Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Roxy-Pacific Holdings — H1 2021 Earnings Presentation
30 slides from Singapore Exchange's earnings presentation, Aug 5, 2021
Slide 1: Roxy-Pacific Holdings Results Announcement Half Year Ended 30 June 2021
ROXY-PACIFIC HOLDINGS LIMITED Results Announcement Half Year Ended 30 June 2021 5th August 2021 STRONG PARTNERSHIPS FIRM FOUNDATION
Slide 2: Agenda
Agenda 1. Financial Performance 2. Business Review 3. Group Borrowings 4. Outlook
Slide 3: Financial Performance: 1H2021 Overview
Financial Performance 1H2021 Overview Revenue increased to S$141.2 million (1H2020: S$118.1 million) Net profit attributable to shareholders increased to S$5.9 million (1H2020: S$2.8 million), mainly contributed from Property Development segment Total attributable pre-sale revenue of S$564.4 m
Slide 4: Financial Results 1H2021
Financial Performance Financial Results 1H2021 1H2020 % change Revenue (S$’m) 141.2 118.1 20% Gross Profit (S$’m) 25.4 17.8 42% Gross Margin (%) 18% 15% 3ppt Share of results of associates and 2.4 11.9 -80% joint ventures (net of tax) (S$'m) Pre-tax profit (S$’m) 9.1 3.0 203% Net Profit (S$’m) 7.4 2
Slide 5: Revenue increased by 20%
Financial Performance Financial Performance Revenue (S$’m) 1H2021 revenue increased by 20% to S$141.2m $145 20% $140 $135 $130 $125 1H, $141.2 $120 $115 1H, $118.1 $110 $105 1H2020 1H2021
Slide 6: Net Profit attributable to shareholders
Financial Performance Financial Performance Net Profit attributable to shareholders (S$’m) 1H2021 net profit attributable to shareholders increased by 110% to S$5.9m $8 110% $6 $4 1H, $5.9 $2 1H, $2.8 $0 1H2020 1H2021
Slide 7: Segment Results – Revenue 1H2021
Financial Performance Segment Results – 1H2021 Revenue (S$’m) $118.1 $141.2 $140.0 $126.5 $120.0 $99.3 $100.0 $80.0 $60.0 $40.0 $15.1 $10.7 $20.0 $3.7 $4.0 $- 1H2020 1H2021 Property Development Hotel Ownership Property Investment 1H2020 1H2021 Property Development 84% 90% Hotel Ownership 13% 7% Prop
Slide 8: Segment Results – Adjusted EBITDA
Financial Performance Segment Results – 1H2021 Adjusted EBITDA* (S$’m) $21.7 $23.7 $17.6 $20.0 $17.0 $12.5 $14.0 $11.0 $8.0 $5.0 $4.1 $2.3 $2.5 $5.0 $0.6 $1.3 $0.4 $2.0 $(1.0) $(0.9) 1H2020 1H2021 Property Development Hotel Ownership Property Investment -Rental income Property Investment - Fair valu
Slide 9: Share of results in associates and joint ventures
Financial Performance Share of results in associates and joint ventures (S$’m) – 1H2021 $15.0 $11.9 $13.0 Vivel Shibuya, $1.2 80% $11.0 350 Queen Street $9.0 $2.4 The Mavis Quad (1) Ginza, $9.1 Vivel Shibuya $7.0 (4) 350 Queen Street, $4.6 Ginza $5.0 33 Argyle Street (3) The Mavis Quad, $0.3 312 St
Slide 10: Financial Position
Financial Performance 30 Jun 2021 31 Dec 2020 Financial Position (S$m) (S$m) Total assets 1,655.7 1,616.3 Revaluation surplus (1) 463.4 458.8 Revalued total assets (“RTA”) 2,119.1 2,075.1 Total debt (2) 1,057.1 1,001.1 Cash & bank balances (3) 391.0 395.6 Net debt 666.1 605.5 Net asset value (“NAV”)
Slide 11: Financial Ratios
Financial Performance Financial Ratios 30 Jun 2021 31 Dec 2020 NAV per share (SGD cents) 37.33 36.97 ANAV per share (SGD cents) (1) 72.87 72.15 Cash holdings per share (SGD cents) (2) 29.98 30.33 Net debt to ANAV (times) 0.70 0.64 Return on equity (%) (3) 2.4% (6.1%) (1) The fair value of the Grand
Slide 12: Business Review: Property Development
BUSINESS REVIEW Property Development Results Announcement Half Year Ended 30 June 2021 5th August 2021
Slide 13: Revenue from Property Development
Business Review Property Development Revenue from Property Development (S$’m) 1H2021 – Total S$126.5 1H2020 – Total S$99.3 Revenue to be recognised CTD (%) $70.0 120% $60.0 100% $50.0 83% 83% 85% 80% $40.0 68% 60% $30.0 53% $48.9 $28.9 $42.4 42% 40% $20.0 $10.8 $22.9 $16.4 20% $10.0 $12.5 $5.8 $10.7
Slide 14: Pre-Sale Revenue to be recognised by projects
Business Review Pre-Sale Revenue to be recognised by projects (S$’m) Attributable Balance attributable revenue progress billings to Type of Group Total units Attributable total recognised up to be recognised from (i) (ii) Project name development stake in project Unit sold sale value 30 June 2021 1
Slide 15: Development Land Bank in Singapore
Business Review Development Land Bank in Singapore Approximate Approximate Approximate Approximate Group’s Attributable Attributable Project name/ Location Proposed Development Land Area Gross Floor Area stake Gross Floor Area Land Cost (sq ft) (sq ft) (sq ft) (S$'m) Jalan Molek and 137 units of Res
Slide 16: Business Review: Hotel Ownership
BUSINESS REVIEW Hotel Ownership Results Announcement Half Year Ended 30 June 2021 5th August 2021
Slide 17: Hotel Ownership – Hotel Revenue
Business Review Hotel Ownership – 1H2021 Hotel Revenue (S$m) Hotel revenue decreased 29% in 1H2021 to S$10.7m $30.0 $25.2 $25.0 $20.0 $10.1 29% $15.0 2nd Half 1st Half $10.7 $10.0 $15.1 $5.0 $10.7 $0.0 FY2020 1H2021
Slide 18: Hotel Net Operating Profits
Business Review Hotel Ownership – 1H2021 Hotel Net Operating Profits (“NOP”) (S$m) Hotel net operating profit decreased 100% in 1H2021 to -S$0.6m from -S$0.3m in 1H2020 $0.0 $(0.3) $(0.6) -$0.5 -$1.0 $(0.6) -$1.5 100% $(3.1) -$2.0 2nd Half 1st Half -$2.5 -$3.0 -$3.5 $(3.4) -$4.0 FY2020 1H2021 Hotel
Slide 19: Hotels in operations/under development
Business Review Hotels in operations/under development (1) Expected to operate by FY2022
Slide 20: Business Review: Property Investment
BUSINESS REVIEW Property Investment Results Announcement Half Year Ended 30 June 2021 5th August 2021
Slide 21: Property Investment – Revenue
Business Review Property Investment – 1H2021 Revenue (S$’m) Rental income increased 8% in 1H2021 to S$4.0m from S$3.7m in 1H2020 8% $4.5 $4.0 $4.0 $3.7 $3.5 $3.0 NZI Centre $2.5 $3.0 $3.4 Roxy Square $2.0 $1.5 $1.0 $0.5 $0.7 $0.6 $0.0 1H2020 1H2021 Excludes rental income from 205 Queen Street, 312 S
Slide 22: NZI Centre and Roxy Square
Business Review NZI Centre, 1 Fanshawe 50 East Coast Road, Roxy Location Street, Auckland, New Square, Singapore Zealand (3) 6-storey commercial Description 49 shop units building Date of TOP/acquisition 1984/1998 15-Dec-17 Group’s stake 100% 100% Net Lettable Area/ Floor Area 2,371 9,446 (sqm) (1)
Slide 23: Australian investment properties
Business Review 312 St Kilda Road, 350 Queen Street, 33 Argyle Street, Parramatta Location Melbourne, Australia Melbourne, Australia NSW 2150, Australia Lower B-grade office building 6 levels of office and 4 21 level Commercial comprising a quasi-retail ground floor Description suite and café, three
Slide 24: Queen Street Auckland and Shibuya properties
Business Review 205 Queen Street, Auckland, 23-10 Udagawacho, Location New Zealand Shibuya-ku, Tokyo 2 office towers with retail Description 5 storey retail building podium Date of TOP/acquisition 20-Dec-17 28-Feb-20 Group’s stake 50% 49% Net Lettable Area/ Floor Area 679 25,368 (sqm) (1) (1) S$181.
Slide 25: Group Borrowing
Group Borrowing Results Announcement Half Year Ended 30 June 2021 5th August 2021
Slide 26: Debt Profile
Group Borrowing Debt Profile 30 Jun 2021 31 Dec 2020 Total borrowings (S$m) S$1,028.0 S$972.3 Net borrowings (S$m) S$637.0 S$576.7 Fixed rate loans including IRS (S$m) S$391.9 S$382.3 Fixed rate loans including IRS as % of 38% 39% total loans Weighted average term for fixed rate loans including 26 m
Slide 27: Debt Profile as at Jun 2021
Group Borrowing Debt Profile as at 30 Jun 2021 (S$m) Total outstanding debts of S$1,028.0 m as of 30 Jun 2021 Amounts repayable after one year but within the Amounts repayable after normal operating cycle of one year, $341 , 33% the Property Development segment, $397 , 39% Amounts repayable in one y
Slide 28: Outlook: General and Property Development
Outlook 1. General • Advance estimated from MTI showed that the Singapore economy expanded by 14.3% on a y-o-y basis in 2Q2021.1 • The Reserve Bank of Australia expected the country’s GDP to grow 4.75% over 2021 and 3.5% over 2022. 2 • Bank of Japan forecasted GDP for 2021 to be between +3.3% to +4.
Slide 29: Outlook: Hotel Ownership and Property Investment
Outlook 3. Hotel Ownership • Singapore recorded 6,290 visitor arrivals in May 2021 which rose slightly in comparison to 880 visitor arrivals in May 2020. 6 • Japan has once again reimposed state of emergency and resulted weaker demand for hotel accommodation. • The Group’s self-managed boutique hote
Slide 30: Thank You
ROXY-PACIFIC HOLDINGS LIMITED STRONG PARTNERSHIPS FIRM FOUNDATION THANK YOU
Roxy-Pacific Holdings — H1 2021 Earnings Presentation on 6ix