Fantasia Holdings Group Co., Limited 花樣年控股集團有限公司 (Incorporated in Cayman Islands with Limited Liability) (Stock Code: 1777)

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Fantasia Holdings Group Co., Limited 花樣年控股集團有限公司 (Incorporated in Cayman Islands with Limited Liability) (Stock Code: 1777) 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. Fantasia Holdings Group Co., Limited 花樣年控股集團有限公司 (Incorporated in Cayman Islands with limited liability) (Stock Code: 1777) ANNOUNCEMENT OF 2018 ANNUAL RESULTS FINANCIAL HIGHLIGHTS – The Group recorded total contract sales for the year of 2018 of approximately RMB30,173 million, representing an accumulative increase of 49.6% year on year. – The Group’s total revenue was approximately RMB13,986 million in 2018, representing an increase of 43.0% as compared with RMB9,783 million in 2017. – The Group’s gross profit was approximately RMB4,184 million in 2018, representing an increase of 44.4% as compare with RMB2,898 million in 2017. – The Group’s gross profit margin in 2018 was 29.9%, representing an increase of 0.3 percentage points year-on-year, which maintained a relatively high level in the industry. – The Group’s annual net profit was approximately RMB1,168 million. If excluding the impact of exchange gains or losses, the annual net profit was approximately RMB1,909 million, representing an increase of 135.4% year-on-year. – Basic earnings per share was RMB12.64 cents. The Board recommend payment of a final dividend of HK4.00 cents per share in cash. – 1 – The board (the “Board”) of Directors (the “Directors”) of Fantasia Holdings Group Co., Limited (the “Company”) is pleased to announce the audited financial results of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2018 (the “Period”) as follows: CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the year ended 31 December 2018 2018 2017 NOTE RMB’000 RMB’000 Revenue Goods and services 3 13,733,624 9,539,381 Rental 252,509 243,187 Total revenue 13,986,133 9,782,568 Cost of sales and services (9,802,167) (6,884,964) Gross profit 4,183,966 2,897,604 Other income 5 149,649 99,972 Other gains and losses 5 561,873 909,077 Impairment losses, net of reveral (82,424) (62,012) Change in fair value of investment properties 136,802 966,184 Recognition of change in fair value of completed properties for sale upon transfer to investment properties 82,409 118,589 Selling and distribution expenses (439,032) (417,872) Administrative expenses (1,389,214) (1,167,835) Finance costs 6 (1,464,674) (1,279,587) Share of results of associates 34,880 8,843 Share of results of joint ventures (11,140) 167,670 Gain on disposal of subsidiaries 1,273,824 326,285 Profit before tax 7 3,036,919 2,566,918 Income tax expense 8 (1,868,735) (1,157,207) Profit for the year 1,168,184 1,409,711 Other comprehensive income (expense) Items that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit obligations (238) (8,035) Deferred taxation effect 60 2,009 Other comprehensive expense for the year, net of income tax (178) (6,026) Total comprehensive income for the year 1,168,006 1,403,685 – 2 – 2018 2017 NOTE RMB’000 RMB’000 Profit for the year attributable to: Owners of the Company 728,339 1,154,316 Other non-controlling interests 439,845 255,395 1,168,184 1,409,711 Total comprehensive income for the year attributable to: Owners of the Company 728,233 1,150,710 Other non-controlling interests 439,773 252,975 1,168,006 1,403,685 Earnings per share – basic (RMB cents) 10 12.64 20.03 Earnings per share – diluted (RMB cents) 10 12.58 19.95 – 3 – CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31 December 2018 2018 2017 NOTE RMB’000 RMB’000 NON-CURRENT ASSETS Property, plant and equipment 2,596,806 2,611,084 Investment properties 10,515,977 10,194,164 Interests in associates 1,346,586 1,174,908 Interests in joint ventures 1,426,958 1,060,057 Available-for-sale (“AFS”) investments – 117,663 Equity instruments designated at fair value through other comprehensive income (“FVTOCI”) 51,551 – Goodwill 2,339,723 2,299,758 Intangible assets 1,188,896 1,319,901 Prepaid lease payments 206,743 754,720 Premium on prepaid lease payments 76,418 1,268,992 Other receivables 11 158,698 167,624 Amount due from a joint venture 81,505 – Pledged bank deposits 558,457 – Deposits paid for potential acquisitions of subsidiaries 194,427 799,606 Deposit paid for acquisition of a property project 202,961 159,214 Deposits paid for acquisition of land use rights 228,703 118,103 Deferred tax assets 565,707 461,990 21,740,116 22,507,784 CURRENT ASSETS Properties for sale 34,882,404 23,777,966 Inventories 544,407 194,655 Prepaid lease payments 6,750 18,228 Premium on prepaid lease payments 2,548 19,233 Contract assets 449,590 – Contract costs 201,414 – Trade and other receivables 11 5,938,028 4,129,404 Amounts due from customers for contract works – 104,079 Tax recoverable 105,212 85,990 Amounts due from non-controlling shareholders of the subsidiaries of the Company 319,230 1,052,812 Amounts due from joint ventures 101,272 362,935 Amounts due from associates 15,909 27,567 Financial assets at fair value through profit or loss (“FVTPL”) 2,127,196 234,460 Restricted/pledged bank deposits 1,789,411 2,106,552 Bank balances and cash 26,222,584 14,335,075 72,705,955 46,448,956 – 4 – 2018 2017 NOTE RMB’000 RMB’000 CURRENT LIABILITIES Trade and other payables 12 10,393,583 9,282,468 Deposits received for sale of properties – 5,503,060 Amounts due to customers for contract works – 13,778 Contract liabilities 13,039,071 – Amounts due to joint ventures 368 10,000 Amounts due to associates 19,971 13,513 Amounts due to non-controlling shareholders of the subsidiaries of the Company 335,850 – Tax liabilities 5,504,651 4,431,080 Borrowings due within one year 7,959,810 3,022,026 Obligations under finance leases 69,164 51,693 Senior notes and bonds 6,397,660 4,484,610 Asset-backed securities issued 208,636 42,533 Provisions 30,740 40,131 Other current liabilities 2,625 220 43,962,129 26,895,112 NET CURRENT ASSETS 28,743,826 19,553,844 TOTAL ASSETS LESS CURRENT LIABILITIES 50,483,942 42,061,628 NON-CURRENT LIABILITIES Deferred tax liabilities 1,734,943 1,754,528 Borrowings due after one year 11,195,744 6,841,619 Obligations under finance leases 236,880 259,299 Senior notes and bonds 17,810,083 15,320,332 Asset-backed securities issued 51,783 185,204 Other non-current liabiities – 2,615 31,029,433 24,363,597 NET ASSETS 19,454,509 17,698,031 CAPITAL AND RESERVES Share capital 497,945 497,868 Reserves 12,465,583 12,139,049 Equity attributable to owners of the Company 12,963,528 12,636,917 Non-controlling interests 6,490,981 5,061,114 19,454,509 17,698,031 – 5 – NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2018 1. GENERAL Fantasia Holdings Group Co., Limited (the “Company”) is a limited liability company incorporated in Cayman Islands and its shares are listed on the main board of The Stock Exchange of Hong Kong. The consolidated financial statements are presented in Renminbi (“RMB”), which is the functional currency of the Company and the major subsidiaries. 2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) New and Amendments to HKFRSs that are mandatorily effective for the current year The Group has applied the following new and amendments to HKFRSs and an interpretation issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) for the first time in the current year. HKFRS 9 Financial Instruments HKFRS 15 Revenue from Contracts with Customers and the Related Amendments HK(IFRIC)-Int 22 Foreign Currency Transactions and Advance Consideration Amendments to HKFRS 2 Classification and Measurement of Share-based Payment Transactions Amendments to HKFRS 4 Applying HKFRS 9 Financial Instruments with HKFRS 4 Insurance Contracts Amendments to HKAS 28 As part of the Annual Improvements to HKFRSs 2014 – 2016 Cycle Amendments to HKAS 40 Transfers of Investment Property Except as described below, the application of the new and amendments to HKFRSs and an interpretation 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. 2.1 HKFRS 15 “Revenue from Contracts with Customers” The Group has applied HKFRS 15 for the first time in the current year. HKFRS 15 superseded HKAS 18 “Revenue”, HKAS 11 “Construction Contracts” and the related interpretations. The Group has applied HKFRS 15 retrospectively with the cumulative effect of initially applying this Standard recognised at the date of initial application, 1 January 2018. Any difference at the date of initial application is recognised in the opening accumulated profits (or other components of equity, as appropriate) and comparative information has not been restated. Furthermore, in accordance with the transition provisions in HKFRS 15, the Group has elected to apply the Standard retrospectively only to contracts that are not completed at 1 January 2018.
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