Ctf Services Limited · HKEX:659
Ctf Services — NWS Holdings — FY2017 Earnings Presentation
36 slides from Ctf Services's earnings presentation, Sep 20, 2017
Slide 1: FY2017 Annual Results
FY2017 Annual Results Connecting Lives Building Futures
Slide 2: Financial Summary
Financial Summary 2017 2016 Change For the year ended 30 June (HK$’M) (HK$’M) (%) Revenue 31,385.0 29,497.8 6 Attributable Operating Profit 4,840.3 4,739.6 2 (AOP) Profit Attributable to 5,628.9 4,912.8 15 Shareholders (PAT) Basic Earnings per share (HK$) 1.46 1.30 12 Dividend per share (HK$) 1.45 0
Slide 3: Financial Position
Financial Position As at As at 30 Jun 2017 31 Dec 2016 (HK$’M) (HK$’M) Total cash and bank balances 6,453 10,021 Total debt 9,683 15,357 Net debt position 3,230 5,336 Net gearing ratio 7% 12% 3
Slide 4: NWS Investment Portfolio
NWS Investment Portfolio Infrastructure Services 基建 服務 Roads Facilities Management 道路 設施管理 Environment 環境 Construction & Transport Logistics 建築及交通 物流 Strategic Investments Aviation 策略性投資 航空 4
Slide 5: Attributable Operating Profit
Attributable Operating Profit By Segment By Region HK$’M HK$’M 5,000 4,740 4,840 5,000 4,740 4,840 4,000 4,000 2,616 2,214 2,856 3,123 (55%) (46%) (60%) (65%) 3,000 3,000 2,000 2,000 1,938 2,118 1,884 1,717 1,000 1,000 (41%) (44%) (40%) (35%) 186 (4%) 508(10%) 0 0 FY2016 FY2017 FY2016 FY2017 Infrast
Slide 6: Infrastructure
Infrastructure Roads Environment Logistics Aviation 6
Slide 7: Infrastructure
Infrastructure Roads and related projects in 15 Guangdong, Guangxi, Shanxi, Zhejiang and Tianjin Roads SUEZ NWS with 65 environmental 1 projects in Greater China 1 Chongqing Derun Environment Environment 2 Power plants in the PRC 1 ATL Logistics Centre 1 China United Int’l Rail Containers Logistics
Slide 8: AOP by Segment
Infrastructure AOP by Segment 2017 2016 Change For the year ended 30 June (HK$’M) (HK$’M) (%) Roads 1,479.1 1,259.8 17 Environment 392.1 469.8 17 Logistics 641.2 702.6 9 Aviation 610.5 424.0 44 Total 3,122.9 2,856.2 9 8
Slide 9: Roads – AOP
Infrastructure Roads AOP – Roads HK$’M 1,600 (+17%) 31% 1,400 1,200 FY2017 AOP 1,000 800 1,260 1,479 27% 600 FY2016 AOP 400 200 0 FY2016 FY2017 9
Slide 10: Highlights – Roads
Infrastructure Roads Highlights – Roads Overall traffic growth up 11% Hangzhou Ring Road 杭州繞城公路 Full year contribution as a wholly-owned subsidiary Toll revenue up 4% with rising goods vehicle patronage Tangjin Expressway (Tianjin North Section) 唐津高速公路(天津北段) Concession extended for 11 ye
Slide 11: Roads 5-Year Summary (Mainland China Road Projects)
Infrastructure Roads 5-Year Summary (Mainland China Road Projects) Average Daily Traffic Flow * Average Daily Toll Revenue * RMB ‘000 Vehicles ‘000 19,000 1,200 18,415 18,000 1,081 17,042 17,000 1,000 973 16,000 15,205 858 15,000 783 14,206 800 14,000 708 13,000 13,141 600 12,000 FY2013 FY2014 FY201
Slide 12: AOP – Environment
Infrastructure Environment AOP – Environment HK$’M 500 8% (-17%) 400 FY2017 AOP 300 470 392 10% 200 FY2016 AOP 100 0 FY2016 FY2017 12
Slide 13: Highlights – Environment
Infrastructure Environment Highlights – Environment SUEZ NWS 蘇伊士新創建 Comprehensive environmental services provider in Greater China (SUEZ 58% and NWS 42%) AOP from the enlarged platform boosted water and waste treatment earnings in FY2017 Chongqing Derun Environment 重慶德潤環境 Results impacted
Slide 14: Highlights – Environment (Cont'd)
Infrastructure Environment Highlights – Environment (Cont’d) New Investments Location Facility Total Capacity Completion Investment Macau Seac Pai Van Water MOP 1B 130,000 m3 2019 Treatment Plant per day Jiangsu Hazardous Waste RMB 953M 88,300 2018 Incineration Plants tonnes per - Changzhou annum -
Slide 15: AOP – Logistics
Infrastructure Logistics AOP – Logistics HK$’M 800 13% (-9%) 600 FY2017 AOP 703 641 15% 400 FY2016 AOP 200 0 FY2016 FY2017 15
Slide 16: Highlights – Logistics
Infrastructure Logistics Highlights – Logistics ATL Logistics Centre 97.1% occupancy rate Average rental up 5% ATL Logistics Centre NWS Kwai Chung Logistics Centre Disposed in Aug 2016 16
Slide 17: Highlights – Logistics (Cont'd)
Infrastructure Logistics Highlights – Logistics (Cont’d) Xiamen Container Terminal Group 廈門集裝箱碼頭集團 Throughput up 4% Tianjin port projects throughput up 4% Xiamen Container Terminal Group 17
Slide 18: Highlights – Logistics (Cont'd)
Infrastructure Logistics Highlights – Logistics (Cont’d) 10 terminals in operation Kunming Qingdao China United Int’l Rail Containers (CUIRC) • • Chongqing • • Wuhan • Chengdu • Xian Throughput up 23% to 2.53 million TEUs • Zhengzhou • Dalian • Tianjin • Urumqi reflecting rising demand for break
Slide 19: AOP – Aviation
Infrastructure Aviation AOP – Aviation HK$’M 700 13% (+44%) 600 FY2017 AOP 500 400 9% 424 611 300 200 FY2016 AOP 100 0 FY2016 FY2017 19
Slide 20: Highlights – Aviation
Infrastructure Aviation Highlights – Aviation Beijing Capital International Airport (BCIA) 北京首都國際機場 Passenger throughput up 4% to 95 million Revenue up 6% BCIA 20
Slide 21: Highlights – Aviation (Cont'd)
Infrastructure Aviation Highlights – Aviation (Cont’d) Aircraft Leasing (Goshawk & Bauhinia) Combined fleet size of 90 (Asset value USD3.7 billion) Young fleet (average 3.3 years) with long leases attached (average 7.3 years) 27 planned aircraft delivery (as at 31 Aug 2017) No. of aircraft 1
Slide 22: Highlights – Aviation (Cont'd)
Infrastructure Aviation Highlights – Aviation (Cont’d) Aircraft leasing portfolio as at 30 Jun 2017 Others 2% America Others 11% 10% Australia 6% B737 A320 Europe Asia 32% 58% 22% 59% Aircraft type Geographical Spread Feb 2015 Jun 2016 Jun 2017 No. of aircraft 27 68 90 No. of lessees 15 30 38 No.
Slide 23: Services
Services HKCEC Free Duty Shops Construction Transportation 23
Slide 24: Services – AOP by Segment
Services AOP by Segment 2017 2016 Change For the year ended 30 June (HK$’M) (HK$’M) (%) Facilities Management 301.1 645.0 53 Construction & Transport 1,131.8 911.6 24 Strategic Investments 284.5 326.8 13 Total 1,717.4 1,883.4 9 24
Slide 25: AOP – Facilities Management
Services Facilities Management AOP – Facilities Management HK$’M 6% 800 600 FY2017 AOP 400 14% (-53%) FY2016 AOP 200 645 301 0 FY2016 FY2017 25
Slide 26: Highlights – Facilities Management
Services Facilities Management Highlights – Facilities Management HKCEC Stable performance despite economic headwinds 1,102 events with total patronage of 5.7 million HKCEC Free Duty Performance undermined by reduced tourist spending and rising costs Lo Wu and Lok Ma Chau concessions ren
Slide 27: Highlights – Facilities Management (Gleneagles Hospital)
Services Facilities Management Highlights – Facilities Management Gleneagles Hong Kong Hospital Soft opened on 21 Mar 2017, offering 35 specialties & subspecialties Recruited about 1,000 resident staff, including doctors, nurses and allied health professionals More than 700 visiting doctors
Slide 28: AOP – Construction & Transport
Services Construction & Transport AOP – Construction & Transport HK$’M 23% 1,200 (+24%) 1,000 FY2017 AOP 800 912 1,132 600 19% 400 FY2016 AOP 200 0 FY2016 FY2017 28
Slide 29: Highlights – Construction & Transport
Services Construction & Transport Highlights – Construction & Transport Construction AOP up 27% reflecting good job progress and rising margins Gross contract-on-hand: HK$87.6 billion Remaining value: HK$54.7 billion Transport AOP up 13% with full consolidation of NWS Transport Services
Slide 30: AOP – Strategic Investments
Services Strategic Investments AOP – Strategic Investments HK$’M 350 6% 300 (-13%) 250 FY2017 AOP 200 327 285 7% 150 100 FY2016 AOP 50 0 FY2016 FY2017 30
Slide 31: AOP & PAT
6 AOP & PAT CAGR: 7% 5 AOP HK$’ Billion 4 PAT 3 CAGR: 10% 2 1 0 31
Slide 32: Net Assets
60 Net Assets $49.3B 50 HK$’ Billion 40 CAGR: 13% 30 20 10 $9.9B 0 32
Slide 33: Conclusions & Outlook – Infrastructure
Conclusions & Outlook Infrastructure Sustainable growth path ahead Roads Traffic volume and toll revenue growth supported by a growing Chinese economy Actively pursuing new investment opportunities including acquisitions, road expansions and PPP projects Environment Increasing need for int
Slide 34: Outlook & Conclusion – Services
Outlook & Conclusion Services Growth foundation in place Construction Vibrant construction market and strong order book Transport Full-year contribution from NWS Transport from FY2018 notwithstanding competition from MTR’s network expansion Gleneagles Hong Kong Hospital Business ramp up
Slide 35: Disclaimer
Disclaimer NWS Holdings Limited (“NWS”) makes no representation or warranty of any kind, express, implied or statutory regarding the accuracy or completeness of the information contained. The information in this presentation is prepared solely for information purposes only. Users and readers are cau
Slide 36: Q&A Session
Q&A Session Connecting Lives Building Futures