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SCMP GROUP LIMITED 2015 ANNUAL RESULTS 14 March 2016
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Summary 2015 Annual Result -Net profit attributable to shareholders was $316.2 million in 2015, which included a $191.4 million fair value gain on investment properties and a $65.1 million gain on partial disposal of interests in an associate of the Group. -Carving out these exceptional items, net profit attributable to shareholders was $59.7 million, compared with $125.4 million in 2014. The lower net profit was mainly due to lower advertising sales resulting from the slowdown in retail sales in Hong Kong. -Basic Earnings Per Share – HK 20.3 cents (2014: HK 8.8 cents) -Full-year Dividend Per Share – HK 2.8 cents (2014: HK 6.0 cents) Final Dividend Per Share – HK 1.5 cents (2014: HK 3.8 cents) Very substantial disposal transaction -In December 2015, the Group announced that it has entered into an agreement to dispose its media business to Alibaba Investment Limited for a cash consideration of HK$2,060.6 million. -Accordingly, the media business of the Group has been reclassified as discontinued operations. The Group will focus on its property business upon completion of the disposal.
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(In HK$m, unless stated otherwise)For the year ended Dec 31 20152014 (Restated) Change Revenue1,121.71,241.2(10%) Continuing Operations52.847.012% Discontinued Operations1,068.91,194.2(10%) Net profit from normal operation ^59.7125.4(52%) Continuing Operations28.620.440% Discontinued Operations31.1105.0(70%) Net profit attributable to shareholders316.2136.8* Continuing Operations285.131.8* Discontinued Operations31.1105.0(70%) Basic EPS (HK cents)20.38.8* Continuing Operations18.32.0* Discontinued Operations2.06.8(70%) DPS (HK cents)2.86.0(53%) * Represents a change in excess of 100% ^ Net profit from normal operations excluded a fair value gain on investment properties of $191.4 million (FY 2014: $11.4 million) and a gain on partial disposal of interests in an associate of $65.1 million in FY 2015 (FY 2014: nil) Financial Highlights
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Revenue contribution
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(In HK$m, unless stated otherwise) Adjusted EBITDA ^Adjusted Operating profit # For the year ended Dec 31 20152014 (Restated) Change20152014 (Restated) Change Continuing operations Property39.536.39%34.331.110% Discontinued operations Newspaper55.5103.5(46%)8.151.6(84%) Magazine83.695.6(13%)75.186.7(13%) Others(17.4)(0.1)*(19.3)(1.7)* 121.7199.0(39%)63.9136.6(53%) Total161.2235.3(31%)98.2167.7(41%) * Represents a change in excess of 100% ^ Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, other income and fair value gain on investment properties. # Adjusted operating profit is defined as operating profit before other income and a fair value gain on investment properties Performance across businesses
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Cost structure – Continuing & Discontinued operations * Above breakdown is based on operating expenses before depreciation & amortization
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Cost structure – Continuing operation * Above breakdown is based on operating expenses before depreciation & amortization
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Balance Sheet Highlights (In HK$m, unless stated otherwise) 31 Dec 201531 Dec 2014Change Property, plant and equipment97531(434)^ Investment properties1,9231,732191 Available-for-sale financial assets139185(46) Bank balance & deposits39464(425)^ Net cash39457(418)^ Net assets of disposal group classified as held for sale 1,230- ^ Net assets to shareholders3,3183,116202 NAV per share (HK$)2.12.00.1 No. of shares in issue1,561,057,596 - ^The decrease of Property, plant and equipment, Bank balance & deposits and Net cash were mainly due to the assets of the disposal group being reclassified as assets held for sale as at 31 Dec 2015.
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