Golden Wheel Tiandi Holdings Co. Ltd. · HKEX:1232
Golden Wheel Tiandi — FY2020 Earnings Presentation
33 slides from Golden Wheel Tiandi's earnings presentation, May 2021
Slide 1: Group Presentation May 2021
金轮天地控股有限公司 Golden Wheel Tiandi Holdings Company Ltd. (Stock Code: 1232.HK) Group Presentation May 2021 1
Slide 2: Disclaimer
Disclaimer IMPORTANT: The following forms part of, and should be read in conjunction with, the other materials in this presentation. This document has been prepared by Golden Wheel Tiandi Holdings Company Ltd. (the “Company”) for information purposes only. This document does not constitute or form p
Slide 3: Agenda
Agenda 1 Result Highlights 2 Business Review 3 Future Growth and Strategies 4 Other Information 3
Slide 4: Result highlights
Result highlights 2020 2019 Change Contracted Sales (RMB million) 4,081 3,481 +17% Revenue (RMB million) - Property sales 1,144 1,328 -14% - Rental income 208 209 -1% - Hotel income 37 68 -45% Total Revenue 1,389 1,605 -13% Gross Profit Margin (%) 4% 24% -20ppt - Property sales 90% 89% -1ppt - Renta
Slide 5: Narrative notes for the final results
Narrative notes for the final results ➢ Net profit for the year decreased by 80% mainly caused by the impact of COVID-19 pandemic: ➢ Delay of project construction progress which resulting two projects that could not be delivered in 2020 as planned. These two projects have unrecognized contracted sal
Slide 6: Narrative notes for the final results (cont'd)
Narrative notes for the final results (cont’d) ➢ Refinancing plan for 2023@14.25% (US$255m) and 2022@12.25% (US$200m) ➢ NDRC’s quota of USD145 million ➢ New secured mortgage loans of RMB700m (by 2 shopping malls with MV over RMB2.2 billion) ➢ LTV ratio of our investment properties is around 20% ➢ Un
Slide 7: Narrative notes for the final results (cont'd)
Narrative notes for the final results (cont’d) Fitch's comment Company's responses ➢ Responses to Fitch’s report: 160% of saleable resources are non-residential which are more - Our two major commercial projects are located in the prime location dependent no business confidence and investor sentimen
Slide 8: Business overview
Business overview Golden Wheel Tiandi Group HKSE stock code 1232 Property developments Leasing Hotel Investments ❖ Business and ❖ Shares of ❖ 8 completed projects for sale Management commercial hotels with Xiamen ❖ 7 projects under Own properties contracts with Metro 3/4 stars International developm
Slide 9: Future growth and strategies
Future growth and strategies ▪ Projects that have direct access to metro stations/transportation hubs ▪ Cities that we are familiar ie Jiangsu and Hunan Province in China and Hong Kong Focus ▪ Joint development with reputable developers ie Vanke, Ganglong, Powelong, Future Holdings and Redsun ▪ A ba
Slide 10: 2020 final result highlights
2020 final result highlights Contracted sales 5000 4000 3000 ◼ Contracted Sales: RMB4,081 million (2019: RMB3,481 million, Robust Contracted 2018: RMB3,129 million) 2000 Sales ◼ Unrecognized Contracted Sales: RMB3,200 million 1000 0 2016 2017 2018 2019 2020 RMB'm ▪ Property sales: RMB1,144 million,
Slide 11: Revenue
Revenue Property sales Property sales by type 100% 86% 88% (RMB million) 80% 2,500 60% 2,110 40% 2,000 20% 10%5% 1% 1% 2% 3% 1% 3% 0% 1,500 Residential Office Retail Service Car park 1,328 1,188 1,144 Apartment 2019 2020 1,000 794 Property sales by location 500 80% 63% 60% 39% 0 40% 2016 2017 2018 2
Slide 12: Revenue
Revenue 2020 rental income Rental and hotel income 5% 3% 1% (RMB million ) 26% 50% 300 277 258 245 250 13% 194 2% 200 Nanjing Yangzhou Zhuzhou 146 Wuxi Changsha Hong Kong 150 Suzhou 100 2019 rental income 2% 5% 50 40% 0 30% 2016 2017 2018 2019 2020 22% 1% Nanjing Yangzhou Zhuzhou Wuxi Changsha Suzho
Slide 13: Gross profit margin
Gross profit margin Property sales Rental income 50% 90% 90% 36% 32% 72% 74% 74% 24% 4% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Property sales GP by city (2020) Property sales GP by city (2019) 37.00% 42.00% 29.00% 29.00% 25.00% 16.00% 21.00% 19.00% 0.00% Nanjing Wuxi Zhuzhou Yangzhou Chan
Slide 14: Debt maturity profile as at 31 December 2020
Debt maturity profile as at 31 December 2020 (RMB million) Over 2 years or revolving 1-2 years RMB 6,116 m 1 year Restricted cash Contracted sales receivable Cash 2326 RMB 2,377m RMB257m represents sales 564 proceeds, restriction will be released when the projects are completed in 2021. 2134 85% of
Slide 15: Properties Development
Properties Development 15
Slide 16: Land bank – as at 31 December 2020
Land bank – as at 31 December 2020 The land Total GFA available for sale Investment Year of Site Area Land cost value of Total GFA Saleable Own used Project City GFA (sqm.) property completion floor GFA (sqm.) RMB Yuan/sqm. (sqm.) (sqm.) Residential Retail/Office Carpark (sqm.) (sqm.) Completed Gold
Slide 17: Snapshot of land bank (for sale)
Snapshot of land bank (for sale) BY LOCATION City Project Saleable Average Land % of saleable 5% 3% GFA cost GFA (sq.m.) (RMB/sq.m.) 29% Hong Kong Golden Wheel Plaza 4,828 136,000 - 22% Nanjing Romantic Tower 38,244 15,800 3% 9% Nanjing Cuiyong Hua Ting 115,282 3,120 8% 18% 13% Nanjing Shuiying Hua
Slide 18: Property development - Estimated contracted sales
Property development - Estimated contracted sales Currency：RMB billion 8.0 Subsidiaries 7.0 6.0 Under JV & Associates 5.0 Actual 4.0 Actual 3.0 2.0 1.0 0.0 2019 2020 2021 2022 2023 18
Slide 19: Current major development projects
Current major development projects Nanjing Golden Wheel Wuxi Lakeside Orchid Romantic Tower 南京金轮 Garden 无锡湖晓兰庭 峰华名座 ❖ Land area: 70,990 sqm ❖ Land area: 7,593 sqm ❖ Total GFA: 123,000 sqm ❖ Total GFA: 42,720 sqm ❖ Total saleable value: RMB1.2 ❖ Total saleable value: RMB1.2 billion billion ❖ Year of
Slide 20: Current major development projects
Current major development projects Golden Wheel Starry Nanjing GW Shuiying Hua Ting Plaza 金轮星空间 南京金轮水映华庭 ❖ Location: Wuxi ❖ Land area: 32,927 sqm ❖ Total saleable market value: ❖ Total saleable GFA: 76,217 sqm RMB800 million ❖ Total saleable value: RMB 550 millon ❖ Total saleable GFA: 99,039 ❖ Year
Slide 21: Current major development projects
Current major development projects Golden Wheel Galaxy Center 金輪星際中心 ❖ Land area: 70,070 sqm ❖ Total saleable GFA: 233,865 sqm ❖ Total saleable value: RMB3 billion ❖ Land cost: RMB950 million, RMB4,060 per sqm ❖ ASP: Office – RMB20,000 per sqm, service apartment – RMB23,000, retail – RMB50,000. ❖ Ye
Slide 22: Joint ventures and associates
Joint ventures and associates Nanjing Shiguang Shanhu 南京时光 Powerlong Golden Wheel Plaza 山湖 宝龙城市广场 ❖ % of holding: 25% ❖ % of holding: 49% ❖ Partners:Redsun, Mingfa, Future Holdings ❖ Partner: Powerlong ❖ Location: Nanjing ❖ Location: Yangzhou ❖ Total GFA: 31,781 sqm ❖ Total GFA: 228,401 sq.m ❖ Total
Slide 23: Joint ventures and associates
Joint ventures and associates Lianyungang Galaxy Light Lianyungang GW Shangdu Age City 連雲港雲悅星宸 Mansion 連雲港金輪尚都時代天階 ❖ % of holding: 12.58% ❖ % of holding: 37% ❖ Partners: 江蘇海豚地產、常州百老滙地產 ❖ Partners: 蘇民投、江蘇海豚地產 ❖ Location: Lianyungang ❖ Location: Lianyungang ❖ Total saleable: 99,651 sqm ❖ Total saleabl
Slide 24: Properties Leasing
Properties Leasing 24
Slide 25: Our investment properties
Our investment properties Traits of Investment Properties Business Provides recurring rental income and ensure our long-term financial strength Completed investment properties with a total GFA of approximately 255,000 sq.m., as of 31 Dec, 2020 Increasing fair value due to the addition of new investm
Slide 26: Snapshot of land bank (for investment properties)
Snapshot of land bank (for investment properties) BY LOCATION Yangzhou City Type GFA Occupancy 2020 income 22% (sq.m.) rate (RMB million) Nanjing Nanjing Shopping malls 95,933 90% 75 50% Changsha Nanjing Retail shops 14,964 95% 22 6% Wuxi Shopping malls 20,153 100% 28 Zhuzhou Zhuzhou Shopping malls
Slide 27: Rental income
Rental income Currency：RMB million 2016-2020 Rental Income 180 162 160 152 147 140 128 120 111 100 80 60 57 57 46 39 40 35 20 0 2016 2017 2018 2019 2020 Investment properties Sub-lease rented properties 27
Slide 28: Metro leasing business
Metro leasing business Owners Tenants 10-15 years 1-3 years tenancy tenancy Nanjing Golden Wheel 6 months Commercial Management 1-2 months rent free period rent free period Co., Ltd 6-10% increase in 10-12% increase every 2 years ❖ Overall 90% occupancy rate annualized (fixed term) ❖ Target margin o
Slide 29: Our tenants
Our tenants A P cocTalk lk e aR ins ; ‘ A moony e's are : _— RL : moe iM = me . [el Re bal a ’ 218 lB (7?) mei SS Sis ERE MAS Soe * Laoma Rice-Flour 5 HK q ‘A INEO & Kath} fee * — DAYUHOT POT — 29
Slide 30: Hotel Operations
Hotel Operations 30
Slide 31: Hotel operations
Hotel operations Golden Wheel Binary Star Plaza Nanjing Atour Hotel （亚朵酒店） (Courtyard Marriott) ❑ Location: Nanjing ❑ Location: Nanjing ❑ Total GFA: 7,100 sq.m ❑ Total GFA: 20,700 sq.m ❑ Rooms: 140 ❑ Rooms: 229 ❑ Year of opening: 2017 2nd-half ❑ Year of opening: 2020 2nd-half ❑ Annual revenue: RMB27
Slide 32: Hotel operations
Hotel operations Hotel Income – actual and forecast Currency：RMB million 140 120 100 80 Actual 60 Actual 40 20 0 2019 2020 2021 2022 2023 Silka West NJ Atour CS Hilton NJ Marriott YZ Hilton GW Atour 32
Slide 33: Financial ratios
Financial ratios 2016 2017 2018 2019 2020 Debt to Asset Ratio 45.6% 54.0% 63.3% 64.3% 60.4% ((Total debts – contracted liabilities)/total assets) Net Gearing Ratio 26.2% 56.6% 105.4% 96.8% 95.6% (Net debts/Equity) Debt to Capital Ratio 41.8% 45.5% 56.0% 57.1% 55.42% (Total debts/Equity + total debts
Golden Wheel Tiandi Holdings Company — FY2020 Earnings Presentation on 6ix