Xinhuanet, Beijing, March 28 (Wang Richen) On the 27th, Xuhui Holdings (Group) Co., Ltd. released its 2019 annual results. According to the annual report, Xuhui achieved contract sales of RMB 200.6 billion throughout the year, an increase of 32% year-on-year. Received revenue of 54.8 billion yuan was 29.3% year-on-year. The core net profit was 6.903 billion yuan, an increase of 24.7% year-on-year. The gross profit margin (adjusted) and core net profit margin were 30.0% and 12.6% respectively; the average core return on equity was 24.8%; the net debt ratio was 68.5%; the cash on hand reached 57.6 billion yuan; the weighted average debt cost was 6.0%; the total dividend was 34.52 cents per share.
On the same day, Lin Feng, executive director and president of Xuhui Holdings, announced at the performance press conference that the contract sales target for 2020 is 230 billion yuan, a year-on-year increase of 15%.
sales increased by more than 30% and diversified land reserves expanded
In 2019, Xuhui Group achieved contract sales of approximately 200.6 billion yuan, a year-on-year increase of 32.0%. Among them, the amount in first-tier and second-tier cities accounts for about 74%. The contract sales building area was approximately 12.0355 million square meters, an increase of 25.8% year-on-year. The average sales price of contract sales was approximately RMB 16,700 per square meter, an increase of 5.0% year-on-year. Cash collection rate is 92%. The sales cost was approximately RMB 41 billion, an increase of 29.2% year-on-year. During the period
, the recognized revenue was approximately 54.8 billion yuan, a year-on-year increase of 29%. Among them, the recognized revenue of the sales property was approximately RMB 50.6 billion, an increase of 29.8% year-on-year. Property delivered with a construction area of about 3.91 million square meters, an increase of 46.8% year-on-year. The average selling price was about 12,952 yuan/square meter, a year-on-year decrease of 11.5%; rental income was about 500 million yuan, a year-on-year increase of 125%; project management and other property-related services revenue was about 3.6 billion yuan, a year-on-year increase of 15.1%.
In 2019, Xuhui Group acquired a total of 79 new projects, with the total planned construction area of the acquired land of approximately 15.2 million square meters, and the attributable land transfer fee of approximately 53.2 billion yuan. The average land acquisition cost is about 5,425 yuan/square meter. Among the newly added land reserves, 33% were obtained through diversified means such as cooperative mergers and acquisitions, old city renovation, and commercial land acquisition.
"While the company diversified its expansion of land reserves, it will continue to increase the proportion of equity in the project in the future," said Lin Feng.
core net profit increased by 24.7%. The cash on hand was abundant
annual report showed that Xuhui Group's gross profit on the financial statements was approximately 13.8 billion yuan, an increase of 29.6% year-on-year. Excluding the accounting impact of the fair value of the cost of the delivered properties related to remeasurement, the adjusted gross profit was approximately RMB 16.4 billion, an increase of 11.8% year-on-year. The gross profit margin was 30.0% (adjusted), down 4.7 percentage points year-on-year. The core net profit margin was 12.6%, down 0.5 percentage points year-on-year.
In 2019, Xuhui Group's pre-tax profit was approximately 13.6 billion yuan, an increase of 19.8% year-on-year. Net profit was approximately RMB 9 billion, an increase of 27.0% year-on-year. The attributable core net profit of shareholders was approximately RMB 6.9 billion, an increase of 24.7% year-on-year.
As of December 31, 2019, the Group owned cash and bank balances of approximately RMB 57.6 billion, an increase of 29% year-on-year, including approximately RMB 400 million in restricted bank deposits. The proportion of short-term debts due within one year is 20.4%, and the cash-to-short-term debt ratio is 2.7 times.
During the reporting period, Xuhui Group's net liabilities were approximately RMB 46.1 billion, an increase of 39% year-on-year. The total debt was approximately RMB 103.7 billion, an increase of 33% year-on-year; the weighted average debt cost was 6.0%, an increase of 0.2 percentage points year-on-year; the net debt ratio was approximately 68.5%; the debt-to-asset ratio was approximately 32.1%; and the current ratio was approximately 1.7 times.
Xuhui Holdings CFO Yang Xin said that since the beginning of this year,Xuhui has completed several financings at lower interest rates, and it is expected that the average financing cost will further decline during the year. He also said that Xuhui will continue to strictly control the scale of debt and capital costs, and at the same time continuously optimize the debt structure.
This year's target is 230 billion yuan, with a sales value of 380 billion yuan
Lin Feng revealed that in 2020, Xuhui Group's contract sales target is 230 billion yuan, and the group can promote sales value of 380 billion yuan.
Xuhui released data showing that from January to February 2020, the Group further acquired the rights and interests of 9 new projects, and the total land transfer fee attributable to it was approximately 8.4 billion yuan. As of the end of February, Xuhui Group's total land reserve area was about 65.4 million square meters, with a corresponding cargo value of 988 billion yuan, of which 87% of first- and second-tier cities and quasi-second-tier cities accounted for 87%, which can meet the development needs in the next 2 to 3 years.
, Chairman of Xuhui Holdings, , Linzhong , said that in the face of the market in 2020, Xuhui will focus on ensuring the safety of cash flow, increasing revenue and saving expenditure, improving operational efficiency, accelerating regional integration, and building an organizational vitality engine. At the same time, we will focus on doing our main business well, building core competitiveness, and adhering to the path of high-quality development.
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