Ctf Services Limited · HKEX:659
Ctf Services — NWS Holdings — H1 FY2016 Earnings Presentation
33 slides from Ctf Services's earnings presentation, Feb 22, 2016
Slide 1: FY2016 Interim Results
FY2016 Interim Results GROWING BEYOND BOUNDARIES
Slide 2: NWS Investment Portfolio
NWS Investment Portfolio Infrastructure Services 基建 服務 Roads Facilities Management 道路 設施管理 Energy 能源 Construction & Transport Water 建築及交通 水務 Strategic Investments Ports & Logistics 策略性投資 港口及物流 2
Slide 3: Financial Summary
Financial Summary 2015 2014 Change % For the six months ended 31 December (HK$’M) (HK$’M) Fav./(Unfav.) Revenue 14,224.4 11,974.4 19 Attributable Operating Profit 2,398.2 2,254.6 6 (AOP) Profit Attributable to 2,354.3 2,003.8 17 Shareholders (PAT) Basic Earnings per share (HK$) 0.62 0.54 15 Dividend
Slide 4: Financial Position
Financial Position As at As at 31 December 2015 30 June 2015 (HK$’M) (HK$’M) Total cash and bank balances 11,369 10,422 Total debt 18,456 16,811 Net debt position 7,087 6,389 Net gearing ratio 16% 14% 4
Slide 5: Attributable Operating Profit
Attributable Operating Profit By Segment By Region HK$’M HK$’M 2,500 2,398 2,398 2,255 2,500 2,255 2,000 2,000 1,223 1,326 1,366 1,469 1,500 1,500 (54%) (55%) (61%) (61%) 1,000 1,000 889 929 1,032 1,072 500 500 (39%) (39%) (46%) (45%) 0 0 2014 2015 2014 2015 Infrastructure Hong Kong Services Mainlan
Slide 6: Infrastructure
Infrastructure ROADS ENERGY PORTS & WATER LOGISTICS 6
Slide 7: Infrastructure
Infrastructure Roads and related projects in Guangdong, 16 Guangxi, Shanxi, Zhejiang and Tianjin Roads 1 Tunnel project in Hong Kong 3 Power plants in the PRC Energy 1 Coal distributor in Guangzhou Water treatment projects in the PRC and 27 Macau 1 Incineration plant in Shanghai 2 Sludge treatment p
Slide 8: Infrastructure AOP by Segment
AOP by Infrastructure Segment 2015 2014 Change % For the six months ended 31 December (HK$’M) (HK$’M) Fav./(Unfav.) Roads 620.2 676.7 (8) Energy 37.6 93.7 (60) Water 223.9 222.7 1 Ports & Logistics 587.6 372.6 58 Total 1,469.3 1,365.7 8 8
Slide 9: Infrastructure Roads AOP – Roads
Infrastructure Roads AOP – Roads For the six months ended 31 Dec HK$’M 700 (-8%) 26% 600 500 1HFY16 AOP 400 677 620 300 30% 200 1HFY15 AOP 100 0 2014 2015 9
Slide 10: Highlights – Roads
Infrastructure Roads Highlights – Roads Toll revenue growth on major expressways Guangzhou City Northern Ring Road 廣州市北環高速公路 up 11% Beijing-Zhuhai Expressway (Guangzhou-Zhuhai Section) 京珠高速公路 (廣珠段) up 5% Hangzhou Ring Road 杭州繞城公路 up 2% Tangjin Expressway (Tianjin North Section) 唐津高速公路 (天津北
Slide 11: Infrastructure Energy AOP – Energy
Infrastructure Energy AOP – Energy For the six months ended 31 Dec HK$’M 100 2% 80 1HFY16 AOP 60 (-60%) 4% 40 1HFY15 AOP 20 94 38 0 2014 2015 11
Slide 12: Highlights – Energy
Infrastructure Energy Highlights – Energy Electricity sale volume down 19% Slow economic growth and competition from renewable energy and new generators continue to impact sales Outlook challenging despite low coal price Coal-fired on-grid tariff cut by an average of 7% with effect from Jan
Slide 13: Infrastructure Water AOP – Water
Infrastructure Water AOP – Water For the six months ended 31 Dec HK$’M 250 (+1%) 9% 200 1HFY16 AOP 150 223 224 10% 100 1HFY15 AOP 50 0 2014 2015 13
Slide 14: Highlights – Water
Infrastructure Water Highlights – Water Stable performance despite impact of RMB depreciation Daily treatment capacity exceeded 8 million m3 Macau Water Plant tariff up 4.3% (effective Oct 2015) 14
Slide 15: Chongqing Derun Environment
Infrastructure Water Chongqing Derun Environment 重慶德潤環境 Completion of investment in Dec 2015 RMB30 billion platform - NWS effective interest 12.55% Full spectrum of environmental businesses Water and wastewater treatment Urban and hazardous waste handling Waste-To-Energy Soil remediati
Slide 16: AOP – Ports & Logistics
Ports & Infrastructure Logistics AOP – Ports & Logistics For the six months ended 31 Dec HK$’M (+58%) 600 24% 1HFY16 AOP 400 373 588 17% 200 1HFY15 AOP 0 2014 2015 16
Slide 17: Highlights – Ports & Logistics
Ports & Infrastructure Logistics Highlights – Ports & Logistics Xiamen Container Terminal Group 廈門集裝箱碼頭集團 Throughput up 12% Equity interest increased from 13.8% to 20% in Sep 2015 Tianjin Five Continents Int'l Container Terminals 天津五洲國際集裝箱碼頭 Throughput down 5% Tianjin Orient Container Te
Slide 18: Highlights – Ports & Logistics (Cont'd)
Ports & Infrastructure Logistics Highlights – Ports & Logistics (Cont’d) Beijing Capital International Airport (BCIA) 北京首都國際機場 International passenger throughput up 10% Non-aeronautical business up 21% in 1H2015 BCIA 18
Slide 19: Highlights – Ports & Logistics (Cont'd)
Ports & Infrastructure Logistics Highlights – Ports & Logistics (Cont’d) Goshawk Aviation Limited (Goshawk) Fleet size of 53 aircraft Average age between 3 - 4 years Expected fleet size of over 70 aircraft by Jun 2016 No. of aircraft 80 70+ 60 53 40 40 27 20 0 2/2015 6/2015 12/2015 6/2016 19
Slide 20: Highlights – Ports & Logistics (Cont'd)
Ports & Infrastructure Logistics Highlights – Ports & Logistics (Cont’d) Goshawk’s portfolio as at 31 Dec 2015 Others 6% America 15% Australia Asia B737 A320 17% 40% 39% 55% Europe 28% Aircraft type Geographical Spread Feb 2015 Jun 2015 Dec 2015 No. of aircraft 27 40 53 No. of lessees 15 18 22 No.
Slide 21: Highlights – Ports & Logistics (Cont'd)
Ports & Infrastructure Logistics Highlights – Ports & Logistics (Cont’d) ATL Logistics Centre 97.8% occupancy rate Average rental up 16% NWS Kwai Chung Logistics Centre 100% occupancy rate ATL Logistics Centre 21
Slide 22: Highlights – Ports & Logistics (Cont'd)
Ports & Infrastructure Logistics Highlights – Ports & Logistics (Cont’d) Terminals in operation Kunming Qingdao China United Int’l Rail Containers (CUIRC) • • Chongqing • • Wuhan • Chengdu • Xian Throughput up 6% due to the introduction • Zhengzhou • Dalian of break-bulk cargo transportation and
Slide 23: Services
Services HKCEC Free Duty Shops Construction Transportation 23
Slide 24: Services AOP by Segment
AOP by Services Segment 2015 2014 Change % For the six months ended 31 December (HK$’M) (HK$’M) Fav./(Unfav.) Facilities Management 369.5 453.7 (19) Construction & Transport 492.4 308.1 60 Strategic Investments 67.0 127.1 (47) Total 928.9 888.9 4 24
Slide 25: Services AOP – Facilities Management
Facilities Services Management AOP – Facilities Management For the six months ended 31 Dec HK$’M 500 15% 400 (-19%) 1HFY16 AOP 300 454 370 20% 200 1HFY15 AOP 100 0 2014 2015 25
Slide 26: Highlights – Facilities Management
Facilities Services Management Highlights – Facilities Management HKCEC Steady organic revenue growth Events up 7% HKCEC Free Duty Rental increase and contraction of inbound tourism and customer spending impacted overall performance Growth momentum continues at Lok Ma Chau Station 26
Slide 27: Services AOP – Construction & Transport
Construction Services & Transport AOP – Construction & Transport For the six months ended 31 Dec HK$’M (+60%) 500 21% 400 1HFY16 AOP 300 308 492 13% 200 1HFY15 AOP 100 0 2014 2015 27
Slide 28: Highlights – Construction & Transport
Construction Services & Transport Highlights – Construction & Transport Construction Revenue growth of 28% reflecting good project management and improving gross profit Gross contract-on-hand: HK$75.3 billion Remaining value: HK$48.8 billion Transport Steady recovery from “Occupy Central
Slide 29: Services AOP – Strategic Investments
Strategic Services Investments AOP – Strategic Investments For the six months ended 31 Dec HK$’M 3% 150 1HFY16 AOP 100 (-47%) 6% 50 127 67 1HFY15 AOP 0 2014 2015 29
Slide 30: Outlook – Infrastructure
Outlook – Infrastructure Diversified business portfolio with steady growth targets and earnings visibility Roads Steady growth from rising traffic volume, particularly as Tangjin Expressway (Tianjin North Section) continues to ramp up Draft amendment of “Regulation on the Administration of Tol
Slide 31: Outlook – Services
Outlook – Services Free Duty Challenging market despite rising patronage at Lok Ma Chau Station Construction Vibrant construction market Full order book Gleneagles Hong Kong Hospital Target to open in early 2017 Gleneagles Hong Kong Hospital 31
Slide 32: Disclaimer
Disclaimer NWS Holdings Limited (“NWS”) makes no representation or warranty of any kind, express, implied or statutory regarding the accuracy or completeness of the information contained. The information in this presentation is prepared solely for information purposes only. Users and readers are cau
Slide 33: Q&A Session
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