Wing Tai Properties Limited · HKEX:369
Wing Tai Properties — H1 2013 Earnings Presentation
35 slides from Wing Tai Properties's earnings presentation, Aug 23, 2013
Slide 1: Interim Results 2013
WING TAI PROPERTIES LIMITED 永泰地產有限公司 Interim Results 2013 23 August 2013
Slide 2: Agenda
Agenda Investing Meeting Presentation November 2012 Results Highlights Business Review • Land Bank • Property Development • Property Investment & Management • Hospitality Investment & Management Future Plans & Strategies About Wing Tai Properties • Investment Thesis • Sustainable Growth • Our Strong
Slide 3: Disclaimer
Disclaimer Investing Meeting Presentation November 2012 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
Slide 4: Results Highlights
Results Highlights
Slide 5: Financial Results Summary
Financial Results Summary Investing Meeting Presentation For the 6 months endedNovember 30 June 2012 2012 (HK$’M) 2013 (Restated)* Continuing operations Revenue 427 653 35% Gross profit 281 420 33% Change in fair value of investment properties 826 60 1,277% Profit from operations 1,070 329 225% Shar
Slide 6: Segment Results Overview
Segment Results Overview Investing Meeting Presentation November 2012 For the 6 months ended 30 June 2012 (HK$’M) 2013 (Restated) Property development Profit before taxation 43 108 60% Property investment & management Revenue 260 268* 3% Increase in capital values 799 48 1,565% Profit before tax
Slide 7: Balance Sheet Summary
Balance Sheet Summary Investing Meeting Presentation November 2012 31 December 30 June 2012 (HK$’M) 2013 (Restated) Total assets 24,809 23,578 5% Net assets 19,269 18,362 5% Equity attributable to equity holders of the 19,268 18,360 5% Company Investment properties 17,617 16,322 8% Properties for sa
Slide 8: Balance Sheet Summary – Con't
Balance Sheet Summary – Con’t Investing Meeting Presentation November 2012 31 December 30 June 2012 (HK$’M) 2013 (Restated) Total borrowings 4,300 4,105 5% Net borrowings 3,072 3,025 2% Gearing ratio 15.9% 16.5% (net borrowings to net assets) Maturity profile of borrowings Repayable: Within one year
Slide 9: Business Review
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Slide 10: Land Bank (as at August 2013)
Land Bank (as at 20 August 2013) Investing Meeting Strategic Presentation land bank with focus on Hong Kong November 2012 Investment Property Land Bank Overview (sq. ft.) Residential Development By Business Segment By Geographical Segment Hospitality China 13% 14% Residential Office/ Development Ret
Slide 11: Property Development
Property Development
Slide 12: Sales and Development Pipeline
Sales and Development Pipeline Investing Meeting Presentation November 2012 A sustainable and scalable residential project pipeline Aggregate Presold/ Expected occupation permit date Property Gross Floor Sold Gross Group’s Development 2016 and Area Floor Area* 2013 2014 2015 Interest Portfolio beyon
Slide 13: Completed Development
Completed Development Investing Meeting Presentation November 2012 Providence Bay, Providence Peak, The Graces, at Pak Shek Kok, Tai Po Providence Bay: approximately 60% of the units has been sold as at 30 June 2013 Providence Peak: approximately 81% of the units has been sold as at 30 June 2013
Slide 14: Sales and Development Pipeline
Sales and Development Pipeline Investing Meeting Presentation November 2012 The Warren, 9 Warren Street, Causeway Bay Over 71% of the units has been pre-sold as at 30 June 2013 Occupation permit is expected to be obtained between late 2013 and early 2014 Sold units are expected to be delivered
Slide 15: Sales and Development Pipeline
Sales and Development Pipeline Investing Meeting Presentation November 2012 The Pierre, 1 Coronation Terrace, Mid-Levels West Over 97% of the units has been pre-sold as at 30 June 2013 Sold units are expected to be delivered in the second half of 2014 Ko Shan Road, Hung Hom Wing Tai is the lea
Slide 16: Sales and Development Pipeline
Sales and Development Pipeline Investing Meeting Presentation November 2012 Lujiazui, Shanghai Located along the Huangpu River and in close proximity to popular tourist landmarks in Pudong and transportation facilities The property comprises 97 apartment units and a gross floor area of around 21
Slide 17: New Acquisitions
New Acquisitions Investing Meeting Presentation November 2012 Kau To, Shatin The Group has a 35% interest in each of the two sites acquired in August 2012 and January 2013 The sites, with an aggregate gross floor area of approximately 460,000 sq. ft., are earmarked for low-density luxury apartme
Slide 18: New Acquisitions – Con't
New Acquisitions – Con’t Investing Meeting Presentation November 2012 Siu Sau, Tuen Mun Low-density residential development site at Castle Peak Road - Tai Lam, Siu Sau in Tuen Mun acquired in August 2013 The site, with a gross floor area of approximately 159,000 sq. ft., is earmarked for low-den
Slide 19: Property Investment & Management
Property Investment & Management
Slide 20: Investment Portfolio in Hong Kong
Investment Portfolio in Hong Kong Investing Meeting Presentation November 2012 Gross floor Occupancy as Leases Average rental Leases expiring area at 30 June 2013 renewed reversion upon / rent review in (‘000 sq. ft.) in 1H2013 lease renewal 2H2013 Landmark East 1,338 98% 30% 47% 19% (AIA Kowloon To
Slide 21: Investment Portfolio in London
Investment Portfolio in London Investing Meeting Presentation November 2012 Commercial Property at No. 1 Savile Row, West End Retail spaces were fully leased; office spaces were vacant for redevelopment as at 30 June 2013 After redevelopment, net internal area of Grade-A office and premier retai
Slide 22: Hospitality Investment & Management
Hospitality Investment & Management
Slide 23: Hospitality Investment and Management
Hospitality Investment and Management Investing Meeting Presentation November 2012 Manages 9 properties in Hong Kong, gateway cities of China and South East Asia, with investments in 4 of them Wholly-owned Lanson Place Hotel reported solid financial performance amid its refurbishment Lanson Pl
Slide 24: Future Plans & Strategies
Future Plans & Strategies
Slide 25: Future Plans & Strategies
Future Plans & Strategies Investing Meeting Presentation November 2012 In near term In mid to long term Property Amid the government’s cooling Continue to be proactive in exploring Development measures, consider launching opportunities to replenish our land bank residential units at right window
Slide 26: About Wing Tai Properties
About Wing Tai Properties
Slide 27: Investment Thesis
Investment Thesis Investing Meeting Presentation November 2012 A credible and integrated property player in Hong Kong 1 with a balanced and growing development and investment portfolio Strong track record in developing luxury and quality residential properties 2 at premium values Owns a portfolio of
Slide 28: Sustainable Growth
Sustainable Growth Investing Meeting Presentation November 2012 Disciplined execution of the Group’s strategies and expansion plans Shareholders’ Equity Net Profit Attributable to Equity Holders (HK$’M) (HK$’M) 4,737 19,268 18,360 12,928 10,910 2,211 8,980 1,920 8,036 1,036 313 453 208 2008 2009 201
Slide 29: Our Strong Track Record
Our Strong Track Record Investing Meeting Presentation November Track record in lead-managing and completing high-end projects; capability in execution 2012 of projects with effective marketing strategies; strong partnership network with other reputable developers The Warren The Pierre The Graces Pr
Slide 30: Balance and Diversified Land Bank in Hong Kong
Balance and Diversified Land Bank in Hong Kong 1 Investing Meeting Presentation November 2012 2 3 4 4 5 Kau To, Shatin 5 6 Ko Shan Road, Hung Hom 7 11 7 Siu Sau, Tuen Mun 8 10 6 8 9 1 2 9 123 10 Shui Hing Centre (Industrial property) 11 Winner Godown Building (Industrial property) 12 Development pro
Slide 31: Hospitality Investment & Management
Hospitality Investment & Management Investing Strong brand Meeting recognition in Asian gatewayPresentation November 2012 cities by customers and property owners Lanson Place Properties Lanson Place Properties under Management Investment & Management Lanson Place Jin Qiao Lanson Place Central Park S
Slide 32: Appendix
Appendix
Slide 33: Shareholding Structure
Shareholding Structure Investing Meeting Presentation November 2012 Wing Tai Holdings Cheng Family (excluding Sun Hung Kai Public Limited Wing Tai Holdings Limited) 16.1% Properties Limited Shareholders 34.6% 50.7% 13.7% 35.6% Wing Tai Properties Limited (0369.HK) Core Businesses Non-Core Businesses
Slide 34: Five Years Financial Summary
Five Years Financial Summary Investing Meeting Presentation November 2012 Year ended 31 December 1H2013 1H2012 2012 2011 2010 2009 2008 HK$’M (Restated) (Restated) (Restated) (Restated) (Restated) (Restated) HK$’M HK$’M HK$’M HK$’M HK$’M HK$’M RESULTS Continuing operations 426.9 653.4 1,290.3 1,630.
Slide 35: Five Years Financial Summary – Con't
Five Years Financial Summary – Con’t Investing Meeting Presentation November 2012 As at 31 December As at 30 June 2013 2012 2011 2010 2009 2008 HK$’M Restated Restated Restated Restated Restated HK$’M HK$’M HK$’M HK$’M HK$’M ASSETS AND LIABILITIES Total assets 24,809.4 23,578.1 20,212.5 17,631.2 15,