Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — Q2 2016 Earnings Presentation
17 slides from Tuan Sing's earnings presentation, Jul 28, 2016
Slide 1: 2Q2016 Results Announcement
2Q2016 RESULTS ANNOUNCEMENT 28 July 2016
Slide 2: Overview
Overview • 2Q2016 Group’s revenue was $106.6m as compared to $194.1m in the same quarter last year • Profit before tax and fair value adjustments stood at $5.5m in 2Q2016 (2Q2015 : $27.0m) • Net profit attributable to shareholders was down to $5.1m in 2Q2016 (2Q2015 : $22.3m) • Earnings per share ca
Slide 3: Group Financial Performance
Group Financial Performance ($’m) 1H2016 1H2015 Chg Revenue 212.0 349.4 -39% Gross profit 43.7 70.8 -38% Profit before tax & fair value adj 17.5 47.2 -63% Profit before tax 17.7 47.4 -63% Profit after tax 14.7 38.3 -62% Net profit attributable to shareholders 14.7 38.2 -62% EPS (cents) 1.2 3.3 -62%
Slide 4: Review of Financial Performance
Review of Financial Performance • Group revenue decreased to $212.0m in 1H2016 as there was lower progressive revenue recognition in Seletar Park Residence and Sennett Residence even though there was higher progressive revenue recognition in Cluny Park Residence • Distribution costs decreased in tan
Slide 5: Group Financial Position
Group Financial Position ($’m) 30.06.16 31.12.15 Chg Total assets 2,155.7 2,162.5 * Total liabilities 1,274.0 1,275.0 * Total borrowings 1,077.6 1,106.3 -3% Cash and bank balances 132.0 141.7 -7% Shareholders’ funds 871.3 876.8 -1% NAV per share (cents) 73.6 74.4 -1% Gross gearing^ 1.22X 1.25X -2% N
Slide 6: Review of Financial Position
Review of Financial Position • Group’s total assets decreased slightly to $2,155.7m as cash and bank balances were used to repay certain development project loans. There were also lower carrying amount of development properties and property, plant and equipment, offset partially by increase in trade
Slide 7: Group Cash Flow
Group Cash Flow ($’m) 1H2016 1H2015 Operating cash flow 51.9 33.5 Investing cash flow (7.2) (4.7) Financing cash flow (79.2) (124.6) Foreign currency translation adjustments (3.4) (0.5) Cash & cash equivalent at period-end^ 67.7 91.1 Free cash inflow^^ 44.7 28.8 ^ Net of encumbered bank balances ^^
Slide 8: Review of Cash Flow
Review of Cash Flow • Net cash from operating activities in 1H2016 was $51.9m, as more cash was received from progress billing following the completion of the Seletar Park Residence and Sennett Residence • Net cash used in investing activities was $7.2m for the redevelopment of Robinson Tower site o
Slide 9: Revenue by Segment
Revenue by Segment ($’m) 1H2016 1H2015 Chg Property 88.3 220.6 -60% Hotels Investment 66.3 71.0 -7% Industrial Services 57.8 58.1 * Other Investments^^ - - nm Corporate & Others# (0.4) (0.3) +33% Group Total 212.0 349.4 -39% Proforma Group including Associates 370.0 519.1 -29% Revenue decreased due
Slide 10: Profit Before Tax & FV Adj by Segment
Profit Before Tax & FV Adj by Segment ($’m) 1H2016 1H2015 Chg Property 8.6 36.6 -76% Hotels Investment 4.2 7.3 -43% Industrial Services 0.4 @ nm Other Investments 4.2 1.9 +121% Corporate & Others# 0.1 1.4 -93% Group Total 17.5 47.2 -63% All business segments were profitable at operating level, led b
Slide 11: Profit after tax by Segment
Profit after tax by Segment ($’m) 1H2016 1H2015 Chg Property 7.1 30.4 -77% Hotels Investment 3.0 4.6 -35% Industrial Services 0.2 (0.1) nm Other Investments 4.3 2.0 +115% Corporate & Others# 0.1 1.4 -93% Group Total 14.7 38.3 -62% Property remains the key driver and contributed 48% of the Group’s to
Slide 12: Property
Property • Property revenue decreased 60% to $88.3m; profit after tax was $7.1m, down from $30.4m a year ago • Bulk of revenue and profit were from the new sales and progressive recognition of revenue for units sold at the three residence projects • Seletar Park Residence obtained Certificate of Sta
Slide 13: Hotels Investment
Hotels Investment • GHG reported revenue of A$65.4m and profit after tax of A$5.9m as compared to A$67.2m and A$9.0m respectively a year ago • Net income from hotel operations reduced by 11% to A$11.4m as Grand Hyatt Melbourne and Hyatt Regency Perth registered a combined 2% drop in RevPAR despite h
Slide 14: Industrial Services
Industrial Services • Industrial Services reported revenue of $57.8m as compared to $58.1m in 1H2015 • SP Corp’s revenue fell slightly due mainly to lower activity from its loss incurring from Tyre Distribution Unit • SP Corp reported net profit of $0.2m in both first half years © Tuan Sing Holdings
Slide 15: Other Investments
Other Investments • In 1H2016, GulTech reported revenue of US$110.5m weighed down by lower revenue from its Suzhou Plant • Notwithstanding lower revenue, GulTech reported net profit attributable to shareholders of US$7.0m for 1H2016 as compared to US$3.4m in 1H2015. • This translated into the Group’
Slide 16: Outlook
Outlook • The Group’s revenue and profit in 2016 would continue to be attributable to the three residential projects that has engaged in • Robinson Point has been fully leased under various leases until years 2017/18; Robinson Tower is expected to complete by end of 2018 • Hotels Investment is expec
Slide 17: Thank You
Thank You For further information, please contact: Chong Chou Yuen Group CFO chong_chouyuen@tuansing.com © Tuan Sing Holdings Limited 17