Roxy-Pacific Holdings Limited

Transcription

1 Roxy-Pacific Holdings Limited Results Briefing Half Year ended 30 June August 2011

2 Agenda Financial Performance Business Review Group Borrowings Outlook Roxy-Pacific Holdings Limited Results Briefing Half Year ended 30 June August 2011

3 Financial Performance Roxy-Pacific Holdings Limited Results Briefing Half Year ended 30 June August 2011

4 Financial Highlights 1H % rise in earnings to S$24.9 million 16% decline in revenue to S$97.1 million due to lower contribution from Property Development segment 11% increase in revenue from Hotel Ownership segment on the back of strong occupancies and higher room rate 30% or S$9.6 million increase in the property value of Roxy Square shop units Strong progress billings of S$531.1 million to be recognised from 3Q2011 to FY2014. Healthy balance sheet with cash and cash equivalents of S$195.3 million.

5 Financial Results 2Q2011 2Q2010 % change 1H2011 1H2010 % change Revenue (S$ m) % Gross Profit (S$ m) % Gross Margin (%) 33% 34% -1 ppt Pre-tax profit (S$ m) % PAT (S$ m) % EPS (cts) % % % 32% 31% 1 ppt % % %

6 Financial Performance Turnover Trend (S$ million) Revenue decline by 16% to S$97.1 million in 1H2011 S$216.9 S$163.5 S$130.1 S$ % S$116.3 S$97.1

7 Financial Performance Profit Trend (S$ million) Record net profit of S$24.9 million in 1H2011 S$42.8 S$24.7 S$ % S$19.2 S$21.9 S$24.9

8 Segment Results Revenue (S$ million) 20% 26% 10% 74% $ % 80% $116.3

9 Segment Results Pre-tax Profits (S$ million) $30.0 $27.0 $24.0 $21.0 $18.0 $15.0 $12.0 $ % $4.3 34% $6.9 24% $28.5 $6.2 17% 23% 11% $26.4 $9.0 $6.0 $3.0 $ % 25% $ % $0.0 1H2011 1H2010 Fair value gain on investment properties Hotel Ownership and Property Investment Property Development

10 Key Financials 30-Jun Dec-10 Increase / (Decrease) Total assets (S$ m) % Total debts (S$ m) % Cash & cash equivalents ( S$ m) % Net Assets Value (S$ m) % (1) Revalued Net Assets Value (S$ m) % NAV per share (cents) % RNAV per share (cents) (1) % Cash holdings per share (cents) (2) % Net Debt to RNAV (times) (11.8%) Return of Equity (%) (3) % (1) The fair value of Grand Mercure Roxy Hotel was estimated to be $316.6 million as at 30 June 2011 (31 December 2010 : $316.6 million) (2) Cash holdings include project account monies amounting to $131.6 million as at 30 June 2011 (31 December 2010: $75.7 million) (3) Represents annualised return on equity

11 Business Review Property Development Roxy-Pacific Holdings Limited Results Briefing Half Year ended 30 June August 2011

12 Business Review Revenue from Property Development (S$( S$ million) $100.0 $80.0 $60.0 $40.0 $20.0 $ % $71.8 Decrease in revenue by 23% from S$93.4 million in 1H2010 to S$71.8 million in 1H2011 Mainly due to the absence of revenue recognised from 3 development projects, namely The Ambrosia, The Adara and The Ambra,, that were completed in 2010 $0.0 1H2010 1H2011

13 Business Review Strong attributable progress billings to be recognised (S$ S$ million) $800.0 $700.0 $600.0 $717.6 Increased 62% compared to FY10 $500.0 $400.0 $300.0 $336.5 $346.2 $471.6 S$328.6 S$531.1 $200.0 $188.4 S$280.8 $143.0 $186.5 $100.0 $53.0 $78.7 $65.4 $0.0 FY07 FY08 FY09 FY10 2-Aug-11 Sales value Revenue recognised

14 Business Review Strong attributable progress billings to be recognised (S$ S$ million) Project name Group's stake No. of units in the project % sold Attributable total sale value (1) ($'m) Attributable Revenue 30 June 2011 Balance attributable progress billings to be recognised from 3Q Azzuro 100% % Verte 100% % Nova % % Nova % % Lucent 100% % Haig 45% % Straits Residences 100% % Tembeling 100% % Jupiter % % Space@Kovan 100% % Spottiswoode 100% % Nottinghill Suites (2) 45% % Total 1, (1) based on Option to Purchase granted up to 2 nd August 2011 (2) launched in July 2011

15 Business Review Landbanks Location / Description Group s stake Approximate Attributable Land Area Approximate Attributable Gross Floor Area Approximate Attributable Land Cost (1) % (sqm) (sqm) S$ m Shenton Way (Marina House) 55 Changi Road (Singapura Theatre) 116 Changi Road (Everitt Building) 80 Changi Road (New Changi Hotel) 103, 105 Lorong N Telok Kurau 20% 367 3, % 869 2, % 1,576 4, % 2,587 7, % 1,313 1, Mackenzie Road (Mackenzie Mansions) 100% 1,198 2, , 14, 16, 18, 20, 24 Hillview Terrace 49% 2,238 4, ,148 27, (1) includes estimated state land premium and development charge, if any

16 Business Review Hotel Ownership Roxy-Pacific Holdings Limited Results Briefing Half Year ended 30 June August 2011

17 Business Review Hotel Ownership AOR and ARR in 1H2011 RevPar increased by 15% to $ % 1.2%

18 Business Review Hotel Revenue (S$ million) Hotel revenue improved by 11% in 1H %

19 Business Review Hotel Gross Operating Profits ( GOP ) (S$million) Hotel GOP improved by 14% in 1H %

20 Business Review Property Investments Roxy-Pacific Holdings Limited Results Briefing Half Year ended 30 June August 2011

21 Business Review Property Investment Revenue (S$ million) $4.0 Improved by 5% in 1H2011 compared to 1H2010 due to higher rental income from the renewal of shop units at Roxy Square. $3.5 $3.0 $1.5 $2.5 $2.0 $1.5 S$3.3 $1.3 $1.0 $0.5 $0.88 $0.76 S$1.8 $1.8 $0.6 S$1.56 S$1.64 $0.80 $0.76 1H2010 1H2011 $ Kovan Centre Roxy Square

22 Group Borrowings Roxy-Pacific Holdings Limited Results Briefing Half Year ended 30 June August 2011

23 Group Borrowings Debt Profile 30-Jun Dec-10 Total borrowings S$396.3 m S$375.8 m Fixed rate loans S$141.3 m S$56.8 m 35.7% 15.1% 1.86 year 0.99 year Weighted average interest rate (fixed rates loans) 2.77% 2.59% Weighted average interest rate (floating rates loans) 1.99% 2.45% Interest cover ratio (times) Fixed rate loans as % of total loans Weighted average term for fixed rates loans

24 Group Borrowings Debt Profile by loan types as at 30 June 2011 (S$ million) Total outstanding debts of S$396.3 Development loans unsold projects, $43.6, 11% Revolving loans, $35.5, 9% Repayable by Jun 2012, $3.2, 1% Repayable Jul 2012 Jun 2016, $17.2, 4% Development loans sold projects, $226.3, 57% Term loans for hotel & shops, $90.9, 23% Repayable after Jun 2016, $70.5, 18%

25 Outlook Roxy-Pacific Holdings Limited Results Briefing Half Year ended 30 June August 2011

26 Outlook 1. GDP Forecast: - MTI announced on 14 July 2011 that the Singapore s economy is expected to grow by 0.5% in 2Q11 on a year-on-year basis, down from the 9.3% growth in the previous quarter. 2. Property Development - Based on latest URA statistics: - Prices of private residential properties increased by 2.0% in 2Q11, lower than the 2.2% increase in the previous quarter, the 7th consecutive quarter of moderating increases. - With the strong fundamentals of the Singapore s economy, a strong job market and low interest rate environment, property market in Singapore looks set to remain stable. 3. Hotel Ownership - Based on STB statistics: - Visitors to Singapore rose 15.4% in June 2011, logging fifteen straight month of record arrivals. - We believe that the demand for the hotel rooms should continue to be strong in 2011 due to the continual high visitors arrivals to Singapore 4. Progress billings of $531.1 million to be recognised from 3Q2011 to FY Barring any unforeseen circumstances, the directors expect the Group to be profitable in 2011.

27 Roxy-Pacific Holdings Limited Results Briefing Half Year ended 30 June August 2011 Thank you