Greentown China Holdings Limited

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. GREENTOWN CHINA HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) (Stock Code: 03900) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 HIGHLIGHTS • Total contracted sales achieved RMB289.2 billion, representing a year-on-year increase of 43%; • 85 projects were newly added, with a total GFA of approximately 20.41 million sqm and estimated saleable amount of RMB328.8 billion, representing a substantial year- on-year increase of 60%; • Revenue amounted to RMB65.783 billion, representing a year-on-year increase of 6.8%; profit for the year amounted to RMB5.763 billion, representing a year-on-year increase of 46.5%; • Profit attributable to owners amounted to RMB3.796 billion, representing a year-on- year increase of 53.1%; • As at 31 December 2020, bank balances and cash (including pledged bank deposits) totaled RMB65.203 billion (as at 31 December 2019: RMB51.894 billion); net gearing ratio was 63.8%, which remained at a reasonable level; • Weighted average interest cost of total borrowings was 4.9%, representing a decrease of 40 bps as compared to 5.3% in 2019; • Basic earnings per share was RMB1.05, representing a year-on-year increase of 90.9%; the Board has recommended payment of a final dividend of RMB0.35 per share for the year ended 31 December 2020 (2019: RMB0.30 per share). The board of directors (the “Board”) of Greentown China Holdings Limited (“Greentown” or the “Company”) is pleased to announce the audited consolidated annual results of the Company and its subsidiaries (collectively, the “Group”) for the year ended 31 December 2020 (the “Year”) prepared in accordance with the International Financial Reporting Standards, together with comparative audited figures for the year ended 31 December 2019. The following financial information is extracted from the audited consolidated financial statements in the Group’s 2020 annual report which is to be published by the Group. * For identification purposes only – 1 – 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 65,782,531 61,592,939 Cost of sales (50,209,631) (45,952,531) Gross profit 15,572,900 15,640,408 Other income 4 3,017,194 2,667,245 Other gains and losses 5 1,511,822 (40,372) Selling expenses (2,320,095) (2,096,820) Administrative expenses (4,323,472) (4,297,225) Finance costs 6 (2,228,464) (1,570,860) Impairment losses under expected credit loss model, net of reversal 7 (561,517) (796,887) Impairment losses on non-financial assets, net of reversal 8 (772,837) (579,195) Loss from changes in fair value of investment properties (14,639) (41,866) Gain on re-measurement of an associate to acquisition date fair value in business combination achieved in stages – 43,487 Net gain on disposal of subsidiaries 174,902 98,269 Share of results of associates 695,605 1,002,893 Share of results of joint ventures 2,129 (75,951) Profit before taxation 10,753,528 9,953,126 Taxation 9 (4,990,647) (6,017,704) Profit for the year 5,762,881 3,935,422 Other comprehensive income: Item that will not be reclassified to profit or loss: Fair value gain on equity instruments at fair value through other comprehensive income 42,727 256,752 Other comprehensive income for the year (net of tax) 42,727 256,752 Total comprehensive income for the year 5,805,608 4,192,174 – 2 – 2020 2019 NOTE RMB’000 RMB’000 Profit for the year attributable to: Owners of the Company 3,796,477 2,480,232 Non-controlling interests 1,966,404 1,455,190 5,762,881 3,935,422 Total comprehensive income for the year attributable to: Owners of the Company 3,829,073 2,736,984 Non-controlling interests 1,976,535 1,455,190 5,805,608 4,192,174 Earnings per share 11 Basic RMB1.05 RMB0.55 Diluted RMB1.04 RMB0.55 – 3 – CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020 2020 2019 NOTE RMB’000 RMB’000 NON-CURRENT ASSETS Property, plant and equipment 9,076,714 9,817,931 Right-of-use assets 827,067 1,038,724 Investment properties 4,364,620 4,032,818 Goodwill 769,241 769,241 Interests in associates 18,629,388 12,084,907 Interests in joint ventures 5,740,108 3,869,730 Equity instruments at fair value through other comprehensive income 2,037,318 1,511,985 Deferred tax assets 3,764,898 3,238,893 45,209,354 36,364,229 CURRENT ASSETS Properties for development 20,257,965 30,907,247 Properties under development 194,209,030 136,615,966 Completed properties for sale 18,341,794 12,167,498 Inventories 326,614 203,711 Trade and other receivables, deposits and prepayments 12 11,203,290 11,312,810 Contract assets 3,124,518 2,815,007 Contract costs 532,155 336,467 Amounts due from related parties 45,450,618 46,378,836 Prepaid income taxes 4,454,437 3,559,887 Prepaid other taxes 5,968,882 4,440,223 Pledged bank deposits 5,655,839 5,326,761 Bank balances and cash 59,547,352 46,567,729 369,072,494 300,632,142 Assets classified as held for sale – 95,747 369,072,494 300,727,889 – 4 – 2020 2019 NOTE RMB’000 RMB’000 CURRENT LIABILITIES Trade and other payables 13 46,610,097 43,453,333 Contract liabilities 112,798,675 76,324,981 Amounts due to related parties 23,432,261 28,653,456 Income taxes payable 10,463,643 10,473,519 Other taxes payable 12,360,269 8,420,517 Lease liabilities 33,741 27,397 Bank and other borrowings 23,628,164 13,950,984 Senior notes 62,653 7,712,382 Corporate debt instruments 8,819,580 11,643,848 Receipts under securitisation arrangements 4,819 1,633,966 238,213,902 202,294,383 Liabilities associated with assets classified as held for sale – 70,409 238,213,902 202,364,792 NET CURRENT ASSETS 130,858,592 98,363,097 TOTAL ASSETS LESS CURRENT LIABILITIES 176,067,946 134,727,326 NON-CURRENT LIABILITIES Bank and other borrowings 63,796,233 45,642,189 Senior notes 3,897,129 – Corporate debt instruments 17,100,739 14,993,416 Receipts under securitisation arrangements 1,892,822 – Lease liabilities 103,889 89,038 Deferred tax liabilities 4,687,061 4,847,211 91,477,873 65,571,854 84,590,073 69,155,472 CAPITAL AND RESERVES Share capital 239,264 209,694 Reserves 31,983,885 27,434,904 Equity attributable to owners of the Company 32,223,149 27,644,598 Perpetual securities 20,618,316 21,229,002 Non-controlling interests 31,748,608 20,281,872 84,590,073 69,155,472 – 5 – NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 1. GENERAL Greentown China Holdings Limited (the “Company”) was incorporated in the Cayman Islands on 31 August 2005 as an exempted company with limited liability under the Companies Law (2004 Revision) and its shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) with effect from 13 July 2006. The address of the registered office of the Company is disclosed in the section headed “Corporate Information” of the annual report. The consolidated financial statements are presented in Renminbi (“RMB”), which is also the functional currency of the Company. The Company is an investment holding company. The principal activity of its subsidiaries (together with the Company referred to as the “Group”) is the development for sale of residential properties in the PRC. 2. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRSs”) Amendments to IFRSs that are mandatorily effective for the current year The Group has applied Amendments to References to the Conceptual Framework in IFRS Standards and the following amendments to IFRSs issued by the International Accounting Standards Board (“IASB”) that are effective for the Group’s financial year beginning on 1 January 2020. The application of the Amendments to References to the Conceptual Framework in IFRS Standards and the amendments to IFRSs 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 consolidation financial statements. 3. REVENUE AND SEGMENT INFORMATION (i) Disaggregation of revenue from contracts with customers For the year ended 31 December 2020 Sales of Property Hotel Project Design and construction Other sales operations management decoration materials business Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Recognised at a point in time 42,883,880 – – – 291,914 – 43,175,794 Recognised over time 14,450,510 719,539 1,622,299 3,035,699 – 2,616,953 22,445,000 Revenue from contracts with customers 57,334,390 719,539 1,622,299 3,035,699 291,914 2,616,953 65,620,794 For the year ended 31 December 2019 Sales of Property Hotel Project Design and construction Other sales operations management decoration materials business Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Recognised at a point in time 38,830,713 – – – 106,511 – 38,937,224 Recognised over time 15,602,151 878,271 1,828,968 2,815,922 – 1,366,003 22,491,315 Revenue from contracts with customers 54,432,864 878,271 1,828,968 2,815,922 106,511 1,366,003 61,428,539 – 6 – 3.

Load more