Wing Tai Properties Limited · HKEX:369
Wing Tai Properties — FY2024 Earnings Presentation
39 slides from Wing Tai Properties's earnings presentation, 2025
Slide 1: Wing Tai Properties Limited Annual Results 2024
Wing Tai Properties Limited Annual Results 2024 永泰地產有限公司
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 similar words that express an
Slide 3: Agenda
Agenda • A Snapshot of 2024 • Key Achievements • Land Bank • Business Review • Property Development • Property Investment & Management • Hospitality Investment & Management • Solid Capital Structure • Prospects • 2024 Results Highlights • Appendix
Slide 4: A Snapshot of 2024
A Snapshot of 2024
Slide 5: Key Achievements
Key Achievements • We managed to maintain the occupancy of our flagship Landmark East twin towers at approximately 90% level. We successfully obtained 3 certificates, of which WELL v2 Platinum issued by International WELL Building Institute, BEAM Plus Existing Buildings Platinum issued by Hong Kong
Slide 6: Balanced and diversified land bank in Hong Kong
Balanced and diversified land bank in hong kong Development properties Investment properties 1. OMA OMA 6. Landmark East (“Upper Gold Coast” series) 7. Shui Hing Centre 4 2. OMA by the Sea (“Upper Gold Coast” series) 8. Le Cap 8 9 1 2 5 3. Site at Gage Street/ 9. La Vetta Graham Street, Central 7 6
Slide 7: Land bank in London
Land bank in London Cavendish Square 66 Shoe Lane 4 5 30 Gresham Street 10 Brook Street 7 6 1 No.1 Savile Row 10 Fleet Place 4 35 Berkeley Square 2 3 7
Slide 8: Land bank (as at 31 December 2024)
Land bank (as at 31 DECEMBER 2024) Land Bank Overview (sq.ft.) Strategic land bank with focus in Hong Kong Valuation Property Investment as at 31 Attributable Total Development Property Hong Kong London Others 81% Gross Floor Area / (’000 sq. December 19% (’000 sq. ft.) (’000 sq. ft.) (’000 sq. ft.)
Slide 9: Business Review
Business Review 9 Lanson Place Parliament Gardens, Melbourne
Slide 10: Property Development
Property Development 10
Slide 11: Sale and development pipeline
Sale and development pipeline (As at 31 dEcember 2024) Project pipeline Available Attributable Estimated Completion Saleable Saleable Group’s Area / Area / Property Development Portfolio Interest 2029 Gross Gross 2025 2026 2027 2028 and Floor Area Floor Area beyond (’000 sq. ft.) (’000 sq. ft.) Hong
Slide 12: Completed Development in Hong Kong
Completed Development in Hong Kong OMA OMA (466 units), So Kwun Wat Road, Tuen Mun • Saleable area of approximately 234,000 sq. ft. for 466 residential apartment units • Medium-density residential development • Cumulatively, around 95% (in terms of number) of the residential units were sold as at 31
Slide 13: Completed Development in Hong Kong – Cont'd
Completed Development in Hong Kong – Cont’d OMA by the Sea (517 units), Castle Peak Road, Tai Lam, Tuen Mun • Saleable area of approximately 252,000 sq. ft. for 517 residential apartment units • Medium-density residential development • Cumulatively, around 96% (in terms of number) of the residential
Slide 14: Project Under Development in Hong Kong
Project Under Development in Hong Kong Mixed-use Development at Gage Street/ Graham Street, Central • Combined gross floor area up to 433,500 sq. ft. • Earmarked for mixed-use development encompassing a Grade A office tower, a luxury international hotel, retail shops and green open space • Forming p
Slide 15: Project Under Development in Hong Kong – Cont'd
Project Under Development in Hong Kong – Cont’d Cloudview, near Sheung Shui MTR Station • Gross floor area of approximately 284,170 sq. ft. • Medium-density residential development adjacent to Fanling Golf Course • Superstructure work is in progress * Artist impression • Pre-sale consent obtained in
Slide 16: Project Under Development in Hong Kong – Cont'd
Project Under Development in Hong Kong – Cont’d Residential site at Hin Wo Lane, Sha Tin, near Tai Wai and Hin Keng MTR stations • Gross floor area of approximately 89,339 sq. ft. • Superstructure work is in progress • Pre-sale consent obtained in March 2025 • We are preparing for pre-sale launch 16
Slide 17: Property Investment & Management
Property Investment & Management 17
Slide 18: Investment portfolio in Hong Kong
Investment portfolio in hong kong Gross floor area Occupancy as at (’000 sq. ft.) 31 December 2024 Grade A Offices Landmark East (AIA Kowloon Tower/ 1,338 90% AXA Tower) Industrial Property Shui Hing Centre* 187 78% Le Cap 36 88% Residential Properties La Vetta 72 71% * Obtained the Town Planning Bo
Slide 19: Investment portfolio in London
Investment portfolio in london 1) Commercial Property on Brook Street, West End • Net internal area of approximately 19,000 sq. ft. of Grade A office and retail space 2) Commercial Property at Berkeley Square, West End • Net internal area of approximately 7,900 sq. ft. of Grade A office space 3) Com
Slide 20: Investment portfolio in London – Joint Venture
Investment portfolio in london – JOINT VENTURE 1) Commercial Property at Cavendish Square, West End • Group’s interest of 33% • Net internal area of approximately 13,000 sq. ft. of Grade A office space 2) Commercial Property at Shoe Lane, City of London • Group’s interest of 21% • Net internal area
Slide 21: Investment portfolio in London – Joint Venture (Cont'd)
Investment portfolio in london – JOINT VENTURE (Cont’d) 3) Commercial Property on Fleet Place, City of London • Group’s interest of 25% • Net internal area of approximately 192,000 sq. ft. of Grade A office and retail space 4) Commercial Property at Gresham Street, City of London • Group’s interest
Slide 22: Hospitality Investment & Management
HOSPITALITY INVESTMENT & MANAGEMENT 22
Slide 23: Hospitality portfolio
Hospitality portfolio Lanson Place Properties – Investment & Management • Strong brand recognition in Hong Kong and key gateway cities in Asia by customers as well as property owners Lanson Place Causeway Bay, Hong Kong • Group’s interest: 100% • 188 units (soft re-open in March 2024) • A member of
Slide 24: Hospitality portfolio – Cont'd
Hospitality portfolio – Cont’d Lanson Place Properties – Management Yiju Apartment, Shenzhen 1,610 units Lanson Place Parkside, Shanghai 182 units Shenzhen Shanghai Lanson Place Winsland, Lanson Place Singapore Hong Kong Two MacDonnell Road, 109 units Hong Kong 216 units Manila Kuala Lumpur Lanson P
Slide 25: Hospitality investment and management
Hospitality investment and management • Following an extensive refurbishment project led by the world- renowned Parisian hotel design maestro Pierre-Yves Rochon, Lanson Place Causeway Bay hotel soft reopened in March 2024, and is building up market awareness and occupancy. • Lanson Place Waterfront
Slide 26: Solid capital structure
Solid capital structure • Access to bond market since 2012, raising a total of approximately HK$1,900 million unrated fixed rate bonds and S$260 million 4.35% unrated senior guaranteed perpetual capital securities, a reflection of strong market recognition and confidence in our financial position. •
Slide 27: Prospects
PROSPECTs 27 *Artist impression
Slide 28: Prospects
PROSPECTs The Hong Kong economy faces ongoing uncertainties in 2025. While the previous interest rate cuts from the US Federal Reserve could offer some support to the local market, the outlook remains cautious. Improved market sentiment and investment activity will depend on the evolving global econ
Slide 29: Prospects – Cont'd
PROSPECTs – Cont’d Our Cloudview and Sha Tin residential projects, comprising primarily one-bedroom and two- bedroom units conveniently located near MTR stations, are poised for pre-sale launch. These projects are well-positioned to capture demand from first-time buyers, particularly if market confi
Slide 30: 2024 Results Highlights
2024 Results Highlights 30
Slide 31: Financial results summary
Financial results summary For the year ended 31 December (HK$’M) 2024 2023 Revenue 1,031 882 17% Gross profit 635 681 7% Loss from operations (1,900) (462) 311% Share of results of joint ventures and associates (571) (243) 135% Loss attributable to shareholders of the company (2,560) (890) 188% Net
Slide 32: Financial results summary – Cont'd
Financial results summary – Cont’d For the year ended 31 December 2024 2023 Basic loss per share (HK$) (1.89) (0.66) 186% Core earnings per share (HK$) 0.07 0.15 53% Final dividend per share (HK cents) 4.0 8.0 50% Total dividend per share (HK cents) 7.0 14.0 50% Total dividends (HK$’M) 95 190 50% 32
Slide 33: Segment results overview
Segment results overview For the year ended 31 December (HK$’M) 2024 2023 Property Development Revenue (excluding inter-segment sales) 325 212 Loss before taxation (1,454) (290) Net valuation loss and impairment provision on properties and financial (1,439) (326) instruments including joint ve
Slide 34: Segment results overview – Cont'd
Segment results overview – Cont’d For the year ended 31 December (HK$’M) 2024 2023 Hospitality Investment & Management Revenue 86 37 Loss before taxation (260) (81) Net valuation loss on properties including joint ventures (156) (9) Core loss before taxation (104) (72) Others Revenue 60 60
Slide 35: Balance sheet summary
Balance sheet summary 31 December 31 December (HK$’M) 2024 2023 Total assets 31,086 33,988 9% Net assets 23,321 26,095 11% Equity attributable to shareholders of the company 21,749 24,440 11% Investment properties 18,459 19,693 6% Interests in joint ventures 4,809 5,086 5% Properties for sale 3,360
Slide 36: Balance sheet summary – Cont'd
Balance sheet summary – Cont’d 31 December 31 December (HK$’M) 2024 2023 Total borrowings 6,826 6,808 Net borrowings 4,464 4,166 Gearing ratio 19.1% 16.0% (net borrowings to net assets) Maturity profile of borrowings Repayable: Within one year 2,089 31% 2,808 41% Between one and two years 473 7% 516
Slide 37: Appendix
Appendix 37
Slide 38: Five years financial summary
Five years financial summary Full Year Results 2024 2023 2022 2021 2020 (HK$’M) (Note1) RESULTS Revenue 1,031 882 4,097 3,423 2,778 (Loss)/ profit before taxation (2,522) (769) (152) 1,045 (555) Taxation (54) (43) (172) (127) (61) (Loss)/ profit for the year (2,576) (812) (324) 918 (616) Attributabl
Slide 39: Five years financial summary – Cont'd
Five years financial summary – Cont’d As at 31 December 2024 2023 2022 2021 2020 (HK$’M) ASSETS AND LIABILITIES Total assets 31,086 33,988 35,499 38,739 37,246 Total liabilities (7,765) (7,893) (8,172) (10,573) (9,605) Total equity 23,321 26,095 27,327 28,166 27,641 39