Tuan Sing Holdings Limited · SGX:T24
Tuan Sing — Q2 2018 Earnings Presentation
16 slides from Tuan Sing's earnings presentation, Jul 25, 2018
Slide 1: 2Q2018 and 1H2018 Results Announcement
2Q2018 AND 1H2018 RESULTS ANNOUNCEMENT 25 July 2018
Slide 2: Overview
Overview • Group’s 2Q2018 revenue was $81.7 million, a decrease of 3% as compared to $84.1 million in 2Q2017. Revenue for 1H2018 was $158.1 million, a decrease of less than 1% from $158.9 million in 1H2017 • Net profit attributable to shareholders increased by 70% to $3.0 million in 2Q2018 (2Q2017:
Slide 3: Group Financial Performance
Group Financial Performance ($’m) 2Q2018 2Q2017 Chg 1H2018 1H2017 Chg (Restated#) (Restated#) Revenue 81.7 84.1 -3% 158.1 158.9 * Gross profit 15.5 12.6 23% 32.1 27.9 15% Profit before tax & fair value adj 4.3 2.5 76% 14.0 8.7 60% Profit before tax 4.2 2.3 79% 13.8 8.6 60% Profit after tax 3.1 1.7 7
Slide 4: Review of Financial Performance
Review of Financial Performance • The decrease in group revenue was mainly due to lower sales of residential development projects and a slight decrease of revenue from the hotels business but was partially offset by higher contribution in the Industrial Services • Distribution costs for both periods
Slide 5: Group Financial Position
Group Financial Position ($’m) 30.06.18 31.12.17 Chg (Restated#) Total assets 2,670.5 2,642.1 1% Total liabilities 1,673.7 1,641.9 2% Total borrowings 1,478.0 1,458.1 1% Cash and bank balances 162.9 216.8 -25% Shareholders’ funds 982.0 989.6 -1% NAV per share (cents) 82.4 83.4 -1% Gross gearing^ 1.4
Slide 6: Review of Financial Position
Review of Financial Position • As at 30 June 2018, both the Group’s total assets and total liabilities increased marginally. The increase reflected the purchase of land in Batam, Indonesia, the Remaja development and 18 Robinson construction and the corresponding borrowing • Gross gearing increased
Slide 7: Group Cash Flow
Group Cash Flow ($’m) 1H2018 1H2017 (Restated#) Operating cash flow 3.5 (2.8) Investing cash flow (58.0) (400.9) Financing cash flow 0.3 422.0 Foreign currency translation adjustments (0.9) (1.3) Cash & cash equivalent at period-end^ 96.0 112.9 Free cash out flow^^ (54.5) (403.7) ^ Net of encumbered
Slide 8: Review of Cash Flow
Review of Cash Flow • Net cash generated from operating activities of $3.5 million was mainly from the sale of completed development properties • Net cash used in investing activities was $58.0 million comprised mainly construction of 18 Robinson of $42.6 million, the acquisition of 333 Thomson Road
Slide 9: Revenue by Segment
Revenue by Segment ($’m) 1H2018 1H2017 Chg (Restated#) Property 35.4 38.6 -8% Hotels Investment 54.5 57.5 -5% Industrial Services 68.8 63.4 9% Other Investments^^ - - - Corporate & Others@ (0.6) (0.6) * Group Total 158.1 158.9 -1% Proforma Group including Associates 381.0 355.1 7% 1H2018 Revenue dec
Slide 10: Profit after tax by Segment
Profit after tax by Segment ($’m) 1H2018 1H2017 Chg (Restated#) Property 10.8 5.0 116% Hotels Investment 1.3 1.1 18% Industrial Services 0.4 (0.5) nm Other Investments 8.9 7.3 22% Corporate & Others** (10.1) (5.9) 71% Group Total 11.3 7.0 61% Group’s higher total profit after tax was mainly due to a
Slide 11: Property
Property • Property revenue for 1H2018 decreased 8% to $35.4 million from the same period last year as most of the units in Sennett Residence and Cluny Park Residence have been sold. Sale in the Kandis Residence which launched in 2Q2018 formed the bulk of the development property revenue © Tuan Sing
Slide 12: Hotels Investment
Hotels Investment • For 1H2018, Hotels Investment reported revenue of $54.5 million (A$53.2 million) as compared to $57.5 million (A$54.3 million) in the same period a year ago. The higher increase in RevPAR and occupancy rate of Melbourne was insufficient to cushion the decrease in RevPAR in Perth
Slide 13: Industrial Services
Industrial Services • For 1H2018, Industrial Services reported higher revenue of $68.8 million as compared to $63.4 million in the corresponding period last year, despite that it had ceased tyres distribution • Accordingly, it reported a profit after tax of $0.4 million as opposed to a loss after ta
Slide 14: Other Investments
Other Investments • For 1H2018, GulTech reported revenue of US$165.0 million as compared to US$136.4 million in 1H2017. The increase was mainly attributable to improved performance from all its three plants in China • GulTech reported net profit attributable to shareholders of US$15.4 million for 1H
Slide 15: Outlook
Outlook • The Group has sold most of its completed units and going forward will focus on the Kandis Residence and the Remaja development as well as the repositioning of the property at 896 Dunearn Road • In May 2018, the Group through its 70% subsidiary successfully acquired Peak Court, a freehold r
Slide 16: Thank You
Thank You For further information, please contact: Chong Chou Yuen Group CFO chong_chouyuen@tuansing.com © Tuan Sing Holdings Limited 16