Financial Highlights

2019 2018 Year-on-Year Growth

Contracted sales

Contracted sales (RMB'billion)  200.6 152.0 32.0%
Contracted GFA (sq.m.) 12,035,500 9,569,400 25.8%
Contracted ASP (RMB/sq.m.) 16,700 15,900 5.0%

Selected financial information (RMB'million)

Recognized revenue 54,766 42,368 29.3%
Gross profit 13,754 10,613 29.6%
Profit for the year attributable to equity owners 6,437 5,409 19.0%
Core net profit attributable to equity owners 6,903 5,536 24.7%

Selected balance sheet data (RMB'million)

Total assets 322,700 241,061 33.9%
Bank balances and cash 57,642 44,618 29.2%
Total indebtedness 103,699 77,865 33.2%
Total equity 67,216 49,446 35.9%
Equity attributable to equity owners 30,165 25,604 17.8%
2019 2018

Selected financial ratios

Gross profit margin (adjusted) 30.0% 34.7%
Core net profit margin 12.6% 13.1%
Earnings per share (basic), RMB cents 82 70
Core earnings per share (basic), RMB cents 89 72
Return on average equity 24.8% 23.8%
Net debt-to-equity ratio, at the end of year 68.5% 67.2%
Weighted average cost of indebtedness,   at the end of year 6.0% 5.8%

Land bank (GFA, million sq.m.)

Land bank (GFA, million sq.m.), at the end of year

-Total 50.7 41.2
-Attributable 26.5 20.7

New land acquisition   (GFA, million sq.m.), during the year

-Total 15.2 12.4
-Attributable 9.9 7.1

Glossary and Definitions

“Contracted sales” includes contracted sales by the Group’s subsidiaries, joint ventures and associated companies. Contracted sales data is unaudited and is based on internal information of the Group. Contracted sales data may be subject to various uncertainties during the process of collating such sales information and is provided for investors’ reference only.

“Core net profit” excludes fair value gains/losses, net exchange loss/gain, expenses relating to share option grants, loss on early redemption of senior notes, and share of fair value gains/losses and net exchange loss/gain at joint ventures and associated companies, net of deferred taxes.

"Bank balances and cash” include restricted bank deposits.

“Total indebtedness” includes bank and other borrowings, onshore corporate bonds, convertible bonds and offshore senior notes.

“Core net profit margin” is calculated based on core net profit attributable to equity owners over total recognised revenue.

The calculation of “return on average equity” is based on our core net profit divided by average equity attributable to equity owners for each financial year.

“Net debt-to-equity ratio” is calculated by the Group’s total indebtedness under IFRS less bank balances and cash (including restricted bank deposits) as a percentage of total equity at the end of each financial year.

“Weighted average cost of indebtedness” is the weighted average of interest costs of all indebtedness outstanding as at the end of each financial year.

The expression “we”, “us” and “our Company” may be used to refer to our Company or our Group as the context may require.

References to our “land bank”, “development projects”, “property projects” or “projects” refer to our property projects with land for which we have obtained land-use rights and property projects for which we have not obtained land-use rights but have entered into the land grant contracts or received successful tender auction confirmations as at the relevant dates.

The site area information for an entire project is based on the relevant land use rights certificates, land grant contracts or tender documents, depending on which documents are available. If more than one document is available, such information is based on the most recent document available.

The figures for GFA are based on figures provided in or estimates based on the relevant governmental documents, such as the property ownership certificate, the construction work planning permit, the pre-sale permit, the construction land planning permit or the land use rights certificate.