Three-year review

For the year ended 31 December

Profit and loss	2011 (RMB million)	2010 (RMB million)	2009 (RMB million)
Contracted sales	27,005	21,603	14,316
Revenue	19,897	13,721	8,824
Gross profit	6,258	4,125	2,657
Gross profit margin	31%	30%	30%
Profit for the year	2,621	2,439	1,638
Net profit margin	13%	18%	18%
Profit attributable to equity holders of the Company	2,571	2,444	1,582
HKD	0.15	0.13	0.09
Dividend payout ratio	27%	26%	26%
Earnings per share (RMB)
- Basic	0.352	0.398	0.337
- Diluted	0.351	0.397	0.336
Saleable GFA sold (sq.m.)	2,096,300	1,660,223	1,439,921
Saleable GFA delivered (sq.m.)	1,481,061	1,223,586	865,234

As at 31 December

Assets and liabilities	2011 (RMB million)	2010 (RMB million)	2009 (RMB million)
Total assets	110,285	92,730	62,148
Cash resources*	12,417	15,035	18,516
Net gearing ratio#	60%	46%	14%
Total equity	38,757	33,126	23,886
Equity attributable to equity holders of the Company	35,268	31,071	23,368
Total liabilities	71,528	59,605	38,262
Total landbank (sq.m.)	23,989,000	20,608,000	13,808,000
*: Including the restricted bank deposits #: Total debt less cash resources divided by equity attributable to equity holders of the Company