Ctf Services Limited · HKEX:659
Ctf Services — NWS Holdings — FY2011 Earnings Presentation
37 slides from Ctf Services's earnings presentation, Sep 28, 2011
Slide 1: FY2011 Annual Results
FY2011 Annual Results
Slide 2: New World Group Structure
New World Group Structure 新世界發展有限公司 New World Development Company Limited (香港股份代號 : 17) (HK stock code: 17) 70% 59.8% 72.3% 新世界中國地產有限公司 新創建集團有限公司 新創建集團有限公司 新世界百貨中國有限公司 New World China Land New World Department Limited NWS Holdings Store China Limited (香港股份代號: 917) Limited (香港股份代號 :825) (HK stock cod
Slide 3: NWS Corporate Structure
NWS Corporate Structure Infrastructure Services 基建 服務 Roads Facilities 道路 Management 設施管理 Energy 能源 Construction & Transport Water 建築及交通 水務 Ports & Logistics Strategic 港口及物流 Investments 3 策略性投資
Slide 4: Financial Highlights
—— an all 3 NWS Financial Highlights
Slide 5: Consolidated Financial Summary
Infrastructure Services Consolidated Financial Summary For the year ended 2011 2010 Change 30 June (HK$’m) (HK$’m) + / (-)% Core Earnings 4,056.2 3,384.1 20 Profit Attributable to 4,626.8 4,011.7 15 Shareholders Earnings per share HK$1.40 HK$1.26* 11 Dividend per share HK$0.70 HK$0.95 (26) Net Asset
Slide 6: Healthy Financial Position
Infrastructure Services Healthy Financial Position Total cash and bank balances: HK$4.501 billion Net debt: HK$2.162 billion Net gearing ratio: 7% (As at 30 June 2011) 6
Slide 7: Infrastructure Services Core Earnings
Infrastructure Services Core Earnings For the year ended 30 June By Division By Region (HK$'M) (HK$'M) 4,500 4,500 4,000 4,000 3,500 3,500 1,989 2,177 3,000 3,000 (49%) (54%) 2,500 1,932 2,500 1,926 (57%) (57%) 2,000 2,000 1,500 1,500 2,067 1,879 1,000 1,452 1,000 1,458 (51%) (46%) 500 (43%) 500 (43
Slide 8: Core Earnings by Segment
Infrastructure Roads Energy Water Ports & Logistics Core Earnings by Segment For the year ended 2011 2010 Change % 30 June (HK$’m) (HK$’m) Fav./(Unfav.) Roads 1,134.9 520.6 118 Energy 352.4 420.0 (16) Water 297.7 233.3 28 Ports & Logistics 281.9 278.0 1 Total: 2,066.9 1,451.9 42 8
Slide 9: Core Earnings by Segment
Services Facilities Management Construction & Transport Strategic Investments Core Earnings by Segment For the year ended 2011 2010 Change % 30 June (HK$’m) (HK$’m) Fav./(Unfav.) Facilities Management 876.9 825.1 6 Construction & Transport 279.1 410.1 (32) Strategic Investments 833.3 697.0 20 Total:
Slide 10: Infrastructure: Roads, Energy
Infrastructure Roads Energy Water Ports & Logistics 10
Slide 11: Infrastructure Projects Overview
Infrastructure Roads Energy Water Ports & Logistics Roads and related projects in Guangdong, 20 Guangxi, Shanxi, Zhejiang and Tianjin Roads 1 Tunnel project in Hong Kong 4 Power plants in Mainland China and Macau 1 Coal distributor in Guangzhou Energy Water treatment projects in Mainland China 25 an
Slide 12: Core Earnings - Roads
Infrastructure Roads Energy Water Ports & Logistics Core Earnings - Roads For the year ended 30 June HK$'M 1,135 1,200 1,000 800 600 521 400 200 0 2011 2010 12
Slide 13: Highlights – Roads
Infrastructure Roads Energy Water Ports & Logistics Highlights – Roads Core earnings jumped by 118% 唐津高速公路(天津北段 唐津高速公路 天津北段)) Tangjin Expressway (Tianjin North Section) (唐津高速公路 天津北段 average traffic flow up 35% plus an extra profit distribution of HK$387.5M 廣州市北環高速公路) 廣州市北環高速公路 Traffic volume of Guan
Slide 14: Core Earnings - Energy
Infrastructure Roads Energy Water Ports & Logistics Core Earnings - Energy For the year ended 30 June HK$'M 500 420 400 352 300 200 100 0 2011 2010 14
Slide 15: Highlights – Energy
Infrastructure Roads Energy Water Ports & Logistics Highlights – Energy Core earnings declined by 16% mainly due to rising coal prices 珠江電廠) 珠江電廠 Zhujiang Power Plants (珠江電廠 Electricity sales dropped by 2%, mainly due to lower demand during the Asian Games period Fuel cost rose by 14% 成都金堂電廠) 成都金堂電廠
Slide 16: Core Earnings - Water
Infrastructure Roads Energy Water Ports & Logistics Core Earnings - Water For the year ended 30 June HK$'M 400 298 300 233 200 100 0 2011 2010 16
Slide 17: Highlights – Water
Infrastructure Roads Energy Water Ports & Logistics Highlights – Water Core earnings represented a strong growth of 28% Water sales revenue benefitted from the tariff hikes of several water plants in 2010 Recorded healthy water sales volume growth: 中山大豐/全祿水廠 中山大豐 全祿水廠) Zhongshan Dafeng/Quanlu Water
Slide 18: Core Earnings – Ports & Logistics
Infrastructure Roads Energy Water Ports & Logistics Core Earnings – Ports & Logistics For the year ended 30 June HK$'M 400 282 278 300 200 100 0 2011 2010 18
Slide 19: Highlights – Ports & Logistics
Infrastructure Roads Energy Water Ports & Logistics Highlights – Ports & Logistics Core earnings maintained at similar level 廈門象嶼新創建碼頭) 廈門象嶼新創建碼頭 Xiamen New World Xiangyu Terminals (廈門象嶼新創建碼頭 Throughputs increased by 3% to 774,000 TEUs due to improvement in trade activities 天津東方海陸集裝箱碼頭) 天津東方海陸集裝箱碼頭
Slide 20: Highlights – Ports & Logistics (continued)
Infrastructure Roads Energy Water Ports & Logistics Highlights – Ports & Logistics (continued) China Rail Container Terminals Project (CUIRC) NWS holds 30% effective interest 18 pivotal rail container terminals in 18 major cities in Mainland China 8 operational terminals of phase 1 development forme
Slide 21: Highlights – Ports & Logistics (continued)
Infrastructure Roads Energy Water Ports & Logistics Highlights – Ports & Logistics (continued) Business Review Among the 8 operational terminals, 4 terminals in Dalian, Qingdao, Wuhan and Xian commenced operations in FY2011 Scale of operation and operational efficiency continue to develop within exi
Slide 22: Services: Facilities Management, Construction & Transport, Strategic Investments
Services Facilities Management Construction & Transport Strategic Investments 22
Slide 23: Core Earnings – Facilities Management
Services Facilities Management Construction & Transport Strategic Investments Core Earnings – Facilities Management For the year ended 30 June HK$'M 1,000 877 825 800 600 400 200 0 2011 2010 23
Slide 24: Highlights – Facilities Management
Services Facilities Management Construction & Transport Strategic Investments Highlights – Facilities Management Better performance by Free Duty due to robust growth of visitors from Mainland China Traveller volume through Lo Wu, Lok Ma Chau and Hung Hom reached 126 million in FY2011 (up 6%) Increas
Slide 25: Core Earnings – Construction & Transport
Services Facilities Management Construction & Transport Strategic Investments Core Earnings – Construction & Transport For the year ended 30 June HK$'M 500 410 400 279 300 200 100 0 2011 2010 25
Slide 26: Highlights – Construction & Transport
Services Facilities Management Construction & Transport Strategic Investments Highlights – Construction & Transport Core earnings decreased by 32% Construction Lower income due to absence of profit from NWS Engineering and projects suffering from high material costs Gross contract-on-hand: HK$20.1 b
Slide 27: Core Earnings – Strategic Investments
Services Facilities Management Construction & Transport Strategic Investments Core Earnings – Strategic Investments For the year ended 30 June HK$'M 1,000 833 800 697 600 400 200 0 2011 2010 27
Slide 28: Highlights – Strategic Investments
Services Facilities Management Construction & Transport Strategic Investments Highlights – Strategic Investments “Financial Services” segment was renamed “Strategic Investments” to reflect the business nature AOP rose by 20% Included profit contributions from Tricor Holdings Limited (NWS’s share 24.
Slide 29: PAT & AOP
PAT & AOP 5 CAGR: 4 17.04% HK$'billion 3 PAT 2 AOP 1 0 CAGR: 11.42% 04 05 06 07 08 09 10 11 20 20 20 20 20 20 20 20 Year 29
Slide 30: Net Assets
Net Assets 36.0 $32.3B 31.0 26.0 HK$'billion 21.0 16.0 CAGR: $9.9B 18.39% 11.0 6.0 2004 2005 2006 2007 2008 2009 2010 2011 30
Slide 31: Future Growth
Infrastructure Services Future Growth Roads 杭州繞城公路) 杭州繞城公路 in FY2012 Acquisition of Hangzhou Ring Road (杭州繞城公路 (58.66% effective interest) 唐津高速公路(天津北段 唐津高速公路 天津北段)) Tangjin Expressway (Tianjin North Section) (唐津高速公路 天津北段 expansion will commence in FY2012 Water Continue to explore opportunities for i
Slide 32: Infrastructure Services Operational Data
Infrastructure Services Operational data Share- Project name Status (Daily treatment holding capacity) Chongqing CCIP Water 25.52% Operational • Industrial water: Treatment Plants 120,000m3 (重慶長壽化學工業區水處 • Waste water: 理廠) 40,000m3 Suzhou Industrial Park 24.5% Operational • Sludge: Sludge Treatment P
Slide 33: Future Growth (continued)
Infrastructure Services Future Growth (continued) Ports & Logistics 廈門海滄新海達集裝箱 Xiamen Haicang Xinhaida Container Terminals (廈門海滄新海達集裝箱 碼頭) operational in September 2011 碼頭 China Rail Container Terminals Project (CUIRC) is developing strongly NWS Kwai Chung Logistics Centre Total leasable area of app
Slide 34: Future Growth (continued)
Infrastructure Services Future Growth (continued) HKCEC Full utilization of the Atrium Link Extension and multi-purpose venues through upgrading works Growth of exhibition and convention businesses Free Duty Robust growth in traffic volume Increase spending per passenger Newton Resources (Strategic
Slide 35: Summary
Summary Record breaking results with core earnings up by 20% Stable organic growth in core businesses Hangzhou Ring Road is the most significant acquisition which will bring substantial value to our portfolio 35
Slide 36: Summary (continued) Hangzhou Ring Road
Summary (continued) Hangzhou Ring Road Overview 103.4km in length Commenced operation in 2005 with concession rights till 2029 Exceeds 100,000 vehicles per day Annual toll revenue exceeds RMB1.5 billion Investment HK$5.1 billion consideration for 58.66% effective interest Option to acquire a further
Slide 37: Q&A
Q&A