Slide 1: Interim Results 2012
Interim Results 2012 29 August 2012
Slide 2: Agenda
Agenda Results Highlights Corporate Development • Disposal of Gieves & Hawkes • Corporate Restructuring in relation to Winsor Properties Business Review • Operating Results Overview • Landbank • Property Development • Property Investment & Management • Hospitality Management • China Development Pros
Slide 3: Disclaimer
Disclaimer This presentation contains forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forward- looking terminology such as believe, expect, anticipate, estimate, plan, project, target, may, will or other similar words that expre
Slide 4: Results Highlights
Results Highlights 4
Slide 5: Financial Results Summary
Financial Results Summary For the 6 months ended 30 June 2012 2011 (HK$’M) (re-presented) Continuing operations Revenue 653 922 29% Gross profit 419 443 5% Change in fair value of investment 60 1,491 96% properties Profit from operations 312 1,808 83% Discontinued operations Gieves & Hawkes 253* (25
Slide 6: Turnover Breakdown
Turnover Breakdown For the 6 months ended 30 June (HK$’M) 2012 2011 (re-presented) Continuing operations Property Development 208 486 57% Property investment & management 268 228 18% Hospitality investment & 69 67 3% management Others 108 141 23% Total 653 922 29% Discontinued operations Branded pro
Slide 7: Balance Sheet Summary
Balance Sheet Summary 30 June 2012 31 December (unaudited) 2011 (HK$’M) (audited) Total assets 22,752 21,837 4% Net assets 15,918 15,383 3% Equity attributable to equity holders of 13,435 12,948 4% the Company Investment properties 12,896* 13,894 7% Properties for sale 4,333 4,228 2% Bank balances a
Slide 8: Corporate Development
Corporate Development 8
Slide 9: Disposal of Gieves & Hawkes
Disposal of Gieves & Hawkes In April, the Group sold its entire equity interest in Gieves & Hawkes Group to Trinity Limited (“Trinity”, SEHK stock code: 891) for an initial cash consideration of approximately HK$408 million Wing Tai is also entitled to subsequent payments over a period of 18 yea
Slide 10: Corporate Restructuring in relation to Winsor Properties
Corporate Restructuring in relation to Winsor Properties • Announced a series of transactions in relations to Winsor Properties 14 May 2012 • Winsor’s independent shareholders approved group reorganisation, distribution in specie and payment of special cash dividend 9 July • The Group’s independent
Slide 11: Corporate Restructuring in relation to Winsor Properties (Cont’)
Corporate Restructuring in relation to Winsor Properties (Cont’) Announced a series of transactions on 14 May 2012 Allow Winsor Shareholders to realise investments at a significant premium and streamline Wing Tai’s corporate structure The series of transactions comprises the following: 1. Grou
Slide 12: Corporate Restructuring in relation to Winsor Properties (Cont’)
Corporate Restructuring in relation to Winsor Properties (Cont’) The Group will recognise an estimated gain on disposal of the reorganised Winsor of HK$240 million and an accretion of shareholders’ equity of approximately HK$630 million, subject to audit, in 2H2012 Further consolidates our prope
Slide 13: Business Review
Business Review 13
Slide 14: Operating Results Overview
Operating Results Overview For the 6 months ended 30 June 2012 2011 (HK$’M) (Unaudited) (Unaudited and as re-presented) Property development Revenue 208 486 57% Operating Profit 99 196 49% Share of Results of Associates 22 41 46% Property investment & management Revenue 268 228 18% Operating Pr
Slide 15: Landbank
Landbank Hong Kong China Total Valuation (As at 30 June 2012) (sq. ft.) (sq. ft.) (sq. ft.) (HK$’ M) Residential Development 498,000 100,000 598,000 N/A Investment Property Office/ Retail 1,464,000 — 1,464,000 9,770 Note 1 Industrial 684,000 — 684,000 1,298 Hospitality 114,000 122,000 236,000 1,
Slide 16: Property Development
Property Development 16
Slide 17: Completed Development
Completed Development Re-launched in June 2012 with good market reception. Sold 6 units with a total consideration of HK$336M since July 2012 Almost all units pre-sold in late 2009 were handed-over to purchasers in the first half of 2012 The remaining 2 special units were sold in April 2012 wi
Slide 18: Development Pipeline
Development Pipeline Providence Bay, Pak Shek Kok, Tai Po Town Lot No. 188 (Providence Peak) was launched for pre-sale in May 2012 and over 27% of the units have been pre-sold to-date Town Lot No. 186 (Providence Bay) has sold over 45% of the units since its pre-sale launched in November 2011
Slide 19: Development Pipeline
Development Pipeline The Warren, Tai Hang, Causeway Bay The project was launched for pre-sale in November 2011 The development has approximately 103 units and over 55% of the units has been pre-sold to- date at average selling price of approximately HK$18,000 psf Superstructure works are in pr
Slide 20: Development Pipeline
Development Pipeline The Pierre, Coronation Terrace, Mid-Levels West Develop into a luxury boutique tower with approximately 70 apartment units and GFA of approximately 40,000 sq. ft. Earliest pre-sale expected in 3Q 2012 Foundation works are in good progress The project is scheduled for com
Slide 21: Development Pipeline
Development Pipeline Ko Shan Road, Hung Hom 50:50 joint venture with Nan Fung Group Anticipated GFA approximates 160,000 sq. ft. Located at quiet yet convenient residential area in Hung Hom, the site is in close proximity to the Ho Man Tin MTR station that is currently under construction Win
Slide 22: Property Investment & Management
Property Investment & Management 22
Slide 23: Investment Portfolio Highlights
Investment Portfolio Highlights Capital Value as at 30 June 2012: HK$12,197B Property Location Total GFA Average Average (sq. ft) Occupancy Occupancy in 1H2012 in FY2011 Grade A W Square Wanchai 129,000 86% 87% Office Landmark East Kwun Tong 1,335,000 97% 91% Winner Godown Tsuen Wan 497,000 Building
Slide 24: Hospitality Management
Hospitality Management 24
Slide 25: Hospitality Investment and Management
Hospitality Investment and Management Entered into a 10-year management contract for luxury serviced residence in Beijing in February 2012 Holds a total of 10 management contracts in Hong Kong, China and South East Asia Well-recognised by the industry and asset owners in Asia as one of the lea
Slide 26: Hospitality Management & Investment
Hospitality Management & Investment Strong Brand Recognition in Asian Countries Location Total no. of apartments/ suites Management contracts only Lanson Place Winsland Serviced Residences Singapore 67 Ambassador Row Serviced Suites Kuala Lumpur, Malaysia 221 Kondominium No.8 Kuala Lumpur, Malaysia
Slide 27: China Development
China Development 27
Slide 28: Development Pipeline
Development Pipeline Lujiazui, Shanghai 50:50 joint venture with Nan Fung Group Anticipated GFA approximates 19,000 sq.m. Located along the Huangpu River and in close proximity to popular tourist landmarks in Pudong and transportation facilities Project is under construction and scheduled to
Slide 29: Prospects
Prospects 29
Slide 30: Prospects
Prospects Property Development Property Investment • Entire development of Providence Bay is expected to • Earnings expected to increase due to elimination be completed by 2013 with sales launched in phases of minority interest in most properties • Re-launch The Warren and release The Pierre for sal
Slide 31: Thank You
Thank You 31
Slide 32: Shareholding Structure
Shareholding Structure Wing Tai Holdings Sun Hung Kai Public & Cheng’s Family Properties Limited 50.6%* 13.7%* 35.7%* WING TAI PROPERTIES LIMITED (0369.HK) Property Property Hospitality China Development Investment & Investment & Development Management Management *As of 28 August 2012 32
Slide 33: Financial Summary
Financial Summary (HK$’M) 1H2012 1H2011 FY2009 FY2008 FY2007 (unaudited) (unaudited FY2011 FY2010 (As (As (As & as re- restated) restated) restated) presented) Revenue 653 922 2,735 2,177 1,207 1,665 2,210 Profit before taxation 301 1,815 2,898 2,485 483 340 2,849 Taxation (48) (56) (135) (48) (57)