Annual Results Highlights:
sales and contracted gross floor area ("GFA") surged by 46.2% and 52.1% to RMB152.0
billion and 9,569,400 sq.m. respectively. The
overwhelming growth was due to the Group's abundant and well diversified
saleable resources across different regions and cities and mainly driven by the
strong performance of certain second- and third-tier cities which were less
affected by government controls.
- Core net profit increased by 35.6% to RMB5,536
- Gross profit margin (adjusted) and core net
profit margin reached to 34.7% and 13.1% respectively.
final dividend of HK23 cents per share in aggregate
with the interim dividend paid of HK7 cents, total dividends for the full year
of 2018 amounted to HK30 cents per share (FY2017: HK23 cents per share). Total
dividends for the year increased by 40.0%.
- Weighted average cost of indebtedness stood at
a low level of 5.8%.
- Net debt-to-equity ratio of 67.2%, abundant
cash on hand of RMB44.6 billion.
- Strategically entered 15 new cities, acquired 93
new projects in 2018. Total planned GFA of land acquisition amounted
to approx. 12.4 million sq.m.. Land cost attributable to the Group's equity
interests was approx. RMB41.0 billion while the average land acquisition cost
was approx. RMB6,190 per sq.m..
- Both offshore and onshore credit ratings have
been further upgraded. Fitch and Moody's maintained the CIFI's
credit rating at "BB" (with "Stable" outlook) and "Ba3" (with "Positive"
outlook) respectively, while Standard & Poor's upgraded its credit rating
outlook to "BB--" (with "Positive" outlook). On the other hand, each of the
onshore credit rating agencies, namely China Chengxin Credit Ratings, United
Ratings and China Lianhe Credit Rating, assigned "AAA" onshore credit ratings
to the Company and CIFI China.
CHINA - Media OutReach - CIFI Holdings (Group) Co. Ltd.
("CIFI" or the "Group", HKEx stock code: 884), a leading
real estate developer engaged in the property development and investment
business in the first-, second- and robust third-tier cities in China, is
pleased to announce its annual results for the year ended 31 December 2018.
Lin Zhong, Chairman and Executive Director of the Group said, "due
to the stringent real estate controls and tight liquidity environment in 2018,
land prices in second- and strong third-tier cities have shown dramatic
corrections. We believe that these city segments will offer attractive
investment opportunities in the medium and long term, especially in the more
challenging industry environments."
"CIFI has always been pursuing sustainable, rapid and quality growth. We
have set an initial contracted sales
target for the full year of 2019 at RMB190.0 billion, representing an
increase of 25% from the contracted sales in 2018. Supply of saleable resources are estimated to amount to over RMB350
billion for the full year of 2019. Based on our abundant saleable resources
and conservative sell-through assumption, we are confident of achieving our
2019 yearly sales target. We are confident that our massive and well
diversified portfolio of saleable resources acquired at reasonable land costs
will be defensive in the current tight real estate environment and will provide
substantial upside potential when real estate policies become favourable again
in future." Mr. Lin concluded.