Swire Pacific Limited Class A · HKEX:19
Swire Pacific Limited Class A — CLSA Investors' Forum 2008
17 slides from Swire Pacific Limited Class A's conference presentation, Sep 26, 2008
Slide 1: Swire Pacific 2008 Interim Review
CLSA Investors’ Forum 2008 22nd – 26th September 2008 Hong Kong Swire Pacific 2008 Interim Review
Slide 2: 2008 Interim Highlights
2008 Interim Highlights • Attributable earnings of HK$12,380m include net property valuation gains of HK$8,172m and a HK$949m write-back of deferred tax on brought forward property valuation gains • HK$1,990m reduction in underlying earnings to HK$3,265m due to weakness in Cathay Pacific earnings an
Slide 3: Underlying Profit
Underlying Profit Total Property $5,255m Aviation Marine Services $1,561m Beverages and Total Trading & $3,265m Industrial $1,283m Head office Asset realisations $507m $1,866m $48m $413m $10m $1,443m $843m $44m $414m $88m Underlying attributable profit adjusts for the impact of HKAS 40 and HKAS-Int
Slide 4: Swire Properties Update
Swire Properties Update 6 months 6 months 2007 2008 HK$M HK$M Attributable profit 1,561 1,866 __________________________ ________ __________ Vacancy - as at 31.8.2008 Vacancy (sq. ft.) Office 125,000 1.5% Retail 11,000 0.5% Residential 12,000 2.5% Latest rentals HK$ per sq. ft. PP1/2 95 - 103 Island
Slide 5: Swire Properties Update – Top Tenants
Swire Properties Update – Top 10 Tenants • Citibank, N.A. • Citic Ka Wah Bank Limited • DBS Bank (Hong Kong) Limited • Deloitte • J P Morgan Chase Bank • Ove Arup • PCCW – HKT Limited • Societe Generale • The Hongkong and Shanghai Banking Corporation Limited • Turner Broadcasting System Asia Pacific
Slide 6: Swire Properties Update – Expiry Profile
Swire Properties Update – Expiry Profile 2009 2010 sq. ft. sq. ft. Total Gross Floor Area (8,568,742 sq. ft.) 886,240 1,529,457 10% 18% Financial Service tenants 253,233 524,896 3% 6% Average lease length Retail 4.8 years Office 5.6 years 6
Slide 7: Aviation Update
Aviation Update 6 months 6 months 2007 2008 HK$M HK$M Attributable profit 1,283 10 __________________________ ________ __________ 1st half trends continue • Strong traffic growth unable to compensate for exceptionally high ‘ in plane’ fuel costs • HAECO on budget 7
Slide 8: Swire Pacific Offshore/HUD
Swire Pacific Offshore/HUD 6 months 6 months 2007 2008 HK$M HK$M Attributable Profit 507 843 ________________ ____ ____ • July/August exceeded budget • Utilisation remains high • Charter rates remain high • 75% of 2008 capacity and 32% of 2009 capacity already fixed 8
Slide 9: Swire Beverages Update
Swire Beverages Update 6 months 6 months 2007 2008 HK$M HK$M Attributable profit 219 196 __________________________ ________ __________ • Improving trend with much stronger growth in August/September • Much improved performance in Southern China • Raw material and selling costs remain high 9
Slide 10: Trading & Industrial Update
Trading & Industrial Update 6 months 6 months 2007 2008 HK$M HK$M Attributable profit 209 234 __________________________ ________ __________ 1st half trends remain • Weak auto sales • Sales growth moderating in apparel but still strong • Strong growth from industrials 10
Slide 11: Capital Commitments and Liquidity
Capital Commitments and Liquidity 11
Slide 12: Profile of Capital Commitments at 30th June 2008
Profile of Capital Commitments at 30th June 2008 (HK$M) Spend Forecast year of spend Commitments 2011 & Property project 1H08 2H08 2009 2010 beyond at 30th June 2008 Mainland China projects 3,404 2,392 4,654 3,560 1,500 12,106 Hong Kong projects 2,859 607 1,101 748 404 2,860 UK hotels 22 71 224 233
Slide 13: Completed Property Investment Portfolio
Completed Property Investment Portfolio in Hong Kong and Mainland China Mainland China Hong Kong Total Total 22,973 21,184 Total 6,084 7,873 Total 15,692 13,133 1,022 13,133 14,670 15,100 15,100 13
Slide 14: SPO – Growth in Size and Specification of Fleet
SPO – Growth in Size and Specification of Fleet Vessels Vessel class BHP in operation Vessels on order to be received in: 30th June 08 2H08 2009 2010 2011 Survey 2,500-6,500 2 - - - - AHTS 2,500-5,500 25 - - 4 4 AHTS 6,000-12,250 31 3 2 2 - AHTS 18,250 - - - 1 3 PSV 6,300 5 1 - - - Ice-breaking 23,2
Slide 15: Financial Highlights – Liquidity
Financial Highlights – Liquidity 30th June 30th Aug 2007 2008 2008 HK$Bn HK$Bn HK$Bn Cash and undrawn committed facilities* 5.0 10.9 12.4 HY2007 HY2008 Interest cover (underlying) 21.8 10.5 Cash interest cover (underlying) 11.2 5.7 * In addition, undrawn uncommitted facilities of HK$3.1bn were avail
Slide 16: Capital Commitments and Target Financial Parameters
Capital Commitments and Target Financial Parameters HY08 FY08 2009 2010 Capital commitments (HK$'bn) 19.1 15.5 8.6 2.6 Target financial parameters Gearing ratio 19.8% 20-22% 23-31% 22-29% Cash and undrawn committed facilities (HK$'bn) 10.9 7.0 10.0 10.0 Underlying cash interest cover 5.7 6.0 5.0-6.0
Slide 17: Swire Pacific 2008 Interim Review
CLSA Investors’ Forum 2008 22nd – 26th September 2008 Hong Kong Swire Pacific 2008 Interim Review 17