“reaching new heights, driving excellence”teeinternational.listedcompany.com/newsroom/... ·...

35
FY2011 Results Presentation . 19 July 2011 TEE INTERNATIONAL LIMITED “Reaching New Heights, Driving Excellence”

Upload: others

Post on 01-Oct-2020

1 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

F Y 2 0 1 1 R e s u l t s P r e s e n t a t i o n . 1 9 J u l y 2 0 1 1

T E E I N T E R N A T I O N A L L I M I T E D

“Reaching New Heights, Driving Excellence”

Page 2: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

2Contents

Our BusinessCorporate Profile

Our Business ModelStrategic Direction for Sustainable Growth

Our Business ActivitiesFinancial Highlights

Engineering Integrated Real Estate

Looking Ahead

Page 3: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Corporate Profile3

• TEE is a recognised engineering and integrated real estate & facilitiesmanagement group

• Core competency: Specialised Engineering Services for Infrastructure,Construction & Rebuilding, Redevelopment & System Integration

• Established strong track record in delivering quality, value-addedservices by providing integrated solutions to its customers

• Strong brand position - secured prominent projects

Page 4: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Our Business Model4

PEOPLE• Expertise• Experience• Capability

ENGINEERING• Enhancing specialist engineering capabilities

INTEGRATED REAL ESTATE• Building up track record

Singapore

Regionalisation

Strategic Partnerships or M&A

TEE Team

Page 5: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Sustainable Growth

Recurring Income

Integrated Real Estate

Engineering

Strategic Direction for Sustainable Growth5

Leasing ContractsEstate & Facilities ManagementWater Treatment Services

Residential Properties Development

Large Scale ProjectsRebuilding & Refitting ProjectsTelecommunications ProjectsWater-related Projects

Page 6: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Our Business ActivitiesEn

gin

ee

rin

g

• Infrastructure

• Construction & Redevelopment

• Design & Build

• System IntegrationIn

tegr

ate

d R

eal

Est

ate

• Property Development

• Estate & Facilities Management

• Property Investment

6

Page 7: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

20 Years

Growing In Depth & Breadth

71991-1995

Electrical Engineering on a sub-contract basis

Singapore

1996-2000

BCA registeredMechanical andElectrical (M&E)Contractor

BCA registeredBuilding Contractorfocusing on Rebuildingworks

2001-2005

• M&E engineering

• Rebuilding engineering

• Extra Low Voltage or ELV

engineering

• Real Estate & Facilities

Management

• Listed on SESDAQ 2001• Secured 9 year housing

estate management in Thailand

• Secured S$33 mil low cost housing project in Thailand

Singapore. Thailand. Malaysia.

2006 - Present

• Large-scale M&E project >S$50 mil

• Rebuilding engineering

• High-end fit out engineering

• ELV engineering

• Real Estate & Facilities Management

• Property Development and Investment

• Upgraded to Mainboard in 2008• Anchored large-scale projects (MBS:

S$128 mil; Asia Square Tower 1: S$120 mil)

• Design, build, own and lease NORDAM factory in Changi North Crescent

• Ventured into residential property development in Singapore, Thailand and Vietnam (a maiden venture in 2010)

• Secured contract to build 1,500 houses in Brunei BND147.5 mil

• First foray into water-related engineering segment

• Acquired telecommunications and water-related engineering business

Singapore. Thailand. Malaysia. Vietnam. Brunei. Philippines

Singapore.

Thailand.

Malaysia.

A 10 year - dividend track record since listing on 2001, ranging from 0.4 cents to 2.25 cents

Page 8: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Key Highlights for FY2011…

• Profit for the year rose 46.5% to S$16.7 million

• Another record breaking revenue of S$253.0 million whilst profit before tax rose 38.4% to S$19.4 million

• Engineering segment recorded outstanding order book of S$235.3 million

• Integrated Real Estate segment registered contracted sales of S$23.6 million in Singapore and Thailand

• Propose Final dividend of 1.25 Singapore cents and Special dividend of 0.50 Singapore cents per ordinary share

• Together with the Interim dividend of 0.50 Singapore cents, total dividend for FY2011 is 2.25 Singapore cents per ordinary share

8

Page 9: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

Financial Highlights

E n g i n e e r i n g . L i f e s t y l e

Page 10: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Revenue – Gaining Growth Momentum

0

50,000

100,000

150,000

200,000

250,000

300,000

FY2009 (restated) FY2010 (restated) FY2011

99,818

155,507

253,037

S$’000

10

• Growth in line with ongoing large-scale and new projects awarded

• Order book replenishment rate is healthy

• Reflects growing capabilities in Engineering

• Contribution from sales of residential properties in Singapore & Thailand

Page 11: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Profit for the year

0

4,000

8,000

12,000

16,000

20,000

FY2009 (restated) FY2010 (restated) FY2011

6,534

11,407

16,714

S$’000

11

• Driven by strong top line growth and ongoing large-scale projects

• Profit continued from contribution of sales of residential properties

• Continuing improvement in operational efficiency

Page 12: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Statement of Financial Position12

(S$’000) 31 May 11 31 May 10(Restated)

Current assets 196,071 146,594

- Construction work-in-progress in excess of progress billings 7,834 20,562

- Development properties 70,923 50,077

- Completed property held for sale - 4,707

- Cash and bank balances 45,631 7,371

Non-current assets 29,092 26,084

- Investment property 21,000 20,500

Total assets 225,163 172,678

Current liabilities 103,900 101,228

- Bank loans and overdrafts 19,596 38,245

- Trade payables 50,031 33,073

Total liabilities 166,193 136,921

Total debt (including finance leases)* 81,645 85,852

Shareholders’ equity 58,970 35,757

*Exclude long-term loan of $4,050,000 due to joint developer

Page 13: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Statement of Cashflows(S$’000) 31 May 11 31 May 10*

Operating cash flows before movements in working capital 20,526 17,837

Trade receivables 2,390 (8,330)

Construction work-in-progress in excess of progress billings 12,728 (16,890)

Cash generated from (used in) operating activities 55,125 (5,106)

Investment in associates (1,034) (2,187)

Loans to associates (8,749) (9,687)

Net cash used in investing activities (11,964) (12,187)

Net cash (used in) generated from financing activities (8,947) 16,114

+/- in cash & cash equivalents 27,021 (5,967)

(Overdrawn) cash & cash equivalents at beginning of the year (2,290) 3,761

Cash and cash equivalents (Overdrawn) at end of the year (Note A) 24,779 (2,290)

13

Note A (S$’000) 31 May 11 31 May 10*

Cash and bank balances 45,631 7,371

Bank overdrafts - (4,943)

Project accounts (12,327) (39)

Pledged fixed deposits (8,525) (4,679)

Total cash and cash equivalents (overdrawn) 24,779 (2,290)

*Restated

Page 14: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Key Ratios14

FY2011 FY2010(Restated)

ROE 28.8% 31.2%

ROA 7.7% 6.6%

Interest Cover 9.6X 8.5X

Current Ratio 1.9X 1.4X

Gross Gearing Ratio

(Total liabilities less secured loans / Equity)1.9X 2.9X

Net Gearing Ratio

(Total liabilities less cash equivalents and secured loans / Equity)1.1X 2.7X

Page 15: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Margin Trend15

FY2011FY2010

(Restated)

Gross Margin 11.7% 15.2%

Net Margin 6.6% 7.3%

EBIT Margin

(PBT net of interest income and interest expense)8.1% 9.8%

Page 16: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Per Share Statistics16

31 May 11 31 May 10(Restated)

Dividend per share (SGD cents) 2.25 2.20

Earnings per share (SGD cents)+ 5.56 4.04

31 May 11 31 May 10(Restated)

NAV per share (SGD cents)* 17.5 13.0

Current P/BV (closing price as at 18 July 2011)* 1.7 1.2

Current PER (closing price as at 18 July 2011)* 5.3 3.8

+:Based on weighted average number of ordinary shares of 311,300,956 (2010:281,641,365) in issue during the year

*: Based on ordinary shares of 343,759,998 (2010:281,642,372) in issue at the end of the year under review

Page 17: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

Engineering

E n g i n e e r i n g . L i f e s t y l e

Page 18: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Recent Acquisitions 18

Global Environmental Technology Co., Ltd

• Acquired on 7 June 2011 through Chewathai Ltd (49%-owned)

• One of Thailand’s largest waste water treatment companies with a capacity of ~50,000 m3 per day.

• Set up to Build, Own, Operate and Transfer (BOOT) waste water treatment in the Bang Poo Industrial Estate in Samut Prakan Province.

• BOOT concession until 30 November 2029

Page 19: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Recent Acquisitions 19

Wireless Group with CMCTrisilco Folec Pte Ltd and Keppel Communications (Thailand) Pte Ltd

•Acquired 80% interest on 2 June 2011 through CMC Communications Sdn Bhd(50% owned JV company)

•Collectively referred to as the Wireless Group

•Well established in the telecommunications industry

•Involved in cellular space within

- Infrastructure engineering

- Outdoor and in-building management

- Program management and design engineering

- IT services and outsourcing

- Broadband wireless solutions

Page 20: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Contracts Secured20

Projects Contract ValueCommencement

Date

Estimated Completion

Date

Citi Campus - Proposed Addition and Alteration Works to Existing 8-Storey Commercial Building

S$11.0 million 30 Jun 2010 30 Sep 2011

National University Hospital -Remodelling of Existing Main Building

S$43.2 million 31 Aug 2010 30 Sep 2011

Construction and Completion of 120Mld Bertam DAF Phase 2 Water Treatment Plant

RM 63.3 million 3 May 2011 2 Mar 2013

Page 21: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Large-Scale Projects

Design and Build 1500 units of Public Housing in BruneiTotal Contract Sum: BND 147.5 million

21

Page 22: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Large-Scale Projects

Electrical Installation Package for Marina Bay Sands Integrated ResortsS$128 million North PodiumSouth PodiumTheatre

MEPF Package for Asia Square Tower 1S$ 120 million

22

Page 23: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

Integrated Real Estate –Properties Development

Page 24: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Properties Development – Land Bank

Location Description Financial Value

85 Duku Road, Singapore (Rivan Court)

38-unites development on 21,625 sq ft of land with 1.4x plot ratio.

Purchase Consideration: S$14.8 million, S$684 ppr

91 Marshall Road, Singapore

5-storey development on 18,453 sqft of land with 1.4x plot ratio.

Purchase Consideration: S$13.3 million, S$721 ppr

JV - 5 Lorong 26, GeylangRoad, Singapore

106-units development on 26,625 sqft of land with 2.8x plot ratio. TEE (45%) joint venture with KSH (45%) & Heeton (10%)

Purchase Consideration: S$28.0 million, S$380 ppr

JV - MacPherson Road, Singapore (MacPherson Green)

200-units development on 140,557 sq ft of land with 2.1x plot ratio . TEE (20%), Heeton (40%), KSH (25%), Zap piling (15%)

Investment Value: S$21.0 million, S$662 ppr

JV - Lorong M, Telok KurauRd, Singapore (Camay Court)

70-units development on 44,702 sq ft of land with 1.4x plot ratio. TEE (32%), Heeton (36%), KSH (32%)

Investment Value: S$9.8 million, S$682 ppr

JV - District 9, Ho Chi Minh City, Vietnam

37 luxury villas on 64,885 sqft of land. TEE (65%) joint venture with Khang Viet Co. Ltd (35%)

Investment Value: S$8.5 million

24

Page 25: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Properties Development – Singapore25

448@East Coast, soft launched in June 2011, TOP by 2015. 28-units development - a mix of 1 and 2 bedrooms apartments. 11,755 sqftof land with 1.4x plot ratio acquiredfor S$11.38 million. 15 units sold.

448@East Coast

Page 26: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Properties Development - Singapore26

The Peak@Cairnhhill, Joint Development Agreement between TEE (27%) and TG Development (73%) for a 7-plot size development at Cairnhill Circle. Soft launched in Jun 2011, TOP By 2014. 16 units sold.

The Peak @ Cairnhill

The Boutiq, launched in April 2011, TOP by 2015. Heeton (45%), KSH (35%) and TEE (20%) jointly acquired the former MitreHotel site at Killiney Road for S$121.0 million. 89 units sold.

The Boutiq

Page 27: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Properties Development – China

• Gaobeidian New Town, Shandong New Area: JV with Heeton & KSH to invest a total of RMB 16 billion in 8,000 MU (533.3 hectares) land

• Location: Located at the heart of Great Beijing Economic Circle, 82km from Beijing City

Situated next to Beijing-Shijiazhuang Expressway and the Beijing High-Speed Rail passenger line

Rapidly developing real estate market

• Phase 1:

Land area = 76.9 hectares

Construction period = 3-5 years

Construction area = 960,000m2

Orientated in constructing an urban garden model residential district

27

Gaobeidian New Town

Page 28: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Properties Development – Thailand• Residential Development : Acquired a piece of

land in Bangkok’s Ramkhamhaeng Road, one of the busiest thoroughfare in the city for S$6.6 million (via combination of debt and equity financing) for 66,004 sqft

• Concept: One-bedroom and studio residential units for middle income residents who live and work close to the city centre of Bangkok.

• Location : With its frontage facing the Ramkhamhaeng Road, the site is near to the Ramkhamhaeng University (one of the largest and more popular universities in Thailand), the Rajamangala Stadium (Thailand’s largest stadium), The Mall Bangkapi (a mega shopping complex comprising three buildings) and the NidaUniversity.

28

Ramkhamhaeng

Road

Page 29: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

Integrated Real Estate – Completed Projects

E n g i n e e r i n g . L i f e s t y l e

Page 30: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Completed Projects – Singapore

The Thomson Duplex, our first completed residential development property, received its TOP in April 2010. The concept is “Elevated Living” and comprises 6 units of modern duplexes, 100% sold.

30

Average Price S$ 1,250 psfTotal Gross Floor Area : 1,136.7 sqm

Page 31: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Cantiz@Rambai a 12-unit development was

first launched on 2008 and to date we have contracted sales of S$9.6 million as at 30 Nov 2010,

100% sold.

31

Completed Projects - Singapore

No.31 & 31 A Dunsfold Drive is a pair

of bungalow units. Received TOP in Dec 2010. 100% sold.

Average Price S$ 780 psfTotal Gross Floor Area : 1,072 sqm

Price S$ 14 millionLand Area: 1,055.5 sqm

Page 32: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

Completed Projects - Thailand32

The Chewathai Ratchaprarop is a 26-storey contemporary condominium with 329 units targeted a mid to high income earners, at the heart of Bangkok city.

The Surawong is a 52 unit development and is a joint venture between its

associate company, Chewathai Ltd and Hup Soon Global Corp Ltd.

Page 33: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

Looking ahead

E n g i n e e r i n g . L i f e s t y l e

Page 34: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

E n g i n e e r i n g . L i f e s t y l e

In Summary

• Continues to maintains a positive outlook for Engineering and Integrated Real Estate segments in the next 6 months

• Strong order book position, sizeable land bank and strengthening management capabilities – enhanced the prospect of its future earnings

• Outstanding order book for the Engineering business stands at S$235.3 million

• Contracted sales of S$23.6 million for its ongoing residential development projects in Singapore and Thailand

• Integrated Real Estate business continued to gain traction both sales and the acquisition of land bank in Singapore and the region for future growth

34

Page 35: “Reaching New Heights, Driving Excellence”teeinternational.listedcompany.com/newsroom/... · Global Environmental Technology Co., Ltd • Acquired on 7 June 2011 through Chewathai

Thank You!

T E E I N T E R N A T I O N A L L I M I T E D

E n g i n e e r i n g . L i f e s t y l e