WING TAI PROPERTIES LIMITED 永泰地產有限公司

Transcription

1 WING TAI PROPERTIES LIMITED 永泰地產有限公司

2 Agenda Results Highlights Business Review Land Bank Property Development Property Investment & Management Hospitality Investment & Management Future Plans & Strategies Appendix Investment Thesis Sustainable Growth Strengthened Capital Structure Five Years Financial Summary 2

3 Disclaimer This presentation contains forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forwardlooking terminology such as believe, expect, anticipate, estimate, plan, project, target, may, will or other similar words that express an indication of actions or results of actions that may or are expected to occur in the future. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. These forward-looking statements are based on our own information and on information from other sources we believe to be reliable. Our actual results may be materially less favourable than those expressed or implied by these forward-looking statements which could affect the market price of our shares.

4 Results Highlights 4

5 Financial Results Summary (HK$ M) For the 6 months ended 30 June (Re-presented)* Continuing operations Revenue 1, % Gross profit % Change in fair value of investment properties 1, % Profit from operations 1,735 1,094 59% Share of results of joint ventures/associates % Profit attributable to equity holders of the company 1,601 1,036 55% Basic earnings per share (HK$) % Interim dividend per share (HK cents) Interim dividend * Re-presented due to garment manufacturing operations was ceased in

6 Segment Results Overview (HK$ M) Property development For the 6 months ended 30 June (Re-presented) Revenue Profit before taxation % Property investment & management Revenue % Increase in fair value of investment properties 1, % Profit before taxation 1, % Profit before taxation excluding increase in fair value of investment properties and a one-off disposal gain of an associate % Hospitality investment & management Revenue % Increase in fair value of investment properties % Profit before taxation % 6

7 Balance Sheet Summary (HK$ M) 30 June December 2013 Total assets 27,780 26,705 4% Net assets 22,443 20,895 7% Equity attributable to equity holders of the Company 22,442 20,894 7% Investment properties 20,364 19,003 7% Properties for sale 1,332 1,425 7% Bank balances and cash 585 1,242 53% 7

8 Balance Sheet Summary Con t (HK$ M) 30 June December 2013 Total borrowings 4,356 4,687 7% Net borrowings 3,771 3,445 9% Gearing ratio (net borrowings to net assets) Maturity profile of borrowings Repayable: 16.8% 16.5% Within one year 1,209 28% 1,740 37% Between one and two years 53 1% 32 1% Between two and five years 1,404 32% 1,236 26% After five years 1,690 39% 1,679 36% 4, % 4, % Financial Resources Bank balances and cash 585 1,242 Unutilised revolving loan facilities 2,150 1,714 2,735 2,956 8

9 Business Review

10 BalanceD and Diversified Land Bank in Hong Kong Kau To, Shatin (two plots) Siu Sau, Tuen Mun 8 Shau Kei Wan Shui Hing Centre 12 Winner Godown Building 13 Development properties Investment properties Hospitality property 10

11 Land Bank (as at 31 August 2014) Investment Property By Business Segment Strategic land bank with focus on Hong Kong Land Bank Overview (sq. ft.) Residential Development By Geographical Segment Industrial 27% Hospitality 13% Office/ Retail 60% Investment Property 79% Residential Development 21% China 16% Hong Kong 84% Attributable Gross Floor Area Hong Kong ( 000 sq. ft.) China ( 000 sq. ft.) Others ( 000 sq. ft.) Total ( 000 sq. ft.) Valuation at 30 June 2014 (HK$ M) Residential Development 556* 105* N/A Investment Property # Office/Retail 1, ,500 16,121 Industrial ,017 Hospitality ,738 Subtotal 2, ,523 20,876 Total 2, ,184 - * Includes (i) unsold units and (ii) units under development # Excludes miscellaneous industrial properties and agricultural land 11

12 property Development

13 Sales and Development Pipeline (as at 30 June 2014) A sustainable and scalable residential project pipeline Property Development Portfolio Hong Kong Aggregate Gross Floor Area ( 000 sq. ft.) Presold/Sold Gross Floor Area ( 000 sq. ft.) 2H 2014 Estimated completion and beyond Group s Interest Seymour* % Completed Development Providence Bay % Providence Peak % The Graces* % The Warren* % Hong Kong The Pierre (Occupation Permit obtained in May 2014) 100% Homantin Hillside 153 N/A 50% Under Development Kau To STTL N/A 35% Kau To STTL N/A 35% Siu Sau, Tuen Mun 159 N/A 100% Shau Kei Wan 46 N/A 100% Shanghai * These properties are stated on a saleable area basis Upper Riverside 210 N/A 50% 13

14 Completed Development Seymour, 9 Seymour Road, Mid-Levels Over 96% of its residential units sold 14

15 Completed Development Con t Providence Bay, Providence Peak, The Graces, Pak Shek Kok, Tai Po Providence Bay: approximately 61% of the units were sold Providence Peak: approximately 81% of the units were sold The Graces: approximately 70% of the units sold were sold, of which 22% were sold in 1H

16 Completed Development Con t The Warren, 9 Warren Street, Causeway Bay Approximately 78% of the residential units sold Nearly all of the sold units were handed over to the buyers by August

17 Under development in Hong Kong The Pierre, 1 Coronation Terrace, Mid-Levels West Over 97% of the units were pre-sold in September 2012 Occupation permit obtained in May 2014 Interior fitting-out works in progress Pre-sold units to be handed over to the buyers in 2H

18 Under development in Hong Kong Con t Homantin Hillside, Hung Hom Gross floor area is approximately 153,000 sq. ft. Near the future MTR station of Shatin to Central Link The Group is the lead project manager and lead sales and marketing manager Superstructure works commenced in February 2014 The project is scheduled for completion in

19 Under development in Hong Kong Con t Kau To, Shatin Two sites (STTL 567 & 565) acquired in August 2012 and January 2013 Aggregate gross floor area is approximately 460,000 sq. ft. Earmarked for low-density luxury apartments and houses The Group is the joint lead project manager and lead sales and marketing manager The projects are scheduled for completion in

20 Under development in Hong Kong Con t Siu Sau, Tuen Mun Acquired in August 2013 Gross floor area is approximately 159,000 sq. ft. Earmarked for low-density luxury apartments and houses The project is scheduled for completion in

21 Under development in Hong Kong Con t Shau Kei Wan Acquired in April 2014 Gross floor area is approximately 46,000 sq. ft. Located at the harbour-front with an unobstructed seaview and easy access to public transportation The project is scheduled for completion in

22 Under development in Shanghai Upper Riverside, Lujiazui, Shanghai Located along the Huangpu River and in close proximity to popular tourist landmarks in Pudong and transportation facilities The property comprises 97 apartment units and a gross floor area of around 210,000 sq. ft. The Group is the lead project manager and lead sales and marketing manager Interior fitting out works are progressing on schedule The project is scheduled for completion in

23 Property Investment & management

24 Investment Portfolio in Hong Kong Grade-A Offices Landmark East (AIA Kowloon Tower/ AXA Tower) Gross floor area ( 000 sq. ft.) Occupancy as at 30 June 2014 Leases renewed in 1H 2014 Average rental reversion upon lease renewal Leases expiring/rent review in 2H , % 15% 48% 12% W Square % 22% 16% 26% Industrial Properties Winner Godown Building 497 Shui Hing Centre % 10% 27% 15% Excluding fair value gain of investment properties and a one-off disposal gain of an associate, Property Investment and Management segment recorded y-o-y growth of 28% and 15% in revenue and profit before taxation As at 30 June 2014, the Group s portfolio of Grade-A office buildings and industrial buildings in Hong Kong had an aggregate fair market valuation of HK$17,374 million Achieved close to full occupancy for all Grade-A offices and industrial buildings in Hong Kong Recorded increasing spot rent and positive rental reversions 24

25 Investment Portfolio in London Commercial Property at No. 1 Savile Row/ 7 Vigo Street, West End Refurbishment completed in late 2013 After refurbishment, net internal area of Grade-A office and premier retail spaces reached 14,000 sq. ft. Achieved an occupancy of 66% Commercial Property at 8-12 (even) Brook Street, West End Comprises 19,000 sq. ft. net internal area of Grade-A office and premier retail spaces Achieved an occupancy of 74% 25

26 hospitality investment & management

27 Hospitality Portfolio Strong brand recognition in Asian gateway cities by customers and property owners Lanson Place Properties Management Lanson Place Properties Investment & Management Lanson Place Jin Qiao Serviced Residences No. of units/rooms: 102 Location: Shanghai Beijing Lanson Place Central Park Serviced Residences Group s interest: 30% No. of units/rooms: 105 Location: Beijing Aroma Garden Serviced Suites* No. of units/rooms: 79 Location: Shanghai Kondominium No. 8 Hong Kong Shanghai Lanson Place Jinlin Tiandi Serviced Residences Group s interest: 23.4% No. of units/rooms: 106 Location: Shanghai No. of units/rooms: 132 Location: Kuala Lumpur Lanson Place Hotel Ambassador Row Serviced Suites No. of units/rooms: 221 Location: Kuala Lumpur Kuala Lumpur Group s interest: 100% No. of units/rooms: 194 Location: Hong Kong Lanson Place Winsland Serviced Residences No. of units/rooms: 67 Location: Singapore Singapore Lanson Place Bukit Ceylon Serviced Residences Group s interest: 50% No. of units/rooms: 150 Location: Kuala Lumpur * Target soft-opening in late

28 Hospitality Investment and Management Lanson Place Bukit Ceylon Serviced Residences was soft-opened in August 2013 Second property of the Group to qualify as one of the Small Luxury Hotels of the World The first Small Luxury Hotel in Kuala Lumpur s central business district The Lanson Place Hotel and Lanson Place Jinlin Tiandi Serviced Residences recorded a gradual rise in both the occupancy and average rental rates after their refurbishment Lanson Place Central Park Serviced Residences achieved approximately 95% occupancy with steady growth in average rental rate Awards and recognition The Lanson Place Hotel: 2014 Certificate of Excellence by TripAdvisor and Expedia Insiders Select 2014 by Expedia.com Lanson Place Central Park Serviced Residences and Lanson Place Hospitality Management Limited: The Best Serviced Apartments of China and The Best Serviced Apartment Operator of China respectively at the 9th China Hotel Starlight Awards 28

29 future plans & strategies

30 Future Plans & Strategies In near term In mid-to-long term Property Development Property Investment & Management Hospitality Investment & Management Identify optimal windows to launch new projects (e.g. Homantin Hillside and Upper Riverside) and to sell remaining units of existing projects Maximise rental reversion for leases to be renewed or rent-reviewed and enhance tenant base Continue to extend Lanson Place operation through third party management contract Continue to proactively explore acquisition opportunities to replenish land bank and build sustainable development pipeline Continue to explore opportunities to acquire quality commercial buildings in Hong Kong to enhance its asset portfolio quality and recurring earnings Continue to build Lanson Place brand presence in Asia 30

31 appendix

32 Investment Thesis 1 A credible and integrated property player in Hong Kong with a balanced and growing development and investment portfolio 2 Strong track record in developing luxury and quality residential properties at premium values 3 Owns a portfolio of high-quality Grade-A office and hospitality investment properties, enabling a recurring and growing cash flow stream 4 Manages high-end serviced residences and boutique hotel with high occupancy across Hong Kong, China and South East Asia under Lanson Place 5 Maintains a robust capital structure and healthy gearing with good access to capital markets 32

33 Sustainable Growth Disciplined execution of the Group s strategies and expansion plans Shareholders Equity Net Profit Attributable to Equity Holders (HK$ M) (HK$ M) 18,360 20,894 22,442 4,737 8,980 10,910 12, ,920 2,211 2,661 1,036 1, H FY results 1H results 33

34 Strengthened Capital Structure November 2012 First drawdown of S$170 million unrated 10-year fixed rate notes at a coupon rate of 4.25% January 2013 Second drawdown of HK$480 million unrated 10-year fixed rate notes at a coupon rate of 3.95% May 2013 Third drawdown of HK$100 million unrated 10-year fixed rate notes at a coupon rate of 3.8% August 2014 Fourth drawdown of HK$100 million unrated 7-year fixed rate note at a coupon rate of 4.3% Reflection of continued market recognition and confidence in our financial position As of 30 June 2014, the Group maintained a healthy gearing of 16.8%. Total cash on hand and unutilized revolving loan facilities was HK$2,735 million Deliver sustainable growth and create more value for our shareholders in a dynamic market environment 34

35 Five Years Financial Summary Year ended 31 December 1H 2014 HK$M 1H 2013 HK$M (Re-presented) 2013 HK$ M 2012 HK$ M 2011 HK$ M 2010 HK$ M 2009 HK$ M RESULTS Continuing operations Revenue 1, , , , Profit before taxation from continuing operations 1, , , , , , Taxation (70.4) (38.0) (91.4) (78.4) (81.8) (48.1) (50.2) Profit for the year from continuing operations 1, , , , , , Profit/(Loss) for the year from discontinued operations - (23.6) (31.9) (23.3) (29.7) Profit for the year 1, , , , , , Attributable to: Equity holders of the Company From continuing operations 1, , , , , , From discontinued operations - (23.6) (31.9) (23.3) (29.7) 1, , , , , , Non-controlling interests From continuing operations , , , , , ,

36 Five Years Financial Summary Con t As at 30 June As at 31 December 2014 HK$M 2013 HK$ M 2012 HK$M 2011 HK$M 2010 HK$M 2009 HK$M ASSETS AND LIABILITIES Total assets 27, , , , , ,683.2 Total liabilities (5,337.1) (5,809.9) (5,216.3) (4,849.8) (4,377.6) (4,874.9) Non-controlling interests (1.5) (1.5) (2.0) (2,435.0) (2,343.3) (1,827.9) Equity attributable to the equity holders of the Company 22, , , , , ,