Sun Hung Kai Properties Limited
1
Final Results - FY2 0 1 3
12 September 2013
FY2 0 1 3 Final Results - Sun Hung Kai Properties Limited - - PDF document
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
Sun Hung Kai Properties Limited
1
Final Results - FY2 0 1 3
12 September 2013
Sun Hung Kai Properties Limited
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
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
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
3
– Final Results Highlights
– Business Overview A) Property Business – Hong Kong
B) Property Business – Mainland
C) Hotel Business – Prospects
Page
5 6 7 9 11 18 22 24 30 33 36 37 39
Sun Hung Kai Properties Limited
4
Sun Hung Kai Properties Limited
5
Year ended 3 0 June Reported net profit (HK$ million) Reported earnings per share (HK$) Underlying net profit* (HK$ million) Underlying earnings per share* (HK$) Final dividend per share (HK$) Total dividend per share (HK$) 2 0 1 3 4 0 ,3 2 9 1 5 .2 8 1 8 ,6 1 9 7 .0 5 2 .4 0 3 .3 5 2012 43,080 16.63 21,678 8.37 2.40 3.35 Change (+ / -)
* Excluding the effect of fair value changes of investment properties net of deferred taxation and non-controlling interests
Sun Hung Kai Properties Limited
6
Year ended 3 0 June (in HK$ million) (1) Property rental Hong Kong Mainland Singapore Sub-total (2) Property sales Hong Kong Mainland Singapore Sub-total (3) Hotel operation* * (4) Other businesses Total (1)+ (2)+ (3)+ (4) 2 0 1 3 1 0 ,2 4 9 1 ,4 6 7 5 2 0 1 2 ,2 3 6 6 ,4 4 4 6 7 3 7 3 7 ,1 9 0 9 3 7 3 ,5 3 9 2 3 ,9 0 2 2012 9,506 1,103 460 11,069 12,618 411 45 13,074 1,032 3,486 28,661 YoY Change 10.5%
1.5%
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%
Sun Hung Kai Properties Limited
7
Gearing Ratio* Shareholders’ Funds (HK$ million) Net Debt (HK$ million) Interest Cover* * 3 0 Jun 1 3 1 2 .5 % 3 8 5 ,9 1 2 4 8 ,1 5 9 FY2 0 1 3 8 .7 x 31 Dec 12 16.5% 368,302 60,614 30 Jun 12 16.4% 346,559 56,928 FY2012 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
Sun Hung Kai Properties Limited
8
Sun Hung Kai Properties Limited
9
Properties under developm ent Total: 1 8 m sq ft Com pleted investm ent properties Total: 2 8 .6 m sq ft
Residential 7 7% Hotel 2% I ndustrial 10% Office 3% Shopping Centre 8% Others 16% Hotel 12% Office 35% Shopping Centre 37%
1
Remarks:
Sun Hung Kai Properties Limited
10
Location Group’s I nterest ( % ) Usage Attributable GFA ( 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
Sun Hung Kai Properties Limited
11
Sun Hung Kai Properties Limited
12
1 3 ,2 8 9 1 2 ,1 8 5 1 0 ,8 1 2 9 ,8 6 6 9 ,1 3 9 1 0 ,2 4 9 9 ,5 0 7 8 ,2 7 9 7 ,5 3 2 6 ,8 4 9
5 ,0 0 0 7 ,5 0 0 1 0 ,0 0 0 1 2 ,5 0 0 1 5 ,0 0 0 FY0 9 FY1 0 FY1 1 FY1 2 FY1 3 Gross rental incom e Net rental incom e
HK$ m illion
Office 3 5 % Others 1 4 % Shopping Centre 5 1 %
Remarks:
JCEs investment properties
Gross Rental I ncom e by Sector for FY2 0 1 3
2
Rental I ncom e in Hong Kong
1 ( + 9 % yoy) ( + 8 % yoy)
Sun Hung Kai Properties Limited
13
Sun Hung Kai Properties Limited
14
Sun Hung Kai Properties Limited
15
Sun Hung Kai Properties Limited
16
Sun Hung Kai Properties Limited
17
Sun Hung Kai Properties Limited
18
Phase 1 of Century Gateway Kowloon Commerce Centre Tower B Elite Centre 49 King Yip Street
Remarks: * Including shares of Associates and JCEs
Sun Hung Kai Properties Limited
19
Sun Hung Kai Properties Limited
20
Sun Hung Kai Properties Limited
21
Sun Hung Kai Properties Limited
22
Properties under developm ent Total: 7 1 .6 m sq ft* Com pleted investm ent properties Total: 9 .5 m sq ft
Residential 76% Hotel 3% Office 12% Shopping Centre 9 % Shopping Centre 55% Office 33% Hotel 9% Residential 3%
Remarks: * Not including the acquisition of Shanghai Xujiahui Centre project on September 5, 2013
Sun Hung Kai Properties Limited
23
Sun Hung Kai Properties Limited
24
Sun Hung Kai Properties Limited
25
2 ,0 6 7 1 ,6 1 4 1 ,1 5 8 7 2 6 6 2 4 1 ,4 6 7 1 ,1 0 3 7 9 7 4 9 8 4 2 2
1 ,0 0 0 1 ,5 0 0 2 ,0 0 0 2 ,5 0 0 FY0 9 FY1 0 FY1 1 FY1 2 FY1 3 Gross rental incom e Net rental incom e
HK$ m illion
Shopping Centre 52% Others 8 % Office 40%
Gross Rental I ncom e by Sector for FY2 0 1 3
2
Rental I ncom e on the Mainland
1 ( + 2 8 % yoy) ( + 3 3 % yoy) Remarks:
Sun Hung Kai Properties Limited
26
Sun Hung Kai Properties Limited
27
Sun Hung Kai Properties Limited
28
Sun Hung Kai Properties Limited
29
Sun Hung Kai Properties Limited
Taihu International Community Phase 5 in Wuxi The Riviera Phase 1A in Guangzhou Lake Dragon Phase 2A in Guangzhou The Woodland Phase 4B in Zhongshan
30
Remarks: * Including shares of Associates and JCEs
Sun Hung Kai Properties Limited
Phase 1 A of Forest Hills
The Riviera 31 First Batch of Phase 1 Shanghai Arch
Sun Hung Kai Properties Limited
Second batch of Phase 1 Shanghai Arch 32 Phase 1 of Oriental Bund
Top Plaza ( Office Tow er
Sun Hung Kai Properties Limited
33
Sun Hung Kai Properties Limited
34
Remarks: * Not including newly operated hotels in Hong Kong and The Ritz-Carlton Shanghai, Pudong
Sun Hung Kai Properties Limited
35
Sun Hung Kai Properties Limited
36
Sun Hung Kai Properties Limited
37
Sun Hung Kai Properties Limited
38
Sun Hung Kai Properties Limited
39
Sun Hung Kai Properties Limited
40
Sun Hung Kai Properties Limited
41
Q & A