Roxy-Pacific Holdings Limited Established Specialty Property and Hospitality Group

Transcription

1 Results Announcement 3 rd Quarter ended September 30, November

2 Agenda Financial Performance Business Review Group Borrowings Outlook 2

3 Financial Performance Results Announcement 3 rd Quarter ended September 30, November

4 Financial Highlights 3Q2013 Earnings almost doubled to S$16.1 million in 3Q2013 Revenue grew 76% to S$76.7 million Share of profit of associates more than tripled to S$2.7 million Progress billings of S$1.1 billion, to be recognised from 4Q2013 Landbank for development grew to sizeable total attributable gross floor area of 500,103 square foot Cash and cash equivalents amounted to S$346.8 million as of September 30,

5 Financial Results 3Q2013 3Q2013 3Q2012 % change Revenue (S$ m) % Gross Profit (S$ m) % Gross Margin (%) 33% 40% -7ppt Pre-tax Profit (S$ m) % Net Profit (S$ m) % EPS (cts) (1) % (1) EPS has been adjusted for the bonus issue in

6 Financial Results 9M2013 9M2013 9M2012 % change Revenue (S$ m) % Gross Profit (S$ m) % Gross Margin (%) 34% 41% -7ppt Pre-tax profit (S$ m) % Net Profit (S$ m) % EPS (cts) (1) % (1) EPS has been adjusted for the bonus issue in

7 Financial Performance Turnover Trend (S$ m) $250.0 $200.0 $150.0 $100.0 $50.0 $0.0 $102.7 $40.6 Revenue in 9M2013 surpassed FY2012 revenue 3Q2013 revenue increased by 76% y-o-y Overall, revenue increased by 48% to S$199.4m in 9M2013 $130.1 $30.1 $34.9 $19.6 $41.7 $25.9 $16.6 $23.4 $163.5 $44.1 $37.6 $43.7 $38.1 $216.9 $47.6 $53.1 $55.3 $183.7 $44.4 $46.8 $60.9 $50.4 $190.6 $42.1 $56.2 $43.6 $52.7 $ % $199.4 $76.7 $68.9 $ Q 3Q 2Q 1Q 7

8 Financial Performance Profit Trend (S$ m) $70.0 3Q2013 net profit increased by 97% y-o-y Overall, net profit increased by 36% to $47.4m in 9M2013 $60.0 $50.0 $40.0 $30.0 $20.0 $10.0 $0.0 $11.9 $23.3 $16.1 $12.0 $13.4 $27.9 $8.2 $24.7 $8.9 $2.9 $5.9 $19.5 $8.7 $6.2 $16.5 $17.8 $9.0 $12.9 $9.4 $2.5 $8.9 $5.0 $2.7 $4.2 $6.4 $9.0 $10.0 $9.0 $11.8 $19.2 $42.8 $58.3 $ % $ Q 3Q 2Q 1Q 8

9 Segment Results 9M2013 Revenue (S$ m) $250.0 $200.0 $ % 10% $150.0 $100.0 $ % $199.4 $ % $134.4 $ % $ % $- 9M2013 9M2012 Property Development Hotel Ownership & Property Investment 9

10 Segment Results 9M2013 Adjusted EBITDA* (S$ m) $80.0 $70.0 $60.0 $50.0 $40.0 $30.0 $20.0 $10.0 $5.3 $13.5 $49.8 7% 20% 73% 21% 22% $ % $4.4 $17.3 $28.3 8% 35% 57% $50.0 $0.0 Property Development 9M2013 9M2012 Hotel Ownership & Property Investment Fair vale gain on investment properties * Excludes corporate expenses and gain on disposal of available-for-sale financial assets 10

11 30 Sep Dec 12 Increase / (Decrease) Total assets ( S$ m) 1, % Total debt ( S$ m) % (1) Cash & cash equivalents ( S$ m) % Net Assets Value ( NAV ) ( S$ m ) % (2) Adjusted Net Assets Value ( ANAV ) (S$ m) % NAV per share (cents) * % ANAV per share (cents) (2) * % Cash holdings per share (cents) (1) * % Net Debt to ANAV (times) % Return on Equity (%) (3.0%) (1) Cash holdings include project account monies amounting to S$186.7m as at 30 September 2013 (31 December 2012: S$131.5m) (2) The fair value of Grand Mercure Roxy Hotel and office premise was estimated to be S$461.9m as at 30 September 2013 (31 December 2012: S$459.7m) * The comparatives of 2012 were restated and adjusted for the bonus issue in

12 Business Review Property Development Results Announcement 3 rd Quarter ended September 30, November

13 Business Review 9M2013 Property Development Revenue from Property Development (S$ m) % $163.5 $13.5 $8.8 $35.7 $16.7 $79.2 $94.5 $3.0 $17.9 $7.5 $43.2 The MKZ Treescape Jupiter 18 Spottiswoode 18 Straits Residences (TOP: Jul 12) Nova 88 (TOP: Apr 12) Increase in revenue by 73% from $94.5 million in 9M2012 to $163.5 million in 9M2013 Mainly due to Higher revenue recognition from Jupiter 18, Spottiswoode 18 & Treescape in 9M2013 Absence of revenue recognition from The MKZ in 9M $9.6 9M2013 $5.3 $8.1 $6.6 $2.9 9M2012 The Verte (TOP: Jan 12) 13

14 Business Review 9M2013 Property Development Attributable Revenue from Property Development ( PD ) including JV projects (S$ m) 9M2013 Space@Kovan, $35.7, 18% Treescape, $8.8, 4% The MKZ, $13.5, 7% Haig 162, $2.2, 1% Eon Shenton, $7.9, 4% 9M2012 Space@Kovan, $17.9, 17% Treescape, $3.0, 3% Spottiswoode 18, $79.2, 39% Straits Residences, $9.6, 5% Other, $37.0, 19% Jupiter 18, $16.7, 8% Natura@Hillview, $17.4, 9% Nottinghill Suites, $7.8, 4% Millage, $0.8 1% Spottiswoode 18, $43.2, 0.41 Straits Residences, $5.3, 5% Jupiter 18, $7.5, 7% Other, $10.3, 10% Nova 88, $6.6, 6% Studios@ Tembeling, $8.1, 8% The Verte, $2.9, 3% 9M2013 9M2012 % change Group PD Revenue $163.5 $ % Attributable PD revenue from JV projects $37.0 $ % Total Group PD Revenue (including JV projects) $200.5 $ % Haig 162, $10.3, 10% 14

15 Business Review 9M2013 Property Development Share of results in associates (S$ m) % $ Millage NottingHill Eon Shenton Haig $ (0.26) (0.15) (1.00) 9M2013 9M

16 Business Review 9M2013 Property Development Strong attributable progress billings to be recognised (S$ m) $1,600.0 $1,400.0 $1,200.0 $1,000.0 $800.0 $600.0 $400.0 $200.0 $0.0 $751.2 $1,031.5 $471.6 $336.5 $346.2 $188.4 $53.0 $78.7 $65.4 $143.0 $152.6 $169.8 $1,419.3 $ M2013 Sales value (1) Based on Option to Purchase granted up to 29 October 2013 $861.7 Revenue recognised (1) Increased by 24.8% compared to FY2012 $1,

17 Business Review 9M2013 Property Development Strong attributable progress billings to be recognised By Projects (S$ m) Attributable revenue recognised up to 30 Sep 2013 Balance attributable progress billings to be recognised from 4Q2013 Project name Type of development Group stake Total units in project Unit sold Attributable total sale value (1) % Unit % $'m $'m $'m 1 Straits Residences Residential 100% % Jupiter 18 Residential 100% % Space@Kovan Shop 100% % Residential 100% % Spottiswoode 18 Residential 100% % Nottinghill Suites Residential 45% % Wis@Changi Shop 100% 7 100% Restaurant 100% % office 100% % Centropod@Changi Shop 100% % Restaurant 100% 9 100% Office 100% % Treescape Residential 100% % Millage Residential 48% % Shop 48% % Natura@Hillview Residential 49% % Eon Shenton Office 20% % Residential 20% % Shop 20% % The MKZ Residential 100% % Jade Residences(2) Residential 100% % Shop 100% 2 0% Whitehaven(3) Residential 100% % Shop 100% 1 100% LIV on Sophia(3) Residential 90% % LIV on Wilkie (4) Residential 90% 81 28% Total 2,042 1, , (1) Based on Option to Purchase granted up to 29 October 2013 (2) Launched in April 2013 (3) Launched in May 2013 (4) Launched in October 2013

18 Landbanks Location / Description Approximate Land Area Approximate Gross Floor Area Group s stake Approximate Attributable Gross Floor Area Approximate Attributable Land Cost (sq ft) (sq ft) % (sq ft) $ m 1 134B Lorong K Telok Kurau Singapore 23,160 32, % 32, (Currently known as Sunnyvale) Tampines Road Singapore 78, ,862 85% 139, (Currently known as Yi Mei Garden) 3 Lot 3370, Section 41, Jalan Dewan Sultan Sulaiman, Kuala Lumpur 64, ,717 47% 328, (1) 165, , , (1) equivalent to RM42,198,

19 Business Review Hotel Ownership Results Announcement 3 rd Quarter ended September 30, November

20 Business Review 9M2013 Hotel Ownership AOR, ARR & RevPar 94.0% 91.0% 88.0% 85.0% 82.0% 79.0% 76.0% 73.0% 70.0% $154.4 $ % $200.3 $ % $147.0 $ % RevPar decreased by 11% to $164.5 in 9M2013 compared to $185.9 in 9M2012 $166.4 $ % 94.6% $199.9 $200.5 $188.3 $178.1 $179.7 $ % 92.7% $194.5 $ % FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 9M2012 9M2013 3% 11% 8%* $230.0 $200.0 $170.0 $140.0 $110.0 $80.0 $50.0 AOR ARR RevPar * Decrease due to partial closure of hotel rooms for renovation. The room renovation was completed in June

21 Business Review 9M2013 Hotel Ownership Hotel Revenue (S$ m) 60.0 Hotel revenue decreased by 10% from S$38.6m in 9M2012 to S$34.6m in 9M $48.5 $48.5 $50.2 $ % 11.6 $ $ $ FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 Q4 Q3 Q2 Q1 21

22 Business Review 9M2013 Hotel Ownership Hotel Net Operating Profits ( NOP ) (S$m) $25.0 $20.0 $15.0 $10.0 $5.0 $ $ $ Hotel NOP decreased by 20% from S$15.4m in 9M2012 to S$12.3m in 9M2013 $ $20.4 $ % $ Q4 Q3 Q2 Q1 $ FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 Hotel Net Operating Profits is defined as the earnings before interest, taxes, depreciation and amortisation. 22

23 Business Review Property Investment Results Announcement 3 rd Quarter ended September 30, November

24 Business Review 9M2013 Property Investment Revenue (S$ m) $3.5 $3.0 $2.5 $2.0 $1.5 $1.0 $0.5 $0.0 $1.9 $1.3 $0.6 $3.3 $1.5 $1.8 $2.6 $1.6 $1.0 $1.7 Decreased by 1% in 9M2013 due to expiry of lease terms for some shop units in Roxy Square $1.25 $1.24 FY2009 FY2010 FY2011 FY2012 9M2012 9M2013 Kovan Centre Roxy Square 1% 24

25 Group Borrowings Results Announcement 3 rd Quarter ended September 30, November

26 Group Borrowings Debt Profile 30 Sep Dec 12 Total borrowings $787.7m $611.4m Fixed rate loans $118.9 m $183.8 m Fixed rate loans as % of total loans (1) 15% 30% Weighted average term for fixed rates loans 13 months 13 months Weighted average interest rate (fixed rates loans) 2.30% 2.45% Weighted average interest rate (floating rates loans) 1.92% 1.92% Interest cover ratio (times) (1) Includes $27.7 million loans under interest rate swap contracts to swap floating interest rates for fixed interest rates 26

27 Group Borrowings Debt Profile as at 30 September 2013 (S$ m) $591.2, 75% Total outstanding debts of S$787.7m as at 30 September 2013 Development loans - substantially sold projects *, $146.1, 18.5% Development loans - projects not launch yet, $63.4, 8.0% Revolving loans, $77.5, 9.8% Repayable in September 2014, $4.2, 0.5% Repayable in October 2014 to September 2018, $53.0, 6.7% Term loans (Hotel & Shops), 119, 15% Development loans - fully sold projects, $381.7, 48.5% Repayable after October 2018, $61.8, 7.8% * substantially sold development project is defined as a project where its actual total sales value achieved to-date estimated total development cost 27

28 Outlook Results Announcement 3 rd Quarter ended September 30, November

29 Outlook 1. General - Based on advance estimates by Ministry of Trade and Industry Singapore ( MTI ), Singapore s economy grew by 5.1% on a year-on-year basis in the 3 rd quarter of 2013, compared to 4.2% in the 2Q2013. On a quarter-on-quarter seasonally-adjusted annualised basis, the economy contracted by 1%, compared to the 16.9% expansion in the previous quarter. 2. Property Development - Based on latest statistics released by Urban Redevelopment Authority ( URA ) on 25 th October 2013, prices of private residential properties increased by 0.4% in 3 rd Quarter 2013, which is lower than the 1.0% increase recorded in 2 nd Quarter New home sales has been affected following the new loan restrictions, Total Debt Servicing Ratio framework, announced by the Monetary Authority of Singapore ( MAS ). - The Group s progress billings hit S$1.1 billion, the profits of which will be recognized from 4Q2013 to FY Hotel Ownership - Singapore Tourism Board has forecasted tourism receipts of between S$23.5 to S$24.5 billion and visitor arrivals of between 14.8 million and 15.5 million in 2013 compared to 14.4 million in Along with Singapore s healthy pipeline of upcoming MICE events, the Group is optimistic that the demand for the Group s hotel rooms should continue to be strong in the 4Q Strong financial flexibility with cash and cash equivalents of S$346.8 million and a S$200million Multicurrency Medium Term Note Programme established in March Barring any unforeseen circumstances, the directors expect the Group to be profitable in

30 Thank You Results Announcement 3 rd Quarter ended September 30, November