Emerging Towns & Cities Singapore Ltd · SGX:1C0
Emerging Towns & Cities Singapore — FY2016 Earnings Presentation
29 slides from Emerging Towns & Cities Singapore's earnings presentation, 2017
Slide 1: Emerging Towns & Cities Singapore Ltd. FY16 Corporate Presentation
EMERGING TOWNS & CITIES SINGAPORE LTD. a.k.a. ETC SINGAPORE FY16 Corporate Presentation
Slide 2: Disclaimer
This presentation may contain forward looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward looking statements as a result of a number of risks, uncertainties and assumptions. Representative exam
Slide 3: Profile, Portfolio, Financials, Outlook
01 Profile 02 Portfolio 03 Financials 04 Outlook
Slide 4: Overview
Niche property developer and investor in emerging Listed on SGX markets Catalist board (SGX:1C0) Formerly known as China Titanium and later, Cedar Strategic OVERVIEW
Slide 5: Model
Focus on quality assets in emerging towns and cities Property development Property investment MODEL Short-term Long-term development profit recurring income
Slide 6: Milestones
MILESTONES Nov 2015 Mar 2016 Sep 2016 Dec 2016 Feb 2017 Acquisition of Resumption of Raised S$18.5 Completed Changed name to 60% stake in trading million from rights Phase I “Emerging Towns & Daya Bay Project issue acquisition of Cities Singapore Ltd Golden City a.k.a. ETC Singapore; Project complet
Slide 7: Presence
PRESENCE Daya Bay, Huizhou, Guangdong Province, PRC Golden City, Yankin Township, Yangon, Myanmar Total GFA as at 31 December 2016 = 1,804,789 sq ft
Slide 8: Board of Directors
Board of Directors Christopher Chong Tan Thiam Hee, Meng Tak, Executive Director & Non-executive Chief Executive Chairman Officer Patrick Wong Pak Peter Tan, Him, Executive Independent Director Director Teo Cheng Kwee, Non-executive Director
Slide 9: Management Team
Management Team Tan Thiam Hee, Executive Director & Patrick Wong Pak Him, Chief Executive Officer Executive Director Yang Cha, Joseph Lim, Chief Development Chief Financial Officer Officer
Slide 10: Group Structure
GROUP STRUCTURE As at 27 February 2017 Emerging Towns & Cities Singapore Ltd. a.k.a. ETC Singapore Trechance Cedar Properties Futura Asset DAS Pte. Ltd. Holdings Ltd. Pte. Ltd. Holdings Pte. Ltd. 100% 100% 100% 100% Chengdu Xin Cheng Huizhou Daya Bay Mei Uni Global Power Cedar Properties Tai Cheng P
Slide 11: Key Corporate Developments
KEY CORPORATE DEVELOPMENTS 2015 2016 2017 APRIL: Suspension of trading JUNE: FEBRUARY: Removal of previous Board Signing of share subscription agreement Appointment of new Board MARCH: JULY: Resumption of trading Appointment of special auditors and APRIL: Placement and investment agreements Completi
Slide 12: Portfolio
01 Profile 02 Portfolio 03 Financials 04 Outlook
Slide 13: Golden City
Average selling GFA: ~3.6m sf Brownfield price: GDV: ~US$694m US$260 psf • Acquisition cost: US$24.9m for 49.0% stake; completed in Feb 2017 • Luxury mixed-use development including residential and commercial • Iconic: Tallest building in Myanmar; clear views of key landmarks including Shwedagon Pag
Slide 14: Development Update and Sales Update
Phase III: Phase IV: Phase II: Phase I: Other uses Other uses Residential DEVELOPMENT Residential blocks 5 – 7; (incl. (incl. blocks 1 – 4 commercial); commercial); UPDATE completed in target completion in target target Dec 2016 completion in completion in 1H2018 2019 2019 Phase I Phase II (launched
Slide 15: Sale of Development Properties as at 31 Dec 2016
Sales value No. of units Total floor (USD’million) area(sq ft’000) Sold (SPA signed & 156.4 435 601.7 stated at gross) Unsold (incl. deposit 239.5 630 867.0 received but contract not signed) Total 395.9 1,065 1,468.7 Notified and Handed 66.5 165 266.4 over Notified, but not 16.3 40 65.0 handed over
Slide 16: Sale of Development Properties and GP Analysis
SALE OF DEVELOPMENT PROPERTIES as at 31 Dec 2016 4Q2016 Sales value No. of Total floor Price/Sq Ft (USD’million) units area(sq ft’000) (USD) Sold (SPA signed & 156.4 435 601.7 260 stated at gross) Total Sold & 82.1 205 331.4 248 Recognized in P&L, net of discount 16.8% 82.1 GP Analysis Revenue - GP
Slide 17: Daya Bay
DAYA BAY Huizhou, Guangdong, PRC GFA: ~551,924 • Acquisition cost: RMB48.0m for 60.0% stake; completed in sf; GDV: Oct 2015 ~RMB687m • Consists of residential apartments (717 units, 336,052 sq ft) and holiday rental apartments (399 units, 215,872 sq ft) • Domestic tourism hotspot (particularly in su
Slide 18: Sale of Development Properties as at 31 Dec 2016
Sales value No. of units Total floor area (RMB’million) (sq ft’000) Sold (SPA signed & 390.8 660 313.8 stated at gross) Unsold (incl. deposit 27.8 57 22.3 received but contract not signed) Total 418.6 717 336.1 Notified and Handed 283.6 472 225.9 over Notified, but not 42.6 77 36.0 handed over Total
Slide 19: Sale of Development Properties Quarterly
SALE OF DEVELOPMENT PROPERTIES as at 31 Dec 2016 4Q2016 3Q2016 2Q2016 Sales No. of Total Price/ Sales No. of Total Price/ Sales No. of Total Price/ value units floor sq ft value units floor sq ft value units floor sq ft (RMB area (RMB’ (RMB area (RMB’ (RMB area (RMB’ ’million) (sq 000) ’million) (sq
Slide 20: Rental Properties as at 31 Dec 2016
RENTAL PROPERTIES as at 31 Dec 2016 Recurring revenue from 399 units rented out to e-Stay for five years at RMB2,000/unit per month from December 2015 e-Stay: Third party hotel operator with over 1,000 properties under management in China Under the rental contract, price per unit is negotiable
Slide 21: GP Analysis (RMB'million)
GP Analysis (RMB’million) 28.8% 38.1% 17.7% 45.2 40.2 38.5 Revenue - GP Development Gross Profit 17.2 Gross Profit Margin 11.6 6.8 2Q2016 3Q2016 4Q2016 82.4% 2.4 2.4 2.4 2.0 2.0 2.0 Revenue - GP Gross Profit Rental Gross Profit Margin 2Q2016 3Q2016 4Q2016
Slide 22: Financials
01 Profile 02 Portfolio 03 Financials 04 Outlook
Slide 23: FY2016 Financial Highlights
FY2016 FINANCIAL HIGHLIGHTS Recurring REVENUE, GROSS PROFIT, AND NET PROFIT income from ATTRIBUTABLE TO OWNERS (IN RMB MILLION) rental of holiday apartments 1% 718.8 718.8 120.8 63.9 26.3 7.5 0.9 FY2015 FY2016 Sale of Revenue Gross Profit Net Profit Attributable to Owners property units 99%
Slide 24: FY2016 Financial Highlights
FY2016 FINANCIAL HIGHLIGHTS As at 31 December 2016 As at 31 December 2015 (RMB ‘million) (RMB ‘million) Development properties 1,182.5 169.1 Cash and cash equivalents 79.3 18.4 (Group) • Cash and cash 17.4 0.5 equivalents (Company) Bank borrowings 94.2 - Financial liabilities1 314.1 102.0 Non-contro
Slide 25: Outlook
01 Profile 02 Portfolio 03 Financials 04 Outlook
Slide 26: Emerging Cities Outlook
EMERGING CITIES OUTLOOK • Execution of strategic economic • Steady economic growth and reforms globalisation • Measures to attract more foreign • Growing affluence and middle direct investment class • Easing of foreign ownership rules • Better job opportunities and public infrastructure • Population
Slide 27: China Outlook
CHINA OUTLOOK • Oct 2016: Stricter property-buying • China’s home prices are still controls expected to rise in 2017 • Strict restrictions on home • Jan 2017: Average new home prices grew 0.2%. purchases and mortgages in Tier-1 cities • Shenzhen’s home prices are • Small cities are likely to lead pr
Slide 28: Myanmar Outlook
MYANMAR OUTLOOK • Myanmar may potentially quadruple its GDP by 2030 • Lack of quality supply • Middle and affluent classes expected to double in population by 2020 • Jan 2016: the “Condominium Law” approved.
Slide 29: Thank You
THANK YOU For enquiries, please contact: Chong Yap TOK / Cassandra CHAN Investor Relations Financial PR Pte. Ltd. Tel: +65 6438 2990 chongyap@financialpr.com.sg/ cassandra@financialpr.com.sg
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