Yuzhou Group Holdings Co., Ltd. · HKEX:1628
Yuzhou — Yuzhou Properties Company — FY2009 Earnings Presentation
30 slides from Yuzhou's earnings presentation, March 2010
Slide 1: 2009 Annual Results Announcement
(HKSE: 1628) 2009 Annual Results Announcement March 2010
Slide 2: Table of Contents
Table of Contents Section 1 Overview Section 2 Financial Highlights Section 3 Business Overview Section 4 Development and Sales Plans Section 5 Land Bank Section 6 Competitive Strengths and Strategies Appendix Xiamen Property Market Overview 1
Slide 3: Section 1 Overview
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Slide 4: Overview
Overview Results • Revenue increased by 13.2% YoY to RMB1,992MM, mainly due to the increase in average selling price • Gross profit amounted to RMB988MM; Gross profit margin increased from 42.6% in 2008 to 49.6% in 2009 • Profit attributable to shareholders increased by 2.8 times YoY to RMB1,101MM.
Slide 5: Section 2 Financial Highlights
Section 2 Financial Highlights
Slide 6: 2009 Annual Financial Highlights
2009 Annual Financial Highlights • Core profit attributable to shareholders amounted to RMB401MM, 7.5% higher than the profit forecast in the prospectus and almost doubled from 2008 • Core profit margin achieved a high level at 20.2% • Proposed a final dividend of HK$7.5 cents per share, representin
Slide 7: 2009 Annual Balance Sheet Highlights
2009 Annual Balance Sheet Highlights • The successful IPO in Oct 2009 as well as the property revaluation gains in 2009 increased the equity base by 321.5% to RMB3,705MM and decreased the net gearing ratio to 17.7% 2009 Annual Balance Sheet Highlights RMB MM As at 31 December 2009 2008 Change Cash a
Slide 8: Section 3 Business Overview
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Slide 9: Recognized Sales, GFA Delivered and ASP for Property Development
Recognized Sales, GFA Delivered and ASP for Property Development Recognized Sales and GFA Delivered Average Selling Price RMB MM Sq. m. RMB / sq.m. 193,030 2,500 186,566 200,000 10,403 1,941 8,892 2,000 1,717 150,000 1,500 100,000 1,000 50,000 500 0 0 2008 2009 2008 2009 Recognized Sales GFA Deliver
Slide 10: Turnover Breakdown
Turnover Breakdown Turnover by Income Stream Core Net Profit by Income Stream RMB MM RMB MM 1,992 2.6% 402 1,760 2.5% 3.5% 211 97.4% 2.9% 97.5% 96.5% 97.1% 2008 2009 2008 2009 (1) (1) Income from Investment Properties Income from Investment Properties Sales of Properties Sales of Properties Notes 9
Slide 11: Turnover Breakdown (Cont'd)
Turnover Breakdown (Cont’d) • Recognized sales in Xiamen accounted for 68% of our total sales of properties in 2009, while the rest of sales were from projects in Shanghai Sales of Properties — Projects Sales Recognized in 2009 Group’s Interest in Turnover GFA Delivered Average Selling Price Project
Slide 12: Completion Breakdown
Completion Breakdown Completion Breakdown in 2009 Group’s Interest in Project GFA Completed Projects % sq.m. Yuzhou Golden Seacoast Phase I 100% 115,977 Yuzhou World Trade Center Phase II (1) 100% 22,262 Yuzhou Jinqiao International Phase II 100% 57,258 Total 195,497 Completion Breakdown by Project
Slide 13: Investment Property Operating Performance
Investment Property Operating Performance Revenue from Investment Properties 2009 2008 Change RMB MM RMB MM % Rental Income 25.0 21.6 16.0% Property Management Fees 25.9 21.8 19.0% Total 50.9 43.3 17.5% Key Investment Properties GFA Date of Commencing 2009 Revenue Usage sq.m. Operation RMB MM Yuzhou
Slide 14: Section 4 Development and Sales Plans
Section 4 Development and Sales Plans
Slide 15: Contracted Sales and GFA Sold
Contracted Sales and GFA Sold Contracted Sales and GFA Sold RMB MM ’000 sq.m. 8,000 560.5 600 493.0 500 6,040 6,000 400 3,852 4,000 300 200 2,000 100 0 0 2009A 2010E Contracted Sales Contracted GFA Sold 14
Slide 16: Expected GFA Delivered
Expected GFA Delivered Expected GFA Delivered ’000 sq.m. 576.6 186.6 448.1 2009A 2010E Contracted GFA Sold to be Delivered in 2010 GFA Delivered 15
Slide 17: Projects Available for Sale in 2010
Projects Available for Sale in 2010 Projects Available for Sale in 2010 ’000 sq.m. Expected Contracted Expected GFA Projects Location GFA Sold in 2010 Delivered in 2010 Galaxy Garden Xiamen 11.9 36.1 Yuzhou World Trade Center Phase I & II Xiamen 18.4 58.0 Yuzhou Golden Seacoast Xiamen 26.4 63.1 Yuzh
Slide 18: Project Completion Schedule
Project Completion Schedule Expected To Be Completed in 2010 Estimated GFA Completed in 2010 Project Location ’000 sq.m. Group's Interest in the Project Yuzhou Golden Seacoast Phase II Xiamen 117.4 100% Yuzhou World Trade Center Phase II Xiamen 41.9 100% Yuzhou Yuanbo City Xiamen 197.8 100% Oriental
Slide 19: Cash Position
Cash Position Cash Position in 2010 RMB Bn RMB Bn Cash on Hand (January 2010) 1.5 Target Contracted Sales (1) 5.6 Cash on Target Contracted New Domestic Investment Property Income 0.1 Cash Inflow Hand Sales(1) Debt Available 11.0 1.5 5.6 3.8 New Domestic Debt Available 3.8 Investment 11.0 Property I
Slide 20: Section 5 Land Bank
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Slide 21: Land Bank
Land Bank Total GFA MM Sq. m. Properties Under Development 1.43 Future Developments 2.22 Completed Investment Properties 0.06 Others (1) 0.19 Total Land Bank 3.90 Attributable Land Bank 3.76 Distribution by Region (2) Breakdown by Property Type (2) Four Cities Hefei Investment Properties (3) 29% 10%
Slide 22: Land Replenishment in 2009
Land Replenishment in 2009 • After the land replenishment in 2009, the average cost of our total land bank is about RMB1,600 per sq.m. • Land cost accounted for around 17.7% of the average selling price in 2009 Total Planned Cost per Group's Acquisition Land Cost GFA sq.m. Interest in the Project Lo
Slide 23: Section 6 Competitive Strengths and Strategies
Section 6 Competitive Strengths and Strategies
Slide 24: Competitive Edges of the Group
Competitive Edges of the Group 1 • Well-established property developer with nationwide strategy - With a strong foothold in Xiamen, we focus on the nationwide strategy, proactively expanding into other cities like Shanghai, Hefei, Fuzhou and other top-tier cities 2 • An undisputable leader in Xiamen
Slide 25: Development Strategies – 3 Year Plan
Development Strategies – 3 Year Plan National Player Focusing on West • Further strengthen our leading position in West Strait Economic Strait Economic Zone by actively identifying opportunities in Xiamen, Fuzhou as Zone and Seek well as other cities in the region, and seek opportunities in other Op
Slide 26: Mission
Mission With a strong foothold in Xiamen, Yuzhou Properties strives to strengthen its leading position in the West Strait Economic Zone with a view to becoming a national property developer. 25
Slide 27: Appendix Xiamen Property Market Overview
Appendix Xiamen Property Market Overview
Slide 28: Xiamen Property Market Overview
Xiamen Property Market Overview Residential Land Supply and Property Transactions in Xiamen ’000 sq.m. RMB / sq.m. 10,000 12,000 9,722 10,000 8,000 8,830 8,384 8,000 6,000 6,500 5,739 5,067 5,464 6,000 4,180 4,133 4,000 4,160 3,515 3,849 4,032 3,175 3,125 2,660 4,000 2,610 2,405 3,624 2,000 2,393 2,
Slide 29: Transaction Volume of Xiamen Residential Properties
Transaction Volume of Xiamen Residential Properties Monthly Transaction Volume of Residential Properties ’000 sq.m. 510 476 472 444 368 360 332 279 261 226 227 179 145 125 114 105 102 88 76 66 69 57 25 10 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Slide 30: 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
Yuzhou Properties Company — FY2009 Earnings Presentation on 6ix