Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — Q1 2016 Earnings Presentation
17 slides from Tuan Sing's earnings presentation, Apr 28, 2016
Slide 1: 1Q2016 Results Announcement
1Q2016 RESULTS ANNOUNCEMENT 28 April 2016
Slide 2: Overview
Overview • 1Q2016 Group’s revenue was $105.5m as compared to $155.3m in the same quarter last year • Profit before tax and fair value adjustments stood at $12.0m • Net profit attributable to shareholders was $9.6m as compared to $15.9m in the same quarter last year • Earnings per share came in at 0.
Slide 3: Group Financial Performance
Group Financial Performance ($’m) 1Q2016 1Q2015 Chg Revenue 105.5 155.3 -32% Gross profit 23.9 32.3 -26% Profit before tax & fair value adj 12.0 20.1 -40% Profit before tax 12.1 20.3 -40% Profit after tax 9.6 15.9 -40% Net profit attributable to shareholders 9.6 15.9 -40% EPS (cents) 0.8 1.4 -40% ©
Slide 4: Review of Financial Performance
Review of Financial Performance • Group revenue decreased by 32% to $105.5m due mainly to Seletar Park Residence project being completed this year • Gross profit was lower at $23.9m in tandem • Distribution costs decreased on account of lower costs from the Industrial Services segment • Higher admin
Slide 5: Group Financial Position
Group Financial Position ($’m) 31.03.16 31.12.15 Chg Total assets 2,134.5 2,162.5 -1% Total liabilities 1,238.9 1,275.0 -3% Total borrowings 1,080.1 1,106.3 -2% Cash and bank balances 128.5 141.7 -9% Shareholders’ funds 885.0 876.8 +1% NAV per share (cents) 75.1 74.4 +1% Gross gearing^ 1.21X 1.25X -
Slide 6: Review of Financial Position
Review of Financial Position • Group’s total assets decreased slightly to $2,134.5m due to lower cash and bank balances after repaying certain development project loans and lower trade and other receivables, offset partly by increases in property, plant and equipment, development properties and inve
Slide 7: Group Cash Flow
Group Cash Flow ($’m) 1Q2016 1Q2015 Operating cash flow 33.3 32.8 Investing cash flow (2.6) (2.4) Financing cash flow (71.8) (71.8) Foreign currency translation adjustments (1.2) 0.3 Cash & cash equivalent at period-end^ 63.4 146.3 Free cash inflow^^ 30.7 30.4 ^ Net of encumbered bank balances ^^ Fr
Slide 8: Review of Cash Flow
Review of Cash Flow • Net cash from operating activities was $33.3m, attributable largely to more cash being received from progress billing following the completion of the Seletar Park Residence, coupled with higher interest receipt and lower income tax payments • Net cash used in investing activiti
Slide 9: Revenue by Segment
Revenue by Segment ($’m) 1Q2016 1Q2015 Chg Property 41.3 89.7 -54% Hotels Investment 34.3 37.3 -8% Industrial Services 30.0 28.5 +5% Other Investments^^ - - nm Corporate & Others# (0.1) (0.2) -18% Group Total 105.5 155.3 -32% Proforma Group including Associates 186.4 239.5 -22% Revenue decreased due
Slide 10: Profit Before Tax & FV Adj by Segment
Profit Before Tax & FV Adj by Segment ($’m) 1Q2016 1Q2015 Chg Property 7.6 14.1 -46% Hotels Investment 2.8 5.0 -45% Industrial Services 0.3 (0.0) nm Other Investments 1.8 0.8 132% Corporate & Others# (0.5) 0.2 nm Group Total 12.0 20.1 -40% All business segments were profitable at operating level, le
Slide 11: Profit after tax by Segment
Profit after tax by Segment ($’m) 1Q2016 1Q2015 Chg Property 6.4 11.6 -45% Hotels Investment 1.6 3.2 -51% Industrial Services 0.3 (0.1) nm Other Investments 1.9 1.0 +97% Corporate & Others# (0.6) 0.2 nm Group Total 9.6 15.9 -40% Property and Hotels Investment accounted for 66% and 17% respectively t
Slide 12: Property
Property • Property revenue dropped to $41.3m from $89.7m in the same period last year; profit after tax was $6.4m as compared to $11.6m a year ago • Bulk of revenue and profit were from the new sales and progressive recognition of revenue for units sold at Seletar Park Residence, Sennett Residence,
Slide 13: Hotels Investment
Hotels Investment • GHG reported revenue of A$33.9m and profit after tax of A$3.7m • Net income from hotel operations was down 17% to A$6.4m as Grand Hyatt Melbourne and Hyatt Regency Perth registered a combined 3% drop in RevPAR despite higher occupancy rate • Net income from non-hotel operations (
Slide 14: Industrial Services
Industrial Services • Industrial Services reported revenue of $30.0m as compared to $28.5m in the same period a year ago • SP Corp’s revenue rose 5% to $27.9m attributable to higher revenue from commodities trading • Earnings increased to $0.3m, notwithstanding the loss incurred by its Tyre Distribu
Slide 15: Other Investments
Other Investments • GulTech reported revenue of US$55.5m and profit after tax of US$4.6m • Revenue was lower but profit after tax was similar to the first quarter last year helped by higher gross profit and lower loss incurred by its new plant • In addition, GulTech’s net profit attributable to shar
Slide 16: Outlook
Outlook • The Group’s revenue and profit in 2016 would continue to come from on-going development projects (e.g. Seletar Park Residence, Sennett Residence, Cluny Park Residence) • The Group secured a 99-year leasehold residential land at Jalan Kandis in early April; the launch for sale is expected b
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