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Review Of Performance
3Q 2018 vs. 3Q 2017
Driven by the significant increase in GFA delivered and the higher ASP per sqm achieved as mentioned above in Note 1(a), the Group reported a 51.7% or RMB1.947 billion growth in its revenue to RMB5.712 billion in 3Q 2018 from RMB3.764 billion in 3Q 2017. The Group continued to deliver new project in 3Q 2018 namely, Four Seasons Gardens (Phase 1) (四季花园一期) in Nantong which accounted for 13.7% to the Group’s 3Q 2018 gross revenue on sales of properties. Revenue generated from existing projects was mainly contributed by Oasis New Island Gardens (Phase 2) (绿洲新岛花园二期) in Nanjing, Yanlord Western Gardens (仁恒西郊雅苑) in Shanghai and Sanya Hai Tang Bay - Land Parcel 9 (三亚海棠湾 9 号地块), which collectively represented 56.4% of the Group's gross revenue from sales of properties in 3Q 2018.
Gross profit recorded a commendable growth of 66.4% or RMB1.044 billion to RMB2.616 billion in 3Q 2018 from RMB1.572 billion in 3Q 2017. Gross profit margin was higher at 45.8% in 3Q 2018 as compared to 41.8% in 3Q 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 3Q 2018, profit before income tax increased by 61.3% or RMB908 million to RMB2.390 billion in 3Q 2018 from RMB1.482 billion in 3Q 2017, while profit before income tax margin grew by 2.4 percentage points to 41.8% in 3Q 2018 from 39.4% in 3Q 2017.
Consequently, the Group's profit for the period increased to RMB1.244 billion in 3Q 2018 from RMB759 million in 3Q 2017, which represented an increase of 63.8% or RMB485 million. Profit for the period margin reported a growth of 1.6 percentage points to 21.8% in 3Q 2018 as compared with 20.2% in 3Q 2017.
9M 2018 vs. 9M 2017
Revenue of the Group rose 57.1% or RMB8.200 billion to RMB22.563 billion in 9M 2018 from RMB14.362 billion in 9M 2017 underscored by the significant increase in GFA delivered to customers and the higher ASP per sqm achieved in 9M 2018. Revenue in 9M 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), Yanlord Western Gardens (仁恒西郊雅苑) in Shanghai and Oasis New Island Gardens (Phase 3) (绿洲新岛花园三期) in Nanjing, which represented 26.2%, 16.8%, 12.1% and 11.8% of the Group's gross revenue on sales of properties in 9M 2018.
In-line with the increase in revenue, gross profit reported a commendable growth of 60.4% or RMB3.936 billion to RMB10.451 billion in 9M 2018 as compared to RMB6.515 billion in 9M 2017. Gross profit margin grew by 0.9 percentage point to 46.3% in 9M 2018 from 45.4% in 9M 2017.
As such, profit before income tax grew considerably by 61.5% or RMB3.690 billion to RMB9.687 billion in 9M 2018 from RMB5.997 billion in 9M 2017, and profit before income tax margin increased by 1.1 percentage point to 42.9% in 9M 2018 from 41.8% in 9M 2017.
Profit for the period also reported a significant growth of 76.0% or RMB2.184 billion to RMB5.059 billion in 9M 2018 as compared to RMB2.875 billion in 9M 2017, while profit for the period margin reported an increase of 2.4 percentage points to 22.4% in 9M 2018 from 20.0% in 9M 2017.
STATEMENTS OF FINANCIAL POSITION
Non-trade amount due from joint ventures
Non-trade amounts due from joint ventures increased to RMB7.365 billion as at 30 September 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 financial assets
Other financial assets increased to RMB176 million as at 30 September 2018 from RMB3 million as at 31 December 2017 mainly due to investment in equity instruments.
Non-trade amounts due from joint ventures
Non-trade amounts due from joint ventures increased by RMB2.183 billion to RMB5.033 billion as at 30 September 2018 from RMB2.850 billion as at 31 December 2017 mainly due to increase in shareholder’s loan to the joint venture projects.
Financial asset at fair value through profit or loss
Financial asset at fair value through profit or loss of approximately RMB10 million as at 30 September 2018 pertain to investment in fund.
Senior notes increased by RMB2.538 billion to RMB5.450 billion as at 30 September 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 RMB200 million as at 30 September 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 RMB56 million as at 30 September 2018 from RMB1.266 billion as at 31 December 2017 mainly due to transfer of amounts due within one year to current liabilities.
Non-trade amount due to an associate
Non-trade amount due to an associate of RMB227 million as at 30 September 2018 is the dividend payable to an associate.
Non-trade amount due to a joint venture
Non-trade amount due to a joint venture of RMB0.4 million as at 30 September 2018 is advance from a joint venture.
Put liability to acquire non-controlling interest
Put liability to acquire non-controlling interest as at 30 September 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 from (used in) operating activities
The Group recorded net cash from operating activities of RMB3.134 billion in 3Q 2018 and net cash used in operating activities of RMB156 million in 9M 2018 as compared to net cash used in operating activities of RMB3.734 billion in 3Q 2017 and RMB13.815 billion in 9M 2017 respectively. The net cash inflow in 3Q 2018 was mainly due to decrease in landbank payments over the same period last year.
Net drawdown from bank and other borrowings
Net drawdown from bank and other borrowings decreased by RMB5.581 billion to RMB1.455 billion in 3Q 2018 from RMB7.037 billion in 3Q 2017 and decreased by RMB14.591 billion to RMB3.464 billion from RMB18.055 billion in 9M 2017, which is in-line with the decrease in fund used in operating activities.
The People’s Republic of China ("PRC") real estate sector grew steadily in 9M 2018 with total investment in residential development rising 14.0% to RMB6.281 trillion based on data compiled by the National Bureau of Statistics ("NBS") on 19 October 2018. Buoyed by healthy demand for residential properties, prices for primary commodity housing within the top 70 cities rose approximately 8.9% in September 2018 based on NBS dated 20 October 2018.
The Group continues to witness steadfast buyer demand for its high-quality residential developments. As at 30 September 2018, the Group has received advances for pre-sale properties (recorded as “Other payables” and “Contract liabilities” in the statements of financial position), amounting to RMB9.034 billion, with an accumulated pre-sale amount of RMB11.315 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 4Q 2018 namely, Yanlord Riverbay (Phase 3) (仁恒滨河湾三期) in Chengdu, Hangzhou Intelligent City Project - Commercial Land Parcels (Phase 1) (杭州传化科技城项目 - 国际商贸园一期) in Hangzhou, Yanlord Phoenix Hill (Phase 1) (凤凰山居一期) and Yanlord Taoyuan Gardens (桃园世纪华庭) in Nanjing, New Tang’s Mansion (浅棠平江) in Suzhou, Yiwan Gardens (依湾花园), Yanlord Majestive Mansion (仁恒海和院) and The Mansion In Park (Phase 1) (仁恒公园世纪一期) in Tianjin and Wuhan Metropolis Project (武汉大都会项目).
Subsequent to the end of the period, Yanlord launched the first batch of villas at its Yanlord Phoenix Hill (Phase 1) (凤凰山居一期) in Nanjing in October 2018. Opening to healthy responses from the market, approximately 88% of the 80 villas launched were sold within two hours of the opening garnering approximately RMB541 million in contracted pre-sales.
Volatilities in the global financial markets coupled with policy headwinds arising from austerity measures introduced by the PRC central government may serve to slow the rapid growth of new land tender prices and help to maintain a stable and sustainable development of the property sector over the longer term. The PRC economy grew steadily in 3Q 2018 rising 6.5% based on data released by the NBS on 20 October 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 continual tightness in administrative policy measures in the PRC, the Group will continue to maintain its healthy 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 like price cuts in major cities, 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.