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31 March 2021 Contents 封面占位 31 March 2021 Contents 1 Results Overview 2 Financial Overview 3 Operation Overview 4 Future Prospects Shanghai · Uni-City Note: Renditions / photos in this presentation are selected from projects that Vanke participated in construction, redevelopment or operation 3 1 Results Overview Guangzhou · Yong Qing Fang Results Overview 04 Net profit attributable to Vanke’s equity holding Weighted average ROE Annual dividend distribution 6.8% 23.0% RMB14.52 billion billion 20.1% Cash dividend distribution for RMB41.52 29 consecutive years 10 years CAGR over Over 19% for 10 Since its listing, total dividend 19% consecutive years distribution amounted to RMB 83.69 billion Operating cash flow Net gearing ratio Credit rating Moody’s S&P Global Fitch Rating RMB53.19 billion 18.1% Baa1 BBB+ BBB+ Remain positive for Remain lower than 40% Continue to maintain a leading 12 consecutive years for 20 consecutive years rating in the industry Property development Rental housing Property service “Onewo” 11.6% • An aggregate of 142,400 units in Contract sales amount • Realized revenue RMB18.20 billion operation, the largest centralised • Urban services in 10 cities, with 12 RMB704.15 apartment operation in the country • The overall occupancy rate of new projects added during the year billion projects in operation exceeded 95% (total 16 projects) 2 Financial Overview Beijing · Wangjing Street Block Steady growth in operating results, further optimisation of asset and 06 debt structure Profit and loss Unit 2020 2019 % change Revenue RMB billion 419.11 367.89 13.92% GP margin (after tax) % 22.7% 27.3% -4.6 pct Net profit RMB billion 59.30 55.13 7.56% Net profit attributable to equity shareholders of the Company RMB billion 41.52 38.87 6.80% Earnings per share RMB 3.62 3.47 4.52% Dividend per share (estimated) RMB 1.25 1.02 22.96% Balance sheet Unit 31 Dec 2020 31 Dec 2019 % change Cash and cash equivalents (including pledged and restricted deposits) RMB billion 195.23 166.19 17.47% Total assets RMB billion 1,869.18 1,729.93 8.05% Interest-bearing liabilities RMB billion 258.53 257.85 0.26% Of which: interest-bearing liabilities due within 1 year RMB billion 82.91 93.89 -11.69% Shareholders equity RMB billion 349.84 270.58 29.29% Equity attributable to equity shareholders of the Company RMB billion 224.51 188.06 19.38% Net assets per share RMB 19.32 16.64 16.14% Maintain a stable cash-to-debt ratio for a long period of time 07 Positive operating cash flow for 12 consecutive years Net gearing ratio 18.1%, remained below 40% for 20 consecutive years RMB billion Positive operating cash flow Net gearing ratio 60 53.19 45.69 33.9% 50 30.9% 40 33.62 30 18.1% 20 10 0 2018 2019 2020 as at the end of 2018 as at the end of 2019 as at the end of 2020 Interest-bearing liabilities accounted for 13.8% of total assets; interest-bearing liabilities due over one year accounted for 67.9%; maintain a safe term structure RMB billion Interest-bearing liabilities structure at the end of 2020 100% Due within 32.1% Other 25.4% Overseas 25.6% 60.7% one year borrowings 66.08 65.89 Floating 75% 82.91 Bonds payable 21.9% 74.4% interest rate 67.9% 56.50 156.81 50% 52.7% Over one year Domestic Bank 175.61 192.45 39.3% 25% borrowings Fixed 136.13 interest rate 101.72 0% Over 1 year vs. due within 1 Bank borrowings vs. bond Domestic vs. overseas Floating interest rate vs. fixed year payable vs. other borrowings interest rate Maintain a leading credit rating and low financing cost in the 08 industry continuously Stable credit ratings Moody’s S&P Global Fitch Ratings CCXI Baa1 Stable BBB+ Stable BBB+ Stable AAA Stable Financing cost maintained at a low level Fund monitoring and financing management Financing Balance Asset-liability Financing cost range Cash to Net gearing channels (RMB billion) ratio excluding short-term receipts in ratio advance debt ratio Bank loans 136.13 LIBOR + margin ~5.70% Green-tier Bonds 56.51 1.90%-5.35% requirement <70% >1X <100% Other 65.89 2.30%-6.16% borrowings Vanke’s Total interest- performance 70.4% 1.8X 18.1% 258.53 bearing liabilties (As at 31 December 2020) 9 3 Operation Overview Shanghai · Columbia Circle Property development and operation business: sales amount exceeded 10 RMB700 billion, ranked among the top three in 43 cities Ranked among top three in market ranking in 43 cities • Reached a sales amount of RMB704.15 billion in 2020, Shanghai, Chengdu, Suzhou, Xi'an, Hefei, up by 11.6% yoy NO.1 Fuzhou, Nanchang, Shenyang, Changchun, 23 Dalian, Dongguan, Zhongshan, etc. • Enjoyed a market share of approx. 4.03%, ranked first in 23 cities, ranked among top three in 43 cities Tianjin, Nanjing, Kunming, Zhengzhou, NO.2 Zhuhai, Wuxi, Ningbo, Xuzhou, etc. 14 • Average selling price remained stable Beijing, Hangzhou, Guangzhou, Chongqing, NO.3 Guiyang, Zhangzhou, etc. 6 Sales结算收入与结算均价 revenue and average selling price Note: The sales ranking in the above cities is based on the city’s record statistics as the main indicator Sales amount (RMB billion) Average selling price Sales breakdown by product in 2020 704.15 (RMB’000/ sq m) 606.95 630.84 3.9% 15.0 15.3 15.1 7.9% +11.6% 88.2% 2018 2019 2020 2018 2019 2020 Residential Retail & office properties Other ancillary facilities Property development and operation business: sold but not 11 recognized amount reached almost RMB698.15 billion, providing support for future performance • Newly commenced construction reached 39.60 million sq m, representing 135.6% of that planned at the beginning of the year; completed floor area amounted to 33.82 million sq m, representing 101.9% of that planned at the beginning of the year • Realised a recognized area of 28.89 million sq m (+17.4%), realised recognized income of RMB377.42 billion (+13.0%) • Sold but not recognized contract amount in the consolidated statements was RMB698.15 billion (+14.6%) Realised recognized income and Sold but not recognized amount and area in Operating profit margin (after tax) average recognized price consolidated statements Area (million sq m) Realised recognized Average recognized Amount (RMB billion) income price (RMB’000/sq m) +14.6% 698.15 (RMB billion) 13.6 +13.0% 13.1 609.10 12.5 377.42 530.71 334.04 274.27 +14.7% 37.10 42.89 49.19 2018 year 2019 year 2020 year 2018 2019 2020 2018 2019 2020 end end end Property development and operation business: 86.6% of newly acquired 12 projects located in key conurbations; project resources meet the needs of sustainable development Area of land acquired attributable to Vanke’s Reasonable land bank, sufficient for 2-3 years’ development equity holding by region Average land premium of Acquired projects GFA 12% newly projects 18% Southern region 33.67 million m² Shanghai region RMB 6710 per m² 18% Total land premium Planned GFA of new projects 19% Northern region attributable to Vanke’s attributable to Vanke’s equity Central-western region equity holding holding 33% RMB138.15 billion 20.59 million m² Northwestern region Land premium of projects acquired attributable to Focus on major cities of Area of newly commenced Vanke’s equity holding by region conurbations construction 7% Investment amount in Southern region newly acquired projects 2021 estimated area 14% 24% attributable to Vanke’s commenced construction of Shanghai region equity holding: existing projects: Northern region 86.6% located in key 31.48 million m² 20% conurbations Central-western region 35% Northwestern region Property development and operation business: develop in tandem with cities; continued 13 to enhance comprehensive development and operational capabilities of TOD projects After exploration and practice, Vanke is capable of performing 4 types of TOD development models, and has created a number of benchmark projects Shanghai Uni-City Hangzhou Uni-City Shenzhen Zhenwanhui Chongqing Tiandi On top of rail lines On top of rail lines Station integrates into the city Station integrates into the city On top of station On top of station Residential, Office, Commercial, Residential, Office, Commercial, Apartment, Office, Hotel, Apartment, Office, Hotel, Education, Sports Education, Sports, Culture Commercial, Park Commercial, Park Site area GFA Site area GFA Site area GFA Site area GFA Approx. Approx. Approx. Approx. Approx. Approx. Approx. Approx. 2 2 260,000 m2 680,000 m2 450,000 m2 1.29 million m2 70,000 m2 540,000 m2 230,000 m 1.80 million m • Comprehensive development • Comprehensive development • 3 subway lines + public • Integrated design, atop two along the rail lines and above along the rail lines and above transport interchange subway stations stations; operation of self- stations • Multiple parks, with three- • Tallest building in owned commercial properties • Mammoth-size, composite dimensional greening Chongqing, with a height • Shanghai TOD benchmark operation, with advanced • Large-scale concentration of of 458 m project, Da Hongqiao District planning technique commercial, high-end • We were responsible for Vitality Centre • We created an archetype of a residential skyscrapers the construction of stations, future smart railway-integrated • Surpassing headquarters-grade which would provide city featuring greenness, city- office buildings, international seamless connection industry-function integration 5-star hotels Property development and operation business: develop in tandem with cities; continued to 14 enhance comprehensive development and operational capabilities of TOD projects (cont’d) After exploration and practice, Vanke is capable of performing 4 types of TOD development models, and has created a number of benchmark projects Hangzhou Huanglong Shanghai Xuhui Nanjing Metro Height Hefei City Apartment Vanke Center Vanke Center Site connection Site connection Built within 200 m of the station Built within 200 m of the station Commercial, office, education, Office, commercial, park, cinema, Apartments, office, commercial, Commercial, office, residential, culture, art culture and shows residential, community park cultural, public ancillary Site area GFA Site area GFA Site area GFA Site area GFA Approx.
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