Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Roxy-Pacific Holdings — FY2020 Earnings Presentation
29 slides from Singapore Exchange's earnings presentation, Feb 19, 2021
Slide 1: Results Announcement Full Year Ended 31 December 2020
ROXY-PACIFIC HOLDINGS LIMITED Results Announcement Full Year Ended 31 December 2020 19th February 2021 BROADENING OUR PERSPECTIVE
Slide 2: Agenda
Agenda 1. Financial Performance 2. Business Review 3. Group Borrowings 4. Outlook 2
Slide 3: Financial Performance: 2020 Overview
Financial Performance 2020 Overview Revenue decreased to S$198.4 million (FY2019: S$444.0 million) Net loss attributable to shareholders of S$29.5 million mainly due to impairment losses and tax expense incurred amounting to S$34.6 million Total attributable pre-sale revenue of S$539.4 million
Slide 4: Financial Results FY2020 vs FY2019
Financial Performance Financial Results FY2020 FY2019 % change Revenue (S$’m) 198.4 444.0 -55% Gross Profit (S$’m) 33.3 106.2 -69% Gross Margin (%) 17% 24% -7ppt Share of results of associates and (6.8) 8.5 n/m joint venture (net of tax) (S$'m) Pre-tax (Loss)/Profit (S$’m) (31.5) 44.6 n/m Net (Loss)
Slide 5: Revenue
Financial Performance Financial Performance Revenue (S$’m) $500 FY2020 revenue decreased by 55% to S$198.4m $444.0 $450 $400 $350 $300 2H, $304.1 55% $250 $198.4 $200 $150 2H, $80.3 $100 1H, $139.9 $50 1H, $118.1 $0 FY2019 FY2020 5
Slide 6: Net Profit/(Loss) attributable to shareholders
Financial Performance Financial Performance Net Profit/(Loss) attributable to shareholders (S$’m) Net loss attributable to shareholders at S$29.5m in FY2020 due impairment losses and tax expense $35 incurred of S$34.6m $30.3 $25 2H, $21.0 $15 $5 1H, $9.3 ($29.5) 1H, $2.8 FY2019 FY2020 -$5 -$15 2H, (
Slide 7: Segment Results – Revenue FY2020
Financial Performance Segment Results – FY2020 Revenue (S$’m) (1) $444.0 $198.4 $385.9 $400.0 $350.0 $300.0 $250.0 $165.8 $200.0 $150.0 $100.0 $50.4 $25.2 $50.0 $7.7 $7.4 $- FY2019 FY2020 Property Development Hotel Ownership Property Investment FY2019 FY2020 Property Development 87% 84% Hotel Owners
Slide 8: Segment Results – Adjusted EBITDA FY2020
Financial Performance Segment Results – FY2020 Adjusted EBITDA (1) (S$’m) $64.4 $83.9 $13.3 $70.0 $60.0 $50.0 $40.0 $30.0 (3) $20.0 $7.5 $6.5 $6.4 $4.8 $4.2 $0.7 $2.0 $2.1 $10.0 $- $(1.4) (2) $(10.0) FY2019 FY2020 Property Development Hotel Ownership Property Investment -Rental income Property Inves
Slide 9: Impairment Analysis as at Dec 2020
Financial Performance Impairment Analysis as at 31 Dec 2020 34.6 35.0 7.2% (1) 30.0 10.1 2.1% 25.0 No.8 Russell Street 2.2 North Fremantle 0.5% 20.0 New World Towers (2) 8.9 3.7% ACH 1.9% 15.0 Melbourne House 1.0% 1.4 Noku Osaka 0.3% 0.2% 10.0 Noku Maldives 5.0 (3) 1.7% 1.0% 1.0% (4) 0.4% 5.0 3.0 0.
Slide 10: Share of results in associates/joint ventures
Financial Performance Share of results in associates/joint ventures (S$’m) – FY2020 (6.8) 20.0 Vivel Shibuya, 1.2 15.0 8.5 Ginza, 10.5 (1) 350 Queen 10.0 Ginza, 1.8 No.8 Russell Street 33 Argyle Street, 0.8 312 St Kilda, 1.2 312 St Kilda, 1.0 Vivel Shibuya 5.0 205 Queen Street, 2.8 (2) Arena Residen
Slide 11: Financial Position
Financial Performance 31 Dec 2020 31 Dec 2019 Financial Position (S$m) (S$m) Total assets 1,615.9 1,597.3 Revaluation surplus (1) 458.8 504.3 Revalued total assets (“RTA”) 2,074.7 2,101.6 Total debt (2) 1,001.1 943.3 Cash & bank balances (3) 395.6 331.0 Net debt 605.5 612.3 Net asset value (“NAV”) 4
Slide 12: Financial Ratios
Financial Performance Financial Ratios 31 Dec 2020 31 Dec 2019 NAV per share (SGD cents) 36.88 39.16 ANAV per share (SGD cents) (1) 72.07 77.84 Cash holdings per share (SGD cents) (2) 30.33 25.38 Net debt to ANAV (times) 0.64 0.60 Return on equity (%) (3) (6.1%) 5.9% (1) The fair value of the Grand
Slide 13: Business Review: Property Development
BUSINESS REVIEW Property Development Results Announcement Full Year Ended 31 December 2020 19th February 2021 Artist's impression 13
Slide 14: Property Development Revenue
Business Review Property Development Revenue from Property Development (S$’m) $250.0 FY2020 – Total S$165.8 57% $27.0 FY2019 – Total S$385.9 Revenue to be recognised CTD (%) $200.0 95% 91% 91% 93% $150.0 69% 56% $216.4 $100.0 $1.3 $25.2 $50.0 17% $63.1 $43.9 $12.4 $39.5 $34.4 $14.2 $16.6 $1.2 $1.7 $
Slide 15: Pre-Sale Revenue to be recognised by projects
Business Review Pre-Sale Revenue to be recognised by projects (S$’m) Attributable revenue Balance attributable Total Attributable recognised up progress billings to Type of Group units in total sale to 31 December be recognised from (i) (ii) Project name development stake project Unit sold value 202
Slide 16: Business Review: Hotel Ownership
BUSINESS REVIEW Hotel Ownership Results Announcement Full Year Ended 31 December 2020 19th February 2021 16
Slide 17: Hotel Ownership – Hotel Revenue FY2020
Business Review Hotel Ownership – FY2020 Hotel Revenue (S$m) $60.0 Hotel revenue decreased to S$25.2m in FY2020 50.4 $50.0 $40.0 2nd Half 25.7 50% 1st Half $30.0 25.2 $20.0 10.1 24.7 $10.0 15.1 $0.0 FY2019 FY2020 17
Slide 18: Hotel Net Operating Profits/(Loss)
Business Review Hotel Ownership – FY2020 Hotel Net Operating Profits/(Loss) (S$m) $5.0 4.8 Hotel net operating loss at S$3.4m in FY2020 from net operating profit of S$4.8m in FY2019 $4.0 2.4 $3.0 $2.0 2.4 $1.0 (3.4) 2nd Half $0.0 1st Half (0.3) -$1.0 (3.1) -$2.0 -$3.0 -$4.0 FY2019 FY2020 Hotel Net O
Slide 19: Hotels in operations/under development
Business Review Hotels in operations/under development Noku Phuket Grand Mercure Properties Noku Kyoto Noku Osaka Noku Maldives ( under Total Singapore Roxy development ) Island of 205-1 Okuracho Kita-Ku, Osaka City, 48/13 Moo 6, Chaofa Location 50 East Coast Road Kudafunafaru, Noonu na Kyoto, Japan
Slide 20: Business Review: Property Investment
BUSINESS REVIEW Property Investment Results Announcement Full Year Ended 31 December 2020 19th February 2021 20
Slide 21: Property Investment – FY2020 Revenue
Business Review Property Investment – FY2020 Revenue (S$’m) Rental income decreased in FY2020 to S$7.4m from S$7.7m in FY2019 $9.0 4% (1) $8.0 $7.7 $7.4 (1) $7.0 $6.0 $5.0 $6.2 NZI Centre $6.3 $4.0 Roxy Square $3.0 $2.0 $1.0 $1.5 $1.1 $0.0 FY2019 FY2020 (1) Excludes rental income from investment pro
Slide 22: Investment Properties
Business Review Investment Properties (1) Based on latest valuations as of 31 December 2020 (2) Based on occupancy as at 31 December 2020 (3) Excludes 3 units which are for owner-use premises Excludes Melbourne House which will be redeveloped into an office building with a net lettable area of 8,0
Slide 23: Investment Properties
Business Review Investment Properties (1) Based on latest valuations as of 31 December 2020 (2) Based on occupancy as at 31 December 2020 (3) Based on valuation as of 30 September 2020. The Group has completed the purchase on 19 January 2021 (4) The current occupancy as of Feb 2021 is 14% 23
Slide 24: Group Borrowing
Group Borrowing Results Announcement Full Year Ended 31 December 2020 19th February 2021 24
Slide 25: Debt Profile
Group Borrowing Debt Profile 31 Dec 2020 31 Dec 2019 Total borrowings (S$m) S$972.3 S$915.1 Net borrowings (S$m) S$576.7 S$584.1 Fixed rate loans including IRS (S$m) S$382.3 S$276.2 Fixed rate loans including IRS as % of 39% 30% total loans Weighted average term for fixed rate loans 25 months 19 mon
Slide 26: Debt Profile as at Dec 2020
Group Borrowing Debt Profile as at 31 Dec 2020 (S$m) Total outstanding debts of S$972.3m as of 31 Dec 2020 Amounts repayable after one year but within the normal Amounts repayable operating cycle of the after one year, $342 , Property Development 35% segment, $363 , 37% (1) Amounts repayable in one
Slide 27: Outlook: General and Property Development
Outlook 1. General • The Ministry of Trade and Industry (MTI) announced that the Singapore economy contracted by 5.4% for the whole of 2020. For 2021, MTI has maintained the GDP growth forecast at 4.0% to 6.0%. 1. • Australia’s GDP rose 3.3% in 3Q2020 on seasonally-adjusted basis from 2Q2020. 2 • Th
Slide 28: Outlook: Hotel Ownership and Property Investment
Outlook 3. Hotel Ownership • Singapore recorded 2.7million visitor arrivals for Jan to Jun 2020, a 71.4% y-o-y decline. 7 • Visitor arrivals dropped significantly to 14,700 in November 2020, a y-o-y decline of 99.9 per cent. 8 • Japan has travel bans in place for travellers from around 129 countries
Slide 29: Thank You
ROXY-PACIFIC HOLDINGS LIMITED THANK YOU BROADENING OUR PERSPECTIVE 29