General Announcement::Annual Results Announcement for the Year Ended 31 March 2021

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.

(incorporated in Hong Kong with limited liability)

(Stock Code: 1668)

ANNUAL RESULTS ANNOUNCEMENT

FOR THE YEAR ENDED 31 MARCH 2021

FINANCIAL HIGHLIGHTS
	For the year ended 31 March
	2021	2020	Change
	HK$'000	HK$'000
Contracted sales	16,148,856	13,514,126	19.5%
Revenue	11,309,304	9,887,654	14.4%
Among which, Recurring income	2,765,366	2,411,919	14.7%
Gross profit margin	43.7%	45.7%
Core net profit attributable to
owners of the parent*	1,885,622	1,553,250	21.4%
Profit attributable to owners of
the parent	2,415,498	2,633,141	-8.3%
Earnings per share - Basic	HK29.85 cents	HK32.47 cents
Gearing ratio	67.6%	67.2%
Proposed final dividend per share	HK3.0 cents	HK3.0 cents

* Mainly represents the net profit attributable to owners of the parent excluding fair value gains on investment properties and certain tax effects, impairment of goodwill and loss of forward contracts, etc..

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CONSOLIDATED FINANCIAL INFORMATION FOR THE YEAR ENDED 31 MARCH 2021

The board of directors (the "Board") of China South City Holdings Limited (the "Company"), together with its subsidiaries ("China South City" or the "Group") announces herewith the consolidated annual results of the Group for the year ended 31 March 2021 ("FY2020/21" or the "Year") together with the comparative figures for the previous year (year ended 31 March 2020 ("FY2019/20")) as follows:

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended 31 March 2021

		For the year ended 31 March
		2021		2020
	Notes	HK$'000	HK$'000
Revenue	4	11,309,304		9,887,654
Cost of sales		(6,365,099)	(5,365,007)
Gross profit		4,944,205		4,522,647
Other income and (losses)/gains	4	(20,753)	487,217
Fair value gains on investment properties	4	1,054,256		1,677,947
Selling and distribution expenses		(486,088)	(484,712)
Administrative expenses		(1,041,540)	(1,001,916)
Other expenses		(409,630)	(212,803)
Finance costs	6	(638,363)	(517,621)
PROFIT BEFORE TAX	5	3,402,087		4,470,759
Income tax expenses	7	(986,958)	(1,842,611)
PROFIT FOR THE YEAR		2,415,129		2,628,148
Attributable to:
	2,415,498
Owners of the parent			2,633,141
Non-controlling interests		(369)	(4,993)
		2,415,129		2,628,148
EARNINGS PER SHARE
ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT	9
Basic
- for profit for the year		HK29.85 cents	HK32.47 cents
Diluted
- for profit for the year		HK29.85 cents	HK32.47 cents

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 March 2021

	For the year ended 31 March
	2021	2020
	HK$'000		HK$'000
PROFIT FOR THE YEAR	2,415,129	2,628,148
OTHER COMPREHENSIVE INCOME/(LOSS)
Other comprehensive income/(loss) that may be
reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign
operations	4,280,977	(3,410,861)
OTHER COMPREHENSIVE INCOME/(LOSS) FOR
THE YEAR, NET OF TAX	4,280,977	(3,410,861)
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR
THE YEAR	6,696,106	(782,713)
Attributable to:
Owners of the parent	6,684,377	(758,049)
Non-controlling interests	11,729	(24,664)
	6,696,106	(782,713)

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 March 2021

NON-CURRENT ASSETS Property, plant and equipment Investment properties Right-of-useassets Properties under development Goodwill

Financial assets at fair value through profit or loss Other long-term receivables

Deposits paid for purchase of land use rights Deferred tax assets

Total non-current assets

CURRENT ASSETS Properties held for finance lease Properties held for sale Inventories

Trade receivables Contract assets

Prepayments, other receivables and other assets Financial assets at fair value through profit or loss Cash and bank balances

Total current assets

CURRENT LIABILITIES Trade and other payables Contract liabilities

Interest-bearing bank and other borrowings Senior notes

Medium-term notes

Financial liabilities at fair value through profit or loss Domestic company bonds

Tax payables

Total current liabilities

NET CURRENT ASSETS

TOTAL ASSETS LESS CURRENT LIABILITIES

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	31 March		31 March
	2021	2020
Notes	HK$'000		HK$'000
	949,329	1,451,308
	55,695,354	50,873,673
	993,811	1,424,217
	2,499,166	1,120,379
	-	34,128
	9,214	8,524
	807,013	587,944
	15,985	29,799
	3,358,987	3,550,178
	64,328,859	59,080,150
	212,451
	259,431
	42,259,146	40,065,384
	55,894	109,087
10	824,705	560,891
	-	161,830
	3,407,024	2,536,396
	12,069	357,342
	9,442,782	10,303,541
	56,214,071	54,353,902
	11,281,121
11	15,589,798
	16,212,034	15,578,700
	7,232,328	8,200,428
	7,681,918	5,356,119
	60,343	55,820
	19,010		-
	1,378,177	1,277,098
	3,921,272	4,241,087
	47,786,203	50,299,050
	8,427,868
	4,054,852
	72,756,727	63,135,002

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

As at 31 March 2021

	31 March	31 March
	2021		2020
	HK$'000	HK$'000
NON-CURRENT LIABILITIES
Interest-bearing bank and other borrowings	11,666,645		8,920,685
Senior notes	8,265,791		8,963,385
Medium-term notes	705,279		651,847
Domestic company bonds	354,960		328,350
Other long-term payables	36,044		122,732
Deferred tax liabilities	10,431,458		9,265,483
	31,460,177
Total non-current liabilities		28,252,482
	41,296,550
Net assets		34,882,520
EQUITY
Equity attributable to owners of the parent
Share capital	7,222,312		7,222,312
Other reserves	34,056,569		27,610,414
	41,278,881
		34,832,726
Non-controlling interests	17,669		49,794
Total equity	41,296,550		34,882,520

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