Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Chip Eng Seng — FY2009 Earnings Presentation
23 slides from Singapore Exchange's earnings presentation, Feb 11, 2010
Slide 1: Chip Eng Seng Corporation Ltd FY2009 Results Presentation
集永成机构有限公司 CHIP ENG SENG CORPORATION LTD FY2009 RESULTS PRESENTATION 11 February 2010
Slide 2: Disclaimer
Disclaimer 2 This presentation and pertaining discussions may contain statements that are forward looking concerning the business and future performance of Chip Eng Seng Corporation Ltd. and its subsidiaries. These statements are based on current conditions and information and involve assumptions, r
Slide 3: Content
Content 3 • FY2009 Financial Review • Operations Update • Outlook • Questions and Answers
Slide 4: FY2009 Financial Review
FY2009 Financial Review
Slide 5: FY2009 Financial Performance
FY2009 Financial Performance 5 4Q2009 4Q2008 Change FY2009 FY2008 Change $'000 $'000 % $'000 $'000 % Revenue 124,404 96,798 28.5 376,435 354,591 6.2 Gross Profit -1,999 2,203 -190.7 7,149 14,122 -49.4 Other income 2,189 2,256 -3.0 9,964 6,601 50.9 Marketing & Distribution 1,352 909 48.7 3,056 1,229
Slide 6: Revenue by Segment
Revenue by Segment 6 Property Development 12% Property Investment 0% Property Development 15% Property Investment 0% Construction 88% Construction 85% FY2009 FY2008
Slide 7: FY2009 Balance Sheet Highlights
FY2009 Balance Sheet Highlights 7 FY2009 FY2008 $'000 $'000 Net Assets 257,682 185,462 Current Liabilities: Loan and Borrowings * 24,500 100,517 Non-Current Liabilities: Loan and Borrowings * 89,048 85,600 Cash and Cash Equivalents 76,104 47,891 * The overall net decrease was mainly due to the repay
Slide 8: FY2009 Key Financial Ratios
FY2009 Key Financial Ratios 8 Basic / Fully 4Q2009 4Q2008 FY2009 FY2008 EPS (cents) 4.73 1.64 11.41 6.66 FY2009 FY2008 NAV / Ordinary Share (cents) 39.04 28.09 Net Debt Ratio (times) 0.15 0.75 • EPS computed based on weighted average of 659,515,161 shares (FY2008: 659,515,161 shares) • NAVPS compute
Slide 9: Highlights - 4QFY2009 vs 4QFY2008
Highlights - 4QFY2009 vs 4QFY2008 9 4Q FY2009 revenue increased by 28.5% to $124.4 million due to:- 25.2% increased in construction revenue to $112.2 million • Mainly due to contribution from on-going projects – The Parc Condo, CityVista Residences and 3 HDB projects at Queenstown, Sengkang and Pung
Slide 10: Highlights - 4QFY2009 vs 4QFY2008
Highlights - 4QFY2009 vs 4QFY2008 10 4Q FY2009 pre-tax and post-tax profit rose 153.4% to $32.1 million and 189.2% to $31.2 million respectively due to:- Decreased in gross margin by 190.7% to -$2.0 million mainly due to additional provision of foreseeable losses for construction projects Increased
Slide 11: Highlights - FY2009 vs FY2008
Highlights - FY2009 vs FY2008 11 FY2009 cumulative revenue increased by 6.2% to $376.4 Million:- 10.0% increased in construction revenue to $331.3 million • Driven by our HDB projects in Sengkang and Punggol West which commenced construction during 2H FY2008 and 2H FY2009 respectively, in addition t
Slide 12: Highlights - FY2009 vs FY2008
Highlights - FY2009 vs FY2008 12 FY2009 cumulative pre-tax and post-tax profit rose 61.5% to $78.3 million and 71.7% to $75.3 million respectively due to:- Decreased in gross margin by49.4% to $7.1 million due to:- • No significant contribution from a wholly-owned project, Ventuno Balmoral, which TO
Slide 13: FY2009 Dividend (Tax-Exempt One Tier)
FY2009 Dividend (Tax-Exempt One Tier) 13 FY2009 FY2008 First & Final – Cents per ordinary share * 3.0 0.75 * Sub ject to shareholders’approval at AGM
Slide 14: Operations Update
Operations Update
Slide 15: Update on Property Development – TOP Project
Update on Property Development – TOP Project 15 The Suites@Central • Freehold • TOP obtained in Q1 2009 • 40% owned • 100% profit recognised
Slide 16: Update on Property Development – Current Projects
Update on Property Development – Current Projects 16 The Parc Condominium • Freehold • Saleable area 900,000 sq ft, 659 units • Launched in July 2007 • Target completion in 2010 • 50% owned • 97% sold (10 February 2010) • 85% of profit recognised (31 Dec 2009) CityVista Residences • Freehold • Salea
Slide 17: Update on Property Development – Current Projects
Update on Property Development – Current Projects 17 Grange Infinite • Freehold • Saleable area 185,000 sq ft, 68 units • 99% (10 February 2010) • Target completion in 1Q2011 • 25% owned • 35% of profit recognised (31 Dec 2009) Oasis@Elias • 99 years leasehold • Saleable area 485,000 sq ft, 388 unit
Slide 18: Update on Construction Projects – Completed
Update on Construction Projects – Completed 18 HDB Contract at Sembawang • 471 units The Pinnacle@Duxton • 1,848 units in seven 50-storey residential blocks Driving Centre • Multi-storey driving centre at Admiralty Road The Suites@Central • 157 units
Slide 19: Update on Construction Projects – HDB
Update on Construction Projects – HDB 19 HDB Contract at Queenstown • 1,394 units w/facilities HDB Contract at Sengkang • 698 units with facilities HDB Design & Build Contract at Punggol West • 729 units with facilities
Slide 20: Update on Construction Projects – Private
Update on Construction Projects – Private 20 The Parc Condominium 659 units Grange Infinite 68 units CityVista Residences 70 units Oasis@Elias 388 units
Slide 21: Outlook
\ Outlook
Slide 22: Outlook
Outlook 22 Property Development Expects to obtain TOP for The Parc Condo and CityVista Residences in 2010 Construction CES’ outstanding order-book of $391 million at 31 December 2009 Going Forward The Group will continue to pursue opportunities to expand its portfolio for residential development pro
Slide 23: Thank You
Thank You Chip Eng Seng Corporation Ltd, 69 Ubi Crescent, #06-01, Singapore 408561 Tel: +65-6848 0848, Fax:+65-6848 0838, www.chipengseng.com.sg