Itc Properties Group Limited · HKEX:199
Itc Properties — H1 FY2017/18 Earnings Presentation
16 slides from Itc Properties's earnings presentation, September 2017
Slide 1: Interim Results Presentation September 2017
Interim Results Presentation (Incorporated in Bermuda with limited liability) September 2017 Stock Code: 199
Slide 2: Disclaimer
Disclaimer This document does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy, acquire or subscribe for any securities or financial instruments of ITC Properties Group Limited (the “Company") or any of its subsidiaries o
Slide 3: Index
Index (Ⅰ) Company Overview P.3 - 5 (Ⅱ) Credit Highlights P.6 - 10 (Ⅲ) Financial Summary P.11 - 13 (Ⅳ) Asset Portfolio Overview P.14 - 15 2
Slide 4: Company Overview
(Ⅰ) Company Overview Corporate Information Ownership Structure ITC Properties Group Limited is a Hong Kong-based company listed on The Stock Exchange of Hong Kong Limited (199.HK). For the six months ended 30 Sep 2017, it has achieved net profit of HK$284 million and held total assets of HK$9,576 mi
Slide 5: Interests in Major Properties
Interests in Major Properties Property owned by: ITC Properties Group Limited Subsidiaries (199.HK) Associates Joint ventures Property Development HK & Macau Overseas Property Investment Hotels 35.5% 28% 100% 100% Sky Oasis Alberni Street Project (Canada) Le Petit Rosedale Hotel (Redevelopment) ITC
Slide 6: Corporate Milestones
Corporate Milestones 2016 • Expanded to Canada and the UK with joint venture formation for development and hotel projects • Launched pre-sale of Sky Oasis 2014 • Acquired 40% ownership and 100% lease right of Rosedale Hotel Kowloon, and 20% ownership in Rosedale Hotel & Suites, Beijing 2011 • Launch
Slide 7: Credit Highlights
(Ⅱ) Credit Highlights Credit Highlights 1 Diversified property portfolio supported by all-rounded property development knowledge and experience 2 Industry knowledge, business network and shareholder support expands opportunities and reduces risks 3 Market reputation and track record 4 Treasury polic
Slide 8: Diversified Property Portfolio Supported by All-rounded Property Development Knowledge and Experience
1 Diversified Property Portfolio Supported by All-rounded Property Development Knowledge and Experience Geographically Diversified and Balanced Business Portfolio Canada & UK PRC Alberni Street project Rosedale Hotel & Suites in Beijing with 462 rooms − Large-scale residential property development p
Slide 9: Industry Knowledge, Business Network and Shareholder Support Expand Opportunities and Reduce Risks
2 Industry Knowledge, Business Network and Shareholder Support Expand Opportunities and Reduce Risks Stable and Experienced Team with Shareholder Support Net Asset Value of Property Portfolio(1) Top Management (HK$’ billion) Mr. Cheung Over 39 years of experience in real estate 10.5 Hon Kit, develop
Slide 10: Market Reputation and Track Record
3 Market Reputation and Track Record Established Reputation for High-quality Properties Consistent Net Asset Value Growth (HK$’ million) Residential High-rise Architecture 5,781 Macau, International Property Awards 2014 Best Residential High-rise Development Macau, International Property Awards 2014
Slide 11: Treasury Policy and Capital Structure
4 Treasury Policy and Capital Structure Net Debt / Adjusted EBITDA(1) Net Debt / Total Shareholders’ Equity(3) 6.0x 29.4% 24.7% 15.9% 1.8x. 1.6x 11.5% 0.6x FY14/15 FY15/16 FY16/17 1H FY17/18 FY14/15 FY15/16 FY16/17 1H FY17/18 Effective Effective Interest Rate(4) Interest Rate (2) Adjusted EBITDA(1)
Slide 12: Key Financial Metrics
(Ⅲ) Financial Summary Key Financial Metrics Revenue Property Segment Profit and Margin(2) (HK$’ million) 4,961 (HK$’ million) 3,000 50.6% 2,500 48.1% 41.8% 4,818 2,000 35.3% 1,166 2,830 2,012 977 1,500 2,770 45 464 1,000 18 355 33 976 111 130 500 171 19 67 494 37 4 14 14 9 – FY14/15 FY15/16 FY16/17
Slide 13: Adjusted EBITDA and Total Cash Distribution
Adjusted EBITDA and Total Cash Distribution Adjusted EBITDA(1) Six months Year ended March ended (HK$’ million) 2015 2016 2017 Sep 2017 Profit before taxation 823.7 1,467.8 302.8 284.3 Fair value changes (74.3) 99.8 (34.9) (243.1) Impairment loss on investment in convertible note 19.0 – – – Impairme
Slide 14: Debt Profile
Debt Profile Debt Maturity Profile (As at 30 Sep 2017) Borrowings Breakdown (As at 30 Sep 2017) (HK$’ million) 1,630 Unsecured 55.2% 423 451 200 129 169 Secured 44.8% Within 1 1-2 years 2-3 years 3-4 years 4-5 years Beyond 5 year years Net Gearing Ratio (HK$' million) Mar 15 Mar 16 Mar 17 Sep 17 Loa
Slide 15: Asset Portfolio Overview
(Ⅳ) Asset Portfolio Overview Gross floor area Percentage of interest Development Expected year No. Description Use Lease (sq. ft.'000) attributable to the Group status of completion (i) Development property for sale Sky Oasis and One Oasis at Estrada de Residential / Medium Development by 1 2,163(1)
Slide 16: Asset Portfolio Overview (cont'd)
(Ⅳ) Asset Portfolio Overview (cont’d) Gross floor area Percentage of interest No. Description Use Lease (sq. ft.'000) attributable to the Group Development status (ii) Investment property for rental and / or self-use 30/F., Bank of America Tower, 12 Harcourt Road, 1 Office Long term 14 100 In use Ce
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