Annual Results Presentation
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1 Annual Results Presentation March, 2017
2 Content Section I Our Business Model and Strategy 2 Section II Business Review of Section III Financials 18 1
3 Section I Our Business Model and Strategy 2
4 Legend Holdings A leading diversified investment group in China We Create the unique strategic investments + financial investments two-wheel-drive business model We Cultivate and manage an outstanding investment portfolio with high growth potential We Have distinctive insights in value discovery and value creation 3
5 Two-Wheel-Drive Business Model Drives Sustainable Value Growth Strategic Investments aim at holding over the long term and focus on strategic sectors to build and optimize portfolio while fostering pillar businesses. Financial Investments are driven by financial returns with a proper mix of product or target portfolios. As major value creators of the company, the close synergy between strategic and financial investments further enhance the value creation. IT Financial services Strategic Investments Innovative consumptio n & services Financial Investments Venture Capital Business alignment Funding support Resource sharing 4
6 Built a Portfolio Capable of Continuous Value Growth Legend Holdings Strategic Investments Financial Investments IT Financial Services Innovative Consumption and Services Agriculture and Food New Materials Angel Investments 31.5% 90.3% 24.1% 100% Kaola Technology 67% 31.38% 54.9% 94% 58% 100% 100% 33.21% Venture Capital Private Equity Other Investments 44% 90% 79.71% Note: Major but not all portfolio companies are listed 5
7 Cultivate Leaders in Various Industries Strategic Investments Financial Investments A Fortune 500 company No.1 PC manufacturer worldwide No.1 car rental company in China A leading innovative financial company in China Top-tier funds in domains of angel investments, venture capital and private equity No.1 dental service chain in China Largest fully-integrated fruit company in China 6
8 Our Core Strength: Value Discovery Insights in China Knowledge in enterprises Understandings in talents Ability to foresee and discover trends and opportunities emerging from global and China domestic economy development Experiences management team in enterprise operations, and their acute insights in fundamental judgements Deep understandings and knowledges in entrepreneurs leading to best choices in management teams and long-term cooperation 7
9 Our Core Strength: Value Creation Strategic influence and operational improvement Unique capital & funding structure featuring equity+debt +guarantee Brand endorsement & resource support According to different stages of development, actively provide valueadded services in corporate governance, strategic planning, operational improvement and organization scheme by professional investment and postinvestment teams Lowering cost Expanding channels Enhancing scale Brand endorsement of Legend Holdings Shaping branding experience and ability 8
10 Clear Strategic Routes To deepen strategical research, to allocate resources efficiently, and to continuously optimize investment portfolio To focus on three sectors and overseas within strategic investments, and to cultivate high quality assets and new pillar businesses To strengthen value-added services and capital operations, and to improve assets value and capital returns effectively 9
11 Explicit Business Tactics Strategic investments focus on three sectors Financial Services To forge Legend s brand and feature in the industry, to provide comprehensive financial services to SMEs, and to boost consumption upgrading through Fintech Innovative Consumption and Services To capture outbreak opportunities in new industries and new business model in the sector Agriculture and Food Base on Joyvio Group, to build up two supply chains in fruit and seafood industries, and to provide Chinese consumers with high quality products and services through fully-integrated industrial chain and global resources Sustain proper allocation in financial investments To consistently allocate resource in three funds To proactively promote co-investments with three funds through direct investments Enhance synergy between strategic and financial investments To actively and systematically discover and create cooperation opportunities within strategic focused areas 10
12 Section II Business Review of
13 2016 Annual Results Net profit attributable to equity holders of Legend Holdings increased by 4%, while net profit attributable to equity holders of the company from continuing operations increased by 10%, realizing continuous growth. Sustainable Profit Growth Strategic Investments Financial Investments Net profit attributable to equity holders of the company (mn RMB) Discontinued operations Unallocated Financial Investments Strategic Investments 4,659 4, , ,901 2, (mn RMB) 2, (327) (mn RMB) 5,510 Steady growth of strategic investments IT Financial services Innovative consumptions and services Agriculture and food New materials 2, Net profit turnaround 75% revenue growth and 59% net profit growth 43% revenue growth 99% revenue growth 156% revenue growth and bottom line turnaround Financial investments profit decreased mainly due to fluctuation of capital markets 12
14 Focused Business Sectors and Timely Adjustments to Portfolio Optimization in incremental business: New strategic investments focused in three sectors New strategic investments focused on financial services, innovative consumption and services and agriculture and food sectors. Progressed in cross-border investments and elevated allocation of oversea assets in the portfolio. Financial Services Innovative Consumption and Services Founding and controlling Kaola Technology: invested capital RMB 1.34bn Capital increase of JC Finance & leasing: capital increased by RMB 500mn Investment in UK pension insurer PIC: investment size GBP 110mn Controlling Shanghai Neuromedical Center: investment size RMB 237mn Agriculture and Food Capital increase of Joyvio Group: capital increased by RMB 3.3bn to support its future investments and business Controlling KB Seafoods: investment size AUD 203mn Optimization in existing business: Disposal of property development business Based on our judgements of external environment, and considerations on our strategy and resource allocation, we decided to quit property development business. Funds from the transaction will be used in adjustment of Legend s capital structure and reserve for future investments in strategical focused areas. 13
15 Enhanced Post-investment Management, Improved Business Fundamental Levima Executed debt-to-equity swap to Levima Group, so as to optimize its capital structure Helped to dispose its chlor-alkali chemical business and focus on production of fine chemical Continually improved in management of operation and turned around as expected Joyvio Transformed it into investment holding platform of the sector through professional investment and operation under independent corporate scheme Injected agriculture and food assets into Joyvio to improve synergy Joyvio Group turned around due to effective adjustment and management Zeny Reformed business structure to focus on comprehensive cold chain operations and explored in light asset operation model Net loss narrowed significantly due to fine-tuned operation 14
16 Reinforced in Capital Markets Operations to Elevate Explicit Value The original Lalaka Group spun off its payment business and innovative financial services business. Kaola Technology, the newly founded internet financial services company became Legend s subsidiary. Lakala Capital Markets Operations Zhengqi Zhengqi Financial introduced in two strategic investors with RMB 801mn capital increased and post-investment valuation of RMB 9.3bn. Zhengqi will consolidate diversified strategic resources and further explore layout of new business and regions, to become leading company in SME oriented financial industry Liquor Easy successfully listed on NEEQ. Joyvio Group became the controller of a ChiNext listed company Wanfu Biotechnology. Such operations lay good foundation for the sector s future development and value growth. Agriculture & food Phylion Battary Phylion successfully completed it F- round financing with deal size RMB 300mn and post-investment valuation of RMB 1.5bn 15
17 Sustained Cash Back from Financial Investment Platforms, Smooth New Funds Raising Bottom line contribution of ~RMB 2.9bn Cash back of ~RMB 1.4bn Angel Investment Venture Capital Private Equity During the reporting period, there were over 40 onshore or offshore new investment projects. Among the projects under management, 43 projects have finished another round of financing and the exit of three projects have been carried out. During the reporting, Legend Capital launched its two new RMB funds, one new USD fund with ~RMB 7.44bn raised in total. During the reporting period, Hony Capital raised the eighth equity investment fund with a size of USD2.2 billion, and the raising of Hony Property Fund commenced with RMB 1.75 billion raised already. 16
18 Positive and Steady Development of Overall Business IT segment turned around in profit. Financial services segment recorded robust revenue and profit growth. Innovative consumption and services business size continued to grow. Agriculture and food business lines were more comprehensive. New materials segment entered into profitable growth track. Financial investment platforms expanded in AUM. 17
19 Section III Financials 18
20 More Balanced Profit Structure Net profit attributable to equity holders of the company ROE (mn RMB) 4,659 4, % 9.5% 9.2% 4, Net profit attributable to equity holders of the company breakdown mn RMB IT 1,335 27% % Financial services 1,536 32% % Innovative consumption and services % % Agriculture and food 70 1% 138 3% New materials 141 3% % Financial investments 2,901 60% 5, % Unallocated % % Discontinued operations 7 0% 268 6% 归属本公司权益持有人净利润 4, % 4, % 19
21 Leverage Ratio Maintained at Proper Level Consolidated total assets (mn RMB) Equity attributable to equity holders of the company (mn RMB) 292, , ,259 48,897 52, ,452 27,035 31, Consolidated total debt / total capital* Debt / Equity** 59% 76% 76% 65% 54% 55% 51% 23% *Total capital =total debt + total equity **Debt / Equity =net debt / total equity 20
22 The Board Recommends A Final Dividend of RMB Per Ordinary Shares Dividend per share (before tax) for the year 2016 increased by 10% year-on year (RMB) Total dividend (before tax) for the year 2016 increased by 10% year-on-year (mn RMB)
23 Thank you!
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