22GLP01 (185473): 普洛斯中国控股有限公司2021年度经审计的合并及母公司财务报告-英文版原件
原标题:22GLP01 : 普洛斯中国控股有限公司2021年度经审计的合并及母公司财务报告-英文版原件 GLP China Holdings Limited Annual Report For the year ended 31 December 2021 Directors’ Report The directors submit herewith their annual report together with the audited consolidated financial statements for the year ended 31 December 2021. Principal place of business GLP China Holdings Limited (“the Company”) is a company incorporated and domiciled in Hong Kong and has its registered office and principal place of business at 33/F, Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong. Principal activities The principal activity of the Company is investment holding. The principal activities of the Company and its subsidiaries (“the Group”) are investment holding, provision of logistic facilities, fund management and solar energy business and internet data center business. Further discussion and analysis of these activities as required by Schedule 5 to the Hong Kong Companies Ordinance, including a discussion of the principal risks and uncertainties facing the Group and an indication of likely future developments in the Group’s business, can be found in the Business Review set out on pages 4 to 9 of this Annual Report. This discussion forms part of this directors’ report. Financial statements The profit of the Group for the year ended 31 December 2021 and the state of the Company’s affairs as at that date are set out in the financial statements on pages 17 to 113. Transfers to reserves and dividends Profits attributable to owners of US$1,414,637,000 (2020: US$952,320,000) has been transferred to reserves. Other movements in reserves are set out in the statement of changes in equity. Share capital Details of the movements in share capital of the Company are set out in note 23(a) to the financial statements. Directors The directors during the financial year were: Mei, Ming Zhi Higashi Michihiro Zhuge Wenjing Fang Fenglei MOK Chi Ming CHAU Kwok Man Mark Tan CHEN Rui Wei (appointed on 19 April 2021) The following directors resigned after the end of the financial year: CHAU Kwok Man (resigned on 8 February 2022) CHEN Rui Wei (resigned on 8 February 2022) There being no provision in the Company’s articles of association in connection with the retirement of directors, all existing directors continue in office for the following year. Indemnity of directors A permitted indemnity provision (as defined in section 469 of the Hong Kong Companies Ordinance) for the benefit of the directors of the Company is currently in force and was in force throughout this year. Directors’ interest and short positions in shares, underlying shares and debentures As at 31 December 2021, certain directors of the Company had 347,150 numbers of global shares in GLP China Fund Management Holdings Limited, a subsidiary of the Company (As at 31 December 2020: 345,106 numbers of global shares). Apart from the foregoing, none of the directors of the Company or any of their spouses or children under eighteen years of age has interests or short positions in the shares, underlying shares or debentures of the Company, or any of its holding company, subsidiaries or other associated corporations. Directors’ interests in transactions, arrangements or contracts No transaction, arrangement or contract of significance to which the Company, or any of its holding companies, subsidiaries or fellow subsidiaries was a party, and in which a director of the Company had a material interest, subsisted at the end of the year or at any time during the year. Business Review GLP China Holdings Limited (“GLP China”) is a leading global investment manager and business builder in logistics, data infrastructure, renewable energy and related technologies. Our combined investing and operating expertise allow us to create value for our customers and investors. GLP China is the investor, developer and operator of approximately 400 infrastructure facilities in logistics and supply chain, manufacturing and research, data infrastructure and renewable energy, across 70 cities in China. As a leading alternative asset manager, we have US$72 billion in assets under management in China, including several real estate and private equity funds with domestics and international investors and GLP C-REIT, one of the first public offering of infrastructure REITs in China. GLP China is an early mover in investing in technology and innovation to enhance its assets and has built a highly competitive business ecosystem that enables our customers and partners’ growth. Through private equity, fin-tech and business incubation platforms, GLP China is leading the way in adopting and supporting the latest innovations that increase operational efficiency and create value for our customers and investors. Market overview The domestic growing logistics markets provides us attractive opportunities for growth and strengthening of market position, allows us to derive positive and stable cash flows and recurring sources of capital for expansion. - Stable development in logistics and warehousing industry: With a large and growing middle-income population, China is becoming one of the world’s largest consumer markets. Our portfolio comprises logistics, manufacturing and business park facilities across 70 major cities in China. From expertly investing capital to efficiently operating assets and building business, we take a bold and innovative approach to growth and value creation for our customers and investors. - Limited supply of logistics and warehousing facilities, in particular modern logistics and warehousing facilities in China: We believe that China’s logistics and warehousing industry, driven by changes in consumer behavior, population structure and technological progress, is still in the early stage of long-term development period. We revolutionized the modern logistics industry by taking an innovative and entrepreneurial approach. - Growth of e-commerce in China: Online order sales have grown significantly as more and more consumers shop online. The e-commerce industry, a portion of which we serve, has grown significantly since year 2010. Covid-19 has accelerated the popularization of e-commerce in China. We expect that the e-commerce business will continuously grow in China, which drive the demand for the expansion of modern logistics and warehousing facilities and increase the focus on the development of the facilities for last-mile deliveries. Market overview (continued) - Operations GLP China owns and manages a portfolio of 49 million sqm site area across China with completed GFA of 37 million sqm in total, valued at US$33 billion as at 31 December 2021. Our portfolio contains completed and stabilised properties valued at US$29 billion, representing over 89% of total portfolio, shows a high lease rate of 84% and a high occupancy ratio for of 81% as at 31 December 2021. Rental and related income has reached US$1,011 million for the year ended 31 December 2021, compared to US$904 million for the year ended 31 December 2020 (hereinafter referred to as the “prior year”), shown a slight increase despite the adverse impact driven from the decreased portfolio relating to transfer of project companies into funds during the year. Besides, our net increase in leased area reached 4.7 million sqm and we are keeping steady rental rate increase over the whole period. Being a leading provider of modern logistics and warehousing facilities in China offers us cost efficiencies in terms of negotiating contraction contracts and facility management contracts, and optimizing personal resources and information systems. Besides, we are pioneering the creation of a comprehensive logistics ecosystem for the future by utilising the latest technology and big data to provide solutions to its customers through the use of automation and robotics, data analytics, software solutions and site selection tools, this approach leverages technology and data, takes into account critical details of the supply chain and offers both space and technology-led solutions that drive value for our customers. - Development The development of modern logistics facilities is one of our key engines of growth with development profit a regular and recurring part of our earnings stream. In the current year we completed US$1,649 million developments or 2.8 million GFA constructions (including all the properties held by the funds under our management), showing an overall 19% development margin, and achieved an overall stabilisation margin of 27%. In China, land supply in key markets has continued to tighten. In recent years, it has been extremely difficult to acquire logistics land from the government but we have been well-placed given our local strategic relationships. Our strategy is to pursue scarce land resources in cities through strategic partnerships with SOEs and private sellers. - Fund management Our fund management business offers a fund management platform based on our longstanding relationships with numerous global and domestics institutional investors and our senior management’s extensive years of experience in private capital management. As at 31 December 2021, we managed several third-party pooled investment vehicles, comprised of: CLF Fund I, LP (“CLF I”), CLF Fund II, LP (“CLF II”), GLP China Value-Added Venture I (“CVA I”) and GLP China Value-Added Venture I (“CVA II”), Zhuhai Hidden Hill Logistic Equity Investment Fund (“Hidden Hill Fund”), GLP China Income Fund I (“CIF I”), GLP China Value-Add Venture III ("CVA III"), GLP China Income Fund II (“CIF II”), GLP China Income Fund III (“CIF III”), CLF Fund III, LP (“CLF III”) and GLP China Income Fund IV (“CIF IV”), etc. These eleven funds represent in aggregate US$26 billion assets under management (“AUM”) when fully leveraged and invested. Market overview (continued) CIF II was established in April 2021 and has RMB 5.8 billion (equivalent to US$0.9 billion) AUM. CIF II is seeded with a portfolio of 13 modern logistics assets in prime locations across Yangtze River Delta, southern China and mid-western China. CIF III was established in July 2021 and has RMB 4.5 billion (equivalent to US$0.7 billion) AUM. CIF III invest in stabilised, income-generating industrial and logistics park assets catering to growing high-tech and innovation based manufacturing industries aligned with China’s economic growth initiatives. CLF III was established in September 2021 and has US$5 billion AUM to develop the next generation of modern and environmentally-friendly logistics facilities in China, including smart warehouses with integrated technologies to meet evolving customer requirements. CIF IV was established in November 2021 and has RMB 5.4 billion (equivalent to US$0.8 billion) AUM. CIF IV invests in logistics infrastructures in 10 important logistics nodes, all of which are modern logistics assets with high standards that have been completed and are in stable operation. Financial review Rental and related income increased by 15% to US$1,011 million (2020: US$879 million), which was primarily attributable to the rental rate growth and lease-up following the completion and stabilization of development projects, but partially offset by the transfer of project companies to non-consolidated fund during the current year. Property-related and other business expenses increased by 37% to US$381.5 million (2020: US$279.0 million), which was mainly due to the higher property maintenance costs with the increased property portfolio and the development of freezer services and the internet data center business. Other expenses increased by 47% to US$299.8 million (2020: US$203.4 million), primarily due to the increase in staff related expenses. Changes in fair value of investment properties increased by 83% to US$973.4 million (2020: US$532.8 million), primarily attributable to more completion of developments with higher development margin and the cap rate compression in certain locations under the prevailing market environment. Share of results of associates increased to US$501.3 million (2020: US$194.1 million), primarily contributed by our investment on Hidden Hill Fund and GLP Jianfa (Xiamen) Investment Fund. Gain on disposal of subsidiaries increased to US$552.7 million (2020: US$314.5 million), primarily attributable to gains on seed assets transferred to GLP C-REIT and certain GLP managed funds in 2021. The net profit for the year increased by 50% to US$1,885.5 million (2020: US$1,253.5 million). The increase is mainly contributed by the new business exploration and investments while our core business on development and management of logistic facilities keeps strong and growing. With sticking to our business strategy and our intelligent and experienced team, we believe we can continue to provide customers with high quality and best-in-class new infrastructure facilities, together with integrated technical solutions in China, which will consistently drive our AUM growth in China. Financial review (continued) We have implemented prudential financial management policies that have enabled us to maintain a good credit profile, disciplined investment approach and strong balance sheet with sustainable growth. We benefit from accessing to diversified and multi-channel financing solutions including but not limited to bilateral loans, syndicated loans, capital markets, funds and other borrowings and equity. As at 31 December 2021, we have a total debt of US$8.4 billion (2020: US$10.3 billion) representing a decrease of 18%, net debt of US$7.7 billion (2020: US$9.1 billion) representing a decrease of 15%, and net debt to asset (excluding cash) ratio of 22.87% (2020: 29.00%), respectively. Risk management We place an extremely high importance on risk management. We believe that risk management is not just about minimizing downside risk, but also enabling us to take on the necessary risks to grow and create value. We are committed to fostering a strong risk-centric culture which encourages identification and proactive management of these risks. The process of risk management is incorporated into day-to-day operations and forms an integral part of all decision-making processes with GLP China. For example, our operation in China is naturally exposed to foreign exchange rate fluctuations, and our pre-tax profit is exposed to currency risks through sales and purchases which give rise to receivables, payables and cash balances denominated in foreign currencies, primarily United States dollars. In respect of the monetary assets and liabilities denominated in foreign currencies, we ensure that the net exposures to this risk is kept to an acceptable level by monitoring the currency gap and keep reducing our exposure by holding monetary assets and liabilities denominated in foreign currencies in short-term period. We are also exposed to interest rate risk arising primarily from variable-rate borrowings and cash balances. We manage the net exposure to interest rate risks by maintaining sufficient lines of credit to obtain acceptable lending costs and by monitoring the exposure to such risks on an ongoing basis. Individual operating entities within GLP China are responsible for their own cash management, including the short-term investment of cash surpluses and the raising of loans to cover expected cash demands. Our policy is to regularly monitor its liquidity requirements and its compliance with lending covenants, to ensure that it maintains sufficient reserves of cash and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and longer term. Environmental social and governance We are deeply invested in fuelling the businesses that make the modern world run more efficiently. From expertly investing capital to efficiently operating our businesses, we take a thoughtful, innovative and sustainable approach to growth and value creation for our customers and investors. We focus on investing and building businesses in logistics, data infrastructure, renewable energy and related technologies. Our ESG Policy is designed to support our progress in developing ESG commitments, better integrate ESG into our overall business and investment decisions and monitor and report on our commitments. We are committed to making sustainability a core component of our business in order to build a more sustainable and resilient future. Building business and investing responsibility means embedding ESG into our investment and decision-making process. This helps us to identify and avoid ESG risks. We understand and identify how our activities can impact material ESG factors and how these can affect our reputation, capital value and stakeholders. We focus on how we can best manage our workforce, whether it is our employees or contractors and suppliers. We recognize how we can work with the communities where we invest and operate business and how we can enhance our presence through economic development, limiting our environmental impact and seeking a community’s license to operate. ESG also is considered after the development, acquisition or investment decision. Our teams across investment management, asset management and corporate management are empowered to prioritise, act, track and monitor the sustainability performance of our assets and in certain instances collaborate with our workforce, partners and communities. Consistent ESG performance across an asset’s lifestyle helps us to actively manage the sustainability of assets. As a leading global investment manager and business builder, our mission is to build sustainable businesses and generate attractive risk-adjusted returns to shareholders and investors over the long term, while providing exceptional investment and operational services that enhance value. Our asset management teams are responsible for enhancing the value of our assets through effective operations. Additionally, we develop and invests in technologies and innovations that enhance the efficiency of our assets including data analytics, robotics, automated clearance systems, digital loading docks, smart sorting, telematics, energy-efficient fleet management systems, Internet of Things, resource conservation and our transition to renewable energy. To provide our global customers with increased opportunities to enhance their sustainability endeavours, we focus on sustainability initiatives that increase resource conservation, leverage climate action, improve health and well-being and support local communities in corporate governance, we have established a series of well-defined policies and processes to protect its stakeholders’ interests. Our leadership team recognizes the importance of strong corporate governance and the maintenance of high standards of accountability to our shareholders and remains firmly committed to seeing that those standards are satisfied through an evolving suite of governance practices that are woven into the fabric of the our business. Environmental social and governance (continued) We continually review and refine its processes in light of best practice, consistent with the needs and circumstances of the group. We maintain a zero-tolerance approach to bribery and corruption and require all management and employees to comply with our Code of Business Conduct at all times and provide annual certification. We aim to incorporate health and well-being throughout its organization and assets in support of its employees, customers and the communities in which we work. By focusing on promoting well-being we can enhance an individual’s livelihood, increase motivation and productivity as well as bring communities together. We focus on introducing well-being concepts such as creating spaces that encourage physical activity, integrating natural lighting, improving access to nature and providing areas for healthy eating and socializing.G P O Box 50, Hong Kong 电话 +852 2522 6022 Telephone +852 2522 6022 传真 +852 2845 2588 Fax +852 2845 2588 网址 kpmg.com/cn Internet kpmg.com/cn Independent auditor’s report to the members of GLP China Holdings Limited (Incorporated in Hong Kong with limited liability) Opinion We have audited the consolidated financial statements of GLP China Holdings Limited (“the Company”) and its subsidiaries (“the Group”) set out on pages 17 to 113, which comprise the consolidated statement of financial position as at 31 December 2021, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year ended 31 December 2021 and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2021 and of its consolidated financial performance and its consolidated cash flows for the year ended 31 December 2021 in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance. Basis for opinion We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (“the Code”) and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Independent auditor’s report to the members of GLP China Holdings Limited (continued) (Incorporated in Hong Kong with limited liability) Key audit matters (continued)
GLP China Holdings Limited (continued) (Incorporated in Hong Kong with limited liability) Key audit matters (continued)
GLP China Holdings Limited (continued) (Incorporated in Hong Kong with limited liability) Key audit matters (continued)
GLP China Holdings Limited (continued) (Incorporated in Hong Kong with limited liability) Information other than the consolidated financial statements and auditor’s report thereon The directors are responsible for the other information. The other information comprises all the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the consolidated financial statements The directors are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the Hong Kong Companies Ordinance and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the consolidated financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. This report is made solely to you, as a body, in accordance with section 405 of the Hong Kong Companies Ordinance, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Independent auditor’s report to the members of GLP China Holdings Limited (continued) (Incorporated in Hong Kong with limited liability) Auditor’s responsibilities for the audit of the consolidated financial statements (continued) Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the consolidated financialstatements, whether due to fraud or error, design and perform audit proceduresresponsive to those risks, and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatement resultingfrom fraud is higher than for one resulting from error, as fraud may involve collusion,forgery, intentional omissions, misrepresentations, or the override of internal control.- Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the Group’s internal control.- Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the directors.- Conclude on the appropriateness of the directors’ use of the going concern basis ofaccounting and, based on the audit evidence obtained, whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Group’s abilityto continue as a going concern. If we conclude that a material uncertainty exists, we arerequired to draw attention in our auditor’s report to the related disclosures in theconsolidated financial statements or, if such disclosures are inadequate, to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor’s report. However, future events or conditions may cause the Group to cease tocontinue as a going concern. - Evaluate the overall presentation, structure and content of the consolidated financialstatements, including the disclosures, and whether the consolidated financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation. - Obtain sufficient appropriate audit evidence regarding the financial information of theentities or business activities within the Group to express an opinion on the consolidatedfinancial statements. We are responsible for the direction, supervision and performanceof the Group audit. We remain solely responsible for our audit opinion.Independent auditor’s report to the members of GLP China Holdings Limited (continued) (Incorporated in Hong Kong with limited liability) Auditor’s responsibilities for the audit of the consolidated financial statements (continued) We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and, where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. The engagement partner on the audit resulting in this independent auditor’s report is Alex M K Shum. Certified Public Accountants 8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong Date: 15 April 2022 Consolidated Statement of Comprehensive Income for the year ended 31 December 2021 Year ended Year ended 31 December 31 December ? Notes 2021 2020 ? ? US$’000 US$’000 ? ? ? ? Revenue 4 1,273,512 1,149,124 Other income 5 341,380 195,512 Cost of goods sold and other financial services costs ? (3,881) (125,743) Property-related and other business expenses ? (381,534) (279,087) Other expenses ? (299,807) (203,414) Changes in fair value of investment properties ? 973,433 532,835 Share of results (net of tax expense) of joint ventures 164,047 73,508 Share of results (net of tax expense) of associates 501,336 194,043 ? ? ? ? Profit from operations ? 2,568,486 1,536,778 Finance costs 6 (501,954) (457,018) Finance income 6 98,519 304,365 ? ? Net finance costs 6 (403,435) (152,653) Gain on acquisition of subsidiaries 29 19,477 80 Gain on disposal of subsidiaries 29 552,697 314,400 Gain on disposal of investment properties 13,642 - Gain on disposal of assets held for sale - 92,320 ? ? ? ? Profit before taxation 7 2,750,867 1,790,925 Tax expense 8 (865,333) (537,469) ? ? ? ? Profit for the year 1,885,534 1,253,456 ? ? ? ? Profit attributable to: ? ? ? Owners of the Company ? 1,414,637 952,320 Non-controlling interests ? 470,897 301,136 ? ? ? ? Profit for the year 1,885,534 1,253,456 ? ? The notes on pages 26 to 113 form part of these financial statements. Consolidated Statement of Comprehensive Income for the year ended 31 December 2021 (continued) Year ended Year ended 31 December 31 December ? Note 2021 2020 ? ? US$’000 US$’000 ? ? ? ? Profit for the year ? 1,885,534 1,253,456 ? ? Other comprehensive income for the year 10 Items that will not be reclassified to profit or loss: ? Surplus on revaluation of buildings held for own use carried at fair value 5,024 3,425 Change in fair value of other investments ? 115,480 27,074 Disposal of other investments - 53,299 Items that may be reclassified subsequently to profit or loss: ? Exchange differences arising from consolidation of foreign operations ? 429,019 1,023,341 Share of other comprehensive income of joint ventures and associates 4,565 (3,718) ? ? ? ? Other comprehensive income for the year 554,088 1,103,421 ? ? ? ? Total comprehensive income for the year 2,439,622 2,356,877 ? ? ? ? Total comprehensive income attributable to: ? ? ? Owners of the Company ? 1,844,570 1,750,169 Non-controlling interests ? 595,052 606,708 ? ? ? ? Total comprehensive income for the year 2,439,622 2,356,877 ? ? The notes on pages 26 to 113 form part of these financial statements. Consolidated Statement of Financial Position as at 31 December 2021 31 December 31 December ? Notes 2021 2020 ? ? US$’000 US$’000 Non-current assets ? ? ? Investment properties 11 15,269,504 21,380,459 Joint ventures 13 3,080,404 2,090,883 Associates 14 2,811,647 1,799,882 Deferred tax assets 15 24,657 21,455 Property, plant and equipment 16 823,082 348,530 Intangible assets 17 316,716 309,790 Other investments 18 2,336,864 2,125,346 Other non-current assets 19 716,633 778,399 ? ? ? ? ? 25,379,507 28,854,744 ? ? ? ? Current assets ? ? ? Trade and other receivables 20 2,889,843 1,573,419 Assets classified as held for sale 21 5,532,665 1,166,970 Cash and cash equivalents 22 716,941 1,160,752 ? ? ? ? ? 9,139,449 3,901,141 ? ? ? ? Total assets 34,518,956 32,755,885 ? ? ? Equity attributable to owners of the Company ? ? ? Share capital 23 6,950,825 6,950,825 Reserves 24 7,278,443 5,432,846 ? ? ? ? ? ? 14,229,268 12,383,671 Non-controlling interests 5,627,871 5,176,090 ? ? ? ? Total equity 19,857,139 17,559,761 ? ? The notes on pages 26 to 113 form part of these financial statements. Consolidated Statement of Changes in Equity for the year ended 31 December 2021 Fair value Total Capital and Equity Currency Property reserve attributable Non- Share PRC statutory compensation translation revaluation (non- Other Retained to owners of controlling Total ? capital reserve reserve reserve reserve recycling) reserve earnings the Company interests equity US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 ? ? ? ? ? ? ? ? ? ? ? At 1 January 2020 6,950,825 (8,331) 36,849 (847,682) 3,305 32,854 (1,554,630) 6,452,085 11,065,275 3,762,461 14,827,736 ? ? ? ? ? ? ? ? ? ? ? Total comprehensive income for the year Profit for the year - - - - - - - 952,320 952,320 301,136 1,253,456 ? Other comprehensive income Exchange differences arising from consolidation of foreign operations - - - 717,769 - - - - 717,769 305,572 1,023,341 ?Changes in fair value of other investments - - - - - 27,074 - - 27,074 - 27,074 Disposal of other investments - - - - - 53,299 - - 53,299 - 53,299 Share of other comprehensive income of joint ventures - (3,718) - - - - - - (3,718) - (3,718) Surplus on revaluation of buildings held for own use carried at fair value - - - - 3,425 - - - 3,425 - 3,425 ? Total other comprehensive income - (3,718) - 717,769 3,425 80,373 - - 797,849 305,572 1,103,421 ? ? ? ? ? ? ? ? ? ? ? Total comprehensive income for the year - (3,718) - 717,769 3,425 80,373 - 952,320 1,750,169 606,708 2,356,877 ? ? ? ? ? ? ? ? ? ? ? ? Transactions with owners, recorded directly in equity ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Capital contribution from non-controlling interests - - - - - - - - - 715,084 715,084 Acquisition of interests in subsidiaries from non-controlling interests - (1,320) - - - - - - (1,320) (16,131) (17,451) Acquisition of subsidiaries (note 29) - - - - - - - - - 183,240 183,240 Disposal of subsidiary (note 29) - - - - - - - - - (60,745) (60,745) Tax-exempt dividends paid (External) - - - - - - - (430,453) (430,453) - (430,453) Dividends paid to non-controlling interests - - - - - - - - - (14,527) (14,527) ?Transfer to reserves - 17,207 - - - - - (17,207) - - - ? Total contributions by and distributions to owners - 15,887 - - - - - (447,660) (431,773) 806,921 375,148 ? ? ? ? ? ? ? ? ? ? ? ? At 31 December 2020 6,950,825 3,838 36,849 (129,913) 6,730 113,227 (1,554,630) 6,956,745 12,383,671 5,176,090 17,559,761 ? ? ? ? ? ? ? ? ? ? ? The notes on pages 26 to 113 form part of these financial statements. Consolidated Statement of Changes in Equity for the year ended 31 December 2021 Fair value Total Capital and Equity Currency Property reserve attributable Non- Share PRC statutory compensation translation revaluation (non- Other Retained to owners of controlling Total ? capital reserve reserve reserve reserve recycling) reserve earnings the Company interests equity US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 ? ? ? ? ? ? ? ? ? ? ? At 1 January 2021 6,950,825 3,838 36,849 (129,913) 6,730 113,227 (1,554,630) 6,956,745 12,383,671 5,176,090 17,559,761 ? ? ? ? ? ? ? ? ? ? ? Total comprehensive income for the year Profit for the year - - - - - - - 1,414,637 1,414,637 470,897 1,885,534 ? Other comprehensive income Exchange differences arising from consolidation of foreign operations - - - 304,864 - - - - 304,864 124,155 429,019 Changes in fair value of other investments - - - - - 115,480 - - 115,480 - 115,480 Surplus on revaluation of buildings held for own use carried at fair value - - - - 5,024 - - - 5,024 - 5,024 Share of other comprehensive income of joint ventures - (3,236) - - - - - - (3,236) - (3,236) Share of other comprehensive income of associates - 7,801 - - - - - - 7,801 - 7,801 ? Total other comprehensive income - 4,565 - 304,864 5,024 115,480 - - 429,933 124,155 554,088 ? ? ? ? ? ? ? ? ? ? ? （未完）  |