A N N U A L R E S U L T S 2 0 1 5 R I D I N G T H E W A V E S W I T H C L E A R D I R E C T I O N Stock code: 636
Disclaimer This presentation was prepared by Kerry Logistics Network Limited (the “Company”) for reference and general information purposes only. This presentation is not intended to and does not constitute investment advice, recommendation, invitation or offer to enter into, any agreement to purchase, acquire, dispose of, subscribe for or underwrite any securities, shares, debentures or structured products. The information contained in this presentation comprises extracts of operational data and financial information of the Company. The information is included solely for this presentation and certain information has not been independently verified. No representation or warranty, expressed or implied, is made with respect to, and no reliance should be placed on, any discussion, materials and information provided in and during the presentation (collectively, the “Information”) as to their accuracy, completeness, validity, timeliness, correctness, or fairness. It is not the intention to provide, and you may not rely on the Information as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects. Potential investors and shareholders of the Company are particularly reminded that any reference to past performance should not be taken as an indication of future performance. The Information (including without limitation all estimates, forecasts, projections, expectations and opinions contained in this presentation) is subject to change without notice. This presentation may not contain all material information concerning the Company and is not intended to provide the sole basis of any evaluation of the Company and its subsidiaries or the securities discussed herein. This presentation may contain forward-looking statements, forecasts and/or projections. Statements that are not historical facts, including statements about the Company’s belief and expectations are forward-looking statements. Any forward-looking statements, forecasts and projections contained in this presentation are based on certain assumptions and expectations of future events regarding the Company's present and future business strategies and the environment in which the Company will operate, and must be read together with those assumptions. The Company does not guarantee that these assumptions and expectations are accurate or will be realized. Actual future performance, outcomes and results may differ materially from those expressed in such forward-looking statements, forecasts and projections as a result of a number of risks, uncertainties and assumptions. Although the Company believes that such forward-looking statements, forecasts and projections are based on reasonable assumptions, it can give no assurance that such expectations will be met. None of the Company, nor any of its holding companies, subsidiaries, associated undertakings, controlling persons or affiliates, or any of their respective directors, officers, partners, employees, agents, advisors or representatives (collectively, the “Affiliates and Representatives”) assumes any responsibility to update any forward-looking statements, forecasts and projections or to adapt them to future events or developments. In no event shall the Company, or any of the Affiliates and Representatives have any liability or responsibility whatsoever (whether directly or indirectly, expressly or by implication, in contract, tort, by statute or otherwise) for any decisions taken based upon this presentation, the Information or for any loss howsoever arising from any use of or reliance upon the whole or any part of this presentation or the Information or otherwise arising in connection with this presentation or the Information. 1
Financial Highlights 2
Results Overview Turnover (1) Segment Profit 18% HK$ 21,079m HK$ 1,997m (+12%) 82% IL IL IFF IFF Integrated Logistics (IL) consists of Logistics Operations (LOP) and Hong Kong Warehouse (HKW) Core Profits Profit Attributable to Shareholders HK$ m HK$ m 2,000 2,000 9% 1,804 1,805 12% 1,659 1,612 1,500 1,500 743 683 9% 1,061 976 1,000 1,000 500 500 1,061 976 2014 2015 Core Net Profit Core Operating Profit Valuation gains on investment properties, net of deferred tax 2014 2015 Core net profit (1) Turnover after elimination of inter-segment transactions 3
Turnover (1) Turnover (1) IL IFF HK$ m HK$ m HK$ m 10,976 - 4% 21,115 21,079 10,562 4% 10,517 10,139 20,000 10,000 10,000 8,000 8,000 15,000 6,000 6,000 10,000 4,000 4,000 LOP LOP 5,000 2,000 2,000 HKW HKW IFF IFF - - 2014 (2) 2014 (2) 2014 (2) 2015 2015 2015 Integrated Logistics (IL) consists of Logistics Operations (LOP) and Hong Kong Warehouse (HKW) Turnover (1) by Geographical Area 2014 (2) HK$ M 2015 YoY 7% 11% Mainland China 8,753 8,005 - 9% 38% Hong Kong 3,221 3,604 + 12% 11% HK$ 21,079m South & SE Asia 3,117 3,370 + 8% Europe 2,959 2,310 - 22% 16% Taiwan 2,219 2,253 + 2% 17% Others (3) 846 1,537 + 82% (1) Turnover after elimination of inter-segment transactions (2) Certain 2014 comparatives were restated to conform to the 2015 presentation 4 (3) Others includes mainly Oceania, Middle East, Americas, Japan and Korea
Segment Profit Segment Profit – By Area Segment Profit HK$ m 3% 2% 12% YoY 1,997 2,000 1,787 Hong Kong + 10% Mainland China + 7% 1,500 17% 1,125 36% 974 Taiwan + 27% HK$ 1,997m 1,000 South & SE Asia + 6% (+ 12%) 20% Others (3) + >200% 511 + 16% 500 LOP 476 + 7% HKW Europe - 38% 22% 361 337 IFF + 7% Overall + 12% 2014 (2) 2015 82% IL - By Area 18% IFF – By Area 1% 1% HK$ m YoY HK$ m YoY 8% Hong Kong 687 + 11% Mainland China 193 + 7% 15% 12% Taiwan 390 + 27% South & SE Asia 48 - 42% HK$ 1,636m South & SE Asia 293 + 7% HK$ 361m Europe 45 - 38% 18% 12% 54% (+ 13%) (+ 7%) Others (3) Mainland China 252 + 7% 44 > +200% Others (3) 14 + 35% 13% Hong Kong 28 - 24% Taiwan 3 + 30% Integrated Logistics (IL) consists of Logistics Operations (LOP) and Hong Kong Warehouse (HKW) (2) Certain 2014 comparatives were restated to conform to the 2015 presentation (3) Others includes mainly Oceania, Middle East, Americas, Japan and Korea 5
Dilutive Impact of FX Fluctuations Turnover Growth Segment Profit Growth 50% 30% 27% 44% 40% 37% 22% 21% 33% 20% 30% 27% 15% 21% 20% 10% 15% 6% 10% 9% 7% 2% - % China Taiwan Thailand India China Taiwan Thailand India HKD (in reporting) -7% -10% Base currency -9% 6
Segment Profit Margin & Core Net Profit Segment Profit Margin Core Net Profit HK$ m YoY 65% Segment Profit 1,997 + 12% 59.5% 59.7% Less Unallocated Expenses (192) + 10% 56% Core Operating Profit 1,805 + 12% 12% 11.0% Net finance costs (106) + 47% 9.9% Results of Associates 103 + 13% 8% Profit before taxation 1,802 + 11% Taxation (401) + 15% 4% 3.2% LOP Profit after taxation 1,401 + 9% HKW 2.8% Non-controlling interests (340) + 12% IFF 1% Core Net Profit 1,061 + 9% 2014 (2) 2015 7
Cash, Debt & Equity Cash & Debt Shareholders’ Equity HK$ m HK$ m 5% 15,429 16,000 6,000 14,671 5,217 4,303 4,500 12,000 3,816 3,733 3,000 8,000 1,500 4,000 Cash (4) Debt (5) - 31 Dec 2014 31 Dec 2015 31 Dec 2014 31 Dec 2015 (4) Cash and bank balances (5) Total bank loans and overdrafts Debt Maturity Gearing Ratio 1% 40% 30% < 1 year 33.8% Bank loans 1 – 2 years 29.3% 43% 46% 20% (excl. O/D) 3 – 5 years HK$ 5,170m > 5 years 10% 10% 31 Dec 2014 31 Dec 2015 8
GFA Under Management & CAPEX GFA Under Management M sq. ft. 45 45 20 22 21 10 17 16 7 7 - 2014 2015 Leased Facilities Owned Investment Properties Owned Self-used Properties CAPEX 32% 42% 2014 2015 HK$ 1,694m HK$ 2,176m 58% 68% Additions of PPE, investment properties, Acquisition of subsidiaries and associates leasehold land and land use rights 9
Asia Specialist Thailand Commenced operation of Kerry Bangna Logistics Centre (191,000 sq. ft.) as central hub and e-commerce fulfillment centre for Kerry Express Myanmar Commenced phase 4 expansion of Kerry Siam Seaport Awarded concession to operate inland ports in Malaysia Yangon and Mandalay Acquired majority stakes in a local express company Cambodia Acquired majority stakes in a local express company ; Commenced construction of a new FTZ bonded warehouse (213,000 sq. ft.) Manufacturing continues to shift from China into ASEAN countries Indonesia Invested in one of the largest logistics companies in Indonesia AFTA leads to an increase in cross-border traffic E-commerce opportunities continue to emerge in ASEAN countries 10
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