Wing Tai Properties Limited · HKEX:369
Wing Tai Properties — FY2023 Earnings Presentation
38 slides from Wing Tai Properties's earnings presentation, 2024
Slide 1: Wing Tai Properties Limited Annual Results 2023
Wing Tai Properties Limited ANNUAL Results 2023 永泰地產有限公司
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 similar words that express an
Slide 3: Agenda
Agenda • A Snapshot of 2023 • Key Achievements • Land Bank • Business Review • Property Development • Property Investment & Management • Hospitality Investment & Management • Strengthened Capital Structure • Future Plans & Strategies • 2023 Results Highlights • Appendix
Slide 4: A Snapshot of 2023
A Snapshot of 2023
Slide 5: Key Achievements
Key Achievements • We managed to maintain the occupancy of our flagship Landmark East twin towers at approximately above 90% level. We successfully obtained 2 certificates BEAM Plus Existing Buildings Platinum issued by Hong Kong Green Building Council Limited and LEED Existing Buildings Platinum is
Slide 6: Balanced and diversified land bank in Hong Kong
Balanced and diversified land bank in hong kong “Upper Gold Coast” series 1 OMA OMA * 2 OMA by the Sea 4 Site at Gage Street/ 3 Graham Street, Central 8 4 Site near Sheung Shui 9 MTR station 1 2 5 5 Site at Hin Wo Lane, Sha Tin 7 6 Landmark East 6 7 Shui Hing Centre 3 10 11 8 Le Cap 9 La Vetta Lanso
Slide 7: Land bank in London
LAND BANK IN LONDON 1 10 Brook Street 2 35 Berkeley Square 3 No.1 Savile Row 4 Cavendish Square 4 5 6 7 1 4 2 3 5 66 Shoe Lane 86 10 Fleet Place 7 30 Gresham Street Investment properties 7
Slide 8: Land bank (as at 31 December 2023)
Land bank (as at 31 December 2023) Strategic land bank with focus in Hong Kong Investment Property Land Bank Overview (sq.ft.) By Business Segment Residential units 5% Hospitality 12% Investment Industrial Property 8% Development Property Office/ 20% 80% Retail 75% Valuation as at Attributable Hong
Slide 9: Business Review
Business Review 9
Slide 10: Property Development
Property Development 10
Slide 11: Sale and development pipeline
Sale and development pipeline (As at 31 december 2023) Project pipeline Available Estimated Completion Saleable Area / Property Development Portfolio Gross Group’s 2024 2025 2026 2027 2028 and Floor Area Interest beyond (’000 sq. ft.) Hong Kong Completed OMA OMA* 22# 100% Development OMA by the Sea*
Slide 12: Completed Development in Hong Kong
Completed Development in Hong Kong OMA OMA (466 units), So Kwun Wat Road, Tuen Mun • Saleable area of approximately 234,000 sq. ft. for 466 residential apartment units • Medium-density residential development • Cumulatively, around 95% (in terms of number) of the residential units were sold as at 31
Slide 13: Completed Development in Hong Kong – Cont'd
Completed Development in Hong Kong – Cont’d OMA by the Sea (517 units), Castle Peak Road, Tai Lam, Tuen Mun • Saleable area of approximately 252,000 sq. ft. for 517 residential apartment units • Medium-density residential development • Cumulatively, around 92% (in terms of number) of the residential
Slide 14: Project Under Development in Hong Kong
Project Under Development in Hong Kong Mixed-use Development at Gage Street/ Graham Street, Central • Combined gross floor area up to 433,500 sq. ft. • Earmarked for mixed-use development encompassing a Grade A office tower, a luxury international hotel, retail shops and green open space • Forming p
Slide 15: Project Under Development in Hong Kong – Cont'd
Project Under Development in Hong Kong – Cont’d Residential site near Sheung Shui MTR Station • Won a government tender in June 2021 for a consideration of HK$2.6 billion • Gross floor area of approximately 284,170 sq. ft. • Medium-density residential development adjacent to Fanling Golf Course • In
Slide 16: Project Under Development in Hong Kong – Cont'd
Project Under Development in Hong Kong – Cont’d Residential site at Hin Wo Lane, Sha Tin, near Tai Wai and Hin Keng MTR stations • Won a government tender in September 2022 for a consideration of HK$786 million • Gross floor area of approximately 89,000 sq. ft. • In February 2023, obtained approval
Slide 17: Property Investment & Management
Property Investment & Management 17
Slide 18: Investment portfolio in Hong Kong
Investment portfolio in hong kong Gross floor Occupancy as at area (’000 sq. ft.) 31 December 2023 Grade A Offices Landmark East (AIA Kowloon Tower/ 1,338 91% AXA Tower) Industrial Property Shui Hing Centre* 187 86% Le Cap 36 88% Residential Properties La Vetta 72 71% * Obtained the Town Planning Bo
Slide 19: Investment portfolio in London
Investment portfolio in london 1) Commercial Property on Brook Street, West End • Net internal area of approximately 19,000 sq. ft. of Grade A office and retail space 2) Commercial Property at Berkeley Square, West End • Net internal area of approximately 7,900 sq. ft. of Grade A office space 3) Com
Slide 20: Investment portfolio in London – Joint Venture
Investment portfolio in london – JOINT VENTURE 1) Commercial Property at Cavendish Square, West End • Group’s interest of 33% • Net internal area of approximately 13,000 sq. ft. of Grade A office space 2) Commercial Property at Shoe Lane, the City • Group’s interest of 21% • Net internal area of app
Slide 21: Investment portfolio in London – Joint Venture (Cont'd)
Investment portfolio in london – JOINT VENTURE (Cont’d) 3) Commercial Property on Fleet Place, the City • Group’s interest of 25% • Net internal area of approximately 192,000 sq. ft. of Grade A office and retail space 4) Commercial Property at Gresham Street, the City • Group’s interest of 50% • Net
Slide 22: Hospitality Investment & Management
HOSPITALITY INVESTMENT & MANAGEMENT 22
Slide 23: Hospitality portfolio
Hospitality portfolio Lanson Place Properties – Investment & Management • Strong brand recognition in Hong Kong and key gateway cities in Asia by customers as well as property owners Lanson Place Causeway Bay, Hong Kong • Group’s interest: 100% • 188 units (re-open in March 2024) • A member of the “
Slide 24: Hospitality portfolio – Cont'd
Hospitality portfolio – Cont’d Lanson Place Properties – Management Lanson Place Two MacDonnell Road, Hong Kong Lanson Place Parkside, 213 units Shanghai Shanghai 182 units Hong Kong Lanson Place Winsland, Manila Singapore Kuala Lumpur 109 units Singapore Lanson Place Lanson Place Mall of Asia, Parl
Slide 25: Hospitality investment and management
Hospitality investment and management • Following an extensive refurbishment led by the world-renowned Parisian hotel design maestro Pierre-Yves Rochon, Lanson Place Causeway Bay hotel reopened on 1 March 2024. Designed with meticulous details, the hotel embodies the elegant essence and French sophi
Slide 26: Strengthened capital structure
Strengthened capital structure November 2014 August 2017 November 2017 November 2022 Sixth drawdown of HK$100 Seventh drawdown of S$160 Eighth drawdown of S$100 Completion of a 5-year million unrated 10-year fixed million 4.35% unrated senior million 4.35% unrated senior HK$1,900 million syndicated
Slide 27: Future Plans & Strategies
Future Plans & Strategies 27
Slide 28: Future plans & strategies
Future plans & strategies In near term In mid-to-long term Property • Continue the sale of the remaining units of our • Deliver well-designed, sustainable and high “Upper Gold Coast” series, namely OMA OMA quality residential and commercial properties Development and OMA by the Sea • Maximise return
Slide 29: 2023 Results Highlights
2023 Results Highlights 29
Slide 30: Financial results summary
Financial results summary For the year ended 31 December (HK$’M) 2023 2022 Revenue 882 4,097 78% Gross profit 681 1,573 57% Change in fair value of investment properties and (844) (1,094) 23% financial instruments including joint ventures Loss from operations (462) (21) 2,100% Share of results of jo
Slide 31: Segment results overview
Segment results overview For the year ended 31 December (HK$’M) 2023 2022 Property Development Revenue (excluding inter-segment sales) 212 3,342 94% Fair value changes in investment properties and financial (51) 177 N/A instruments including joint ventures (Loss)/profit before taxation (290) 7
Slide 32: Segment results overview – Cont'd
Segment results overview – Cont’d For the year ended 31 December (HK$’M) 2023 2022 Hospitality Investment & Management Revenue 37 106 65% Fair value changes in investment properties including joint (9) (153) 94% ventures Loss before taxation (81) (158) 49% Loss before taxation excluding fair
Slide 33: Balance sheet summary
Balance sheet summary 31 December 31 December (HK$’M) 2023 2022 Total assets 33,988 35,499 4% Net assets 26,095 27,327 5% Equity attributable to shareholders of the company 24,440 25,685 5% Investment properties 19,693 20,468 4% Interests in joint ventures 5,086 5,337 5% Properties for sale 3,834 3,
Slide 34: Balance sheet summary – Cont'd
Balance sheet summary – Cont’d 31 December 31 December (HK$’M) 2023 2022 Total borrowings 6,808 6,728 1% Net borrowings 4,166 4,487 7% Gearing ratio 16.0% 16.4% (net borrowings to net assets) Maturity profile of borrowings Repayable: Within one year 2,808 41% 2,551 38% Between one and two years 516
Slide 35: Appendix
Appendix 35
Slide 36: Investment Thesis
Investment Thesis A credible integrated property developer in Hong Kong with a balanced and well-diversified 1 development and investment portfolio spanning the region and beyond Constantly grow the residential property development operations by proactively yet 2 cautiously acquiring land bank Lever
Slide 37: Five years financial summary
Five years financial summary Full Year Results 2023 2022 2021 2020 2019 (HK$’M) (Note 1) (Note 2) RESULTS Revenue 882 4,097 3,423 2,778 830 (Loss)/ profit before taxation (769) (152) 1,045 (555) 375 Taxation (43) (172) (127) (61) (70) (Loss)/ profit for the year (812) (324) 918 (616) 305 Attributabl
Slide 38: Five years financial summary – Cont'd
Five years financial summary – Cont’d As at 31 December 2023 2022 2021 2020 2019 (HK$’M) ASSETS AND LIABILITIES Total assets 33,988 35,499 38,739 37,246 36,323 Total liabilities (7,893) (8,172) (10,573) (9,605) (7,699) Total equity 26,095 27,327 28,166 27,641 28,624 38