Glorious Property Holdings Limited · HKEX:845
Glorious Property — H1 2013 Earnings Presentation
18 slides from Glorious Property's earnings presentation, Aug 29, 2013
Slide 1: 2013 Interim Results
2013 Interim Results 29 August 2013
Slide 2: Agenda
Agenda I. 2013 Interim Results II. Business Review & Future Outlook 2
Slide 3: Key Income Statement Items
Key Income Statement Items (RMB Million) 1H 2013 1H 2012 % Change Revenue 2,953 1,342 120.0% Gross Profit 340 553 -38.5% Core Net Profit* 132 132 0.4% Gross Margin (%) 11.5% 41.2% -29.7pts Net Margin (%) 7.6% 12.4% -4.8pts * Excluding the fair value changes of investment properties and the related t
Slide 4: Key Balance Sheet Items
Key Balance Sheet Items (RMB Million) 2013 2012 Change(%) As of 30 June As of 31 December Cash and Bank Balance 2,930 3,300 -11.2% Total Assets 55,029 52,627 4.6% Shareholders’ Equity 18,379 18,151 1.3% Total Borrowings 17,350 15,784 9.9% Net Gearing Ratio(%) 78.5% 68.8% 9.7pts 4
Slide 5: Profitability and Margins
Profitability and Margins Gross Profit (RMB Million) Net Profit (RMB Million) 933 1,177 553 340 166 225 1H 2011 1H 2012 1H 2013 1H 2011 1H 2012 1H 2013 Gross Margin Net Margin 49.5% 41.2% 39.2% 12.4% 11.5% 7.6% 1H 2011 1H 2012 1H 2013 1H 2011 1H 2012 1H 2013 5
Slide 6: Analysis of Revenue
Analysis of Revenue (RMB Million) 2,953 1001 14% 17% 7% 34% 301 7% 1,342 189 72% 39% 96 1162 10% 97 960 1H 2012 1H 2013 489 1H 2012 1H 2013 Shanghai Region Yangtze River Delta Pan Bohai Rim Northeast China 6
Slide 7: Analysis of GFA Sold and Delivered
Analysis of GFA Sold and Delivered (‘000 sq.m.) 404 154 3% 33% 40% 38% 57 45% 86 10% 181 14% 28 17% 8 16 1H 2012 1H 2013 34 12 1H 2012 1H 2013 Shanghai Region Yangtze River Delta Pan Bohai Rim Northeast China 7
Slide 8: Revenue and booked ASP by Projects in 1H 2013
Revenue and booked ASP by Projects in 1H 2013 Revenue Booked ASP Region City Project (RMB '000 ) (RMB/sq.m.) Shanghai Region Shanghai Sunshine Venice 9,628 8,769 Shanghai Park Avenue 790 4,647 Shanghai Chateau De Paris 416 4,522 Shanghai Shanghai Bay 430,276 59,015 Shanghai Royal Lakefront 47,990 14
Slide 9: GFA Completed and Delivered by Projects in 1H 2013
GFA Completed and Delivered by Projects in 1H 2013 City Project Name GFA (‘000 sq.m.) Hefei Hefei Villa Glorious 55 Northeast Yangtze China River Wuxi No.1 City Promotion 166 Delta 33% 67% Dalian Dalian Villa Glorious 111 Total 332 9
Slide 10: Agenda
Agenda I. 2013 Interim Results II. Business Review & Future Outlook 10
Slide 11: A Well-Diversified Developer
A Well-Diversified Developer Northeast China Harbin Changchun Shenyang Pan Bohai Focus on 4 main Rim Beijing Tianjin Dalian regions in China Yangtze River Wuxi Nantong Delta Nanjing Suzhou Hefei Shanghai Shanghai Region 11
Slide 12: Total Land Bank as of 30 June 2013
Total Land Bank as of 30 June 2013 Pan Bohai Rim Northeast China Land Bank Avg. Cost Land Bank Avg. Cost City % City % ('000 sq.m.) (RMB/sq.m.) ('000 sq.m.) (RMB/sq.m.) Harbin 31 1,152 0.2% Beijing 1,511 890 9.6% Changchun 1,204 964 7.6% Tianjin 2,481 1,271 15.8% Shenyang 120 1,133 0.8% Total 3,993
Slide 13: Land Bank and Average Land Cost by Region
Land Bank and Average Land Cost by Region Land Bank by Region Average Land Cost by Region 1,799 Northeast Shanghai China Region 1,323 11% 13% 1,127 1,105 Pan Bohai Rim 25% Yangtze River Delta 51% Shanghai Yangtze Pan Bohai Northeast Region River Delta Rim China 13
Slide 14: Property Sales in 1H 2013
Property Sales in 1H 2013 Property sales (RMB ‘000) GFA sold (sq.m.) Region 1H 2013 1H 2012 Change(%) 1H 2013 1H 2012 Change(%) Shanghai Region 2,172,848 2,519,396 -13.8% 84,902 184,695 -54.0% Yangtze River Delta 952,322 1,011,444 -5.8% 117,782 175,769 -33.0% Pan Bohai Rim 222,621 244,810 -9.1% 26,8
Slide 15: Property sales and GFA Sold by Region in 1H 2013
Property sales and GFA Sold by Region in 1H 2013 Property Sales GFA Sold Shanghai Region 45% Shanghai Region Yangtze 54% River Delta Yangtze 23% River Delta 19% Pan Bohai Pan Bohai Rim Rim Northeast 6% Northeast 4% China China 17% 32% Total: RMB 4.0 billion Total: 343.9 thousand sq.m. 15
Slide 16: Market prospects for 2H 2013
Market prospects for 2H 2013 • Tightening policies such as HPR will remain and regulatory environment tends to be stable. • Both housing volume and prices are expected to grow steadily. • Corporate-level strategies are the most important differentiating factor for winning market competition. • The g
Slide 17: Growth Strategies for 2H 2013
Growth Strategies for 2H 2013 •Adopt market-oriented flexible pricing strategy •Accelerate asset turn •Speed up sales and cash inflows •Promote product standardisation •Focus on satisfying mass market demand •Enhance product quality •Focus on cash flow and financial safety •Take a cautious approach
Slide 18: Thank you !
‘ = mh | Thank you !
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