Wing Tai Properties Limited · HKEX:369

Wing Tai Properties — H1 2012 Earnings Presentation

33 slides from Wing Tai Properties's earnings presentation, Aug 29, 2012

  1. Slide 1: Interim Results 2012

    Interim Results 2012 29 August 2012

  2. 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

  3. 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

  4. Slide 4: Results Highlights

    Results Highlights 4

  5. 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

  6. 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

  7. 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

  8. Slide 8: Corporate Development

    Corporate Development 8

  9. 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

  10. 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

  11. 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

  12. 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

  13. Slide 13: Business Review

    Business Review 13

  14. 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

  15. 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,

  16. Slide 16: Property Development

    Property Development 16

  17. 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

  18. 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 

  19. 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

  20. 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

  21. 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

  22. Slide 22: Property Investment & Management

    Property Investment & Management 22

  23. 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

  24. Slide 24: Hospitality Management

    Hospitality Management 24

  25. 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

  26. 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

  27. Slide 27: China Development

    China Development 27

  28. 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

  29. Slide 29: Prospects

    Prospects 29

  30. 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

  31. Slide 31: Thank You

    Thank You 31

  32. 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

  33. 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)

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