Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — Q1 2017 Earnings Presentation
17 slides from Tuan Sing's earnings presentation, Apr 27, 2017
Slide 1: 1Q2017 Results Announcement
1Q2017 RESULTS ANNOUNCEMENT 27 April 2017
Slide 2: Overview
Overview • 1Q2017 Group’s revenue was $74.8 million, a drop of 29% as compared to $105.5 million last year • Net profit attributable to shareholders dropped 44% to $5.4 million as compared to same quarter last year • Earnings per share stood at 0.5 cent for 1Q2017 down from 0.8 cent a year earlier •
Slide 3: Group Financial Performance
Group Financial Performance ($’m) 1Q2017 1Q2016 Chg Revenue 74.8 105.5 -29% Gross profit 15.4 23.9 -35% Profit before tax & fair value adj 6.4 12.0 -47% Profit before tax 6.4 12.1 -47% Profit after tax 5.3 9.6 -45% Net profit attributable to shareholders 5.4 9.6 -44% EPS (cents) 0.5 0.8 -44% © Tuan
Slide 4: Review of Financial Performance
Review of Financial Performance • Lower revenue in the quarter resulted in lower gross profit of $15.4 million as compared to $23.9 million in the corresponding quarter in 2016 • Distribution costs increased largely on account of higher promotion and commission expenses; Administrative expenses decr
Slide 5: Group Financial Position
Group Financial Position ($’m) 31.03.17 31.12.16 Chg Total assets 2,116.6 2,123.1 -0.3% Total liabilities 1,182.2 1,192.6 -0.9% Total borrowings 1,022.8 1,020.8 +0.2% Cash and bank balances 138.7 163.7 -15.2% Shareholders’ funds 923.6 919.4 +0.5% NAV per share (cents) 78.1 77.7 +0.5% Gross gearing^
Slide 6: Review of Financial Position
Review of Financial Position • As at 31 Mar 2017, Group’s total assets decreased $6.5 million to $2,116.6 million as there was lower cash and bank balances but higher balances in trade and other receivables, investment properties and property, plant and equipment • Correspondingly, Group’s total lia
Slide 7: Group Cash Flow
Group Cash Flow ($’m) 1Q2017 1Q2016 Operating cash flow 2.3 33.3 Investing cash flow (12.6) (2.6) Financing cash flow (10.5) (71.8) Foreign currency translation adjustments (0.7) (1.2) Cash & cash equivalent at year-end^ 74.4 63.4 Free cash (out)/inflow^^ (10.3) 30.7 ^ Net of encumbered bank balance
Slide 8: Review of Cash Flow
Review of Cash Flow • Net cash from operating activities was $2.3 million as compared to $33.3 million in the same quarter last year; the decrease was due mainly to lower sales from the completed development properties as most of the units had been sold • Net cash used in investing activities was $1
Slide 9: Revenue by Segment
Revenue by Segment ($’m) 1Q2017 1Q2016 Chg Property 22.7 48.9 -54% Hotels Investment 30.0 30.2 -1% Industrial Services 26.0 30.0 -13% Other Investments^^ - - - Corporate & Others# (3.9) (3.6) -6% Group Total 74.8 105.5 -29% Proforma Group including Associates 169.7 186.4 -9% Including rental income
Slide 10: Profit Before Tax & FV Adj by Segment
Profit Before Tax & FV Adj by Segment ($’m) 1Q2017 1Q2016 Chg Property 2.0 8.4 -76% Hotels Investment 1.7 2.0 -13% Industrial Services (0.3) 0.3 nm Other Investments 3.6 1.8 +102% Corporate & Others# (0.6) (0.5) +32% Group Total 6.4 12.0 -47% All business segments except for Industrial Services were
Slide 11: Profit after tax by Segment
Profit after tax by Segment ($’m) 1Q2017 1Q2016 Chg Property 2.0 7.1 -72% Hotels Investment 0.7 0.8 -21% Industrial Services (0.3) 0.3 nm Other Investments 3.6 1.9 +93% Corporate & Others# (0.7) (0.5) +33% Group Total 5.3 9.6 -45% Other Investments followed by Property were the key drivers for the G
Slide 12: Property
Property • For the first quarter, property revenue decreased to $22.7 million from $48.9 million in the same period last year • Profit after tax was $2.0 million, down from $7.1 million a year ago • New sales and progressive recognition of revenue for units sold at the Cluny Park Residence formed th
Slide 13: Hotels Investment
Hotels Investment • For the first quarter, Hotels Investment segment recorded A$28.0 million of revenue as compared to A$29.8 million in the same quarter last year • There was a marginal 2% drop in Revenue Per Available Room from the two hotels and lower intake from the food and beverage business as
Slide 14: Industrial Services
Industrial Services • For the first quarter, Industrial Services segment recorded lower revenue of $26.0 million as compared to $30.0 million the same quarter a year ago • Accordingly, Industrial Services segment reported loss after tax of $0.3 million as opposed to profit after tax of $0.3 million
Slide 15: Other Investments
Other Investments • For the first quarter, GulTech reported revenue of US$65.2 million and profit after tax of US$7.6 million, an increase 17% and 66% respectively from the previous corresponding period • The increase was mainly attributable to improved performance from all its three plants • Conseq
Slide 16: Outlook
Outlook • The Group planned to dispose off the remaining units of its three completed residential developments in the coming months • “Kandis Residence” will be launched in the third quarter of 2017 • In early Apr 2017, the Group entered into an agreement to purchase Sime Darby Centre; completion of
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