Beijing Properties : Announcements and Notices - Interim Results Announcement for the Six Months Ended 30 ...

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(Incorporated in Bermuda with limited liability)

(Stock Code: 925)

INTERIM RESULTS ANNOUNCEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2019

The board of directors (the "Board") of Beijing Properties (Holdings) Limited (the "Company") would like to announce the unaudited interim results of the Company and its subsidiaries (collectively the "Group") for the six months ended 30 June 2019, together with comparative figures for the corresponding period in 2018 as follows:

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the six months ended 30 June 2019

			For the six months
			ended 30 June
			2019	2018
			(Unaudited)		(Unaudited)
		Notes	HK$'000		HK$'000
REVENUE	4	206,443	198,868
Cost of sales and services		(52,253)		(51,264)
Gross profit		154,190	147,604
Change in fair value of investment properties, net		136,591		-
Other income and gains, net	4	68,290	63,282
Selling and distribution expenses		(7,818)	(7,327)
Administrative expenses		(112,370)	(103,655)
Other expenses		(5,623)	(5,987)
Finance costs	5	(242,203)	(208,872)
Share of profits and losses of:
	Joint ventures		99,995	(71)
	Associates		(27,185)		(9,802)

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		For the six months
		ended 30 June
		2019	2018
		(Unaudited)		(Unaudited)
	Notes	HK$'000		HK$'000
PROFIT/(LOSS) BEFORE TAX	6	63,867	(124,828)
Income tax	7	(63,507)		(11,542)
PROFIT/(LOSS) FOR THE PERIOD		360	(136,370)
Attributable to:
Shareholders of the Company		(80,592)	(158,553)
Non-controlling interests		80,952		22,183
		360	(136,370)
LOSS PER SHARE ATTRIBUTABLE TO
SHAREHOLDERS OF THE COMPANY
Basic and diluted	9	HK(1.16) cents		HK(2.31) cents

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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 June 2019

			For the six months
			ended 30 June
			2019	2018
			(Unaudited)		(Unaudited)
			HK$'000		HK$'000
PROFIT/(LOSS) FOR THE PERIOD	360	(136,370)
OTHER COMPREHENSIVE INCOME/(LOSS)
Other comprehensive income/(loss) that may be reclassified to
profit or loss in subsequent periods:
- Exchange differences on translation of foreign operations	(11,494)	(120,147)
- Share of other comprehensive income/(loss) of:
		Joint ventures	(1,883)	(12,611)
		Associates	6,812	(4,804)
Net other comprehensive loss that may be reclassified to	(6,565)
profit or loss in subsequent periods		(137,562)

Other comprehensive loss that will not be reclassified to

• profit or loss in subsequent periods:
• - Changes in fair value of equity investments at fair value through

other comprehensive income, net of income tax of nil	(1,935)	(21,420)
- Share of other comprehensive loss of associates	(2,182)	(109)
Net other comprehensive loss that will not be reclassified	(4,117)
to profit or loss in subsequent periods	(21,529)
OTHER COMPREHENSIVE LOSS FOR
THE PERIOD, NET OF INCOME TAX OF NIL	(10,682)	(159,091)
TOTAL COMPREHENSIVE LOSS FOR
THE PERIOD	(10,322)	(295,461)
Attributable to:
Shareholders of the Company	(88,229)	(295,932)
Non-controlling interests	77,907		471
	(10,322)	(295,461)

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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

30 June 2019

			30 June		31 December
			2019	2018
			(Unaudited)		(Audited)
		Notes	HK$'000		HK$'000
NON-CURRENT ASSETS
Property, plant and equipment		1,112,314	1,135,586
	Investment properties	10	8,051,587	7,636,423
Prepaid land lease payments		-	83,072
	Right-of-use assets		84,621		-
	Goodwill		186,104	186,104
Interests in joint ventures		1,791,783	1,795,922
	Interests in associates		935,658	877,790
Equity investments at fair value through other		20,852
	comprehensive income		22,787
Prepayments, deposits and other receivables		29,647	29,681
Land held for development or sale		4,348,051	4,316,982
Pledged and restricted bank deposits		10,925	62,759
	Deferred tax assets		22,036		28,325
Total non-current assets		16,593,578	16,175,431
CURRENT ASSETS
Properties held for sale		91,939	91,995
	Inventories		9,116	1,695
	Trade receivables	11	15,682	10,633
Prepayments, deposits and other receivables		125,247	101,127
Due from a joint venture		117,839	153,813
	Due from associates		111	29,126
Pledged and restricted bank deposits		31,496	656,199
Cash and cash equivalents		1,283,577		1,101,402
Total current assets		1,675,007		2,145,990

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			30 June	31 December
			2019		2018
			(Unaudited)	(Audited)
		Notes	HK$'000	HK$'000
CURRENT LIABILITIES
	Trade payables	12	9,054		9,553
Other payables and accruals		554,070		1,106,628
Due to a joint venture		414		127,239
Due to other related parties		177,952		167,900
	Derivative financial instrument		16,244		-
	Bank borrowings		1,385,249		1,115,297
	Guaranteed bonds		2,329,363		-
	Income tax payables		57,124		65,801
	Provision for compensation		224,766		225,586
Total current liabilities		4,754,236		2,818,004
NET CURRENT LIABILITIES		(3,079,229)		(672,014)
TOTAL ASSETS LESS CURRENT LIABILITIES		13,514,349		15,503,417
NON-CURRENT LIABILITIES
Due to other related parties		452,742		451,948
Due to an associate		194,676		-
	Bank borrowings		2,606,278		2,394,701
	Guaranteed bonds		1,933,784		4,246,036
	Derivative financial instrument		-	20,937
	Deferred revenue		119,371		210,481
	Defined benefit obligations		19,404		19,427
	Deferred tax liabilities		1,627,048		1,589,657
Total non-current liabilities		6,953,303		8,933,187
Net assets		6,561,046		6,570,230
EQUITY
Equity attributable to shareholders of the Company
	Issued capital	13	696,933		696,933
	Reserves		3,145,416		3,233,645
			3,842,349		3,930,578
Non-controlling interests		2,718,697		2,639,652
Total equity		6,561,046		6,570,230

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