Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — Q3 2018 Earnings Presentation
16 slides from Tuan Sing's earnings presentation, Oct 24, 2018
Slide 1: 3Q2018 and 9M2018 Results Announcement
3Q2018 AND 9M2018 RESULTS ANNOUNCEMENT 24 October 2018
Slide 2: Notice & Disclaimer
Notice & Disclaimer This document has been prepared for discussion purposes and does not constitute an offer or solicitation, nor it is the basis for any contract, for the purchase or sale of any investment. The information contained in this document is strictly confidential and is made available to
Slide 3: Group Financial Performance
Group Financial Performance ($’m) 3Q2018 3Q2017 Chg 9M2018 9M2017 Chg (Restated#) (Restated#) Revenue 94.6 101.0 -6% 252.8 259.9 -3% Gross profit 17.8 16.8 6% 49.9 44.8 12% Profit before tax & fair value adj 5.2 7.0 -26% 19.1 15.7 22% Profit before tax 5.2 7.0 -26% 19.0 15.7 21% Profit after tax 3.8
Slide 4: Overview
Overview • Group’s revenue for 3Q2018 was $94.6 million (vs $101.0 million, 3Q2017), a decrease of 6%. • Revenue for 9M2018 was $252.8 million (vs $259.9 million, 9M2017), a decrease of 3%. • The decrease for both periods was mainly due to lower sales of residential development projects and hotels b
Slide 5: Revenue by Segment
Revenue by Segment ($’m) 9M2018 9M2017 Chg (Restated#) Property 65.2 74.5 -12% Hotels Investment 81.2 87.6 -7% Industrial Services 107.4 98.7 9% Other Investments^^ - - - Corporate & Others@ (1.0) (0.9) 11% Group Total 252.8 259.9 -3% Proforma Group including Associates 595.7 566.7 5% 9M2018 Revenue
Slide 6: Profit after tax by Segment
Profit after tax by Segment ($’m) 9M2018 9M2017 Chg (Restated#) Property 12.7 9.3 37% Hotels Investment 1.9 1.8 6% Industrial Services 0.8 (0.1) nm Other Investments 15.2 11.9 28% Corporate & Others** (15.5) (10.0) 55% Group Total 15.1 12.8 18% Group’s higher total profit after tax was mainly due to
Slide 7: Property
Property • Property Segment revenue for 9M2018 was $65.2 million as compared to $74.5 million in the same period last year, a decrease of $9.4 million or 13%. • The decrease was mainly due to a decline in sales of development properties as most of the units in Cluny Park Residence have been sold las
Slide 8: Hotels Investment
Hotels Investment • Hotels Investment Segment revenue for 9M2018 was $81.2 million (or A$79.9 million) as compared to $87.6 million (or A$82.3 million) in the same period last year, a decrease of $6.4 million (or A$2.4 million). • Melbourne hotel performed better with increase in RevPAR and occupanc
Slide 9: Industrial Services
Industrial Services • Industrial Services Segment revenue for 9M2018 was $107.4 million as compared with $98.7 million in the same period last year, an increase of $8.7 million or 9%. • The increase was due to the better performance from the commodities trading business, offset by the loss of revenu
Slide 10: Other Investments
Other Investments • Other Investments Segment is mainly the Group’s 44.48% in GulTech, which manufactures and sells printed circuit boards with three plants in China. • Revenue for 9M2018 was US$251.3 million (vs US$215.9 million, 9M2017) • The increase was mainly attributable to improved performanc
Slide 11: Group Financial Position
Group Financial Position ($’m) 30.09.18 31.12.17 Chg (Restated#) Total assets 2,799.7 2,642.1 6% Total liabilities 1,808.4 1,641.9 10% Total borrowings 1,605.3 1,458.1 10% Cash and bank balances 136.0 216.8 -37% Shareholders’ funds 976.3 989.6 -1% NAV per share (cents) 82.0 83.4 -2% Gross gearing^ 1
Slide 12: Review of Financial Position
Review of Financial Position • Shareholders’ fund was $976.3 million as compared to $989.6 million (31 Dec 2017) – Decrease mainly due to goodwill paid in acquiring the remaining 49.0% shareholdings in Gultech (Wuxi) and payment of dividends to shareholders, partially mitigated by current year’s tot
Slide 13: Group Cash Flow
Group Cash Flow ($’m) 9M2018 9M2017 (Restated#) Operating cash flow (104.3) 42.7 Investing cash flow (102.93) (419.4) Financing cash flow 128.1 413.4 Foreign currency translation adjustments (0.4) (1.5) Cash & cash equivalent at period-end^ 71.6 131.0 Free cash out flow^^ (207.2) (376.8) ^ Net of en
Slide 14: Review of Cash Flow
Review of Cash Flow • The Group had cash and cash equivalents of $71.6 million as at 30 September 2018, as compared to $131.0 million as at 30 September 2017 • Cash and cash equivalents movement was due to: – Operating cash out flow: -$104.3 million, mainly for working capital in development propert
Slide 15: Outlook
Outlook • Looking ahead, the Group has begun on a business transformation to reposition itself from a niche developer to a regional player with presence in various key international destinations focusing on integrated mixed use and tourism developments. • In September 2018, the Group acquired a 7.8%
Slide 16: Thank You
Thank You For further information, please contact: Leong Kok Ho CFO leong_kokho@tuansing.com © Tuan Sing Holdings Limited 16