LOL外围

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LOL外围's core net profit increased 21% to 15 billion 550 million yuan in 2019.
Investment property income increased 41.5% to 5 billion 790 million yuan, net debt ratio 51% remained low

2020/03/24

Source: LOL外围 group: 40601

In March 24, 2020, LOL外围 Group Holdings Limited ("LOL外围 group" or "group"): HKEx Stock Code: 960) announced its year-round results for the year ended December 31, 2019.

Main financial performance:

-2019 contract sales increased by 20.9% to 242 billion 500 million yuan (RMB, same below).

- turnover of 151 billion 30 million yuan, an increase of 30.4% over the same period last year. Among them, investment property income is 5 billion 790 million yuan (excluding tax rent income), an increase of 41.5% over the same period.

The net profit attributable to shareholders was 18 billion 340 million yuan, and the core net profit after the impact of minority interests and value-added assessment was 15 billion 550 million yuan, an increase of 21% over the same period last year. Gross profit increased by 28.5% to 50 billion 800 million yuan, and gross margin was 33.6%. The core profit after tax is 15.5%, and the core profit is 10.3%.

Net debt ratio was 51%, and cash in hand was 60 billion 950 million yuan.

- the total loan amount is 146 billion yuan, the average borrowing cost is 4.54%, and the average loan life is 6.04 years.

- basic earnings per share were 3.13 yuan, excluding core earnings of 2.66 yuan after the impact of value-added assessment. The board recommended that a final dividend of 0.84 yuan per share be included in the interim dividend of 0.36 yuan per share, and the total dividend payment will be 1.20 yuan per share for the whole year, an increase of 21.2% over the same period last year.

In 2019, in the complex and changeable market and diversified competition pattern, LOL外围 group, as always, sticks to the plate and operates steadily. The group achieved a turnover of 151 billion 30 million yuan, an increase of 30.4% over the same period last year. Among them, property development income accounted for 93.2%, property investment income accounted for 3.8%, property management and related services and other income accounted for 3%.

The net profit attributable to shareholders was 18 billion 340 million yuan, and the core net profit after the impact of minority shareholders' interests and value-added assessment was 15 billion 550 million yuan, an increase of 21% over the same period last year. Gross profit increased by 28.5% to 50 billion 800 million yuan and gross margin 33.6%. The core profit after tax is 15.5%, and the core profit is 10.3%.

Contract sales of 242 billion 500 million yuan, an increase of 20.9% over the same period
The layout of the land storage is excellent and the cost is reasonable.

In the "home to live without speculation" regulation of the main tone, the real estate market in 2019 continued to operate smoothly, return and reshape to become a consensus. During the period, the group's property development business achieved a turnover of 140 billion 790 million yuan, and the total construction area of the property was 10 million 680 thousand square meters.

The annual sales contract for real estate development was 242 billion 500 million yuan, an increase of 20.9% over the same period, and the top ten remained stable. According to the subregional perspective, the total value of signing the contract in the Yangtze River Delta, the western region, the Bohai rim, Southern China and central China is 34%, 24.4%, 21.6%, 10.8% and 9.2% respectively. By the end of 2019, the group had sold but not yet settled the contract sales volume of 253 billion 500 million yuan, with an area of 15 million square meters, laying a solid foundation for the sustained and steady growth of future shareholders' profits.

LOL外围 strictly adhered to investment logic and discipline, firmly optimistic about the prospects for the coordinated development of urban agglomeration, and focused on the layout of the second tier and hot cities within the core urban agglomerations. In 2019, the group added 90 new sites, first entered 11 cities such as Taiyuan, Changchun, Haikou, Xuzhou and Yangzhou. The total land area of the newly acquired land reserve is 17 million 310 thousand square meters, the area of interest is 12 million 730 thousand square meters, and the average acquisition cost is 6186 yuan per square meter.

By the end of 2019, the total storage capacity of the group was 68 million 140 thousand square meters, with an area of 47 million 420 thousand square meters. The business has spread to 55 cities in the 7 cities of Beijing, Tianjin, Hebei, Yangtze River Delta, Guangdong, Hongkong and Macau, Chengdu and Chongqing. About 90% of the total volume is concentrated in high-energy cities and value areas, and the cost is reasonable, laying the foundation for the subsequent growth of profits.

In the first two months of 2020, the total land acquisition of the group was 2 million 320 thousand square meters, with an area of 1 million 780 thousand square meters.

Rental income of investment property increased by 41.5% to 5 billion 790 million yuan.
A source of income contributing to steady growth

As always, the group persisted in steadily investing in the strategy of holding property, and the property investment business of Tian Jie and Guan Yu advanced steadily. In 2019, the realty investment business did not include tax rent income of 5 billion 790 million yuan, an increase of 41.5% over the same period last year. Shopping malls, rental housing and other income accounted for 79%, 20.3% and 0.7% respectively.

In 2019, the group opened 10 new shopping malls, and the first day street in Hefei and Nanjing opened and operated. The total number of shopping malls in the country was 39, and the shopping mall was built with an area of 3 million 770 thousand square meters and the overall occupancy rate was 98.5%. Business rents increased by 31.9% to 4 billion 750 million yuan, the same store grew 19%, and the sales volume of shopping malls was 26 billion 700 million yuan, up 25% over the same period last year; the average daily passenger flow was 1 million 540 thousand times a year, an increase of 23% over the same period. Through space butterfly change, scene rebirth and content operation, many shopping malls, such as Chengdu Binjiang Tian Jie, Hangzhou Xixi Tian Jie and Shanghai Huajing Tian Jie, which have been opened during the year, have achieved an ideal score of nearly 100% occupancy rate and become the joyful entrance of many consumers.

In addition to shopping malls, the Group actively responds to the policy of "hiring and purchasing simultaneously", and its rental housing business, LOL外围 Guan Yu, aims to meet the needs of young people in the new generation. It has been operating in more than 30 high-energy cities nationwide. By the end of 2019, the total number of rooms opened in the crown has reached 75 thousand, with rental income of 1 billion 170 million yuan, an increase of 150.6% compared with the same period last year. The occupancy rate for housing over six months is 87.3%, ranking the first in the list of the long rental apartment brand index.

Property management revenue achieves breakthrough growth
Owner satisfaction has exceeded 90% for eleven consecutive years.

As the most tender part of LOL外围 brand, LOL外围's intelligent service has been expanded and polished after more than two years of expansion. In addition to residential areas, it has gradually entered commercial, office buildings, apartments, pension, city, hospitals, schools, parks, aviation logistics, transportation hub, and smart city and other integrated service areas, and has been involved in diverse urban life scenes.

In 2019, LOL外围 smart service entered 45 new cities, basically completed the layout of the first and second tier core cities and the three or four line potential cities, and realized operating income of 4 billion 280 million yuan (the combined pre canceling income was about 5 billion yuan), achieving a breakthrough growth year on year. The existing value-added businesses, such as leasing, Merco, tourism and optimization, have achieved rapid growth. In addition, through 5 years of exploration and practice, LOL外围 intelligent service in 2019 completed the "smart service engine" of the technology system and built the business scenarios online.

By the end of 2019, intelligent services in LOL外围 had carried out specialized property services in 118 cities across the country. The contract management area was 428 million square meters, and the number of service owners was 330 million. The owners' satisfaction was eleven years over 90%.

Average borrowing cost 4.54% remains low
Harvest the best credit rating of domestic and foreign investment level private housing enterprises

When risk prevention and deleveraging are repeatedly stressed, housing companies accelerate the differentiation of financing channels and cost years. The LOL外围 group, with its solid market and outstanding ability, has chosen the right window in the capital market to realize the optimal issuance of domestic and foreign bonds. The high credit at the bank side has ensured the double support of the quota and interest rate. Benefiting from this, in 2019, the group maintained a low average borrowing cost of 4.54%, with an average loan life of 6.04 years, a net debt ratio of 51%, a cash dividend of 60 billion 950 million yuan in cash, and a cash short debt ratio (at hand cash divided by one year debt) 4.38, and a series of indicators maintained high standards in the industry.

During the period, the group continued to be recognized by the capital market, and Moodie's upward outlook was positive. The S & P raised its rating to BBB. It became the only private real estate company in the country that received all three international credit rating agencies (S & P / Moodie / Fitch) investment grade rating. Meanwhile, the outlook of AAA, AAA and AAA is stable, so that the group will continue to maintain the best credit rating of private housing enterprises.

In May 2019, the group was incorporated into the Hongkong Hang Seng China Enterprise Index constituent stock, and was further recognized in good credit records, prudent self-discipline financial performance and sound business development.

In February 2019, the group successfully issued 2 billion 200 million corporate bonds in the territory, ranging from 3.99% to 4.70%, with a period ranging from 5 to 7 years. In July, the issuance of 2 billion yuan housing lease special corporate bonds, the coupon rate ranged from 3.90% to 4.67%, with a period ranging from 5 years to 7 years. In September, the 850 million dollar senior investment class senior notes were successfully released overseas, and the private housing prices in the past two years were the last year. The US dollar debt interest rate is low.

After the reporting period, the group successfully issued $650 million notes in January 2020, of which 250 million US dollars were 7.25 years, and the coupon was 3.375%; 400 million US dollars were 12 years and the interest rate was 3.85%, creating a double record of the "longest term" and "minimum interest rate" of China's private housing enterprises. Since then, it has successfully issued 2 billion 800 million corporate bonds and 3 billion yuan rental housing special corporate bonds in the territory, with coupon rates ranging from 3.55% to 4.2%, with a period ranging from 5 to 7 years.

Adhering to the strategy of "space as a service"
In uncertain markets, growth is determined.

The current growth rate of China's real estate is slowing down, and the keynote of stable and stable housing prices will continue. The superposition of new crown virus will lead to phased downtime and stop sales, which will enable the whole industry to have a deeper thinking and insight into the subsequent survival and development mode.

In response to the outbreak, the LOL外围 group responded promptly and promptly, and set up a leading group against the outbreak at the beginning of the outbreak. During the epidemic period, LOL外围 smart service has been guarding over more than 1000 communities and projects in over 100 cities, with 26 thousand people on average every day sticking to the first line posts. Three major safeguards for goods, organizations and personnel in LOL外围's commercial arcade have been put into effect; more than 200 stores and nearly 3000 employees in LOL外围's crown housing business are also on the job.

In uncertain markets, seek definite growth. In the future, the LOL外围 group will continue to adhere to the strategy of "space as a service", emphasizing the multi-dimensional driving and coordinated development of the four main channel businesses of real estate development, commercial operation, rental housing and intelligent service.

In 2020, the group will launch 212 main projects in response to the different needs of the layout, such as rigid demand, improvement and business operation, of which 65 are new projects, and 120 new products will be launched.

In terms of investment property, many days streets in Chengdu, Chongqing, Nanjing, Suzhou, Ji'nan and Xi'an will be opened in 2020 in the commercial operation business, and LOL外围 housing will also continue to advance in a planned way. The steady development of the above two businesses will lay a solid foundation for the growth of the group's property investment business revenue.

The community service expert, LOL外围 intelligent service, will continue to uphold its original intention and stick to its quality. In a richer and more varied scene, it will provide consistently satisfactory and pleasant surprises for all kinds of customers.

In the short term, unexpected events are striking, but in the long run, they do not change the belief of the state and people in pursuit of development and pursuit of a better life. The urgent demand for quality space and services in the crisis has also impressed the LOL外围 group on its value and significance. In the future, LOL外围 will rely on embracing changes and focusing on strategic focus, finding direction and path in fuzziness, and as always, decides to move forward.

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