Uni-Asia Group Ltd. · SGX:CHJ
Uni-Asia — FY2022 Earnings Presentation
51 slides from Uni-Asia's earnings presentation, Mar 1, 2023
Slide 1: FY2022 Corporate Presentation
FY2022 Corporate Presentation 1
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements which can be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations. Such statements may include comments on industry, business or market trends, projecti
Slide 3: Table of Contents
Table of Contents Corporate Overview FY2022 Financial Highlights FY2022 Business Update 3
Slide 4: Corporate Overview
@ UNI-ASIA itt GROUP LIMITED Corporate Overview
Slide 5: Corporate Profile
Corporate Profile The Group was founded on 17 March 1997 Listed on Singapore Shanghai Exchange on 17 August 2007 Bloomberg Code: UAG:SP Tokyo SGX Stock Code: CHJ Total number of issued shares: 78,599,987 The Group’s main offices are in Hong Kong Hong Kong, Tokyo and Singapore. Guangzhou The Group ha
Slide 6: Business Model
Business Model • Acquire assets at • Manage and/or operate • Capital returns competitive prices. assets to enhance asset • Recurring income • Provide clients solutions value and recurring including charter income, relating to alternative income. administration fee assets including ship and income. p
Slide 7: Business Model Example - Subsidiary
Business Model Example - Subsidiary Subsidiary Lenders (consolidated) Fair Value Charter or Legend or Rental Realised Income Charterer / Tenant Gain/Loss Income to Uni-Asia 7
Slide 8: Business Model Example – JV Structure
Business Model Example – JV Structure Investment Partner(s) Admin Fee Loan Special Purpose Company Fair Lenders Arrangement Dividend/ (not consolidated) Value/ Fee Interest Realised Income G/L Acquisition/ Disposal Fee Brokerage Commission Charter or Legend Rental Income Income to Uni-Asia Charterer
Slide 9: Business Segments
Business Segments SHIPPING PROPERTY HEADQUARTERS Ship Owning Maritime Property Property Headquarters’ Maritime and Asset Investment Investment Shared Corporate Services Chartering Management (ex-Japan) (in-Japan) Services • Ship Owning • Investment/ • Commercial/ • Investment/ • Investment/ and Asse
Slide 10: FY2022 Financial Highlights
FY2022 Financial Highlights 10
Slide 11: Record Profit Achieved
Record Profit Achieved The Group achieved highest profit of US$27.9m for FY2022 (EPS: 35.35 US₵/share), surpassing the last highest profit achieved in FY2021 (US$'000) FY2022 FY2021 % Change Remarks Total Income 86,136 69,435 24% Total income, led by charter income, increased 24%. Total expenses inc
Slide 12: Highest Full Year Results
Highest Full Year Results US$’m Gross Profit After Tax 32.0 27.0 27.9 22.0 18.1 17.0 12.0 Good shipping market 6.6 propelled the Group’s 7.0 3.9 FY2022 profit to US$27.9 2.0 million. (3.0) (7.5) (8.0) FY2018 FY2019 FY2020 FY2021 FY2022 12
Slide 13: Dividend of 8 SG ¢/share
Dividend of 8 SG ¢/share The Board is pleased to announce the following final/special dividend for FY2022: Key Dates for Dividend Final Dividend 3 SG ¢/share Date on which Registrable Transfers to be received by the Company will be registered before entitlements to the dividend are determined: Speci
Slide 14: Dividend of 8 SG ¢/share
Dividend of 8 SG ¢/share SG ¢/share Dividend Per Share (Adjusted for Corporate Actions) 16.0 14.5 14.0 3.0 12.0 The Group is proposing a final and special dividend totalling 10.0 5.0 8 SG ¢/share for FY2022. 8.0 7.0 Together with the 6.5 SG 6.0 4.7 ¢/share interim dividend paid in 4.2 3.0 4.0 Septem
Slide 15: Balance Sheet Summary
Balance Sheet Summary As at As at Increase / (US$’million) Remarks 31 Dec 2022 31 Dec 2021 (Decrease) Total Assets 236.7 230.7 6.0 Total liabilities reduced mainly due Total Liabilities 85.5 98.2 (12.7) to repayment of borrowings Total Equity 151.2 132.5 18.7 Net equity increased Total borrowings re
Slide 16: Strong Balance Sheet
Strong Balance Sheet Total Assets US$’m Financial Position as at 31 December 2022 200 176.1 150 Current Assets > 100 Current Liabilities 60.6 Long Term 50 42.9 42.6 Assets Cash and US$34.2m Other Short 0 Term Dev Ppty and Current Non-Current Investments Receivables PPE & Invt Ppty US$141.9m US$47.8m
Slide 17: Total Assets Allocation
Total Assets Allocation 3.6% 2.9% Maritime Investment 15.9% 19.9% Property Investment (ex-Japan) 8.3% Property Investment (in-Japan) 8.4% 55.5% 60.4% Cash and Cash Equivalents 12.5% 12.6% Others US$’million As at 31 December 2022 As at 31 December 2021 Total Assets 236.7 230.7 17
Slide 18: Cash Flows
Cash Flows (US$'000) FY2022 FY2021 Operating cash flows were US$34.9 Cash and cash equivalents at million for FY2022 compared to US$28.4 beginning of the year 36,732 35,477 million for FY2021 due to good shipping market, sale of properties under Cash Inflow / (Outflow) development and fee income inc
Slide 19: Cash
Cash US$’m Cash Balance 60.0 56.1 50.0 43.5 47.1 40.0 35.5 36.7 The Group’s total cash increased in FY2022 30.0 due to good performance. Approximately 20.0 US$4.7 million or around 10% of cash as at 10.0 31 December 2022 will be paid out as 0.0 dividend in May 2023. Dec 18 Dec 19 Dec 20 Dec 21 Dec 2
Slide 20: Borrowings
Borrowings US$’m 200 180.7 Borrowings as at End of Financial Year Total value of assets collateralised for borrowings: US$145.7m 142.6 69.2 114.0 100 83.8 71.3 44.4 22.3 31.1 Total borrowings reduced mainly due to scheduled repayment of existing borrowings. 111.5 71.3 69.6 61.5 41.6 0 FY2018 FY2019
Slide 21: Borrowings vis-à-vis Cash
Borrowings vis-à-vis Cash As at 31 Dec 2022 Current Non-Current Total Book Values of Borrowings Borrowings Borrowings Borrowings Assets Collateralised As at 31 Dec 2022, all of the Collateralised By: USD'm USD'm USD'm USD'm Group’s total borrowings of US$72.7 million are secured by Ship assets 30.9
Slide 22: FY2022 Business Update
Ge) uucasia FY2022 Business Update
Slide 23: Group Segment Results
Group Segment Results Both Shipping and Property Segments were profitable for FY2022 (US$’000) FY2022 FY2021 % Change Revenue 71,478 54,828 30% Shipping Net Profit / (Loss) 32,527 21,963 48% Revenue 14,580 14,648 (0%) Property Net Profit / (Loss) 1,536 1,618 (5%) Headquarters Revenue 194 96 102% Hea
Slide 24: Results of Shipping Segment
Results of Shipping Segment Shipping business segment, led by Ship Owning and Chartering sub- segment, recorded total revenue of US$71.5m and a profit of US$32.5m. (US$’000) FY2022 FY2021 % Change Revenue 71,478 54,828 30% Shipping Net Profit / (Loss) 32,527 21,963 48% Ship Owning and Chartering Rev
Slide 25: Ship Owning and Chartering
Ship Owning and Chartering (US$'000) FY2022 FY2021 % Change Remarks Turnover 66,795 50,855 31% Charter income increased by 37% due to stronger dry bulk Charter Income 65,279 47,805 37% market in FY2022 as compared to FY2021. Fee Income 959 799 20% Investment returns in FY2021 was mainly due to sale
Slide 26: Baltic Handysize Index
Baltic Handysize Index Shipping market softened in the second half of 2022. The Baltic Handysize Index (“BHSI”) started to decline from June 2022 but has begun to stabilize in January 2023. With China’s policy shifting towards supporting economic growth and fleet supply normalization, dry bulk marke
Slide 27: Seaborne Dry Bulk Trade Supply/Demand
Seaborne Dry Bulk Trade Supply/Demand Dry Bulk Trade Demand vs Dry Bulk Ship Supply 4.0% 3.6% 3.1% 3.0% 3.4% 2.0% 2.0% 2.7% 2.8% 2.2% 1.0% 1.8% 0.0% 0.3% (1.0%) (0.2%) (2.0%) (1.7%) (1.9%) (3.0%) 2021 2022 (e) 2023F 2024F Trade Demand Growth (Bn Tonne Miles) Handysize Dry Bulk Supply Growth Dry Bulk
Slide 28: Average Charter Hire Rate Per Day of Wholly Owned Ships
Average Charter Hire Rate Per Day of Wholly Owned Ships No. of Total Charter Income and No. of Operating Days for each Quarter Operating Days Total Charter 20,000 1200 Income 18,000 US$’000 1000 16,000 14,000 800 12,000 10,000 600 8,000 400 6,000 4,000 200 2,000 0 0 1Q2020 2Q2020 3Q2020 4Q2020 1Q202
Slide 29: Average Charter Hire Rate Per Day of Wholly Owned Ships
Average Charter Hire Rate Per Day of Wholly Owned Ships Strategy Average Charter Hire Rate Per Day For Each Quarter o Careful balance between longer term charter US$’m with shorter term charter to ensure we can enjoy 20,364 19,609 higher charter rates when rates go up, while 20,000 18,893 17,064 kee
Slide 30: Wholly Owned Dry Bulk Portfolio
Wholly Owned Dry Bulk Portfolio Name of Ship Capacity Type Year of Built Shipyard 1 M/V Uni Challenge 29,078 DWT Bulker 2012 Y-Nakanishi 2 M/V Uni Wealth 29,256 DWT Bulker 2009 Y-Nakanishi 3 M/V Uni Auc One 28,709 DWT Bulker 2007 Shin-Kurushima 4 M/V Victoria Harbour 29,100 DWT Bulker 2011 Y-Nakanis
Slide 31: Maritime Asset Management
Maritime Asset Management (US$'000) FY2022 FY2021 % Change Remarks Turnover 3,924 3,060 28% Increase in fee income due to arrangement Fee Income 1,803 1,183 52% deal closed in FY2022. Gain recognised in FY2022 pertained to Investment Returns 1,989 1,644 21% distributions received from JV ship Invest
Slide 32: Joint Investment Dry Bulk Portfolio
Joint Investment Dry Bulk Portfolio Name of Joint Investment Ownership Type Capacity Year of Built Shipyard Company Percentage 1 Matin Shipping Ltd. 49% Bulker 38,278 DWT 2011 Imabari 2 Olive Bulkship S.A. 18% Bulker 57,836 DWT 2015 Tsuneishi 3 Polaris Bulkship S.A. 18% Bulker 57,836 DWT 2015 Tsunei
Slide 33: Maritime Services
Maritime Services The Group’s Maritime Services arm includes the Services provided include commercial / following subsidiaries: technical management of ships and ship o Uni Ships and Management Limited related brokerage services for chartering o Wealth Ocean Ship Management (Shanghai) Co., Ltd as we
Slide 34: Results of Property Segment
Results of Property Segment Property business segment, led by Property Investment (in-Japan) sub-segment, recorded total profit of US$1.5 million. (US$’000) FY2022 FY2021 % Change Revenue 14,580 14,648 (0%) Property Net Profit / (Loss) 1,536 1,618 (5%) Property Investment Revenue 1,749 843 107% (ex-
Slide 35: Property Investment (ex-Japan)
Property Investment (ex-Japan) (US$'000) FY2022 FY2021 % Change Remarks Turnover 1,749 843 107% Fee income, comprising mainly Fee Income 464 450 3% administration fee income, remained fairly stable A gain of US$1.3 million was recorded for Investment Returns 1,263 370 N/M the portfolio of HK propert
Slide 36: Hong Kong Properties
Hong Kong Properties The Group has invested in 8 Hong Kong property projects to date. We had recovered capital and received/ recorded strong positive returns from the first 3 projects in the past (i.e. HTR35, CSW650, and K83 in the picture on the left). While the commercial/industrial Completed prop
Slide 37: Updates on Hong Kong Property Projects
Updates on Hong Kong Property Projects 4th HK Property Project – T18 HKD26.5 million or around USD3.4 million Investment: (2.5% effective ownership) Location: 18 - 20 Tai Chung Road, Tsuen Wan, Hong Kong Project: Office building Construction has been completed and the building is Current ready for o
Slide 38: Updates on Hong Kong Property Projects
Updates on Hong Kong Property Projects 6th HK Property Project – CSW1018 HKD35.2 million or around USD4.5 million Investment: (3.825% effective ownership) Location: 1016 – 1018 Tai Nam West Street, Kowloon, Hong Kong Project: Industrial office building Construction has been completed and Occupancy P
Slide 39: Tsuen Wan Projects (Aerial View)
Tsuen Wan Projects (Aerial View) 7th – T11 5th – T73 4th – T18 39
Slide 40: Updates on Hong Kong Property Projects
Updates on Hong Kong Property Projects 8th HK Property Project – CSW918 HKD33.0 million or around USD4.23 million Investment: (3.0% effective ownership) Location: 916 – 926 Cheung Sha Wan Road, Hong Kong Two phases of a commercial office building complex Project: to be completed by 2024 The developm
Slide 41: Property Investment (in-Japan)
Property Investment (in-Japan) (US$'000) FY2022 FY2021 % Change Remarks Turnover 12,831 13,805 (7%) Increase in fee income due to: (1) Increase in arrangement fees related to property assets deals closed; (2) Increase in asset management fees with increase in assets under Fee Income 2,594 2,393 8% m
Slide 42: ALERO Projects
ALERO Projects Before The Group invests in and develops small residential property projects in Tokyo, named “ALERO” Series. The Group purchases land and develops into 4 - 5 storey buildings with 10 - 30 units of studio or maisonette type flats. The completed projects are typically sold en bloc. Afte
Slide 43: ALERO Projects
(9) ALERO Projects
Slide 44: Classification of ALERO Projects
Classification of ALERO Projects The Group’s ALERO projects may be classified as the following in the Group’s financials: Balance Sheet Amount Stake owned Investment Balance Sheet Income Statement As At 31 December 2022 by the Group Objective Classification Classification US$' million Develop and ho
Slide 45: ALERO Projects
ALERO Projects The Group has very stringent selection criteria in selecting new ALERO projects and will not compromise internal assessment requirements to chase after new projects. It is due to the Group’s cautious approach that every ALERO project that the Group invested in had been profitable sinc
Slide 46: UACJ Assets Under Management
UACJ Assets Under Management JPY’billion 40 UACJ Asset Management AUM by Segment 36.9 32.6 35 30.4 The Group’s property assets under 30 management by subsidiary Uni-Asia Capital 26.2 (Japan) Ltd (“UACJ”) had reached JPY36.9 25 23.9 billion as at end of FY2022. As shown on the chart on the left, such
Slide 47: Silver Award Best Investor Relations (small-cap category)
The Group was awarded Silver Award Best Investor Relations (small-cap category) The Singapore Corporate Awards (“SCA”) 2022 The SCA is a prestigious award organised by the Institute of Singapore Chartered Accountants (“ISCA”), Singapore Institute of Directors (“SID”) and The Business Times (“BT”) an
Slide 48: Winner - Most Transparent Company Award 2022
The Group was awarded Winner - Most Transparent Company Award 2022 (Financials Category) SIAS Investors’ Choice Awards SIAS, together with NUS School of Business, Centre for Governance and Sustainability (“CGS”) have developed an investor-centric research, to recognise companies that have achieved e
Slide 49: Good MPF Employer Award 2021-2022
Principal Subsidiary, Uni-Asia Holdings Limited was awarded 2021-2022 Good MPF Employer Award Every year, the Mandatory Provident Fund Schemes Authority of Hong Kong (“MPF”) awards Good MPF Employer Award to specially commend and give public recognition to employers that have made continuous efforts
Slide 50: Singapore Governance and Transparency Index 2022
Singapore Governance and Transparency Index 2022 The Singapore Governance and The Group was ranked 63 amongst all Transparency Index (“SGTI”) is the listed companies (general category) in leading index for assessing corporate Singapore, and was ranked within the governance practices of Singapore- to
Slide 51: Thank You!
Thank You! For Investor/Media enquiries: clarissa@gem-comm.com emily@gem-comm.com kenneth@gem-comm.com 51