Uol Group Limited · SGX:U14

Uol — FY2011 Earnings Presentation

41 slides from Uol's earnings presentation, Feb 24, 2012

  1. Slide 1: 2011 Full Year Results Briefing

    2011 Full Year Results Briefing 24 February 2012 1

  2. Slide 2: Agenda

    • KEY FINANCIALS • 2011 HIGHLIGHTS • PERFORMANCE REVIEW • GOING FORWARD • Q&A 2

  3. Slide 3: Key Financials and 2011 Highlights

    UOL GROUP LIMITED • KEY FINANCIALS • 2011 HIGHLIGHTS GWEE LIAN KHENG GROUP CHIEF EXECUTIVE 3

  4. Slide 4: Key financials FY2011 vs FY2010

    FY 2010 S$m FY 2011 % Change (Restated) Revenue 1,960.2 1,349.1 +45 Profit before fair value and other gains/(losses) 727.8 551.2 +32 Other (losses)/ gains -19.7 50.8 -139 Fair value gains on associated companies’ 9.1 152.9 -94 investment properties Fair value gains on the Group’s investment 187.2 1

  5. Slide 5: Record revenue of $1.96 billion

    Record revenue of $1.96 billion, 45% • higher recognition of revenue from sale of residential projects • inclusion of revenue from PARKROYAL Serviced Suites Kuala Lumpur and PARKROYAL Melbourne Airport hotel Profit before fair value and other gains/ (losses) 32% to $727.8m • double-digit growth in p

  6. Slide 6: Per share and return metrics

    FY 2010 FY 2011 % Change (Restated) Earnings per share before fair value and other 69.49 cents 56.32 cents +23 gains/(losses) Earnings per share 86.25 cents 96.94 cents -11 Net tangible asset value per share $6.54 $5.91 +11 Return on equity before fair value and other 10.6% 9.5% +12 gains/(losses) R

  7. Slide 7: Equity, debt and gearing

    FY 2010 FY 2011 % Change (Restated) Total equity $5,529m $5,048m +10 Cash $297m $313m -5 Net debt $2,029m $1,877m +8 Gearing ratio 0.37 0.37 - Average borrowing cost 2.27% 1.99% +14 % Term loan 79% 72% +10 Interest cover 13 Xs 19 Xs - (including interest capitalised) Ave debt maturity (Yr) 1.4 years

  8. Slide 8: Maturity profile

    Maturity profile (as at 31.12.11) $m % Within 1 year 1,267 54 1-2 years 203 9 2-3 years 585 25 > 3 years 271 12 Total Debt 2,326 100 8

  9. Slide 9: A Decade of Growth

    A Decade of Growth 2010 CAGR 2002 2003 2004 2005 2006 2007 2008 2009 2011 (Restated) % Revenue ($m) 509.0 461.9 461.2 505.5 605.1 713.5 899.2 1,007.1 1,349.06 1,960.2 16.2 Profit before fair value and other gains/(losses) 119.7 107.6 128.3 149.3 158.6 273.3 351.5 429.9 551.2 727.8 22.2 ($m) Profit b

  10. Slide 10: Market environment

    • Subdued economic growth in Singapore and the region amidst eurozone uncertainty • Government cooling measures including additional stamp duty, increase in housing supply, and tighter immigration rules to dampen demand • Low interest rates, high liquidity environment and Singapore status as a safe

  11. Slide 11: Performance Review

    UOL GROUP LIMITED • PERFORMANCE REVIEW • GOING FORWARD LIAM WEE SIN PRESIDENT (PROPERTY) 11

  12. Slide 12: Group business structure

    Residential Developments Property Wholly-owned projects Development Joint-venture projects Commercial Properties/Serviced Suites Wholly-owned properties Property Joint-venture properties Investments UNITED INDUSTRIAL CORPORATION LIMITED (43%) MARINA CENTRE HOLDINGS PTE LTD (23%) Hotel Investments UO

  13. Slide 13: Revenue by Business Segments

    ($m) Revenue by Business Segments 2011 vs 2010 (Restated) +67% 1,393.8 835.5 +11% FY 2011 360.0 325.1 FY 2010 +8% +7% +19% 160.3 147.9 19.9 18.5 26.2 22.0 Property Property Hotel Management Investments development investments operations services 13

  14. Slide 14: Revenue Contribution by Business Segments

    ($m) Revenue Contribution by Business Segments 2011 vs 2010 (Restated) FY2011 FY2010 Management Management services Investments Hotel services Investments 1% Hotel 1% 2% operations 1% operations 19% 24% Property investments 8% Property Property investments development 11% 62% Property development 71

  15. Slide 15: Operating Profit by Business Segments

    ($m) Operating Profit by Business Segments 2011 vs 2010 (Restated) +151% 404.8 FY 2011 161.3 +14% FY 2010 112.6 99.2 +16% +20% 59.5 51.5 +157% 26.1 21.8 8.3 3.2 Property Property Hotel Management Investments development investments operations services 15

  16. Slide 16: Operating Profit Contribution by Business Segments

    ($m) Operating Profit Contribution by Business Segments 2011 vs 2010 (Restated) FY2011 FY2010 Management services Investments Management Hotel services Investments 1% 4% 7% operations Hotel 1% 10% operations 15% Property investments Property 19% development 48% Property investments Property 29% deve

  17. Slide 17: Revenue, Adjusted EBITDA and Total Asset Value by geography

    (%) Revenue FY2011: S$1,960.2m FY2010: S$1,349.1m Adjusted EBITDA* Singapore FY2011: S$830.3m 88 4 7 1 Australia Malaysia FY2010: S$780.9m China 93 313 Others *Excludes unallocated cost, other gains/losses and fair value gains/losses on investment properties Total Asset Value FY2011: S$8,524.4m FY20

  18. Slide 18: New launch in 2011: Archipelago

    New launch in 2011 Archipelago • Located along Bedok Reservoir Road • 553 condo units and 24 3-storey strata houses • Nestled within lush greenery of the Bedok Reservoir Park • Near upcoming Bedok North Downtown Line MRT Station (est. completion 2017) • Average price of $1,000 psf achieved for the 1

  19. Slide 19: Residential unit sales of $311 million

    Sale of 164 residential units and sales value of $311 million Launched No. of Units %Sold* Average psf (as at 31.12.11) Archipelago Dec 2011 577 16 S$980 Spottiswoode Residences Nov 2010 351 90 S$1,920 Nassim Park Residences Jun 2008 100 100 S$3,070 Panorama Apr 2008 223 96 RM1,005 Duchess Residence

  20. Slide 20: Profit recognition of launched projects

    Profit recognition of launched projects Project Name % No. of Saleable % Sold % Complete Est. TOP Equity Units Area (as at 31.12.11) (as at 31.12.11) Date Stake (sq m) Duchess Residences 70 120 23,664 99 100 TOP 1Q2011 Breeze by the East 100 88 16,118 100 100 TOP 1Q2011 Nassim Park Residences 50 100

  21. Slide 21: Four residential TOPs in 2011

    Four residential TOPs in 2011 Duchess Residences • 120-unit condominium at Duchess Avenue Breeze by the East • 88-unit condominium along Upper East Coast Road Nassim Park Residences • 100-unit luxury condominium at Nassim Road Panorama, Kuala Lumpur • 223-unit condominium at Persiaran Hampshire, Kua

  22. Slide 22: Over 1,000 residential units in Singapore pipeline

    Over 1,000 residential units in Singapore pipeline Project Name/Location Tenure Site Area Est. Est. % of Land (sq m) Saleable No. of Owned Area Units (sq m) Lion City site FH 13,740 19,445 244 100 Archipelago 99 46,623 71,445 577 50 St Patrick’s Garden site FH 12,780 19,548 180 100 Total 73,143 110,

  23. Slide 23: Lion City site

    Lion City site and adjoining site in Jan 2011 • Freehold site of area 13,740 sq m • Near Paya Lebar MRT Interchange • 244 condo units integrated with 19,519 sqm retail mall • 100% stake LION CITY HOTEL SITE • Condo units targeted to launch in 2Q 2012 • Children-themed mall similar to United Square •

  24. Slide 24: Bedok Reservoir Road site (Archipelago)

    Bedok Reservoir Road site (now known as Archipelago) in March 2011 • Site area 46,623 sq m, plot ratio 1.4 • 553 condo units and 24 3-storey strata houses • Nestled within lush greenery of the Bedok Reservoir Park • Near Bedok North Downtown Line MRT Station (est. completion 2017) • 50% stake 24

  25. Slide 25: St Patrick's Garden site

    Site at St Patrick’s Garden St Patrick’s Garden site in December 2011 • Site area 12,780 sq m, plot ratio 1.4. • Along Upper East Coast Road Pending • Freehold image/Map • Approximately 180 units • 100% stake 25

  26. Slide 26: Over 1,000 residential units in overseas pipeline

    Over 1,000 residential units in overseas pipeline Project Name/Location Site Area Est. Est. % Owned (sq m) Saleable Area No. of (sq m) Units Shanghai (Changfeng) 39,540 77,800 400 40 **Mixed development The Esplanade, Tianjin 22,895 54,511 522 90 *Mixed development KL (Jalan Conlay) 15,986 76,263 49

  27. Slide 27: Tianjin, The Esplanade

    Tianjin, The Esplanade • Mixed development of 552 apartments, a 330-room hotel, 17,510 sqm office and 10,920 sqm retail space • Condo units targeted to launch in 2Q 2012 • PAN PACIFIC Tianjin hotel set to open in 2013 • Target to complete in 2013 27

  28. Slide 28: Renowned Architect for Changfeng project

    Renowned Architect for Changfeng project • Renowned architect Richard Rogers of Rogers Stirk Harbour + Partners (RSHP) to design the Changfeng project • Mixed development of 400 residential apartments and 8,000 sqm retail space • Design creates a network of landscaped spaces that connect the site wi

  29. Slide 29: Office and retail properties

    Office properties Net Lettable Area/ *GFA (sq m) Portfolio Novena Square 41,503 United Square 24,849 Odeon Towers 18,402 Faber House 3,956 SubTotal 88,710 Pipeline Upper Pickering Office 8,088 The Esplanade, Tianjin (Hai He) 17,726 Office component of mixed development Total 114,524 Retail propertie

  30. Slide 30: Owned Serviced Suites

    Owned Serviced Suites Properties Rooms Portfolio PAN PACIFIC Serviced Suites Singapore (Orchard) 126 PARKROYAL Serviced Suites Singapore 90 PARKROYAL Serviced Suites Kuala Lumpur 287 SubTotal 503 Pipeline PAN PACIFIC Serviced Suites project Singapore 180 Total 683 30

  31. Slide 31: Tenancy Management

    Tenancy Management Lease Renewal % Change in Lease Expiry in 2012 Overall (sq m) Average Rent NLA %* FY11 vs FY10 Offices Novena Square +2 5,186 12 United Square -8 7,557 30 Odeon Towers -6 4,172 23 Faber House -2 650 16 Subtotal -3 17,565 20 Shopping Malls Novena Square +9 6,535 41 United Square +6

  32. Slide 32: Above 90% occupancy for all commercial properties

    Above 90% occupancy for all commercial properties NLA 41,503 24,849 18,402 3,956 15,969 18,822 (sq m) 32

  33. Slide 33: Commercial Tenant Mix

    Commercial Tenant Mix Office space (%) Retail space (%) 8 7 10 13 9 6 11 12 9 15 37 29 17 17 Consumer Goods Food & Beverage Property, Construction & Transportation Health, Beauty, Wellness & Fitness Banking, Insurance and Financial Services Sports & Fashion Energy, Resources and Engineering Educatio

  34. Slide 34: Corporate, residential project awards

    CORPORATE AWARDS UOL Group Limited • Singapore Corporate Governance Award (Most Improved Award) • BCI Asia Top 10 Developer Awards • Davey Awards (Annual Report Category, Silver Winner) RESIDENTIAL PROJECTS Nassim Park Residences • South East Asia Property Awards – Best Condo Development (South East

  35. Slide 35: Residential, retail and hotel awards

    RESIDENTIAL PROJECTS (con’t) Pavilion 11, Singapore • BCA Construction Excellence Award (Residential Buildings) RETAIL SHOPPING MALL United Square • 'We Welcome Families' Achiever Award by Businesses for Families Council HOTEL PROPERTIES PARKROYAL on Pickering and Office block • BCA Green Mark Plati

  36. Slide 36: UOL increases stake in UIC to 42.86%

    UOL increases stake in UIC from 42.02% to 42.86% in 2011 • UOL is the largest shareholder of UIC • Proxy play on Singapore’s office market and exposure to quality commercial properties Share of operating profits of associated companies remain significant • $165.9 million vs $247.8 million in FY 2010

  37. Slide 37: Going Forward

    EUSA RRA A] UOL Group Limited GOING FORWARD

  38. Slide 38: Outlook and strategy for 2012

    • Subdued growth for 2012 amidst global economic uncertainties and government cooling measures • Healthy capital position and diversified portfolio to ride out market volatility • Selectively replenish landbank in Singapore • Measured approach in geographical expansion • Optimise and improve yield f

  39. Slide 39: Forward-looking statements

    This presentation may contain forward-looking statements or financial information. Such forward-looking statements and financial information may involve known and unknown risks, uncertainties, assumptions and other factors which may cause the actual results, performance or achievements of UOL Group

  40. Slide 40: Thank You

    EUSA RRA A] UOL Group Limited THANK YOU oS lie i)

  41. Slide 41: Q&A

    EUSA RRA A] _ UOL Group Limited Q&A oS lie i)

UOL Group — FY2011 Earnings Presentation on 6ix