Wing Tai Properties Limited · HKEX:369
Wing Tai Properties — H1 2011 Earnings Presentation
29 slides from Wing Tai Properties's earnings presentation, Aug 31, 2011
Slide 1: Interim Results 2011
Interim Results 2011 31 August 2011
Slide 2: Agenda
Agenda Results Highlights Business Review • Operating Results Overview • Landbank • Property Development • Property Investment & Management • Hospitality Management • China Development Prospects Q&A 2
Slide 3: 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 other similar words that expre
Slide 4: Results Highlights
WING TAI PROPERTIES LIMITED Results Highlights
Slide 5: Strong & Sustainable Financial Performance
Strong & Sustainable Financial Performance For the six months ended 30 June 2011 2010 (HK$’M) (Unaudited) (Unaudited and as restated) Revenue 1,026 1,357 24% Gross profit 493 431 14% Profit from operations 1,783 1,023 74% Profit attributable to equity holders 1,364 809 69% of the Company Dividend pa
Slide 6: Maintained Strong & Healthy Balance Sheet
Maintained Strong & Healthy Balance Sheet 30 June 31 December (HK$’M) 2011 2010 (Unaudited) (Audited) Total assets 21,296 18,866 13% Net assets 14,586 13,271 10% Equity attributable to equity holders of 12,261 10,928 12% the Company Investment properties 13,261 11,786 13% Properties for sale 4,596 3
Slide 7: Business Review
WING TAI PROPERTIES LIMITED Business Review
Slide 8: Operating Results Overview
Operating Results Overview For the six months ended 30 June 2011 2010 (Unaudited) (Unaudited and (HK$’M) as restated) Property development Revenue 486 882 45% Operating Profit 196 146 34% Share of Results of Associates 41 60 32% Property investment & management Revenue 228 173 32% Operating Pro
Slide 9: Landbank
Landbank Hong Kong China Total Valuation (As at 30 June 2011) (sq. ft.) (sq. ft.) (sq. ft.) (HK$’ M) Residential Development 506,000 100,000 606,000 N/A Investment Property Office/ Retail 1,464,000 — 1,464,000 9,392 Industrial 1,349,000 — 1,349,000 2,247 Hospitality 114,000 122,000 236,000 1,788 T
Slide 10: Property Development
WING TAI PROPERTIES LIMITED Property Development
Slide 11: Upcoming Development Projects in Hong Kong
Upcoming Development Projects in Hong Kong Attributable G.F.A. Development Earliest Pre-Sale (sq. ft.) Providence Bay, Tai Po 2011 300,000 9 Warren Street, Tai Hang 2011 70,000 Coronation Terrace, Mid-Levels West 2011/2012 40,000 Ko Shan Road, Hung Hom 2013 80,000 Total 490,000 11
Slide 12: Completed Development
Completed Development 28 units sold up to 31 December 2010, generating approximately HK$876M revenue which was recognised in 2010 Further 13 units sold to-date in 2011 at average selling price of over HK$17,000 psf Belle Vue Residences About 78% of the units have been sold to-date with recogni
Slide 13: Development Pipeline
Development Pipeline Approximately 85% of the units sold to-date, generating HK$3.0B of revenue which will be recognised in 2H 2011 upon obtaining of the occupation permit Construction work is expected to be completed in 2H 2011 13
Slide 14: Development Pipeline: Providence Bay
Development Pipeline Providence Bay, Pak Shek Kok, Tai Po Application for presale consent has been submitted Construction to be completed in phases in 2012 Subject to market condition and regulatory approval, the development may be ready for pre- sale in 2011 14
Slide 15: Development Pipeline: Coronation Terrace
Development Pipeline Coronation Terrace, Mid-Levels West Anticipated GFA approximates 40,000 sq. ft. Planned to develop a low density luxury boutique apartment The sites enjoy excellent accessibility to shopping, entertainment and transportation facilities around the SOHO and CBD Foundation
Slide 16: Development Pipeline: Warren Street
Development Pipeline 9 Warren Street, Tai Hang, Causeway Bay Anticipated GFA approximates 70,000 sq. ft. Planned to develop a low density luxury boutique apartment Located at a quiet yet convenient residential area in Tai Hang of Causeway Bay, the site is in close proximity to lifestyle eateri
Slide 17: Development Pipeline: Ko Shan Road
Development Pipeline Ko Shan Road, Hung Hom Acquired property through the 50:50 joint venture with Nan Fung Group at the public auction in April 2011 Anticipated GFA approximates 160,000 sq. ft. Located at quiet yet convenient residential area in Hung Hom, the site is in close proximity to the
Slide 18: Property Investment & Management
Property Investment & Management 18
Slide 19: Investment Portfolio Highlights
Investment Portfolio Highlights Fair Value as at 30 June 2011: HK$11.6B Property Location Total GFA Committed Lease Average Average (sq. ft) at 30 June 2011 Occupancy Occupancy in 1H 2011 in 1H 2010 W Square Wanchai 129,000 84% 88% 98% Grade A Office Landmark East Kwun Tong 1,335,000 92% 88% 41% Reg
Slide 20: Hospitality Management
WING TAI PROPERTIES LIMITED Hospitality Management
Slide 21: Hospitality Investment and Management
Hospitality Investment and Management Estimated pre-opening of Lanson Place BuKit Ceylon Residences in Kuala Lumpur, Malaysia in 2012 Managed 8 residences and hotels, totally 1,200 units in Key Asian cities in Southeast Asia and Greater China Invested in three properties (one still at the deve
Slide 22: Hospitality Management & Investment
Hospitality Management & Investment Strong Brand Recognition in Asian Countries Location Total no. of apartments/ suites Lanson Place Hotel Causeway Bay, Hong Kong 194 Lanson Place Jin Lin Tian Di Residences Shanghai, the PRC 106 Lanson Place Central Park Residences Beijing, the PRC 105 Lanson Place
Slide 23: China Development
WING TAI PROPERTIES LIMITED China Development
Slide 24: Development Pipeline: Lujiazui, Shanghai
Development Pipeline Lujiazui, Shanghai Acquired property through the 50:50 joint venture with Nan Fung Group Anticipated GFA approximates 19,000 sq.m Located along the Huangpu River and in close proximity to popular tourist landmarks in Pudong and transportation facilities Project scheduled
Slide 25: Prospects
WING TAI PROPERTIES LIMITED Prospects
Slide 26: Prospects
Prospects • Sales of remaining units from • Earnings growth will be driven by Forfar, Belle Vue and Seymour renewal of leases with existing (target to obtain occupation tenants or new leases (mainly W permit in 2H2011) Square and other properties) • Launch of Providence Bay, Mid- levels West, and Ta
Slide 27: Thank You
WING TAI PROPERTIES LIMITED Thank You
Slide 28: Shareholding Structure
Shareholding Structure Wing Tai Holdings Sun Hung Kai Public & Cheng’s Family Properties Limited 50.7%* 13.8%* 35.5%* WING TAI PROPERTIES LIMITED 100% (0369.HK) Property Development Property Investment Apparel Property Hospitality China Winsor Properties Garment development Investment & Development
Slide 29: Financial Summary
Financial Summary (HK$’M) 1H2011 1H2010 FY2010 FY2009 FY2008 FY2007 FY2006 (unaudited) (unaudited & as restated) (As restated) (As restated) (As restated) (As restated) Revenue 1,026 1,357 2,177 1,207 1,665 2,210 2,699 Profit before taxation 1,790 1,038 2,485 483 340 2,849 1,008 Taxation (56) (12) (