Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Keppel Land — Q1 2009 Earnings Presentation
20 slides from Singapore Exchange's earnings presentation, Apr 22, 2009
Slide 1: 1Q 2009 Results
1Q 2009 Results 22 Apr 2009 1 Content Financial Performance Operations Review Market Outlook Going Forward 2
Slide 2: Financial Highlights
Financial Performance 3 Financial Highlights 1Q 2009 1Q 2008 % Chg Turnover $145.7m $273.1m (46.6) EBITDA $34.3m $72.8m (52.9) Operating Profit $31.9m $71.1m (55.1) Pre‐tax Profit $55.7m $83m (32.9) PATMI $36.9m $60.3m (38.8) 4
Slide 3: Key Financial Ratios; Notes on Profit Recognition
Key Financial Ratios 1Q 2009 1Q 2008 % Chg Net Debt / Equity Ratio 0.52x 0.43x 20.9 EPS 5.1 cents 8.4 cents (39.3) NTA / Share $3.50 $3.23 8.4 Annualised ROE 6% 10.4% (42.3) 5 Notes on Profit Recognition Profit % of % of Project Recognised Sales Completion in 1Q 2009 Marina Bay Residences 100% 48.4%
Slide 4: Breakdown of PATMI
Breakdown of PATMI ‐ Business Segment Business Segment 1Q 2009 1Q 2008 Comments Lower due to completion of several Property Trading $31.7m 85.9% $49m 81.3% projects in Singapore and overseas and weaker residential sales Property Higher due to increased rental income $9.6m 26% $7.7m 12.8% from Singap
Slide 5: Active Debt Management; Loan Maturity Profile
Active Debt Management 1Q 2009 1Q 2008 Net Debt $1.55 bn $1.16 bn Avg Interest Rate of Borrowings 2.44% 3.2% % Fixed Rate Debt 17% 23% Avg Debt Maturity 1.32 years 0.43 years Interest Cover Ratio * 6.11x 8.57x Profit Before Interest and Tax * Interest Cover Ratio = Net Interest Cost Expensed and Cap
Slide 6: Prudent Capital Management
Prudent Capital Management (1) Cease upon project completion 11 Operations Review 12
Slide 7: Singapore Residential
Singapore 13 Singapore Residential Encouraging sales • Park Infinia at Wee Nam : 15 units sold YTD (1) at about $1,200 psf • The Tresor : 15 units sold YTD (1) at about $1,300 psf Construction of Marina Bay Suites and Madison Residences deferred • Defer capital expenditure for construction of about
Slide 8: Singapore Commercial
Singapore Commercial KLL portfolio (1) achieved higher rentals • Portfolio enjoyed positive rental reversions • 95% occupancy as at 1Q 2009 Broad tenant diversity reduces exposure to specific sectors : Tenant Business Sector by NLA as at 31 Mar 2009 (1) KLL’s office portfolio includes Equity Plaza,
Slide 9: Singapore Commercial – K-REIT Asia
Singapore Commercial – K‐REIT Asia 17 Overseas 18
Slide 10: Overseas – China; Overseas – Others
Overseas – China Improving sales : Sold about 420 units YTD • The Botanica, Chengdu : 264 units • Central Park City, Wuxi : 97 units • Summer Ville, Changzhou : 37 units (1) • Serenity Cove, Tianjin : 22 units (1) Tianjin Summer Ville Serenity Cove Chengdu Changzhou Wuxi The Botanica Bohai Rim Regio
Slide 11: Fund Management
Fund Management 21 Fund Management Profit contribution up 10% y‐o‐y to $4.6m • Higher due to increased fee income from both K‐REIT Asia and Alpha Investment Partners Capitalised on downturn to acquire quality asset • Alpha Asia Macro Trends Fund acquired office building in Gangnam, Seoul No. of Comm
Slide 12: Awards
Awards 23 Awards Green Mark Gold for The Estella, HCMC • First Green Mark Award in Vietnam Governance and Transparency Index(1) • Ranked 8th out of 677 companies • Only property company placed in Top 10 Published inaugural Sustainability Report • In accordance with GRI(2) G3 guidelines • Report GRI‐
Slide 13: Market Outlook: Singapore Residential
Market Outlook 25 Singapore Residential Cautious sentiment • 1Q 09 take‐up highest since 3Q 07, mainly in mass market segment • Further contraction of Singapore economy by 11.5% yoy in 1Q 09 ‐ GDP forecast cut to between ‐9% and ‐6% for 2009 • Credit tightened Government measures to cushion the impa
Slide 14: Market Outlook: Singapore Commercial and Overseas
Singapore Commercial Weak market sentiment • Economic uncertainties as global recession deepens • Office demand likely to be soft for 2009 • Reduction in supply ‐ Delay in construction of some office projects ‐ Deferred projects already total about 872,000 sf of new office space ‐ New office supply
Slide 15: Going Forward
Going Forward 29 Going Forward Proactive capital management to capitalise on emerging opportunities from global financial turmoil Continue to focus on township and sustainable developments K‐REIT Asia and Alpha to grow fund management income and acquire good quality assets 30
Slide 16: Singapore Residential; China Residential
Singapore Residential Continue to sell launched projects : ‐ The Tresor : 14 units ‐ Park Infinia at Wee Nam : 13 units To be launched : ‐ Reflections at Keppel Bay (30% stake) : 382 units 31 China Residential Units to Launch 2009 2010 2011 8 Park Avenue, Shanghai (1) ‐ 130 130 Villa Riviera, Sh
Slide 17: Other Overseas Residential; Thank You
Other Overseas Residential 2009 2010 2011 Vietnam The Estella, Dist. 2, HCMC (1) 112 200 525 Waterfront Condo, Binh Thanh Dist., HCMC (2) ‐ 350 199 Riviera Point, Dist. 7, HCMC (2) ‐ 200 300 Prime Condo, Dist. 2, HCMC (2) ‐ ‐ 350 Prime Condo, Dist. 9, HCMC (2) ‐ ‐ ‐ Riviera Cove (Villa Devt.), Dist.
Slide 18: Singapore Residential Landbank
Additional Slides 35 Singapore Residential Landbank Project Location KLL's Tenure Attributable Attributable Total Stake Land Area GFA Units (%) (sf) (sf) Reflections at Keppel Bay (1) Keppel Bay 30% 99‐yr 269,930 624,521 1,129 Marina Bay Suites Marina Bay 33.3% 99‐yr 19,015 156,462 221 The Promont C
Slide 19: China Residential Landbank
China Residential Landbank Site Location KLL's Total Total Remaining Remaining Stake Land Area GFA Area for Sale Units for (%) (sm) (sm) (sm) Sale 8 Park Avenue Shanghai 99% 33,432 133,393 65,424 394 Park Avenue Central Shanghai 99% 28,488 99,708 99,708 708 Villa Riviera Shanghai 99% 153,726 53,796
Slide 20: Singapore Commercial – K-REIT Asia
Singapore Commercial – K‐REIT Asia Tenant Business Sector by Net Lettable Area as at 31 Mar 2009 Accounting & consultancy Shipping & marine services services 7.7% 4.0% Services 9.0% Real estate & property services 8.1% Banking, insurance & 112 tenants financial services Pharmaceuticals & 35.3% in to