1 12 September 2013 FY2 0 1 3 Final Results - Sun Hung Kai Properties Limited
Disclaimer The information contained in these materials is intended for reference and general information purposes only. Neither the information nor any opinion contained in these materials constitutes an offer or advice, or a solicitation, recommendation or suggestion by Sun Hung Kai Properties Limited (“SHKP”) or its subsidiaries, associated or affiliated companies, or any of their respective directors, employees, agents, representatives or associates to buy or sell or otherwise deal in any investment products, securities, futures, options or other financial products and instruments (whether as principal or agent) or the provision of any investment advice or securities related services. Readers of these materials must, and agree that they will, make their own investment decisions based on their specific investment objectives and financial positions, and using such independent advisors as they believe necessary or appropriate. SHKP, its subsidiaries, associated or affiliated companies or any of their respective directors, employees, agents, representatives or associates cannot and does not represent, warrant or guarantee the accuracy, validity, timeliness, completeness, reliability or otherwise of any information contained in these materials. SHKP, its subsidiaries, associated or affiliated companies or any of their respective directors, employees, agents, representatives or associates expressly excludes and disclaims any conditions or representations or warranties of merchantability or fitness for a particular purpose or duties of care or otherwise regarding the information. All information is provided on an "as is" basis, and is subject to change without prior notice. In no event will SHKP, its subsidiaries, associated or affiliated companies or any of their respective directors, employees, agents, representatives or associates be responsible or liable for damages of whatever kind or nature (whether based on contract, tort or otherwise, and whether direct, indirect, special, consequential, incidental or otherwise) resulting from access to or use of any information contained in these materials including (without limitation) damages resulting from the act or omission of any third party, even if SHKP, its subsidiaries, associated or affiliated companies or any of their respective directors, employees, agents, representatives or associates has been advised of the possibility thereof. SHKP, its subsidiaries, associated or affiliated companies or any of their respective directors, employees, agents, representatives or associates is not responsible for the information contained in these materials which are provided by other third party. Access to and use of such information is at the user's own risk and subject to any terms and conditions applicable to such access/ use. SHKP, its subsidiaries, associated or affiliated companies or any of their respective directors, employees, agents, representatives or associates is not responsible for any losses or damage caused by any defects or omissions that may exist in the services, information or other content provided by such other third party, whether actual, alleged, consequential, punitive, or otherwise. SHKP, its subsidiaries, associated or affiliated companies or any of their respective directors, employees, agents, representatives or associates makes no guarantees or representations or warranties as to, and shall have no responsibility or liability for, any content provided by any third party or have any responsibility or liability for, including without limitation, the accuracy, subject matter, quality or timeliness of any such content. If there is any inconsistency between the English and Chinese version of this disclaimer, the English version shall prevail. 2 Sun Hung Kai Properties Limited
Contents Page – Final Results Highlights 5 Results Summary 6 Profit Breakdown By Segment 7 Financial Position – Business Overview A) Property Business – Hong Kong 9 Land Bank and Land Acquisition 11 Property Investment Property Development 18 B) Property Business – Mainland 22 Land Bank and Land Acquisition 24 Property Investment 30 Property Development C) Hotel Business 33 – Prospects 36 Market Prospects 37 Business Strategy and Financial Position Update 39 Business Prospects 3 Sun Hung Kai Properties Limited
4 Final Results Highlights Sun Hung Kai Properties Limited
Results Summary Year ended 3 0 June 2 0 1 3 2012 Change (+ / -) Reported net profit (HK$ million) 4 0 ,3 2 9 43,080 -6.4% Reported earnings per share (HK$) 1 5 .2 8 16.63 -8.1% Underlying net profit* (HK$ million) 1 8 ,6 1 9 21,678 -14.1% Underlying earnings per share* (HK$) 7 .0 5 8.37 -15.8% Final dividend per share (HK$) 2 .4 0 2.40 - Total dividend per share (HK$) 3 .3 5 3.35 - Remarks: * Excluding the effect of fair value changes of investment properties net of deferred taxation and non-controlling interests 5 Sun Hung Kai Properties Limited
Profit Breakdown By Segment* Year ended 3 0 June (in HK$ million) 2 0 1 3 2012 YoY (1) Property rental Change Hong Kong 1 0 ,2 4 9 9,506 Mainland 1 ,4 6 7 1,103 Singapore 5 2 0 460 Sub-total 1 2 ,2 3 6 11,069 10.5% (2) Property sales Hong Kong 6 ,4 4 4 12,618 Mainland 6 7 3 411 Singapore 7 3 45 Sub-total 7 ,1 9 0 13,074 -45.0% (3) Hotel operation* * 9 3 7 1,032 -9.2% (4) Other businesses 3 ,5 3 9 3,486 1.5% Total (1)+ (2)+ (3)+ (4) 2 3 ,9 0 2 28,661 -16.6% Remarks: * Including share of Associates and JCEs * * Excluding Royal Plaza (under renovation) and pre-opening expenses of and contributions from the two new hotels in TKO, the growth would have been 13% 6 Sun Hung Kai Properties Limited
Financial Position 3 0 Jun 1 3 31 Dec 12 30 Jun 12 Gearing Ratio* 1 2 .5 % 16.5% 16.4% Shareholders’ Funds (HK$ million) 3 8 5 ,9 1 2 368,302 346,559 Net Debt (HK$ million) 4 8 ,1 5 9 60,614 56,928 FY2012 FY2 0 1 3 Interest Cover* * 8 .7 x 13.7x Remarks: * Calculated on the basis of net debt to Company’s shareholders’ funds * * Measured by the ratio of operating profit to total net interest expenses including those capitalized 7 Sun Hung Kai Properties Limited
8 Property Business Sun Hung Kai Properties Limited Hong Kong
Land Bank in Hong Kong Total land bank: 46.6m sq ft (as at 30 June 2013) – Excluding over 27m sq ft (site area) of farmland Shopping Centre Office 37% Residential 35% 7 7% Shopping Centre 8% Others 1 16% Hotel Office 12% I ndustrial 3% 10% Hotel 2% Com pleted investm ent properties Properties under developm ent Total: 2 8 .6 m sq ft Total: 1 8 m sq ft Remarks: 1. Others include residential and industrial buildings 9 Sun Hung Kai Properties Limited
Land Acquisition in Hong Kong 7 new sites added for the year under review – Group’s Attributable I nterest Usage GFA Location ( % ) ( sq ft) Inland Lot 9027, North Point 100 R/ S 701,000 Tseung Kwan O Town Lot No. 118 100 R/ S 563,000 Inland Lot No. 9020, North Point 100 H 388,000 Sha Tin Town Lot No. 566 100 R 130,000 Tung Chung Town Lot No. 11 20 S 86,000 97 Belcher’s Street, Kennedy Town 92 R/ S 85,000 38-52 Western Street, Sai Ying Pun 92 R/ S 76,000 Total 2 ,0 2 9 ,0 0 0 Key : R= Residential, S= Shops / Shopping Centre, H= Hotel Acquired a residential site in Yuen Long – (232,000 sq ft of GFA) in September this year 10 Sun Hung Kai Properties Limited
Hong Kong Property Investment One of the largest landlords in Hong Kong, – holding over 28.6m sq ft of investment properties Primarily located along railway lines – Strong and steadily-growing rental income – Overall occupancy over 95% Constant upgrades and premium management – services further strengthen the Group’s leading position in the leasing market 11 Sun Hung Kai Properties Limited
Rental Income – Hong Kong – Gross rental income, including shares of Associates and JCEs, up 9% yoy 1 Rental I ncom e in Hong Kong HK$ m illion 1 5 ,0 0 0 Gross Rental I ncom e 1 3 ,2 8 9 ( + 9 % yoy) by Sector for FY2 0 1 3 1 2 ,1 8 5 1 2 ,5 0 0 1 0 ,8 1 2 1 0 ,2 4 9 ( + 8 % yoy) 9 ,8 6 6 9 ,5 0 7 1 0 ,0 0 0 9 ,1 3 9 8 ,2 7 9 7 ,5 3 2 7 ,5 0 0 6 ,8 4 9 Office 3 5 % Shopping Centre 5 1 % 5 ,0 0 0 2 Others 2 ,5 0 0 1 4 % - Remarks: FY0 9 FY1 0 FY1 1 FY1 2 FY1 3 1. Including shares of Associates and JCEs investment properties Gross rental incom e Net rental incom e 2. Residential, industrial and car parks 12 Sun Hung Kai Properties Limited
Hong Kong Retail Portfolio – Leading player in Hong Kong’s retail leasing market with over 10m sq ft of GFA – Gross rental income exceeded HK$6.7bn for the year under review, up 7.4% yoy – Achieved high occupancy with positive rental reversions – Extensive network of shopping centres, including a number of regional malls, covering both highly populated districts and traditional shopping destinations 13 Sun Hung Kai Properties Limited
Recently Opened V City – About 270,000 sq ft of GFA – Opened in August 2013 – Fully let – Fresh lifestyle concept targeting young locals, professionals and tourists – Heavy traffic and better than expected tenant sales 14 Sun Hung Kai Properties Limited
Recommend
More recommend
