General Announcement::Interim Results Announcement for the Six Months Ended 30 September 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)

INTERIM RESULTS ANNOUNCEMENT

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021

FINANCIAL HIGHLIGHTS
	For the six months ended
	2021	30 September
	2020	Change
	HK$'000	HK$'000
	(Unaudited)	(Unaudited)
Contracted sales	7,020,236	8,070,818	-13.0%
Revenue	6,166,251	7,106,901	-13.2%
Among which, Recurring income	1,683,065	1,323,506	+27.2%
Gross profit margin	36.6%	38.0%	-1.4 p.p.
Core net profit attributable to owners	649,201		-11.6%
of the parent*	734,731
Profit attributable to owners of the parent	656,721	653,542	+0.5%
Earnings per share - Basic	HK8.12 cents	HK8.08 cents	+0.5%
	30 September	31 March
As at	2021	2021
	(Unaudited)	(Audited)
Cash and bank balances	9,599,459	9,442,782	+1.7%
Gearing ratio	63.9%	67.6%	-3.7 p.p.
Net assets per share	HK$5.22	HK$5.10	+2.4%

• 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, etc..

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INTERIM RESULTS

The board of directors (the "Board") of China South City Holdings Limited (the "Company"), together with its subsidiaries ("China South City" or the "Group") is pleased to announce the unaudited condensed consolidated interim results of the Group for the six months ended 30 September 2021 ("1H FY2021/22" or the "Reporting Period") together with the comparative figures for the previous financial period as follows:

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 September 2021

		For the six months
		ended 30 September
		2021		2020
	Notes	HK$'000	HK$'000
		(Unaudited)	(Unaudited)
REVENUE	4	6,166,251		7,106,901
Cost of sales		(3,908,027)	(4,404,229)
Gross profit		2,258,224		2,702,672
Other income and gains/(losses)	4	144,029		(88,382)
Fair value gains on investment properties	4	10,041		23,044
Selling and distribution expenses		(167,455)	(236,376)
Administrative expenses		(508,159)	(511,112)
Other expenses		(9,107)	(199,159)
Finance costs	5	(315,832)	(346,670)
PROFIT BEFORE TAX	6	1,411,741		1,344,017
Income tax expenses	7	(755,395)	(690,992)
PROFIT FOR THE PERIOD		656,346		653,025
Attributable to:
	656,721
Owners of the parent			653,542
Non-controlling interests		(375)	(517)
		656,346		653,025
EARNINGS PER SHARE
ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT	8
Basic		HK8.12 cents
- For profit for the period		HK8.08 cents
Diluted		HK8.12 cents
- For profit for the period		HK8.08 cents

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INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the six months ended 30 September 2021

	For the six months
	ended 30 September
	2021		2020
	HK$'000	HK$'000
	(Unaudited)	(Unaudited)
PROFIT FOR THE PERIOD	656,346		653,025
OTHER COMPREHENSIVE INCOME
Other comprehensive income may be reclassified
to profit or loss in subsequent periods:	320,159
Exchange differences on translation of foreign operations		2,221,641
OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF TAX	320,159	2,221,641
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD	976,505		2,874,666
Attributable to:
976,482
Owners of the parent		2,871,892
Non-controlling interests	23		2,774
	976,505		2,874,666

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INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 September 2021

		30 September	31 March
		2021		2021
	Notes	HK$'000	HK$'000
		(Unaudited)	(Audited)
NON-CURRENT ASSETS		983,759
Property, plant and equipment			949,329
Investment properties		55,822,187		55,695,354
Right-of-use assets		602,027		993,811
Properties under development		2,055,518		2,499,166
Financial assets at fair value through profit or loss		9,348		9,214
Other long-term receivables		209,981		807,013
Deposits paid for purchase of land use rights		16,217		15,985
Deferred tax assets		3,489,761		3,358,987
Total non-current assets		63,188,798		64,328,859
CURRENT ASSETS
	134,222
Properties held for finance lease			212,451
Properties held for sale		45,161,348		42,259,146
Inventories		64,237		55,894
Trade receivables	10	3,266,633		824,705
Prepayments, other receivables and other assets		4,554,128		3,407,024
Financial assets at fair value through profit or loss		240		12,069
Cash and bank balances		9,599,459		9,442,782
Total current assets		62,780,267		56,214,071
CURRENT LIABILITIES
	14,683,437
Trade and other payables	11		11,281,121
Contract liabilities		17,254,923		16,212,034
Interest-bearing bank and other borrowings		6,086,111		7,232,328
Senior notes		6,005,118		7,681,918
Medium-term notes		746,534		60,343
Domestic company bonds		1,680,889		1,378,177
Financial liabilities at fair value through profit or loss		10,213		19,010
Tax payables		4,534,043		3,921,272
Total current liabilities		51,001,268		47,786,203
NET CURRENT ASSETS		11,778,999		8,427,868
TOTAL ASSETS LESS CURRENT LIABILITIES		74,967,797		72,756,727

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INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

As at 30 September 2021

	30 September		31 March
	2021	2021
	HK$'000		HK$'000
	(Unaudited)		(Audited)
NON-CURRENT LIABILITIES	16,090,303
Interest-bearing bank and other borrowings	11,666,645
Senior notes	5,998,776	8,265,791
Medium-term notes	-	705,279
Domestic company bonds	-	354,960
Other long-term payables	12,314	36,044
Deferred tax liabilities	10,589,390	10,431,458
Total non-current liabilities	32,690,783	31,460,177
Net assets	42,277,014	41,296,550
EQUITY
Equity attributable to owners of the parent	7,222,312
Share capital	7,222,312
Other reserves	35,037,010	34,056,569
	42,259,322	41,278,881
Non-controlling interests	17,692	17,669
Total equity	42,277,014	41,296,550

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