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Review Of Performance
1Q 2018 vs. 1Q 2017
Driven by the increases in ASP per sqm of existing projects and changes in product mix composition to include higher-priced projects in 1Q 2018 as mentioned above in Note 1(a), revenue of the Group rose 13.7% or RMB867 million to RMB7.188 billion in 1Q 2018 as compared to RMB6.321 billion in 1Q 2017. Higher-margin projects namely, Yanlord on the Park (仁恒世纪公寓) and Yanlord Western Gardens (仁恒西郊雅苑) in Shanghai, accounted for approximately 74.3% and 13.7% respectively of the Group's gross revenue from sales of properties in 1Q 2018.
The Group’s gross profit grew by 28.1% or RMB879 million to RMB4.004 billion in 1Q 2018 from RMB3.126 billion in 1Q 2017 as the result of higher ASP per sqm achieved in 1Q 2018 over the same period in 2017 as mentioned above in Note 1(a). Gross profit margin reported an increase of 6.2 percentage points to 55.7% in 1Q 2018 from 49.5% in 1Q 2017 primarily due to the change in the composition of product mix to include larger portion of higher-margin projects in 1Q 2018 as mentioned above as well as the increases in ASP per sqm of existing projects as mentioned above in Note 1(a) driven by positive market responses for Yanlord's high-quality properties.
Hence, profit before income tax experienced a growth of 23.7% or RMB708 million to RMB3.693 billion in 1Q 2018 from RMB2.985 billion in 1Q 2017. Profit before income tax margin grew by 4.2 percentage points to 51.4% in 1Q 2018 as compared to 47.2% in 1Q 2017, in-line with the increase in gross profit margin in 1Q 2018.
Profit for the period increased by 22.4% or RMB328 million to RMB1.796 billion in 1Q 2018 from RMB1.468 billion in 1Q 2017, while profit for the period margin grew by 1.8 percentage points to 25.0% in 1Q 2018 from 23.2% in 1Q 2017.
STATEMENTS OF FINANCIAL POSITION
Non-trade amount due to a joint venture
Non-trade amount due to a joint-venture of RMB100 million as at 31 March 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 RMB159 million as at 31 March 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 19.5% or RMB4.297 billion to RMB17.754 billion as at 31 March 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 amounts due to joint ventures
Non-trade amounts due to joint ventures of RMB1 million as at 31 March 2018 is mainly the amount received on behalf of the joint venture.
Non-trade amounts due to non-controlling shareholders of subsidiaries
Non-trade amounts due to non-controlling shareholders of subsidiaries increased to RMB1.091 billion as at 31 March 2018 from RMB689 million as at 31 December 2017 mainly due to transfer of the amounts due within one year from non-current liabilities, partly offset by the settlement.
STATEMENTS OF CASH FLOWS
Net cash used in operating activities
Net cash used in operating activities decreased by RMB6.283 billion to RMB655 million in 1Q 2018 from RMB6.938 billion in 1Q 2017 primarily attributable to decrease in landbank payments in current reporting period over the same period last year.
Net drawdown from bank and other borrowings
Net drawdown from bank and other borrowings decreased by RMB671 million to RMB807 million in 1Q 2018 from RMB1.477 billion in 1Q 2017 as a result of a decrease in drawdown and repayment, 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 1Q 2018 with total investment in residential development rising 13.3% to RMB1.471 trillion based on data compiled by the National Bureau of Statistics ("NBS") on 19 April 2018. Buoyed by healthy demand for residential properties, prices for primary commodity housing within the top 70 cities rose approximately 5.5% in March 2018 according to NBS on 18 April 2018.
The Group continues to witness steadfast buyer demand for its high-quality residential developments. As at 31 March 2018, the Group has received advances for pre-sale properties (recorded as "Other payables" in the statements of financial position), amounting to RMB16.602 billion, with an accumulated pre-sale amount of RMB18.197 billion.
The Group will continue to deliver projects in accordance with its delivery schedule. This would include launching a new project and new batches of existing projects in 2Q 2018 namely, Oasis New Island Gardens (Phase 2) (绿洲新岛花园二期) and Yanlord Taoyuan Gardens (桃园世纪华庭) in Nanjing, Yanlord on the Park (仁恒世纪公寓) and Yanlord Western Gardens (仁恒西郊雅苑) in Shanghai, Tang Yue Bay Gardens (棠悦湾花园) and Riverbay Gardens (江湾雅园) in Suzhou, Tianjin Hong Qiao Land (Phase 1) (红咸雅苑一期) in Tianjin as well as Yanlord Marina Peninsula Gardens (Phase 2) (仁恒滨海半岛花园二期) in Zhuhai.
Subsequent to the end of the period, the Group announced the successful joint bid for the freehold Tulip Garden project in Singapore Central Region for S$906.9 million. Ideally located within Singapore's prime District 10 address, Tulip Garden lies a stone's throw from the chic Holland Village enclave and rests on an undulating site of approximately 316,708 square feet. With a Masterplan plot ratio of 1.6, the site could potentially yield up to 670 prime residential units. This acquisition marks Yanlord's maiden entry into Singapore's residential market and will offer chic urbanites a rare opportunity to own a home in one of Singapore’s most sought after and vibrant addresses.
In March 2018, the Group entered into a strategic collaboration with state owned Shanghai Pudong Development Group Limited (上海浦东开发(集团)有限公司) to oversee the project management of approximately 1,740 rental housing units in Shanghai. Capitalising on Yanlord’s strong brand equity and track record for developing high-quality residential developments, this latest collaboration creates a unique opportunity to utilise our capabilities to further enhance our revenues from project management and property management. Looking ahead, we will leverage off this model to seek out other collaborative opportunities to drive the sustainable development of this business segment.
Given the volatilities in the global economy and the bearing of austerity measures introduced by the PRC government, the Group will continue to maintain its strong cash position and prudent financial policies to ensure the sustainable growth and development of the Group. Capitalising on the stable economic development of the PRC, which saw GDP rising 6.8% in 1Q 2018 based on the data released by NBS on 19 April 2018, Yanlord, with its high quality landbank and strong brand recognition, is well poised to tap the rising demand for quality residential developments in the PRC.
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.