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2020 Interim Results Presentation

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2020 Interim Results Presentation China Vanke Co., Ltd. 2020 Interim Results Presentation August 2020 Interim Results Summary Financial Overview Business Overview Key Priorities in 2020 H2 Interim Results Summary 2020 Interim Results Presentation 03/33 Results Summary ⚫ Net profit attributable to equity ⚫ Cash and cash ⚫ Contract sales amount ⚫ Revenue ⚫ Net gearing ratio shareholder of the Company equivalents RMB320.48 RMB146.35 RMB12.51 RMB194.29 27.0% billion billion billion billion +16.9% from the Remained at 5.1% 5.6% beginning of the year industry low level ⚫ Cash to interest-bearing ⚫ Contract amount of project ⚫ Property services ⚫ Occupancy rate of rental liabilities due within one year ⚫ Fortune Global 500 ratio sold but not yet booked revenue housing RMB695.33 RMB6.7 93.7% of mature 2.0 208th billion billion projects +3.7 percentage points from Enhanced coverage +14.2% from the beginning of the year 26.8% the beginning of the year 46 Interim Results Summary 2020 Interim Results Presentation 04/33 Business gradually recovers under the pandemic ⚫ Property development : Improved capacity for individual projects, 5 projects were shortlisted for China’s Top 50 Bestsellers; ⚫ Property services: Vanke Service incorporated the development of “urban management services” into its development strategy on the basis of “simultaneous development of the residential and commercial services”; the urban management services coverage has expanded to 7 cities; ⚫ Long-term rental housing : Occupancy rate gradually returned to the level before the pandemic; occupancy rate of mature projects increased by 3.7 percentage points ; ⚫ Retail property development and operation : The customer flow and revenue gradually recovered; area in operation up by 11% during the first half of the year; ⚫ Logistics and warehousing : Occupancy rate of stabilized high-standard warehouse projects rose back to 89%. Retail property: SCPG Logistics Rental housing (high-standard warehouse) Changes in sales and customer flow Changes in occupancy rate of stabilized Changes in occupancy rate from Jan to Jun projects from Jan to Jun 89% from Jan to Jun Customer flow 88% Revenue 销售额（亿元） 客流量（百万人次）(Mn visits) 89% (RMB billion) 88% 36.2 85% 43.4 35.0 88% 84% 27.5 20.1 82% 87% 9.6 86% 81% 81% 3.32 0.99 1.57 1.91 2.27 2.09 January February March April May June January February March April May June January February March April May June Interim Results Summary Financial Overview Business Overview Key Priorities in 2020 H2 Financial Overview 2020 Interim Results Presentation 06/33 Revenue and net profit attributable to equity shareholders of the Company continued to improve, steady increases in earnings per share ⚫ From January to June 2020, the Group achieved a revenue of RMB146.35 billion, up by 5.1% YOY; net profit attributable to equity shareholders of the Company amounted to RMB12.51 billion, up by 5.6% YOY; ⚫ Basic earnings per share amounted to RMB1.11, up by 4.0% YOY. 营业收入（亿元）Revenue 营业利润率（Operating profit%） margin (%) Net profit attributable to equity shareholders of (RMB billion) the Company (RMB billion) 4000.0 29.7 35.0 28.1 26.0 27.3 24.1 30.0 3000.0 20.2 20.3 25.0 388.738.87 20.0 337.733.77 2000.0 280.528.05 367.89 15.0 210.2 297.68 18.12 21.02 240.48 242.90 10.0 125.1 1000.0 195.55 118.411.84 12.51 139.32 146.35 5.0 0.0 0.0 2015 2016 2017 2018 2019 2019H1 2020H1 2015 2016 2017 2018 2019 2019H1 2020H1 Basic earnings per share (RMB) Return on equity (fully diluted) (%) 21.1 21.7 20.7 18.5 3.47 18.1 3.06 2.54 1.90 1.64 7.4 6.4 1.06 1.11 2015 2016 2017 2018 2019 2019H1 2020H1 2015 2016 2017 2018 2019 2019H1 2020H1 Financial Overview 2020 Interim Results Presentation 07/33 Segment revenue and operating profit margin ⚫ The revenue from property development and related asset operations amounted to RMB138.14 billion, and the segment revenue from property services amounted to RMB7.79 billion (including inter-segment revenue); ⚫ The operating margins of the property development and related assets operations business and property services business were 24.1% and 14.4% respectively. Revenue from the property development and related asset Operating profit margin of the property development and operations (RMB billion) related assets operations (%) 352.65 29.69 27.22 28.26 284.62 25.82 24.06 234.14 233.01 19.77 190.21 19.46 132.99 138.14 2015 2016 2017 2018 2019 2019H1 2020H1 2015 2016 2017 2018 2019 2019H1 2020H1 Segment revenue from property services (RMB billion) Operating profit margin of property services (%) 14.29 17.38 17.22 17.44 17.96 16.18 11.17 14.53 14.37 8.59 7.79 5.68 6.16 4.14 2015 2016 2017 2018 2019 2019H1 2020H1 2015 2016 2017 2018 2019 2019H1 2020H1 Financial Overview 2020 Interim Results Presentation 08/33 Adequate cash on hand, net gearing ratio maintained at low level Increase/(decrease) from the Item 2020/6/30 2019/12/31 beginning of the year Total assets (RMB billion) 1,806.26 1,730.00 +4.41% Cash and cash equivalents (RMB billion) 194.29 166.19 + RMB28.1 billion Interest-bearing liabilities (RMB billion) 272.98 257.85 + RMB15.13 billion Net gearing ratio 27.0% 33.9% - 6.9 pp Cash to interest-bearing liabilities due within one 2.0 1.8 Improved coverage year ratio Pledged interest-bearing liabilities to total interest- 1.5% 1.9% - 0.4 pp bearing liabilities ratio Net gearing ratio Cash and cash equivalents/ interest-bearing liabilities due within one year Cash and cash equivalents (RMB billion) 35.0% 33.9% Interest-bearing liabilities due within one year (RMB billion) 194.29 27.0% 166.19 143.87 93.89 96.82 66.65 2019H1 2019 year end 2020H1 2019H1 2019 year end 2020H1 Financial Overview 2020 Interim Results Presentation 09/33 Continued to maintain a leading credit rating in the industry, financing cost maintained at a low level in the industry Rating agency Rating Outlook Moody’s Baa1 Stable S&P Global BBB+ Stable Fitch Ratings BBB+ Stable CCXl AAA Stable Interest-bearing liabilities and financing activities 100.0% 18.7% ⚫ As at the end of the Reporting Period, interest-bearing liabilities 25.5% 35.5% amounted to RMB272.98 billion (representing approx. 15.1% of total assets); 25.5% 63.1% ⚫ Completed the issuance of six tranches of corporate bonds with a total amount of RMB7 billion, at an average cost of 3.28%; 50.0% 74.5% ⚫ Completed the issuance of RMB2,258 million accounts receivable 64.5% ABS preferred debt, at an average cost of 2.56%; 55.8% 36.9% ⚫ SCPG issued RMB3.37 billion CMBS products, with a coupon rate of 3.8%; 0.0% Bank borrowings ⚫ VX Logistic Properties issued RMB573.2 million quasi REITs Domestic Fixed interest Over one year liabilities rate products, including RMB295 million preferred debt, at a cost of Bond payables Overseas Floating Due within one 4.7% liabilities Other interest rate year borrowings Interim Results Summary Financial Overview Business Overview Key Priorities in 2020 H2 Industry situation 2020 Interim Results Presentation 11/33 Sales area of commodity housing in China declined YOY, but narrowed gradually ⚫ According to the National Bureau of Statistics of China, the sales area of commodity housing in China during 2020H1 amounted to 694 million sq m, representing a 8.4% YOY decrease, which was 17.9 percentage points lower than the decline rate for 2020Q1. ⚫ Sales amount reached RMB6.69 trillion, down by 5.4% YOY, which was 19.3 percentage points lower than the decline rate for 2020Q1. Accumulated sales area of commodity housing and YOY growth rate Accumulated sales amount of commodity housing and YOY growth rate 20.0 3.6 10.0 3.3 2.9 1.3 20.0 13.2 13.3 12.2 20.0 -0.9 -0.1 -0.1 10.4 -1.8 5.6 5.6 7.1 6.5 15.0 0.0 10.0 -8.4 15.0 -5.4 0.0 10.0 -10.0 10.0 -10.0 -26.3 -24.7 5.0 -20.0 5.0 -20.0 0.3 0.77 1.19 1.72 0.3 0.76 1.19 1.72 0.22 0.69 2.6 6.7 10.4 15.0 2.7 7.1 11.1 16.0 2.0 6.7 0.0 -30.0 0.0 -30.0 Jan-Mar 2018 Jan-Jun 2018 Jan-Sep 2018 Jan-Dec 2018 Jan-Mar 2019 Jan-Jun 2019 Jan-Sep 2019 Jan-Dec 2019 Jan-Mar 2020 Jan-Jun 2020 Jan-Mar 2018 Jan-Jun 2018 Jan-Sep 2018 Jan-Dec 2018 Jan-Mar 2019 Jan-Jun 2019 Jan-Sep 2019 Jan-Dec 2019 Jan-Mar 2020 Jan-Jun 2020 Sales area of commodity housing (billion sq m) YOY growth rate (%) Sales amount of commodity housing (RMB trillion) YOY growth rate (%) Signs of recovery in supply and area sold in major cities ⚫ For the 14 cities* under the Company’s ongoing observation during 2020H1, the area of commodity housing approved for pre-sale declined by 10.7% YOY, and the area of commodity housing sold declined by 11.3% YOY. ⚫ As at the end of June 2020, the sales cycle of new housing available for sale (area with sales permits but had yet to be sold) in the above-mentioned cities was about 10.4 months, representing a slight increase from that of the end of 2019.
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