Integrated Business Platform Expansion
Results Highlights
Summary of results
(RMB Billion)4
2012
2013
2014
2014 YoY growth
Total Asset
136.5
206.2
268.0
30.0%
Total Liability
97.6
160.2
205.6
28.3%
Total Debt
36.9
56.2
61.1
8.7%
Adjusted cash and cash
16.6
26.7
27.2
1.9%
equivalent¹
Net Debt¹
20.3
29.6
33.9
14.5%
Shareholder's equity
37.6
44.0
56.7
29.0%
No. of projects
118
171
238
39.1%
(RMB Billion)4
2012
2013
Contracted Sales
47.6
106.0
2014 2014 YoY growth
128.8
21.5%
Contracted GFA
7.6
15.9
19.3
21.04%
(Million sqm.)
Revenue
41.9
62.7
84.5
34.8%
Gross Profit
15.3
19.0
22.1
16.0%
Post-LAT Gross Profit
13.1
17.3
20.4
17.7%
Total SG&A
3.8
6.3
7.5
18.6%
% of contracted sales
7.9%
6.0%
5.82%
Profit Attributable to the Owners
6.9
8.5
10.2
of the Company
Core Profit Attributable to the
6.8
8.0
9.2
15.5%
Owners of the Company²
EPS (Cents)5
37.49
45.97
53.45
16.3%
-0.18
percentage points
20.1%
Highlights for 2014
☑
Total revenue was around RMB84.55 bn, representing a
34.8% year-on-year growth
✓ Post-LAT gross profit was RMB20.41 bn, representing a
17.7% year-on-year growth
☑
Profit attributable to equity owner was around RMB10.23
bn, representing a 20.1% year-on-year growth
✓ Core net profit2 was RMB9.24 bn, representing a 15.5%
year-on-year growth
✓ Weighted average borrowing cost was 8.16%, 0.38
percentage points lower than that of 2013
Net gearing was around 59.7% as of December 31, 2014,
7.6 percentage points lower than as of December 31, 2013
✓ Contracted sales was around RMB128.79 bn in 2014,
representing a 21.5% year-on-year growth, beating our
sales target. Contracted GFA was around 19.28 mn sqm.,
representing a 21.0% year-on-year growth
✓ There were 238 projects under different stages of
development as of Dec 31 2014, with an attributable GFA
of 79.10 mn sqm.³
-6.3 percentage
Dividend Payout
37.0%
38.8%
32.5%
Note:
Dividend (Cents)
13.86
16.83
14.75
points
-12.4%
1
2
-0.38 percentage
Weighted Average Borrowing Cost 9.6%
8.5%
8.16%
points
3456
Adjusted cash and cash equivalents = cash and cash equivalents + restricted cash
Excluding change in fair value of investment properties, net foreign exchange gain or loss on
financing activities, loss in early redemption of US$550mm senior notes due 2017
Obtained land use right certificates, development and operation right
Unless stated otherwise
Affected by the rights issues in 2014, EPS figures in 2012 and 2013 are restated
Total dividend / Total core profit attributable to the owners of the company
3View entire presentation