Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — Q2 2017 Earnings Presentation
16 slides from Tuan Sing's earnings presentation, Jul 27, 2017
Slide 1: 2Q2017 and 1H2017 Results Announcement
2Q2017 AND 1H2017 RESULTS ANNOUNCEMENT 27 July 2017
Slide 2: Overview
Overview • Group’s 2Q2017 revenue was $84.1 million, a decrease of 21% as compared to $106.6 million same period last year. Group’s revenue for 1H2017 was $158.9 million, a decrease by 25% from $212.0 million in 1H2016 • Net profit attributable to shareholders decreased by 64% to $1.8 million in 2Q2
Slide 3: Group Financial Performance
Group Financial Performance ($’m) 2Q2017 2Q2016 Chg 1H2017 1H2016 Chg Revenue 84.1 106.6 -21% 158.9 212.0 -25% Gross profit 12.6 19.8 -36% 28.1 43.7 -36% Profit before tax & fair value adj 2.5 5.5 -54% 8.9 17.5 -49% Profit before tax 2.4 5.6 -57% 8.8 17.7 -50% Profit after tax 1.8 5.1 -64% 7.1 14.7
Slide 4: Review of Financial Performance
Review of Financial Performance • Group revenue decreased to $84.1 million in 2Q2017 and $158.9m in 1H2017 as compared to the corresponding periods last year mainly due to lower revenue from development properties • Distribution costs decreased to $1.1 million in 2Q2017 and $2.3 million in 1H2017 in
Slide 5: Group Financial Position
Group Financial Position ($’m) 31.06.17 31.12.16 Chg Total assets 2,558.3 2,123.1 +20% Total liabilities 1,633.2 1,192.6 +37% Total borrowings 1,463.2 1,020.8 +43% Cash and bank balances 177.9 163.7 +9% Shareholders’ funds 914.5 919.4 * NAV per share (cents) 77.0 77.7 * Gross gearing^ 1.58X 1.10X +4
Slide 6: Review of Financial Position
Review of Financial Position • As at 30 June 2017, Group’s total assets increased 20.5% or $435.2 million to $2,558.3 million from the previous year-end consequent to the acquisition of the Sime Darby Centre and the vacant land at Jalan Remaja and an increase cash and bank balances • Group’s total l
Slide 7: Group Cash Flow
Group Cash Flow ($’m) 1H2017 1H2016 Operating cash flow (3.3) 51.9 Investing cash flow (400.9) (7.2) Financing cash flow 422.5 (79.2) Foreign currency translation adjustments (1.3) (3.4) Cash & cash equivalent at period-end^ 112.9 67.7 Free cash (out)/inflow^^ (404.1) 44.7 ^ Net of encumbered bank b
Slide 8: Review of Cash Flow
Review of Cash Flow • Net cash used in operating activities in 1H2017 was $3.3 million as there was certain cash payment for the vacant land at Jalan Remaja. Such amount was much larger than the cash received from the sale of completed development properties. • Net cash used in investing activities
Slide 9: Revenue by Segment
Revenue by Segment ($’m) 2Q2017 2Q2016 Chg 1H2017 1H2016 Chg Property 26.0 58.9 -56% 48.7 107.8 -55% Hotels Investment 28.3 27.9 1% 58.3 58.1 * Industrial Services 37.4 27.8 35% 63.4 57.8 10% Other Investments^^ - - - - - - Corporate & Others# (7.6) (8.0) 5% (11.5) (11.7) 2% Group Total 84.1 106.6 -
Slide 10: Profit after Tax by Segment
Profit after tax by Segment ($’m) 2Q2017 2Q2016 Chg 1H2017 1H2016 Chg Property 3.4 5.9 -42% 5.4 13.0 -58% Hotels Investment (2.3) (2.8) 18% 0.7 0.1 600% Industrial Services (0.1) (0.1) - (0.4) 0.2 nm Other Investments 3.7 2.5 51% 7.3 4.3 70% Corporate & Others# (2.9) (0.4) -625% (5.9) (2.9) -103% Gr
Slide 11: Property
Property • Property revenue for the second quarter decreased 56% to $26.0 million; from $58.9 million in the same period last year. For 1H2017, it decreased to $48.7 million; from $107.8 million in 1H2016 • Profit after tax for 2Q2017 was $3.4 million, down from $5.9 million a year ago. For 1H2017,
Slide 12: Hotels Investment
Hotels Investment • 2Q2017 revenue was A$27.0 million as compared to A$27.5 million in 2Q2016. It was A$55.0 million in 1H2017 and A$57.4 million in 1H2016. • Net income from hotel operations reduced by 3% to A$11.1 million as both Grand Hyatt Melbourne and Hyatt Regency Perth registered a combined
Slide 13: Industrial Services
Industrial Services • For 2Q2017, revenue of $37.4 million was higher than the $27.8 million in 2Q2016. For 1H2017, the $63.4 million was also higher than the $57.8 million in 1H2016. • Higher activities from Commodities Trading were offset partially by the lower activities in Tyre Distribution. • H
Slide 14: Other Investments
Other Investments • For the second quarter, GulTech reported revenue of US$71.2 million and profit after tax of US$8.2 million, an increase of 29% and 64% respectively from the previous corresponding period. Revenue and profit after tax for 1H2017 were US$136.4 million and US$15.9 million respective
Slide 15: Outlook
Outlook • The Group will continue to market vigorously the remaining unsold units of its three completed residential developments • The Group is scheduled to launch “Kandis Residence” in the third quarter of 2017. This project, located very near Sembawang Park, has 130 one- to three- bed-room units
Slide 16: Thank You
Thank You For further information, please contact: Chong Chou Yuen Group CFO chong_chouyuen@tuansing.com © Tuan Sing Holdings Limited 16