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Gemdale Properties and Investment Corporation Limited 金地商置集團有限公司*(Incorporated in Bermuda with limited liability)
(Stock Code: 535)
ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015 AND PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL FINANCIAL HIGHLIGHTSYear ended 31 December | |||
2015 | 2014 | Change | |
RMB'000 | RMB'000 | % | |
Revenue | 4,240,759 | 2,168,450 | + 96 |
Gross profit | 2,062,186 | 840,871 | + 145 |
Profit after tax | 1,375,151 | 645,925 | + 113 |
Profit attributable to owners of the Company | 1,056,202 | 360,884 | + 193 |
Earnings per share attributable to owners of | |||
the Company | |||
- Basic (RMB) | 0.0769 | 0.0397 | + 94 |
- Diluted (RMB) | 0.0769 | 0.0397 | + 94 |
31 December 2015 | 31 December 2014 | Change | |
RMB'000 | RMB'000 | % | |
Deposits, bank and cash balances | 1,724,917 | 1,781,943 | - 3 |
Total borrowings | 4,147,432 | 2,169,866 | + 91 |
Net debt (1) | 2,422,515 | 387,923 | + 524 |
Net debt ratio (2) | 25% | 6% | N/A |
Shareholders fund | 8,679,597 | 4,890,360 | + 77 |
Net assets per share attributable to owners of | 0.550 | 0.538 | + 2 |
the Company (RMB) |
(1) Measured by total borrowings minus deposits, bank and cash balances
(2) Defined as net debt over total equity (including non-controlling interests)
* For identification purpose only
ANNUAL RESULTSThe board of directors (the "Directors") of Gemdale Properties and Investment Corporation Limited (the "Company") announces the consolidated results of the Company and its subsidiaries ("the Group") for the year ended 31 December 2015 together with the relevant comparative figures.
Consolidated Statement of Profit or Loss Year ended 31 December 2015 | |||
Notes | 2015 RMB'000 | 2014 RMB'000 | |
Revenue | 3 | 4,240,759 | 2,168,450 |
Cost of sales | (2,178,573) | (1,327,579) | |
Gross profit | 2,062,186 | 840,871 | |
Direct operating expenses Other income and gains Changes in fair values of investment properties | 3 | (381,342) 244,811 244,133 | (290,723) 98,726 154,832 |
Net gains on disposal of subsidiaries | 13 | - | 293,127 |
Administrative expenses | (99,582) | (79,079) | |
Finance costs | 4 | (152,411) | (68,089) |
Share of profits and losses of joint ventures | 338,097 | (4,797) | |
Profit before tax | 5 | 2,255,892 | 944,868 |
Tax | 6 | (880,741) | (298,943) |
Profit for the year | 1,375,151 | 645,925 | |
Attributable to: Owners of the Company | 1,056,202 | 360,884 | |
Non-controlling interests | 318,949 | 285,041 | |
1,375,151 | 645,925 | ||
Earnings per share attributable to | |||
owners of the Company: |
- Basic (RMB) 7 0.0769 0.0397
- Diluted (RMB) 7 0.0769 0.0397
Consolidated Statement of Comprehensive IncomeYear ended 31 December 2015
Profit for the year 1,375,151 645,925
- Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods Exchange fluctuation reserves: Exchange differences on translation of foreign operations Share of exchange differences on translation of foreign operations of a joint venture Release upon deregistration of subsidiaries | (371,033) (14,899) 2,713 - (17,633) (63,525) |
Net other comprehensive loss to be reclassified to profit or loss in subsequent periods - Other comprehensive income not to be reclassified to profit or loss in subsequent periods Exchange fluctuation reserves: Exchange differences on translation of foreign operations | (385,953) (78,424) 306,540 14,403 |
Other comprehensive income/(loss)
Other comprehensive loss for the year, net of tax | (79,413) | (64,021) |
Total comprehensive income for the year | 1,295,738 | 581,904 |
Attributable to: Owners of the Company | 955,244 | 309,046 |
Non-controlling interests | 340,494 | 272,858 |
1,295,738 | 581,904 |
Consolidated Statement of Financial Position 31 December 2015 | |||
Note | 2015 RMB'000 | 2014 RMB'000 | |
NON-CURRENT ASSETS Property, plant and equipment | 35,396 | 21,803 | |
Investment properties | 4,004,049 | 3,408,135 | |
Prepayment for acquisition of a land use right | 100,500 | - | |
Prepayments, deposits and other receivables | 854,412 | 323,107 | |
Investments in joint ventures | 715,735 | 78,030 | |
Advance to a joint venture | 187,622 | - | |
Loans to a related company | 420,000 | 200,000 | |
Available-for-sale financial investment | 7,583 | 6,960 | |
Deferred tax assets | 136,864 | 40,565 | |
Total non-current assets | 6,462,161 | 4,078,600 | |
CURRENT ASSETS Properties held for sale | 1,270,684 | 861,691 | |
Properties under development | 10,237,353 | 7,579,302 | |
Prepayments for acquisitions of land use rights | 1,124,276 | - | |
Available-for-sale financial investments | 1,400,000 | 300,000 | |
Trade receivables | 9 | 9,253 | 16,206 |
Prepayments, deposits and other receivables | 1,359,280 | 212,944 | |
Advances to joint ventures | 655,691 | - | |
Due from the ultimate holding company | 400 | - | |
Due from fellow subsidiaries | 4,355 | 8,229 | |
Due from joint ventures | 699,600 | - | |
Due from a non-controlling shareholder | 52,938 | 49,901 | |
Due from a related company | 674 | - | |
Prepaid tax | 79,516 | - | |
Restricted cash | 19,827 | 10,835 | |
Deposits, bank and cash balances | 1,724,917 | 1,781,943 | |
Total current assets | 18,638,764 | 10,821,051 |
Gemdale Properties And Investment Corp Ltd. issued this content on 2016-01-22 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-22 13:05:10 UTC
Original Document: http://en.gemdalepi.com/UpFiles/bpic/2016-01/20160122090227321.pdf