Poly Development’s total revenue in 2021 is 285 billion yuan, interest-bearing liabilities increase by 14% year-on-year to 338.2 billion yuan
China Net Finance, April 19 (Reporter Zhang Zengyan) Yesterday evening, Poly Development (600048.SH) released its 2021 annual report, saying that during the period, the company achieved a total operating income of 285.024 billion yuan, a year-on-year increase of 17.19%; net profit of 37.189 billion yuan , down 7.14% year-on-year; net profit attributable to the parent was 27.388 billion yuan, down 5.39% year-on-year; gross and net profit margins were 26.80% and 13.05%, down 5.79 percentage points and 3.42 percentage points year-on-year.
As of the end of 2021, the distributable profit of Poly Development was 141.052 billion yuan, and a cash dividend of 5.80 yuan (tax included) was distributed to all shareholders for every 10 shares, a year-on-year decrease of 0.15 yuan; it is proposed to distribute a cash dividend of 6.943 billion yuan (tax included), It accounts for 25.35% of the net profit attributable to shareholders of the parent company in 2021, a year-on-year decrease of 4.82 percentage points.
Regarding the reduction of the dividend rate, Poly Development once stated in the “2021-2023 Shareholder Return Plan” that the proportion of cash dividends in each of the next three years will not be less than 25% of the net profit attributable to shareholders of listed companies in that year, while 2018-2020 The dividend rate is not less than 30%.
“The decline in dividend rate may be related to its accelerated expansion. Since it fell out of the top three in the industry in 2012, Poly Development has been hovering at the fifth position. The 2022 annual work conference at the beginning of the year proposed a new goal of ‘entering three and competing for one’, which also It reflects that Liu Ping has put forward new requirements for the ranking of sales scale following taking over as Song Guangju. At present, the real estate industry is in a trough, and Poly Development may take the opportunity to achieve overtaking in the corner,” industry analysts believe. In 2021, the net cash flow generated by Poly Development through operating activities will be 10.551 billion yuan, a year-on-year decrease of 30.38%. Poly Development said that the main reason is the increase in project investment expenditure.
It is worth noting that due to the expansion of the carry-over scale and the corresponding increase in the carry-over cost, the increase in the operating cost of Poly Development has far exceeded the operating income. In 2021, its operating costs will increase by 27.25% year-on-year to 208.631 billion yuan. Among them, sales expenses increased by 7.38% year-on-year to 7.384 billion yuan; management expenses increased by 25.71% year-on-year to 5.434 billion yuan; financial expenses increased by 7.20% year-on-year to 3.386 billion yuan; research and development expenses increased by 13.91% year-on-year to 1.436 billion yuan.
In the past three years, the profit margins of Poly Development have been gradually squeezed, with gross profit margins of 34.96%, 32.56%, and 26.78%, respectively, and net profit margins of 15.92%, 16.47%, and 13.05%. “The lower profit margin is related to the overall trend of the real estate industry on the one hand, and the high land price projects it has obtained before. pressure,” said the above-mentioned industry insiders.
Affected by the regulation of the real estate market in 2021, the investment scale of Poly Development has declined. During the year, Poly Development expanded 145 projects, with a new floor area ratio of 27.22 million square meters and an expansion amount of 185.7 billion yuan, a year-on-year decrease of 15% and 21% respectively. It should be pointed out that during the period, the volume of new residential buildings accounted for 85%, and the expansion equity ratio was 72%.
In terms of finance, during the period, Poly Development issued 8.69 billion yuan of corporate bonds, 10 billion yuan of medium-term notes, and the scale of interest-bearing liabilities reached 338.2 billion yuan; the net debt ratio was regarding 55%; the deducted asset-liability ratio was regarding 68%; cash was short. The debt ratio is 2.65 times.