Slide 1: Corporate Presentation 29 Mar 2010
USI Holdings Limited (369.n Corporate Presentation 29 Mar 2010 ~w
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forward-looking terminology such as believe, expect, anticipate, estimate, plan, project, target, may, will or other similar words that expres
Slide 3: Agenda
Agenda Financial Highlights Business Review Prospects Q&A 3
Slide 4: Financial Highlights
USI Holdings Limited Financial Highlights
Slide 5: Results Highlights
Results Highlights For the year ended 31 December 2009 2008 Change HK$ mil Revenue 1,207.1 1,664.5 27.5% Gross profit 503.1 626.4 19.7% Profit from operations 536.8 394.8 36.0% Profit attributable to shareholders of the Company 279.0 193.4 44.3% Dividend payout 67.6 49.4 36.8% Basic earnings per sha
Slide 6: Turnover Breakdown
Turnover Breakdown For the year ended 31 December FY2009 FY2008 Change HK$ mil Property development 76.4 162.4 53.0% Property investment & management 282.8 225.2 25.6% Hospitality investment & management 91.4 109.2 16.3% Garment manufacturing and branded 729.3 1,123.6 35.1% products distribution 27.
Slide 7: Balance Sheet
Balance Sheet HK$ mil 31 December 2009 31 December 2008 16,978.1 15,788.0 Total assets 9,694.1 8,680.2 Net assets 10,532.0 10,098.1 Investment properties 38.3 41.8 Leasehold land & land use right 3,432.5 3,115.9 Properties for sale 7
Slide 8: Key Financial Indicators
Key Financial Indicators 31 December 2009 31 December 2008 Current ratio 2.88 3.14 Gearing ratio (net debt to equity) 43.0% 51.5% Bank balance and cash (HK$mil) 700.2 496.2 8
Slide 9: Strong Asset Growth
Strong Asset Growth Net Assets (Shareholders’ Equity) HK$‟ M 9
Slide 10: Business Review
USI Holdings Limited Business Review
Slide 11: Property Development – Projects in Progress
Property Development – Projects in Progress “Forfar” Presale launched in July 2009 with 65% of the units have been sold to-date, generating HK$876M of sales Obtained occupation permit in January 2010 Sales revenue to be recognized in FY2010 “Seymour” Launched for presale in November 2009 wit
Slide 12: Property Development – Projects in Progress
Property Development – Projects in Progress Tai Po Town Lot Nos 186, 187, 188 Foundation works have been completed Superstructure works have commenced Construction to be completed in phases between 2011 and 2012 Approx. GFA is expected to reach 2M sq.ft. upon completion Belle Vue Residences
Slide 13: Property Investment & Management
Property Investment & Management Quality asset portfolio of approx. 3.5M sq. ft. Grade “A” office, retail and industrial properties with a GDV of HK$9.1B* Landmark East Strong leasing momentum towards the last few months of 2009 Major tenants include HKSAR Government, The Link REIT, AIA, Cigna
Slide 14: Hospitality Investment and Management
Hospitality Investment and Management Adversely affected by the global economic downturn in first half but recorded strong rebound in the last quarter of 2009, outperforming peers in their respective locations Occupancy Rate:- – Lanson Place Jin Lin Tian Di (Shanghai): 95% – Lanson Place Central
Slide 15: Comprehensive Development in China
Comprehensive Development in China Railway Network in Shenyang and locations of the two development sites Residential development in Shenyang, PRC Foundation work for the initial phases have commenced in August 2009 Shenbei site Bulk construction for low-density residential units is scheduled to
Slide 16: Prospects
USI Holdings Limited Prospects
Slide 17: Prospects
Prospects Property Development Hospitality Investment & Management Property Investment • Promising prospect for Hong • Continue to perform well against • Ongoing momentum in local Kong residential market due to: an improving operating leasing market – low interest rate environment environment – shor
Slide 18: Proposed Name Change: Wing Tai Properties Limited
Proposed Name Change Wing Tai Properties Limited Our Rationale Behind… Better reflect our business focus and direction ahead Develop stronger Corporate identity Reinforce industry positioning Leverage positive awareness of the established Wing Tai brand 18
Slide 19: Thank You
USI Holdings Limited Thank You
Slide 20: Appendix
USI Holdings Limited Appendix
Slide 21: Shareholding Structure
Shareholding Structure Wing Tai Holdings Sun Hung Kai & Cheng’s Family Properties Limited Public (016.HK) 50.66% 13.84% 35.50% USI Holdings Limited 100% (0369.HK) Property Apparel Wing Tai Asia Lanson Place China Winsor Properties (1036.HK) Unimix, Hospitality Comprehensive Property Gieves & Propert
Slide 22: Financial Summary
Financial Summary FY2009 FY2008 FY2007 FY2006 FY2005 FY2004 HK$’M HK$’M HK$’M HK$’M HK$’M HK$’M Revenue 1,207.1 1,664.5 2,209.7 2,699.4 1,767.9 1,455.8 Profit before taxation 482.8 333.8 2,031.9 1,009.5 524.0 107.8 Taxation (102.9) (61.8) (191.9) (183.6) (89.6) (10.0) Profit for the year 379.9 272.0
Slide 23: Property Development – Projects at a Glance
Property Development – Projects at a Glance USI’s effective interests: 7.5% 33.3% 87.5% 40.0% 50.0% 95.9% 30.0% 63% sold 85% sold Sales: HK$11.2B Sales: HK$900M Sales: HK$430M Sales: HK$3.8B Sales: HK$2.2B Sales: HK$876M Sales: HK$3.0B GFA: 1.7M sq. ft. GFA: 263K sq. ft. GFA: 80K sq. ft. GFA: 492K s
Slide 24: Property Investment & Management
Property Investment & Management Quality Asset Portfolio Property Location Total GFA (sq. ft) (31 December 2009) Grade A W Square Wanchai 129,000 Office Landmark East Kwun Tong 1,335,000 Industrial Regent Centre Kwai Chung 659,000 Building Winner Godown Building Tsuen Wan 497,000 Unimix Industrial C
Slide 25: Hospitality Management & Investment
Hospitality Management & Investment Strong Brand Recognition Location Total no. of apartments/ suites Lanson Place Boutique Hotels & Residences Causeway Bay, Hong Kong 194 Lanson Place Jin Lin Tian Di Residences Shanghai, the PRC 106 Lanson Place Central Park Beijing, the PRC 105 Lanson Place Winsla
Slide 26: Prestigious Partnership Network
Prestigious Partnership Network • Lanson Place Central Park Residences, Beijing Hongkong Land • Strategic partnership for comprehensive development in China Beijing Vantone • Lanson Place Central Park Residences, Beijing • Lanson Place Hotel, Hong Kong MSREF • Lanson Place Jin Lin Tian Di Residences