Wing Tai Properties Limited · HKEX:369
Wing Tai Properties — FY2010 Earnings Presentation
33 slides from Wing Tai Properties's earnings presentation, Mar 31, 2011
Slide 1: Annual Results 2010
Annual Results 2010 31 March 2011
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 other similar words that expre
Slide 3: Agenda
Agenda Results Highlights Business Review • Overview of 2010 • Property Development • Property Investment & Management • Hospitality Management Prospects Appendix 3
Slide 4: Results Highlights
WING TAI PROPERTIES LIMITED Results Highlights
Slide 5: Financial Results Summary
Financial Results Summary (HK$’M) 2010 2009 (As restated) Revenue 2,177 1,207 80% Gross profit 781 503 55% Profit from operations 2,486 537 363% Profit attributable to equity holders 1,913 313 511% of the company Dividend payout 132 68 94% Basic earnings per share (HK cents) 145 29 400% Final divide
Slide 6: Turnover Breakdown
Turnover Breakdown (HK$’M) 2010 2009 (As restated) Property development 895 76 1,078% Property investment & management 397 283 40% Hospitality investment & management 115 91 26% Garment manufacturing and branded 746 729 2% products distribution Others 24 27 11% Total 2,177 1,207 80% 6
Slide 7: Balance Sheet Summary
Balance Sheet Summary 31 December 31 December (HK$’M) 2010 2009 (As restated) Total assets 18,866 16,985 11% Net assets 13,271 10,833 23% Equity attributable to equity holders of 10,928 9,005 21% the Company Investment properties 11,786 10,532 12% Properties for sale 3,980 3,432 16% Bank balances an
Slide 8: Strong Asset Growth
Strong Asset Growth Net Assets (Shareholders’ Equity) (HK$’M) 12,000 10,000 10,928 8,000 9,005 8,061 6,000 7,923 4,000 2,000 2,789 0 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 (As restated) (As restated) (As restated) (As restated) 8
Slide 9: Business Review
WING TAI PROPERTIES LIMITED Business Review
Slide 10: Overview of 2010
Overview of 2010 Transformation of Wing Tai Properties since 2007 has brought to fruition Healthy balance sheet with assets totaling HK$19 billion Acquired two projects in Hong Kong and one project in Shanghai; Six projects in the pipeline of which five are ready for sale earliest in 2011 Ca
Slide 11: Property Development
WING TAI PROPERTIES LIMITED Property Development
Slide 12: Our Property Development Portfolio
Our Property Development Portfolio Luxurious Residential Properties: Over 85% sold 74% sold Sales: HK$1,282M Sales: S$566M GFA: 108,000 sq. ft. GFA: 433,000 sq. ft. Belle Vue Residences, Singapore 96% interest 24% interest 85% sold Sales: HK$3.0B Earliest pre-sale: 2011 Earliest pre-sale: 2011 Earli
Slide 13: Completed Development
Completed Development 63% of the units sold up to 31 December 2010, generating approximately HK$876M revenue which was recognised in 2010 Further 22% of the units sold to-date in 2011 at average selling price of over HK$17,000 psf Belle Vue Residences About 74% of the units have been sold to-d
Slide 14: Development Pipeline
Development Pipeline Approximately 85% of the units sold to-date, generating HK$3.0B of revenue which will be recognised in FY2011 upon obtaining of the occupation permit Superstructure works are progressing on schedule Construction work is expected to be completed in 2H 2011 14
Slide 15: Development Pipeline
Development Pipeline Providence Bay, Pak Shek Kok, Tai Po Application for presale consent has been submitted Construction to be completed in phases in 2012 Subject to market condition and regulatory approval, the development may be ready for pre- sale in 2011 15
Slide 16: Development Pipeline
Development Pipeline Coronation Terrace, Mid-Levels West Acquisition of sites completed in September 2010 Anticipated GFA approximates 40,000 sq. ft. Planned to develop a low density luxury boutique apartment The sites enjoy excellent accessibility to shopping, entertainment and transportati
Slide 17: Development Pipeline
Development Pipeline Tai Hang, Causeway Bay Acquisition of sites completed in November 2010 Anticipated GFA approximates 68,000 sq. ft. Planned to develop a low density luxury boutique apartment Located at a quiet yet convenient residential area in Tai Hang of Causeway Bay, the site is in cl
Slide 18: Development Pipeline
Development Pipeline Lujiazui, Shanghai Acquired property through the 50:50 joint venture with Nan Fung Group Anticipated GFA approximates 19,000 sq.m Located along the Huangpu River and in close proximity to popular tourist landmarks in Pudong and transportation facilities Project scheduled
Slide 19: Property Investment & Management
Property Investment & Management 19
Slide 20: Financial Results Summary of Winsor Properties
Financial Results Summary of Winsor Properties (HK$’M) 2010 2009 (As restated) Revenue 404 290 39% Gross profit 311 187 66% Profit from operations 2,261 586 286% Profit attributable to equity holders of 2,460 485 407% Winsor Properties Dividend payout 410 130 215% Basic earnings per share (HK dollar
Slide 21: Balance Sheet Summary
Balance Sheet Summary 31 December 31 December (HK$’M) 2010 2009 (As restated) Total assets 12,247 10,340 18% Net assets 9,474 7,026 35% Equity attributable to equity holders 9,443 7,000 35% of Winsor Properties Investment properties 10,228 9,195 11% Bank balances & cash 595 172 246% Current ratio 1.
Slide 22: Turnover & Profit Analysis
Turnover & Profit Analysis Rental Distribution in 2010 Rental Distribution in 2009 Office and retail Office and retail 56% 37% Industrial HK$ 386M Industrial HK$ 271M 44% 63% (HK$’M) 2010 2009 (As restated) Rental 386 271 42% Property management 5 5 0% Warehousing 13 14 7% 404 290 22
Slide 23: Investment Portfolio Highlights
Investment Portfolio Highlights Fair Value as at 31 Dec 2010: HK$10.2B Property Location Total GFA (sq. ft) Committed Lease at Average 31 December 2010 Occupancy in 2010 W Square Wanchai 129,000 93% 96% Grade A Office Landmark East Kwun Tong 1,335,000 92% 58% Regent Centre Kwai Chung 675,000 Industr
Slide 24: Hospitality Management
WING TAI PROPERTIES LIMITED Hospitality Management
Slide 25: Hospitality Investment and Management
Hospitality Investment and Management Managed 8 residences and hotels, totally 1,200 units in Key Asian cities Invested in three properties (one still at the development stage) with total aggregate value of approximately HK$3.3B, our attributable share of HK$1.3B (as at 31 December 2010) To be
Slide 26: Hospitality Management & Investment
Hospitality Management & Investment Strong Brand Recognition in Asian Countries Location Total no. of apartments/ suites Lanson Place Hotel Causeway Bay, Hong Kong 194 Lanson Place Jin Lin Tian Di Residences Shanghai, the PRC 106 Lanson Place Central Park Residences Beijing, the PRC 105 Lanson Place
Slide 27: China Development
China Development Continue to explore business opportunities in China and focus on high- end property market in first-tier cities in China Strengthen the market presence and brand awareness of Lanson Place in Beijing existing cities Shanghai Hong Kong 27
Slide 28: Prospects
WING TAI PROPERTIES LIMITED Prospects
Slide 29: Prospects
Prospects Property Development Property Investment • Sales of remaining units from Forfar, • Earnings growth will be driven by Belle Vue and Seymour (target to obtain - Increase in occupancy (mainly Landmark East) occupation permit in 2H2011) - Increase in rental rates (new leases in Landmark East i
Slide 30: Thank you
WING TAI PROPERTIES LIMITED
Slide 31: Appendix
WING TAI PROPERTIES LIMITED Appendix
Slide 32: Shareholding Structure
Shareholding Structure Wing Tai Holdings Sun Hung Kai Public & Cheng’s Family Properties Limited 50.7%* 13.8%* 35.5%* WING TAI PROPERTIES LIMITED 100% (0369.HK) Property Development Property Investment Apparel Property Hospitality China Winsor Properties Garment development Investment & Development
Slide 33: Financial Summary
Financial Summary (HK$’M) FY2010 FY2009 FY2008 FY2007 FY2006 (As restated) (As restated) (As restated) (As restated) Revenue 2,177 1,207 1,665 2,210 2,699 Profit before taxation 2,485 483 340 2,849 1,008 Taxation (48) (57) (45) (94) (125) Profit for the year 2,437 426 295 2,755 883 Attributable to: