Wing Tai Properties Limited · HKEX:369
Wing Tai Properties — H1 2010 Earnings Presentation
25 slides from Wing Tai Properties's earnings presentation, Sep 1, 2010
Slide 1: 2010 Interim Results Presentation
2010 Interim Results Presentation 2010 Interim Results 1 September 2010 1
Slide 2: 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 expres
Slide 3: Agenda
Agenda Financial Highlights Business Review Prospects Q&A 3
Slide 4: Financial Highlights
WING TAI PROPERTIES LIMITED Financial Highlights
Slide 5: Results Highlights
Results Highlights For the six months ended 30 June 1H2010 1H2009 Change HK$ mil (unaudited) (unaudited) Revenue 1,356.6 417.0 225.3% Gross profit 431.2 188.9 128.3% Profit from operations 1,021.2 77.2 12.2 times Profit attributable to equity holders of the Company 794.3 7.0 112.5 times Dividend pay
Slide 6: Turnover Breakdown
Turnover Breakdown For the six months ended 30 June 1H2010 1H2009 Change HK$ mil (unaudited) (unaudited) Property development 5.4 881.6 162.3 times Property investment & management 135.5 173.2 27.8% Hospitality investment & management 43.5 53.3 22.5% Garment manufacturing and branded products distri
Slide 7: Balance Sheet
Balance Sheet 30 June 2010 31 December 2009 HK$ mil (Unaudited) (Audited) Total assets 17,972.9 16,978.1 Net assets 10,586.9 9,694.1 Investment properties 10,469.2 10,532.0 Properties for sale 2,990.1 3,432.5 Trade and other receivables, deposits and prepayments 1,770.0 172.0 Bank balances and cash
Slide 8: Liquidity and Financial Resources
Liquidity and Financial Resources 30 June 2010 31 December 2009 Current ratio 2.21 2.88 Gearing ratio 40.6% 43.0% (net borrowings to net assets) Unutilised general banking 2,105.2 2,106.3 facilities (HK$mil) 8
Slide 9: Strong Asset Growth
Strong Asset Growth Net Assets (Shareholders’ Equity) HK$’ M 10,000 9,000 8,000 7,000 8,839 6,000 8,128 5,000 7,100 7,219 4,000 3,000 2,000 2,713 1,857 1,000 0 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 1H 2010 9
Slide 10: Business Review
WING TAI PROPERTIES LIMITED Business Review
Slide 11: Property Development – Projects in Progress
Property Development – Projects in Progress “Forfar” Over 60% of the units sold to-date, generating approximately HK$900M revenue which was recognised in 1H 2010 Obtained occupation permit in January 2010, Obtained certificate of compliance in August 2010 “Seymour” Approximately 85% of the u
Slide 12: Property Development – Projects in Progress
Property Development – Projects in Progress Tai Po Pak Shek Kok development Superstructure works have commenced Construction to be completed in phases between 2011 and 2012 Subject to market condition and regulatory approval, the development will be ready for pre- sale in 1H 2011 Belle Vue Res
Slide 13: Property Development – New Projects
Property Development – New Projects No. 1-2 Coronation Terrace, Mid-Levels Acquisition of sites to be completed on 6 September 2010 Wholly owned development by the Company Anticipated GFA approximates 40,000 sq. ft. Planned to develop a luxury boutique tower 13
Slide 14: Property Investment & Management
Property Investment & Management Approximately 2.8M sq. ft. Grade “A” office, retail and industrial properties with a GDV of HK$9.0B* Landmark East Strong leasing momentum with committed leasing rate reaching approximately 80% to-date as compared to 50% at the beginning of the year Benefited f
Slide 15: Property Investment & Management
Property Investment & Management Disposal of Two Investment Properties Disposed of Unimix Industrial Centre and Lucky Industrial Building in June 2010 for a total consideration of HK$949.0M Net proceeds of approximately HK$584M will strengthen the Group’s financial position Recognised gain on
Slide 16: Property Investment & Management
Property Investment & Management Continue To Enhance Our Investment Portfolio Total GFA (sq. ft) Property Location (30 June 2010) Grade A W Square Wanchai 129,000 Office Landmark East Kwun Tong 1,335,000 Industrial Regent Centre Kwai Chung 659,000 Building Winner Godown Building Tsuen Wan 497,000 Sh
Slide 17: Hospitality Investment and Management
Hospitality Investment and Management Both occupancy and rental rates continue to improve in line with economic recovery in Asian region Occupancy rates:- – Lanson Place Jin Lin Tian Di (Shanghai): 97% – Lanson Place Central Park (Beijing): 97% Lanson Place Jin Qiao Residences has opened its e
Slide 18: Comprehensive Development in China
Comprehensive Development in China Railway Network in Shenyang and locations of the two development sites Residential development in Shenyang, PRC Construction of show-flat areas and sales office Shenbei site for the initial phase of two sites are progressing on schedule Target to complete const
Slide 19: Prospects
WING TAI PROPERTIES LIMITED Prospects
Slide 20: Prospects
Prospects Property Development • Catch right market window for sales launch of remaining units of Forfar, Seymour, Belle Vue Residences, and the pre-sale of the Tai Po Pak Shek Kok development • Possible launch of the newly acquired property development project at Mid-levels for pre-sale in 2H 2011
Slide 21: Thank You
WING TAI PROPERTIES LIMITED Thank You
Slide 22: Appendix
WING TAI PROPERTIES LIMITED Appendix
Slide 23: Shareholding Structure
Shareholding Structure Wing Tai Holdings Sun Hung Kai Public & Cheng’s Family Properties Limited 50.7%* 13.8%* 35.5%* WING TAI PROPERTIES 100%LIMITED 0369.HK) Property Apparel Property Wing Tai Asia Hospitality Lanson Place Property China ChinaProperties Winsor Garment Investment & manufacturing dev
Slide 24: Financial Summary
Financial Summary 1H 2010 1H 2009 FY2009 FY2008 FY2007 FY2006 FY2005 (unaudited) (unaudited) HK$’M HK$’M HK$’M HK$’M HK$’M HK$’M HK$’M Revenue 1,356.6 417.0 1,207.1 1,664.5 2,209.7 2,699.4 1,767.9 Profit before taxation 1,035.8 45.3 482.8 333.8 2,031.9 1,009.5 524.0 Taxation (30.8) (16.4) (102.9) (6
Slide 25: Hospitality Management & Investment
Hospitality Management & Investment Strong Brand Recognition Location Total no. of apartments/ suites Lanson Place Boutique Hotels & Causeway Bay, Hong Kong 194 Residences Lanson Place Jin Lin Tian Di Residences Shanghai, the PRC 106 Lanson Place Central Park Beijing, the PRC 105 Lanson Place Winsla