Ctf Services Limited · HKEX:659
Ctf Services — NWS Holdings — FY2012 Earnings Presentation
32 slides from Ctf Services's earnings presentation, Sep 25, 2012
Slide 1: FY2012 Annual Results
FY2012 Annual Results PAVING NEW HORIZONS
Slide 2: New World Group Structure
New World Group Structure New World Development Company Limited 新世界發展有限公司 (HK stock code: 17) 69.9% 60.7% 72.3% New World China Land New World Department Store Limited China Limited 新世界中國地產有限公司 新世界中國地產有限公司 NWS Holdings Limited 新世界百貨中國有限公司 新世界百貨中國有限公司 (HK stock code: 917) 新創建集團有限公司 創建集團有限公司 (HK stock
Slide 3: NWS Investment Portfolio
NWS Investment Portfolio Infrastructure Services 基建 服務 Roads Facilities 道路 Management 設施管理 Energy 能源 Construction & Transport Water 建築及交通 水務 Strategic Ports & Logistics Investments 港口及物流 策略性投資 3
Slide 4: Financial Summary
Financial Summary For the year ended 30 June 2012 2011 Change (HK$’M) (HK$’M) + / (-)% Revenue 14,954.3 9,560.6 56 Attributable Operating Profit 4,207.6 4,056.2 4 (AOP) Profit Attributable to 5,251.1 4,626.8 13 Shareholders (PAT) Earnings per share HK$1.53 HK$1.40 9 Dividend per share HK$0.75 HK$0.7
Slide 5: Financial Position
Financial Position Total cash and bank balances: HK$5.4 billion Total debt: HK$17.7 billion Net debt position: HK$12.3 billion Net gearing: 34% (As at 30 June 2012) 5
Slide 6: Revenue
Revenue (+56%) HK$’M 14,954 Roads up HK$1,649M 16,000 13% 14,000 12,000 9,561 Facilities Management 3% up HK$1,385M 10,000 48% 8,000 Construction & Transport 60% 6,000 up HK$2,327M 4,000 39% 2,000 37% 0 FY2011 FY2012 6
Slide 7: Attributable Operating Profit
Attributable Operating Profit By Segment By Region (+4%) (+4%) HK$’M 4,208 HK$’M 4,208 4,056 4,056 4,500 4,500 4,000 4,000 3,500 2,067 2,133 3,500 2,177 2,241 3,000 (51%) (51%) 3,000 (54%) (53%) 2,500 2,500 2,000 2,000 1,500 1,989 2,075 1,500 1,879 1,967 1,000 1,000 (46%) (47%) (49%) (49%) 500 500 0
Slide 8: AOP by Segment
Infrastructure Roads Energy Water Ports & Logistics AOP by Segment For the year ended 30 June 2012 2011 Change % (HK$’M) (HK$’M) Fav./(Unfav.) Roads 1,210.1 1,134.9 7 Energy 262.2 352.4 (26) Water 359.3 297.7 21 Ports & Logistics 301.4 281.9 7 Total 2,133.0 2,066.9 3 8
Slide 9: AOP by Segment
Services Facilities Management Construction & Transport Strategic Investments AOP by Segment For the year ended 30 June 2012 2011 Change % (HK$’M) (HK$’M) Fav./(Unfav.) Facilities Management 1,184.0 876.9 35 Construction & Transport 334.2 279.1 20 Strategic Investments 556.4 833.3 (33) Total 2,074.6
Slide 10: INFRASTRUCTURE
INFRASTRUCTURE 10
Slide 11: INFRASTRUCTURE
INFRASTRUCTURE Roads and related projects in As at 30 June 2012 20 Guangdong, Guangxi, Shanxi, Zhejiang and Tianjin Roads 1 Tunnel project in Hong Kong 4 Power plants in the PRC and Macau 1 Coal distributor in Guangzhou Energy Water treatment projects in the PRC 24 and Macau 1 Incineration plant in
Slide 12: AOP – Roads
Infrastructure Roads Energy Water Ports & Logistics AOP – Roads HK$’M (+7%) 1,400 1,210 1,135 1,200 124 1,000 388 800 600 1,086 400 747 200 0 FY2011 FY2012 Extra profit recognition for Tangjin Expressway (Tianjin North Section) 12
Slide 13: Highlights – Roads
Infrastructure Roads Energy Water Ports & Logistics Highlights – Roads Hangzhou Ring Road 杭州繞城公路 Significant AOP contribution with 95% effective interest Tangjin Expressway (Tianjin North Section) 唐津高速公路(天津北段) expansion works to be completed in FY2015 Guangzhou City Northern Ring Road 廣州市北環高速公路 traf
Slide 14: AOP – Energy
Infrastructure Roads Energy Water Ports & Logistics AOP – Energy HK$’M 400 350 352 (-26%) 300 250 262 200 150 100 50 0 FY2011 FY2012 14
Slide 15: Highlights – Energy
Infrastructure Roads Energy Water Ports & Logistics Highlights – Energy Zhujiang Power Plants 珠江電廠 Sales dropped by 5%; fuel cost up 3% Tariff up 6% - 6.5% in December 2011 Chengdu Jintang Power Plant 成都金堂 成都金堂電廠 金堂電廠 Sales up 6%; fuel cost up 29% Tariff up 9.8% in December 2011 Macau Power 澳門電力 Sal
Slide 16: AOP – Water
Infrastructure Roads Energy Water Ports & Logistics AOP – Water HK$’M (+21%) 400 350 359 300 298 250 200 150 100 50 0 FY2011 FY2012 16
Slide 17: Highlights – Water
Infrastructure Roads Energy Water Ports & Logistics Highlights – Water Full concession water plants Average sales volume up 7% Waste water treatment plants Shanghai SCIP & Chongqing Tangjiatuo sales revenue up 13% New projects Chongqing CCIP commenced operation in September 2011 Wuhan Chemical Indus
Slide 18: AOP – Ports & Logistics
Infrastructure Roads Energy Water Ports & Logistics AOP – Ports & Logistics HK$’M (+7%) 350 300 301 250 282 200 150 100 50 0 FY2011 FY2012 18
Slide 19: Highlights – Ports & Logistics
Infrastructure Roads Energy Water Ports & Logistics Highlights – Ports & Logistics Ports projects reported healthy throughput growth Xiamen New World Xiangyu Terminals 廈門象嶼新創建 廈門象嶼新創建碼頭 象嶼新創建碼頭 up 29% Tianjin Orient Container Terminals 天津東方海陸集裝箱 天津東方海陸集裝箱碼頭 東方海陸集裝箱碼頭 up 3% Tianjin Five Continents In
Slide 20: China Rail Container Terminals Project (CUIRC)
Infrastructure Roads Energy Water Ports & Logistics China Rail Container Terminals Project (CUIRC) 8 operating terminals of Phase 1 located at or near major Terminal under operation coastal ports and inland logistics hubs • Kunming • Qingdao FY2011 FY2012 • Chongqing • Wuhan • Chengdu • Xi’an Total
Slide 21: SERVICES
—~ AT es NWS SERVICES 21
Slide 22: AOP – Facilities Management
Services Facilities Management Construction & Transport Strategic Investments AOP – Facilities Management HK$’M (+35%) 1,200 1,184 1,000 800 877 600 400 200 0 FY2011 FY2012 22
Slide 23: Highlights – Facilities Management
Services Facilities Management Construction & Transport Strategic Investments Highlights – Facilities Management HKCEC recorded solid performance Over 1,200 events were held with total patronage of approximately 5.6 million Food and beverage revenue up 15% Outstanding performance by Free Duty due to
Slide 24: AOP – Construction & Transport
Services Facilities Management Construction & Transport Strategic Investments AOP – Construction & Transport HK$’M (+20%) 350 334 300 250 279 200 150 100 50 0 FY2011 FY2012 24
Slide 25: Highlights – Construction & Transport
Services Facilities Management Construction & Transport Strategic Investments Highlights – Construction & Transport Construction Gross contract-on-hand: HK$21.4 billion Remaining value: HK$14.5 billion Transport Average fuel cost up 17% Disposal of underperforming operations - Macau Ferry and Kunmin
Slide 26: AOP – Strategic Investments
Services Facilities Management Construction & Transport Strategic Investments AOP – Strategic Investments HK$’M 900 800 833 700 (-33%) 600 500 556 400 300 200 100 0 FY2011 FY2012 26
Slide 27: Highlights – Strategic Investments
Services Facilities Management Construction & Transport Strategic Investments Highlights – Strategic Investments Profit contributions from: Tricor Holdings Limited Haitong International Other securities investments AOP dropped due to market volatility and reduction in disposal gains of securities 27
Slide 28: PAT & AOP
PAT & AOP HK$’B CAGR: 16.59% 6 PAT 5 4 AOP 3 CAGR: 2 10.42% 1 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 28
Slide 29: Net Assets
Net Assets CAGR: HK$’B 17.74% 40 $36.6B 35 30 25 20 15 10 $9.9B 5 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 29
Slide 30: Outlook
Outlook Roads Full year contribution from Hangzhou Ring Road from FY2013 can offset impact from recent adverse toll road policies Water Strengthened by two new projects in Chongqing and Wuhan Free Duty Renewed concessions at all land border crossing terminals will capture growth of visitors from Mai
Slide 31: Conclusion
Conclusion Record-breaking results with: Revenue up 56% to HK$15.0B Profit from core businesses up 4% to HK$4.2B Profit after tax up 13% to HK$5.3B Maintain high dividend policy of distributing at least 50% of net profit Clear growth strategies and drivers in place Strong financial position to take
Slide 32: Q&A Session
Q&A Session 32