(incorporated in the Cayman Islands with limited liability) () Stock Code : 01628.HK Fuzhou Yuzho u Orient al Venice Annual Report 2012 Creating Value
Contents 2 4 6 10 20 36 62 67 68 78 130 139 142 257 258
Yuzhou Properties Company Limited Annual Report 2012 2 Corporate Information EXECUTIVE DIRECTORS INDEPENDENT NON-EXECUTIVE DIRECTORS AUDIT COMMITTEE REMUNERATION COMMITTEE NOMINATION COMMITTEE QUALIFIED ACCOUNTANT AND COMPANY SECRETARY AUTHORIZED REPRESENTATIVES REGISTERED OFFICE
Corporate Information 3 PRINCIPAL ADMINISTRATION AND MANAGEMENT CENTER IN THE PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG COMPANY S WEBSITE PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE HONG KONG SHARE REGISTRAR AUDITOR LEGAL ADVISORS PRINCIPAL BANKERS
Yuzhou Properties Company Limited Annual Report 2012 4 Financial Highlights INCOME STATEMENT HIGHLIGHTS RMB RMB RMB 1,884 million 1,777 million 18 8,400 17 7,700 1,543 million 15 4,300 2010 2011 2012 Gross Profit 810 million 757 million 7 5,700 8 1,000 583 million 5 8,300 RMB 4,198 million 41 9,800 1,747 million 17 4,700 3,735 million 37 3,500 Property Sales EBITDA 3,784 million 37 8,400 2010 2011 2012 1,848 million 18 4,800 1,466 million 14 6,600 2010 2011 2012 2010 2011 2012 Core Profit
Financial Highlights 5 RMB 2,733 million 27 3,300 1,957 million 19 5,700 Cash Position 3,729 million 37 2,900 2010 2011 2012 STATEMENT OF FINANCIAL POSITION HIGHLIGHTS RMB 4,780 million 47 8,000 5,557 million 55 5,700 Total Debts 7,509 million 75 900 2010 2011 2012 14,593 million 145 9,300 18,253 million 182 5,300 22,278 million 222 7,800 RMB 2010 2011 2012 Total Assets RMB 4,567 million 45 6,700 6,001 million 5,351 million 60 100 53 5,100 2010 2011 2012 Shareholders Equity
Yuzhou Properties Company Limited Annual Report 2012 6 Major Events of 2012 January February March
Major Events of 2012 7 April June May
Yuzhou Properties Company Limited Annual Report 2012 8 Major Events of 2012 July August September
Major Events of 2012 9 October November December
Yuzhou Properties Company Limited Annual Report 2012 10 Chairman s Statement
Chairman s Statement 11 BUSINESS REVIEW
Yuzhou Properties Company Limited Annual Report 2012 12 Chairman s Statement INVESTMENT STRATEGIES
Chairman s Statement 13 FINANCING STRATEGIES
Yuzhou Properties Company Limited Annual Report 2012 14 Chairman s Statement INVESTOR RELATIONS PROPERTY INVESTMENT AWARDS
Chairman s Statement 15 SOCIAL RESPONSIBILITIES DEVELOPMENT STRATEGIES AND PROSPECT FOCUSING ON WEST STRAIT ECONOMIC ZONE DEVELOPMENT
Yuzhou Properties Company Limited Annual Report 2012 16 Chairman s Statement EXPLORING FINANCING CHANNELS SEEKING TRUTH FROM FACTS AND TAKING ACTIONS TO SUIT LOCAL CONDITIONS
Chairman s Statement 17 ENHANCING THE PERFORMANCE APPRAISAL SYSTEM OBSERVING STRINGENTLY THE INVESTMENT DISCIPLINES
Yuzhou Properties Company Limited Annual Report 2012 18 Chairman s Statement PURSUING A STABLE DEVELOPMENT AND TAKING ACTIONS TO SUIT SEASONAL CONDITIONS
Chairman s Statement 19 OUTLOOK APPRECIATION
Yuzhou Properties Company Limited Annual Report 2012 Management Discussion and Analysis
Leverage Strengthen for a Better Future
Yuzhou Properties Company Limited Annual Report 2012 22 Management Discussion and Analysis OVERALL PERFORMANCE LAND RESERVES
Management Discussion and Analysis 23 SALEABLE GFA OF LAND RESERVES (SQ.M.) West Strait Economic Zone Yangtze River Delta Region 20% Quanzhou 17% Hefei 39% Xiamen Bohai Rim Region 8% Shanghai 6% 5% Longyan Tianjin 5% Fuzhou PRIMARY LAND DEVELOPMENT QUALIFICATION (SQ.M.) West Strait Economic Zone
Yuzhou Properties Company Limited Annual Report 2012 24 Management Discussion and Analysis
Management Discussion and Analysis 25 SALES OF PROPERTIES
Yuzhou Properties Company Limited Annual Report 2012 26 Management Discussion and Analysis
Management Discussion and Analysis 27
Yuzhou Properties Company Limited Annual Report 2012 28 Management Discussion and Analysis
Management Discussion and Analysis 29 PROPERTY INVESTMENT Yuzhou World Trade Center (Xiamen) Yuzhou World Trade Plaza (Xiamen) Yuzhou Jinqiao International (Shanghai)
Yuzhou Properties Company Limited Annual Report 2012 30 Management Discussion and Analysis Hotel Operation PROPERTY MANAGEMENT GROSS PROFIT OTHER INCOME AND GAINS
Management Discussion and Analysis 31 EXPENSES ON SELLING AND DISTRIBUTION COSTS ADMINISTRATIVE EXPENSES FAIR VALUE (LOSSES)/GAINS ON INVESTMENT PROPERTIES
Yuzhou Properties Company Limited Annual Report 2012 32 Management Discussion and Analysis SHARE OF RESULT OF A JOINTLY- CONTROLLED ENTITY PROFIT ATTRIBUTABLE TO SHAREHOLDERS FINANCIAL REVIEW BORROWINGS
Management Discussion and Analysis 33 GEARING RATIO FINANCE EXPENSES CURRENCY RISK
Yuzhou Properties Company Limited Annual Report 2012 34 Management Discussion and Analysis CONTINGENT LIABILITIES RETURN ON EQUITY EARNINGS PER SHARE
Management Discussion and Analysis 35 COMMITMENT HUMAN RESOURCES
Yuzhou Properties Company Limited Annual Report 2012 Business
Building Cities with Heart, Building Homes with Love
Yuzhou Properties Company Limited Annual Report 2012 38 Business LOCATIONS OF PROJECTS TIANJIN XIAMEN Yuzhou Palace Country Yuzhou World Trade Center Yuzhou Golf Yuzhou Shoreline Yuzhou Central Coast Yuzhou Riverside City Town Yuzhou Cloud Top International HEFEI Yuzhou Skyline Yuzhou Jade Lakeshire
Business 39 SHANGHAI Tianjin Yuzhou City Plaza Hefei Shanghai Yuzhou Center FUZHOU Longyan Longyon Fuzhou Quanzhou Xiamen Yuzhou Gushan No. One Yuzhou Oriental Venice LONGYAN QUANZHOU Yuzhou Castle above City Yuzhou City Plaza Phase I
Yuzhou Properties Company Limited Annual Report 2012 40 Business SALEABLE GFA OF LAND RESERVES (SQ.M.) Region Area (sq.m..) West Strait Economic Zone XIAMEN Yuzhou World Trade Center Yangtze River Delta Region Bohai Rim Region PRIMARY LAND DEVELOPMENT QUALIFICATION (SQ.M.) Region Area (sq.m..) West Strait Economic Zone
Business 41 With total site area and total saleable GFA of 19,454 sq.m. and 182,640 sq.m. respectively 19,454 182,640 Project description
Yuzhou Properties Company Limited Annual Report 2012 42 Business XIAMEN Yuzhou Golf With total site area and total saleable GFA of 55,986 sq.m. and 114,574 sq.m. respectively 55,986 114,574 Project description
Business 43 Yuzhou Shoreline With total site area and total saleable GFA of 107,622 sq.m. and 421,316 sq.m. respectively 107,622 421,316 Project description
Yuzhou Properties Company Limited Annual Report 2012 44 Business XIAMEN Yuzhou Central Coast With total site area and total saleable GFA of 123,240 sq.m. and 535,000 sq.m. respectively 123,240 535,000 Project description
Business 45 Yuzhou Riverside City Town With total site area and total saleable GFA of 284,414 sq.m. and 512,600 sq.m. respectively 284,414 512,600 Project description
Yuzhou Properties Company Limited Annual Report 2012 46 Business XIAMEN Yuzhou Cloud Top International With total site area and total saleable GFA of 15,652 sq.m. and 69,730 sq.m. respectively 15,652 69,730 Project description
Business 47 LONGYAN Yuzhou Castle above City With total site area and total saleable GFA of 100,878 sq.m. and 312,330 sq.m. respectively 100,878 312,330 Project description
Yuzhou Properties Company Limited Annual Report 2012 48 Business FUZHOU Yuzhou Gushan No. One With total site area and total saleable GFA of 234,160 sq.m. and 79,923 sq.m. respectively 234,160 79,923 Project description
Business 49 Yuzhou Oriental Venice With total site area and total saleable GFA of 706,397 sq.m. and 355,431 sq.m. respectively 706,397 355,431 Project description
Yuzhou Properties Company Limited Annual Report 2012 50 Business QUANZHOU Yuzhou City Plaza Phase I With total site area and total saleable GFA of 125,000 sq.m. and 491,800 sq.m. respectively 125,000 491,800 Project description
Business 51 SHANGHAI Yuzhou City Plaza With total site area and total saleable GFA of 50,628 sq.m. and 98,494 sq.m. respectively 50,628 98,494 Project description
Yuzhou Properties Company Limited Annual Report 2012 52 Business SHANGHAI Yuzhou Center With total site area and total saleable GFA of 6,818 sq.m. and 28,670 sq.m. respectively 6,818 28,670 Project description
Business 53 HEFEI Yuzhou Skyline With total site area and total saleable GFA of 446,757 sq.m. and1,222,859 sq.m. respectively 446,757 1,222,859 Project description
Yuzhou Properties Company Limited Annual Report 2012 54 Business HEFEI Yuzhou Jade Lakeshire With total site area and total saleable GFA of 96,000 sq.m. and 288,000 sq.m. respectively 96,000 288,000 Project description
Business 55 TIANJIN Yuzhou Palace Country With total site area and total saleable GFA of 135,173 sq.m. and 319,748 sq.m. respectively 135,173 319,748 Project description
Yuzhou Properties Company Limited Annual Report 2012 56 Business
Business 57
Yuzhou Properties Company Limited Annual Report 2012 58 Business
Business 59
Yuzhou Properties Company Limited Annual Report 2012 60 Business
Business 61
Yuzhou Properties Company Limited Annual Report 2012 62 Directors Biographies BOARD OF DIRECTORS EXECUTIVE DIRECTORS
Directors Biographies 63
Yuzhou Properties Company Limited Annual Report 2012 64 Directors Biographies INDEPENDENT NON-EXECUTIVE DIRECTORS
Directors Biographies 65
Yuzhou Properties Company Limited Annual Report 2012 66 Directors Biographies
Senior Management s Biographies 67 CHIEF FINANCIAL OFFICER AND COMPANY SECRETARY
Yuzhou Properties Company Limited Annual Report 2012 68 Report of the Directors PRINCIPAL ACTIVITIES RESULTS, DIVIDENDS AND BONUS ISSUE FINANCIAL HIGHLIGHT PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTIES
Report of the Directors 69 SENIOR NOTES BONDS ISSUE PRE-EMPTIVE RIGHTS PURCHASE, REDEMPTION OR SALE OF LISTED SECURITIES OF THE COMPANY
Yuzhou Properties Company Limited Annual Report 2012 70 Report of the Directors RESERVES DISTRIBUTABLE RESERVES CHARITABLE CONTRIBUTIONS MAJOR CUSTOMERS AND SUPPLIERS DIRECTORS Executive Directors: Independent Non-executive Directors:
Report of the Directors 71 DIRECTORS AND SENIOR MANAGEMENT S BIOGRAPHIES DIRECTORS SERVICE CONTRACTS DIRECTORS REMUNERATION
Yuzhou Properties Company Limited Annual Report 2012 72 Report of the Directors DIRECTORS INTERESTS IN CONTRACTS MANAGEMENT CONTRACTS DIRECTORS INTERESTS IN SHARES LONG POSITIONS IN ORDINARY SHARES OF THE COMPANY:
Report of the Directors 73 SUBSTANTIAL SHAREHOLDERS INTERESTS IN SHARES LONG POSITIONS IN ORDINARY SHARES OF THE COMPANY:
Yuzhou Properties Company Limited Annual Report 2012 74 Report of the Directors SHARE OPTION SCHEME
Report of the Directors 75
Yuzhou Properties Company Limited Annual Report 2012 76 Report of the Directors
Report of the Directors 77 SUFFICIENCY OF PUBLIC FLOAT AUDIT COMMITTEE DIRECTORS INTERESTS IN A COMPETING BUSINESS AUDITORS
Yuzhou Properties Company Limited Annual Report 2012 78 Corporate Governance Report I. RULES OF THE MAIN BOARD I.
79 Corporate Governance Report
Yuzhou Properties Company Limited Annual Report 2012 80 Corporate Governance Report
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Yuzhou Properties Company Limited Annual Report 2012 82 Corporate Governance Report II. CODE PROVISIONS II.
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Corporate Governance Report 117
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Yuzhou Properties Company Limited Annual Report 2012 120 Corporate Governance Report
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Yuzhou Properties Company Limited Annual Report 2012 122 Corporate Governance Report
Corporate Governance Report 123 III. RECOMMENDED BEST PRACTICES III.
Yuzhou Properties Company Limited Annual Report 2012 124 Corporate Governance Report
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Yuzhou Properties Company Limited Annual Report 2012 126 Corporate Governance Report
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Yuzhou Properties Company Limited Annual Report 2012 128 Corporate Governance Report
Corporate Governance Report 129 MANAGEMENT STRUCTURE CHART Nomination committee Gu Jiande (Chairman) Lam Lung On Wee Henny Soon Chiang Board of Directors Executive Directors: Lam Lung On Kwok Ying Lan Lin Longzhi Lin Conghui Independent Non-executive Directors: Gu Jiande Lam Kwong Siu Wee Henny Soon Chiang Remuneration committee Gu Jiande (Chairman) Lam Lung On Wee Henny Soon Chiang Audit committee Wee Henny Soon Chiang (Chairman) Gu Jiande Lam Kwong Siu Audit Department Group Chief Executive Officer Lam Lung On Corporate Office President Office Legal Department Investor Relations Department Investment Affairs Department Human Resources & Administration Department Information Management Technology Department Design Management Department Cost Control Department Purchase Affairs Department Project Management Department Marketing Affairs Department Planning and Finance Department Business Operation Department Legal Department Administration Department Other Departments
Yuzhou Properties Company Limited Annual Report 2012 130 Investor Relations SHARE PRICE PERFORMANCE 180% 160% 140% 120% 100% 80% 60% The Company Hang Seng Index
Investor Relations 131 SHAREHOLDER RETURNS DEPLOYING INTERACTIVE MULTI- CHANNELLED COMMUNICATION TO REALIZE EFFECTIVE INVESTOR RELATIONS Enhancing investor relations management system
Yuzhou Properties Company Limited Annual Report 2012 132 Investor Relations Facilitating diversified and multi-channelled investor activities
Investor Relations 133 Attendance Analysis of Investor Relations Activities in 2012 5% Non-deal roadshow 16% Investor forum 30% Results presentation 22% Site-visit 27% Meeting and conference call List of investor relations activities of the Company conducted in 2012
Yuzhou Properties Company Limited Annual Report 2012 134 Investor Relations
Investor Relations 135 ADHERING TO TIMELY, JUST, FAIR AND ACCURATE INFORMATION DISCLOSURE
Yuzhou Properties Company Limited Annual Report 2012 136 Investor Relations
Investor Relations 137
Yuzhou Properties Company Limited Annual Report 2012 138 Investor Relations HEARING INVESTORS COMPREHENSIVELY AND REALIZING INTERACTIVE COMMUNICATIONS OTHER NECESSARY INFORMATION FOR SHAREHOLDERS SHAREHOLDER SERVICES SHAREHOLDER ENQUIRIES INVESTOR RELATIONS
Independent Auditors Report 139 DIRECTORS RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS
Yuzhou Properties Company Limited Annual Report 2012 140 Independent Auditors Report (Continued) AUDITORS RESPONSIBILITY
Independent Auditors Report (Continued) 141 OPINION
Yuzhou Properties Company Limited Annual Report 2012 142 Consolidated Income Statement
Consolidated Statement of Comprehensive Income 143
Yuzhou Properties Company Limited Annual Report 2012 144 Consolidated Statement of Financial Position
Consolidated Statement of Financial Position (Continued) 145
Yuzhou Properties Company Limited Annual Report 2012 146 Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows 147
Yuzhou Properties Company Limited Annual Report 2012 Consolidated Statement of Cash Flows (Continued) 148
Statement of Financial Position 149
Yuzhou Properties Company Limited Annual Report 2012 150 Notes to Financial Statements 1. CORPORATE INFORMATION 1. 2.1 BASIS OF PREPARATION BASIS OF CONSOLIDATION 2.1
Notes to Financial Statements 151 2.1 BASIS OF PREPARATION (Continued) BASIS OF CONSOLIDATION (Continued) 2.1 2.2 CHANGES IN ACCOUNTING POLICY AND DISCLOSURES 2.2
Yuzhou Properties Company Limited Annual Report 2012 152 Notes to Financial Statements 2.2 CHANGES IN ACCOUNTING POLICY AND DISCLOSURES (Continued) 2.2
Notes to Financial Statements 153 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL REPORTING STANDARDS 2.3
Yuzhou Properties Company Limited Annual Report 2012 154 Notes to Financial Statements 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL 2.3 REPORTING STANDARDS (Continued)
Notes to Financial Statements 155 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL 2.3 REPORTING STANDARDS (Continued)
Yuzhou Properties Company Limited Annual Report 2012 156 Notes to Financial Statements 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL 2.3 REPORTING STANDARDS (Continued)
Notes to Financial Statements 157 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL 2.3 REPORTING STANDARDS (Continued)
Yuzhou Properties Company Limited Annual Report 2012 158 Notes to Financial Statements 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL 2.3 REPORTING STANDARDS (Continued)
Notes to Financial Statements 159 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL 2.3 REPORTING STANDARDS (Continued)
Yuzhou Properties Company Limited Annual Report 2012 160 Notes to Financial Statements 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL 2.3 REPORTING STANDARDS (Continued)
Notes to Financial Statements 161 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL 2.3 REPORTING STANDARDS (Continued)
Yuzhou Properties Company Limited Annual Report 2012 162 Notes to Financial Statements 2.3 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL 2.3 REPORTING STANDARDS (Continued) 2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUBSIDIARIES 2.4 JOINT VENTURES
Notes to Financial Statements 163 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) JOINT VENTURES (Continued)
Yuzhou Properties Company Limited Annual Report 2012 164 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) JOINTLY-CONTROLLED ENTITIES
Notes to Financial Statements 165 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) JOINTLY-CONTROLLED ENTITIES (Continued) IMPAIRMENT OF NON-FINANCIAL ASSETS
Yuzhou Properties Company Limited Annual Report 2012 166 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) IMPAIRMENT OF NON-FINANCIAL ASSETS (Continued) RELATED PARTIES
Notes to Financial Statements 167 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) RELATED PARTIES (Continued)
Yuzhou Properties Company Limited Annual Report 2012 168 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) PROPERTY, PLANT AND EQUIPMENT AND DEPRECIATION
Notes to Financial Statements 169 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) PROPERTY, PLANT AND EQUIPMENT AND DEPRECIATION (Continued)
Yuzhou Properties Company Limited Annual Report 2012 170 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) INVESTMENT PROPERTIES
Notes to Financial Statements 171 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) INVESTMENT PROPERTIES (Continued) LEASES
Yuzhou Properties Company Limited Annual Report 2012 172 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) PROPERTIES UNDER DEVELOPMENT COMPLETED PROPERTIES HELD FOR SALE
Notes to Financial Statements 173 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) INVESTMENTS AND OTHER FINANCIAL ASSETS Initial recognition and measurement Subsequent measurement Financial assets at fair value through profit or loss
Yuzhou Properties Company Limited Annual Report 2012 174 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) INVESTMENTS AND OTHER FINANCIAL ASSETS (Continued) Financial assets at fair value through profit or loss (Continued)
Notes to Financial Statements 175 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) INVESTMENTS AND OTHER FINANCIAL ASSETS (Continued) Financial assets at fair value through profit or loss (Continued) Loans and receivables
Yuzhou Properties Company Limited Annual Report 2012 176 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) IMPAIRMENT OF FINANCIAL ASSETS Financial assets carried at amortised cost
Notes to Financial Statements 177 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) IMPAIRMENT OF FINANCIAL ASSETS (Continued) Financial assets carried at amortised cost (Continued)
Yuzhou Properties Company Limited Annual Report 2012 178 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) DERECOGNITION OF FINANCIAL ASSETS
Notes to Financial Statements 179 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) FINANCIAL LIABILITIES Initial recognition and measurement Subsequent measurement Loans and borrowings
Yuzhou Properties Company Limited Annual Report 2012 180 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) FINANCIAL LIABILITIES (Continued) Financial guarantee contracts DERECOGNITION OF FINANCIAL LIABILITIES OFFSETTING OF FINANCIAL INSTRUMENTS
Notes to Financial Statements 181 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) DERIVATIVE FINANCIAL INSTRUMENTS CASH AND CASH EQUIVALENTS PROVISIONS
Yuzhou Properties Company Limited Annual Report 2012 182 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) INCOME TAX
Notes to Financial Statements 183 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) INCOME TAX (Continued)
Yuzhou Properties Company Limited Annual Report 2012 184 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) INCOME TAX (Continued) REVENUE RECOGNITION
Notes to Financial Statements 185 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) SHARE-BASED PAYMENTS
Yuzhou Properties Company Limited Annual Report 2012 186 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) SHARE-BASED PAYMENTS (Continued) OTHER EMPLOYEE BENEFITS Pension scheme
Notes to Financial Statements 187 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) OTHER EMPLOYEE BENEFITS (Continued) Pension scheme (Continued) BORROWING COSTS DIVIDENDS
Yuzhou Properties Company Limited Annual Report 2012 188 Notes to Financial Statements 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) DIVIDENDS (Continued) FOREIGN CURRENCIES
Notes to Financial Statements 189 2.4 SUMMARY OF SIGNIFICANT 2.4 ACCOUNTING POLICIES (Continued) FOREIGN CURRENCIES (Continued) 3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES 3.
Yuzhou Properties Company Limited Annual Report 2012 190 Notes to Financial Statements 3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES 3. (Continued) JUDGEMENTS Operating lease commitments Group as lessor Classification between investment properties and owner-occupied properties
Notes to Financial Statements 191 3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES 3. (Continued) JUDGEMENTS (Continued) Classification between investment properties and owner-occupied properties (Continued) Classification between investment properties and properties held for sale
Yuzhou Properties Company Limited Annual Report 2012 192 Notes to Financial Statements 3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES 3. (Continued) ESTIMATION UNCERTAINTY Valuation of properties under development and properties held for sale Allocation of construction cost on properties under development
Notes to Financial Statements 193 3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES 3. (Continued) ESTIMATION UNCERTAINTY (Continued) PRC corporate income tax ( CIT ) PRC land appreciation tax ( LAT ) Deferred tax assets
Yuzhou Properties Company Limited Annual Report 2012 194 Notes to Financial Statements 3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES 3. (Continued) ESTIMATION UNCERTAINTY (Continued) Fair value of investment properties 4. OPERATING SEGMENT INFORMATION 4.
Notes to Financial Statements 195 4. OPERATING SEGMENT INFORMATION 4. (Continued)
Yuzhou Properties Company Limited Annual Report 2012 196 Notes to Financial Statements 4. OPERATING SEGMENT INFORMATION 4. (Continued)
Notes to Financial Statements 197 4. OPERATING SEGMENT INFORMATION 4. (Continued)
Yuzhou Properties Company Limited Annual Report 2012 198 Notes to Financial Statements 5. REVENUE, OTHER INCOME AND GAINS 5.
Notes to Financial Statements 199 6. PROFIT BEFORE TAX 6.
Yuzhou Properties Company Limited Annual Report 2012 200 Notes to Financial Statements 7. FINANCE COSTS 7. 8. DIRECTORS AND CHIEF EXECUTIVE S REMUNERATION 8.
Notes to Financial Statements 201 8. DIRECTORS AND CHIEF EXECUTIVE S REMUNERATION 8. (Continued)
Yuzhou Properties Company Limited Annual Report 2012 202 Notes to Financial Statements 8. DIRECTORS AND CHIEF EXECUTIVE S REMUNERATION 8. (Continued)
Notes to Financial Statements 203 9. FIVE HIGHEST PAID INDIVIDUALS 9.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 204 10. INCOME TAX 10.
Notes to Financial Statements 205 10. INCOME TAX (Continued) 10.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 206 11. PROFIT ATTRIBUTABLE TO OWNERS OF THE COMPANY 11. 12. DIVIDEND 12.
Notes to Financial Statements 207 13. EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY 13.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 208 14. PROPERTY, PLANT AND EQUIPMENT GROUP 14.
Notes to Financial Statements 209 14. PROPERTY, PLANT AND 14. EQUIPMENT (Continued) GROUP (Continued)
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 210 14. PROPERTY, PLANT AND 14. EQUIPMENT (Continued) COMPANY
Notes to Financial Statements 211 15. INVESTMENT PROPERTIES GROUP 15.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 212 15. INVESTMENT PROPERTIES (Continued) 15.
Notes to Financial Statements 213 16. PREPAID LAND LEASE PAYMENTS 16.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 214 16. PREPAID LAND LEASE PAYMENTS 16. (Continued) 17. INVESTMENTS IN SUBSIDIARIES 17.
Notes to Financial Statements 215 17. INVESTMENTS IN SUBSIDIARIES 17. (Continued)
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 216 17. INVESTMENTS IN SUBSIDIARIES 17. (Continued)
Notes to Financial Statements 217 17. INVESTMENTS IN SUBSIDIARIES 17. (Continued)
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 218 17. INVESTMENTS IN SUBSIDIARIES 17. (Continued)
Notes to Financial Statements 219 17. INVESTMENTS IN SUBSIDIARIES 17. (Continued)
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 220 17. INVESTMENTS IN SUBSIDIARIES 17. (Continued)
Notes to Financial Statements 221 17. INVESTMENTS IN SUBSIDIARIES 17. (Continued)
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 222 18. INVESTMENT IN A JOINTLY- CONTROLLED ENTITY 18.
Notes to Financial Statements 223 18. INVESTMENT IN A JOINTLY- CONTROLLED ENTITY (Continued) 18. 19. PROPERTIES UNDER DEVELOPMENT 19.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 224 19. PROPERTIES UNDER DEVELOPMENT 19. (Continued) 20. COMPLETED PROPERTIES HELD FOR SALE 20.
Notes to Financial Statements 225 21. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES 21. 22. CASH AND CASH EQUIVALENTS 22.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 226 22. CASH AND CASH EQUIVALENTS 22. (Continued)
Notes to Financial Statements 227 23. RECEIPTS IN ADVANCE 23. 24. TRADE PAYABLES 24. 25. OTHER PAYABLES AND ACCRUALS 25.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 228 25. OTHER PAYABLES AND ACCRUALS (Continued) 25. 26. DERIVATIVE FINANCIAL INSTRUMENTS 26.
Notes to Financial Statements 229 26. DERIVATIVE FINANCIAL INSTRUMENTS 26. (Continued) 27. INTEREST-BEARING BANK AND OTHER BORROWINGS 27.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 230 27. INTEREST-BEARING BANK AND OTHER BORROWINGS (Continued) 27.
Notes to Financial Statements 231 27. INTEREST-BEARING BANK AND OTHER BORROWINGS (Continued) 27.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 232 27. INTEREST-BEARING BANK AND OTHER BORROWINGS (Continued) 27.
Notes to Financial Statements 233 27. INTEREST-BEARING BANK AND OTHER BORROWINGS (Continued) 27. 28. PROVISION FOR LAND APPRECIATION TAX 28.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 234 28. PROVISION FOR LAND 28. APPRECIATION TAX (Continued) 29. DEFERRED TAX 29.
Notes to Financial Statements 235 29. DEFERRED TAX (Continued) 29.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 236 29. DEFERRED TAX (Continued) 29. 30. SHARE CAPITAL SHARES 30.
Notes to Financial Statements 237 31. SHARE OPTION SCHEME 31.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 238 31. SHARE OPTION SCHEME (Continued) 31.
Notes to Financial Statements 239 31. SHARE OPTION SCHEME (Continued) 31.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 240 31. SHARE OPTION SCHEME (Continued) 31. 32. RESERVES (A) GROUP 32. (A) (i) Statutory surplus reserve (i) (ii) Other reserve (ii)
Notes to Financial Statements 241 32. RESERVES (Continued) (B) COMPANY 32. (B)
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 242 33. DISPOSAL OF A SUBSIDIARY 33. 34. ACQUISITION OF A SUBSIDIARY 34.
Notes to Financial Statements 243 35. FINANCIAL GUARANTEES 35.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 244 36. PLEDGE OF ASSETS 36. 37. OPERATING LEASE ARRANGEMENTS (A) AS LESSOR 37. (A)
Notes to Financial Statements 245 37. OPERATING LEASE ARRANGEMENTS 37. (Continued) (B) AS LESSEE (B) 38. COMMITMENTS 38.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 246 39. RELATED PARTY TRANSACTIONS (A) 39. (A) (B) COMPENSATION OF KEY MANAGEMENT PERSONNEL OF THE GROUP (B)
Notes to Financial Statements 247 39. RELATED PARTY TRANSACTIONS 39. (Continued) (C) (C) (D) (D) 40. FINANCIAL INSTRUMENTS BY CATEGORY 40.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 248 41. FAIR VALUE AND FAIR VALUE HIERARCHY 41. 42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 42.
Notes to Financial Statements 249 42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued) MARKET RISK INTEREST RATE RISK 42.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 250 42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued) FOREIGN CURRENCY RISK 42.
Notes to Financial Statements 251 42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued) FOREIGN CURRENCY RISK (Continued) 42.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 252 42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued) CREDIT RISK 42. LIQUIDITY RISK
Notes to Financial Statements 253 42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued) LIQUIDITY RISK (Continued) Group 42.
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 254 42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued) LIQUIDITY RISK (Continued) Company 42.
Notes to Financial Statements 255 42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued) CAPITAL MANAGEMENT 42. GROUP
Yuzhou Properties Company Limited Annual Report 2012 Notes to Financial Statements 256 43. EVENTS AFTER THE REPORTING PERIOD 43. 44. APPROVAL OF THE FINANCIAL STATEMENTS 44.
Five Years Financial Summary 257
Yuzhou Properties Company Limited Annual Report 2012 258 Schedule of Major Properties MAJOR INVESTMENT PROPERTIES
Schedule of Major Properties 259 MAJOR PROPERTIES UNDER DEVELOPMENT
Yuzhou Properties Company Limited Annual Report 2012 260 Schedule of Major Properties MAJOR PROPERTIES UNDER DEVELOPMENT (Continued) MAJOR COMPLETED PROPERTIES HELD FOR SALE
Stock Code : 01628.HK www.xmyuzhou.com.cn Principal administration and management center in the PRC 39 West Hubin Road Xiamen Fujian People s Republic of China 39 Principal place of business in Hong Kong Units 4905-06, 49th Floor The Center 99 Queen s Road Central Central, Hong Kong 99 49 4905-06