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Interim Report 2018

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Interim Report 2018 Stock Code: 6098 碧桂園服務控股有限公司 碧桂園服務控股有限公司 Country Garden Services Holdings Company Limited Country Garden Services Holdings Company Limited Services Company Holdings Garden Country (Incorporated in the Cayman Islands with limited liability) 2018 INTERIM REPORT 2018 INTERIM REPORT Contents 2 Corporate Information 3 Awards and Honours 4 Chairman’s Statement 6 Management Discussion and Analysis 20 Corporate Governance and Other Information 22 Interests Disclosure 25 Interim Condensed Consolidated Statement of Comprehensive Income 26 Interim Condensed Consolidated Balance Sheet 28 Interim Condensed Consolidated Statement of Changes in Equity 29 Interim Condensed Consolidated Statement of Cash Flows 30 Notes to the Interim Financial Information CORPORATE INFORMATION BOARD OF DIRECTORS CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR Executive Directors AND TRANSFER OFFICE Mr. Li Changjiang Conyers Trust Company (Cayman) Limited Mr. Xiao Hua Cricket Square, Hutchins Drive Mr. Guo Zhanjun P.O. Box 2681 Grand Cayman Non-executive Directors KY1-1111 Ms. Yang Huiyan (Chairman) Cayman Islands Mr. Yang Zhicheng HONG KONG BRANCH SHARE REGISTRAR Ms. Wu Bijun Tricor Investor Services Limited Level 22, Hopewell Centre Independent Non-executive Directors 183 Queen’s Road East, Hong Kong Mr. Mei Wenjue Mr. Rui Meng AUDITORS Mr. Chen Weiru PricewaterhouseCoopers Certifi ed Public Accountants AUDIT COMMITTEE 22nd Floor, Prince’s Building, Central, Hong Kong Mr. Rui Meng (Chairman) Mr. Mei Wenjue COMPLIANCE ADVISOR Mr. Chen Weiru Somerley Capital Limited 20/F, China Building, 29 Queen’s Road Central, REMUNERATION COMMITTEE Central, Hong Kong Mr. Chen Weiru (Chairman) Ms. Yang Huiyan LEGAL ADVISERS Mr. Mei Wenjue As to Hong Kong laws: Woo Kwan Lee & Lo NOMINATION COMMITTEE 26/F, Jardine House. 1 Connaught Place. Central, Hong Kong Ms. Yang Huiyan (Chairman) As to PRC laws: Mr. Rui Meng DeHeng Law Offi ces (Shenzhen) Mr. Chen Weiru 11/F, Section B, Anlian Plaza No. 4018 Jintian Road, Futian District Shenzhen, PRC JOINT COMPANY SECRETARIES Mr. Huang Peng PRINCIPAL BANKERS Mr. Leung Chong Shun (梁創順) Shunde Sub-branch of Foshan (Solicitor in Hong Kong) Branch of China Merchants Bank AUTHORISED REPRESENTATIVES Shunde Country Garden Branch of Mr. Li Changjiang China Construction Bank Mr. Huang Peng Shunde Beijiao Branch of Bank of China REGISTERED OFFICE Cricket Square, Hutchins Drive COMPANY WEBSITE P.O. Box 2681 www.bgyfw.com Grand Cayman KY1-1111 STOCK CODE Cayman Islands 6098 PLACE OF BUSINESS IN HONG KONG LISTING DATE 19 June 2018 REGISTERED UNDER PART 16 OF THE COMPANIES ORDINANCE 25th Floor, Jardine House 1 Connaught Place Central Hong Kong HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN THE PRC West Building of Country Garden Offi ce Beijiao Town Shunde District, Foshan Guangdong Province, PRC 2 Country Garden Services Holdings Company Limited AWARDS AND HONOURS In June 2018, Guangdong Country In June 2018, CG Property In June 2018, CG Property Services Garden Property Service Co., Services was honored as one of was honored as one of the 2018 Ltd. (“CG Property Services”), the 2018 China TOP 10 Property China Leading Property Management a wholly-owned subsidiary of Management Companies in terms Companies in terms of service quality Country Garden Services Holdings of business size (2018中國物業服 (2018中國物業服務百強企業服 Company Limited (the “Company” 務百強企業服務規模TOP10) by 務質量領先企業) by ChinaChina IndexIndIn ex or “CG Services”, together with China Index Academy (中國指數研 Academy (中國指數研究院指數研研究院).). its subsidiaries referred to as the 究院). “Group”), was honored as one of the 2018 China TOP 100 Property Management Companies (2018中 2 國物業服務百強企業) by China Index Academy (中國指數研究院). In August 2018, CG Services was honored to be ranked as the 2018 China No.1 Community Service Provider by YIHAN（億翰智庫）. In June 2018, CG Property 5 In June 2018, CG Property Services was honored as one of Services was honored as one of the 2018 China TOP 10 Property the 2018 China TOP 10 Property Management Companies in terms Management Companies in terms of growth potential (2018中國物業 of business performance (2018中國 服務百強企業成長性TOP10) by 物業服務百強企業經營績效TOP10) China Index Academy (中國指數研 by China Index Academy (中國指數 究院). 研究院). In June 2018, CG Property Services was honored as one of the 2018 China Leading Property Management Companies in terms of customer satisfaction (2018中國物業服務百 強滿意度領先企業) by China Index 4 Academy (中國指數研究院6). 7 Interim Report 2018 3 CHAIRMAN’S STATEMENT To create a better society with our existence — Yeung Kwok Keung Dear Shareholders, The board of directors is pleased to report that the Group recorded revenue of RMB2,015.8 million for the six months ended 30 June 2018 (the “Period”), representing an increase of 42.5% as compared to that for the same period of 2017, and gross profi t of RMB786.1 million, representing an increase of 61.5% as compared to that for the same period of 2017. The net profi t for the six months ended 30 June 2018 was RMB479.6 million, representing an increase of 117.0% as compared to that for the same period of 2017. Profi t attributable to the owners of the Company was RMB471.1 million, representing an increase of 133.1% as compared to that for the same period of 2017. The basic earnings per share were RMB18.84 cents. The Group won the honor of ranking No. 1 among Chinese Community Service Providers in 2018 by YIHAN (億 翰智庫) and achieved contracted Gross Floor Area (“GFA”) of approximately 386.0 million sq.m., representing an increase of 17.2% as compared to the end of 2017, and 56.4% as compared to that for the same time of 2017; the revenue-bearing GFA was approximately 136.8 million sq.m., representing an increase of 11.4% as compared to that at the end of 2017 and 27.4% as compared to that for the same time of 2017. As we are in an ever-changing era with rapid development and consumption upgrading in China, the property management and services market is expanding rapidly. Consumption needs expand from the traditional four services, namely, cleaning, greening, security and maintenance to everyday life (clothing, food, shelter, transportation, education, shopping, entertainment, healthcare, nutrition, etc.) asset management (asset management/trade/consultancy, insurance, wealth management services for residents and customers), real estate service, aftersales market service, operation of cities/communities, and to the technological upgrading and corporate empowerment for the purpose of upgrading to smart properties, applying AI technologies and big data-based services. The markets and customers raise new demands on service constantly, which call for the integration of services and consumption upgrading. The application of technologies is advancing rapidly — from facility and equipment management to the ubiquitous Internet of Things and AI, from the integration of information management platforms to the generation of voluminous information-making it possible to upgrade smart properties and apply data under the community-based scenarios. By virtue of the expedition of the pace of business innovation and a large and growing population of property owners, abundant resources within communities, wealth and life demands have been translated into commercial opportunities, whereby stimulating various sectors to be innovative and unleash their potential in a community-based scenario. 4 Country Garden Services Holdings Company Limited CHAIRMAN’S STATEMENT Today, as we stand at the starting point of this new era, we propose our new vision and mission: “focus on customer satisfaction, strive to become customers’ fi rst choice and a globally-recognised all-round innovative service group by building up good industry reputation with excellent basic service quality and leveraging our advantages in core resources covering a large population, assets and channels through our asset management service and the community ecological platform”. We have the ability and opportunities to create more value for our customers and society through innovation on our services, technologies and business models. We are seeking to become customers’ top choice. Customers’ choices are the most direct manifestations of the quality and value of the services. The Group notices that the diversifi cation and personalization of customer demand require the Group to be a top-notch professional service provider which is capable of identifying and catering for customers’ demands in a timely manner. Currently, the Group provides community services to millions of property owners. The Group is capable of providing satisfactory services to its customers on a daily basis, at every stage of their growth, and in relation to every aspect of their lives. The Group integrates innovative technologies into service experience thoroughly. Through practice and exploration of community services in the Group’s long history, the Group notes that the application of artifi cial intelligence, as an advanced technology, has promising prospects in the sector of community services, and it plays an important role in improving customer experience and service effi ciency. Therefore, the Group has elevated the development of artifi cial intelligence community to one of our strategic initiatives. Currently, we have established comprehensive strategic partnerships with a number of companies (such as Tencent) and applied such technology in the community extensively. Looking forward, we will continue to deepen the application of technology such as image recognition, voice recognition, natural language processing and machine learning to various fi elds. We make efforts to build a more open community ecological platform. As the market of community services matures over years, more partners enter the industry. We must, with an open mind, develop a new community ecological platform, which is more collaborative, and empower our partners in this regard. We always adhere to the people-oriented philosophy. We have a management and service team of over 25,000 staff, of which the proportion of those aged below 30 is on the rise. One of the Group’s responsibilities is to ensure a harmonious cooperation among multiple groups of staff, and help them gain sense of accomplishment and career development, while highly value the health and welfare of all employees.
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