rrooxyxy-ppaacciifificc hohollddiinngsgs...

RoxyRoxy--Pacific Holdings LimitedPacific Holdings Limited

Results BriefingResults BriefingFull Year Ended December 31 2011February 17 2012

Established Specialty Property and Hospitality Group

RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group

AgendaFinancial Performance

Business Review

Group Borrowings

Outlook


FinancialPerformance

Results BriefingResults BriefingFull Year Ended December 31 2011

February 17 2012


AgendaNet profit climbs 16% to S$49.7 million in FY2011

Achieves revenue of S$183.7 million in FY2011 and revenue of S$42.1 million in 4Q2011

Gross profit margin rises 2 percentage points to 34.4% in FY2011

Achieves 23% increase in hotel’s net operating profit on the back of 14% improvement of RevPar inFY2011

Achieves strong take-up rate of close to 70% for newly launched project in December 2011 –Centropod@Changi

Strong progress billings of S$598.6 million to be recognised from 1Q2012 to FY2015

Healthy balance sheet with cash and cash equivalents of S$228.2 million

Proposes final cash dividend of 2.0 cents (2010: 1.5 cents) per share, 33% higher compared to prioryear

Financial Highlights – 4Q2011 & FY2011



4Q2011 4Q2010 % change

Revenue (S$’m) 42.1 47.5 -11%

Gross Profit (S$’m) 15.8 16.6 -5%

Gross Margin (%) 38% 35% 3 ppt

Pre-tax profit (S$’m) 13.9 15.8 -12%

PAT (S$’m) 11.4 12.0 -5%

EPS (cts) 1.79 1.89 -5%

FY2011 FY2010 % change

183.7 216.9 -15%

63.3 70.5 -10%

34% 32% 2 ppt

58.5 53.2 10%

49.7 42.8 16%

7.80 6.72 16%

Financial Results

$16.6 $23.4$38.1

$60.9 $50.4$25.9$41.7

$43.7

$55.3$46.7

$19.6

$34.9

$37.6

$53.1

$44.4

$40.6

$30.1

$44.1

$47.6

$42.1

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

2007 2008 2009 2010 2011

4Q

3Q

2Q

1Q


FinancialPerformance 15%Revenue declined by 15% to S$183.7 million in FY2011

Financial Performance

Turnover Trend (S$’ million)

$102.7

$130.1

$163.5

$216.9

$183.7

$2.7 $4.2 $6.4 $9.0 $10.0$5.0$8.9

$9.4

$12.9$14.9

$2.5

$8.7 $6.2

$8.9

$13.4

$9.0

$2.9$5.9

$12.0

$11.4

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

2007 2008 2009 2010 2011

4Q

3Q

2Q

1Q



Net profit increased 16% to S$49.7 million in FY2011

Financial Performance

Profit Trend (S$’ million)

$19.2

$24.7$27.9

$42.8

$49.7

16%

$132.6$169.1

$48.4

$44.5$2.6

$3.3

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

FY2011 FY2010

Property Development Hotel Ownership Property Investment


Segment Results

Revenue (S$’ million)

72%

77%$183.7

$216.9

21%

26%

22%

9%

19%2%

2%

$21.3$30.7

$13.7

$11.4

$23.5 $11.1

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

FY2011 FY2010

Property Development Hotel Ownership Property Investment


112%

20%

31%

23%

41%

36%58%

21%

21%

Segment Results

Pre-tax Profits (S$’ million)

$58.5 $53.2

(1) Includes $13.4 million fair value gain on investment properties and $9.6 million fair value gain on the transfer of Kovan Centre todevelopment property (2010: $10 million).

(1)

Key FinancialsKey Financials

(1) Cash holdings include project account monies amounting to S$137.5 million as at 31 December 2011 (31 December 2010: S$75.7 million)

- - - -

Total assets ( S$’m) 748.6 601.6 24.4%

Total debts (S$‘m) 481.7 375.8 28.2%

Cash & cash equivalents ( S$‘m) 228.2 157.9 44.5%

Net Assets Value ( S$‘m) 209.9 169.8 23.6%

Revalued Net Assets Value (S$‘m) 552.9 426.2 29.7%

NAV per share (cents) 32.98 26.68 23.6%

RNAV per share (cents) (2) 86.87 66.95 29.8%

Cash holdings per share (cents) (1) 35.85 24.81 44.5%

Net Debt to RNAV (times) 0.46 0.51 (9.8%)

Return on Equity (%) 23.7 25.2 (6.0%)

31 Dec 11 31 Dec 10 Increase / (Decrease)


(1)

(2)

(2) The fair value of Grand Mercure Roxy Hotel was estimated to be S$401.5 million as at 31 December 2011 (31 December 2010 : S$316.6 million)


BusinessReview

PropertyDevelopment


February 17 2012

$7.5$19.5$5.8

$4.8$22.3

$20.1

$17.7

$22.2

$37.4$27.0

$11.6

$28.0$2.3

$10.4$5.3

$10.7$1.6

$2.4$6.7

$38.4

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

FY2011 FY2010

The Ambrosia

The Adara

The Ambra

Marque @Irrawaddy

Spottiswoode 18

Jupiter 18

Studios@Tembeling

Straits Residences

The Lucent

Nova 88

The Verte

Nova 48

The Azzuro

The Florentine


22%

Revenue from Property Development (S$’million)

Business ReviewProperty Development

Decrease inrevenue by 22%from $169.1million in FY2010to $132.6 millionin FY2011

Mainly due tothe absence ofrevenuerecognised from3 developmentprojects, namelyThe Ambrosia,The Adara andThe Ambra, thatwere completedin 2010

ObtainedTemporaryOccupationPermit for 4 of itsprojects inFY2011

$132.6

$169.1

$188.4

$336.5 $346.2

$471.6

$751.2

$53.0$78.7 $65.4

$143.0 $152.6

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

$800.0

FY2007 FY2008 FY2009 FY2010 FY2011

Sales value Revenue recognised


Strong attributable progress billings to be recognised (S$’million)


$328.6

$598.6

Increasedby 82%

comparedto FY2010

(1) Based on Option to Purchase granted up to 15th February 2012

(1)

% sold

Attributabletotal sale value

(1)

($'m)

100% 51.1

100% 75.7

100% 26.3

100% 20.1

100% 18.5

100% 35.8

95% 234.3

100% 159.7

53% 22.2

21% 13.1

68% 75.2

66% 19.2

751.2


(1) Based on Option to Purchase granted up to 15th February 2012(2) Launched in December 2011(3) Launched in February 2012

Strong attributable progress billings to be recognised – By Projects (S$’million)


Project name Type of developmentGroup's

stake

No. ofunits in

theproject

1 The Verte Residential 100% 36

2 Nova 88 Residential 100% 88

3 Haig 162 Residential 45% 99

4 Straits Residences Residential 100% 30

5 Studios@Tembeling Residential 100% 25

6 Jupiter 18 Residential 100% 53

7 Spottiswoode 18 Residential 100% 251

8 Space@Kovan 56 shops, 140 residential 100% 196

9 Nottinghill Suites Residential 45% 124

10 Wis@Changi7 shops, 16 restaurants, 60

offices 100% 83

11 Centropod@Changi (2)

106 shops, 9 restaurants,75 offices 100% 192

12 Treescape (3) Residential 100% 30

Total 1,207

AttributableRevenue

recognised@ 31 Dec

2011 (S$’m)

48.2

69.1

6.6

2.3

10.4

5.3

10.7

-

-

-

-

-

152.6

Balanceattributable

progress billingsto be recognised

from 1Q2012

($'m)

2.9

6.6

19.7

17.8

8.1

30.5

223.6

159.7

22.2

13.1

75.2

19.2

598.6


Project name /Location

Type of development ApproximateLand Area

ApproximateGross Floor

Area

Group’sstake

ApproximateAttributableGross Floor

Area

ApproximateAttributableLand Cost

(1)

(sqm) (sqm) % (sqm) S$’m

1Eon Shenton(70 Shenton Way)

Mixed developmentwith 23 shops, 98 offices& 132 residential units

1,840 20,360 20% 4,072 40.1

2Millage(55 Changi Road)

Mixed developmentwith 86 shops, 70residential units

1,810 5,760 48% 2,765 21.8

3The MKZ(131 Mackenzie Road) 42 residential units 1,198 2,516 100% 2,516 24.7

4

Natura@Hillview(12, 14, 16, 18, 20, 24Hillview Terrace) 193 residential units 5,135 9,859 49% 4,831 33.9

9,983 38,495 14,184 120.5

(1) Includes estimated state land premium and development charge, if any

Landbanks


EonEon ShentonShenton

Mixed development with 23shops, 98 offices & 132

residential units

MillageMillage

Mixed development with86 shops, 70 residential units

Natura@HillviewNatura@Hillview

193 residential units


BusinessReview

Hotel Ownership


February 17 2012

92.5%

88.0%86.2%

94.2% 94.6%

$154.4

$200.3

$147.0

$166.4

$188.3

$142.8

$176.3

$126.7

$156.7

$178.1

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

82.0%

84.0%

86.0%

88.0%

90.0%

92.0%

94.0%

96.0%

FY2007 FY2008 FY2009 FY2010 FY2011

AOR ARR RevPar


AOR and ARR in FY011

Business ReviewHotel Ownership

RevPar increased by 14% to $178.1 in FY2011

13%

0.4%


Hotel Revenue (S$’million)


Hotel revenue improved by 9% in FY2011

9%

$37.4

$48.5

$37.5

$44.5$48.4

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

FY2007 FY2008 FY2009 FY2010 FY2011


Hotel Net Operating Profits (“NOP”) (S$million)


Hotel NOP improved by 23% in FY2011

$16.8

$21.6

$13.3

$17.7

$21.8

$-

$5.0

$10.0

$15.0

$20.0

$25.0

FY2007 FY2008 FY2009 FY2010 FY2011

23%


BusinessReview

PropertyInvestment


February 17 2012


Revenue (S$’ million)

Business ReviewProperty Investment

Decreased by 19%in FY2011 due tothe terminationof leases in KovanCentre on 31 Aug2011 forredevelopment.

$1.5 $1.6

$1.8$1.0

$-

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

2010 2011

Roxy Square Kovan Centre

$3.3

$2.6


GroupBorrowings


February 17 2012

Group Borrowings

Debt Profile

31 Dec 11 31 Dec 10

Total borrowings $481.7m $375.8 m

Fixed rate loans $140.4 m $56.8 m

Fixed rate loans as % of total loans (1) 29% 15%

Interest cover ratio (times) 14.5 12.9

Weighted average term for fixed rates loans 16 months 12 months

Weighted average interest rate (fixed rates loans) 2.78% 2.59%

Weighted average interest rate (floating rates loans) 1.86% 2.45%

(1) Includes $32.4 m loans under interest rate swap contracts to swap floating interest rates for fixed interest rates



Outlook

Developmentloans - sold

projects, $238.2,49%

Developmentloans - unsold

projects, $109.0,23%

Revolving loans,$45.6, 9%

Repayable in2012, $3.2, 1%

Repayable in 2013to 2016, $17.0, 4%

Repayable after2016, $68.7, 14%

Term loans forhotel & shops,

$88.9, 18%

$347.2, 72%

Group Borrowings

Debt Profile as at 31 December 2011

Total outstanding debts of S$481.7 million as at 31

December 2011


Outlook


February 17 2012

Outlook

1. Forecast:

- MTI announced on 3 January 2012 that the Singapore’s economy grew by 4.8% in 2011 and it forecasted a GDP growth of1.0 to 3.0% for 2012.

2. Property Development- Based on latest URA statistics:

- The rate of increase in private residential property prices continues to moderate for the 9th consecutive quartersince 4th Quarter 2009. Private residential property prices increased by 0.2% in 4Q2011, compared to the 1.3%increase in the previous quarter. For the year 2011 as a whole, prices of private residential properties increased by5.9%, significantly lower than the 17.6% increase in 2010.

- The slowdown in the Singapore economy, uncertainties in the global economic outlook, coupled with the latestgovernment measures to curb property speculation have affected the general property market sentiments.

3. Hotel Ownership- Based on STB statistics:

- The latest tourism statistics released by the Singapore Tourism Board show that visitor arrivals to Singapore for 2011stood at 13.2 million, achieving a new high and exceeding the year’s forecast range of 12 to 13 million visitors.

- The overall hotel industry has benefited from the continual high number of visitor arrivals in Singapore since December2010. We believe that demand for the hotel rooms should continue to be strong going into 2012.

4. Progress billings of S$598.6 million to be recognised from 1Q2012 to FY2015

5. Barring any unforeseen circumstances, the directors expect the Group to be profitable in 2012.

Established Specialty Property and Hospitality Group

RoxyRoxy--Pacific Holdings LimitedPacific Holdings Limited


Thank You


February 17 2012

rrooxyxy-ppaacciifificc hohollddiinngsgs...

Documents