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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Zhong An Group Limited    672   KYG9898N1161

ZHONG AN GROUP LIMITED

(672)
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Zhong An Real Estate : Announcements and Notices - Announcement of Results for the Year Ended 31 December 2018

03/19/2019 | 09:20am EST

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.

ZHONG AN REAL ESTATE LIMITED ଺τגପϞࠢʮ̡

(incorporated in the Cayman Islands with limited liability)

(Stock code: 672)

ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED

31 DECEMBER 2018

SUMMARY

  • • The recognised income in 2018 was approximately RMB5,169.4 million, representing an increase of 17.6% as compared to that of 2017

  • • The gross profit and gross profit margin in 2018 were RMB1,698.1 million and 32.8% respectively, which increased by 68.1% and up 9.8 percentage points as compared to those of 2017

  • • The profit for the year attributable to the owners of the parent in 2018 was RMB286.9 million, representing a decrease of 47.6% as compared to that of 2017, which was mainly due to the changes in fair value of investment properties which stayed flat in 2018 while a substantial gain in fair value of investment properties in 2017

  • • As of the end of 2018, the Group's total gearing ratio and net gearing ratio were 61.9% and 27.5% respectively, representing the increases of 2 and 15.1 percentage points as compared to those of 2017, which was due to further development of the business of the Group

  • • 5 plots of land were acquired in 2018 with a total GFA of 1,602,803 sq.m. and an average floor price of RMB1,981 per sq.m.

  • • The awards and accolades issued by the PRC government and recognised authorities to the Group during the year include Star of 2018 Top 100 China Real Estate Developers, 2018 Top 10 Hong Kong Listed Domestic Property Companies with Financial Stability, etc.

The board of directors (the "Board" or the "Directors") of Zhong An Real Estate Limited (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 2018 (the "year" or the "year under review"), together with the comparative figures for the corresponding year ended 31 December 2017, and such annual results have been reviewed by the audit committee of the Company:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

Year ended 31 December 2018

2018

2017

Notes

RMB'000

RMB'000

Revenue

4

5,169,369

4,395,117

Cost of sales

(3,471,274)

(3,385,190)

Gross profit

1,698,095

1,009,927

Other income and gains

4

81,546

109,276

Selling and distribution expenses

(259,158)

(269,631)

Administrative expenses

(429,205)

(302,104)

Other expenses

(86,523)

(25,517)

Finance costs

5

(114,693)

(41,426)

Fair value (loss)/gain upon transfer

to investment properties

(25,030)

523

Changes in fair value of investment properties

21,169

825,362

Share of profits and losses of:

Joint ventures and an associate

(2,629)

(4,371)

Profit before tax

6

883,572

1,302,039

Income tax expense

7

(520,509)

(493,635)

Profit for the year

363,063

808,404

Attributable to:

Owners of the parent

286,881

547,435

Non-controlling interests

76,182

260,969

363,063

808,404

Earnings per share attributable to

ordinary equity holders of the parent

8

Basic

RMB5 cents

RMB10 cents

Diluted

RMB5 cents

RMB10 cents

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended 31 December 2018

2018

RMB'000

2017

RMB'000

Profit for the yearOther comprehensive income

Other comprehensive income that may be reclassified to profit or loss in subsequent periods:

Exchange difference:

Exchange differences on translation of foreign operations

363,063

808,404

23,868 (2,545)Net other comprehensive income that may be reclassified to profit or loss in subsequent periodsOther comprehensive income that will not be reclassified to profit or loss in subsequent periods:

Equity investments designated at fair value through other comprehensive income: Changes in fair value

Income tax effect

23,868 (2,545)

9,000 (2,250)

- -

Net other comprehensive income that will not be reclassified to profit or loss in subsequent periods

6,750

-

Total comprehensive income for the yearAttributable to:

Owners of the parent Non-controlling interests

393,681 805,859

318,763 541,870

74,918 263,989

393,681 805,859

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 December 2018

2018

2017

Notes

RMB'000

RMB'000

Non-current assets

Property and equipment

2,116,482

2,059,812

Investment properties

5,502,607

5,475,911

Properties under development

1,157,623

1,857,179

Restricted cash

49,558

139,927

Available-for-sale investments

-

367,653

Equity investments designated at fair value

through other comprehensive income

423,605

-

Long term prepayments

706,929

236,665

Investments in joint ventures

-

629

Deferred tax assets

52,745

101,062

Total non-current assets

10,009,549

10,238,838

Current assets

Completed properties held for sale

4,231,066

3,528,806

Properties under development

7,352,963

4,416,081

Inventories

29,731

17,431

Trade and bills receivables

9

56,029

64,239

Prepayments, other receivables and other assets

950,141

764,020

Financial assets at fair value through profit or loss

76,635

72,298

Loans to a joint venture

67,304

-

Loans to an associate

175,300

-

Restricted cash

551,461

790,733

Cash and cash equivalents

1,539,762

2,502,367

Investment properties classified as held for sale

25,993

202,889

Total current assets

15,056,385

12,358,864

Current liabilities

Advance from joint ventures

228,293

108,520

Trade payables

10

1,700,198

1,747,904

Other payables and accruals

916,793

636,930

Contract liabilities

4,452,309

-

Advances from customers

-

4,573,014

Interest-bearing bank and other borrowings

1,384,960

1,627,419

Tax payable

1,198,762

785,661

Total current liabilities

9,881,315

9,479,448

Net current assets

5,175,070

2,879,416

Total assets less current liabilities

15,184,619

13,118,254

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

31 December 2018

2018

2017

RMB'000

RMB'000

Non-current liabilities

Interest-bearing bank and other borrowings

3,383,125

2,932,000

Deferred tax liabilities

995,486

1,127,090

Other non-current liabilities

1,255,889

-

Total non-current liabilities

5,634,500

4,059,090

Net assets

9,550,119

9,059,164

Equity

Equity attributable to owners of the parent

Share capital

514,342

516,469

Reserves

7,240,868

6,934,889

7,755,210

7,451,358

Non-controlling interests

1,794,909

1,607,806

Total equity

9,550,119

9,059,164

Disclaimer

Zhong An Real Estate Limited published this content on 19 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 March 2019 14:19:09 UTC


© Publicnow 2019
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Financials
Sales 2019 6 205 M 942 M 942 M
Net income 2019 637 M 96,8 M 96,8 M
Net Debt 2019 4 429 M 673 M 673 M
P/E ratio 2019 1,93x
Yield 2019 8,44%
Capitalization 1 622 M 247 M 246 M
EV / Sales 2018 0,88x
EV / Sales 2019 0,91x
Nbr of Employees 4 153
Free-Float 41,5%
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Managers
NameTitle
Jian Gang Zhang Chief Executive Officer & Executive Director
Kan Cheng Shi Executive Chairman & President
De Feng You Chief Financial Officer
Tiao Juan Shen Executive Director & Vice President
Ker Wei Pei Independent Non-Executive Director
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