Metro Holdings Ltd · SGX:M01
Metro — FY2024 Earnings Presentation
33 slides from Metro's earnings presentation, May 24, 2024
Slide 1: FY2024 Results Presentation
24 May 2024 FY2024 RESULTS PRESENTATION METRO HOLDINGS LIMITED
Slide 2: Contents
CONTENTS 1 Metro at a Glance 2 Investments in FY2024 3 Navigating Challenges, Strengthening Resilience 4 Financial Highlights 5 Sustainability
Slide 3: Metro at a Glance
1/ METRO ATA GLANCE x4 DAI METRO
Slide 4: About Metro
About Metro Listed on the Mainboard of the SGX-ST since 1973 & headquartered in Singapore, Metro is a property investment and development group with a diversified net asset portfolio valued at S$1.5 billion & a turnover of S$115.9 million for the financial year ended 31 March 2024. Founded in 1957 b
Slide 5: Vision Strategy
Vision Metro aims to be a leading property investment and development group in the region, building on the synergies of our rich retail experience, strong foothold in our core markets, & our strategic partnerships. Strategy 1. Continuing to grow in Singapore, China, Indonesia, the UK & Australia 2.
Slide 6: Diversification Through Geography & Sector
Diversification Through Geography & Sector United Kingdom London 5 Chancery Lane China Manchester Shanghai Guangzhou Middlewood Locks Metro City GIE Tower Milliners Wharf The Hat Box Metro Tower Bay Valley Chengdu Sheffield Shanghai Plaza The Atrium Mall Sheffield Digital Campus Bristol Warwick Sing
Slide 7: Diversification Through Partnerships
Diversification Through Partnerships China United Kingdom (1993) (2014) (2004) (2018) (2007) (2011) (2020) (2018) Indonesia (2019) (2001) (2019) Singapore (2017) (2012) Australia Evia Real Estate (2019) (2019) (2020) (2022) (2023) Note: Year in brackets refer to year where partnership was establishe
Slide 8: Investments in FY2024
2/ INVESTMENTS IN FY2024 x4 DAI METRO
Slide 9: VisionCrest Commercial, Singapore
VisionCrest Commercial, Singapore VisionCrest Commercial 11-storey freehold, LEED Gold® Certified Grade-A office building situated at 103 Penang Road that features full Description floorplates, a commercial retail podium on the ground floor and carparking facilities of 114 lots across two basement l
Slide 10: Navigating Challenges, Strengthening Resilience
3/ NAVIGATING CHALLENGES, STRENGTHENING RESILIENCE
Slide 11: Investment Properties
Investment Properties GIE Tower Metro City Metro Tower 5 Chancery Lane, Asia Green, 广州国际电子大厦, 美罗城, 美罗大厦, London, UK Singapore Guangzhou, China Shanghai, China Shanghai, China Type of Commercial Retail Commercial Commercial Commercial Development Lifestyle Grade-A office Office building Two blocks of
Slide 12: Investment Properties (cont'd): Expiry Profile and Tenant Mix
Investment Properties (cont’d) Expiry Profile and Tenant Mix GIE Tower 广州国际电子大 Metro City美罗城, Metro Tower美罗大厦, Asia Green, 厦, Guangzhou, China Shanghai, China Shanghai, China Singapore Expiry 1H FY2025 11.1% 15.3% 3.7% 0.9%(1) Profile 2H FY2025 16.7% 14.4% 33.7% 3.7% 9.3% 17.5% 45.1% 18.1% 5.1% 9.2%
Slide 13: Investment Properties (cont'd)
Investment Properties (cont’d) Bay Valley 洋浦, Shanghai Plaza 上海广场, The Atrium Mall晶融汇, Shanghai, China Shanghai, China Chengdu, China Type of Commercial Mixed-use Retail Development Office buildings (A4, C7 & 99.1% of Retail mall, centrally located at LEED Gold® certified commercial Key Project C4)
Slide 14: Overview of Australian Portfolio
Overview of Australian Portfolio Building Scale Across 13 Defensive Retail Centres & 4 Offices ➢ Located in New South Wales, Victoria, Queensland & Western Australia Valuation(2): A$1,190m (S$1,045m) ➢ NLA(1): 163,808 sqm 2 30% owned by Metro Ropes Crossing Village, NSW ➢ Portfolio WALE by income of
Slide 15: Overview of Boustead Industrial Fund (BIF) Portfolio
Overview of Boustead Industrial Fund (“BIF”) Portfolio Diversified Portfolio Of 15 Properties Across Singapore(1) ➢ Comprising 1 Business Park, 5 High-Spec Industrial, 6 Industrial & 3 Logistics Properties Valuation(2): S$754.6m ➢ NLA(2): 2,155,481 sq ft 26% owned by Metro ➢ Portfolio WALE by income
Slide 16: Overview of Purpose-Built Student Accommodation (PBSA)
Overview of Purpose-Built Student Accommodation (“PBSA”) Building Scale In Defensive UK PBSA Segment ➢ Six freehold properties under UK PBSA Fund “Paideia Capital UK Trust” Valuation(2): £132.4m (S$225.3m) ➢ No. of Beds(1): 902 30% owned by Metro ➢ Partners/Fund Manager: / (33.3% owned Occupancy(1,3
Slide 17: Trading Properties
Trading Properties Bay Valley洋浦, Trans Park Juanda, Bekasi, Trans Park Bintaro, Shanghai, China Jakarta, Indonesia Jakarta, Indonesia Type of Commercial Residential Residential Development Office buildings 5,686 units with total GFA(1) of 2 residential towers comprising Key Project (0.9% of C4) loca
Slide 18: Trading Properties (cont'd)
Trading Properties (cont’d) Middlewood Locks, Endeavour, Sheffield Digital Manchester, UK Campus, Sheffield, UK Type of Development Mixed-use Commercial 2,215 units and commercial Key Project space including offices, hotel, Endeavour, an office building Description shops, restaurants and a gym with
Slide 19: DocMed, Singapore
DocMed, Singapore 1. In May 2022, Metro invested S$6.0 million for a 10% stake in DocMed’s Series A fund raising, the digital healthtech unit of Catalist-listed Hyphens Pharma International. 2. Business Overview i. Largest B2B Online Pharma Marketplace in Singapore ii. First & only e-pharma licensed
Slide 20: Retail
Retail • Growth of Singapore’s retail trade sector slowed from 8.5% in 2022 to 1.3% in 2023, with a reversal from growth to contraction in 4Q2023. (2) • Amid inflationary pressures, real consumer spending in Singapore is expected to grow at a slower pace of 2.8% in 2024 compared to 3.5% in 2023(2),
Slide 21: Financial Highlights
4! FINANCIAL HIGHLIGHTS x4 DAI METRO
Slide 22: Key Financial Highlights – FY2024
Key Financial Highlights – FY2024 Revenue 1 S$M 1.1% Revenue decreased 1.1% from S$117.2m in FY2023 to S$115.9m in FY2024 117.2 115.9 120 • Lower revenue from property division mainly due to lower sale of property rights of the residential development properties in Bekasi and Bintaro, Jakarta 80 • P
Slide 23: Key Financial Highlights – FY2024 (EPS, NAV, returns)
Key Financial Highlights – FY2024 NAV Per Basic EPS Share 1.8 cents S$1.72 40.0% YoY 2.3% YoY FY2023 FY2023 S$1.76 3.0 cents Return on Return on Total Assets(1) Equity(1) 0.6% 1.0% 40% YoY 41.2% YoY FY2023 FY2023 1.0% 1.7% Remarks: (1) In calculating return on equity and return on total assets, the
Slide 24: Fiscal Discipline & Resilience
Fiscal Discipline & Resilience(1) Healthy cash balance, available undrawn facilities and disciplined financial management positions us well to weather future economic headwinds and capitalise on opportunities Strong Balance Sheet, S$287.3m S$1.5b Healthy Cash & Banking Lines Cash & Cash Equivalents
Slide 25: Proposed Dividend and Dividend Cover
Key Financial Highlights – FY2024 Proposed Dividend(1) S$16.6 million Comprises: • Ordinary Dividend 10.8% YoY - 2.0 cents FY2023 S$18.6 million Dividend Cover 0.88x 34.8% YoY FY2023 1.35x Remarks: (1) FY2024’s proposed dividend subject to shareholders’ approval at the AGM 25
Slide 26: Dividend Payout
Dividend Payout Cents per Share Payout Ratio 6 140.0% 113.8% 120.0% 5 104.8% 100.0% 4 3 74.1% 80.0% 3 2.5 3 51.3% 51.4% 50.7% 60.0% 38.7% 1 40.0% 26.0% 0.25 0.25 2 20.0% 1 2 2 2 2 2 2 2 2 0.0% 0 -20.0% FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024* Ordinary Special Payout Ratio * FY2024’s
Slide 27: Consolidated Income Statement
Consolidated Income Statement 2nd Half Year Ended Full Year Ended (S$ ‘000) 31-Mar-24 31-Mar-23 Change 31-Mar-24 31-Mar-23 Change Revenue 65,747 63,350 3.8% 115,908 117,237 (1.1%) Profit Before Tax 8,780 11,003 (20.2%) 19,724 31,723 (37.8%) Comprising:- Metro City, Metro Tower, GIE Tower, The Atrium
Slide 28: Balance Sheet Highlights
Balance Sheet Highlights As at (S$ million) Change 31-Mar-24 31-Mar-23 Investment Property 102.4 106.2 (3.6%) Associates 847.4 955.9 (11.4%) Joint Ventures 373.6 340.7 9.7% Other Non-current Assets 160.7 154.6 3.9% Current Assets 826.0 788.4 4.8% Total Assets 2,310.1 2,345.8 (1.5%) Current Liabiliti
Slide 29: Key Financial Highlights – 2HFY2024
Key Financial Highlights – 2HFY2024 S$M Revenue 1 80 65.7 3.8% Revenue grew 3.8% to S$65.7m in 2HFY2024, from S$63.4m in 2HFY2023 63.4 • Retail division’s higher sales from Metro Paragon & Metro Causeway Point, Singapore 40 • Partially offset by lower revenue from GIE Tower, Guangzhou 56.7 59.8 0 6.
Slide 30: Sustainability
5/ SUSTAINABLITY x4 DAI METRO
Slide 31: Our Commitment To Sustainability: Initiatives & Progress
Our Commitment To Sustainability: Initiatives & Progress Continuing to build a resilient and resource-efficient real estate portfolio Asia Green, Singapore GSK Asia House, Singapore 85 Tuas South Ave 1, Singapore 50 Margaret Street, NSW, Australia BCA Green Mark Platinum BCA Green Mark Gold Plus BCA
Slide 32: Our Commitment To Sustainability: Initiatives & Progress
Our Commitment To Sustainability: Initiatives & Progress Metro recognized for/as: 1. Best Efforts in Corporate Social Responsibility (Retail) at the SRA Retail Awards 2023(1) 2. Department Store of the Year award for third consecutive year at Retail Asia Award(2) 3. Being among Singapore’s top emplo
Slide 33: Thank You
THANK YOU x4 DAI METRO