Wing Tai Properties Limited · HKEX:369
Wing Tai Properties — USI Holdings — H1 2006 Earnings Presentation
34 slides from Wing Tai Properties's earnings presentation, 2006
Slide 1: USI Holdings Limited 2006 Interim Results Corporate Presentation
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forward-looking terminology such as believe, expect, anticipate, estimate, plan, project, target, may, will or other similar words that expres
Slide 3: Agenda
Agenda 2006 Interim Results Highlights Strengths, Accomplishment & Future Appendix 3
Slide 4: 2006 Interim Results Highlights
2006 Interim Results Highlights 4
Slide 5: 2006 Interim Results
2006 Interim Results (HK$ mil) 1H 2006 1H 2005 Change Turnover 1,861 552 237% Gross Profit 880 131 572% Operating Profit 712 65 995% Net Profit after MI 585 72 713% Basic EPS (HK cents) 111.0 13.7 710% Dividend (HK cents) 5.0 1.5 233% 5
Slide 6: Solid Balance Sheet
Solid Balance Sheet (HK$ mil) As at As at 30 Jun 2006 31 Dec 2005 Cash & cash equivalents 341 138 Current ratio 2.27 times 1.02 times Gearing ratio 39.2% 48.6% Net assets 2,641 1,984 6
Slide 7: Healthy Asset Growth
Healthy Asset Growth (HK$ mil) 3,000 Net Assets 2,500 : 28% R C AG 2,000 3- 06 0 FY 1,500 2,641 1,000 1,984 1,426 1,259 500 0 2003 2004 2005 1H 2006 7
Slide 8: Strengths, Accomplishment & Future
Strengths, Accomplishment & Future 8
Slide 9: Shareholding Structure
Shareholding Structure Sun Hung Kai Cheng’s Family Properties Limited Public (016.HK) 55.7%* 25.3%* 19.0%* USI Holdings Limited (0369.HK) Property Apparel Wing Tai Asia Lanson Place Winsor Unimix, Shui Hing, Properties* Impact Textiles, Property Hospitality development & investment & (1036.HK) Gieve
Slide 10: Corporate Milestones
Corporate Milestones 1991 1996-97 1999 2000 2005 2006 Listed on The Won bid to develop Launched Lanson Place Net profit reached SUNDAY’s IPO Stock Exchange of The Waterfront atop The Waterfront Hong Kong and record high of Hong Kong Limited Kowloon MTR Station Shanghai HK$585 mil for the commenced 1
Slide 11: Experienced & Professional Management Team
Experienced & Professional Management Team Professional qualification & experience • MBA degree from Columbia University and BBA degree from University of Notre Dame Mr. Christopher Cheng • Chairman of the Standing Committee on Judicial Salaries & Conditions of Service, Chairman member of the Exchan
Slide 12: Asian Presence in Key Markets
Asian Presence in Key Markets Property development & Beijing investment: Shanghai Hong Kong Hospitality investment & management: Kuala Lumpur Singapore 12
Slide 13: Prestigious Partners
Prestigious Partners Hongkong Land • Central Park, Beijing • Lanson Place Boutique Hotel & Residences, Hong Kong MSREF • Lanson Place Jin Lin Tian Di Residences, Shanghai • The Grandville, Hong Kong Nan Fung Group • The Giverny, Hong Kong Sun Hung Kai Properties • Currently owns 25.3%* interest in U
Slide 14: Proven Track Record in Property Development
Proven Track Record in Property Development USI’s effective interests: 7.5% 33.3% 87.5% 40.0% 50.0% 95% sold 90% sold 25% sold Sales: HK$10.5B Sales: HK$900M Sales: HK$430M Sales: HK$3.2B Sales: HK$700M GFA: 1,700,000 sq. ft. GFA: 263,000 sq. ft. GFA: 80,000 sq. ft. GFA: 492,000 sq. ft. GFA: 160,000
Slide 15: Hospitality Investment & Management at a Glance
Hospitality Investment & Management at a Glance Location Total no. of Current occupancy rate apartments/ suites (as of Aug 2006) Lanson Place, The Waterfront^ Western Kowloon, 164 n.a. Hong Kong Lanson Place Boutique Hotels & Causeway Bay, 194 86% Residences Hong Kong Lanson Place Jin Lin Tian Di Re
Slide 16: Properties Available for Sale
Properties Available for Sale Group’s interest Total GFA Total no. of units available for sale available for sale (sq. ft.) The Grandville, Hong Kong 40% 52,300 30 The Giverny, Hong Kong 50% 112,000 42 The Waterfront, Hong Kong 7.5% 81,000 45 Kovan Melody, Singapore 12% 276,000 214 16
Slide 17: Latest Acquisitions
Latest Acquisitions Project name Acquisition Acquisition Value Creation Strategy date cost 133 Leighton Road December 2003 HK$495 mil • Refurbished and renovated the building to Lanson Place Boutique Hotels & Residences, a quality boutique hotel in Causeway Bay with 194 suites 157 Argyle Street Janu
Slide 18: Corporate Strategies
Corporate Strategies Property Development & Investment • Consolidate the market presence of “Wing Tai Asia” brand as quality property developer in Hong Kong, focusing on high-end residential property projects • Expand into investment of commercial/ retail properties Hospitality Investment & Manageme
Slide 19: Appendix
Appendix 19
Slide 20: The Waterfront
The Waterfront Formed consortium with Temasek, Wing Tai Holdings, Keppel Land, Lai Sun, etc. Various sales launch, including Tower V at end of 2004 Total sales: HK$10,500 million 20
Slide 21: The Hillgrove
The Hillgrove Sales launch: December 2001 Achieved average selling price of HK$3,400/ sq. ft. vs HK$2,600 market average Total sales: HK$900 million 21
Slide 22: The Bloomsville
The Bloomsville Sales launch: January 2002 at average price of HK$5,400/ sq. ft. compared to market average of HK$3,700/ sq. ft. of Majestic Park (帝庭豪園) and HK$4,400 by Regalia (爵士花園) Total sales: HK$430 million 22
Slide 23: The Grandville
The Grandville Land auction: April 2002 Land cost: HK$660 million Sales launch: December 2004; sold 90% in a month’s time achieving an average price of HK$7,500/ sq. ft. Special luxurious units commands higher prices averaging up to HK$13,000/ sq. ft. Total sales to-date: HK$3,200 million
Slide 24: The Giverny
The Giverny Land auction: August 2001 Land cost: HK$148 million Sales launch: October 2005; sold one-third in a month’s time achieving an average price of HK$14,000/ sq. ft. Total sales to-date: HK$700 million Total GFA: 160,000 sq. ft. Remaining GFA: 120,000 sq. ft. 24
Slide 25: 157 Argyle Street
157 Argyle Street A high-rise residential development Expected GFA: ~90,000 sq. ft. Agreed with the Government on the basic terms of the lease modification Currently in negotiation on the land premium 25
Slide 26: 314-324 Hennessy Road, Wanchai
314 - 324 Hennessy Road, Wanchai Won the bid for the former Bank of East Asia Building Total GFA: ~120,000 sq. ft. Refurbishment to provide Grade A office and upscale retail space Expected to be completed by 2007 26
Slide 27: 102 How Ming Street, Eastern Kowloon
102 How Ming Street, Eastern Kowloon One of the key assets held by Winsor Properties A prime office site with GFA of ~1.3 million sq. ft. USI is the project manager Will be developed into two Grade A office towers 27
Slide 28: Lanson Place, The Waterfront – Hong Kong
Lanson Place, The Waterfront – Hong Kong 28
Slide 29: Lanson Place Boutique Hotels & Residences – Hong Kong
Lanson Place Boutique Hotels & Residences – Hong Kong Before renovation (2004) After renovation 29
Slide 30: Lanson Place Boutique Hotels & Residences - Hong Kong
Lanson Place Boutique Hotels & Residences - Hong Kong Occupancy rate: 88% (Sept 2006) Room rate: HK$1,600/ night 8 months into operation 30
Slide 31: Lanson Place Jin Lin Tian Di Residences - Shanghai
Lanson Place Jin Lin Tian Di Residences - Shanghai Occupancy rate: 87% (Sept 2006) Room rate: USD$6,700/ month 8 months into operation 31
Slide 32: Lanson Place Winsland - Singapore
Lanson Place Winsland - Singapore 32
Slide 33: Lanson Place Kondo 8 – Kuala Lumpur
Lanson Place Kondo 8 – Kuala Lumpur 33
Slide 34: Lanson Place Central Park - Beijing
Lanson Place Central Park - Beijing 34