Yuzhou Group Holdings Co., Ltd. · HKEX:1628
Yuzhou — Yuzhou Properties Company — FY2010 Earnings Presentation
34 slides from Yuzhou's earnings presentation, Mar 31, 2011
Slide 1: 2010 Annual Results Announcement
2010 Annual Results Announcement 31 March 2011
Slide 2: Disclaimer
Disclaimer These materials have been prepared by Yuzhou Properties Company Limited (the “Company”) solely for informational use during its presentation to current and/or prospective investors to provide an update on the business performance and development of the Company. No representation or warran
Slide 3: Agenda
Agenda 1. Key Financial Summary 2. Key Accomplishments and Business Highlights 3. Future Outlook 4. Future Operation Plan 5. Appendix 3 YUZHOU PROPERTIES COMPANY LIMITED
Slide 4: Key Financial Summary
Section 1 Key Financial Summary
Slide 5: FY2010 is a Record Year
FY2010 is a Record Year Continued Strong Growth Momentum Since IPO z Recognised revenue: RMB4,265.6 million (+RMB2,273.8 million or +114.2%) z Contracted sales: RMB5,217.3 million (+RMB1,364.8 million or +35.4%) z GFA completed: 496,998 sq.m (+301,501 sq.m or +54.2%) z Core profit: RMB756.6 million
Slide 6: FY2010 Key P&L Items
FY2010 Key P&L Items Property Sales Gross Profit RMB million RMB million 5 6% 5 4% C AGR C AGR – 10 4,198 10 1,777 0 8 0 8 – 988 1,941 750 1,717 2008 2009 2010 2008 2009 2010 EBITDA Core Profit RMB million RMB million 4 9% AGR 8 9% 10 C 1,735 C AGR 757 08 – 10 08 – 996 401 781 211 2008 2009 2010 200
Slide 7: FY2010: Key Balance Sheet Items
FY2010: Key Balance Sheet Items Cash Position Total Debt RMB million RMB million 65 % CAG R 42% AG R2 08 – 1 0 Short term 1 0 C 2,733 1,038 08 – Long term 972 1,570 783 3,742 1,393 1,446 205 2008 2009 2010 2008 2009 2010 Total Asset Shareholders’ Equity RMB million RMB million 4 2% 128 % C AGR C AG
Slide 8: FY2010: Diversifying Land Bank
FY2010: Diversifying Land Bank FY 2009 FY 2010 By City By City 6% 9% West Strait Economic Zone West Strait Economic Zone 10% 8% 50% Xiamen Xiamen Fuzhou Fuzhou Yangtze River Delta Region Yangtze River Delta Region 55% Hefei Hefei 24% Shanghai Shanghai 29% Bohai Economic Rim Region Tianjin 9% By Proj
Slide 9: Key Accomplishments & Business Highlights
Section 2 Key Accomplishments & Business Highlights
Slide 10: FY2010: Entering New Growing Phase
FY2010: Entering New Growing Phase Contracted GFA Recognised GFA Sq.m. Sq.m. 9 5% 6 5% C AGR C AGR 10 – 10 08 – 528,282 492,963 0 8 381,033 193,030 186,566 100,112 2008 2009 2010 2008 2009 2010 Completed GFA of Completed GFA Investment Properties Sq.m. Sq.m. 6 2% C AGR 496,998 68% – 10 C AGR 108,200
Slide 11: FY2010: Entering New Growing Phase (Cont'd)
FY2010: Entering New Growing Phase (Cont’d) FY2010 Contracted Sales by City FY 2010 Recognised Sales by City 4% 5% 11% 19% Xiamen 24% Fuzhou Xiamen Shanghai Shanghai 66% 71% Hefei Hefei FY2010 Contracted GFA by City FY2010 Recognised GFA by City 11% 12% 6% 11% 11% Xiamen Fuzhou Xiamen Shanghai Shang
Slide 12: FY2010: Focus on Core Competence: Smart Acquisition
FY2010: Focus on Core Competence: Smart Acquisition Total Saleable Date of Land Cost Project City GFA Acquisition (RMB/sq.m.) sq.m. Tuanbo District Site 48 Tianjin 70,547 668 2010.09 Tuanbo District Site 49 Tianjin 108,903 1,113 Jinjing Site 85 Tianjin 140,432 1,413 2010.10 Jinjing Site 86 Tianjin 1
Slide 13: FY2010: Focus on Core Competence: Smart Acquisition (Cont'd)
FY2010: Focus on Core Competence: Smart Acquisition (Cont’d) Participation in Acquisition through Public Mergers & Acquisition Government Property Bidding and Auction Projects Four land lots in Shanghai with Government real estate Identify quality projects and timing combined GFA of 287,000m2 at RMB
Slide 14: FY2010: Enhanced Leadership in Xiamen, Fujian Province
FY2010: Enhanced Leadership in Xiamen, Fujian Province Largest Land Bank in Xiamen Million sq.m. Jimei District Xiamen Bridge Source : Listed company annual reports Residential Market Share in Xiamen* Haicang Huli District District Haicang % Bridge Xiamen City Siming District Gulangyu Island * In te
Slide 15: FY2010: Enhanced leadership in Xiamen, Fujian Province (Cont'd)
FY2010: Enhanced leadership in Xiamen, Fujian Province (Cont’d) Deeply Rooted and Well-received in Xiamen Yuzhou Castle above City (禹洲城上城) Yuzhou Golden Seacoast (禹洲華僑金海岸) z Centrally-located in Xiamen Island, next to Huli District z Located at the first-tier waterfront, enjoys an unobstructed Gover
Slide 16: FY2010: Enhanced Leadership in Xiamen, Fujian Province (Cont'd)
FY2010: Enhanced Leadership in Xiamen, Fujian Province (Cont’d) The Lconic Mix used Property at the Heart of Xiamen City Center No.75, Xiahe Road, Siming District, Xiamen z The very first mix used development in Xiamen Location City z Well-located adjacent BRT (Bus Rapid Transit) Site Area 19,454 sq
Slide 17: FY2010: Established Footprints and Recognised Brand Name
FY2010: Established Footprints and Recognised Brand Name Volume (sq.m.) ASP (RMB/sq.m.) Yuzhou University City In Xiamen ASP: 4,210 ASP: 4,410 ASP: 6,792 10,533 sq.m 174,449 sq.m 91,866 sq.m Volume (sq.m.) ASP (RMB/sq.m.) Yuzhou Jingqiao Intn’l In Shanghai ASP: 17,791 ASP: 15,542 ASP: 28,071 26,474
Slide 18: FY2010: Multiple Funding Channels & Healthy Financial Position
FY2010: Multiple Funding Channels & Healthy Financial Position Debt Currency Profile Net Gearing Ratio % HKD USD 18% RMB 56% 26% 100% = RMB 5.2bn (Pre-IPO) Management will adopt a prudent financial management 18 YUZHOU PROPERTIES COMPANY LIMITED
Slide 19: Future Outlook 2011
Section 3 Future Outlook 2011
Slide 20: FY2011: Acceleration in Project Construction
FY2011: Acceleration in Project Construction FY2009 FY2010 GFA Under Construction 6% 3% Million sq.m 3 5% C AGR 37% 40% – 11 2.60 0 9 1.95 57% 57% 1.43 100% = 3.90 million sq.m. 100% = 4.92 million sq.m. Completed GFA Held for Sale Completed GFA Held for Sale and Investment and Investment Properties
Slide 21: FY2011: Well-positioned with Sufficient Saleable Projects
FY2011: Well-positioned with Sufficient Saleable Projects # Name of Project City Planned Sales Planned Sales Planned Sales Percentage of Area for Area for Area for Planned Sales 1H 2011 (sq.m.) 2H 2011 (sq.m.) FY2011 (sq.m.) Area (%) 1 Yuzhou University City Xiamen 68,746 68,746 137,493 14% 2 Yuzhou
Slide 22: FY2011: Well-positioned with Sufficient Saleable Projects (Cont'd)
FY2011: Well-positioned with Sufficient Saleable Projects (Cont’d) 2011 Saleable GFA by City 2011 Saleable GFA by Type 4% 11% 8% 4% 43% 9% Shanghai Villa Fuzhou SOHO Quanzhou Apartments Hefei 85% 36% Xiamen 100% = 1.01 million sq.m. 100% = 1.01 million sq.m. 22 YUZHOU PROPERTIES COMPANY LIMITED
Slide 23: FY2011: Stella Projects to be Launched in Xiamen
FY2011: Stella Projects to be Launched in Xiamen Scheduled Launch Scheduled Completion Scheduled Launch Scheduled Completion May 2011 Oct 2012 Aug 2011 Oct 2012 Yuzhou Golf (禹洲．高爾夫) Yuzhou Shoreline (禹洲．尊海) Total Site Total Site 55,986 Sq.m. 107,622 Sq.m. Area Area Saleable Villa 43,400 Sq.m. Saleab
Slide 24: FY2011: 'Cash Cow' Project in Hefei
FY2011: ‘Cash Cow’ Project in Hefei 2011 Major launched Mar 2011 May 2011 Jul 2011 Sep 2011 Nov 2011 Yuzhou Skyline (禹洲．天境) Contract Sale of Yuzhou Skyline Total Site Contracted GFA ASP 446,757 Sq.m. (Sq.m.) Area (Sq.m.) Total GFA 1,116,800 Sq.m. Conjunction of Hefei Political and Cultural New Distr
Slide 25: Future Operation Plan
Section 4 Future Operation Plan
Slide 26: Streamline Product Portfolio by Category
Streamline Product Portfolio by Category Yuzhou Portfolio Yuzhou Comfortable Yuzhou Urban Yuzhou Suburban Yuzhou Resort Style Living Community Jewelry Plaza (禹洲臻享) (禹洲舒居) (禹洲醇品) (禹洲美域) Location: Location: Location: Location: Well-established region City-center Areas Suburban Areas Resort Resources A
Slide 27: Streamline Product Portfolio by Category (Cont'd)
Streamline Product Portfolio by Category (Cont’d) Project Category Representative Projects Yuzhou Comfortable • Yuzhou Sunshine Garden (禹洲阳光花城) Living Community • Yuzhou University City (禹洲大学城) (禹洲舒居) • Yuzhou Skyline (原禹洲华侨城) Yuzhou Urban • Yuzhou World Trade International (禹洲世贸国际) Jewelry • Yuzhou
Slide 28: Centralized Sourcing to Efficiency Control Cost
Centralized Sourcing to Efficiency Control Cost 28 YUZHOU PROPERTIES COMPANY LIMITED
Slide 29: Alliance with Long-term Contractor to Improve Efficiency
Alliance with Long-term Contractor to Improve Efficiency Yongtai Construction (永泰建设) Fujian Chengjian Zhonglian Group (福建城建) Yuzhou Properties (中联集团) Jiulong Construction (九龙建设) 29 YUZHOU PROPERTIES COMPANY LIMITED
Slide 30: Appendix
(= @; Fa ON Th FE A 1 BR 2S YUZHOU PROPERTIES COMPANY LIMITED Section 5 Appendix
Slide 31: FY 2010 Income Statement (RMB million)
FY 2010 Income Statement (RMB million) For the 12 months ended 31 Dec 2010 % YOY FY2010 Margin (%) FY2009 Margin (%) Change Revenue 4,265,558 1,991,801 +114.2% Gross Profit 1,777,383 41.7% 988,129 49.6% +79.9% EBITDA 1,734,575 40.7% 996,088 50.0% +74.7% Core profit attributable to 756,589 17.7% 401,
Slide 32: FY 2010 Balance Sheet (RMB million)
FY 2010 Balance Sheet (RMB million) For the 12 months ended 31 Dec 2010 As at 31 December 2010 As at 31 December 2009 Total current assets 10,881,309 7,964,019 Total non-current assets 3,711,283 3,177,780 Total Assets 14,592,592 11,141,799 Total current liabilities 5,483,550 5,430,428 Total non-curr
Slide 33: Land Bank Table
Land Bank Table Total Saleable Sold Saleable Pre-sold Unsold GFA Unsold GFA Land Interest in Project Site Area Location Unit Land Cost Total GFA GFA GFA Saleable GFA Held for Sale Held for Investment Reserve the Project (sq.m.) (RMB/sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) (sq.m.) % Co
Slide 34: Xiamen Property Market Overview
Xiamen Property Market Overview Residential Land Supply and Property Transactions in Xiamen ’000 sq.m. RMB / sq.m. 10,000 11,161 12,000 8,7 53 9,722 8,830 10,000 8,000 8,384 8,000 6,500 6,000 5,739 5,067 5,464 6,000 4,1 80 4 ,133 4,16 0 3 ,515 3,84 9 4,032 4,000 3,175 3,399 3,12 5 2,610 2,405 2 ,660
Yuzhou Properties Company — FY2010 Earnings Presentation on 6ix