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Review Of Performance
2Q 2018 vs. 2Q 2017
Revenue of the Group surged 125.9% or RMB5.386 billion in 2Q 2018 to RMB9.663 billion from RMB4.277 billion in 2Q 2017 underscored by the significant increase in GFA delivered to customers. The Group continued to deliver new projects in 2Q 2018 namely, Tianjin Jinnan Land (Phase 3) (景新花园三期), Oasis New Island Gardens (Phase 3) (绿洲新岛花园三期) in Nanjing and Yanlord Marina Peninsula Gardens (Phase 2) (仁恒滨海半岛花园二期) in Zhuhai, which accounted for 38.0%, 26.1%, and 12.9% respectively to the Group’s 2Q 2018 gross revenue on sales of properties.
Gross profit recorded a commendable growth of 110.8% or RMB2.014 billion to RMB3.831 billion in 2Q 2018 from RMB1.817 billion in 2Q 2017. Gross profit margin was slightly lower at 39.6% in 2Q 2018 as compared to 42.5% in 2Q 2017 primarily due to the change in composition of product mix delivered in the period.
In-line with the increase in gross profit reported in 2Q 2018, profit before income tax increased by 135.5% or RMB2.074 billion to RMB3.604 billion in 2Q 2018 from RMB1.530 billion in 2Q 2017, while profit before income tax margin grew by 1.5 percentage points to 37.3% in 2Q 2018 from 35.8% in 2Q 2017.
Consequently, the Group's profit for the period increased to RMB2.019 billion in 2Q 2018 from RMB648 million in 2Q 2017, which represented an increase of 211.6% or RMB1.371 billion. Profit for the period margin reported a growth of 5.8 percentage points to 20.9% in 2Q 2018 as compared with 15.1% in 2Q 2017.
1H 2018 vs. 1H 2017
Revenue of the Group rose 59.0% or RMB6.253 billion to RMB16.851 billion in 1H 2018 from RMB10.598 billion in 1H 2017 underscored by the significant increase in GFA delivered to customers and the higher ASP per sqm achieved in 1H 2018 in-line with the Group’s delivery schedule. Revenue in 1H 2018 was mainly generated from Yanlord on the Park (仁恒世纪公寓) in Shanghai, Tianjin Jinnan Land (Phase 3) (景新花园三期) and Oasis New Island Gardens (Phase 3) (绿洲新岛花园三期) in Nanjing, which represented 34.2%, 21.9% and 15.0% of the Group's gross revenue on sales of properties in 1H 2018.
In-line with the increase in revenue, gross profit reported a commendable growth of 58.5% or RMB2.892 billion to RMB7.835 billion in 1H 2018 as compared to RMB4.943 billion in 1H 2017. Gross profit margin remained at approximately 46.5% in 1H 2018 as compared to 46.6% in 1H 2017.
As such, profit before income tax grew considerably by 61.6% or RMB2.782 billion to RMB7.297 billion in 1H 2018 from RMB4.515 billion in 1H 2017, and profit before income tax margin increased by 0.7 percentage point to 43.3% in 1H 2018 from 42.6% in 1H 2017.
Profit for the period also reported a significant growth of 80.3% or RMB1.699 billion to RMB3.815 billion in 1H 2018 as compared to RMB2.116 billion in 1H 2017, while profit for the period margin reported an increase of 2.6 percentage points to 22.6% in 1H 2018 from 20.0% in 1H 2017.
STATEMENTS OF FINANCIAL POSITION
Other receivables and deposits
Other receivables and deposits increased to RMB3.871 billion as at 30 June 2018 from RMB2.402 billion as at 31 December 2017 mainly due to increase in deposits for potential projects.
Non-trade amount due from joint ventures
Non-trade amount due from joint ventures increased to RMB4.689 billion as at 30 June 2018 from RMB2.697 billion as at 31 December 2017 mainly due to increase in long term shareholder’s loan to the joint venture projects.
Other receivables and deposits
Other receivables and deposits increased by RMB1.260 billion to RMB5.183 billion as at 30 June 2018 from RMB3.924 billion as at 31 December 2017 mainly due to increase in deposits for potential projects.
Senior notes increased by RMB2.327 billion to RMB5.239 billion as at 30 June 2018 as compared to RMB2.912 billion as at 31 December 2017 mainly due to the issuance of US$350 million 6.75% senior notes due 2023 in April 2018 by a wholly-owned subsidiary of the Company. Transaction costs that related to the issuance were included in the carrying amount of the senior notes and amortised over the period of the senior notes using the effective interest method.
Non-trade amount due to a joint venture
Non-trade amount due to a joint venture of RMB100 million as at 30 June 2018 is advance from a joint venture.
Non-trade amounts due to non-controlling shareholders of subsidiaries
Non-trade amounts due to non-controlling shareholders of subsidiaries decreased to RMB54 million as at 30 June 2018 from RMB1.266 billion as at 31 December 2017 mainly due to transfer of the amounts due within one year to current liabilities.
Other payables, which mainly included advances received from customers, decreased by 41.9% or RMB9.233 billion to RMB12.818 billion as at 30 June 2018 from RMB22.052 billion as at 31 December 2017 mainly due to a decrease in pre-sales proceeds received from the customers.
Non-trade amount due to an associate
Non-trade amount due to an associate of RMB227 million as at 30 June 2018 is the dividend payable to an associate.
Non-trade amounts due to joint ventures
Non-trade amounts due to joint ventures of RMB100 million as at 30 June 2018 is mainly advance from a joint venture.
Put liability to acquire non-controlling interest
Put liability to acquire non-controlling interest as at 30 June 2018 was RMB733 million, which represented a potential contractual liability incurred in 2016 for the Group to purchase the equity interest from a non-controlling shareholder of a subsidiary, if so demanded in future. As the earliest date for the non-controlling shareholder to exercise the non-cancellable right to put back its shares to the Group are expected within one year, the liability was transferred from non-current liabilities to current liabilities.
STATEMENTS OF CASH FLOWS
Net cash used in operating activities
Net cash used in operating activities decreased by RMB507 million to RMB2.635 billion in 2Q 2018 from RMB3.142 billion in 2Q 2017 and decreased by RMB6.790 billion to RMB3.290 billion in 1H 2018 from RMB10.080 billion in 1H 2017, primarily attributable to decrease in landbank payments, which partly offset by a decrease in advances received from customers in current reporting periods over the same periods last year.
Net drawdown from bank and other borrowings
Net drawdown from bank and other borrowings decreased by RMB8.339 billion to RMB1.202 billion in 2Q 2018 from RMB9.541 billion in 2Q 2017 and decreased by RMB9.010 billion to RMB2.009 billion from RMB11.018 billion in 1H 2017, in-line with our decrease in the fund used in operating activities.
The People’s Republic of China ("PRC") real estate sector grew steadily in 1H 2018 with total investment in residential development rising 13.6% to RMB3.899 trillion based on data compiled by the National Bureau of Statistics ("NBS") on 16 July 2018. Buoyed by healthy demand for residential properties, prices for primary commodity housing within the top 70 cities rose approximately 5.8% in June 2018 based on NBS dated 17 July 2018.
The Group continues to witness steadfast buyer demand for its high-quality residential developments. As at 30 June 2018, the Group has received advances for pre-sale properties (recorded as “Other payables” in the statements of financial position), amounting to RMB11.522 billion, with an accumulated pre-sale amount of RMB14.199 billion.
The Group will continue to deliver projects in accordance with its delivery schedule. This would include launching new projects and new batches of existing projects in 3Q 2018 namely, Nanjing Daji Land Parcels (Phase 1) (南京大吉别墅项目一期) and Yanlord Taoyuan Gardens (桃园世纪华庭) in Nanjing, Yanlord Eastern Gardens (仁恒东邑雅苑) in Shanghai, Riverbay Gardens (江湾雅园) in Suzhou, Tangshan Nanhu Eco-City - Land Parcel A8 (唐山南湖生态城 A8 地块) in Tangshan and The Mansion In Park (Phase 1) (仁恒公园世纪一期) in Tianjin.
The PRC economy grew steadily in 1H 2018 rising 6.8% based on data released by the NBS on 17 July 2018. In view of the healthy economic development and the rising aspirations of home upgraders, Yanlord, with its high quality landbank and strong brand recognition, is well poised to tap the continued demand growth for quality residential developments in the PRC. To better mitigate against volatilities in the global economy and the recent austerity measures of the government’s policies in the PRC, the Group will continue to maintain its strong cash position and prudent financial policies to ensure the sustainable growth and development of the Group.
Barring any 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.