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2019 Interim Results Presentation August 2019

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2019 Interim Results Presentation August 2019 2019 Interim Results Presentation August 2019 1 Contents 1 Highlights & Outlook 3 2 Financial Overview 10 3 Business Operations 17 4 Land Bank Layout 30 5 Appendix 42 6 Investor Relations 48 2 1. Highlights & Outlook Guangzhou Aoyuan International Center Aoyuan Tower（actual image） 3 1H2019 Results highlights • Contracted sales in the first seven months of 2019 maintained robust growth momentum and Robust contracted increased by 30% yoy to RMB60.28bn (attributable: 84%), achieving 53% of the full-year target; sales growth with Aoyuan is named among “Top 30 PRC Developers” high earnings sustainability • 2016-2018 CAGR for contracted sales reached 89%. As of 30 Jun 2019, unbooked revenue amounted to approx. RMB139bn, which will be gradually recognized in the next 2 years • Revenue in 1H2019 increased by 73% yoy to RMB23.67bn • Gross profit increased by 81% yoy to RMB7.05bn; gross profit margin was 29.8% Robust growth & profitability • Net profit increased by 90% yoy to RMB2.80bn; net profit margin was 11.8% • Core net profit increased by 79% yoy to RMB2.49bn; core net profit margin was 10.5% • Basic earnings per share increased by 87% to RMB84.8 cents • Following the upgrades of corporate rating and rating outlook from all 3 major international rating agencies (Fitch, S&P and Moody’s) in 2016-2018, Aoyuan’s rating outlook was further upgraded Healthy financial by Moody’s and S&P to “positive” in Feb and Mar 2019 profile with • Domestic credit rating was upgraded to “AAA”, the highest credit rating in PRC, by United Credit continued credit Ratings in May 2019 rating upgrades & • As of 30 Jun 2019, net gearing ratio was 64.2%, at reasonable industry level; average borrowing sufficient liquidity cost maintained at 7.4%. Debt maturity profile and structure continued to improve • In 1H2019, cash collection rate was approx. 75%; total cash amounted to approx. RMB54.84bn, sufficient to cover short-term borrowings 4 1H2019 Results highlights (cont.) • 2019YTD, successfully raised over US$1.65bn through diversified offshore channels including issuance of senior notes in public and private placement, as well as syndicated bank loans, further extending its debt maturity profile; redeemed offshore USD senior notes due Apr 2019 on time Outstanding • In 2019, opened the Asia USD bond market and subsequently launched the first fully marketed 3- financing capability year PRC property high yield issuance since Q4 2018; fully utilized its US$1.45bn NDRC quota with sufficient funds • In Apr and Jul 2019, successfully secured approx. HK$1.6bn 3-year syndicated loan in two tranches with an interest rate of HIBOR+4.95% per annum from 5 commercial banks • In 1H2019, established strategic cooperation with Minsheng Bank, Bank of Guangzhou, Huaxia Bank and secured credit facilities amounted to approx. RMB16.3bn • Acquired a total of 34 new projects with newly added GFA of approx. 7.26mn sqm (72% through M&A) and newly added saleable resources of over RMB80bn, which helps to maintain reasonable land cost Capitalize on and stable margins traditional strength • As of 30 Jun 2019, total GFA of land bank was approx. 40.12mn sqm (attributable: 81%) with of M&A; saleable resources of approx. RMB425.5bn Strategic land bank • Full coverage of "Three Olds" urban redevelopment, including old towns, old villages and old replenishment factories; over 30 urban redevelopment projects at different phases, providing additional estimated saleable resources of approx. RMB219.7bn • In 1H2019, both equity and bonds were actively traded, and Aoyuan was one of the best performing stocks in HK Widespread reputation • Upholding the highest standards of investor relations, Aoyuan’s reputation in the capital markets in capital markets; continues to grow. 2019YTD 10 leading investment banks and brokers have initiated equity research Successful IPO of coverage on Aoyuan and a total of 20 are currently covering Aoyuan’s equity and bonds Aoyuan Healthy Life • Aoyuan Healthy Life (3662.HK) was successfully listed on the Main Board HKEx on 18 Mar 2019, which is the first spin-off listco of Aoyuan’s sub-groups, opening up new financing channels and unlocking value 5 2H2019 Strategies Key policies of China's real estate market remain as “housing is for living in, not for speculation; and implementation of city-specific policies”. Real estate credit policies will be tightened while the overall liquidity of financial market is expected to be loosened. In 2H2019, Aoyuan will continue its regional cultivation strategy with a focus on key cities and achieve “quick asset turnover, strong cash collection and speedy revenue recognition” to attain sustainable and quality growth Investment (投资): Financing (融资): • Disciplined land bank replenishment, focus on Tier • Diversify onshore and offshore financing 1&2 core cities and strong Tier 3 cities channels and strengthen “HQ-to-HQ” strategic cooperation with commercial • Continue to capitalize on the traditional strength of banks M&A and increase attention to public land auction • Investment decision depends on funding • Accelerate the conversion of urban redevelopment availability. Priority to be given to projects into land bank projects supported by bank financing • Focus on investment return; acquire • Improve the efficiency of capital projects to be launched within the year; deployment keep a well-balanced profile of long- and 投 融 • Strengthen risk management and short-term projects ensure listco’s funds safety Management (管理): Collection (收款): • Establish greater operation system, 管 收 • Speed up the launch of new projects strengthen milestone management, effectively shorten development cycle and increase sell-through rate • Dual focus on design standardization and R&D, • Enhance inventory destocking and upgrade products with improved competitive clearance based on project and product advantages and premium type, age of inventory, etc. • Speed up presales with targets set in advance, facilitate standardized and precise marketing • Strengthen cash collection progress • Introduce resourceful talents, increase productivity per • Accelerate the settlement of accounts capita and optimize talent structure receivable 6 Aoyuan: One core business with vertical development Benefiting from early strategic planning and initiatives, Aoyuan covers 8 business segments, including “property development, commercial property, health & wellness, technology, cultural tourism, finance, cross border e-commerce and urban redevelopment”. Aoyuan continues to strengthen its strategy of “one core business with vertical development” to build a healthy lifestyle ecosystem with a vision of becoming one of Global 500 companies Property Development Urban Commercial Redevelopment Property Cross Border Health & E-commerce Wellness Finance Technology Cultural Tourism 7 Aoyuan: One core business with vertical development (cont.) Healthy Life Group YoY Aoyuan Healthy Life Group (3662.HK) was successfully listed on the (RMB '000) 1H2019 • Change Main Board of Hong Kong Stock Exchange in Mar 2019. It is committed to becoming a leading healthy life service group in China Revenue 391,961 +47% with a brand philosophy of “Create the Joy of Life” Gross profit 155,103 +60% • Mainly engaged in two core businesses, i.e. property management Gross profit margin 39.6% +3.4 p.p. and commercial operation. Moreover, it takes initiative to develop in health & wellness-related businesses, to build a platform for light Net profit 90,051 +153% medical beauty service and community healthcare service. This is to be integrated with commercial operation business, so as to provide Net profit margin 23.0% +9.7 p.p. comprehensive and high-quality healthy life management services for customers from residential and commercial communities Basic earnings per share (RMB cents) 14.06 +65% 8 Aoyuan: One core business with vertical development (cont.) Aomygod Group Finance Group • Aomygod focuses on the innovative ecosystem of cross-border e- • Finance Group’s businesses mainly cover private equity investment fund and “ HQ-to-HQ” strategic cooperation with commercial banks commerce, including 3 business segments, i.e. global procurement, O2O shopping, and supply chain solutions • Aoyuan acquired 13.86% of Aeon Life Insurance in July 2019. The acquisition is currently under CBIRC’s review. Aoyuan is poised to become its single largest shareholder upon completion of acquisition • Aomygod Global Procurement has developed a complete mobile-end Aeon Life has been one of the fastest growing company in terms of shopping layout comprising mobile app and applet of WeChat, and has • CAGR of premium in PRC life insurance industry. With business established dual-line shopping stores to realize “online-to-offline” integrated footprint covering 20 provinces and cities in China, it is starting to reap development the benefits from its robust growth. It ranked 13th out of 91 Chinese and foreign life insurance companies in 2018 • Currently has over 20mn members; over 50,000 SKUs; products of approx. • The acquisition will provide opportunities for Aoyuan to cooperate with 3,000 brands on sale; and registration of over 100 intellectual properties Aeon Life in the health & wellness industry, achieving strategic synergies and complementary advantages in terms of business development, customer resources, and customer experience, etc. Aeon Life insurance premium and net profit （ ） （ RMB bn 0.697 RMB bn) 45 0.8 40 0.351 0.6 35 0.240 0.4 30 0.032 0.2 25 0 -0.278 20 -0.369 38.6 -0.2 -0.524 15 28.2 -0.4 10 -0.6 15.9 18.3 5 3.5 4.7 8.5 -0.8 0 -1 2012 2013 2014 2015 2016 2017 2018 Insurance premium Net profit 9 2. Financial Overview Zhuhai Aoyuan Plaza (actual image)10 Income statement highlights (6 months ended 30 Jun) (RMB '000) 2019 2018 Change Revenue (1) 23,669,677 13,666,552 +73% Gross profit 7,045,685 3,902,123 +81% Gross profit margin 29.8% 28.6% +1.2 p.p. Net profit (2) 2,800,036 1,474,809 +90% Net profit margin 11.8% 10.8% +1.0 p.p.
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