2012 full year results briefing...fy 2012 fy 2011 (restated) % change earnings per share before fair...
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2012 Full Year Results Briefing
28 February 2013
1
• KEY FINANCIALS & STRATEGY
• BUSINESS REVIEW
• OUTLOOK
• Q&A
2
UOL GROUP LIMITED
• KEY FINANCIALS & STRATEGY
GWEE LIAN KHENG
GROUP CHIEF EXECUTIVE
3
S$m FY 2012 FY 2011 (Restated)
% Change
Revenue 1,145.8 1,960.2 -42
Profit before fair value and other gains/(losses) 439.7 727.8 -40
Other (losses) -25.0 -19.7 +27
Fair value gains on associated companies’
investment properties 107.5 8.7 +1137
Fair value gains on the Group’s investment
properties 442.1 187.2 +136
Profit before income tax 964.3 904.0 +7
PATMI 807.7 678.6 +19
4
The financials for 2011 were restated due to the adoption of the Amendments to FRS 12 – Deferred Tax: Recovery of Underlying
Assets, which took effect on 1 January 2012.
FY 2012 FY 2011 (Restated)
% Change
Earnings per share before fair value and
other gains/(losses) 47.0 cents 69.5 cents -32
Earnings per share 105.1 cents 88.1 cents +19
Net tangible asset value per share $7.94 $6.84 +16
Return on equity before fair value and other
gains/(losses) 5.88% 10.13% -42
Return on equity 13.15% 12.84% +2
Dividends per share - First and Final 15.0 cents 10.0 cents -
- Special - 5.0 cents -
5
• Earnings per share, net asset value and return on equity improved in 2012.
FY 2012 FY 2011 (Restated)
% Change
Total equity $6,719m $5,771m +16
Cash $260m $297m -13
Net debt $1,914m $2,029m -6
Gearing ratio 0.28 0.35 -20
Average borrowing cost 2.23% 2.27% -2
Term loan 79% 79% -
Interest cover (including interest capitalised)
10 Xs 13 Xs -
Ave debt maturity (Yr) 1.7 years 1.4 years -
6
Capital Management
• Gearing improved to 0.28 from 0.35.
7
Debt Maturity Profile
• Percentage of debt above 2 years improved to 43% from 37%.
(as at 31.12.12) (as at 31.12.11)
$m % $m %
Within 1 year 659 30 1,199 54
1-2 years 580 27 271 9
2-3 years 751 35 585 25
> 3 years 184 8 271 12
Total Debt 2,174 100 2,326 100
2003 2004 2005 2006 2007 2008 2009 2010 2011 (Restated)
2012 CAGR
%
Revenue ($m) 461.9 461.2 505.5 605.1 713.5 899.2 1,007.1 1,349.1 1,960.2 1,145.8 10.6
Profit before fair value
and other gains/(losses)
($m)
107.6 128.3 149.3 158.6 273.3 351.5 429.9 551.2 727.8 439.7 16.9
Profit before income tax
($m) 115.9 485.6 149.8 406.8 938.8 210.4 493.5 889.8 904.0 964.3 26.5
PATMI ($m) 78.8 381.6 100.1 339.4 758.9 147.2 424.2 755.9 678.6 807.7 29.5
Gearing Ratio 0.42 0.16 0.19 0.20 0.21 0.42 0.43 0.37 0.35 0.28 n.m
Return on Equity 4.5% 19.9% 4.2% 10.8% 19.2% 4.3% 10.2% 16.3% 12.8% 13.1% 12.7
Total Assets ($m) 3,059.2 3,478.1 3,520.2 4,651.9 6,182.3 6,093.6 7,328.0 7,904.0 8,697.6 9,564.3 13.5
Net tangible asset value
per share ($) 2.52 2.40 2.96 3.95 4.91 4.22 5.25 5.91 6.84 7.94 13.6
Earnings per share
(cents) 12.8 50.7 12.6 42.8 95.4 18.5 53.7 96.94 88.12 105.06 26.4
Market Capitalisation
($m) 1,337.7 1,602.0 1,991.0 3,449.9 3,598.2 1,767.3 3,189.0 3,694.3 3,073.0 4,596.3 14.7
Dividend Yield (%) 3.91 22.82 2.99 3.46 3.32 3.38 2.46 3.16 3.75 2.51 n.m
Share price ($)
as at close of the year 1.92 2.02 2.51 4.34 4.51 2.22 4.07 4.75 4.00 5.97 13.4
A Decade of Growth
8
9
• Deployed more capital into investment properties and hospitality assets in the
last few years
• Committed nearly $1 billion in recurrent income projects in Singapore:
- One Upper Pickering
13-storey office building fully leased for 30 years
- PARKROYAL on Pickering
367 rooms; opened in January 2013
- Pan Pacific Serviced Suites Beach Road
180 rooms; target to open in 2Q 2013
- OneKM
19,519 sqm retail mall; target to open in 2014
UOL GROUP LIMITED
• BUSINESS REVIEW
• OUTLOOK
LIAM WEE SIN
PRESIDENT (PROPERTY)
10
Property development
49%
Property investments
14%
Hotel operations
33%
Management services
2%Investments
2%
Revenue
($m)
11
Revenue and Operating Profit by Business Segments
in 2012
Property development
41%
Property investments
33%
Hotel operations
17%
Management services
3%
Investments6%
Operating Profit
($m)
Propertydevelopment
Propertyinvestments
Hotel operations Managementservices
Investments
560.0
166.1
377.7
18.8 23.2
1,393.8
160.3
360.0
19.9 26.2
FY 2012
FY 2011
-60%
+4%
+5%
-12% -6%
12
Revenue by Business Segments
2012 vs 2011
($m)
Propertydevelopment
Propertyinvestments
Hoteloperations
Managementservices
Investments
147.5119.7
59.8
11.523.1
404.8
112.6
59.5
8.326.1
FY 2012
FY 2011
-64% +6%
+1% -11%
+39%
13
Operating Profit by Business Segments
2012 vs 2011
88
88
4
5
7
3
1
4Singapore
Australia
Malaysia
China
Others
Revenue
FY2012: S$1,145.8m
FY2011: S$1,960.2m
(%)
14
Adjusted EBITDA*
FY2012: S$630.2m
FY2011: S$829.9m
Total Asset Value
FY2012: S$9,564.3m
FY2011: S$8,697.6m
*Excludes unallocated cost, other gains/losses and fair value gains/losses on investment properties
81
75
7
12
8
5
2
3
2
5
86
88
4
3
4
3
4
5
1
1
Geographical Spread
Launched No. of Units (Whole Project)
%Sold* (as at 31.12.12)
Average psf
Katong Regency Apr 2012 244 100 S$1,605
Archipelago Dec 2011 577 100 S$987
Spottiswoode Residences Nov 2010 351 96 S$1,925
Panorama Apr 2008 223 100 RM1,004
The Esplanade, Tianjin#
(Blocks 3 and 4) Jun 2012 320 59 RMB1,588
Panorama Spottiswoode Residences
* Based on cumulative sales and purchase agreement signed. # Revenue to be recognised upon completion of project.
15
Archipelago Katong Regency
• Sold 938 residential units with sales value of more than
$1 billion in 2012
16
Katong Regency
• Integrated development comprising
OneKM retail mall and 244 residential
units
• 100% stake
• Residential units FULLY SOLD
17
Archipelago
• 577-unit condominium located along
Bedok Reservoir Road
• 50% stake
• FULLY SOLD
The Esplanade, Tianjin
• Mixed development, along HaiHe River,
comprising four blocks of 522 apartments,
a 330-room hotel, 17,075 sqm office
and 6,164 sqm retail space
• 90% stake
• Launched two blocks of 320 residential
units; 59% sold
• Launched one office tower; 11% sold
• Pan Pacific Tianjin hotel set to open in 2014
18
Project Name %
Equity
Stake
No. of
Units
Saleable
Area
(sq m)
% Sold (as at 31.12.12)
% Complete (as at 31.12.12)
TOP Date
Panorama 55 223 24,927 100 100 2011
Meadows@Peirce 100 479 66,270 100 100 2012
Double Bay Residences 60 646 77,525 100 100 2012
Terrene at Bukit Timah 50 172 19,740 100 98 Est. 1Q2013
Waterbank at Dakota 100 616 58,213 100 91 Est. 2Q2013
Spottiswoode Residences 100 351 27,376 96 45 Est. 4Q2013
Archipelago 50 577 71,445 100 14 Est. 4Q2014
Katong Regency 100 244 19,432 100 10 Est. 1Q2015
Profit recognition of launched projects
19
Project Name/Location Tenure
of Land
Site Area
(sq m)
Est.
Saleable
Area (sq m)
Est. No.
of Units
%
Owned
Target
Launch
St Patrick’s Garden site FH 12,950 19,083 186 100 3Q2013
Bright Hill Drive site 99 13,437 39,965 445 50 2Q2013
Total 26,387 59,048 631
20
Singapore residential pipeline
Project Name/Location Site Area
(sq m)
Est. Saleable
Area (sq m)
Est. No.
of Units
%
Owned
Target
Launch
The Esplanade, Tianjin (Blocks 1 & 2)
22,895 22,905 202 90 2Q2013
KL (Jalan Conlay) 15,993 60,363 740 60 4Q2013
Shanghai (Changfeng)** 39,540 77,800 400 40 2014
Total 78,428 161,068 1,342
** Mixed development of 77,800 sqm residential units and 8,000 sqm retail space.
Overseas residential pipeline
21
Office properties Net Lettable Area/
GFA (sqm)
Portfolio
Novena Square 41,509
United Square 24,711
Odeon Towers 18,402
Faber House 3,956
One Upper Pickering 8,089
Total 96,667
Retail properties
Portfolio
Novena Square shopping mall 15,972
United Square shopping mall 19,392
Sub Total 35,364
Pipeline
OneKM 19,519
Shanghai (Changfeng) Retail component of mixed development
8,000
The Esplanade Mall, Tianjin 6,164
Total 69,047
Grand Total 165,714
22
OneKM
• 19,519 sqm mall offering lifestyle,
edutainment and gastronomy
• 100% stake
• 50% of leases committed
• Target to open in 2014
NLA 41,509 24,711 18,402 3,956 8,089 15,972 19,392 (sq m)
Above 95% occupancy for all commercial properties
23
NovenaSquareoffice
UnitedSquareoffice
OdeonTowersoffice
FaberHouse office
One UpperPickering
NovenaSquare
ShoppingMall
UnitedSquare
ShoppingMall
98 97 98 99 100 99 98
YTD 31.12.12
Lease Renewal
% Change in
Overall
Average Rent
FY12 vs FY11
Lease Expiry in 2013
(sq m)
NLA %*
Offices
Novena Square +2.7 9,295 22
United Square +0.4 11,426 46
Odeon Towers -2.8 3,446 18
Faber House +3.7 1,553 39
Subtotal +1.3 25,720 26
Shopping Malls
Novena Square +7 5,471 34
United Square +14 6,273 32
Subtotal +10 11,744 33
Tenancy Management
24
* Percentage of NLA for each property.
25
Owned Serviced Suites Properties Rooms
Portfolio
PAN PACIFIC Serviced Suites Orchard, Singapore 126
PARKROYAL Serviced Suites Singapore 90
PARKROYAL Serviced Suites Kuala Lumpur 287
SubTotal 503
Pipeline
PAN PACIFIC Serviced Suites Beach Road, Singapore
(Opening in 2Q2013)
180
Total 683
RESIDENTIAL PROJECTS
Nassim Park Residences
• Singapore Institute of Architects Architectural Design Awards
(Honourable Mention)
Duchess Residences
• MIPIM Asia Awards (Best Residential Development – Silver)
26
CORPORATE AWARDS
UOL Group Limited
• South East Asia Property Awards – Best Developer (South East Asia)
• South East Asia Property Awards – Best Developer (Singapore)
• BCI Asia Top 10 Developer Awards
Duchess Residences Terrene at Bukit Timah
HOTEL PROPERTIES
PARKROYAL on Pickering
• BCA Green Mark Platinum Award
27
OUTLOOK
• Prolonged low interest rate and high liquidity continues to
support the property market amidst economic uncertainties
• Recent cooling measures and latest tax changes expected to
dampen overall demand and moderate prices
• Significant pipeline supply expected to put pressure on the
office sector
• Retail rents expected to come under pressure as retailers
curtail expansion plans due to labour shortage
• Remain cautious and selective in replenishing our landbank
• Continue to strengthen our recurrent income portfolio
28
This presentation may contain forward-looking statements or financial information. Such forward-looking statements and
financial information may involve known and unknown risks, uncertainties, assumptions and other factors which may cause the
actual results, performance or achievements of UOL Group Limited, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by such forward-looking statements and financial
information.
Such forward-looking statements and financial information are based on assumptions including (without limitation) UOL Group
Limited’s present and future business strategies, general industry and economic conditions, interest rate trends, cost of capital
and capital availability, availability of real estate properties, competition from other companies, shifts in customer demands,
customers and partners, changes in operating expenses (including employee wages, benefits and training), governmental and
public policy changes and the continued availability of financing in the amounts and the terms necessary to support future
business activities.
You are advised not to place undue reliance on these forward-looking statements and financial information, which are based
on UOL Group Limited’s current views concerning future events.
UOL Group Limited expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements or financial information contained in this presentation to reflect any change in UOL Group Limited’s
expectations with regard thereto or any change in events, conditions or circumstances on which any such statement or
information is based, subject to compliance with all applicable laws and regulations and/or the rules of the SGX-ST and/or any
other regulatory or supervisory body.
This presentation may include market and industry data and forecasts. You are again advised that there can be no assurance
as to the accuracy or completeness of such included information. While UOL Group Limited has taken reasonable steps to
ensure that the information is extracted accurately and in its proper context, UOL Group Limited has not independently verified
any of the data or ascertained the underlying assumptions relied upon therein.
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THANK YOU
31
Q&A
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