rrooxyxy-ppaacciifificc hohollddiinngsgs...

RoxyRoxy--Pacific Holdings LimitedPacific Holdings Limited

Results BriefingResults Briefing1st Quarter Ended March 31 2012May 3 2012

Established Specialty Property and Hospitality Group

RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group

AgendaFinancial Performance

Business Review

Group Borrowings

Outlook


FinancialPerformance

Results BriefingResults Briefing1st Quarter Ended March 31 2012

May 3 2012


AgendaPre-tax profit of $11.1 million in 1Q2012

Gross profit margin surges 12 percentage points to 44% in 1Q2012

Achieves 19% increase in hotel’s net operating profit on the back of 10%improvement of RevPar in 1Q2012

Achieves strong take-up rates of more than 80% for recently launched projects –Centropod@Changi and Millage

Strong progress billings of S$778.9 million, profits of which to be progressivelyrecognised from 2Q2012 to FY2016

Stronger balance sheet with cash and cash equivalents rising 4.2% to S$237.7million

Financial Highlights – 1Q2012



1Q2012 1Q2011 % change

Revenue (S$’m) 38.1 50.4 -24%

Gross Profit (S$’m) 16.6 16.2 3%

Gross Margin (%) 44% 32% 12 ppt

Pre-tax profit (S$’m) 11.1 11.2 -1%

PAT (S$’m) 9.0 10.0 -10%

EPS (cts) 1.42 1.58 -10%

Financial Results

$16.6 $23.4$38.1

$60.9 $50.4 $38.1$25.9

$41.7$43.7

$55.3$46.7

$19.6

$34.9$37.6

$53.1

$44.4

$40.6

$30.1

$44.1

$47.6

$42.1

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

2007 2008 2009 2010 2011 2012

4Q

3Q

2Q

1Q



Revenue declined by 24% to S$38.1 million in 1Q2012

Financial Performance

Turnover Trend (S$’ million)

$102.7

$130.1

$163.5

$216.9

$183.7

$38.1

24%



Net profit decreased 10% to S$9.0 million in 1Q2012

Financial Performance

Profit Trend (S$’ million)

$2.7 $4.2 $6.4 $9.0 $10.0 $9.0$5.0$8.9

$9.4$12.9

$14.9

$2.5

$8.7 $6.2

$8.9

$13.4

$9.0

$2.9 $5.9

$12.0

$11.4

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

2007 2008 2009 2010 2011 2012

4Q

3Q

2Q

1Q$19.2

$24.7$27.9

$42.8

$49.7

$9.0

10%

* Include S$1 millionwriteback of tax overprovided in respect of

prior year

*

$24.6

$37.9

$13.1

$11.7$0.4

$0.8

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

1Q2012 1Q2011

Property Investment Hotel Ownership Property Development


Segment Results

Revenue (S$’ million)

65%

75%

23%

34%

1%

2%

50%

12%

35%

$38.1$50.4

$6.7 $7.0

$4.3 $4.1

$0.1 $0.1

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

1Q2012 1Q2011

Property Investment Hotel Ownership Property Development


61%

38%

36%

62%

36%

Segment Results

Pre-tax Profits (S$’ million)

4%

4%

$11.1 $11.2

1% 2%

Key FinancialsKey Financials

(1) Cash holdings include project account monies amounting to S$124.2 million as at 31 March 2012 (31 December 2011: S$137.5 million)

- - - -

Total assets ( S$’m) 714.3 748.6 (4.6%)

Total debts (S$‘m) 440.0 481.7 (8.7%)

Cash & cash equivalents ( S$‘m) 237.7 228.2 4.2%

Net Assets Value (“NAV”) ( S$‘m ) 219.0 209.9 4.3%

Adjusted Net Assets Value (“ANAV”) (S$‘m) 563.6 554.1 1.7%

NAV per share (cents) 34.40 32.98 4.3%

ANAV per share (cents) (2) 88.54 87.05 1.7%

Cash holdings per share (cents) (1) 37.35 35.85 4.2%

Net Debt to ANAV (times) 0.36 0.46 (21.7%)

Return on Equity (%) 16.6 23.7 (30.0%)


(1)

(2)

(2) The fair value of Grand Mercure Roxy Hotel was estimated to be S$401.5 million as at 31 March 2012 (31 December 2011 : S$401.5 million)

31 Mar 12 31 Dec 11 Increase / (Decrease)

(3) Represents annualised return on equity

(3)


BusinessReview

PropertyDevelopment


May 3 2012

$3.0

$1.9

$7.3

$2.9

$5.1

$4.7

$10.9

$4.5

$0.3

$5.2

$3.6

$9.7

$1.6

$1.8

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

1Q2012 1Q2011

Space@Kovan

Marque @Irrawaddy

Spottiswoode 18

Studios@Tembeling

Straits Residences

The Lucent

Nova 88

The Verte

Nova 48

The Azzuro

The Florentine


Revenue from Property Development (S$’million)

Business ReviewProperty Development

Decrease in revenue by35% from $37.9 million in1Q2011 to $24.6 million in1Q2012

Mainly due to

• completion of 4development projects(namely The Florentine,The Azzuro, Nova 48 andThe Lucent) in 2011; and

• the gap in revenuerecognition until thecommencement ofconstruction of newerprojects.

Obtained TemporaryOccupation Permit for TheVerte in Jan 2012

35%

$24.6

$37.9

$188.4

$336.5 $346.2

$471.6

$751.2

$907.5

$53.0 $78.7 $65.4$143.0 $152.6 $128.6

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

$800.0

$900.0

$1,000.0

FY2007 FY2008 FY2009 FY2010 FY2011 2-May-12

Sales value Revenue recognised


Strong attributable progress billings to be recognised (S$’million)


(1) Based on Option to Purchase granted up to 2 May 2012

$778.9

(1)

$598.6

Increased by30%

compared toFY2011


(1) Based on Option to Purchase granted up to 2 May 2012(2) Launched in February 2012(3) Launched in March 2012(4) Launched in April 2012

Strong attributable progress billings to be recognised – By Projects (S$’million)


Project name Type of developmentGroup's

stake

No. ofunits in

theproject

%sold

Attributable totalsale value (1)

AttributableRevenue

recognisedup to 31

Mar 2012

Balanceattributable

progress billings tobe recognisedfrom 2Q2012

($'m) (S$’m) ($'m)

1 Nova 88 Residential 100% 88 100% 75.7 73.9 1.8

2 Haig 162 Residential 45% 99 100% 26.3 8.9 17.4

3 Straits Residences Residential 100% 30 100% 20.1 2.6 17.5

4 Studios@Tembeling Residential 100% 25 100% 18.5 15.6 2.9

5 Jupiter 18 Residential 100% 53 100% 35.8 5.3 30.5

6 Spottiswoode 18 Residential 100% 251 97% 240.9 20.5 220.4

7 Space@Kovan 56 shops, 140 residential 100% 196 100% 159.8 1.8 158.0

8 Nottinghill Suites Residential 45% 124 71% 29.1 - 29.1

9 Wis@Changi 7 shops, 16 restaurants, 60 offices 100% 83 33% 19.9 - 19.9

10 Centropod@Changi 108 shops, 9 restaurants, 75 offices 100% 192 84% 104.0 - 104.0

11 Treescape (2) Residential 100% 30 100% 29.2 - 29.2

12 Millage (3) 86 shops, 70 residential 48% 156 100% 52.2 - 52.2

13 Natura@Hillview (3) Residential 49% 193 55% 39.7 - 39.7

14 Eon Shenton (4)

23 shops, 98 Offices, 132Residential 20% 253 62% 56.3 - 56.3

Total 1,773 907.5 128.6 778.9


Landbanks


(1) includes estimated state land premium and development charge, if any.

(2) The acquisition is subject to and conditional upon obtaining of an Order for Sale from the Strata Titles Board or High Court (as the case may be)approving this sale and purchase, if necessary.

Project name / Location /Description

ApproximateLandArea

ApproximateGross Floor

Area

Group’sstake

ApproximateAttributableGross Floor

Area

ApproximateAttributableLand Cost (1)

(sqf) (sqf) % (sqf) $’m

The MKZ(131 Mackenzie Road)

12,895 27,082 100% 27,082 24.7

2 & 4 Lew Lian Vale (2) (currentlyknown as Jade Towers)

92,412 131,702 100% 131,702 106.3

105,307 158,784 158,784 131.0


BusinessReview

Hotel Ownership


May 3 2012

92.5%

88.0%86.2%

94.2% 94.6%

91.6%92.8%

$154.4

$200.3

$147.0

$166.4

$188.3 $185.9

$201.5

$142.8

$176.3

$126.7

$156.7

$178.1$170.3

$187.0

$50.0

$80.0

$110.0

$140.0

$170.0

$200.0

$230.0

80.0%

83.0%

86.0%

89.0%

92.0%

95.0%

FY2007 FY2008 FY2009 FY2010 FY2011 1Q2011 1Q2012

AOR ARR RevPar


AOR , ARR & RevPar in 1Q2012

Business ReviewHotel Ownership

RevPar increased by 9.8% to $187.0 in 1Q2012

1.2%

8.3%

$37.4

$48.5

$37.5

$44.5$48.4

$11.7 $13.1

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

FY2007 FY2008 FY2009 FY2010 FY2011 1Q2011 1Q2012


Hotel Revenue (S$’million)


Hotel revenue improved by 12% in 1Q2012

12%

$16.8

$21.6

$13.3

$17.7

$21.8

$4.8$5.7

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

FY2007 FY2008 FY2009 FY2010 FY2011 1Q2011 1Q2012


Hotel Net Operating Profits (“NOP”) (S$million)


Hotel NOP increased by 19% in 1Q2012

19%


BusinessReview

PropertyInvestment


May 3 2012


Revenue (S$’ million)

Business ReviewProperty Investment

Decreased by 50%in 1Q2012 due tothe terminationof leases in KovanCentre on 31 Aug2011 forredevelopment.

$0.6

$1.8

$0.89$0.4

$1.3

$1.5

$1.34

$0.4

$0.4$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

FY2009 FY2010 FY2011 1Q2011 1Q2012

Kovan Centre Roxy Square

50%


GroupBorrowings


May 3 2012

Group Borrowings

Debt Profile

31 Mar 12 31 Dec 11

Total borrowings $440.0m $481.7m

Fixed rate loans $139.9 m $140.4 m

Fixed rate loans as % of total loans (1) 32% 29%

Interest cover ratio (times) 12.9 14.5

Weighted average term for fixed rates loans 13 months 16 months

Weighted average interest rate (fixed rates loans) 2.78% 2.78%

Weighted average interest rate (floating rates loans) 1.85% 1.86%

(1) Includes $32.4 m loans under interest rate swap contracts to swap floating interest rates for fixed interest rates


Development loans -sold projects, $255.3,

58%

Development loans -unsold projects, $51.1,

12% Revolvingloans, $45.6,

10%

Repayable in Mar 2013,$3.3, 1%

Repayable in Apr 2013to Mar 2017, $16.6, 4%

Repayable after Mar2017, $68.1, 15%

Other, $88.0, 20%


Outlook

$296.4, 67%

Group Borrowings

Debt Profile as at 31 March 2012

Total outstanding debts of S$440.0 million as at 31 March 2012


Outlook


May 3 2012

Outlook

1. General

- According to advance estimates by Ministry of Trade and Industry Singapore (“MTI”), the Singapore economy grew by 1.6per cent on a year-on-year basis in 1Q2012, compared to 3.6% in 4Q2011, and is forecast to grow between 1.0% and 3.0%in 2012.

2. Property Development- Based on latest real estate statistics from URA:

- overall prices of private residential properties in 1Q2012 fell marginally by 0.1% compared with the 0.2% increase inthe quarter before, confirming a trend of stabilising prices over the past 9 consecutive quarters.

- However, housing demand has remained strong in 1Q2012 partly due to high liquidity, low mortgage interest ratesas well as the record number of projects launched in 1Q2012.

3. Hotel Ownership- Based on STB statistics:

- latest forecast shows a $23 to $24 billion in tourism receipts and 13.5 to 14.5 million visitor arrivals for 2012.

- The Group believes that demand for the hotel rooms should continue to be strong in 2012 due to the strongeconomy and continual high visitors’ arrivals to Singapore.

4. Progress billings of S$778.9 million, profits of which to be progressively recognised from 2Q2012 to FY2016

5. Barring any unforeseen circumstances, the directors expect the Group to be profitable in 2012.

Established Specialty Property and Hospitality Group

RoxyRoxy--Pacific Holdings LimitedPacific Holdings Limited


Thank You


May 3 2012

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