Ck Asset Holdings Limited · HKEX:1113
Ck Asset — FY2022 Earnings Presentation
34 slides from Ck Asset's earnings presentation, Mar 16, 2023
Slide 1: 2022 Annual Results
2022 Annual Results 16 March 2023
Slide 2: Disclaimer
Disclaimer Potential investors and shareholders of the Company (the “Potential Investors and Shareholders”) are reminded that information contained in this Presentation comprises extracts of operational data and financial information of the Group. The information included is solely for the use in th
Slide 3: 2022 Annual Results Highlights
2022 Annual Results Highlights HK$21,683 million of reported earnings HK$ Million 2022 2021 Change Revenue 79,551 83,241 -4.4% Profit attributable to shareholders 21,683 21,241 +2.1% Earnings per share (HK$ / share) 5.98 5.77 +3.6% Note: (1) 2021 EPS is based on profit attributable to shareholders a
Slide 4: 2022 Annual Results Highlights: DPS increase
2022 Annual Results Highlights 3.6% increase in DPS Net book value Dividend per share per share (1) Interim HK$0.43 Final HK$1.85 HK$105.30+ Y % FY2022 HK$2.28 +30.8% +3.6% +3.3% +% -39% DPS (HK$/share) 2.5 2 1.5 1.79 1.85 1 0.5 0.41 0.43 0 2015 2016 2017 2018 2019 2020 2021 2022 Interim Final Note:
Slide 5: Principal Activities Analysis
Principal Activities Analysis 57% of our profit contribution is recurrent in nature Revenue by Principal Activities Recurrent Revenue HK$ Million FY2022 FY2021 68% HK$ 53,795M HK$45,443M recurrent 55% recurrent Profit Contribution by Principal Activities Recurrent Profit Contribution HK$ Million FY2
Slide 6: 2022 Final Results Highlights
2022 Final Results Highlights 47% contribution from HK, 17% from the Mainland, 37% from UK and Others HK$ Million 2022 Profit Contribution Hong Kong 11,309 HK$ Million The Mainland 4,034 UK 4,570 Others 4,366 Total 24,279 Note: (1) Profit Contribution refers to contribution from principal activities
Slide 7: Property Sales
Property Sales 7
Slide 8: Property Sales
Property Sales HK$ Million 2022 2021 Change Revenue 25,756 37,798 -32% Profit contribution 10,339 18,146 -43% Margin 40.1% 48.0% Note: (1) In September 2022, the Group entered into an agreement for the sale of its wholly owned subsidiary – Bristow Investments Limited, the developer of 21 Borrett Roa
Slide 9: Property Sales: Healthy margins in core markets
Property Sales Healthy margins in core markets HK$ Million Revenue Profit Contribution & Margin 2022 2021 2022 2021 Hong Kong 14,511 15,724 6,374 43.9% 6,995 44.5% The Mainland 9,916 21,722 3,799 38.3% 11,141 51.3% Overseas 1,329 352 166 12.5% 10 2.8% 9
Slide 10: HK$14,886M contracted sales not yet recognized
Property Sales HK$14,886M contracted sales not yet recognized ● About HK$9,425 million scheduled for recognition in 2023 Hong Kong HK$8,182M The Mainland Overseas HK$3,510M HK$3,194M 10
Slide 11: Property Rental
Property Rental 11
Slide 12: Property Rental: Contribution impacted by disposal of Broadgate
Property Rental Contribution impacted by disposal of 5 Broadgate HK$ Million 2022 2021 Change Revenue 5,843 6,693 -13% Profit 4,690 5,661 -17% contribution Margin 80.3% 84.6% A surplus of HK$738 million was recognized for the disposal of 5 Broadgate in March 2022 under “Surplus on disposal of invest
Slide 13: 17.1 million sq.ft. of investment properties
Cheung Kong Center, Hong Kong 1 & 2 Heuston South Quarter, Dublin Hong Kong 13.1 million sq.ft. 17.1 million sq.ft. of investment properties The Mainland Overseas 1.9 million sq.ft. 2.1 million sq.ft. M+, Wuhan 13
Slide 14: Increase in fair value of investment properties of HK$967 million
Cheung Kong Center, Hong Kong 1 & 2 Heuston South Quarter, Dublin Increase in fair value of investment properties of HK$967 million 4% - 8% cap rate 14 M+, Wuhan
Slide 15: Hotel and Serviced Suite Operation
Hotel and Serviced Suite Operation 15
Slide 16: Hotel and Serviced Suite Operation: Positive contribution in 2022
Hotel and Serviced Suite Operation Positive contribution in 2022 and gradual recovery anticipated HK$ Million 2022 2021 Change Revenue 3,228 2,711 +19% Profit contribution 567 399 +42% Margin 17.6% 14.7% 16
Slide 17: Hotel and Serviced Suite Operation: Mainland contribution affected by Covid
Hotel and Serviced Suite Operation Mainland contribution affected by Covid restrictions HK$ Million Profit Contribution 2022 2021 Hong Kong 764 482 The Mainland (197) (83) Total 567 399 17
Slide 18: Hotel and Serviced Suite Operation occupancy rates
Hotel and Serviced Suite Operation 58% Average hotel room occupancy rate 90% Average serviced suites occupancy rate 18
Slide 19: Property and Project Management
Property and Project Management 19 Stars by the Harbour, Hong Kong
Slide 20: Property and Project Management
Property and Project Management HK$ Million 2022 2021 Change Revenue 896 888 +1% Profit 362 355 +2% contribution Margin 40.4% 40.0% 1881 HERITAGE, Hong Kong 20
Slide 21: Pub Operation
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Slide 22: Pub Operation
Pub PubOperation Operation A leading integrated brewer and pub retailer operating about 2,700 pubs restaurants and hotels across England, Wales and Scotland 22
Slide 23: Pub Operation: Improved profit contribution post lockdown
Pub Operation Improved profit contribution post lockdown Pub Pub Brewing & 2022 2021 Company Partners Brands Change HK$ Million HK$ Million HK$ Million HK$ Million HK$ Million Revenue 17,274 1,661 2,004 20,939 14,284 +47% Profit 199 470 166 835 (55) +1,618% contribution Margin 1.2% 28.3% 8.3% 4.0% -
Slide 24: Infrastructure and Utility Asset Operation
Infrastructure and Utility Asset Operation Over HK$4 billion profit contribution Infrastructure and Utility Asset Operation 24
Slide 25: Infrastructure and Utility Asset Operation
Infrastructure and Utility Asset Operation Infrastructure and Utility Asset Operation Over HK$4 billion profit contribution Interest in Principal Activity Joint Venture CK William JV An owner and operator of energy utility assets in Australia, the 40% United States, Canada and the United Kingdom CKP
Slide 26: Infrastructure and Utility Asset Operation: Full year contribution
Infrastructure and Utility Asset Operation Full year contribution from all invested businesses Revenue Profit Contribution (HK$ Million) (HK$ Million) Margin CK William JV (DUET Group) 4,387 1,419 32.3% CKP (Canada) JV (Reliance Group) 4,481 1,408 31.4% Sarvana JV (ista Group) 5,606 1,179 21.0% UK P
Slide 27: Interests in Real Estate Investment Trusts
Interests in Real Estate Investment Trusts HK$447 million(1) total distribution received HK$ Million 2022 2021 Share of profit of Hui Xian REIT 178 288 Cash distributions received from Fortune REIT 273 310 and Prosperity REIT 451 598 Hui Xian REIT Fortune REIT Prosperity REIT Interest as of 31 Dec 2
Slide 28: Aircraft Leasing
Aircraft Leasing In April 2022, the Group completed the disposal of its aircraft leasing division. A post-tax profit of HK$2,056 million was recognised, including a gain of HK$1,468 million on the disposal of aircraft assets. 28
Slide 29: Gearing and Maturity Profile
Gearing and Maturity Profile Bank and other borrowings with maturities HK$ Billion Within one year 2.5 Within two to five years 36.9 Beyond five years 9.2 Total 48.6 Bank balances and deposits 61.2 Net Cash 12.6 Corporate Ratings: Moody’s: A2 (Stable) S&P: A (Stable) 29
Slide 30: Landbank Summary
Landbank Summary Total landbank of 128 million sq.ft. Hong Kong The Mainland Overseas Total(1)(2) Million sq.ft. Million sq.ft. Million sq.ft. Million sq.ft. Properties under 7 64 4 75 Development Investment Properties 13 2 2 17 Hotels and Serviced Suites 8 1 - 9 Pub Properties - - 27 27 Total 28 67
Slide 31: Landbank Summary: Major Property Acquisitions in Hong Kong
Landbank Summary Major Property Acquisitions in Hong Kong Approximate Developable Group’s Date Project Location Gross Floor Area Interest (sq.ft.) Combined development of projects located at Hung Fook March 2022 526,807 100% Street, Kai Ming Street and Wing Kwong Street, To Kwa Wan Site at Tuen Mun
Slide 32: ESG – Sustainability Highlights
ESG – Sustainability Highlights • In 2022, the Group achieved a 16% absolute reduction in greenhouse gas emissions, against 2019/2020. The group-level Climate Change environmental targets to reach by 2030 are to reduce Target Setting electricity consumption by 11%, water consumption by 5%, waste by
Slide 33: ESG – Business Unit Highlights
ESG – Business Unit Highlights Property Hotel and Serviced Property Development Suite Operation Management Upcoming and completed Reduction in the use of 29 existing managed property development projects disposable items – providing properties received “Good” to receive BEAM Plus green paper shoppin
Slide 34: Thank you
RYE TER RA BR ZS] CK ASSET HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability - Stock Code: 1113) Thank you