.746billion Yuan.