CIFI Holdings (Group) Co. Ltd. 旭 輝 控 股（集 團）有 限
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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. CIFI Holdings (Group) Co. Ltd. 旭輝控股（集團）有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock code: 00884) ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019 2019 RESULTS HIGHLIGHTS • Contracted sales increased by 32.0% to RMB200.6 billion • Recognised revenue increased by 29.3% to RMB54.8 billion • Core net profit increased by 24.7% to RMB6,903 million • Gross profit margin (adjusted*) and core net profit margin at 30.0% and 12.6% respectively; core return on average equity at 24.8% • The Board proposed final dividend of RMB21.93 cents (equivalent to HK24 cents) per share and further propose a special dividend of RMB3.66 cents (equivalent to HK4 cents) per share to mark the 20th anniversary of the Group and to reward the shareholders of the Company for their continued support, both dividends are payable in cash with scrip option. Together with the interim dividend of RMB8.93 cents (equivalent to HK10 cents) per share, total dividends for the year amounted to RMB34.52 cents (equivalent to HK38 cents) per share • Net debt-to-equity ratio of 68.5%, cash on hand of RMB57.6 billion as at 31 December 2019 • Weighted average cost of indebtedness 6.0% as at 31 December 2019 * excluding the accounting effects due to financial consolidation of certain projects as subsidiaries of the Group – 1 – ANNUAL RESULTS The Board of Directors (the “Board”) of CIFI Holdings (Group) Co. Ltd. (the “Company”) is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively the “Group”) for the year ended 31 December 2019 with comparative figures for the preceding financial year, are as follows: CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2019 2019 2018 NOTES RMB’000 RMB’000 Revenue 2 54,766,176 42,367,647 Cost of sales and services (41,012,465) (31,754,818) Gross profit 13,753,711 10,612,829 Other income, gains and losses 3 1,424,228 2,065,884 Change in fair value of investment properties 198,043 106,385 Selling and marketing expenses (1,739,390) (1,153,089) Administrative expenses (2,908,647) (2,121,731) Share of results of joint ventures 1,984,805 725,068 Share of results of associates 1,571,367 1,450,388 Finance costs 4 (727,824) (368,741) Profit before taxation 13,556,293 11,316,993 Income tax expense 5 (4,515,321) (4,198,668) Profit for the year 6 9,040,972 7,118,325 Other comprehensive (expense) income: Items that will not be reclassified to profit or loss: Fair value (loss) gain on investments in equity instruments at fair value through other comprehensive income (“FVTOCI”) (37,442) 312,665 Income tax relating to item that will not be reclassified 8,813 (186) (28,629) 312,479 Total comprehensive income for the year 9,012,343 7,430,804 Profit for the year attributable to: Equity owners of the Company 6,436,881 5,408,991 Owners of perpetual capital instruments 221,817 215,078 Non-controlling interests 2,382,274 1,494,256 9,040,972 7,118,325 – 2 – 2019 2018 NOTE RMB’000 RMB’000 Total comprehensive income for the year attributable to: Equity owners of the Company 6,408,252 5,721,470 Owners of perpetual capital instruments 221,817 215,078 Non-controlling interests 2,382,274 1,494,256 9,012,343 7,430,804 Earnings per share, in RMB: Basic 8 0.82 0.70 Diluted 8 0.81 0.68 – 3 – CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2019 2019 2018 NOTES RMB’000 RMB’000 NON-CURRENT ASSETS Investment properties 17,635,222 16,147,400 Right-of-use assets 120,730 – Property, plant and equipment 131,404 134,143 Interests in associates 8,266,161 5,779,492 Interests in joint ventures 12,872,071 8,511,247 Investments in property projects 417,688 582,722 Financial assets at fair value through profit or loss (“FVTPL”) 526,458 564,553 Equity instruments at FVTOCI 881,832 919,274 Deferred taxation assets 1,746,615 1,021,876 Deposits paid for acquisitions of equity interests – 50,000 42,598,181 33,710,707 CURRENT ASSETS Properties held for sale 15,552,823 10,238,165 Properties under development for sale 115,202,723 84,137,912 Accounts and other receivables, deposits and prepayments 9 24,191,554 16,740,132 Amounts due from non-controlling interests 18,766,941 13,416,613 Amounts due from joint ventures and associates 36,569,805 27,798,425 Deposits for land use rights for properties held for sale 8,713,034 7,950,061 Taxation recoverable 2,877,209 1,746,262 Financial assets at FVTPL 573,761 705,386 Derivative financial instruments 11,912 – Restricted bank deposits 388,695 1,290,000 Bank balances and cash 57,253,034 43,327,561 280,101,491 207,350,517 CURRENT LIABILITIES Accounts and other payables and accrued charges 10 39,083,128 25,888,004 Contract liabilities 54,195,700 44,238,431 Amounts due to non-controlling interests 16,447,941 16,571,325 Amounts due to joint ventures and associates 29,170,655 15,519,116 Taxation payable 9,642,604 7,655,950 Lease liabilities – due within one year 58,598 – Bank and other borrowings – due within one year 13,941,253 8,842,371 Senior notes – due within one year 3,190,356 – Derivative financial instruments 19,260 74,949 Corporate bonds – due within one year 4,006,799 3,646,140 Debt component of convertible bonds – 907,724 169,756,294 123,344,010 NET CURRENT ASSETS 110,345,197 84,006,507 TOTAL ASSETS LESS CURRENT LIABILITIES 152,943,378 117,717,214 – 4 – 2019 2018 RMB’000 RMB’000 CAPITAL AND RESERVES Share capital 639,723 626,271 Reserves 29,525,577 24,977,825 Equity attributable to equity owners of the Company 30,165,300 25,604,096 Perpetual capital instruments 3,883,572 3,883,572 Non-controlling interests 33,166,711 19,958,503 TOTAL EQUITY 67,215,583 49,446,171 NON-CURRENT LIABILITIES Lease liabilities – due after one year 58,941 – Bank and other borrowings – due after one year 51,140,979 41,061,189 Senior notes – due after one year 23,674,188 15,293,614 Corporate bonds – due after one year 7,744,996 8,113,997 Deferred taxation liabilities 3,108,691 3,802,243 85,727,795 68,271,043 152,943,378 117,717,214 – 5 – NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 1. APPLICATION OF NEW AND AMENDMENTS TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRSs”) New and Amendments to IFRSs that are mandatorily effective for the current year The Group had applied the following new and amendments to IFRSs issued by the International Accounting Standards Board (“IASB”) for the first time in the current year: IFRS 16 Leases IFRIC 23 Uncertainty over Income Tax Treatments Amendments to IFRS 9 Prepayment Features with Negative Compensation Amendments to IAS 19 Plan Amendment, Curtailment or Settlement Amendments to IAS 28 Long-term Interests in Associates and Joint Ventures Amendments to IFRSs Annual Improvements to IFRSs 2015–2017 Cycle Except as described below, the application of the new and amendments to IFRSs in the current year has had no material impact on the Group’s financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements. IFRS 16 “Leases” The Group has applied IFRS 16 for the first time in the current year. IFRS 16 superseded IAS 17 “Leases” (“IAS 17”), and the related interpretations. Definition of a lease The Group has elected the practical expedient to apply IFRS 16 to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 “Determining whether an Arrangement contains a Lease” and not apply this standard to contracts that were not previously identified as containing a lease. Therefore, the Group has not reassessed contracts which already existed prior to the date of initial application. For contracts entered into or modified on or after 1 January 2019, the Group applies the definition of a lease in accordance with the requirements set out in IFRS 16 in assessing whether a contract contains a lease. As a lessee The Group has applied IFRS 16 retrospectively with the cumulative effect recognised at the date of initial application, 1 January 2019. As at 1 January 2019, the Group recognised additional lease liabilities and right-of-use assets at amounts equal to the related lease liabilities by applying IFRS 16.C8(b)(ii) transition. Any difference at the date of initial application is recognised in the opening retained profits and comparative information has not been restated. When applying the modified retrospective approach under IFRS 16 at transition, the Group applied the following practical expedients to leases previously classified as operating leases under IAS 17, on lease- by-lease basis, to the extent relevant to the respective lease contracts: i. relied on the assessment of whether leases are onerous by applying IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” as an alternative of impairment review; – 6 – ii.