Slide 1: Annual Results 2012
WING TAI PROPERTIES LIMITED 永泰地產有限公司 Annual Results 2012 25 March 2013
Slide 2: Agenda
Agenda Investing Overview of 2012 Meeting Presentation November 2012 Results Highlights Corporate Development • Disposal of Gieves & Hawkes • Corporate Restructuring in relation to Winsor Properties • Bond Issuance Business Review • Operating Results Overview • Landbank • Property Development • Prop
Slide 3: Disclaimer
Disclaimer Investing Meeting Presentation November 2012 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
Slide 4: Results Highlights
Results Highlights
Slide 5: 2012 – A Fruitful Year with Continued Expansion
2012 – A Fruitful Year with Continued Expansion Investing Meeting Presentation Shareholders’ Equity November 2012 (HK$’M) Disciplined execution of the Group’s strategies and expansion plans over the past few years On track with our development road map as an integrated property group Balanced asset
Slide 6: Financial Results Summary
Financial Results Summary Investing Meeting Presentation For the year ended 31 December November 2012 (HK$’M) 2012 2011 Continuing operations Revenue 2,962 2,513 18% Gross profit 1,257 1,155 9% Change in fair value of investment properties 3,653 2,108 73% Profit from operations 4,836 2,942 64% Disco
Slide 7: Turnover Breakdown
Turnover Breakdown Investing Meeting Presentation November 2012 For the year ended 31 December (HK$’M) 2012 2011 Continuing operations Property Development 1,884 1,427 32% Property investment & management 517 475 9% Hospitality investment & 139 135 3% management Non-core businesses 422 476 11% Total
Slide 8: Balance Sheet Summary
Balance Sheet Summary Investing Meeting Presentation November 2012 For the year ended 31 December (HK$’M) 2012 2011 Total assets 25,362 21,837 16% Net assets 18,375 15,383 19% Equity attributable to equity holders of the 18,373 12,948 42% Company Investment properties 17,046 13,894 23% Properties fo
Slide 9: Balance Sheet Summary – Con’t
Balance Sheet Summary – Con’t Investing Meeting Presentation For the year ended 31 December November 2012 (HK$’M) 2012 2011 Total borrowings 5,096 5,189 2% Net borrowings 3,835 4,212 9% Gearing ratio 20.9% 27.4% (net borrowings to net assets) Maturity profile of borrowings Repayable: Within one year
Slide 10: Corporate Development
Corporate Development
Slide 11: Key Corporate Development in 2012
Key Corporate Development in 2012 Investing Meeting Presentation November 2012 April – May 2012 November 2012 November 2012 Establishment of Disposal of Gieves & US$1 billion First drawdown of Hawkes Unsecured MTN S$170 million unrated Programme 10-year bond May – September 2012 Completion of reorga
Slide 12: Disposal of Gieves & Hawkes
Disposal of Gieves & Hawkes Investing Meeting Presentation November 2012 In May, completed disposal of Gieves & Hawkes Group to Trinity Limited for an initial cash consideration of approximately HK$408 million with a potential earn out up to £60 million An immediate disposal gain of HK$276 million w
Slide 13: Corporate Restructuring in relation to Winsor Properties
Corporate Restructuring in relation to Winsor Properties Investing Meeting Presentation November 2012 Acquired approximately 90% of Winsor Properties’ assets at a discount and with minimal acquisition funding Disposed Regent Centre and the listed holding company at a premium; realised a total immedi
Slide 14: Bond Issuance
Bond Issuance Investing Meeting Presentation November 2012 November 2012 November 2012 January 2013 First drawdown of S$170 Second drawdown of Established the US$1 billion million unrated 10-year HK$480 million unrated 10- unsecured MTN fixed rate notes at a coupon year fixed rate notes at a Program
Slide 15: Business Review
Business Review
Slide 16: Operating Results Overview
Operating Results Overview Investing Meeting Presentation November 2012 For the year ended 31 December (HK$’M) 2012 2011 Property development Revenue 1,884 1,427 32% Operating Profit 556 515 8% Share of Results of Associates 34 49 31% Property investment & management Revenue 517 475 9% Operating Pro
Slide 17: Land Bank (as at 31 December 2012)
Land Bank (as at 31 December 2012) Investing Meeting Presentation November 2012 Strategic land bank with focus on Hong Kong (as at 31 December 2012) Land Bank Overview (sq. ft.) Investment Property Residential Development By Business Segment By Geographical Segment Hospitality 10% China 18% Investme
Slide 18: Land Bank (as at 22 March 2013)
Land Bank (as at 22 March 2013) Investing Meeting Presentation November 2012 Strategic land bank with focus on Hong Kong (as at 22 March 2013) Land Bank Overview (sq. ft.) Investment Property Residential Development By Business Segment By Geographical Segment Hospitality 10% China 16% Residential In
Slide 19: Property Development
Property Development
Slide 20: Completed Development
Completed Development Investing Meeting Presentation November 2012 6 units sold at average price of approximately HK$31,000 psf Over 90% of the units has been sold to-date 2 special units sold at average price of approximately HK$25,000 psf 95% of the units have been sold, of which 13% (23 units) we
Slide 21: Development Pipeline
Development Pipeline Investing Meeting Presentation November 2012 Pipeline of development properties targeted for launch (as at 22 March 2013) Aggregate *Presold/ Property Expected occupation permit date Gross Floor Sold Gross Group’s Development Area Floor Area Interest Portfolio 2012 2013 2014 201
Slide 22: Development Pipeline
Development Pipeline Investing Meeting Presentation November 2012 Providence Bay, Providence Peak, The Graces, at Pak Shek Kok, Tai Po Providence Bay: approximately 51% of the units have been pre-sold as at 31 December 2012 Providence Peak: approximately 73% of the units have been pre-sold as at 31
Slide 23: Development Pipeline
Development Pipeline Investing Meeting Presentation November 2012 The Warren, 9 Warren Street, Causeway Bay Hong Kong’s first-ever “Lanson Place Lifestyle Services” Residence 68% of the units has been pre-sold as at 31 December 2012 at average price of approximately HK$18,000 psf Superstructure work
Slide 24: Development Pipeline
Development Pipeline Investing Meeting Presentation November 2012 The Pierre, 1 Coronation Terrace, Mid-Levels West 97% of the units has been pre-sold as at 31 December 2012 at average price of approximately HK$23,000 psf Superstructure works are in progress and the project is scheduled for completi
Slide 25: Development Pipeline
Development Pipeline Investing Meeting Presentation November 2012 Ko Shan Road, Hung Hom The site is in close proximity to the Ho Man Tin MTR station that is currently under construction Wing Tai is the lead project manager and lead sales and marketing manager The project is scheduled for completion
Slide 26: Development Pipeline
Development Pipeline Investing Meeting Presentation November 2012 Lujiazui, Shanghai Located along the Huangpu River and in close proximity to popular tourist landmarks in Pudong and transportation facilities Wing Tai is the lead project manager and lead sales and marketing manager Interior fitting
Slide 27: New Acquisitions
New Acquisitions Investing Meeting Presentation November 2012 Kau To, Shatin The sites are earmarked for low-density luxury apartments and houses Wing Tai will act as joint lead project manager and lead sales and marketing manager The projects are scheduled for completion between 2016 and 2017 27
Slide 28: Property Investment & Management
Property Investment & Management
Slide 29: Investment Portfolio
Investment Portfolio Investing Meeting Occupancy as at 31 Presentation Leases renewed in November Average rental 2012 Leases expiring / December 2012 2012 reversion upon rent review in 2013 lease renewal Landmark East (AIA Kowloon 98% 16% 70% 51% Grade-A Tower / Offices AXA Tower) W Square 100% 15%
Slide 30: Hospitality Investment & Management
Hospitality Investment & Management
Slide 31: Hospitality Investment & Management
Hospitality Investment & Management Investing Meeting Presentation November 2012 Strong brand recognition in Asian first-tier cities by customers and property owners Lanson Place Properties Lanson Place Properties under Management Investment & Management Lanson Place Jin Qiao Lanson Place Central Pa
Slide 32: Prospects
Prospects
Slide 33: Prospects
Prospects Investing Meeting Presentation November 2012 Aim to strengthen position as a premium residential, commercial and hospitality property group in Hong Kong as well as other prime locations in gateway cities Continue to grow the residential property development 1 operations by proactively yet
Slide 34: Appendix
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Slide 35: Shareholding Structure
Shareholding Structure Investing Meeting Presentation November 2012 Wing Tai Holdings Cheng Family (excluding Sun Hung Kai Public Limited Wing Tai Holdings Limited) 16.0% Properties Limited Shareholders 34.7% 50.7% 13.7% 35.6% Wing Tai Properties Limited (0369.HK) Core Businesses Non-Core Businesses
Slide 36: Five Years Financial Summary
Five Years Financial Summary Year ended 31 December Investing Meeting2012Presentation 2011 2010 November 2009 2012 2008 HK$’M Represented/ Represented/ Represented/ Represented/ Restated Restated Restated Restated HK$’M HK$’M HK$’M HK$’M RESULTS Continuing operations Revenue 2,961.5 2,513.5 1,974.8
Slide 37: Five Years Financial Summary – Con’t
Five Years Financial Summary – Con’t Investing Meeting2012 Presentation As at 31 December 2011 2010 November 2012 2009 2008 HK$’M Represented/ Represented/ Represented/ Represented/ Restated Restated Restated Restated HK$’M HK$’M HK$’M HK$’M ASSETS AND LIABILITIES Total assets 25,361.9 21,836.8 18,8