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Dalian Wanda Commercial Properties Co., Ltd. announces 2014 annual results

Mar 31,2015

Dalian Wanda Commercial Properties Co., Ltd. announces 2014 annual results

Executives of Dalian Wanda Commercial Properties pose for a group photo at the Annual Results Presentation

Dalian Wanda Commercial Properties Co., Ltd. announces 2014 annual results

An investor raises a question at the Annual Results Presentation

Dalian Wanda Commercial Properties Co., Ltd. (the"Company") is pleased to announce the consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2014.

In 2014, all the Group's businesses were carried out as scheduled and achieved remarkable financial results. The Group's total revenue amounted to RMB107,871 million, up by 24.31% as compared with 2013. The Group achieved core profit (net of fair value gains of investment properties) of RMB14,824 million in 2014, representing an increase of 14.04% compared to 2013,core profit margin was 13.74%. The increase in core profit was mainly attributable to the increase in profit of our investment property leasing and property management business as well as sales of properties. In 2014, the Group realized earnings per share of RMB6.51.

In 2014, while the real estate industry was in a recession which resulted in a slight decrease in the gross profit margin of properties sales, the Group's overall gross profit margin remained stable as compared with 2013, mainly due to the increase of both the profit margin and revenue of our property leasing and management in 2014, demonstrating the Group's strong ability to withstand cyclic risks, outstanding business administration expertise and ability to achieve sustainable profitability.

The strategy of expanding the contribution percentage of investment property leasing and property management to the Group's businesses has brought the investment property leasing and property management segment's profit before interest and tax of RMB19,963 million during the year, which accounts for 40.80% of the total profit before interest and tax. The increase demonstrated the remarkable achievement made by the Group in respect of increasing the contribution percentage of investment property leasing and property management business. The profit before interest and tax from sales of property accounts for RMB29,253 million or 59.78% of the total amount.

As China's largest developer, owner and operator of commercial properties, and China's largest owner and operator of luxury hotels, the Group continued to maintain a sound performance record in the operation of large-scale multi-function complex properties and achieved a high-speed increase in various aspects of its business operation in 2014.

As at 31 December 2014, Total number of Wanda Plazas in operation was 107, among which, 23 were newly opened in 2014.Total Gross Floor Area ("GFA") of properties held and in operation amounted to 21.56 million square meters, representing an increase of 31.87% compared to 16.35 million square meters at the end of 2013.Total GFA of shopping centers in operation amounted to 17.71 million square meters, representing an increase of 27.87% compared to 13.85 million square meters at the end of 2013. Total Leasable Floor Area ("LFA") of shopping centers amounted to 11.49 million square meters, representing an increase of 23.55% compared to 9.30 million square meters at the end of 2013.Total amount of contracted sales of the year was RMB160,150 million, representing an increase of 26.65% over 2013; contracted sales area was 14.78 million square meters, representing an increase of 35.97% over 2013. Total number of hotels in operation amounted to 62, among which, 18 hotels were newly opened in 2014.Total number of hotel rooms in operation was 19,165, among which 5,546 rooms were newly added in 2014.

 
Investment property leasing and property management
In 2014, revenue from investment property leasing and property management segment made further contributions to the Group's operating results, accounting for 9.60% of total revenue and representing an increase of 0.71 percentage points as compared to 2013. During the reporting period, revenue from investment property leasing and property management business was RMB10,352 million, representing an increase of 34.32% over the same period of 2013. Gross profit margin of our investment property leasing and property management segment was 73.89%, representing an increase of 2.59 percentage points as compared with 2013.

Sales of properties
The Group's properties held for sale comprise residential properties, shops, office buildings and SOHO. Benefited from its unique product mix and the advantages provided by its shopping complexes, the Group is more resilient in the volatile residential market. In 2014, the total contracted sales was approximately RMB160,150 million, representing an increase of 26.65% as compared with 2013, and fulfilled the Group's sales target as set at the beginning of the year. Of which, sales in first-tier and second-tier cities accounted for 49.81%, third-tier accounted for 48.31% and sales overseas accounted for 1.88%. By the type of properties, retail spaces, office spaces, SOHO 59.64% and residential properties accounted for 40.36%.

Hotel operations
As at 31 December 2014, the Group had 62 hotels in operation in 53 cities, and the total number of rooms was 19,165, including 35 self-operated hotels and 27 hotels operated by world-known third-party hotel managers, all of which are situated in urban centers and travel hotspots. In 2014, the Group's hotel operations realized owner's profit of RMB578 million, representing an increase of 1.72% as compared with RMB568 million in 2013. At the end of 2014, the Group has already acquired land for the development of overseas hotel projects in global hot spots such as London, Los Angeles, Chicago, Madrid and Brisbane, which would lay a solid foundation for Wanda Hotel's expansion into international market, and significantly improve the brand influence of the Wanda hotels.

Looking forward to 2015, the Company said: "China has transformed into a consumption-driven society. The consumption power and willingness of consumption of the public are both rapidly increasing. In the New Norm phase of economic development, the retail market is favored by the government policies as well as an immense bonanza. The cornerstone of future commerce lies in the ability to provide consumers with more premium, diverse and convenient products and experience. The Group's next step is to uphold our long-standing corporate philosophy carried forward over the past decade to undergo extensive exploration. In respect of consumer service, the Group is further improving consumer experience through strengthening the attractiveness and appeal of our plazas and increasing our contribution to the society. In respect of asset operation, by chiming with the development of China's finance market and drawing on international experiences, the Group will actively explore "asset recycling" and asset-light model, so as to further accelerate the expansion of properties held and further enlarge our market share in China's key retail markets. In doing so, The Group can ensure a healthy balance sheet and better returns for Shareholders.

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