建发国际集团(01908) - 2018 - 年度财报

Financial Performance - The company achieved a record operating revenue of approximately RMB 12.371 billion for the year, representing a year-on-year growth of 158.88% compared to RMB 4.779 billion in 2017[10]. - The net profit attributable to the company's owners was approximately RMB 1.42 billion, reflecting a year-on-year increase of 169.12% from RMB 528 million in 2017[10]. - Total assets at the end of the year reached approximately RMB 62.775 billion, an increase of about 84.51% compared to RMB 34.022 billion at the end of 2017[12]. - The company's total revenue for the year was approximately RMB 12,371.42 million, an increase of about RMB 7,592.57 million compared to the previous fiscal year[28]. - Gross profit for the year was approximately RMB 4,115.16 million, an increase of about RMB 2,524.44 million compared to the previous fiscal year[28]. - Net profit attributable to shareholders for the year was approximately RMB 1,420.45 million, an increase of about RMB 892.64 million compared to the previous fiscal year[28]. - The property sales revenue for the year reached approximately RMB 1,151,694,000, an increase of about RMB 737,354,000 compared to the previous fiscal year, accounting for 93.10% of the total revenue[29]. - The total delivered property area for the year was approximately 800,305 square meters, an increase of about 53.82% compared to the previous fiscal year[29]. - The contract sales amount for the year was approximately RMB 2,479,049,000, an increase of about RMB 1,467,869,000 compared to the previous fiscal year[32]. - The average selling price of properties was approximately RMB 15,100 per square meter[13]. Real Estate Development - The company participated in 31 new real estate development projects in 2018, expanding its presence in cities such as Wuhan, Guangzhou, Shenzhen, and Zhuhai[13]. - C&D International achieved a cumulative contracted sales amount of approximately RMB 24.79 billion, with a contracted sales area of about 1.6417 million square meters, representing year-on-year growth of approximately 145.16% and 166.73% respectively[13]. - The company has a land reserve of 5.57 million square meters, distributed across various regions including Fujian, East China, Central China, and South China[13]. - The company focuses on high-end improvement projects, emphasizing product quality and service standards as core competitive advantages[13]. - The company anticipates continued growth in property sales revenue as properties in different cities are completed and delivered[29]. - The company added twenty new projects that have begun pre-sales during the year[32]. Financial Position and Debt - The company has a debt balance of approximately RMB 30,218 million at the end of 2018, with an average interest rate of 5.72%[18]. - The company's debt-to-equity ratio was approximately 284.96% and the asset-liability ratio was about 83.11% at the end of 2018, a decrease of 1.36% from the previous year[18]. - The net debt as of December 31, 2018, was approximately RMB 25,670.09 million, up from RMB 10,961.54 million as of December 31, 2017, with a net debt to equity ratio of 242.08% compared to 207.40% in the previous year[57]. - The group's capital commitments amounted to approximately RMB 16,272.27 million as of December 31, 2018, significantly increasing from RMB 4,142.21 million as of December 31, 2017, due to more new projects commenced during the year[60]. Corporate Governance and Management - The company has a diverse board with members holding advanced degrees and professional qualifications, including senior accountants and engineers, enhancing its governance and strategic decision-making capabilities[73][74][75][76][77]. - The company emphasizes its strategic planning and management experience, which is crucial for navigating market challenges and opportunities in the real estate sector[73][75][76]. - The board includes non-executive directors with extensive experience in finance and economics, contributing to a well-rounded oversight of the company's operations[77]. - The company has established a corporate governance framework and a series of policies to enhance governance and oversight capabilities[171]. - The board is responsible for leading and controlling the company, ensuring effective internal controls and risk management systems are in place[183]. Shareholder and Dividend Information - The board proposed a final dividend of HKD 1.20 per share, subject to approval at the upcoming annual general meeting[10]. - The company has adopted a dividend policy to maintain sufficient cash reserves for funding needs and future growth, without a preset payout ratio[90]. - The board of directors will consider various factors, including financial performance and cash flow, when declaring dividends[90]. - The company reported a total of 734,864,745 shares issued as of December 31, 2018, with key shareholders holding significant stakes[102]. Acquisitions and Investments - The company successfully acquired a large elderly care center with nearly 700 beds in Xiamen in 2018, aiming to create a comprehensive elderly care service institution[17]. - The company plans to focus on expanding its real estate development business and exploring new industries such as elderly care and healthcare in 2019[19]. - The company successfully acquired land use rights in Putian, Fujian Province for a total price of RMB 858 million, with an additional auction commission of RMB 17.16 million[65]. - The company agreed to acquire 100% equity of Jianyue Holdings Limited for a cash consideration of RMB 1,092,764.23 and will also provide funding to repay shareholder loans of RMB 168,957,149.55[115]. Employee and Operational Information - The group employed a total of 6,307 full-time employees as of December 31, 2018, compared to 4,652 full-time employees in 2017, with total employee costs amounting to approximately RMB 731.24 million, up from RMB 416.02 million in the previous year[64]. - The company has a service agreement with executive directors that can be renewed annually after an initial three-year term[99]. Related Party Transactions - The independent non-executive directors confirmed that the related party transactions are conducted in the ordinary course of business and on normal commercial terms[150]. - The auditor has issued an unqualified opinion regarding the related party transactions, confirming compliance with the company's pricing policy and contractual terms[152].