SHANGHAI, March 16, 2016 /PRNewswire/
-- Homeinns Hotel Group (NASDAQ: HMIN) ("Homeinns" or
"the Company"), a leading economy hotel chain in China, today announced its unaudited financial
results for the fourth quarter and full year ended December 31, 2015.
Fourth Quarter and Full Year 2015
Highlights
- Total revenues increased 2.6% year over year to RMB 1,677.4 million (US$258.9 million) for the fourth quarter of 2015.
For the full year 2015, total revenues decreased 0.2% year over
year to RMB 6,671.1 million
(US$1,029.8 million).
- Net loss attributable to ordinary shareholders was RMB 13.1 million (US$2.0
million) for the fourth quarter of 2015, compared with net
income attributable to ordinary shareholders of RMB 84.6 million for the fourth quarter of 2014.
For the full year 2015, net income attributable to ordinary
shareholders was RMB 167.0 million
(US$25.8 million), compared with net
income attributable to ordinary shareholders of RMB 513.1 million for the full year 2014.
- Adjusted net income attributable to ordinary shareholders
(non-GAAP) decreased 44.6% year over year to RMB 61.5 million (US$9.5
million) for the fourth quarter of 2015. For the full year
2015, adjusted net income attributable to ordinary shareholders
(non-GAAP) decreased 30.2% year over year to RMB 373.9 million (US$57.7
million).
- EBITDA (non-GAAP) decreased 28.3% year over year to
RMB 239.7 million (US$37.0 million) for the fourth quarter of 2015.
For the full year 2015, EBITDA (non-GAAP) decreased 24.7% year over
year to RMB 1,168.8 million
(US$180.4 million).
- Adjusted EBITDA (non-GAAP) decreased 12.9% year over year to
RMB 314.2 million (US$48.5 million) for the fourth quarter of 2015.
For the full year 2015, adjusted EBITDA (non-GAAP) decreased 12.7%
year over year to RMB 1,375.7 million
(US$212.4 million).
- Net operating cash inflow decreased 37.9% year over year to
RMB 216.2 million (US$33.4 million) for the fourth quarter of 2015
and decreased 16.2% year over year to RMB
1,127.8 million (US$174.1
million) for the full year 2015.
- As of December 31, 2015, Homeinns
operated 2,922 hotels in 355 cities across China, with a net addition of 135 hotels
during the fourth quarter and 313 hotels during the full year
2015.
Hotel Development
Hotels in Operations
and Pipeline
|
|
|
Group
|
Homeinn
|
Motel
|
Fairy-land
|
Yitel
|
Homeinn
Plus
|
Superior*
|
Ripple*
|
Pebble
Motel*
|
Comma**
|
Total Number of
Hotels
|
2,922
|
2,341
|
422
|
29
|
68
|
53
|
1
|
2
|
4
|
2
|
|
Leased-and-Operated
|
929
|
680
|
162
|
21
|
29
|
35
|
0
|
0
|
0
|
2
|
|
Franchised-and-Managed
|
1,987
|
1,661
|
260
|
8
|
39
|
18
|
0
|
1
|
0
|
0
|
|
Franchised
|
6
|
0
|
0
|
0
|
0
|
0
|
1
|
1
|
4
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted or under
Construction
|
171
|
95
|
22
|
2
|
21
|
20
|
0
|
0
|
0
|
11
|
|
Leased-and-Operated
|
33
|
4
|
2
|
0
|
8
|
8
|
0
|
0
|
0
|
11
|
|
Franchised-and-Managed
|
138
|
91
|
20
|
2
|
13
|
12
|
0
|
0
|
0
|
0
|
Under Due
Diligence
|
165
|
129
|
10
|
0
|
10
|
9
|
0
|
1
|
3
|
3
|
|
|
|
|
|
|
|
|
|
|
|
* Superior, Ripple
and Pebble Motel are new hotel brands launched during the fourth
quarter of 2015.
**Comma is an apartment product launched during the fourth quarter
of 2015.
|
|
Openings
|
Closures*
|
|
|
4Q2015
|
FY2015
|
4Q2015
|
FY2015
|
Total Number of
Hotels
|
170
|
431
|
35
|
118
|
|
Leased-and-Operated
|
32
|
62
|
20
|
47
|
|
Franchised-and-Managed
|
132
|
363
|
15
|
71
|
|
Franchised
|
6
|
6
|
0
|
0
|
|
|
|
|
|
|
* Among these
closures, 11 leased-and-operated hotels were closed due to
conversion to our other brands, and one leased-and-operated hotel
was closed and converted to a franchised-and-managed hotel during
the fourth quarter of 2015. 26 leased-and-operated hotels were
closed to convert to our other brands, and 3 leased-and-operated
hotels were closed and converted to franchised-and-managed hotels
during the full year 2015.
|
Operating Metrics
|
Total
Hotels
|
|
|
4Q2015
|
3Q2015
|
4Q2014
|
FY2015
|
FY2014
|
|
Occupancy
Rate
|
83.1%
|
86.6%
|
79.6%
|
83.2%
|
83.6%
|
|
Average Daily Rate
(ADR, RMB)
|
159
|
171
|
163
|
162
|
165
|
|
Revenue per Available
Room (RevPAR, RMB)
|
132
|
148
|
130
|
134
|
138
|
|
|
|
|
Hotels Opened for at
least 18 Months
|
|
4Q2015
|
4Q2014
|
FY2015
|
FY2014
|
Occupancy
Rate
|
84.0%
|
81.3%
|
84.5%
|
85.3%
|
Average Daily Rate
(ADR, RMB)
|
157
|
161
|
161
|
165
|
Revenue per Available
Room (RevPAR, RMB)
|
132
|
131
|
136
|
141
|
For the fourth quarter of 2015, occupancy rate increased by 3.5
percentage points while ADR decreased by 2.5% compared with the
fourth quarter of 2014, resulting in an increase of 1.5% in RevPAR.
For the full year 2015, occupancy rate decreased by 0.4 percentage
points while ADR decreased by 1.8% compared with the full year
2014, resulting in a decrease of 2.9% in RevPAR.
As of December 31, 2015, a total
of 2,257 hotels had been in operation for at least 18 months.
During the fourth quarter of 2015, occupancy rate of these hotels
increased year over year from 81.3% to 84.0%, and ADR decreased
year over year from RMB 161 to
RMB 157, resulting in an increase in
RevPAR by 0.8% from RMB 131 to
RMB 132. For the full year 2015,
occupancy rate of these hotels decreased year over year from 85.3%
to 84.5%, and ADR decreased year over year from RMB 165 to RMB 161, resulting in a decrease in
RevPAR by 3.5% from RMB 141 to RMB
136.
Homeinns Hotel Group had a total of 53.9 million unique
non-corporate members under its frequent guests program as of
December 31, 2015.
Financial Results for Fourth Quarter and
Full Year 2015
Revenues
|
|
|
|
|
|
|
|
|
|
|
(RMB/USD in
Millions)
|
4Q2015
|
|
4Q2014
|
|
|
FY2015
|
FY2014
|
|
|
|
RMB
|
USD
|
|
RMB
|
V%
|
|
RMB
|
USD
|
RMB
|
V%
|
|
Leased-and-Operated
Hotels
|
1,402.3
|
216.5
|
|
1,391.1
|
0.8%
|
|
5,631.2
|
869.3
|
5,741.8
|
-1.9%
|
|
Franchised-and-Managed Hotels
|
275.2
|
42.5
|
|
244.2
|
12.7%
|
|
1,039.9
|
160.5
|
940.9
|
10.5%
|
Total
Revenues
|
1,677.4
|
258.9
|
|
1,635.3
|
2.6%
|
|
6,671.1
|
1,029.8
|
6,682.7
|
-0.2%
|
Less: Business
Taxes
|
-99.7
|
-15.4
|
|
-100.3
|
-0.6%
|
|
-395.4
|
-61.0
|
-411.1
|
-3.8%
|
Net
Revenues
|
1,577.7
|
243.6
|
|
1,535.0
|
2.8%
|
|
6,275.7
|
968.8
|
6,271.6
|
0.1%
|
Note: "V%" represents
year-over-year percentage change in amounts
|
For the fourth quarter of 2015, revenues from
leased-and-operated hotels increased 0.8% year over year to
RMB 1.40 billion (US$216.5 million). The year-over-year increase in
revenues from leased-and-operated hotels in the fourth quarter of
2015 was mainly due to an increase in RevPAR. Revenues from
franchised-and-managed hotels increased 12.7% year over year to
RMB 275.2 million (US$42.5 million) for the fourth quarter of 2015.
The year-over-year increase in revenues from franchised-and-managed
hotels in the fourth quarter of 2015 was mainly driven by an
increase in the number of hotels and hotel rooms in operation.
For the full year 2015, revenues from leased-and-operated hotels
decreased 1.9% year over year to RMB 5.63
billion (US$869.3 million).
The year-over-year decrease in revenues from leased-and-operated
hotels in the full year 2015 was mainly due to a decrease in
RevPAR. Revenues from franchised-and-managed hotels increased 10.5%
year over year to RMB 1.04 billion
(US$160.5 million) for the full year
of 2015. The year-over-year increase in revenues from
franchised-and-managed hotels was mainly driven by an increase in
the number of hotels and hotel rooms in operation, although
partially offset by a decrease in RevPAR.
Total Operating
Costs and Expenses / Income from Operations
|
|
|
|
|
(RMB/USD in
Millions)
|
Fourth Quarter
2015
|
|
|
|
|
|
Adjusted
|
|
|
GAAP
Results
|
Non-GAAP
Results*
|
|
|
RMB
|
USD
|
Vpts
|
RMB
|
USD
|
Vpts
|
|
Leased-and-Operated
Hotel Costs
|
1,352.7
|
208.8
|
1.2pts
|
1,349.6
|
208.3
|
1.3pts
|
|
Personnel Costs of
Franchised-and-Managed Hotels
|
35.7
|
5.5
|
0.0pts
|
31.8
|
4.9
|
0.0pts
|
|
Sales and Marketing
Expenses
|
41.3
|
6.4
|
1.1pts
|
41.2
|
6.4
|
1.1pts
|
|
General and
Administrative Expenses
|
122.7
|
18.9
|
2.6pts
|
68.5
|
10.6
|
0.3pts
|
|
Total Operating Costs
and Expenses
|
1,552.3
|
239.6
|
4.9pts
|
1,491.1
|
230.2
|
2.7pts
|
|
Income from
Operations
|
19.9
|
3.1
|
-5.1pts
|
81.0
|
12.5
|
-2.8pts
|
|
|
|
|
|
|
|
|
|
|
Full Year
2015
|
|
|
|
|
Adjusted
|
|
GAAP
Results
|
Non-GAAP
Results*
|
|
RMB
|
USD
|
Vpts
|
RMB
|
USD
|
Vpts
|
Leased-and-Operated
Hotel Costs
|
5,211.7
|
804.5
|
3.0pts
|
5,199.9
|
802.7
|
3.0pts
|
Personnel Costs of
Franchised-and-Managed Hotels
|
228.2
|
35.2
|
0.4pts
|
214.8
|
33.2
|
0.4pts
|
Sales and Marketing
Expenses
|
115.1
|
17.8
|
0.1pts
|
114.4
|
17.7
|
0.1pts
|
General and
Administrative Expenses
|
362.0
|
55.9
|
0.8pts
|
258.3
|
39.9
|
0.2pts
|
Total Operating Costs
and Expenses
|
5,917.0
|
913.4
|
4.2pts
|
5,787.5
|
893.4
|
3.7pts
|
Income from
Operations
|
350.7
|
54.1
|
-4.3pts
|
480.3
|
74.1
|
-3.8pts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Adjusted Non-GAAP
results exclude share-based compensation expenses, integration
costs, and expenses related to going-private activities.
Note: "Vpts"
represents year-over-year change in percentage points of total
revenues
|
For the fourth quarter of 2015, total operating costs and
expenses were RMB 1.55 billion
(US$239.6 million), representing
92.5% of total revenues. Total operating costs and expenses
excluding any share-based compensation expenses, integration costs
and expenses related to going-private activities (non-GAAP) for the
fourth quarter of 2015 were 88.9% of total revenues, compared to
86.2% in the same period a year ago.
For the full year 2015, total operating costs and expenses were
RMB 5.92 billion (US$913.4 million), representing 88.7% of total
revenues. Total operating costs and expenses excluding any
share-based compensation expenses, integration costs and expenses
related to going-private activities (non-GAAP) for the full year
2015 were 86.8% of total revenues, compared to 83.1% in the same
period a year ago.
- Total leased-and-operated hotel costs were RMB 1.35 billion (US$208.8
million) for the fourth quarter of 2015, representing 96.5%
of the leased-and-operated hotel revenues, compared to 93.3% in the
same period a year ago. Total leased-and-operated hotel costs
excluding any share-based compensation expenses and integration
costs (non-GAAP) were 96.2% of the leased-and-operated hotel
revenues in the fourth quarter of 2015, compared to 93.1% in the
same period a year ago. The year-over-year increase in total
leased-and-operated hotel costs as a percentage of
leased-and-operated hotel revenues for the fourth quarter of 2015
was mainly due to the higher rental and depreciation cost from our
having a higher proportion of midscale hotels and to the higher
depreciation cost from economy hotel upgrading.
Total leased-and-operated hotel costs were RMB 5.21 billion (US$804.5
million) for the full year 2015, representing 92.5% of the
leased-and-operated hotel revenues, compared to 87.5% in 2014.
Total leased-and-operated hotel costs excluding any share-based
compensation expenses and integration costs (non-GAAP) were 92.3%
of the leased-and-operated hotel revenues in the full year 2015,
compared to 87.2% in 2014. The year-over-year increase in total
leased-and-operated hotel costs as a percentage of
leased-and-operated hotel revenues for the full year 2015 was
mainly due to increased rental and depreciation costs and a
decrease in RevPAR which resulted in a lower revenue base per hotel
while a significant portion of the hotel costs was fixed.
Pre-opening cost was RMB 22.5 million
(US$3.5 million) for the fourth
quarter of 2015, compared to RMB 18.5
million in the fourth quarter of 2014. For the full year
2015, pre-opening cost was RMB 77.4
million (US$11.9 million),
compared to RMB 44.6 million in
2014.
- Personnel costs of franchised-and-managed hotels were
RMB 35.7 million (US$5.5 million) for the fourth quarter of 2015,
representing 13.0% of the franchised-and-managed hotel revenues,
compared to 14.0% in the same period a year ago.
Franchised-and-managed hotels personnel costs excluding share-based
compensation expenses (non-GAAP) were 11.6% of
franchised-and-managed hotel revenues in the fourth quarter of
2015, compared to 12.6% in the same period of 2014. The
year-over-year decrease in personnel costs of
franchised-and-managed hotels as a percentage of
franchised-and-managed hotel revenues for the fourth quarter of
2015 was mainly due to the lower year-end bonuses.
Personnel costs of franchised-and-managed hotels were RMB 228.2 million (US$35.2
million) for the full year 2015, representing 21.9% of the
franchised-and-managed hotel revenues, compared to 21.4% in 2014.
Franchised-and-managed hotels personnel costs excluding share-based
compensation expenses (non-GAAP) were 20.7% of
franchised-and-managed hotel revenues in the full year 2015,
compared to 20.0% in 2014. The year-over-year increase in personnel
costs of franchised-and-managed hotels as a percentage of
franchised-and-managed hotel revenues for the full year 2015 was
mainly due to a lower revenue base per hotel.
- Sales and marketing expenses were RMB 41.3 million (US$6.4
million) for the fourth quarter of 2015, representing 2.5%
of total revenues, compared to 1.4% in the same period a year ago.
Sales and marketing expenses excluding share-based compensation
expenses (non-GAAP) were 2.5% of total revenues for the fourth
quarter of 2015, compared to 1.4% in the same period of 2014. The
year-over-year increase in sales and marketing expenses as a
percentage of total revenues for the fourth quarter of 2015 was
mainly due to the increased cost related to membership loyalty
program.
Sales and marketing expenses were RMB
115.1 million (US$17.8
million) for the full year 2015, representing 1.7% of total
revenues, compared to 1.6% in 2014. Sales and marketing expenses
excluding share-based compensation expenses (non-GAAP) were 1.7% of
total revenues for the full year 2015, compared to 1.6% in
2014.
- General and administrative expenses were RMB 122.7 million (US$18.9
million) for the fourth quarter of 2015, representing 7.3%
of total revenues, compared to 4.7% in the same period a year ago.
General and administrative expenses excluding share-based
compensation expenses, integration costs, and expenses related to
going-private activities (non-GAAP) were 4.1% of total revenues for
the fourth quarter of 2015, compared to 3.7% in the same period of
2014. The year-over-year increase in general and administrative
expenses as a percentage of total revenues for the fourth quarter
of 2015 was mainly due to increased staff cost for new product
development.
General and administrative expenses were RMB 362.0 million (US$55.9
million) for the full year 2015, representing 5.4% of total
revenues, compared to 4.7% in 2014. General and administrative
expenses excluding share-based compensation expenses, integration
costs, acquisition expenses, and expenses related to going-private
activities (non-GAAP) were 3.9% of total revenues for the full year
2015, compared to 3.7% in 2014. The year-over-year increase in
general and administrative expenses as a percentage of total
revenues for the full year 2015 was mainly due to a bad debt
provision related to a specific hotel project.
Income from Operations was RMB 19.9 million (US$3.1
million) for the fourth quarter of 2015 compared to
RMB 102.5 million in the same period
a year ago. Income from operations excluding share-based
compensation expenses, integration costs and expenses related to
going-private activities (non-GAAP) for the fourth quarter of 2015
was RMB 81.0 million (US$12.5 million), or 4.8% of total revenues,
compared to RMB 125.6 million, or
7.7% of total revenues, in the same period of 2014.
For the full year of 2015, income from operations was
RMB 350.7 million (US$54.1 million) compared to RMB 640.6 million in 2014. Income from operations
excluding share-based compensation expenses, integration costs and
expenses related to going-private activities (non-GAAP) for the
full year 2015 was RMB 480.3 million
(US$74.1 million), or 7.2% of total
revenues, compared to RMB 736.3
million, or 11.0% of total revenues, in 2014.
EBITDA
(non-GAAP)
|
|
|
|
|
|
|
|
|
(RMB/USD in
Millions)
|
Fourth Quarter
2015
|
|
Fourth Quarter
2014
|
|
|
RMB
|
USD
|
%Rev
|
V%
|
|
RMB
|
USD
|
%Rev
|
EBITDA
(Non-GAAP)
|
239.7
|
37.0
|
14.3%
|
-28.3%
|
|
334.3
|
51.6
|
20.4%
|
|
Foreign Exchange
Loss/(Gain), Net
|
5.9
|
0.9
|
0.4%
|
|
|
-4.6
|
-0.7
|
-0.3%
|
|
Share-Based
Compensation
|
17.7
|
2.7
|
1.1%
|
|
|
21.3
|
3.3
|
1.3%
|
|
Expenses Related to
Going-Private Activities
|
41.9
|
6.5
|
2.5%
|
|
|
-
|
-
|
-
|
|
Integration
Costs
|
1.6
|
0.3
|
0.1%
|
|
|
1.8
|
0.3
|
0.1%
|
|
Loss on Change in
Fair Value of Convertible Notes
|
7.5
|
1.2
|
0.4%
|
|
|
7.9
|
1.2
|
0.5%
|
Adjusted EBITDA
(Non-GAAP)
|
314.2
|
48.5
|
18.7%
|
-12.9%
|
|
360.7
|
55.7
|
22.1%
|
|
|
|
|
|
|
|
|
|
|
Full Year
2015
|
|
Full Year
2014
|
|
|
RMB
|
USD
|
%Rev
|
V%
|
|
RMB
|
USD
|
%Rev
|
EBITDA
(Non-GAAP)
|
1,168.8
|
180.4
|
17.5%
|
-24.7%
|
|
1,553.1
|
239.8
|
23.2%
|
|
Foreign Exchange
Loss, Net
|
41.0
|
6.3
|
0.6%
|
|
|
11.5
|
1.8
|
0.2%
|
|
Share-Based
Compensation
|
76.4
|
11.8
|
1.1%
|
|
|
87.7
|
13.5
|
1.3%
|
|
Acquisition
Expenses
|
-
|
-
|
-
|
|
|
0.7
|
0.1
|
0.0%
|
|
Expenses Related to
Going-Private Activities
|
46.7
|
7.2
|
0.7%
|
|
|
-
|
-
|
-
|
|
Integration
Costs
|
6.4
|
1.0
|
0.1%
|
|
|
7.3
|
1.1
|
0.1%
|
|
Gain on Waived
Liability Related with Motel Acquisition
|
-
|
-
|
-
|
|
|
-11.9
|
-1.8
|
-0.2%
|
|
Loss/(Gain) on
Buy-Back of Convertible Notes
|
1.7
|
0.3
|
0.0%
|
|
|
-0.7
|
-0.1
|
0.0%
|
|
Loss/(Gain) on Change
in Fair Value of Convertible Notes
|
34.6
|
5.3
|
0.5%
|
|
|
-71.9
|
-11.1
|
-1.1%
|
Adjusted EBITDA
(Non-GAAP)
|
1,375.7
|
212.4
|
20.6%
|
-12.7%
|
|
1,575.7
|
243.3
|
23.6%
|
Note: "%Rev" represents amount as a percentage of total
revenues
"V%" represents
year-over-year percentage change in amounts
|
Net Income
Attributable to Ordinary Shareholders
|
|
|
|
|
|
(RMB/USD in
Millions)
|
Fourth Quarter
2015
|
|
Fourth Quarter
2014
|
|
|
RMB
|
USD
|
%Rev
|
V%
|
|
RMB
|
USD
|
%Rev
|
Net Income
Attributable to Ordinary Shareholders (GAAP)
|
-13.1
|
-2.0
|
-0.8%
|
-115.4%
|
|
84.6
|
13.1
|
5.2%
|
|
Foreign Exchange
Loss/(Gain), Net
|
5.9
|
0.9
|
0.4%
|
|
|
-4.6
|
-0.7
|
-0.3%
|
|
Share-Based
Compensation
|
17.7
|
2.7
|
1.1%
|
|
|
21.3
|
3.3
|
1.3%
|
|
Expenses Related to
Going-Private Activities
|
41.9
|
6.5
|
2.5%
|
|
|
-
|
-
|
-
|
|
Integration
Costs
|
1.6
|
0.3
|
0.1%
|
|
|
1.8
|
0.3
|
0.1%
|
|
Loss/(Gain) on Change
in Fair Value of Convertible Notes
|
7.5
|
1.2
|
0.4%
|
|
|
7.9
|
1.2
|
0.5%
|
Adjusted net income
attributable to ordinary shareholders (Non-GAAP)
|
61.5
|
9.5
|
3.7%
|
-44.6%
|
|
110.9
|
17.1
|
6.8%
|
|
|
|
|
|
|
|
|
|
|
Full Year
2015
|
|
Full Year
2014
|
|
|
RMB
|
USD
|
%Rev
|
V%
|
|
RMB
|
USD
|
%Rev
|
Net Income
Attributable to Ordinary Shareholders (GAAP)
|
167.0
|
25.8
|
2.5%
|
-67.4%
|
|
513.1
|
79.2
|
7.7%
|
|
Foreign Exchange
Loss, Net
|
41.0
|
6.3
|
0.6%
|
|
|
11.5
|
1.8
|
0.2%
|
|
Share-Based
Compensation
|
76.4
|
11.8
|
1.1%
|
|
|
87.7
|
13.5
|
1.3%
|
|
Acquisition
Expenses
|
-
|
-
|
-
|
|
|
0.7
|
0.1
|
0.0%
|
|
Expenses Related to
Going-Private Activities
|
46.7
|
7.2
|
0.7%
|
|
|
-
|
-
|
-
|
|
Integration
Costs
|
6.4
|
1.0
|
0.1%
|
|
|
7.3
|
1.1
|
0.1%
|
|
Gain on Waived
Liability Related with Motel Acquisition
|
-
|
-
|
-
|
|
|
-11.9
|
-1.8
|
-0.2%
|
|
Loss/(Gain) on
Buy-Back of Convertible Notes
|
1.7
|
0.3
|
0.0%
|
|
|
-0.7
|
-0.1
|
0.0%
|
|
Loss/(Gain) on Change
in Fair Value of Convertible Notes
|
34.6
|
5.3
|
0.5%
|
|
|
-71.9
|
-11.1
|
-1.1%
|
Adjusted net income
attributable to ordinary shareholders (Non-GAAP)
|
373.9
|
57.7
|
5.6%
|
-30.2%
|
|
535.8
|
82.7
|
8.0%
|
Note: "%Rev"
represents amount as a percentage of total revenues
"V%" represents
year-over-year percentage change in amounts
|
Income Attributable to Ordinary Shareholders (Non–GAAP)
decreased year over year by 44.6% to RMB
61.5 million (US$9.5 million)
for the fourth quarter 2015, representing 3.7% of total revenues
compared to 6.8% in the same period a year ago. For the full year
2015, adjusted net income attributable to ordinary shareholders
(Non–GAAP) decreased year over year by 30.2% to RMB 373.9 million (US$57.7
million), representing 5.6% of total revenues compared to
8.0% in 2014. The year-over-year decreases in adjusted net margins
(non-GAAP)[1] for both the quarter and full year were mainly due to
the decreases in adjusted income from operations margin
(non-GAAP)[2].
[1]"Adjusted net
margin rate (non-GAAP)" is defined as adjusted net income
(non-GAAP) as a percentage of total revenues.
[2]"Adjusted income
from operations margin rate (non-GAAP)" is defined as income from
operations excluding share-based compensation expenses, integration
costs, acquisition expenses, and expenses related to going-private
activities (non-GAAP) as a percentage of total revenues.
|
Basic and Diluted
Earnings Per Share / Earnings Per ADS
|
|
|
|
|
Fourth Quarter
2015
|
|
Full Year
2015
_
|
|
Ordinary
Share
|
ADS Share
|
|
Ordinary
Share
|
ADS Share
|
|
RMB
|
USD
|
RMB
|
USD
|
|
RMB
|
USD
|
RMB
|
USD
|
Basic
|
-0.14
|
-0.02
|
-0.28
|
-0.04
|
|
1.74
|
0.27
|
3.48
|
0.54
|
Diluted
|
-0.14
|
-0.02
|
-0.28
|
-0.04
|
|
1.74
|
0.27
|
3.48
|
0.54
|
|
|
|
|
|
|
|
|
|
|
Adjusted Basic
(Non-GAAP)
|
0.64
|
0.10
|
1.28
|
0.20
|
|
3.89
|
0.60
|
7.78
|
1.20
|
Adjusted Diluted
(Non-GAAP)
|
0.64
|
0.10
|
1.28
|
0.20
|
|
3.83
|
0.59
|
7.66
|
1.18
|
Cash Flow
For the fourth quarter of 2015, net operating cash inflow was
RMB 216.2 million (US$33.4 million), compared to RMB 348.1 million in the same period of 2014.
Capitalized expenditures for the fourth quarter of 2015 were
RMB 284.5 million (US$43.9 million), while related cash paid for
capital expenditures during the quarter was RMB 151.8 million (US$23.4
million).
For the full year 2015, net operating cash inflow was
RMB 1.13 billion (US$174.1 million), compared to RMB 1.35 billion in 2014. Capitalized
expenditures for the full year 2015 were RMB
727.4 million (US$112.3
million), while related cash paid for capital expenditures
during the year was RMB 619.4 million
(US$95.6 million).
Balance Sheet
As of December 31, 2015, Homeinns
Hotel Group had cash and cash equivalents of RMB 1,093.7 million (US$168.8 million). The convertible notes issued
in December 2010 were fully repaid in
December 2015.
Upcoming HMIN Extraordinary General Meeting
The Company has scheduled an extraordinary general meeting to be
held on March 25, 2016, at
10:00 a.m. Shanghai time, at the executive offices of the
Company, located at 124 Cao Bao Road, Shanghai, 200235, People's Republic of China. The extraordinary
general meeting is being convened to consider and vote on, among
other matters, the proposal to authorize and approve the previously
announced agreement and plan of merger dated as of December 6, 2015, among (i) the Company, (ii) BTG
Hotels Group (HONGKONG) Holdings Co., Limited ("Holdco"), a wholly
owned subsidiary of BTG Hotels (Group) Co., Ltd., a PRC joint stock
company that is listed on the Shanghai Stock Exchange ("BTG
Hotels"), (iii) BTG Hotels Group (CAYMAN) Holding Co., Ltd ("Merger
Sub"), a wholly owned subsidiary of Holdco, and (iv) solely for the
purposes of certain sections thereof, BTG Hotels. Subject to the
approval of the extraordinary general meeting, Merger Sub will be
merged with and into the Company pursuant to the agreement and plan
of merger, with the Company continuing as the surviving company. A
related transaction statement on Schedule 13E-3 and a proxy
statement with respect thereto were filed with the SEC on
February 23, 2016. Investors,
shareholders and ADS holders of the Company are urged to read
carefully and in their entirety these and other materials filed
with or furnished to the SEC when they become available, as they
contain important information about the Company, the proposed
merger and related matters. The proxy statement was mailed to the
Company's ADS holders on or about February
26, 2016 and to the Company's shareholders on or about
March 4, 2016. The Special Committee
of the Board comprised of independent directors reviewed the
transaction and recommends that stockholders approve the
transaction.
This announcement contains translations of certain RMB amounts
into U.S. dollars solely for the convenience of the reader. Unless
otherwise noted, all translations from RMB to U.S. dollars are made
at a rate of RMB 6.4778 to US$1.00,
the noon buying rate for December 31,
2015 set forth in the H.10 statistical release of the
Federal Reserve Board.
About Homeinns Hotel Group
Homeinns Hotel Group is a leading economy hotel chain in
China based on number of hotels
and hotel rooms as well as geographic coverage of the hotel chain.
Since the Company commenced operations in 2002, it has built
Homeinn as one of the best-known economy hotel brands in
China. In October of 2011, the
Company acquired Motel 168, another well-known hotel chain in
China, as its second economy hotel
brand. Homeinns Hotel Group aims to offer a consistent product and
high-quality services to primarily serve the fast growing
population of value-conscious individual business and leisure
travelers who demand clean, comfortable and convenient lodging.
Homeinns Hotel Group's ADSs, each of which represents two ordinary
shares, are currently trading on the NASDAQ Global Select Market
under the symbol "HMIN." For more information about Homeinns Hotel
Group, please visit http://english.homeinns.com.
Safe Harbor
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995.These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Any statements in
this press release that are not historical facts are
forward-looking statements that involve factors, risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Such factors and
risks include our anticipated growth strategies; our future results
of operations and financial condition; the economic conditions of
China; the regulatory environment
in China; our ability to attract
customers and leverage our brands; trends and competition in the
lodging industry; the expected growth of the lodging market in
China; and other factors and risks
detailed in our filings with the Securities and Exchange
Commission. This press release also contains statements or
projections that are based upon information available to the
public, as well as other information from sources which management
believes to be reliable, but it is not guaranteed by us to be
accurate, nor does it purport to be complete. We undertake no
obligation to update or revise to the public any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law.
Non-GAAP Financial Measures
To supplement Homeinns Hotel Group's unaudited consolidated
financial results presented in accordance with U.S. GAAP, Homeinns
Hotel Group uses the following non-GAAP measures:
(a) total operating costs and expenses excluding
share-based compensation expenses and acquisition and integration
costs and expenses related to going-private activities
(b) total leased-and-operated hotel costs excluding
share-based compensation expenses and integration costs
(c) personnel costs of franchised-and-managed hotels
excluding share-based compensation expenses
(d) sales and marketing expenses excluding
share-based compensation expenses
(e) general and administrative expenses excluding
share-based compensation expenses and acquisition and integration
costs and expenses related to going-private activities
(f) income from operations excluding
share-based compensation expenses and acquisition and integration
costs and expenses related to going-private activities
(g) adjusted net income attributable to shareholders
excluding any share-based compensation expenses, foreign exchange
gain or loss, acquisition and integration cost, upfront fee
amortization of term loan, gain or loss from fair value change of
convertible notes and interest swap derivatives and other
non-operating expenses and expenses related to going-private
activities
(h) adjusted basic and diluted earnings per ADS and
per share excluding foreign exchange gain or loss, share-based
compensation expenses, gain on buy-back of convertible bonds,
issuance costs for convertible notes, gain or loss from fair value
change of convertible notes, acquisition and integration cost,
non-operating expenses and upfront fee amortization of term loan,
and expenses related to going-private activities
(i) adjusted EBITDA excluding foreign exchange
gain or loss, share-based compensation expenses, gain on buy-back
of convertible bonds, issuance costs for convertible notes, gain or
loss from fair value change of convertible notes, acquisition and
integration costs, non-operating expenses and upfront fee
amortization of term loan and expenses related to going-private
activities
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Reconciliations of GAAP
and non-GAAP results" set forth at the end of this press
release.
Homeinns Hotel Group believes that, used in conjunction with
GAAP financial measures, these non-GAAP financial measures provide
meaningful supplemental information regarding the Company's
performance, and both management and investors benefit from
referring to these non-GAAP financial measures in assessing the
Company's performance and when planning and forecasting future
periods. Management believes that EBITDA, defined as earnings
before interest, income tax expense, depreciation and amortization,
is a useful financial metric to assess Homeinns Hotel Group's
operating and financial performance before the impact of investing
and financing transactions and income taxes. In addition,
management believes that EBITDA is widely used by other companies
in the lodging industry and may be used as an analysis tool by both
management and investors to measure and compare Homeinns Hotel
Group's operational and financial performance with industry
peers.
One of the limitations of using non-GAAP income from operations,
EBITDA, adjusted EBITDA and non-GAAP net income attributable to
shareholders is that they do not include all items that impact
Homeinns Hotel Group's net income (loss) for the period. These
non-GAAP measures exclude share-based compensation expenses,
foreign exchange gain or loss and gain or loss from fair value
change of convertible notes, which have been and will continue to
be a significant recurring expense in Homeinns Hotel Group's
business. In addition, Homeinns Hotel Group's EBITDA and adjusted
EBITDA may not be comparable to EBITDA or similarly titled measures
utilized by other companies since such other companies may not
calculate EBITDA in the same manner as Homeinns Hotel Group does.
Management compensates for this and other limitations by providing
specific information regarding the GAAP amounts excluded from each
non-GAAP measure. Homeinns Hotel Group computes the non-GAAP
financial measures using the same consistent method from quarter to
quarter. Reconciliations of GAAP and non-GAAP results are included
at the end of this press release. The non-GAAP adjustment items do
not include the tax impact.
The presentation of EBITDA and adjusted EBITDA should not be
construed as an indication that Homeinns Hotel Group's future
results will be unaffected by other charges and gains Homeinns
Hotel Group considers to be outside the ordinary course of its
business.
Homeinns Hotel Group completed its acquisition of 100% equity
interest in Motel 168, or Motel, and took control of Motel
effective on October 1, 2011.
Homeinns Hotel Group had consolidated Motel's operating and
financial results since October 1,
2011. By the third quarter of 2013, Homeinns Hotel Group had
substantially completed Motel's integration and ceased to present
separate operating metrics and revenues for Motel.
For investor and media inquiries, please contact:
Mingjia Ding
Homeinns Hotel Group
Tel: +86-21-3337-3333*3870
Email: mjding@homeinns.com
Cara O'Brien
FTI Consulting
Tel: +852-3768-4537
Email: cara.obrien@fticonsulting.com
Homeinns Hotel
Group
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014
|
|
December 31,
2015
|
|
|
RMB
'000
|
|
RMB
'000
|
|
US$
'000
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
949,690
|
|
1,093,695
|
|
168,837
|
Restricted
cash
|
|
12,726
|
|
11,522
|
|
1,779
|
Accounts receivable,
net
|
|
95,501
|
|
106,122
|
|
16,382
|
Receivables from
related parties
|
|
3,476
|
|
3,469
|
|
536
|
Consumables
|
|
44,446
|
|
51,032
|
|
7,878
|
Prepayments and other
current assets
|
|
171,703
|
|
246,544
|
|
38,060
|
Deferred tax
assets
|
|
129,685
|
|
131,166
|
|
20,249
|
|
|
|
|
|
|
|
Total current
assets
|
|
1,407,227
|
|
1,643,550
|
|
253,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
|
|
11,709
|
|
14,682
|
|
2,267
|
Property and
equipment, net
|
|
4,000,041
|
|
3,831,431
|
|
591,471
|
Goodwill
|
|
2,323,241
|
|
2,326,289
|
|
359,117
|
Intangible assets,
net
|
|
1,126,636
|
|
1,079,616
|
|
166,664
|
Other
assets
|
|
90,995
|
|
109,161
|
|
16,852
|
Non-current deferred
tax assets
|
|
434,847
|
|
487,596
|
|
75,272
|
|
|
|
|
|
|
|
Total
assets
|
|
9,394,696
|
|
9,492,325
|
|
1,465,364
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
86,949
|
|
103,382
|
|
15,959
|
Notes
payable
|
|
-
|
|
4,496
|
|
694
|
Payables to related
parties
|
|
4,166
|
|
15,697
|
|
2,423
|
Financial liability,
current portion2
|
|
1,029,577
|
|
-
|
|
-
|
Short-term
loans
|
|
-
|
|
424,680
|
|
65,559
|
Salaries and welfare
payable
|
|
228,127
|
|
211,487
|
|
32,648
|
Income tax
payable
|
|
117,830
|
|
116,340
|
|
17,960
|
Other taxes
payable
|
|
34,074
|
|
48,188
|
|
7,439
|
Deferred
revenues
|
|
225,417
|
|
216,123
|
|
33,364
|
Long-term loans,
current portion
|
|
-
|
|
50,000
|
|
7,719
|
Other unpaid and
accruals
|
|
255,460
|
|
305,481
|
|
47,160
|
Other
payables
|
|
742,853
|
|
854,521
|
|
131,915
|
Deferred tax
liability
|
|
60,764
|
|
46,949
|
|
7,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
2,785,217
|
|
2,397,344
|
|
370,088
|
|
|
|
|
|
|
|
Long term
loans
|
|
|
|
100,000
|
|
15,437
|
Deferred
rental
|
|
705,284
|
|
695,008
|
|
107,291
|
Deferred
revenues
|
|
51,289
|
|
46,349
|
|
7,155
|
Deposits due to
franchisees
|
|
144,892
|
|
155,402
|
|
23,990
|
Other long term
payables
|
|
13,018
|
|
5,314
|
|
820
|
Unfavorable lease
liabilities
|
|
331,282
|
|
294,944
|
|
45,532
|
Deferred tax
liabilities
|
|
292,575
|
|
287,817
|
|
44,431
|
|
|
|
|
|
|
|
Total
liabilities
|
|
4,323,557
|
|
3,982,178
|
|
614,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Ordinary shares
(US$0.005 par value; 200,000,000 shares authorized,
95,703,960 and 97,535,374 shares issued and outstanding as of
December 31, 2014 and December 31, 2015, respectively)
|
|
3,698
|
|
3,757
|
|
580
|
|
|
|
|
|
|
|
Additional paid-in
capital
|
|
3,191,076
|
|
3,403,361
|
|
525,388
|
Statutory
reserves
|
|
256,013
|
|
286,369
|
|
44,208
|
|
|
|
|
|
|
|
Retained
earnings
|
|
1,604,246
|
|
1,740,929
|
|
268,753
|
|
|
|
|
|
|
|
Less: Treasury stock
(0 and 37,696 shares as of December 31, 2014
and December 31, 2015, respectively)
|
|
-
|
|
(2,759)
|
|
(426)
|
|
|
|
|
|
|
|
Total Home Inns
shareholders' equity
|
|
5,055,033
|
|
5,431,657
|
|
838,503
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
16,106
|
|
78,490
|
|
12,117
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
5,071,139
|
|
5,510,147
|
|
850,620
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
9,394,696
|
|
9,492,325
|
|
1,465,364
|
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Note 1: The
conversion of Renminbi ("RMB") into United States dollars ("US$")
is based on rate of US$1.00=RMB6.4778 on December 31, 2015, representing the certificated
exchange rate published by the Federal Reserve Board.
Note 2: Financial
liabilities represent convertible notes measured at fair
value.
|
Homeinns Hotel
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2014
|
|
September 30,
2015
|
|
December 31,
2015
|
|
December 31,
2014
|
|
December 31,
2015
|
|
|
RMB
'000
|
|
96,238
|
|
RMB
'000
|
|
US$
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
US$
'000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-and-operated
hotels
|
|
1,391,084
|
|
1,573,685
|
|
1,402,267
|
|
216,473
|
|
5,741,804
|
|
5,631,242
|
|
869,314
|
Franchised-and-managed hotels
|
|
244,219
|
|
282,257
|
|
275,152
|
|
42,476
|
|
940,944
|
|
1,039,871
|
|
160,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
1,635,303
|
|
1,855,942
|
|
1,677,419
|
|
258,949
|
|
6,682,748
|
|
6,671,113
|
|
1,029,842
|
Less: Business tax
and related surcharges
|
|
(100,323)
|
|
(108,934)
|
|
(99,720)
|
|
(15,394)
|
|
(411,118)
|
|
(395,394)
|
|
(61,038)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
1,534,980
|
|
1,747,008
|
|
1,577,699
|
|
243,555
|
|
6,271,630
|
|
6,275,719
|
|
968,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-and-operated
hotel costs –
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rents and
utilities
|
|
(564,347)
|
|
(554,722)
|
|
(578,745)
|
|
(89,343)
|
|
(2,172,804)
|
|
(2,239,521)
|
|
(345,722)
|
Personnel
costs
|
|
(256,033)
|
|
(293,685)
|
|
(262,696)
|
|
(40,553)
|
|
(1,075,222)
|
|
(1,107,260)
|
|
(170,931)
|
Depreciation and
amortization
|
|
(187,816)
|
|
(200,365)
|
|
(202,325)
|
|
(31,234)
|
|
(742,886)
|
|
(792,930)
|
|
(122,407)
|
Consumables, food and
beverage
|
|
(97,864)
|
|
(120,355)
|
|
(113,233)
|
|
(17,480)
|
|
(362,760)
|
|
(409,001)
|
|
(63,139)
|
Others
|
|
(192,474)
|
|
(169,037)
|
|
(195,657)
|
|
(30,204)
|
|
(669,441)
|
|
(662,946)
|
|
(102,341)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
leased-and-operated hotel costs
|
|
(1,298,534)
|
|
(1,338,164)
|
|
(1,352,656)
|
|
(208,814)
|
|
(5,023,113)
|
|
(5,211,658)
|
|
(804,540)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel costs of
Franchised-and-managed hotels
|
|
(34,280)
|
|
(82,570)
|
|
(35,670)
|
|
(5,506)
|
|
(201,244)
|
|
(228,219)
|
|
(35,231)
|
Sales and marketing
expenses
|
|
(22,700)
|
|
(25,626)
|
|
(41,337)
|
|
(6,381)
|
|
(109,813)
|
|
(115,075)
|
|
(17,765)
|
General and
administrative expenses
|
|
(77,426)
|
|
(82,733)
|
|
(122,656)
|
|
(18,935)
|
|
(312,008)
|
|
(362,041)
|
|
(55,889)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
costs and expenses
|
|
(1,432,940)
|
|
(1,529,093)
|
|
(1,552,319)
|
|
(239,636)
|
|
(5,646,178)
|
|
(5,916,993)
|
|
(913,425)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income/(loss)
|
|
448
|
|
(4,165)
|
|
(5,529)
|
|
(854)
|
|
15,193
|
|
(7,995)
|
|
(1,234)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
102,488
|
|
213,750
|
|
19,851
|
|
3,065
|
|
640,645
|
|
350,731
|
|
54,145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
3,777
|
|
6,610
|
|
4,243
|
|
655
|
|
9,295
|
|
19,248
|
|
2,971
|
Interest
expenses
|
|
(5,674)
|
|
(5,303)
|
|
(5,850)
|
|
(903)
|
|
(41,759)
|
|
(22,276)
|
|
(3,439)
|
Loss from equity
investment
|
|
(193)
|
|
(163)
|
|
(405)
|
|
(63)
|
|
(324)
|
|
(1,587)
|
|
(245)
|
(Loss)/gain on change
in fair value of convertible notes
|
|
(7,851)
|
|
(570)
|
|
(7,455)
|
|
(1,151)
|
|
71,945
|
|
(34,624)
|
|
(5,345)
|
Gain/(loss) on
buy-back of convertible notes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
650
|
|
(1,682)
|
|
(260)
|
Non-operating
income
|
|
41,400
|
|
44,146
|
|
26,914
|
|
4,155
|
|
81,739
|
|
81,651
|
|
12,605
|
Foreign exchange
gain/(loss), net
|
|
4,606
|
|
(35,012)
|
|
(5,876)
|
|
(907)
|
|
(11,500)
|
|
(41,034)
|
|
(6,335)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses and noncontrolling interests
|
|
138,553
|
|
223,458
|
|
31,422
|
|
4,851
|
|
750,691
|
|
350,427
|
|
54,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(53,064)
|
|
(74,270)
|
|
(43,722)
|
|
(6,750)
|
|
(231,323)
|
|
(177,741)
|
|
(27,438)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
85,489
|
|
149,188
|
|
(12,300)
|
|
(1,899)
|
|
519,368
|
|
172,686
|
|
26,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:Net income
attributable to noncontrolling interests
|
|
(918)
|
|
(3,590)
|
|
(750)
|
|
(116)
|
|
(6,253)
|
|
(5,643)
|
|
(871)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to ordinary shareholders
|
|
84,571
|
|
145,598
|
|
(13,050)
|
|
(2,015)
|
|
513,115
|
|
167,043
|
|
25,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic
|
|
0.88
|
|
1.51
|
|
(0.14)
|
|
(0.02)
|
|
5.38
|
|
1.74
|
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Diluted
|
|
0.88
|
|
1.51
|
|
(0.14)
|
|
(0.02)
|
|
4.55
|
|
1.74
|
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic
|
|
95,655
|
|
96,347
|
|
96,517
|
|
96,517
|
|
95,345
|
|
96,216
|
|
96,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Diluted
|
|
95,655
|
|
96,347
|
|
96,517
|
|
96,517
|
|
102,814
|
|
96,238
|
|
96,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expense was included in the statement of operations as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-and-operated
hotel costs – Personnel costs
|
|
1,856
|
|
1,349
|
|
1,763
|
|
272
|
|
7,702
|
|
6,638
|
|
1,025
|
Personnel costs of
Franchised-and-managed hotels
|
|
3,479
|
|
2,727
|
|
3,822
|
|
590
|
|
13,152
|
|
13,423
|
|
2,072
|
Sales and marketing
expenses
|
|
179
|
|
129
|
|
121
|
|
19
|
|
832
|
|
642
|
|
99
|
General and
administrative expenses
|
|
15,810
|
|
13,684
|
|
11,949
|
|
1,845
|
|
66,020
|
|
55,736
|
|
8,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: The
conversion of Renminbi ("RMB") into United States dollars ("US$")
is based on rate of US$1.00=RMB6.4778 on December 31, 2015, representing the certificated
exchange rate published by the Federal Reserve Board.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homeinns Hotel
Group
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2015
|
|
|
GAAP
Result
|
|
% of Total
Revenue
|
|
Share-based
Compensation
|
|
Expenses related to
going private activities
|
|
Integration
cost
|
|
% of
Total
Revenue
|
|
Non-GAAP
Result
|
|
% of Total
Revenue
|
|
|
RMB
'000
|
|
|
|
RMB
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
|
|
RMB
'000
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-and-operated
hotel costs
|
|
(1,352,656)
|
|
80.6%
|
|
1,763
|
|
-
|
|
1,316
|
|
0.2%
|
|
(1,349,577)
|
|
80.5%
|
Personnel costs
of Franchised-and-managed hotels
|
|
(35,670)
|
|
2.1%
|
|
3,822
|
|
-
|
|
-
|
|
0.2%
|
|
(31,848)
|
|
1.9%
|
Sales and marketing expenses
|
|
(41,337)
|
|
2.5%
|
|
121
|
|
-
|
|
-
|
|
0.0%
|
|
(41,216)
|
|
2.5%
|
General and
administrative expenses
|
|
(122,656)
|
|
7.3%
|
|
11,949
|
|
41,907
|
|
317
|
|
3.2%
|
|
(68,483)
|
|
4.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs
and expenses
|
|
(1,552,319)
|
|
92.5%
|
|
17,655
|
|
-
|
|
1,633
|
|
3.6%
|
|
(1,491,124)
|
|
88.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
19,851
|
|
1.2%
|
|
17,655
|
|
-
|
|
1,633
|
|
3.6%
|
|
81,046
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2015
|
|
|
GAAP
Result
|
|
%of Total
Revenue
|
|
Share-based
Compensation
|
|
Expenses related
to
going private activities
|
|
Integration
cost
|
|
%of Total
Revenue
|
|
Non-GAAP
Result
|
|
%of Total
Revenue
|
|
|
US$
'000
|
|
|
|
US$
'000
|
|
US$
'000
|
|
US$
'000
|
|
|
|
US$
'000
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-and-operated
hotel costs
|
|
(208,814)
|
|
80.6%
|
|
272
|
|
-
|
|
203
|
|
0.2%
|
|
(208,339)
|
|
80.5%
|
Personnel costs of
Franchised-and-managed hotels
|
|
(5,506)
|
|
2.1%
|
|
590
|
|
-
|
|
-
|
|
0.2%
|
|
(4,916)
|
|
1.9%
|
Sales and marketing
expenses
|
|
(6,381)
|
|
2.5%
|
|
19
|
|
-
|
|
-
|
|
0.0%
|
|
(6,362)
|
|
2.5%
|
General and
administrative expenses
|
|
(18,935)
|
|
7.3%
|
|
1,845
|
|
6,469
|
|
49
|
|
3.2%
|
|
(10,572)
|
|
4.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs
and expenses
|
|
(239,636)
|
|
92.5%
|
|
2,726
|
|
-
|
|
252
|
|
3.6%
|
|
(230,189)
|
|
88.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
3,065
|
|
1.2%
|
|
2,726
|
|
-
|
|
252
|
|
3.6%
|
|
12,512
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
September 30, 2015
|
|
|
GAAP
Result
|
|
%of Total
Revenue
|
|
Share-based
Compensation
|
|
Expenses related
to
going private activities
|
|
Integration
cost
|
|
%of Total
Revenue
|
|
Non-GAAP
Result
|
|
%of Total
Revenue
|
|
|
RMB
'000
|
|
|
|
RMB
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
|
|
RMB
'000
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-and-operated
hotel costs
|
|
(1,338,164)
|
|
72.1%
|
|
1,349
|
|
-
|
|
1,295
|
|
0.1%
|
|
(1,335,520)
|
|
72.0%
|
Personnel costs of
Franchised-and-managed hotels
|
|
(82,570)
|
|
4.4%
|
|
2,727
|
|
-
|
|
-
|
|
0.1%
|
|
(79,843)
|
|
4.3%
|
Sales and marketing
expenses
|
|
(25,626)
|
|
1.4%
|
|
129
|
|
-
|
|
-
|
|
0.0%
|
|
(25,497)
|
|
1.4%
|
General and
administrative expenses
|
|
(82,733)
|
|
4.5%
|
|
13,684
|
|
4,797
|
|
317
|
|
1.0%
|
|
(63,935)
|
|
3.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs
and expenses
|
|
(1,529,093)
|
|
82.4%
|
|
17,889
|
|
-
|
|
1,612
|
|
1.3%
|
|
(1,504,795)
|
|
81.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
213,750
|
|
11.5%
|
|
17,889
|
|
-
|
|
1,612
|
|
1.3%
|
|
238,048
|
|
12.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2014
|
|
|
GAAP
Result
|
|
%of Total
Revenue
|
|
Share-based
Compensation
|
|
Expenses related
to
going private activities
|
|
Integration
cost
|
|
% of Total
Revenue
|
|
Non-GAAP
Result
|
|
%of Total
Revenue
|
|
|
RMB
'000
|
|
|
|
RMB
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
|
|
RMB
'000
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-and-operated
hotel costs
|
|
(1,298,534)
|
|
79.4%
|
|
1,856
|
|
-
|
|
1,478
|
|
0.2%
|
|
(1,295,200)
|
|
79.2%
|
Personnel costs of
Franchised-and-managed hotels
|
|
(34,280)
|
|
2.1%
|
|
3,479
|
|
-
|
|
-
|
|
0.2%
|
|
(30,801)
|
|
1.9%
|
Sales and marketing
expenses
|
|
(22,700)
|
|
1.4%
|
|
179
|
|
-
|
|
-
|
|
0.0%
|
|
(22,521)
|
|
1.4%
|
General and
administrative expenses
|
|
(77,426)
|
|
4.7%
|
|
15,810
|
|
-
|
|
317
|
|
1.0%
|
|
(61,299)
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs
and expenses
|
|
(1,432,940)
|
|
87.6%
|
|
21,324
|
|
-
|
|
1,795
|
|
1.4%
|
|
(1,409,821)
|
|
86.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
102,488
|
|
6.3%
|
|
21,324
|
|
-
|
|
1,795
|
|
1.4%
|
|
125,607
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: The
conversion of Renminbi ("RMB") into United States dollars ("US$")
is based on rate of US$1.00=RMB6.4778 on December 31, 2015, representing the certificated
exchange rate published by the Federal Reserve Board.
|
Homeinns Hotel
Group
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Results (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2015
|
|
|
GAAP
Result
|
|
% of Total
Revenue
|
|
Share-based
Compensation
|
|
Expenses related to
going private activities
|
|
Acquisition
expenses
|
|
Integration
cost
|
|
% of Total
Revenue
|
|
Non-GAAP
Result
|
|
% of Total
Revenue
|
|
|
RMB
'000
|
|
|
|
RMB
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
|
|
RMB
'000
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-and-operated
hotel costs
|
|
(5,211,658)
|
|
78.1%
|
|
6,638
|
|
-
|
|
-
|
|
5,112
|
|
0.2%
|
|
(5,199,908)
|
|
77.9%
|
Personnel costs of
Franchised-and-managed hotels
|
|
(228,219)
|
|
3.4%
|
|
13,423
|
|
-
|
|
-
|
|
-
|
|
0.2%
|
|
(214,796)
|
|
3.2%
|
Sales and marketing
expenses
|
|
(115,075)
|
|
1.7%
|
|
642
|
|
-
|
|
-
|
|
-
|
|
0.0%
|
|
(114,433)
|
|
1.7%
|
General and
administrative expenses
|
|
(362,041)
|
|
5.4%
|
|
55,736
|
|
46,704
|
|
-
|
|
1,268
|
|
1.6%
|
|
(258,333)
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs
and expenses
|
|
(5,916,993)
|
|
88.7%
|
|
76,439
|
|
46,704
|
|
-
|
|
6,380
|
|
1.9%
|
|
(5,787,470)
|
|
86.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
350,731
|
|
5.3%
|
|
76,439
|
|
46,704
|
|
-
|
|
6,380
|
|
1.9%
|
|
480,254
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2015
|
|
|
GAAP
Result
|
|
%of Total
Revenue
|
|
Share-based
Compensation
|
|
Expenses related
to
going private activities
|
|
Acquisition
expenses
|
|
Integration
cost
|
|
%of Total
Revenue
|
|
Non-GAAP
Result
|
|
%of Total
Revenue
|
|
|
US$
'000
|
|
|
|
US$
'000
|
|
US$
'000
|
|
US$
'000
|
|
US$
'000
|
|
|
|
US$
'000
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-and-operated
hotel costs
|
|
(804,541)
|
|
78.1%
|
|
1,025
|
|
-
|
|
-
|
|
789
|
|
0.2%
|
|
(802,727)
|
|
77.9%
|
Personnel costs of
Franchised-and-managed hotels
|
|
(35,231)
|
|
3.4%
|
|
2,072
|
|
-
|
|
-
|
|
-
|
|
0.2%
|
|
(33,159)
|
|
3.2%
|
Sales and marketing expenses
|
|
(17,765)
|
|
1.7%
|
|
99
|
|
-
|
|
-
|
|
-
|
|
0.0%
|
|
(17,665)
|
|
1.7%
|
General and
administrative expenses
|
|
(55,889)
|
|
5.4%
|
|
8,604
|
|
7,210
|
|
-
|
|
196
|
|
1.6%
|
|
(39,880)
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs
and expenses
|
|
(913,426)
|
|
88.7%
|
|
11,800
|
|
7,210
|
|
-
|
|
985
|
|
1.9%
|
|
(893,431)
|
|
86.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
54,144
|
|
5.3%
|
|
11,800
|
|
7,210
|
|
-
|
|
985
|
|
1.9%
|
|
74,138
|
|
7.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2014
|
|
|
GAAP
Result
|
|
%of Total
Revenue
|
|
Share-based
Compensation
|
|
Expenses related
to
going private activities
|
|
Acquisition
expenses
|
|
Integration
cost
|
|
%of Total
Revenue
|
|
Non-GAAP
Result
|
|
%of Total
Revenue
|
|
|
RMB
'000
|
|
|
|
RMB
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
|
|
RMB
'000
|
|
|
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-and-operated
hotel costs
|
|
(5,023,113)
|
|
75.2%
|
|
7,702
|
|
-
|
|
-
|
|
6,017
|
|
0.2%
|
|
(5,009,394)
|
|
75.0%
|
Personnel costs of
Franchised-and-managed hotels
|
|
(201,244)
|
|
3.0%
|
|
13,152
|
|
-
|
|
-
|
|
-
|
|
0.2%
|
|
(188,092)
|
|
2.8%
|
Sales and marketing
expenses
|
|
(109,813)
|
|
1.6%
|
|
832
|
|
-
|
|
-
|
|
-
|
|
0.0%
|
|
(108,981)
|
|
1.6%
|
General and
administrative expenses
|
|
(312,008)
|
|
4.7%
|
|
66,020
|
|
-
|
|
691
|
|
1,268
|
|
1.0%
|
|
(244,029)
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating costs
and expenses
|
|
(5,646,178)
|
|
84.5%
|
|
87,706
|
|
-
|
|
691
|
|
7,285
|
|
1.4%
|
|
(5,550,496)
|
|
83.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
640,645
|
|
9.6%
|
|
87,706
|
|
-
|
|
691
|
|
7,285
|
|
1.4%
|
|
736,327
|
|
11.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: The
conversion of Renminbi ("RMB") into United States dollars ("US$")
is based on rate of US$1.00=RMB6.4778 on December 31, 2015, representing the certificated
exchange rate published by the Federal Reserve Board.
|
Homeinns Hotel
Group
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Results (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
|
December
31, 2014
|
|
September 30,
2015
|
|
December 31,
2015
|
|
December 31,
2014
|
|
December 31,
2015
|
|
|
RMB
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
US$
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
US$
'000
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to ordinary shareholders (GAAP)
|
|
84,571
|
|
145,598
|
|
(13,050)
|
|
(2,015)
|
|
513,115
|
|
167,043
|
|
25,788
|
Foreign exchange
(gain)/loss, net
|
|
(4,606)
|
|
35,012
|
|
5,876
|
|
907
|
|
11,500
|
|
41,034
|
|
6,335
|
Share-based
compensation
|
|
21,324
|
|
17,889
|
|
17,655
|
|
2,726
|
|
87,706
|
|
76,439
|
|
11,800
|
Acquisition expenses
|
|
-
|
|
-
|
|
-
|
|
-
|
|
691
|
|
-
|
|
-
|
Expenses related to
going private activities
|
|
-
|
|
4,797
|
|
41,907
|
|
6,469
|
|
-
|
|
46,704
|
|
7,210
|
Integration
cost
|
|
1,795
|
|
1,612
|
|
1,633
|
|
252
|
|
7,285
|
|
6,380
|
|
985
|
Gain on waived
liability related with Motel acquisition
|
|
-
|
|
|
|
|
|
|
|
(11,919)
|
|
-
|
|
-
|
(Gain)/loss on
buy-back of convertible notes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(650)
|
|
1,682
|
|
260
|
Loss/(gain) on change
in fair value of convertible notes
|
|
7,851
|
|
570
|
|
7,455
|
|
1,151
|
|
(71,945)
|
|
34,624
|
|
5,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income attributable to ordinary shareholders
(Non-GAAP)
|
|
110,935
|
|
205,478
|
|
61,476
|
|
9,490
|
|
535,783
|
|
373,906
|
|
57,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
|
December 31, 2014
|
|
September 30, 2015
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
|
RMB
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
US$
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
US$
'000
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
(GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic
|
|
0.88
|
|
1.51
|
|
(0.14)
|
|
(0.02)
|
|
5.38
|
|
1.74
|
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Diluted
|
|
0.88
|
|
1.51
|
|
(0.14)
|
|
(0.02)
|
|
4.55
|
|
1.74
|
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic
|
|
95,655
|
|
96,347
|
|
96,517
|
|
96,517
|
|
95,345
|
|
96,216
|
|
96,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Diluted
|
|
95,655
|
|
96,347
|
|
96,517
|
|
96,517
|
|
102,814
|
|
96,238
|
|
96,238
|
Adjusted earnings
per share (Non-GAAP)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic
|
|
1.16
|
|
2.13
|
|
0.64
|
|
0.10
|
|
5.62
|
|
3.89
|
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Diluted
|
|
1.13
|
|
2.05
|
|
0.64
|
|
0.10
|
|
5.43
|
|
3.83
|
|
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Basic
|
|
95,655
|
|
96,347
|
|
96,517
|
|
96,517
|
|
95,345
|
|
96,216
|
|
96,216
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— Diluted
|
|
102,704
|
|
102,702
|
|
96,604
|
|
96,604
|
|
102,814
|
|
102,449
|
|
102,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: The
conversion of Renminbi ("RMB") into United States dollars ("US$")
is based on rate of US$1.00=RMB6.4778
on December 31, 2015,
representing the certificated exchange rate published by the
Federal Reserve Board.
|
Note 2: The non-GAAP
adjustment items do not include the tax impact.
|
Homeinns Hotel
Group
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP and Non-GAAP Results (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
|
December 31, 2014
|
|
Sept 30, 2015
|
|
December 31,
2015
|
|
December 31, 2014
|
|
December 31,
2015
|
|
|
RMB
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
US$
'000
|
|
RMB
'000
|
|
RMB
'000
|
|
US$
'000
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
85,489
|
|
149,188
|
|
(12,300)
|
|
(1,899)
|
|
519,368
|
|
172,686
|
|
26,658
|
Interest
income
|
|
(3,777)
|
|
(6,610)
|
|
(4,243)
|
|
(655)
|
|
(9,295)
|
|
(19,248)
|
|
(2,971)
|
Interest
expenses
|
|
5,674
|
|
5,303
|
|
5,850
|
|
903
|
|
41,759
|
|
22,276
|
|
3,439
|
Income tax
expense
|
|
53,064
|
|
74,270
|
|
43,722
|
|
6,750
|
|
231,323
|
|
177,741
|
|
27,438
|
Depreciation and
amortization
|
|
193,863
|
|
206,823
|
|
206,667
|
|
31,904
|
|
769,911
|
|
815,381
|
|
125,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
(Non-GAAP)
|
|
334,313
|
|
428,974
|
|
239,696
|
|
37,003
|
|
1,553,066
|
|
1,168,836
|
|
180,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange
loss/(gain), net
|
|
(4,606)
|
|
35,012
|
|
5,876
|
|
907
|
|
11,500
|
|
41,034
|
|
6,335
|
Share-based
compensation
|
|
21,324
|
|
17,889
|
|
17,655
|
|
2,726
|
|
87,706
|
|
76,439
|
|
11,800
|
Acquisition
expenses
|
|
-
|
|
-
|
|
-
|
|
-
|
|
691
|
|
-
|
|
-
|
Expenses related to
going private activities
|
|
-
|
|
4,797
|
|
41,907
|
|
6,469
|
|
-
|
|
46,704
|
|
7,210
|
Integration cost
|
|
1,795
|
|
1,612
|
|
1,633
|
|
252
|
|
7,285
|
|
6,380
|
|
985
|
Gain on waived
liability related with Motel acquisition
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(11,919)
|
|
-
|
|
-
|
(Gain)/loss on
buy-back of convertible notes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(650)
|
|
1,682
|
|
260
|
Loss/(gain) on change
in fair value of convertible notes
|
|
7,851
|
|
570
|
|
7,455
|
|
1,151
|
|
(71,945)
|
|
34,624
|
|
5,345
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(Non-GAAP)
|
|
360,677
|
|
488,854
|
|
314,222
|
|
48,508
|
|
1,575,734
|
|
1,375,699
|
|
212,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%of total
revenue
|
|
22.1%
|
|
26.3%
|
|
18.7%
|
|
18.7%
|
|
23.6%
|
|
20.6%
|
|
20.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: The
"Depreciation and amortization expense" includes the depreciation
and amortization expenses of the Group.
|
|
The depreciation and
amortization expenses of all leased-and-operated hotels are
included in "Operating costs and expenses".
|
|
|
The depreciation and
amortization expenses of administrative long-term assets are
included in "General and administrative expenses".
|
|
|
Home Inns &
Hotels Management Inc.
|
|
|
|
|
|
Operating
Data
|
|
|
|
|
|
|
As of and for the
quarter ended
|
|
As of and for the
year ended
|
|
|
December 31,
2014
|
September 30,
2015
|
December 31,
2015
|
|
December 31,
2014
|
December 31,
2015
|
|
|
Group
|
|
Group
|
|
Group
|
|
Group
|
|
Group
|
Total Hotels in operation:
|
|
2,609
|
|
2,787
|
|
2,922
|
|
2,609
|
|
2,922
|
Leased-and-operated
hotels
|
|
914
|
|
917
|
|
929
|
|
914
|
|
929
|
Franchised-and-managed hotels
|
|
1,695
|
|
1,870
|
|
1,993
|
|
1,695
|
|
1,993
|
|
|
|
|
|
|
|
|
|
|
|
Total
rooms
|
|
296,075
|
|
311,608
|
|
321,802
|
|
296,075
|
|
321,802
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy rate (as a
percentage)
|
|
79.6%
|
|
86.6%
|
|
83.1%
|
|
83.6%
|
|
83.2%
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(in RMB)
|
|
163
|
|
171
|
|
159
|
|
165
|
|
162
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR (in
RMB)
|
|
130
|
|
148
|
|
132
|
|
138
|
|
134
|
|
|
|
|
|
|
|
|
|
|
|
Like-for-like
performance for hotels opened for at least 18 months at the end of
the period
|
|
|
As of and for the
quarter ended
|
|
|
As of and for the
year ended
|
|
|
December 31,
2014
|
December 31,
2015
|
|
|
December 31,
2014
|
December 31,
2015
|
|
|
Group
|
|
Group
|
|
|
|
Group
|
|
Group
|
Total Hotels in
operation:
|
|
1,899
|
|
2,257
|
|
|
|
1,899
|
|
2,257
|
Leased-and-operated
hotels
|
|
844
|
|
873
|
|
|
|
844
|
|
873
|
Franchised-and-managed hotels
|
|
1,055
|
|
1,384
|
|
|
|
1,055
|
|
1,384
|
|
|
|
|
|
|
|
|
|
|
|
Total
rooms
|
|
221,376
|
|
255,319
|
|
|
|
221,376
|
|
255,319
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy rate (as a
percentage)
|
|
81.3%
|
|
84.0%
|
|
|
|
85.3%
|
|
84.5%
|
|
|
|
|
|
|
|
|
|
|
|
Average daily rate
(in RMB)
|
|
161
|
|
157
|
|
|
|
165
|
|
161
|
|
|
|
|
|
|
|
|
|
|
|
RevPAR (in
RMB)
|
|
131
|
|
132
|
|
|
|
141
|
|
136
|
|
|
|
|
|
|
|
|
|
|
|
"Occupancy rate"
refers to the total number of occupied rooms divided by the total
number of available rooms in a given period.
|
|
"Average daily rate"
refers to total hotel room revenues divided by the total number of
occupied rooms in a given period.
|
"RevPAR" represents
revenue per available room, which is calculated by dividing total
hotel room revenues by the total number of available rooms in a
given period, or by multiplying average daily rates and occupancy
rates in a given period.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/homeinns-hotel-group-reports-fourth-quarter-and-full-year-2015-financial-results-300237105.html
SOURCE Homeinns