Shaoxing Keqiao Wanda Plaza 12/2010 171.6 96.9 100.0%
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二零一五年中期业绩演示 2015 Semi-Annual Results Presentation 2015年8月 (3699.HK) 免责声明 DISCLAIMER This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Dalian Wanda Commercial Properties Co., Ltd. (the “Company”) or any of its subsidiaries or affiliates in any jurisdiction or an inducement to enter into investment activity. This presentation is not an offer of securities for sale in the United States. Any securities referred to in the presentation (“Securities”) may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer and will contain detailed information about the company and management, as well as financial statements. No public offering of the Securities will be made in the United States, and the issuer does not intend to register any part of the offering in the United States. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. This document is highly confidential and being given solely for your information and for your use and may not be shared, copied, reproduced or redistributed to any other person in any manner. This document contains “forward-looking statements”, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking, including, among others, the achievement of anticipated levels of profitability, growth, cost and synergy of recent acquisitions, the impact of competitive pricing, the ability to obtain necessary regulatory approvals and licenses, the impact of developments in the economic, political and legal environment of China and Hong Kong, volatility in stock markets or in the price of the Company's shares, financial risk management and the impact of general business and global economic conditions. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. This document contains data sourced from and the views of independent third parties. In replicating such data in this document, the Company makes no representation, whether express or implied, as to the accuracy of such data. The replication of any views in this document should be not treated as an indication that the Company agrees with or concurs with such views. Neither the Company, nor any of its agents, employees or advisors intends or has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document. The information contained in this document is provided as at the date of this document and is subject to change without notice. (3699.HK) 1 PART.1 ⋯⋯ Financial Overview PART.2 ⋯⋯ Property Leasing & Management PART.3 ⋯⋯ Property Sales PART.4 ⋯⋯ Hotel Operations PART.5 ⋯⋯ 2015 Outlook PART.6 ⋯⋯ Appendix (3699.HK) 2 PART.1 ⋯⋯ Financial Overview |Wanda Group Beijing CBD Headquarters (3699.HK) 3 PART1.1.1⋯⋯ Consolidated Financial Position Jan-Jun 2015 Income Statement Jun 2015 Balance Sheet Jan-Jun Jan-Jun (RMB mm) % Change 2015 2014 (RMB mm) Jun 2015 Dec 2014 Revenue 30,894 23,251 32.87% COGS -17,206 -12,821 Non-current assets 329,260 302,958 Gross profit 13,688 10,430 31.24% Current assets 249,315 261,336 Gross margin 44.3% 44.9% Current liabilities 259,726 235,461 Other income 1,350 1,190 13.45% Fair value gain of investment Net current assets -10,411 25,875 3,910 5,227 -25.20% properties Total assets less current 318,849 328,833 SG&A and other expenses -5,890 -4,641 liabilities Finance cost -3,760 -3,820 -1.57% Non-current liabilities 160,772 173,687 Share of loss of associates /joint -7 -1 ventures Net assets 158,077 155,146 Profit before tax 9,291 8,385 10.81% Income tax expense -4,079 -3,468 Net profit 5,212 4,917 6.00% Core net profit 2,264 1,045 116.65% Core net margin 7.33% 4.5% +283bp (3699.HK) 4 PART1.1.2⋯⋯ Consolidated Financial Position Jan-Jun 2015 Statement of Cash flow (RMB mm) Jan-Jun 2015 Jan-Jun 2014 Net cash flow generated from -3,668 -8,953 operating activities Net cash flow used in investment -19,780 -20,909 activities Net cash flow generated from -12,476 35,136 financing activities Cash and cash equivalents at 86,303 69,525 beginning of year Cash and cash equivalents at end 50,620 74,761 of period • Improved ability of generating cash flow from operating activities • Reduced cash flow from financing activities is due the less new loans and increased debt repayment (3699.HK) 5 PART1.2.1 ⋯⋯ Steady Growth of Core Net Profit • 2015 1H core net profit of RMB2.264 bn, accounting for 43.44% of total net income. The company achieved YoY growth in profit in 2015 1H. • Fair value gains RMB3.91 bn, RMB1.317 bn less than 2014 1H Core Net Profit % of Core Net Profit RMB mm 2,264 Core Net 2014 1H 56.6% Profit 2015 1H 78.7% Fair Value 1,045 Gaint 116.65% 43.4% 21.3% 2014 1H 2015 1H (3699.HK) 6 PART1.2.2 ⋯⋯ Rapid growing EBIT • 2015 1H EBIT net of fair value gains from investment properties increased by 31.78% YoY, reaching RMB7,223 mm • EBIT from property leasing and management increased by 30.85% YoY, reaching RMB4,386 mm • EBIT from property sales increased by 52.87%, reaching RMB3,467 mm (RMB mm) Total EBIT Property Leasing and Profit before tax and interest (excl. Fair Value Gains) Management EBIT from property for Sale 31.78% 39.86% 52.87% 5,481 7,223 3,136 4,386 2,268 3,467 2014 1H 2015 1H 2014 1H 2015 1H 2014 1H 2015 1H Note: EBIT is before fair value gains from investment properties and land appreciation tax (3699.HK) 7 PART1.3 ⋯⋯ Property Leasing + Property Sales: Dual Revenue Growth Engines • Revenue in 2015 1H increased by 32.9% YoY, reaching RMB30,894 mm • Revenue from property sales increased by 28.8% YoY, reaching RMB20,989 mm • Revenue from property leasing and management increased by 30.5% YoY, reaching RMB6,345 mm (百万元人民币)(RMB mm) Property leasing and Property Sales Revenue Total Revenue Management Revenue 32.9% 28.8% 30.5% 23,251 30,894 16,293 20,989 4,861 6,345 2014 1H 2015 1H 2014 1H 2015 1H 2014 1H 2015 1H (3699.HK) 8 PART1.4 ⋯⋯ Effective cost control • Expense increased 9.06%, with a slower growth rate compared to that of revenue of 32.28%. • Expense ratios of all expenses recorded year-on-year decreases Analysis of year-on-year movements Analysis of Expense/Revenue in expenses (RMB mm) 16.43% 3,820 3,760 2014 1H 2014 1H 3,119 2015 1H 12.17% 2015 1H 10.55% 2,453 2,257 9.05% 10.10% 2,104 7.31% Selling expenses Administrative expenses Financial costs Selling expenses Administrative expenses Financial costs (3699.HK) 9 PART1.5 ⋯⋯ Stable financial condition and reasonable debt structure • Balance of the interest-bearing debts amounted to RMB174,238 million, representing a decrease of 3.7% as compared with the beginning of the year. The percentage of LT borrowings was 75% and interest rates on our financial costs decreased to 6.96%, representing a decrease of 0.55 percentage point as compared with previous year • Foreign currency debts amounted to RMB15,137 million, accounting for 8.7% of the total debts. Loans in foreign currency was mainly issued for overseas projects development, thus the depreciation of Renminbi would have little impact on the exchange gains and losses of the Company Structure of interest-bearing debts Percentage of foreign currency deposits ST Borrowings 44,231 USD 6% HKD 4% LT Borrowings 130,007 Others 1% Due within 1-2 years 49,653 Percentage of foreign currency debts Due within 2-5 years 62,695 Offshore loans 4.55% Due after 5 years 17,659 Bonds 4.13% Total interest-bearing debts 174,238 Financial cost Cash and equivalents 50,620 7.51% Restricted cash