unaudited full year financial statements...

1

YANLORD LAND GROUP LIMITED (Company Reg. No. 200601911K)

UNAUDITED FULL YEAR FINANCIAL STATEMENTS

AND DIVIDEND ANNOUNCEMENT

FOR THE YEAR ENDED 31 DECEMBER 2014

TABLE OF CONTENT

Item No. Description Page

1(a) Consolidated Statements of Profit or Loss 2-5

1(b)(i) Statements of Financial Position 6-7

1(b)(ii) Aggregate Amount of Group’s Borrowings and Debt Securities 8

1(c) Consolidated Statements of Cash Flows 9-11

1(d) Statements of Comprehensive Income 12-13

1(e)(i) Unaudited Statements of Changes in Equity 14-23

1(e)(ii)(iii)(iv) Details of Any Changes in Company’s Issued Share Capital 24-25

2&3 Audit Statement 25

4&5 Changes in Accounting Policies 26

6 Earnings per Share 27

7 Net Asset Value per Share 27

8 Review of Performance 28-30

9 Variance from Previous Forecast or Prospect Statement 31

10 Outlook and Prospects 31-32

11&12 Dividend 32-33

13 Interested Person Transactions Mandate 33

14&15 Review of Segment Performance 34-36

16 Breakdown of Revenue and Profit After Tax 36

17 Annual Dividend 37

18 Disclosure of person occupying a managerial position in the

issuer or any of its principal subsidiaries who is a relative of a

director or chief executive officer or substantial shareholder

38

2


UNAUDITED FULL YEAR ("FY 2014") FINANCIAL STATEMENTS AND

DIVIDEND ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2014

PART I – INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2, Q3

AND Q4), HALF YEAR AND FULL YEAR RESULTS

1(a) An income statement (for the Group), together with a comparative statement for the

corresponding period of the immediately preceding financial year.

Consolidated Statements of Profit or Loss for the Year Ended 31 December 2014

% %

4Q 2014 4Q 2013 Change FY 2014 FY 2013 Change

RMB’000 RMB’000 + / (-) RMB’000 RMB’000 + / (-)

(Unaudited) (Unaudited) (Unaudited) (Audited)

Revenue 7,484,359 4,710,696 59 11,733,334 11,280,109 4

Cost of sales (5,416,973) (2,909,258) 86 (8,302,184) (7,279,775) 14

Gross profit 2,067,386 1,801,438 15 3,431,150 4,000,334 (14)

Other operating income 939,309 596,619 57 1,100,206 636,528 73

Selling expenses (89,127) (68,172) 31 (260,284) (213,955) 22

Administrative expenses (179,974) (184,956) (3) (525,767) (561,472) (6)

Other operating expenses (987) (1,235) (20) (4,069) (3,057) 33

Finance cost (57,400) (63,043) (9) (236,566) (208,042) 14

Share of profit of joint

ventures 267 92,844 (100) 93,527 87,632 7

Profit before income tax 2,679,474 2,173,495 23 3,598,197 3,737,968 (4)

Income tax (1,021,924) (891,889) 15 (1,478,764) (1,645,869) (10)

Profit for the period / year 1,657,550 1,281,606 29 2,119,433 2,092,099 1

Profit attributable to:

Equity holders of the

Company 1,070,233 1,093,295 (2) 1,359,447 1,473,753 (8)

Non-controlling interests 587,317 188,311 212 759,986 618,346 23

1,657,550 1,281,606 29 2,119,433 2,092,099 1

3


Profit before income tax was arrived at after charging / (crediting) the following:

4Q 2014 4Q 2013 FY 2014 FY 2013

RMB’000 RMB’000 RMB’000 RMB’000


Allowance for doubtful debts and bad debts

written off - 44 - 41

Depreciation expense 7,626 7,994 30,661 35,418

Dividend income from held-for-trading

investment (89) (119) (208) (209)

Fair value gain on investment properties (929,988) (572,058) (991,491) (572,058)

Fair value (gain) loss on held-for-trading

investment (593) 326 (2,460) (71)

Finance cost 57,400 63,043 236,566 208,042

Interest income (39,170) (13,789) (81,626) (42,062)

Net (gain) loss on disposal of property, plant

and equipment (142) 64 (303) 111

Net gain on disposal of investment properties (331) (193) (1,202) (1,091)

Net foreign exchange loss 78,547 38,540 38,956 97,598

Revenue and cost of sales

Revenue of the Group, net of business tax, recorded a growth of 58.9% or RMB2.774 billion to

RMB7.484 billion in 4Q 2014 from RMB4.711 billion in 4Q 2013. Higher revenue achieved in 4Q

2014 was mainly attributable to increase in gross floor area (“GFA”) delivered as well as higher

average selling price (“ASP”) per square metre (“sqm”) achieved in 4Q 2014 as compared with the

corresponding period last year. Driven by the higher revenue achieved in 4Q 2014, FY 2014

revenue grew 4.0% or RMB453 million to RMB11.733 billion as compared to RM11.280 billion in FY

2013. The increase in FY 2014 revenue was primarily attributable to a higher ASP per sqm

achieved as a result of the delivery of higher-priced projects namely, Yanlord Sunland Gardens (仁

恒森兰雅苑) in Shanghai and Yanlord Yangtze Riverbay Town (仁恒江湾城) in Nanjing, partly offset

by lower GFA delivered in FY 2014 as compared to FY 2013.

Cost of sales, which mainly included land, construction and capitalised borrowing costs, increased

in-line with the increases in revenue to RMB5.417 billion in 4Q 2014 and RMB8.302 billion in FY

2014 from RMB2.909 billion in 4Q 2013 and RMB7.280 billion in FY 2013 respectively.

4


Other contributors to the Group's revenue included the rental of investment properties, provision of

property management services, other ancillary services and advance purchase of construction

materials.

Other operating income

Other operating income comprising primarily a fair value gain on investment properties and interest

income increased by RMB343 million to RMB939 million in 4Q 2014 and by RMB464 million to

RMB1.100 billion in FY 2014 respectively as compared to the corresponding periods last year,

primarily due to an increase in fair value gain on investment properties. Other than continuing

appreciation in value of existing investment properties, the Group also recorded a fair value gain on

its new investment properties as a result of reclassifying a commercial property under development

namely, Yanlord Marina Centre (仁恒滨海中心) in Zhuhai and a completed property for sale as at 31

December 2014 namely, Yanlord Lakeview Bay - Land Parcel A6 (仁恒双湖湾 – A6地块) in Suzhou,

into investment properties in current year under review.

Selling expenses

Selling expenses, which mainly included staff costs, advertising and promotion expenses, as well as

intermediary agency fee, increased to RMB89 million in 4Q 2014 and RMB260 million in FY 2014

from RMB68 million in 4Q 2013 and RMB214 million in FY 2013 respectively. The increases were

mainly due to the increase in the sales locations and marketing personnel, as well as the Group's

continued commitment to launch a series of marketing campaigns to support the increases in

numbers of projects launched and delivered in 2014.

Administrative expenses

Administrative expenses mainly comprised of staff costs, utilities, entertainment expenses,

professional fees, other taxes, rental, depreciation and net foreign exchange loss. Administrative

expenses in 4Q 2014 declined by RMB5 million to RMB180 million in 4Q 2014 and by RMB36

million to RMB526 million in FY 2014 as compared with the same periods last year. The decrease

in FY 2014 was primarily due to a lower net foreign exchange loss incurred in FY 2014 as compared

to last year, partly offset by an increase in headcount and consequently staffing costs in current year

to support the growth of the Group’s business. The net foreign exchange loss in FY 2014 was

mainly due to the appreciation of the Company’s US$ denominated senior notes against its S$

functional currency in the period under review.

5


Finance cost

Finance cost, net of capitalised interest, decreased by RMB6 million to RMB57 million in 4Q 2014

and increased by RMB29 million to RMB237 million in FY 2014 as compared with the corresponding

periods last year. The higher finance cost in FY 2014 was primarily attributable to an increase in

interest expense incurred on completed investment properties. In accordance with the Group’s

accounting policy, the finance cost used to finance the development of the Group’s properties would

be capitalised. Hence, the finance cost recorded in the statements of profit or loss for a given

period may not be reflective of the Group’s actual level of borrowings.

Share of profit of joint ventures

Share of profit of joint ventures increased to RMB94 million in FY 2014 from RMB88 million in FY

2013, despite share of profit of joint ventures in 4Q 2014 was lower than 4Q 2013. The increase

was mainly attributable to the improved performance of our Sino-Singapore Nanjing Eco Hi-tech

Island (中新南京生态科技岛), an urban development project to be progressively completed in

phases, which spans a total GFA of approximately 6,000,000 sqm. The project is jointly developed

with Sembcorp Development Ltd.

Income tax

Income tax comprised of statutory enterprise income tax, land appreciation tax and dividend

withholding tax. In tandem with the movement of profit before income tax, income tax was higher

at RMB1.022 billion in 4Q 2014 as compared to RMB892 million in 4Q 2013, while income tax was

lower at RMB1.479 billion in FY 2014 as compared to RMB1.646 billion in FY 2013.

6


1(b)(i) A statement of financial position (for the issuer and Group), together with a

comparative statement as at the end of the immediately preceding financial year.

Statements of Financial Position as at 31 December 2014

GROUP COMPANY

31.12.2014 31.12.2013 31.12.2014 31.12.2013

RMB’000 RMB’000 RMB’000 RMB’000

(Unaudited) (Audited) (Unaudited) (Audited)

ASSETS

Non-current assets

Property, plant and equipment 1,065,073 757,334 - -

Investment properties 10,244,250 8,764,770 - -

Properties for development 8,958,369 9,960,451 - -

Investments in subsidiaries - - 2,390,874 2,465,544

Investment in an associate - - - -

Investments in joint ventures 694,013 600,486 - -

Other receivables 304,876 - - -

Non-trade amount due from non-controlling

shareholders of a subsidiary 210,642 158,367 - -

Intangible asset 613 613 - -

Deferred tax assets 370,340 219,707 - -

Derivative financial instruments 1,426 20,402 - -

Total non-current assets 21,849,602 20,482,130 2,390,874 2,465,544

Current assets

Inventories 44,793 40,830 - -

Completed properties for sale 5,221,147 4,324,410 - -

Properties under development for sale 32,116,714 28,640,895 - -

Trade receivables 39,118 39,213 - -

Other receivables and deposits 583,587 411,268 1 3

Non-trade amounts due from:

Subsidiaries - - 12,542,828 12,785,666

Associate 366 354 - -

Joint ventures - 230 - -

Non-controlling shareholders of subsidiaries 512,601 376,380 - -

Other related parties 562 551 - -

Income tax prepayment 324,619 - - -

Held-for-trading investment 13,610 11,056 - -

Pledged bank deposits 29,842 29,643 - -

7


GROUP COMPANY

31.12.2014 31.12.2013 31.12.2014

0

31.12.2013

RMB’000 RMB’000 RMB’000 RMB’000

(Unaudited) (Audited) (Unaudited) (Audited)

Cash and cash equivalents 6,590,084 7,082,045 3,535 6,894

Total current assets 45,477,043 40,956,875 12,546,364 12,792,563

Total assets 67,326,645 61,439,005 14,937,238 15,258,107

EQUITY AND LIABILITIES

Capital and reserves

Share capital 7,261,726 7,261,726 7,261,726 7,261,726

Reserves 11,913,045 10,667,853 (659,157) (346,090)

Equity attributable to equity holders of

the Company 19,174,771 17,929,579 6,602,569 6,915,636

Non-controlling interests 10,198,470 9,928,798 - -

Total capital and reserves 29,373,241 27,858,377 6,602,569 6,915,636

Non-current liabilities

Bank loans – due after one year 11,480,881 7,535,512 273,651 293,138

Senior notes 6,243,882 6,185,391 4,258,493 4,209,800

Deferred tax liabilities 1,648,103 1,363,647 - -

Non-trade amount due to a non-controlling

shareholder of subsidiaries 20,000 20,000 - -

Total non-current liabilities 19,392,866 15,104,550 4,532,144 4,502,938

Current liabilities

Bank loans – due within one year 2,081,398 3,262,391 14,674 -

Convertible notes - 326,261 - 326,261

Trade payables 5,496,168 5,077,788 - -

Other payables 7,788,290 6,608,820 86,820 107,009

Non-trade amounts due to:

Subsidiary - - 3,679,754 3,249,140

Ultimate holding company - 133,741 - 133,741

Directors 21,277 23,382 21,277 23,382

Non-controlling shareholders of subsidiaries 189,833 153,427 - -

Other related parties 1,996 - - -

Income tax payable 2,981,576 2,890,268 - -

Total current liabilities 18,560,538 18,476,078 3,802,525 3,839,533

Total equity and liabilities 67,326,645 61,439,005 14,937,238 15,258,107

8


1(b)(ii) Aggregate amount of Group’s borrowings and debt securities

GROUP

As at 31.12.2014 As at 31.12.2013

RMB’000 RMB’000

(Unaudited) (Unaudited)

Amount repayable in one year or less, or on demand:-

Secured 1,305,170 1,685,313

Unsecured 866,789 2,125,727

Sub-total 1 2,171,959 3,811,040

Amount repayable after one year:-

Secured 7,533,815 6,143,142

Unsecured 10,190,948 7,577,761

Sub-total 2 17,724,763 13,720,903

Total debt 19,896,722 17,531,943

Details of any collateral

Secured borrowings are generally secured by the borrowing companies’ property, plant and

equipment, investment properties, properties for development, properties under development for

sale, completed properties for sale and bank deposits.

9


1(c) A statement of cash flows (for the Group), together with a comparative statement for the

corresponding period of the immediately preceding financial year.

Consolidated Statements of Cash Flows for the Year Ended 31 December 2014

4Q 2014 4Q 2013 FY 2014 FY 2013

RMB’000 RMB’000 RMB’000 RMB’000


Operating activities

Profit before income tax 2,679,474 2,173,495 3,598,197 3,737,968

Adjustments for:

Allowance for doubtful debts and bad

debts written off - 44

- 41

Depreciation expense 7,626 7,994 30,661 35,418

Dividend income from held-for-trading

investment (89) (119)

(208) (209)

Fair value gain on investment

properties (929,988) (572,058) (991,491) (572,058)

Fair value (gain) loss on

held-for-trading investment (593) 326

(2,460) (71)

Finance cost 57,400 63,043 236,566 208,042

Interest income (39,170) (13,789) (81,626) (42,062)

Net (gain) loss on disposal of

property, plant and equipment (142) 64

(303) 111

Net gain on disposal of investment

properties (331) (193)

(1,202) (1,091)

Share of profit of joint ventures (267) (92,844) (93,527) (87,632)

Operating cash flows before

movements in working capital 1,773,920 1,565,963

2,694,607 3,278,457

Properties for development (41,097) (1,511,107) (3,305,546) (3,191,695)

Inventories (3,244) 5,720 (3,682) (1,152)

Completed properties for sale 396,702 966,031 1,841,877 2,674,828

Properties under development for sale 2,984,493 (119,947) (1,040,549) (1,650,760)

Trade and other receivables and

deposits (18,003) 50,351

(418,411) (68,432)

10


4Q 2014 4Q 2013 FY 2014 FY 2013

RMB’000 RMB’000 RMB’000 RMB’000


Trade and other payables (2,400,555) 205,575 1,554,305 2,734,574

Cash generated from operations 2,692,216 1,162,586 1,322,601 3,775,820

Interest paid (310,425) (320,939) (1,333,726) (1,129,219)

Income tax paid (256,406) (308,877) (1,578,253) (1,556,699)

Net cash from (used in) operating

activities 2,125,385 532,770 (1,589,378) 1,089,902

Investing activities

Acquisition of a subsidiary - - - 327

Investments in joint ventures - - - (177,131)

Dividend received from held-for-trading

investment 89 119

208 209

Interest received 9,169 8,920 48,869 28,458

Decrease (Increase) in pledged bank

deposits 634 192,218

(199) (14,571)

Proceeds on disposal of property, plant

and equipment 984 278

2,079 9,066

Proceeds on disposal of investment

properties 2,214 4,659

10,204 20,025

Payment for property, plant and

equipment (81,342) (42,572)

(246,348) (100,600)

Payment for investment properties (88,456) (95,650) (232,647) (139,127)

Advance to an associate - - (12) (136)

(Advance to) Repayment from joint

ventures - (203)

230 (230)

(Advance to) Repayment from

non-controlling shareholders of

subsidiaries (107,851) 30,836

(62,610) (142,109)

Net cash (used in) from investing activities (264,559) 98,605 (480,226) (515,819)

11


4Q 2014 4Q 2013 FY 2014 FY 2013

RMB’000 RMB’000 RMB’000 RMB’000


Financing activities

Dividends paid - - (125,097) (181,363)

Dividends paid to non-controlling

shareholders of subsidiaries (24,990) (251,823) (596,022) (625,823)

Net proceeds on issue of senior notes - - 1,966,685 1,969,864

Proceeds from bank loans 1,950,693 2,204,136 8,630,158 7,550,165

Repayment of bank loans (1,018,691) (619,188) (5,887,395) (5,097,558)

Redemption of convertible notes - - (348,208) -

Redemption of senior notes - - (1,938,765) -

Repayment to joint ventures (589) - - -

Advance from (Repayment to) directors 19,893 21,953 19,374 (7,989)

(Repayment to) Advance from ultimate

holding company (18,738) 15,436 (166,707) (76,901)

Advance from (Repayment to)


subsidiaries 3,371 (47,907) 3,750 (228,607)

Advance from other related parties 250 - 1,996 -

Cash (withdrawal) injection from


subsidiaries - (22,414) 55,537 (369,732)

Net cash from financing activities 911,199 1,300,193 1,615,306 2,932,056

Net increase (decrease) in cash and cash

equivalents 2,772,025 1,931,568

(454,298) 3,506,139

Cash and cash equivalents at beginning

of period / year 3,781,628 5,206,196

7,082,045 3,540,577

Effect of exchange rate changes on the

balance of cash held in foreign

currencies 36,431 (55,719)

(37,663) 35,329

Cash and cash equivalents at end of

period / year 6,590,084 7,082,045

6,590,084 7,082,045

12


1(d) A statement of comprehensive income (for the issuer and Group), together with a

comparative statement for the corresponding period of the immediately preceding

financial year.

Group Statements of Comprehensive Income for the Year Ended 31 December 2014

4Q 2014 4Q 2013 FY 2014 FY 2013

RMB’000 RMB’000 RMB’000 RMB’000


Profit for the period / year 1,657,550 1,281,606 2,119,433 2,092,099

Other comprehensive income:

Items that may be reclassified

subsequently to profit or loss:

Currency translation difference 122,284 94,412 22,714 302,619

Cash flow hedge 1,551 25,169 (11,872) 4,778

Other comprehensive income for

the period / year 123,835 119,581 10,842 307,397

Total comprehensive income for

the period / year 1,781,385 1,401,187 2,130,275 2,399,496

Total comprehensive income

attributable to:

Equity holders of the Company 1,194,068 1,212,876 1,370,289 1,781,189

Non-controlling interests 587,317 188,311 759,986 618,307

1,781,385 1,401,187 2,130,275 2,399,496

13


Unaudited Company Statements of Comprehensive Income for the Year Ended 31

December 2014

4Q 2014 4Q 2013 FY 2014 FY 2013

RMB’000 RMB’000 RMB’000 RMB’000

(Loss) Profit for the period / year (193,795) (204,724) 28,283 666,155

Other comprehensive expense:

Items that may be reclassified

subsequently to profit or loss:

Currency translation difference (276,175) (118,508) (216,253) (451,219)

Other comprehensive expense for

the period / year (276,175) (118,508) (216,253) (451,219)

Total comprehensive (expense)

income for the period / year (469,970) (323,232) (187,970) 214,936

Total comprehensive (expense)

income attributable to:

Equity holders of the Company (469,970) (323,232) (187,970) 214,936

Non-controlling interests - - - -

(469,970) (323,232) (187,970) 214,936

14


1(e)(i) A statement (for the issuer and Group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation

issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.

Unaudited Group Statements of Changes in Equity for the Year Ended 31 December 2014

Share

capital

Currency

translation

reserve

Equity

reserve

Statutory

reserve

Merger

deficit

Hedging

reserve

Other

reserve

Accumulated

profits

Attributable to

equity holders

of the

Company

Non-

controlling

interests

Total

RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Balance at 1 January 2014 7,261,726 (110,114) 181,505 963,718 (1,834,019) 4,778 (337,230) 11,799,215 17,929,579 9,928,798 27,858,377

Total comprehensive income for the period:

Profit for the period - - - - - - - 266,001 266,001 92,302 358,303

Other comprehensive expense for the period - (147,438) - - - 8,137 - - (139,301) - (139,301)

Total - (147,438) - - - 8,137 - 266,001 126,700 92,302 219,002

Transactions with owners, recognised directly

in equity:

Dividend declared to non-controlling

shareholders - - - - - - - - - (352,281) (352,281)

Appropriations - - - 16,609 - - - (16,609) - - -

Total - - - 16,609 - - - (16,609) - (352,281) (352,281)

Balance at 31 March 2014 7,261,726 (257,552) 181,505 980,327 (1,834,019) 12,915 (337,230) 12,048,607 18,056,279 9,668,819 27,725,098

15


Share

capital

Currency

translation

reserve

Equity

reserve

Statutory

reserve

Merger

deficit

Hedging

reserve

Other

reserve

Accumulated

profits

Attributable to

equity holders

of the

Company

Non-

controlling

interests

Total




Other comprehensive expense for the period - (29,489) - - - 137 - - (29,352) - (29,352)

Total - (29,489) - - - 137 - 14,809 (14,543) 43,376 28,833


in equity:

Capital injection by non-controlling

shareholders - - - - - - - - - 55,537 55,537

Dividends - - - - - - - (125,097) (125,097) - (125,097)

Dividend declared to non-controlling

shareholders - - - - - - - - - (210,645) (210,645)

Appropriations - - - 39,492 - - - (39,492) - - -

Total - - - 39,492 - - - (164,589) (125,097) (155,108) (280,205)

Balance at 30 June 2014 7,261,726 (287,041) 181,505 1,019,819 (1,834,019) 13,052 (337,230) 11,898,827 17,916,639 9,557,087 27,473,726

16


Share

capital

Currency

translation

reserve

Equity

reserve

Statutory

reserve

Merger

deficit

Hedging

reserve

Other

reserve

Accumulated

profits

Attributable to

equity holders

of the

Company

Non-

controlling

interests

Total




Other comprehensive income for the period - 77,357 - - - (21,697) - - 55,660 - 55,660

Total - 77,357 - - - (21,697) - 8,404 64,064 36,991 101,055

Transfer on redemption of convertible notes

due 2014, representing total transaction with

owners, recognised directly in equity - - (181,505) - - - - 181,505 - - -

Balance at 30 September 2014 7,261,726 (209,684) - 1,019,819 (1,834,019) (8,645) (337,230) 12,088,736 17,980,703 9,594,078 27,574,781

17


Share

capital

Currency

translation

reserve

Equity

reserve

Statutory

reserve

Merger

deficit

Hedging

reserve

Other

reserve

Accumulated

profits

Attributable to

equity holders

of the

Company

Non-

controlling

interests

Total



Profit for the period - - - - - - - 1,070,233 1,070,233 587,317 1,657,550

Other comprehensive income for the period - 122,284 - - - 1,551 - - 123,835 - 123,835

Total - 122,284 - - - 1,551 - 1,070,233 1,194,068 587,317 1,781,385


in equity:


shareholders - - - - - - - - - 82,500 82,500

Dividend declared to a non-controlling

shareholder - - - - - - - - - (65,425) (65,425)

Appropriations - - - 55,672 - - - (55,672) - - -

Total - - - 55,672 - - - (55,672) - 17,075 17,075

Balance at 31 December 2014 7,261,726 (87,400) - 1,075,491 (1,834,019) (7,094) (337,230) 13,103,297 19,174,771 10,198,470 29,373,241

18


Unaudited Group Statements of Changes in Equity for the Year Ended 31 December 2013

Share

capital

Currency

translation

reserve

Equity

reserve

Statutory

reserve

Merger

deficit

Hedging

reserve

Other

reserve

Accumulated

profits

Attributable to

equity holders

of the

Company

Non-

controlling

interests

Total


Balance at 1 January 2013 7,261,726 (412,772) 181,505 781,973 (1,834,019) - (337,230) 10,688,570 16,329,753 10,353,503 26,683,256



Other comprehensive income for the period - 75,914 - - - - - - 75,914 (39) 75,875

Total - 75,914 - - - - - 67,305 143,219 98,451 241,670


in equity:


shareholders - - - - - - - - - 53,631 53,631


shareholder - - - - - - - - - (356,000) (356,000)

Appropriations - - - 65,312 - - - (65,312) - - -

Total - - - 65,312 - - - (65,312) - (302,369) (302,369)

Balance at 31 March 2013 7,261,726 (336,858) 181,505 847,285 (1,834,019) - (337,230) 10,690,563 16,472,972 10,149,585 26,622,557

19


Share

capital

Currency

translation

reserve

Equity

reserve

Statutory

reserve

Merger

deficit

Hedging

reserve

Other

reserve

Accumulated

profits

Attributable to

equity holders

of the

Company

Non-

controlling

interests

Total


Total comprehensive income for the period


Other comprehensive income for the period - 130,200 - - - (24,573) - - 105,627 - 105,627

Total - 130,200 - - - (24,573) - 6,437 112,064 72,208 184,272


in equity

Dividends - - - - - - - (181,363) (181,363) - (181,363)


shareholder - - - - - - - - - (18,000) (18,000)

Appropriations - - - (1,144) - - - 1,144 - - -

Total - - - (1,144) - - - (180,219) (181,363) (18,000) (199,363)

Balance at 30 June 2013 7,261,726 (206,658) 181,505 846,141 (1,834,019) (24,573) (337,230) 10,516,781 16,403,673 10,203,793 26,607,466

20


Share

capital

Currency

translation

reserve

Equity

reserve

Statutory

reserve

Merger

deficit

Hedging

reserve

Other

reserve

Accumulated

profits

Attributable to

equity holders

of the

Company

Non-

controlling

interests

Total





Total - 2,132 - - - 4,182 - 306,716 313,030 259,337 572,367


in equity

Acquisition of a subsidiary - - - - - - - - - 400 400

Return of non-controlling shareholder's

share of reserves - - - - - - - - - (336,121) (336,121)

Appropriations - - - 441 - - - (441) - - -

Total - - - 441 - - - (441) - (335,721) (335,721)

Balance at 30 September 2013 7,261,726 (204,526) 181,505 846,582 (1,834,019) (20,391) (337,230) 10,823,056 16,716,703 10,127,409 26,844,112

21


Share

capital

Currency

translation

reserve

Equity

reserve

Statutory

reserve

Merger

deficit

Hedging

reserve

Other

reserve

Accumulated

profits

Attributable to

equity holders

of the

Company

Non-

controlling

interests

Total



Profit for the year - - - - - - - 1,093,295 1,093,295 188,311 1,281,606


Total - 94,412 - - - 25,169 - 1,093,295 1,212,876 188,311 1,401,187


in equity

Return of non-controlling shareholder's

share of reserves - - - - - - - - - (95,909) (95,909)

Capital injection by a non-controlling

shareholder - - - - - - - - - 8,667 8,667

Dividends declared to non-controlling

shareholders - - - - - - - - - (299,680) (299,680)

Appropriations - - - 117,136 - - - (117,136) - - -

Total - - - 117,136 - - - (117,136) - (386,922) (386,922)

Balance at 31 December 2013 7,261,726 (110,114) 181,505 963,718 (1,834,019) 4,778 (337,230) 11,799,215 17,929,579 9,928,798 27,858,377

22


Unaudited Company Statements of Changes in Equity for the Year Ended 31 December 2014

Share

capital

Currency

translation

reserve

Equity

reserve

Accumulated

(losses)

profits

Total

RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Balance at 1 January 2014 7,261,726 (289,082) 181,505 (238,513) 6,915,636


Profit for the period - - - 41,773 41,773


the period - 219,315 - - 219,315

Total - 219,315 - 41,773 261,088

Balance at 31 March 2014 7,261,726 (69,767) 181,505 (196,740) 7,176,724


Profit for the period - - - 368,099 368,099


the period - 56,318 - - 56,318

Total - 56,318 - 368,099 424,417

Dividends, representing total transaction

with owners, recognised directly in equity - - - (125,097) (125,097)

Balance at 30 June 2014 7,261,726 (13,449) 181,505 46,262 7,476,044

Total comprehensive expense for the period:

Loss for the period - - - (187,794) (187,794)


the period - (215,711) - - (215,711)

Total - (215,711) - (187,794) (403,505)

Transfer on redemption of convertible notes

due 2014, representing total transaction with

owners, recognised directly in equity - - (181,505) 181,505 -

Balance at 30 September 2014 7,261,726 (229,160) - 39,973 7,072,539




the period - (276,175) - - (276,175)

Total - (276,175) - (193,795) (469,970)

Balance at 31 December 2014 7,261,726 (505,335) - (153,822) 6,602,569

23


Unaudited Company Statements of Changes in Equity for the Year Ended 31 December 2013

Share

capital

Currency

translation

reserve

Equity

reserve

Accumulated

(losses)

profits

Total

RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Balance at 1 January 2013 7,261,726 162,137 181,505 (723,305) 6,882,063




the period - (119,187) - - (119,187)

Total - (119,187) - (210,015) (329,202)

Balance at 31 March 2013 7,261,726 42,950 181,505 (933,320) 6,552,861


Profit for the period - - - 1,151,852 1,151,852


the period - (240,874) - - (240,874)

Total - (240,874) - 1,151,852 910,978

Dividends, representing total transaction with

owners, recognised directly in equity - - - (181,363) (181,363)

Balance at 30 June 2013 7,261,726 (197,924) 181,505 37,169 7,282,476




the period - 27,350 - - 27,350

Total - 27,350 - (70,958) (43,608)

Balance at 30 September 2013 7,261,726 (170,574) 181,505 (33,789) 7,238,868




the period - (118,508) - - (118,508)

Total - (118,508) - (204,724) (323,232)

Balance at 31 December 2013 7,261,726 (289,082) 181,505 (238,513) 6,915,636

24


1(e)(ii) Details of any changes in the Company’s share capital arising from rights issue, bonus

issue, share-buy-backs, exercise of share options or warrants, conversion of other issues of

equity securities, issue of shares for cash or as consideration for acquisition or for any other

purpose since the end of the previous period reported on. State also the number of shares that

may be issued on conversion of all the outstanding convertibles, as well as the number of

shares held as treasury shares, if any, against the total number of issued shares excluding

treasury shares of the issuer, as at the end of the current financial period reported on and as at

the end of the corresponding period of the immediately preceding financial year.

Share Capital

As at 31 December 2014, the issued and fully paid-up share capital of the Company, net of expenses,

was RMB7.262 billion (30 September 2014: RMB7.262 billion). Details of the Company’s issued

ordinary shares at the end of the relevant financial periods were as follows:

Number of

ordinary shares

’000

RMB’000

As at 31 December 2013 1,948,736 7,261,726

As at 1 October 2014 and 31 December 2014 1,948,736 7,261,726

Convertible Notes Due 2014

The Company had in July 2009 issued S$375 million convertible notes due 2014 (“Notes 2014” and

each, a “Note 2014”) at a conversion price of S$2.6208 per share. With effect from 1 June 2010, the

conversion price was adjusted from S$2.6208 to S$2.59 per share and with effect from 6 June 2011,

from S$2.59 to S$2.56 per share. With effect from 16 May 2013, the conversion price was further

adjusted from S$2.56 to S$2.52 per share and with effect from 6 June 2014, from S$2.52 to S$2.49

per share.

In July 2012, the holders of S$305 million outstanding Notes 2014 exercised their put options. In July

2014, the Company redeemed the remaining S$70 million outstanding Notes 2014 in full in

accordance with the terms set out in the Trust Deed dated 13 July 2009. No Note 2014 was

converted into ordinary shares during the financial period and outstanding for conversion into ordinary

shares as at the end of the current financial period.

25


Based on the conversion price of S$2.52 per share and assuming the remaining S$70 million

outstanding Notes 2014 as at 31 December 2013 were fully converted, the number of new ordinary

shares to be issued would be approximately 27,777,777 shares as at 31 December 2013.

Treasury Shares

The Company did not hold any treasury shares as at 31 December 2014 and 31 December 2013.

1(e)(iii) To show the total number of issued shares excluding treasury shares as at the end of

the current financial period and as at the end of the immediately preceding year.

Please refer to Note 1(e)(ii).

1(e)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury

shares as at the end of the current financial period reported on.

Not applicable.

2. Whether the figures have been audited or reviewed, and in accordance with which auditing

standard or practice

The figures for the fourth quarter and full year ended 31 December 2014 have neither been audited

nor reviewed by the auditors.

3. Where the figures have been audited or reviewed, the auditor’s report (including any

qualifications or emphasis of a matter)

Not applicable.

26


4. Whether the same accounting policies and methods of computation as in the issuer’s most

recently audited annual financial statements have been applied

The Group has applied the same accounting policies and methods of computation in the unaudited

financial statements for the current financial period as those of the audited financial statements for the

year ended 31 December 2013, as well as all the applicable Singapore Financial Reporting Standards

(“FRSs”) which became effective for the financial year beginning on or after 1 January 2014. The

adoption of these new and revised FRSs has no material effect on the unaudited financial statements

for the current financial period, except as disclosed below.

FRS 112 Disclosure of Interests in Other Entities

FRS 112 is a new disclosure standard and is applicable to entities that have interests in subsidiaries,

joint arrangements, associates or unconsolidated structured entities. In general, the application of FRS

112 has resulted in more extensive disclosures in the consolidated financial statements.

5. If there are any changes in the accounting policies and methods of computations, including

any required by an accounting standard, what has changed, as well as the reasons for, and the

effect of, the change

Please refer to Note 4.

27


6. Earnings per ordinary share (EPS) of the Group for the current financial period reported on

and the corresponding period of the immediately preceding financial year, based on profit

after tax and non-controlling interests attributable to the equity holders of the Company after

deducting any provision for preference dividends.

GROUP GROUP

4Q 2014 4Q 2013 FY 2014 FY 2013


EPS based on Group’s profit

attributable to equity holders

of the Company:

(i) On the weighted average

number of shares (RMB) 54.92 cents 56.10 cents 69.76 cents 75.63 cents

- Weighted average number of

shares (’000) 1,948,736 1,948,736 1,948,736 1,948,736

(ii) On a fully diluted basis (RMB) 54.92 cents 55.40 cents 69.42 cents 74.90 cents

- Adjusted weighted average

number of shares (’000) 1,948,736 1,976,514 1,963,458 1,976,354

7. Net asset value (for the issuer and Group) per ordinary share based on the total number of

issued shares excluding treasury shares of the issuer at the end of the:-

(i) current financial period reported on; and

(ii) immediately preceding financial year

GROUP COMPANY

31.12.2014 31.12.2013 31.12.2014 31.12.2013

(Unaudited) (Unaudited) (Unaudited) (Unaudited)

Net asset value per share based

on issued share capital at the

end of the year (RMB) 9.84 9.20 3.39 3.55

28


8. A review of the performance of the Group, to the extent necessary for a reasonable

understanding of the Group’s business. It must include a discussion of the following:-

(a) any significant factors that affected the turnover, costs, and earnings of the Group for the

current financial period reported on, including (where applicable) seasonal or cyclical

factors; and

4Q 2014 vs. 4Q 2013

Underscored by a significant increase in GFA delivered to customers in 4Q 2014 and in-line with the

Group’s planned delivery schedule, revenue of the Group rose 58.9% or RMB2.774 billion to

RMB7.484 billion in 4Q 2014 from RMB4.711 billion in 4Q 2013. In addition, the higher ASP per sqm

achieved by the Group in 4Q 2014 as a result of the change in composition of product mix to include a

larger portion of higher-priced project, Yanlord Sunland Gardens (仁恒森兰雅苑) in Shanghai, further

drove revenue growth in 4Q 2014 as compared to 4Q 2013. Revenue in 4Q 2014 was mainly

generated from the handover of three new projects namely, Yanlord Yangtze Riverbay Town (Phase 3)

(仁恒江湾城三期) in Nanjing, Yanlord Sunland Gardens (Phase 2) (仁恒森兰雅苑二期) in Shanghai

and Yanlord Lakeview Bay – Land Parcel A5 (仁恒双湖湾 – A5 地块) in Suzhou, which accounted for

42.4%, 32.2% and 11.8% respectively of the Group’s sales of properties in 4Q 2014.

Gross profit increased by 14.8% or RMB266 million to RMB2.067 billion in 4Q 2014 from RMB1.801

billion in 4Q 2013, in-line with the higher GFA delivered in the period. Gross profit margin was lower

at 27.6% in 4Q 2014 as compared to 38.2% in 4Q 2013 primarily due to the change in composition of

product mix in 4Q 2014, in particularly to include Yanlord Lakeview Bay – Land Parcel A5 (仁恒双湖

湾 – A5 地块) in Suzhou and Yanlord Sunland Gardens (Phase 2) (仁恒森兰雅苑二期) in Shanghai as

mentioned below.

Profit before income tax grew by 23.3% or RMB506 million to RMB2.679 billion in 4Q 2014 from

RMB2.173 billion in 4Q 2013 mainly attributable to the increase in GFA delivered and fair value gain

on investment properties as mentioned above in Note 1(a). Profit before income tax margin was

35.8% in 4Q 2014 as compared to 46.1% in 4Q 2013 in tandem with the lower gross profit margin

recorded in 4Q 2014.

Profit for the period increased to RMB1.658 billion in 4Q 2014 from RMB1.282 billion in 4Q 2013,

while its margin decreased to 22.1% in 4Q 2014 from 27.2% in 4Q 2013.

29


FY 2014 vs. FY 2013

Driven by the higher ASP per sqm achieved as a result of the change in composition of product mix to

deliver higher-priced projects as mentioned above in Note 1(a), the Group recorded a growth of 4.0%

or RMB453 million in its revenue to RMB11.733 billion in FY 2014 from RMB11.280 billion in FY 2013.

The major contributors to the FY 2014 revenue included the delivery of Yanlord Sunland Gardens

(Phase 1 and 2) (仁恒森兰雅苑一及二期) in Shanghai, Yanlord Yangtze Riverbay Town (Phase 3) (仁

恒江湾城三期) in Nanjing, Yanlord Lakeview Bay – Land Parcels A2 and A5 (仁恒双湖湾 – A2 及 A5

地块) in Suzhou, Yanlord Riverbay (Phase 1) (仁恒滨河湾一期) in Chengdu and Yanlord Riverside

Gardens (Phase 1) (仁恒河滨花园一期) in Tianjin, which represented 30.3%, 28.0%, 13.1%, 10.7%

and 5.3% respectively to the Group’s gross revenue from the sales of properties in FY 2014.

Gross profit was lower at RMB3.431 billion in FY 2014 as compared to RMB4.000 billion in FY 2013,

in-line with lower gross profit margin in FY 2014. The decrease in gross profit margin to 29.2% in FY

2014 from 35.5% in FY 2013 was mainly due to the change in composition of product mix in FY 2014,

in particularly to include three relatively lower profit margin projects namely, Yanlord Lakeview Bay –

Land Parcel A5 (仁恒双湖湾 – A5 地块) in Suzhou, Yanlord Riverbay (Phase 1) (仁恒滨河湾一期) in

Chengdu and Yanlord Sunland Gardens (Phase 2) (仁恒森兰雅苑二期) in Shanghai. Lower profit

margin of the latter was due to its relatively higher land cost as compared to its Phase 1.

The lower FY 2014 gross profit partly offset by the higher fair value gain on investment properties as

mentioned above in Note 1(a), hence, profit before income tax and its margin decreased slightly by

3.7% and 2.4 percentage points respectively to RMB3.598 billion and 30.7% respectively in FY 2014

as compared to last year.

Profit for the year increased slightly by 1.3% or RMB27 million to RMB2.119 billion in FY 2014 as

compared with last year, while profit for the year margin remained stable at approximately 18% in both

FY 2014 and FY 2013.

b) any material factors that affected the cash flows, working capital, assets or liabilities of

the Group during the current financial period reported on.

30


STATEMENTS OF FINANCIAL POSITION

Other receivables (Non-current assets)

Other receivables of RMB305 million as at 31 December 2014 mainly represented payments for

resettlement deals for land parcels in Chengdu, which was adjacent to our integrated commercial

development - Yanlord Landmark (仁恒置地广场).

Income tax prepayment (Current assets)

Income tax prepayment, which mainly included prepayments on statutory enterprise income tax and

land appreciation tax, was RMB325 million as at 31 December 2014. Material income tax

prepayment was separately presented in the current year, while such prepayment amount as at 31

December 2013 was included in and netted off with “Income tax payable (Current liabilities)” in the

statements of financial position as at 31 December 2013.

Other payables (Current liabilities)

Other payables, which mainly included advances received from customers, increased by 17.8% or

RMB1.179 billion to RMB7.788 billion as at 31 December 2014 from RMB6.609 billion as at 31

December 2013 mainly due to an increase in pre-sales proceeds received from customers.

STATEMENTS OF CASH FLOWS

Net cash used in operating activities

Compared to net cash inflow of RMB1.090 billion in FY 2013, the Group recorded net cash used in

operating activities of RMB1.589 billion in FY 2014 primarily due to higher construction cost payments

and relatively lower net operating profit generated in current year as compared with last year, as well

as the payments for resettlement deals in Chengdu for the year under review.

Net bank loan drawdown

Net bank loan drawdown in 4Q 2014 decreased to RMB932 million from RMB1.585 billion in 4Q 2013,

while the net bank loan drawdown in FY 2014 increased to RMB2.743 billion from RMB2.453 billion in

FY 2013. The increase in net bank loan drawdown in current year was in-line with the funding

requirements of the Group to meet the continuing development of various existing projects as well as

the land bank payments for the year under review, such as Oasis New Island Gardens (绿洲新岛花园)

(formerly known as Nanjing Eco Hi-tech Island - Land Parcel G73 (南京生态科技岛 – G73 地块)) in

Nanjing and the newly acquired land parcel in 2Q 2014 namely, Suzhou Gao Xin Land (苏州高新地块).

31


9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders,

any variance between it and the actual results

No forecast or prospect statement for the current financial period has been previously disclosed to

shareholders.

10. A commentary at the date of the announcement of the significant trends and competitive

conditions of the industry in which the Group operates and any known factors or events that

may affect the Group in the next reporting period and the next 12 months

INDUSTRY OUTLOOK

To better encourage home ownership in the People's Republic of China ("PRC")1, the PRC central

bank has in recent months released various credit easing measures including reduction in interest

rates, relaxation of bank reserve ratio requirements as well as the easing of the eligibility criteria for

first-home mortgages, allowing buyers who have fully repaid mortgages to enjoy lower downpayments

and mortgage rates, with first-home status. These liquidity measures coupled with the expressed

statement to local banks to support the reasonable financing needs of developers will serve to further

support end-user housing demand and contribute to the sustainable development of the PRC real

estate sector.

In addition to the easing of liquidity measures, buyer sentiments in the PRC were further buoyed by

the progressive relaxation of austerity measures introduced by the central government since 2010 to

cool the property sector in various cities across the PRC.

COMPANY OUTLOOK

The Group continues to witness steadfast buyer demand for its high-quality residential developments.

As at 31 December 2014, the Group has received advances for pre-sale properties (recorded as

“Other payables” in the statements of financial position), amounting to RMB6.891 billion, with an

accumulated pre-sale amount of RMB10.384 billion.

1 Reference: The People's Bank of China Notice released on 30 September 2014 (中国人民银行中国银行业监督管理委员会关

于进一步做好住房金融服务工作的通知)

32


The Group will continue to launch new batches of its existing projects in 1Q 2015 namely, Oasis New

Island Gardens (Phase 1) (绿洲新岛花园一期) in Nanjing, Yanlord Rosemite (仁恒峦山美地花园) in

Shenzhen, Yanlord Western Gardens (仁恒西郊雅苑) in Shanghai, Tianjin Jinnan Land (Phase 2) (景

新花园二期) and Yanlord Marina Peninsula Gardens (Phase 1) (仁恒滨海半岛花园一期) (formerly

known as Yanlord Marina Peninsula Gardens - Land Parcels S3 and SB (仁恒滨海半岛花园 – S3 及

SB 地块)) in Zhuhai.

Outlook

Normalisation of the PRC real estate sector following the relaxation of regulatory policies and the

liquidity easing measures may still be some time away as banks work out the details of their revised

policies towards real estate lending and cooling measures implemented in first-tier cities such as

Beijing and Shanghai continue to be in force. As such, near term volatilities in the PRC real estate

sector is expected to continue. To mitigate against these uncertainties, the Group has its prudent

financial policies coupled with its cash position. This will drive its sustained development. Led by

an experienced and dedicated management team with extensive industry knowledge of the PRC real

estate sector, the Group will continue to focus on its business strategies and comparative advantages

in the development of quality residential apartments in prime locations within high growth PRC cities.

This will best allow for the sustainable growth of the Group’s core business segments and to capitalise

on the long term growth prospects of the PRC real estate sector.

Barring any further significant deterioration in the global economy and any other unforeseen

circumstances, the Board of Directors is confident of the Group’s performance relative to the industry

trend for the next reporting period and the next 12 months based on the number of pre-sale units

to-date, expected delivery schedules and on-schedule construction works in progress.

11. Dividend

(a) Any dividend declared for the current financial period reported on? Yes. Please refer to Note 17.

(b) Any dividend declared for the corresponding period of the immediately preceding financial year?

Yes. Please refer to Note 17.

(c) Date payable: To be announced at a later date.

(d) Books closure date: To be announced at a later date.

33


12. If no dividend has been declared/recommended, a statement to that effect

Not applicable.

13. If the Group has obtained a general mandate from shareholders for Interested Person

Transactions (“IPTs”), the aggregate value of such transactions as required under Rule

920(1)(a)(ii). If no IPT mandate has been obtained, a statement to that effect.

The aggregate IPTs entered into during the financial year under review under Chapter 9 of the

SGX-ST Listing Manual were as follows:-

Name of interested person

Aggregate value of all interested

person transactions during the

financial year under review

(excluding transactions less than

S$100,000 and transactions

conducted under shareholders'

mandate pursuant to Rule 920)

FY 2014

Aggregate value of all

interested person

transactions conducted

under shareholders'

mandate pursuant to Rule

920 (excluding transactions

less than S$100,000)

FY 2014

Yanlord Holdings Pte. Ltd.* RM11,290,670 NA

Pretty Honour Investment Limited* RMB19,880,280 NA

Zhong Si Min* RMB7,810,314 NA

Total: RMB38,981,264 NA

The Group does not have a shareholders’ general mandate for IPTs.

NA: Not applicable

Note:

* Associates (as defined in the SGX Listing Manual) of Zhong Sheng Jian, director and controlling

shareholder of the Company.

http://rulebook.sgx.com/en/display/display.html?rbid=3271&element_id=5276



34


PART II – ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT (This

part is not applicable to Q1, Q2, Q3 or Half Year Results)

14. Segmental revenue and results for business or geographical segments (of the Group) in

the form presented in the issuer’s most recently audited annual financial statements, with

comparative information for the immediately preceding year.

UNAUDITED SEGMENTAL ANALYSIS

Revenue Profit (loss) before income tax

FY 2014 FY 2013 % Change FY 2014 FY 2013 % Change

RMB’000 RMB’000 + / (-) RMB’000 RMB’000 + / (-)

Property development 10,907,988 10,569,622 3 2,626,019 3,221,482 (18)

Property investment 447,868 453,878 (1) 1,092,393 712,934 53

Others 377,478 256,609 47 (120,215) (196,448) (39)

11,733,334 11,280,109 4 3,598,197 3,737,968 (4)

NM: Not meaningful

Property Development

The Group continued to record a year-to-year increase of 3.2% in its revenue from sales of properties,

net of business tax, to RMB10.908 billion in FY 2014 as compared with RMB10.570 billion in FY 2013

primarily due to higher ASP per sqm achieved in current year as compared with last year as

mentioned above in Note in 1(a). Profit before income tax and profit before income tax margin

decreased to RMB2.626 billion and 24.1% respectively in FY 2014 from RMB3.221 billion and 30.5%

respectively in FY 2013, in-line with the lower gross profit and gross profit margin recorded in the

periods as the result of the change in composition of production mix as mentioned above in Note 8(a).

The Group successfully completed the inaugural delivery of four developments in FY 2014 namely,

Yanlord Yangtze Riverbay Town (Phase 3) (仁恒江湾城三期) in Nanjing, Yanlord Sunland Gardens

(Phase 2) (仁恒森兰雅苑二期) in Shanghai, Yanlord Riverbay (Phase 1) (仁恒滨河湾一期) in Chengdu

and Yanlord Lakeview Bay – Land Parcel A5 (仁恒双湖湾 – A5 地块) in Suzhou, which collectively

accounted for 67.8% of the Group’s gross revenue from sales of properties in FY 2014. The Group

continued to receive positive market responses on subsequent batches of its existing projects namely,

Yanlord Sunland Gardens (Phase 1) (仁恒森兰雅苑一期) in Shanghai, Yanlord Lakeview Bay – Land

35


Parcel A2 (仁恒双湖湾 – A2 地块) in Suzhou and Yanlord Riverside Gardens (Phase 1) (仁恒河滨花园

一期) in Tianjin, which collectively accounted for 19.6% of the Group’s gross revenue from sales of

properties in FY 2014. Each of these three existing projects’ ASP per sqm recorded an increase in

FY 2014 as compared with FY 2013.

Property Investment

Revenue from property investment portfolio, which mainly included rental income net of business tax,

decreased slightly by 1.3% or RMB6 million to RMB448 million in FY 2014 from RMB454 million in FY

2013.

Profit before income tax recorded a considerable increase of 53.2% or RMB379 million to RMB1.092

billion in FY 2014 from RMB713 million in FY 2013 mainly attributable to the increase in fair value gain

on investment properties in current year as compared with last year. Fair value of all existing

investment properties continued to appreciate in FY 2014 over the immediately preceding financial

year, particularly the commercial complex in Yanlord Landmark (仁恒置地广场) in Chengdu and

Yanlord Riverside Plaza (仁恒海河广场) in Tianjin as well as serviced apartments of Yanlord

International Apartments (Tower A) (仁恒国际公寓 A 栋) in Nanjing, which collectively accounted for

73.1% of the Group’s fair value gain on investment properties in FY 2014. Three new investment

properties namely, office building in Yanlord Marina Centre - Section A (仁恒滨海中心 - A 标段) in

Zhuhai as well as retail shops in Yanlord Marina Centre - Section B (仁恒滨海中心 - B 标段) in Zhuhai

and Yanlord Lakeview Bay - Land Parcel A6 (仁恒双湖湾 – A6 地块) in Suzhou, also collectively

contributed 23.2% to the Group’s fair value gain on investment properties in FY 2014.

Others

Other segment included mainly property management, ancillary services, advance purchase of

construction materials and investment holding. Revenue from other segment increased by 47.1% or

RMB121 million to RMB377 million in FY 2014 from RMB257 million in FY 2013. The increase was

mainly attributable to an increase in income from advance purchase of construction materials and an

increase in management fee income riding on continuing delivery of properties to customers in current

reporting year.

Loss before income tax in other segment decreased to RMB120 million in FY 2014 from RMB196

million in FY 2013 primarily due to the lower net foreign exchange loss as mentioned above in Note

1(a) and higher interest income in current year as compared with last year.

36


15. In the review of performance, the factors leading to any material changes in contributions

to revenue and earnings by the business or geographical segments

None.

16. Breakdown of Group’s revenue and profit after tax for first half year and second half year

2014

RMB’000

2013

RMB’000

% Change

+ / (-)

(Unaudited) (Unaudited)

Revenue

- first half 3,271,745 3,061,824 7

- second half 8,461,589 8,218,285 3

Full year revenue 11,733,334 11,280,109 4

Profit after tax before deducting non-controlling interests (“PAT”)

- first half 416,488 244,440 70

- second half 1,702,945 1,847,659 (8)

Full year PAT 2,119,433 2,092,099 1

37


17. A breakdown of the total annual dividend (in dollar value) for the issuer’s latest full year

and its previous full year.

FY 2014 (1)

FY 2013

Name of dividend First and final (One-tier) tax

exempt

First and final (One-tier) tax

exempt

Type of dividend Cash Cash

Dividend per share (RMB) 6.33 cents (2)

6.42 cents (3)

Dividend per share

(equivalent to S$) 1.30 cents 1.30 cents

Annual dividend (RMB’000) RMB123,410 (2)

RMB125,097 (3)

Annual dividend (equivalent

to S$’000) S$25,334 S$25,334

Note:

(1) The Board of Directors has recommended the payment of a dividend for FY 2014. Payment of the said

dividend is subject to the approval of shareholders at the forthcoming Annual General Meeting. The above

annual dividend for FY 2014 is estimated based on the number of issued shares as at 31 December 2014.

(2) The said dividend will be paid in Singapore dollar. For the reference, the equivalent in RMB is calculated at

the average exchange rate of S$1:RMB4.8714 for FY 2014.

(3) The said dividend was paid in Singapore dollar. The equivalent in RMB was calculated at an exchange rate of

S$1:RMB4.9380.

38


18. Disclosure of person occupying a managerial position in the issuer or any of its principal

subsidiaries who is a relative of a director or chief executive officer or substantial shareholder

of the issuer pursuant to Rule 704(13) in the format below. If there are no such persons, the

issuer must make an appropriate negative statement.

Name Age

Family

relationship with

any director,

chief executive

officer and / or

substantial

shareholder

Current position and

duties, and the year the

position was held

Details of

changes in

duties and

position held,

if any, during

the year

Zhong Sheng Jian 57 Uncle of Zhong

Siliang, Executive

Director of the

Company

Yanlord Land Group Limited:

Chairman and Chief

Executive Officer of the

Group since 1993.

Responsible for overall

management and strategy

development of the Group.

Principal Subsidiary:

(i) Nanjing Yanlord Real

Estate Co., Ltd.

Director since 2006.

NA

Zhong Siliang 37 Nephew of Zhong

Sheng Jian,

Chairman and

Chief Executive

Officer of the

Company

Yanlord Land Group Limited:

Executive Director since

2006.

NA

NA: Not applicable

39


ON BEHALF OF THE BOARD

Zhong Sheng Jian

Chairman and Chief Executive Officer

25 February 2015

unaudited full year financial statements...

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