Hongkong & Shanghai Hotels Ltd. · HKEX:45
Hongkong & Shanghai Hotels — The Hongkong and Shanghai Hotels — H1 2012 Earnings Presentation
19 slides from Hongkong & Shanghai Hotels's earnings presentation, Aug 22, 2012
Slide 1: 2012 Interim Results Analysts Presentation
2012 Interim Results Analysts Presentation 22 August 2012
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS The presentation may contain certain forward-looking statements with respect to the financial condition, results of operations and business of HSH. These forward-looking statements which include, without limitation, statements regarding future results of operations, financ
Slide 3: 1H 2012 Highlights
1H 2012 HIGHLIGHTS Turnover up 5% to HK$2.4b EBITDA up 2% to HK$521m Non-operating gains of HK$676m PHK Phase 1 Tower Rooms renovation completing in August 2012 RBA public area enhancements completed and de Ricou conversion underway Revised budget (EUR338m) and completion timetable (Q4 2013) for The
Slide 4: Summary Interim Results
SUMMARY INTERIM RESULTS HK$ million 2011 2012 Change Turnover 2,310 2,416 5% EBITDA 512 521 2% EBITDA Margin 22% 22% - Operating profit 331 328 (1%) Non-operating items 1,784 676 (62%) Profit attributable to shareholders 1,907 814 (57%) EPS (HK cents) 129 55 (57%) Underlying profit* 152 156 3% Under
Slide 5: Consolidated Revenue & EBITDA
CONSOLIDATED REVENUE & EBITDA REVENUE EBITDA HK$'m HK$'m 2,500 600 2,000 500 400 228 239 1,500 1,736 1,823 300 1,000 200 242 232 500 361 357 100 213 236 42 50 0 0 2011 Year 2012 2011 2012 Year Clubs & Services Commercial Properties Hotels 4
Slide 6: Underlying Profit
UNDERLYING PROFIT HK$ million 2011 2012 Profit attributable to shareholders 1,907 814 Increase in fair value of investment properties (1,784) (630) Share of property valuation adjustment of a jointly controlled entity, net of tax - 19 Gain on disposal of an equity investment - (46) Tax and non-contr
Slide 7: Cash Flows
CASH FLOWS For the six months ended 30 June HK$ million 2011 2012 EBITDA 512 521 Working capital and other adjustments (75) (95) Net cash inflow from operations 437 426 Capital expenditure (CAPEX) (107) (344) Net cash inflow from operations after CAPEX 330 82 Net tax paid (31) (61) Loans to a jointl
Slide 8: Net Asset Value per Share
NET ASSET VALUE PER SHARE HK$ 25.0 23.29 23.54 21.11 21.43 20.0 15.0 SUMMARY FINANCIAL PERFORMANCE 10.0 5.0 0.0 Dec 2011 Jun 2012 Book NAV per share Adjusted NAV per share 7
Slide 9: Funds Available
FUNDS AVAILABLE HK$ million 31 Dec 2011 30 Jun 2012 Total committed facilities 4,605 4,708 Utilised (4,319) (4,291) SUMMARY Available FINANCIAL PERFORMANCE bank facilities 286 417 Cash at banks and in hand 1,984 1,800 Funds available 2,270 2,217 Excluding debts for The Peninsula Shanghai, The Penins
Slide 10: Financial Ratios
FINANCIAL RATIOS HK$ million 31 Dec 2011 30 Jun 2012 Gross borrowings 4,319 4,291 Net borrowings - consolidated 2,335 2,491 - including share of associates 3,736 3,904 Net debt: EBITDA (annualised) 2.3 times 2.4 times SUMMARY FINANCIAL PERFORMANCE Net gearing - consolidated 7% 7% - including share o
Slide 11: Interim Dividend
INTERIM DIVIDEND HK cents 7 6 Dividend per share 5 4 3 2 1 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 10
Slide 12: Hotel Performance – Hong Kong
HOTEL PERFORMANCE – HONG KONG Hong Kong - RevPAR (HK$) 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 1,600 Q1 Q2 Q3 Q4 RevPAR - 2010 RevPAR - 2011 RevPAR - 2012 11
Slide 13: Hotel Performance – Other Asia
HOTEL PERFORMANCE – OTHER ASIA Other Asia - RevPAR (HK$) 1,400 1,300 1,200 1,100 1,000 900 800 700 600 Q1 Q2 Q3 Q4 RevPAR - 2010 RevPAR - 2011 RevPAR - 2012 12
Slide 14: Hotel Performance – USA
HOTEL PERFORMANCE – USA The US - RevPAR (HK$) 3,600 3,400 3,200 3,000 2,800 2,600 2,400 2,200 2,000 1,800 Q1 Q2 Q3 Q4 RevPAR - 2010 RevPAR - 2011 RevPAR - 2012 Note: Quail Lodge w as included until Q4 2009 13
Slide 15: Commercial Properties – The Repulse Bay Complex
COMMERCIAL PROPERTIES – THE REPULSE BAY COMPLEX The Repulse Bay - Occupancy & Yield 90 110% 80 Average monthly yield per available square foot 100% 70 90% 60 80% Occupancy 50 70% (HK$) 40 60% 30 50% 20 10 40% - 30% Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Yield - Residential Yield
Slide 16: Commercial Properties – The Peak Complex
COMMERCIAL PROPERTIES – THE PEAK COMPLEX The Peak Complex - Occupancy & Yield 100 110% 90 100% 80 Average monthly yield per available square 90% 70 80% 60 Occupancy 70% 50 foot (HK$) 60% 40 50% 30 20 40% 10 30% - 20% Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Yield - The Peak Tower
Slide 17: Clubs and Services Division
CLUBS AND SERVICES DIVISION Peak Tramways: revenue up 8% to HK$46 million, with number of passengers increased by 3% to 2.75 million Clubs and Consultancies: revenue up 24%, mainly due to increased number of passengers at the Cathay Pacific Lounges Peninsula Merchandising: revenue remained flat at H
Slide 18: Outlook
OUTLOOK Renovations at The Peninsula Hong Kong and the de Ricou serviced apartment tower at The Repulse Bay will continue to impact on our results in the short term Rental yields of commercial properties are generally holding up with stable performance Strong financial position for further investmen
Slide 19: Thank You
Thank You ‘THE HONGKONG AND SHANGHAI Horets, Limirep A YE EEA A
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