Soundwill Holdings Limited · HKEX:878
Soundwill — H1 2014 Earnings Presentation
21 slides from Soundwill's earnings presentation, 2014
Slide 1: 2014 Interim Results
Stock code: 878.HK 2014 Interim Results A niche property play with quality assets in Causeway Bay
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Soundwill Holdings Limited (the “Company”) solely for information purposes and does not constitute an offer, recommendation or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or
Slide 3: Investment Highlights
Investment Highlights 1 Profit Contributors in 1H 2014 New stream of leasing income of HK$5mil from “Soundwill Plaza II Midtown” “Park Haven” has been completed, proceeds of HK$2.4bil will be recognized in 2H2014 Disposal of certain agricultural lands in new territories with a gain of approxim
Slide 4: 2014 Interim Results Highlights
2014 Interim Results Highlights Revenue Underlying Profit ** Turnover HK$ mil HK$ mil 1,000 200 150 +615.4% yoy 500 100 186 -15.3% yoy 610 50 301 64 255 26 0 0 FY2013 1H2013 1H2014 FY2013 1H2013 1H2014 Decrease in turnover Increase in underlying profit: ￭ Decrease in sales revenue from property deve
Slide 5: Business Segments
Business Segments Revenue by Business Segments 1H2013 Urban 1H2014 Infrastructure Building management 3% & other services Building management 3% & other services Property development 2% 16% Property development 35% Property leasing Property leasing 60% 81% Revenue from property leasing amounted to
Slide 6: Net Asset Overview
Net Asset Overview NAV NAV per share (HK$ bn) (HK$) 20 60 54.9 NAV per share breakdown 53.6 HK$ (as at 30 Jun 2014) 49.1 Total: 15.4 50 Soundwill Plaza 26.7 Total: 15.0 15 Total: 13.8 37.3 40 Other assets – Commercial Soundwill Plaza II – Midtown 8.0 7.9 Total: 10.3 7.9 28.7 7.2 THE SHARP 4.9 10 30
Slide 7: Balance Sheet Highlights
Balance Sheet Highlights As at 31 Dec 2013 As at 30 Jun 2014 Change (HK$mil) (HK$mil) Total assets 20,823 20,251 3% Net assets 15,037 15,435 3% Cash and cash equivalents 415 332 20% Bank deposit at escrow account 298 224 25% Total debt 3,956 2,892 27% Gearing ratio 26.3% 18.7% 7.6 p.p. Net of cash g
Slide 8: Financial Ratios
Financial Ratios Total Debt / Total Equity Debt Maturity (as at 30 Jun 2014) % HK$bil 80% 3 60% 2 1.8 36.4% 39.3% 40% 34.1% 26.3% 0.9 21.7% 18.7% 1 20% 0.2 0% 0 FY2009 FY2010 FY2011 FY2012 FY2013 1H2014 < 1 yr 1 - 5 yrs > 5 yrs Net Debt / EBITDA Interest Cover Times Times 6 100 5.1 5 76.5 80 70.0 4
Slide 9: Resale Transaction: 100% Disposal of Lun Fat Street Project
Resale Transaction: 100% Disposal of Lun Fat Street Project Realising investment value from existing land bank Project overview 12 – 24 Lun Fat Street, Wan Chai (灣仔聯發 Location : 街) Site area : 7,000 sq. ft. Planned GFA : 63,000 sq. ft. Zoning : Residential development Transaction details Date : Apri
Slide 10: Business Overview
Business Overview
Slide 11: Grade-A Investment Portfolio – Commercial: Soundwill Plaza
Grade-A Investment Portfolio – Commercial Top Class Rental Property in the Prime Location of Causeway Bay Times Square Soundwill Plaza, Causeway Bay 時代廣場 Total leasing GFA : 245,105 sq. ft. Prime location in one of the world’s most expensive Russell St 羅素街 districts Destination of choice for i
Slide 12: Grade-A Investment Portfolio – Commercial: Soundwill Plaza II Midtown
Grade-A Investment Portfolio – Commercial Top Class Rental Property in the Prime Location of Causeway Bay New Rental Income Soundwill Plaza II Midtown, Causeway Bay Times Square Total leasing GFA : 218,000 sq. ft. Growth Driver 時代廣場 Soft opening in April 2014 Quality tenants: Russell St 羅素街 Fl
Slide 13: Grade-A Investment Portfolio – Commercial: THE SHARP and 10 Knutsford Terrace
Grade-A Investment Portfolio – Commercial New Retail Complex THE SHARP, Causeway Bay Total leasing GFA : 4,800 sq. ft. (G/F to 2/F retail space retained for investment purposes) Pre-sold all 29 floors on 3 Jan 2013 - Salable GFA : 45,900 sq. ft. - ASP : HK$33,600 / sq. ft. - Proceeds of HK$1,500
Slide 14: Grade-A Investment Portfolio – Residential
Grade-A Investment Portfolio – Residential Boutique Residences in Premium Locations WarrenWoods 尚巒, Tai Hang Occupancy date : Oct 2012 162 out of 163 units sold Proceeds : HK$1,212 mil (recognized in FY2012) Status: Skyline penthouse reserved for future sale, with a GFA of approx. 3,300 sq.
Slide 15: Prospects
Prospects
Slide 16: Prospects – Upcoming Catalysts
Prospects – Upcoming Catalysts Sales recognition of 1 Completion of “Park Haven” in 1H 2014 HK$2.46 bil in 2H 2014 FY2014 Strengthened rental income Leasing GFA to increase by 2 Revamped tenancy portfolio approx. 114,117 sq. ft. Substantial increase in Completed in late 2013, soft opening in
Slide 17: Prospects – Land Bank & Estimated Development Completion Timeline
Prospects – Land Bank & Estimated Development Completion Timeline Est. year of completion Project Location Development Plan FY2016 FY2017 Mid-Levels Residential development Mosque St. 摩羅廟街 GFA: 49,000 sq. ft. 「COHO」 Commercial/residential complex Tai Hang School St. 書館街 GFA: 23,200 sq. ft.
Slide 18: Appendix
Appendix
Slide 19: Shareholder / Corporate Structure
Shareholder / Corporate Structure Chairman Other Public Shareholders Madam Grace Foo and family 68.61% 31.39% (as at 31 Jul 2014) Property Assembly & Property Property Resale Leasing Development No. of issued shares : 281 mil (as at 31 Jul 2014) 19
Slide 20: SWP Current Tenants
SWP Current Tenants (as at 30 Jun 2014) 32-39/F 3-31/F Street level An Iconic British Luxury Brand 20
Slide 21: Thank You
Thank You