2011 full year results briefing · 2019. 1. 24. · $727.8m • double-digit growth in profit...

2011 Full Year Results Briefing

24 February 2012

1

• KEY FINANCIALS

• 2011 HIGHLIGHTS

• PERFORMANCE REVIEW

• GOING FORWARD

• Q&A

2

UOL GROUP LIMITED

• KEY FINANCIALS

• 2011 HIGHLIGHTS

GWEE LIAN KHENG

GROUP CHIEF EXECUTIVE

3

S$m FY 2011 FY 2010

(Restated) % Change

Revenue 1,960.2 1,349.1 +45

Profit before fair value and other gains/(losses) 727.8 551.2 +32

Other (losses)/ gains -19.7 50.8 -139

Fair value gains on associated companies’

investment properties 9.1 152.9 -94

Fair value gains on the Group’s investment

properties 187.2 134.9 +39

Profit before income tax 904.4 889.8 +2

PATMI 664.2 755.9 -12

4

The results for 2010 were restated due to the adoption of the INT FRS 115 accounting standards which took effect on 1 January 2011.

Record revenue of $1.96 billion, 45% • higher recognition of revenue from sale of residential projects

• inclusion of revenue from PARKROYAL Serviced Suites Kuala Lumpur and

PARKROYAL Melbourne Airport hotel

Profit before fair value and other gains/ (losses) 32% to

$727.8m • double-digit growth in profit contribution across all business segments

• lower share of profit from associated companies and higher finance expenses

PATMI 12% to $664.2m • higher minority interests and higher income tax expense

• lower fair value gains on investments properties of associated companies

5

FY 2011 FY 2010

(Restated) % Change

Earnings per share before fair value and other

gains/(losses) 69.49 cents 56.32 cents +23

Earnings per share 86.25 cents 96.94 cents -11

Net tangible asset value per share $6.54 $5.91 +11

Return on equity before fair value and other

gains/(losses) 10.6% 9.5% +12

Return on equity 13.1% 16.3% -19

Dividends per share - First and Final 10.0 cents 10.0 cents -

- Special 5.0 cents 5.0 cents -

6


FY 2011 FY 2010

(Restated) % Change

Total equity $5,529m $5,048m +10

Cash $297m $313m -5

Net debt $2,029m $1,877m +8

Gearing ratio 0.37 0.37 -

Average borrowing cost 2.27% 1.99% +14

% Term loan 79% 72% +10

Interest cover (including interest capitalised)

13 Xs 19 Xs -

Ave debt maturity (Yr) 1.4 years 1.5 years -

7

The results for 2010 were restated due to the adoption of the INT FRS 115 accounting standards which took

effect on 1 January 2011.

Maturity profile (as at 31.12.11)

$m %

Within 1 year 1,267 54

1-2 years 203 9

2-3 years 585 25

> 3 years 271 12

Total Debt 2,326 100

8

2002 2003 2004 2005 2006 2007 2008 2009 2010 (Restated)

2011 CAGR

%

Revenue ($m) 509.0 461.9 461.2 505.5 605.1 713.5 899.2 1,007.1 1,349.06 1,960.2 16.2

Profit before fair value

and other gains/(losses)

($m)

119.7 107.6 128.3 149.3 158.6 273.3 351.5 429.9 551.2 727.8 22.2

Profit before income tax

($m) 200.1 115.9 485.6 149.8 406.8 938.8 210.4 493.5 889.8 904.4 18.2

PATMI ($m) 161.4 78.8 381.6 100.1 339.4 758.9 147.2 424.2 755.9 664.2 17.0

Gearing Ratio 0.53 0.42 0.16 0.19 0.20 0.21 0.42 0.43 0.37 0.37 n.m

Return on Equity 9.5% 4.5% 19.9% 4.2% 10.8% 19.2% 4.3% 10.2% 16.3% 13.1% 3.7

Total Assets ($m) 3,075.3 3,059.2 3,478.1 3,520.2 4,651.9 6,182.3 6,093.6 7,328.0 7,904.0 8,524.4 12.0

Net tangible asset value

per share ($) 2.77 2.52 2.40 2.96 3.95 4.91 4.22 5.25 5.91 6.54 10.0

Earnings per share

(cents) 26.3 12.8 50.7 12.6 42.8 95.4 18.5 53.7 96.94 86.25 14.1

Market Capitalisation

($m) 987.6 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 13.4

Dividend Yield (%) 6.21 3.91 22.82 2.99 3.46 3.32 3.38 2.46 3.16 3.75 n.m

A Decade of Growth

9


• Subdued economic growth in Singapore and the region amidst

eurozone uncertainty

• Government cooling measures including additional stamp duty,

increase in housing supply, and tighter immigration rules to

dampen demand

• Low interest rates, high liquidity environment and Singapore

status as a safe haven to mitigate downside risks

10

UOL GROUP LIMITED

• PERFORMANCE REVIEW

• GOING FORWARD

LIAM WEE SIN

PRESIDENT (PROPERTY)

11

12

UOL GROUP LIMITED

Property

Development

Property

Investments

Hotel

Operations

Investments

Management

Services

BOLD are listed companies

Wholly-owned projects

Joint-venture projects

UNITED INDUSTRIAL CORPORATION LIMITED (43%)

MARINA CENTRE HOLDINGS PTE LTD (23%)

Residential Developments

Wholly-owned properties

Joint-venture properties

Commercial Properties/Serviced Suites

Joint-venture hotel

AQUAMARINA HOTEL PRIVATE LIMITED (25%)

PAN PACIFIC HOTELS GROUP LIMITED (82%)

Wholly-owned hotels

Hotel Investments

Investments in Securities

Facilities Management

Project Management

Hotel and Other Management

Owned hotels

($m)

Property development

Property investments

Hotel operations

Management services

Investments

1,393.8

160.3

360.0

19.9 26.2

835.5

147.9

325.1

18.5 22.0

FY 2011

FY 2010

+67%

+8%

+11%

+19% +7%

13

Revenue by Business Segments

2011 vs 2010 (Restated)


71%


8%

Hotel operations

19%

Management services

1%

Investments1%

FY2011


62%


11%

Hotel operations

24%

Management services

1%Investments

2%

FY2010

($m)

14

Revenue Contribution by Business Segments


($m)



Hotel operations

Management services

Investments

404.8

112.6

59.5

8.326.1

161.3

99.2

51.5

3.221.8

FY 2011

FY 2010

+151%

+14%

+16% +20%

+157%

15

Operating Profit by Business Segments



66%


19%

Hotel operations

10%

Management services

1%Investments

4%

FY2011


48%Property

investments

29%

Hotel operations

15%

Management services

1%

Investments7%

FY2010

($m)

16

Operating Profit Contribution by Business Segments


93

88

3

4

1

7

3

1Singapore

Australia

Malaysia

China

Others

Revenue

FY2011: S$1,960.2m

FY2010: S$1,349.1m

(%)

17

Adjusted EBITDA*

FY2011: S$830.3m

FY2010: S$780.9m

Total Asset Value

FY2011: S$8,524.4m

FY2010: S$7,904.0m

*Excludes unallocated cost, other gains/losses and fair value gains/losses on investment properties

18

New launch in 2011

Archipelago

• Located along Bedok Reservoir Road

• 553 condo units and 24 3-storey strata houses

• Nestled within lush greenery of the Bedok

Reservoir Park

• Near upcoming Bedok North Downtown

Line MRT Station (est. completion 2017)

• Average price of $1,000 psf achieved for the

160 units sold (as at 24 Feb 2012)

Launched No. of Units %Sold* (as at 31.12.11)

Average psf

Archipelago Dec 2011 577 16 S$980

Spottiswoode Residences Nov 2010 351 90 S$1,920

Nassim Park Residences Jun 2008 100 100 S$3,070

Panorama Apr 2008 223 96 RM1,005

Duchess Residences Jun 2007 120 99 S$1,787

Panorama Spottiswoode Residences Nassim Park Residences

Sale of 164 residential units and sales value of $311 million

* Based on sales and purchase agreement signed.

19

Archipelago

Project Name %

Equity

Stake

No. of

Units

Saleable

Area

(sq m)

% Sold (as at 31.12.11)

% Complete (as at 31.12.11)

Est. TOP

Date

Duchess Residences 70 120 23,664 99 100 TOP 1Q2011

Breeze by the East 100 88 16,118 100 100 TOP 1Q2011

Nassim Park Residences 50 100 38,437 100 100 TOP 1Q2011

Panorama 55 223 24,927 96 100 TOP 2Q2011

Meadows@Peirce 100 479 66,270 100 97 1Q2012

Double Bay Residences 60 646 77,525 100 76 2Q2012

Waterbank at Dakota 100 616 58,213 100 64 2Q2013

Terrene at Bukit Timah 50 172 19,740 100 43 1Q2013

Spottiswoode Residences 100 351 27,376 90 15 3Q2013

Archipelago 50 577 71,445 16 0 1Q2015

Profit recognition of launched projects

20

Duchess Residences

• 120-unit condominium at Duchess Avenue

Breeze by the East

• 88-unit condominium along Upper East Coast Road

Nassim Park Residences

• 100-unit luxury condominium at Nassim Road

Panorama, Kuala Lumpur

• 223-unit condominium at Persiaran Hampshire, Kuala Lumpur

21

Breeze by the East Duchess Residences

Four residential TOPs in 2011

Nassim Park Residences Panorama

Project Name/Location Tenure

of Land

Site Area

(sq m)

Est.

Saleable

Area

(sq m)

Est.

No. of

Units

%

Owned

Lion City site FH 13,740 19,445 244 100

Archipelago 99 46,623 71,445 577 50

St Patrick’s Garden site FH 12,780 19,548 180 100

Total 73,143 110,438 1,001

22

Over 1,000 residential units in Singapore pipeline

23

Lion City site and adjoining site in Jan 2011

• Freehold site of area 13,740 sq m

• Near Paya Lebar MRT Interchange

• 244 condo units integrated with 19,519 sqm

retail mall

• 100% stake

• Condo units targeted to launch in 2Q 2012

• Children-themed mall similar to United

Square

• Good catchment within the 1-2km radius

• Target to complete in 2014

LION CITY

HOTEL SITE

24

• Site area 46,623 sq m, plot ratio 1.4

• 553 condo units and 24 3-storey strata

houses

• Nestled within lush greenery of the Bedok

Reservoir Park

• Near Bedok North Downtown Line MRT

Station (est. completion 2017)

• 50% stake

Bedok Reservoir Road site (now known

as Archipelago) in March 2011

25

St Patrick’s Garden site in December 2011

• Site area 12,780 sq m, plot ratio 1.4.

• Along Upper East Coast Road

• Freehold

• Approximately 180 units

• 100% stake

Pending

image/Map

Site at St Patrick’s

Garden

Project Name/Location Site Area

(sq m)

Est.

Saleable Area

(sq m)

Est.

No. of

Units

% Owned

Shanghai (Changfeng) **Mixed development

39,540 77,800 400 40

The Esplanade, Tianjin *Mixed development

22,895

54,511

522

90

KL (Jalan Conlay) 15,986 76,263 494 60

Total 78,421 208,574 1,416

** Mixed development of 77,800 sqm residential units and 8,000 sqm retail space.

*Mixed development consisting of 522 apartments, a 334-room hotel, 17,510 sq m of office and

10,920 sq m of retail space.

Over 1,000 residential units in overseas pipeline

26

The Esplanade, Tianjin Jalan Conlay

• Mixed development of 552 apartments, a 330-room hotel, 17,510 sqm office

and 10,920 sqm retail space

• Condo units targeted to launch in 2Q 2012

• PAN PACIFIC Tianjin hotel set to open in 2013

• Target to complete in 2013

27

Tianjin, The Esplanade

28

Renowned Architect for Changfeng project

• Renowned architect Richard Rogers of Rogers Stirk Harbour + Partners (RSHP)

to design the Changfeng project

• Mixed development of 400 residential apartments and 8,000 sqm retail space

• Design creates a network of landscaped spaces that connect the site with

neighbouring streets and the surrounding green areas

• Target to launch in 2H 2013 upon completion of superstructure

29

Office properties Net Lettable Area/

*GFA (sq m)

Portfolio

Novena Square 41,503

United Square 24,849

Odeon Towers 18,402

Faber House 3,956

SubTotal 88,710

Pipeline

Upper Pickering Office 8,088

The Esplanade, Tianjin (Hai He) Office component of mixed development

17,726

Total 114,524

Retail properties

Portfolio

Novena Square shopping mall 15,969

United Square shopping mall 18,822

SubTotal 34,791

Pipeline

Site at Lion City Hotel Retail component of mixed development

19,519

Shanghai (Changfeng) Retail component of mixed development

8,000*

The Esplanade, Tianjin (Hai He) Retail component of mixed development

10,215

Total 72,525

Grand Total 187,049

30

Owned Serviced Suites Properties Rooms

Portfolio

PAN PACIFIC Serviced Suites Singapore (Orchard) 126

PARKROYAL Serviced Suites Singapore 90

PARKROYAL Serviced Suites Kuala Lumpur 287

SubTotal 503

Pipeline

PAN PACIFIC Serviced Suites project Singapore 180

Total 683

Lease Renewal

% Change in

Overall

Average Rent

FY11 vs FY10

Lease Expiry in 2012

(sq m)

NLA %*

Offices

Novena Square +2 5,186 12

United Square -8 7,557 30

Odeon Towers -6 4,172 23

Faber House -2 650 16

Subtotal -3 17,565 20

Shopping Malls

Novena Square +9 6,535 41

United Square +6 8,344 44

Subtotal +8 14,879 43

Tenancy Management

31

* Percentage of NLA for each property.

NLA 41,503 24,849 18,402 3,956 15,969 18,822 (sq m)

Above 90% occupancy for all commercial properties

32

Commercial Tenant Mix

33

37

17

9

128 7 10

Office space (%)

Consumer Goods

Property, Construction & Transportation

Banking, Insurance and Financial Services

Energy, Resources and Engineering

Electronics, IT, Telco

Institutions

Others

2917

15

13 9 6 11

Retail space (%)

Food & Beverage

Health, Beauty, Wellness & Fitness

Sports & Fashion

Education

Supermarket

Children's Fashion, Toys & Maternity

Others

RESIDENTIAL PROJECTS

Nassim Park Residences

• South East Asia Property Awards – Best Condo Development (South East Asia)

• South East Asia Property Awards – Best Condo Development (Singapore)

Duchess Residences

• FIABCI Singapore Property Awards - Residential (Low rise) category

Terrene at Bukit Timah

• BCA Green Mark GoldPlus Award

34

CORPORATE AWARDS

UOL Group Limited

• Singapore Corporate Governance Award (Most Improved Award)

• BCI Asia Top 10 Developer Awards

• Davey Awards (Annual Report Category, Silver Winner)

Duchess Residences Nassim Park Residences Terrene at Bukit Timah

RESIDENTIAL PROJECTS (con’t)

Pavilion 11, Singapore

• BCA Construction Excellence Award (Residential Buildings)

35

RETAIL SHOPPING MALL

United Square

• 'We Welcome Families' Achiever Award by Businesses for Families Council

HOTEL PROPERTIES

PARKROYAL on Pickering and Office block

• BCA Green Mark Platinum Award

• Solar Pioneer Award

United Square PARKROYAL on Pickering Pavilion 11

UOL increases stake in UIC from 42.02% to 42.86% in 2011

• UOL is the largest shareholder of UIC

• Proxy play on Singapore’s office market and exposure to quality

commercial properties

Share of operating profits of associated companies remain

significant

• $165.9 million vs $247.8 million in FY 2010 excluding fair value gain

- Reduced contribution from Nassim Park Residences following its TOP in 1Q 2011

36

37

GOING FORWARD

38

• Subdued growth for 2012 amidst global economic uncertainties

and government cooling measures

• Healthy capital position and diversified portfolio to ride out

market volatility

• Selectively replenish landbank in Singapore

• Measured approach in geographical expansion

• Optimise and improve yield for investment properties

• Build on management strength and our niche and innovative

product track record

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.

39

40

THANK YOU

41

Q&A

2011 full year results briefing · 2019. 1. 24. · $727.8m • double-digit growth in profit...

Documents