Gemdale Properties And Investment : ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015 AND PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Gemdale Properties and Investment Corporation Limited 金地商置集團有限公司*

(Incorporated in Bermuda with limited liability)

(Stock Code: 535)

ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015 AND PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL FINANCIAL HIGHLIGHTS

Year ended 31 December
2015	2014	Change
RMB'000	RMB'000	%
Revenue	4,240,759	2,168,450	＋ 96
Gross profit	2,062,186	840,871	＋ 145
Profit after tax	1,375,151	645,925	＋ 113
Profit attributable to owners of the Company	1,056,202	360,884	＋ 193
Earnings per share attributable to owners of
the Company
- Basic (RMB)	0.0769	0.0397	＋ 94
- Diluted (RMB)	0.0769	0.0397	＋ 94
31 December 2015	31 December 2014	Change
RMB'000	RMB'000	%
Deposits, bank and cash balances	1,724,917	1,781,943	－ 3
Total borrowings	4,147,432	2,169,866	＋ 91
Net debt (1)	2,422,515	387,923	＋ 524
Net debt ratio (2)	25%	6%	N/A
Shareholders fund	8,679,597	4,890,360	＋ 77
Net assets per share attributable to owners of	0.550	0.538	＋ 2
the Company (RMB)

(1) Measured by total borrowings minus deposits, bank and cash balances

(2) Defined as net debt over total equity (including non-controlling interests)

* For identification purpose only

ANNUAL RESULTS

The board of directors (the "Directors") of Gemdale Properties and Investment Corporation Limited (the "Company") announces the consolidated results of the Company and its subsidiaries ("the Group") for the year ended 31 December 2015 together with the relevant comparative figures.

Consolidated Statement of Profit or Loss Year ended 31 December 2015
Notes	2015 RMB'000	2014 RMB'000
Revenue	3	4,240,759	2,168,450
Cost of sales	(2,178,573)	(1,327,579)
Gross profit	2,062,186	840,871
Direct operating expenses Other income and gains Changes in fair values of investment properties	3	(381,342) 244,811 244,133	(290,723) 98,726 154,832
Net gains on disposal of subsidiaries	13	-	293,127
Administrative expenses	(99,582)	(79,079)
Finance costs	4	(152,411)	(68,089)
Share of profits and losses of joint ventures	338,097	(4,797)
Profit before tax	5	2,255,892	944,868
Tax	6	(880,741)	(298,943)
Profit for the year	1,375,151	645,925
Attributable to: Owners of the Company	1,056,202	360,884
Non-controlling interests	318,949	285,041
1,375,151	645,925
Earnings per share attributable to
owners of the Company:

- Basic (RMB) 7 0.0769 0.0397

- Diluted (RMB) 7 0.0769 0.0397

Consolidated Statement of Comprehensive Income

Year ended 31 December 2015

2015 2014 RMB'000 RMB'000

Profit for the year 1,375,151 645,925

- Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods Exchange fluctuation reserves: Exchange differences on translation of foreign operations Share of exchange differences on translation of foreign operations of a joint venture Release upon deregistration of subsidiaries	(371,033) (14,899) 2,713 - (17,633) (63,525)
Net other comprehensive loss to be reclassified to profit or loss in subsequent periods - Other comprehensive income not to be reclassified to profit or loss in subsequent periods Exchange fluctuation reserves: Exchange differences on translation of foreign operations	(385,953) (78,424) 306,540 14,403

Other comprehensive income/(loss)

Other comprehensive loss for the year, net of tax	(79,413)	(64,021)
Total comprehensive income for the year	1,295,738	581,904
Attributable to: Owners of the Company	955,244	309,046
Non-controlling interests	340,494	272,858
1,295,738	581,904

Consolidated Statement of Financial Position 31 December 2015
Note	2015 RMB'000	2014 RMB'000
NON-CURRENT ASSETS Property, plant and equipment	35,396	21,803
Investment properties	4,004,049	3,408,135
Prepayment for acquisition of a land use right	100,500	-
Prepayments, deposits and other receivables	854,412	323,107
Investments in joint ventures	715,735	78,030
Advance to a joint venture	187,622	-
Loans to a related company	420,000	200,000
Available-for-sale financial investment	7,583	6,960
Deferred tax assets	136,864	40,565
Total non-current assets	6,462,161	4,078,600
CURRENT ASSETS Properties held for sale	1,270,684	861,691
Properties under development	10,237,353	7,579,302
Prepayments for acquisitions of land use rights	1,124,276	-
Available-for-sale financial investments	1,400,000	300,000
Trade receivables	9	9,253	16,206
Prepayments, deposits and other receivables	1,359,280	212,944
Advances to joint ventures	655,691	-
Due from the ultimate holding company	400	-
Due from fellow subsidiaries	4,355	8,229
Due from joint ventures	699,600	-
Due from a non-controlling shareholder	52,938	49,901
Due from a related company	674	-
Prepaid tax	79,516	-
Restricted cash	19,827	10,835
Deposits, bank and cash balances	1,724,917	1,781,943
Total current assets	18,638,764	10,821,051