Financial Highlights

2021 2020 Year-on-Year Growth

Contracted sales

Contracted sales (RMB'billion)  247.3 231.0 7.1%
Contracted GFA (sq.m.) 14,486,887 15,385,100 -5.8%
Contracted ASP (RMB/sq.m.) 17,067 15,000 13.8%

Selected financial information (RMB'million)

Recognized revenue 107,835 71,799 50.2%
Gross profit 20,797 15,609 33.2%
Profit for the year attributable to equity owners 7,613 8,032 -5.2%
Core net profit attributable to equity owners 7,284 8,026 -9.2%

Selected balance sheet data (RMB'million)

Total assets 432,750 379,299 14.1%
Bank balances and cash 46,710 51,155 -8.7%
Total indebtedness 114,112 104,715 9.0%
Total equity 107,400 83,642 28.4%
Equity attributable to equity owners 41,990 36,052 16.5%
2021 2020

Selected financial ratios

Gross profit margin (adjusted) 19.3% 21.7%
Core net profit margin 6.8% 11.2%
Earnings per share (basic), RMB cents 92 99
Core earnings per share (basic), RMB cents 87 99
Core return on average equity 18.7% 24.2%
Net debt-to-equity ratio, at the end of year 62.8% 64.0%
Weighted average cost of indebtedness,   at the end of year 5.0% 5.4%

Land bank (GFA, million sq.m.)

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

-Total 52.5 56.5
-Attributable 28.4 30.8

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

-Total 11.7 13.1
-Attributable 6.0 8.7

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.