Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — FY2016 Earnings Presentation
17 slides from Tuan Sing's earnings presentation, Jan 26, 2017
Slide 1: FY2016 Results Announcement
FY2016 RESULTS ANNOUNCEMENT 26 January 2017
Slide 2: Overview
Overview • Completion of various development projects during the year resulted in lower revenue and profit • FY2016 Group’s revenue was $404.0 million, a drop of 40% as compared to $677.1 million last year • Net profit attributable to shareholders dropped 51% to $33.6 million from $68.8m a year earl
Slide 3: Group Financial Performance
Group Financial Performance ($’m) FY2016 FY2015 Chg Revenue 404.0 677.1 -40% Gross profit 84.4 141.9 -41% Profit before tax & fair value adj 37.7 88.7 -57% Profit before tax 40.1 80.7 -50% Profit after tax 33.8 69.1 -51% Net profit attributable to shareholders 33.6 68.8 -51% EPS (cents) 2.8 5.8 -52%
Slide 4: Review of Financial Performance
Review of Financial Performance • Seletar Park obtained CSC in Jan 2016, Sennett Residence obtained TOP in Jun 2016, and Cluny Park obtained TOP in July 2016 and CSC in October 2016. • Distribution costs increased reflecting higher promotion and commission expenses; Administrative expenses increased
Slide 5: Group Financial Position
Group Financial Position ($’m) 31.12.16 31.12.15 Chg Total assets 2,123.1 2,162.5 -2% Total liabilities 1,192.6 1,275.0 -6% Total borrowings 1,020.8 1,106.3 -8% Cash and bank balances 163.7 141.7 +16% Shareholders’ funds 919.4 876.8 +5% NAV per share (cents) 77.7 74.4 +4% Gross gearing^ 1.10X 1.25X
Slide 6: Review of Financial Position
Review of Financial Position • As at 31 Dec 2016, Group’s total assets decreased 2% to $2,123.1 million as there was lower carrying amount of development properties but offset partially by increase in trade and other receivables, cash and bank balances, investment properties, and property, plant and
Slide 7: Group Cash Flow
Group Cash Flow ($’m) FY2016 FY2015 Operating cash flow 190.1 152.3 Investing cash flow (31.2) (4.9) Financing cash flow (167.5) (228.8) Foreign currency translation adjustments (1.1) (0.3) Cash & cash equivalent at year-end^ 95.9 105.7 Free cash inflow^^ 158.9 147.4 ^ Net of encumbered bank balance
Slide 8: Review of Cash Flow
Review of Cash Flow • Net cash from operating activities was $190.1 million, as more cash was received from progress billing following the completion of the three development properties • Net cash used in investing activities was $31.2 million mainly for the redevelopment of Robinson Towers • Net ca
Slide 9: Revenue by Segment
Revenue by Segment ($’m) FY2016 FY2015 Chg Property 130.0 404.0 -68% Hotels Investment 140.6 145.5 -3% Industrial Services 134.1 128.3 5% Other Investments^^ - - - Corporate & Others# (0.7) (0.7) - Group Total 404.0 677.1 -40% Proforma Group including Associates 750.4 1,023.4 -27% Property remains a
Slide 10: Profit Before Tax & FV Adj by Segment
Profit Before Tax & FV Adj by Segment ($’m) FY2016 FY2015 Chg Property 4.1 60.4 -93% Hotels Investment 11.9 14.7 -19% Industrial Services 2.2 1.3 +69% Other Investments 12.1 6.8 +78% Corporate & Others# 7.4 5.5 +35% Group Total 37.7 88.7 -57% All business segments were profitable at operating level.
Slide 11: Profit after tax by Segment
Profit after tax by Segment ($’m) FY2016 FY2015 Chg Property 3.0 50.4 -94% Hotels Investment 9.5 5.2 +83% Industrial Services 1.7 1.3 +31% Other Investments 12.3 6.7 +84% Corporate & Others# 7.3 5.5 +33% Group Total 33.8 69.1 -51% Other Investments followed by Hotels Investment became the key driver
Slide 12: Property
Property • All the three residential developments in Singapore were completed during the year • Full year property revenue decreased 68% to $130.0 million from $404.0 million last year. Rental income from investment properties in Singapore of $17.0 million remained comparable to last year • During t
Slide 13: Hotels Investment
Hotels Investment • For the full year, Hotels Investment segment recorded A$136.9 million of revenue, as against A$140.6 million last year. • Non-hotel investment properties recorded a net fair value gain of $0.3 million in the current year, as compared to a net fair value loss of $9.1 million a yea
Slide 14: Industrial Services
Industrial Services • For the full year, Industrial Services recorded higher revenue of $134.1 million as compared to $128.3 million last year. • Accordingly, profit after tax was 30% higher at $1.7 million as compared to $1.3 million last year. © Tuan Sing Holdings Limited 14
Slide 15: Other Investments
Other Investments • For the full year, GulTech reported revenue of US$244.3 million, a marginal increase from the previous year’s US$242.9 million. • Profit after tax increased 28% to US$28.8 million as compared to last year mainly attributable to improved performance from its new Jiangsu Plant. • G
Slide 16: Outlook
Outlook • The Group planned to dispose off the remaining units of development properties in the coming months. • The Group plans to launch “Kandis Residence” in the middle of 2017. • Hotels Investment is expected to perform satisfactory and continue to contribute recurring income cash flow. • Robins
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