Soundwill Holdings Limited · HKEX:878
Soundwill — H1 2011 Earnings Presentation
22 slides from Soundwill's earnings presentation, 2011
Slide 1: Interim Results 2011
Profitable unique play in property development with premier sites in Hong Kong 878.HK Interim Results 2011
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Soundwill Holdings Limited (the “Company”) solely for information purposes and does not constitute an offer, recommendation or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or
Slide 3: Agenda
Agenda Financial Review Business Review & Prospect Open Forum 3
Slide 4: Financial Review
Financial Review 4
Slide 5: Group Financial Highlights
Group Financial Highlights For the six months ended 30 June 2010 2011 Change (HK$m) (HK$m) Revenue 245 145 41% Cost of sales (109) (18) 83% Gross profit 136 127 7% Net profit 630 1,004 59% Adjusted net profit* 65 29 55% Gross profit margin 55.5% 87.6% 32.1% Adjusted net profit margin 26.5% 20.0% 6.5
Slide 6: Revenue & Net Profit Summary
Revenue & Net Profit Summary Revenue Adjusted Net Profit* HK$m HK$m 1H FY 1H FY *Net profit exclude fair value adjustments on investment properties 6
Slide 7: Revenue Breakdown by Segments
Revenue Breakdown by Segments 1H2010 Urban Infrastructure 11% Others 1H2011 4% Urban Infrastructure 15% Others 5% Property Leasing Sale of 45% Assembled Properties 40% Property Leasing 80% 7
Slide 8: Revenue Breakdown by Segments (Cont’d)
Revenue Breakdown by Segments (Cont’d) HK$m Property 1H Leasing FY HK$m Sale of Assembled 1H Properties FY HK$m 1H Urban Infrastructure FY 8
Slide 9: Net Asset Value
Net Asset Value A proven track record showing substantial growth in our investment portfolio HK$m 9
Slide 10: Net Asset Value (Cont’d)
Net Asset Value (Cont’d) Deferred Tax Adjustment HK$m HK$ NAV per book as at 31 Dec 2010(1) 6,717 NAV per share (HK$) 27.8 Add: Deferred tax on investment properties 1,156 Adjusted NAV as at 31 Dec 2010 7,873 Adjusted NAV per share (1) (HK$) 32.6 (1) Based on 241m shares in issue (as at 31 Decembe
Slide 11: Net Asset Value (Cont’d)
Net Asset Value (Cont’d) HK$bn 11
Slide 12: Working Capital Management
Working Capital Management As at As at 31 Dec 2010 30 Jun 2011 Change (restated) (HK$m) (HK$m) Net assets 7,873 9,158 16% Net assets per share (HK$) 32.6 33.3 2% Cash and bank balance 218 223 2% Bank deposit at escrow account 238 227 5% Total debt 3,092 3,286 6% Gearing ratio* 39% 36% 3% *Gearing ra
Slide 13: Business Review & Prospect
Business Review & Prospect 13
Slide 14: Property Leasing Segment
Property Leasing Segment Segment Review for 1H2011 % of Revenue Total GFA Occupancy (HK$m) Building Location segment (sq. ft.) rate sales 1H2011 1H2010 Soundwill Causeway 246,400 98% 82% 95 90 Plaza Bay Other Hong Kong leasing 145,280 92% 10% 12 12 Island properties Advertising Causeway 1,253 100%
Slide 15: Property Leasing Segment (Cont’d)
Property Leasing Segment (Cont’d) SWP Performance and Outlook Unit rental* (per sq. ft.) Street Level (G/F) : HK$650 – 1,200 Street Level (1/F) HK$220 - 260 Upper levels : HK$25 - 35 Leasing Revenue Lease renewal Occupancy schedule portfolio per month* rate (sq. ft.) (HK$m) 2011 2012 8,800 (G/F) S
Slide 16: Property Leasing Segment (Cont’d)
Property Leasing Segment (Cont’d) New Development for Leasing Tang Lung Street Project 1-29 Tang Lung Street, Causeway Bay Aggregate site area: approx. 12,500 sq. ft. Nos. 1-23, approx. 9,900 sq. ft. Nos. 25-29, approx. 2,510 sq. ft. Planned for a Ginza-styled commercial development (similar t
Slide 17: Property Assembly Segment
Property Assembly Segment Segment Review for 2010 & 1H2011 Month Site area Sale price Project Location Year booked disposed (sq. ft.) (HK$m) Lin Fa Kung St. West Jan 10 Tai Hang 1,900 98.3 1H2010 蓮花宮西街 Electric Rd. May 10 Tin Hau 2,100 168 FY2010 電氣道 San Wai St. Sept 10 Hung Hom 7,300 325 FY2010 新
Slide 18: Property Assembly Segment (Cont’d)
Property Assembly Segment (Cont’d) Other PA Projects Working / Marketing On Progress Site Area Planned GFA Project Location Zoning (sq. ft.) (sq. ft) 1. Hing Wan St. Wanchai 1,300 16,000 R/C School St. 2. (completed with Causeway Bay 2,300 22,500 R 83% ownership) Mercury St. 3. (completed with Tin
Slide 19: Property Development Segment
Property Development Segment Current Residential Development Project in HK WarrenWoods 尚巒 13-27 Warren Street, Causeway Bay Planned construction period : OP issued before Jun 2012 Land and construction cost : HK$580m Site area : 8,800 sq. ft. Total GFA : approx. 92,600 sq. ft. Sales Revenue : HK$1
Slide 20: Property Development Segment (Cont’d)
Property Development Segment (Cont’d) Current Residential Development Project in HK (Cont’d) Haven Street Project 32 – 50 Haven Street , Causeway Bay Planned : 2011 – late 2013 construction period Land cost : HK$517m Total GFA : approx. 103,200 sq. ft. Est. time of sale : 4Q2011 An iconic luxury r
Slide 21: Property Development Segment (Cont’d)
Property Development Segment (Cont’d) Work In Progress: Residential Projects Est. Year of Est. Approx. Project Location Completion Saleable GFA (sq. ft.) 1. WarrenWoods Hong Kong, PRC 2012 93,000 2. Haven St. Project Hong Kong, PRC 2013 103,000 3. Zhuhai Project A Guangdong Province, 2012 589,000
Slide 22: Open Forum
Open Forum 22