Wanda Commercial Management Group's revenue of 24.4 billion yuan increased by 7% year-on-year, and continued to optimize asset levels in addition to stable operations

time:2023-01-28 16:55:19 source:clevelanddrifters.com author:Garbage
Wanda Commercial Management Group's revenue of 24.4 billion yuan increased by 7% year-on-year, and continued to optimize asset levels in addition to stable operations

On August 31, Dalian Wanda Commercial Management Group Co., Ltd. (hereinafter referred to as "Wanda Commercial Management Group"), the major shareholder of Zhuhai Wanda Commercial Management, submitted a dazzling interim report. According to the interim report, in the first half of 2022, Wanda Commercial Management Group’s revenue was 24.4 billion yuan, a year-on-year increase of 7%; the net profit (fair value) attributable to owners of the parent company was 6.7 billion yuan; total assets were 592.1 billion yuan , and the data of the same period of previous years were basically the same, and the level of operating profit gradually increased. During the reporting period, the net profit of the parent company of Wanda Commercial Management Group reached 2.9 billion yuan, a year-on-year increase of 73%. In terms of cash flow, as of June 30, 2022, the net cash flow generated by Wanda Commercial Management Group's operating activities was 8.37 billion yuan, and the balance of cash and cash equivalents at the end of the period was 31.553 billion yuan, with sufficient funds, showing that the company's operations are improving. the trend of. The cash flow statement also shows that in the first half of 2022, the company’s cash received from borrowings was 15.73 billion yuan, and the cash paid for debt repayment was 18.25 billion yuan, indicating that the company’s net outflow for debt repayment in the first half of the year exceeded 2.5 billion yuan. In addition, the cash paid for distribution of dividends, profits or repayment of interest was 3.9 billion yuan, reflecting the good solvency of Wanda Commercial Management Group. In addition to the continuous stability of operating data, Wanda Commercial Management Group has also continued to optimize its assets and liabilities. In the first half of 2022, the asset-liability ratio of Wanda Commercial Management Group continued to remain low at 50.8%; interest-bearing liabilities were 139.8 billion yuan, which has continued to decrease in recent years. It is worth mentioning that, based on the sound financial situation, Wanda Commercial Management Group has successfully issued medium-term notes recently. On July 8, Wanda Commercial Management Group announced the issuance of the first tranche of medium-term notes in 2022. According to the announcement, Wanda Commercial Management Group issued the first 2022 medium-term notes of Wanda Commercial Management Group from July 5, 2022 to July 6, 2022. It is reported that the actual issuance scale of this issue of bonds is 1 billion yuan, the issuance rate is 6.8%, and the term is 2+1 years. All the funds raised are used to repay the principal of the issuer's debt financing instruments. In the first half of 2022, Wanda Commercial Management Group's gross profit margin was 63%. According to industry insiders, the gross profit margin of more than 60% has allowed the company to obtain higher returns. As the epidemic eases, the subsequent gross profit margin will be further improved. As far as the asset-light segment is concerned, Wanda Hotel, a subsidiary of Wanda Commercial Management Group, has achieved certain results in hotel management and operation expansion under the impact of epidemic prevention and control and the reduction of tourism and business travel in the first half of the year. In the first half of the year, the above-mentioned companies added 9 hotels and suspended 1 hotel. As of June 30, 2022, the hotel network managed by Wanda Hotels includes 97 hotels with 24,609 operating rooms. At the same time, in the management of commercial plazas, the total GFA under management also increased. Previous Fitch analysis pointed out that Wanda Commercial Management relies on its large-scale, widely distributed and flexible operating capabilities to support its independent credit profile. On the basis of RMB 100 million, it continued to grow by 6%. Relying on abundant cash flow and continuously optimized asset level, the follow-up performance of Wanda Commercial Management Group is more and more worth looking forward to.

(Responsible editor:Aerospace stock)