GreenTree Hospitality Group Ltd. Reports Second Quarter 2018 Financial Results

PR Newswire - finance.yahoo.com Posted 6 years ago

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Unaudited Reconciliation of GAAP and Non-GAAP Results

   

Quarter Ended

 

Six Months Ended

 

June 30,

2017

June 30,

2018

June 30,

2018

 

June 30,

2017

June 30,

2018

June 30,

2018

 

RMB

RMB

USD

 

RMB

RMB

USD

               

 Net income 

108,688,214

97,239,028

14,695,112

 

183,196,245

187,408,370

28,321,830

               

 Deduct:

             

Other operating income

4,722,477

12,242,088

1,850,069

 

5,066,976

26,067,489

3,939,413

Interest income and other, net

5,935,863

11,420,031

1,725,836

 

12,670,874

16,123,893

2,436,701

Gains from trading securities

24,385,333

-

-

 

35,967,385

-

-

Share of gain in equity investees, net of tax

52,078

-

-

 

52,078

-

-

               

 Add:

             

Other operating expenses

295,431

35,330

5,339

 

1,148,166

178,592

26,989

Income tax expense

34,494,218

31,356,198

4,738,662

 

58,331,623

61,574,619

9,305,378

Share of loss in equity investees, net of tax

-

182,988

27,654

 

565,525

1,090,024

164,728

Interest expense

261,294

-

-

 

261,294

-

-

Share-based compensation

-

3,586,930

542,070

 

-

3,746,769

566,225

Depreciation and amortization

6,115,165

4,557,247

688,708

 

12,674,080

9,951,749

1,503,944

Losses from trading securities

-

25,862,935

3,908,500

 

-

31,036,562

4,690,357

Other expense, net

28,852

-

-

 

69,818

-

-

               

 Adjusted EBITDA (Non-GAAP)

114,787,423

139,158,537

21,030,140

 

202,489,438

252,795,303

38,203,337

                   

Quarter Ended

     

Six Months Ended

   

June 30,2017

June 30,2018

June 30,2018

 

June 30,2017

June 30,2018

June 30,2018

 

RMB

RMB

USD

 

RMB

RMB

USD

Net income

108,688,214

97,239,028

14,695,112

 

 

183,196,245

 

187,408,370

 

28,321,830

               

Deduct:

             

Government subsidies (net of 25% tax)

1,493,208

76,774

11,602

 

1,493,246

10,312,776

1,558,504

Gains from trading securities (net of 25% tax)

18,289,000

-

-

 

26,975,539

-

-

Reimbursement related to the ADS program

-

9,271,648

1,401,165

 

-

9,271,648

1,401,165

Add:

             

Share-based compensation

-

3,586,930

542,070

 

-

3,746,769

566,225

Losses from trading securities (net of  25% tax)

-

19,397,201

2,931,375

 

-

23,277,421

3,517,768

Other expense (net of 25% tax)

21,639

-

-

 

52,364

-

-

Core net income (Non-GAAP)

88,927,645

110,874,737

16,755,790

 

154,779,824

194,848,136

29,446,154

Core net income per ADS (Non-GAAP)

             

Class A ordinary share-basic and diluted

0.97

1.09

0.16

 

1.69

2.01

0.30

Class B ordinary share-basic and diluted

0.97

1.09

0.16

 

1.69

2.01

0.30

 

Operational Data

 

As of June 30,2017

As of June 30,2018

Total hotels in operation:

2,035

2,434

  Leased and owned hotels

27

26

  Franchised hotels

2,008

2,408

Total hotel rooms in operation

173,836

201,275

  Leased and owned hotels

3,351

3,358

  Franchised hotels

170,485

197,917

Number of cities

242

267
 
 

Quarter Ended
 

June 30,2017

June 30,2018

Occupancy rate (as a percentage)

    

  Leased and owned hotels

72.1%

70.7%

  Franchised hotels

83.5%

82.9%

  Blended

83.2%

82.6%

Average daily room rate  (in RMB)

    

  Leased and owned hotels

182

201

  Franchised hotels

155

163

  Blended

156

164

RevPAR  (in RMB)

    

  Leased and owned hotels

131

142

  Franchised hotels

129

135

  Blended

130

136

 

 

Number of Hotels in Operation

  

Number of Hotel Rooms in Operation
 

As of
June 30, 2017

  

As of
June 30, 2018

  

As of
June 30, 2017

  

As of
June 30, 2018

Economy hotels

172

  

312

  

9,964

  

16,850

Vatica 

83

  

111

  

6,224

  

8,295

Shell

89

  

201

  

3,740

  

8,555

Mid-scale

1,829

  

2,062

  

159,837

  

177,665

GreenTree Inn

1,604

  

1,785

  

141,553

  

155,470

GreenTree Alliance

225

  

277

  

18,284

  

22,195

Business to Mid-to-up-scale

34

  

60

  

4,035

  

6,760

GreenTree Eastern

34

  

59

  

4,035

  

6,650

 VX

0

  

1

  

0

  

110

 Total

2,035

  

2,434

  

173,836

  

201,275

For more information, please contact:

GreenTree

Ms. Selina Yang
Phone: +86-21-3617-4886 ext. 7999
E-mail: ir@998.com

Mr. Nicky Zheng
Phone: +86-21-3617-4886 ext. 6708
E-mail: ir@998.com

Christensen

In Shanghai
Ms. Constance Zhang
Phone: +86-138-1645-1798
E-mail: czhang@christensenIR.com

In Hong Kong 
Ms. Karen Hui 
Phone: +852-9266-4140 
E-mail: khui@christensenIR.com

In US 
Ms. Linda Bergkamp 
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

 
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