SHANGHAI: Chinese conglomerate Dalian Wanda has said it is planning five “substantial” acquisitions in the sports and entertainment sectors this year.
Bloomberg reported that Wanda chairman Wang Jianlin, in reporting on financial results for 2015, told a briefing in Hong Kong that the group’s pursuit of targets will focus on companies in the entertainment and sports industries.
These are understood to include three overseas purchases and two domestic ones.
Wang’s declarations come after a busy 2015 for the Wanda Sports Holdings division. In November, Wanda closed a deal to acquire World Triathlon Corporation (WTC), the parent company of the Ironman triathlon series.
The $650m (€601.9m) deal for WTC was first announced in August and further strengthened Wanda’s position within the global sports industry. Earlier in 2015, the conglomerate invested significantly in the Infront Sports & Media agency and Spanish LaLiga football club Atlético de Madrid.
Wanda Group convened its 2015 annual meeting on Saturday, where Wang (pictured) reported on performance in 2015 and announced the targets for 2016. Wanda Sports Holdings annual revenue reached RMB5.87bn (€831.8m/$898.5m), fulfilling targets by 132.7 per cent. Wanda Sports Holdings is targeting revenue in 2016 of RMB7bn.
In the year of 2015, the group’s total assets grew to RMB634bn, up 20.9 per cent year-on-year. Revenue was RMB290.16bn, achieving estimates by 109.3 per cent and up 19.1 per cent year-on-year with estimated net profits expected to increase significantly over the previous year.
It was announced that total assets for 2016 are expected to reach RMB750bn, however Wanda expects group revenues to decrease by 12 per cent to RMB254.3bn. Longer term, Wang said today that Wanda’s revenue will climb at least 15 per cent each year until it reaches $100bn by the end of the decade as the group diversifies away from real estate property.
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