CentraLand Limited - 2Q2011 Results Presentation
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Transcript of CentraLand Limited - 2Q2011 Results Presentation
2Q2011 Results Presentation
CENTRALAND LIMITED
4 August 2011
A Leading Zhengzhou-Based
Property Developer and
Property Manager …
… Focused on Wholesale Malls
CENTRALAND LIMITED
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Contents
Company Overview
Financial Review
Our Portfolio
CENTRALAND LIMITED
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Company Overview
CENTRALAND LIMITED
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Business acquired by present management in November 2003
Focused mainly on specialty wholesale trading hubs
Listed on the SGX Mainboard on Feb 1, 2008
Completed aggregate GFA of 226,718 sq m of commercial / residential space
Planned estimated GFA of additional 862,092 sq m to be completed by 2015
Total land bank : 1.54 million sq m
A Leading Zhengzhou-Based
Property Developer and Property Manager
Listing SGX Mainboard
Issued Share Capital 1,845,000,000
Free Float 13.3%
Share Price (As at May 9, 2011) S$0.360
Market Capitalisation
(As at May 9, 2011)S$664.20 mil
Net Asset Value Per Share (June 30, 2011)
15.48 Singapore cents
Major Shareholders
Ember Vision (Mr Li Wei & Mr Wang Peng) – 48.6%
Marble Focus (Mr Yan Tao) – 20.8%
CIM X Limited – 8.7%
CENTRALAND LIMITED
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Our Portfolio (Geographical location)
J-Expo 1 & 2
Small consumer goods wholesale mall
Tianrong Project
Fashion apparel wholesale mall
Jiancai Gang
Wholesale mall for automobile parts and building materials
Property management services
Nongye Road Project
Mixed use development: retail and residential
Border of old city centre and new CBD
Guoling Shanshui
High-end, integrated residential development
25 km or 20 mins drive from Zhengzhou City centre; 5 km south of Yellow River, where the Yellow River Scenic Area is located
Guoling Shanshui
Tianrong
Zhengdong New CBD
J-Expo 1 & 2
Nongye Road
Jiancai Gang
N
CENTRALAND LIMITED
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Our PortfolioLand Bank/ Site Area
(sq m)
Saleable/Leasable
Estimated GFA (sq m)Remarks
Completed property
Commercial property
J-Expo 1 (金智●万博商城 1) 9,771 65,890 Sold and delivered 78.6% of
saleable GFA
(As at 30 Jun 2011)
Property under development Estimated Construction
Schedule
Residential property
Phase III of Guoling Shanshui (果岭山水)
Remaining land bank at Guoling Shanshui
174,412
1.5 mil
132,763
TBA
2Q 2009 – 4Q 2012
--
New projects
Commercial properties
J-Expo 2 (金智●万博商城 2) 9,000 93,000 4Q 2010 – 1Q 2012
Tianrong Project
- Tianrong Fashion City (天荣时装城)
-Old Residential Area, adjacent to Tianrong Fashion
City (旧住宅区)
24,026
16,792
553,0001 2012 – 2016
Mixed residential & retail property
Nongye Road Project (农业路项目) 16,123 100,092 4Q 2010 – 3Q 2012
Property Management
Jiancai Gang & Tianrong Auto-city
(建材港兼天荣汽配城)
758,574 354,568Tenure of 20 years:
11 Nov 2009 – 30 Jun 2028
1 Based on amalgamated site area of Tianrong Fashion City and Old Residential Area
CENTRALAND LIMITED
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Financial
Review
CENTRALAND LIMITED
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Income StatementRMB ’mil 1H2011 1H2010 Change (%)
Revenue 56.4 60.9 (7.4)
Gross Profit 38.9 40.7 (4.4)
Other Income 1.3 1.3 (4.4)
Profit Before Tax 3.4 5.2 (34.4)
Profit for the Year 2.7 4.1 (34.0)
Selling Expenses 3.7 3.9 (4.1)
Admin Expenses 25.8 26.1 (1.4)
Effective Tax Rate 21.0% 21.5% (0.5) ppt
Gross Profit Margin 69.0% 66.8% 2.2 ppt
Profit Before Tax Margin 6.1% 8.6% (2.5) ppt
Profit for the Year Margin 4.8% 6.7% (1.9) ppt
1H: For the six months ended 30 June
CENTRALAND LIMITED
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Income StatementRMB ’mil 2Q2011 2Q2010 Change (%)
Revenue 28.0 31.0 (9.6)
Gross Profit 19.4 20.1 (3.2)
Other Income 0.7 0.6 12.0
Profit Before Tax 0.8 1.9 (59.6)
Profit for the Year 0.6 1.3 (56.2)
Selling Expenses 1.5 1.6 (6.0)
Admin Expenses 14.0 13.6 2.9
Effective Tax Rate 24.5% 30.3% (5.8) ppt
Gross Profit Margin 69.3% 64.6% 4.7 ppt
Profit Before Tax Margin 2.7% 6.0% (3.3) ppt
Profit for the Year Margin 2.0% 4.2% (2.2) ppt
2Q: For the three months ended 30 June
CENTRALAND LIMITED
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* Based on post-Invitation share capital of 1,845,000,000 Shares
Balance Sheet Highlights
RMB’ mil As at 30 Jun 2011 As at 31 Dec 2010
Cash & Bank Balances 942.4 190.4
Net Assets 1,529.1 1,526.4
- Properties Held for Development 965.0 965.0
- Properties Held Under Development 589.8 501.2
- Properties Held for Sale 112.3 112.3
- Deposits Paid - 300.0
Receipts in Advance (178.9) (49.5)
Interest-bearing Bank & Other Borrowings (898.0) (813.0)
Net Gearing Ratio (%) 65.1% 94.6%
NAV per Share (RMB cents) * 82.88 82.73
CENTRALAND LIMITED
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Our Portfolio
CENTRALAND LIMITED
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Our First Commercial Project:
J-Expo 1 (金智•万博商城 1)
CENTRALAND LIMITED
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Status of J-Expo 1 (金智•万博商城 1)
As at 30 June 2011
*302 units of the unsold units on level 4 and 5 were rented out as at 30 June 2011.
LevelsCompletion
Date
Total
Saleable
GFA (sq m)
UnitsNo of Units
Sold*
No of Units
Delivered*
% of GFA
Sold &
Delivered
Average
ASP/unit
(RMB/sqm)
B1, L1-L3 2Q 2008 36,2821,792 retail
units1,691 1,679 17,132
L4-L5 2Q 2008 18,297768* retail
units482 451 11,777
L6-L12 2Q 2008 11,311192 office
units162 147 6,259
Total 65,890
2,560 retail
units/192
office units
78.6%
(51,772 sq m)14,226
21.4% GFA for
lease
78.6% GFA sold
CENTRALAND LIMITED
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TianrongProject
Zhengzhou Railway Station
Zhengzhou Long
Distance Bus Station
J-Expo I
J-Expo 2
A Small Consumer Goods Wholesale Mall
Strategic location
Within walking distance to Zhengzhou Railway
station and Zhengzhou Long Distance Central
Bus Station
Located in Erqi District (二七区) within the main
wholesale centre of Zhengzhou City
In response to strong market demand
Adjacent to J-Expo 1
Soft launch: 287.4% rate of registration of
interest 7,184 downpayments to ballot for 2,500 retail units
(as at close of registration on 25 Oct 2010)
Total site area of 9,000 sq m
Acquired for RMB150 million
Planned total leasable GFA of 93,000 sq m
Retail space: 70,000 sq m
Office space: 15,000 sq m
Others: 8,000 sq m
Retail Trading Hub (Erqi District)
Commodities Trading Hub (Railway District)
Fashion Trading Hub (Guancheng District)
J-Expo 2 (金智•万博商城 2 )
CENTRALAND LIMITED
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J-Expo 2 (金智•万博商城 2 )
Started construction:
4Q 2010
Expected completion:
1Q 2012
J-Expo 2
J-Expo 1
Progress of construction as at 15 March 2011
CENTRALAND LIMITED
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TianrongFashion
City
Old Residential
Area
Zhengzhou Long
Distance Bus
Station
Zhengzhou Railway Station
Tianrong Project (天荣时装城)
A Fashion Apparel Wholesale Mall
Strategic location Close proximity (less than 1km) to Zhengzhou
Railway Station & Zhengzhou Long Distance Central Bus Station
Located within the fashion trading hub
Total site area of 40,818 sq m
Comprises Tianrong Fashion City and Old
Residential Area
Planned total leasable GFA of 553,000 sq m
Retail space: 428,000 sq m Office space: 69,000 sq m Others: 56,000 sq m
Landmark project in Henan Province To be developed in stages over 5 years To be fully integrated with supporting
infrastructure
CENTRALAND LIMITED
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Tianrong Project – Acquisition Status
Tianrong Fashion City:
24,026 sq m
(4 land parcels)
Old Residential
Area:
16,792 sq m
Total intended
acquisition
site:
40,818 sq m
• Acquired 80%
stake in 2 land
parcels for
RMB440 million
• Acquired 80%
stake in 2 land
parcels for
RMB360 mil
• Adjacent site to
Tianrong
Fashion City
• Land cost
subject to
government
auction
• To develop
into an
integrated
commercial
development
over a 5-year
period
CENTRALAND LIMITED
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Wholesale Mall for
building materials and automobile parts
Strategic Location
Within North Ring Trading Hub: one of Zhengzhou City’s 6 largest
trading hubs
Approx 1,300 tenants
Annual turnover of approx RMB1 billion
Aggregate gross floor area: 354,568 sq m
Site area: 758,574 sq
Sub-division of Jiancai Gang to:
Jiancai Gang: servicing wholesalers of building materials; and
Tianrong Auto-city: to serve wholesalers of automobile parts
Jiancai Gang (建材港)
Two stable income streams:
Sub-leasing
Property management
Contributes approx RMB80 million per year in rental income and management fees to the Group
CENTRALAND LIMITED
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Jiancai Gang (建材港) &
Tianrong Auto-city (天荣汽配城)
Demarcation of land use
As at March 2011
CENTRALAND LIMITED
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Jiancai Gang & Tianrong Auto-city
North Ring Business District
Geographical Location
CENTRALAND LIMITED
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Nongye Road Project
Nongye Road Project (农业路项目)
Residential cum
retail development
Acquired Nongye Road site
for RMB70 mil
Total site area of 16,123 sq m
Strategic location
At the boundary of the old city
centre’s business district and the
new Zhengdong CBD
Planned total saleable GFA
of 100,092 sq m
Retail space: 15,407 sq m
Residential units: 84,685 sq m
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Nongye Road Project (农业路项目)
Started construction:
4Q 2010
Expected completion:
3Q 2012
Artist Impression
Progress of construction as at March 2011
CENTRALAND LIMITED
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Phase I
Yongfu 雍府
Phase I
Mufu 睦府
Phase III
Guoling Shanshui (果岭山水)
Remaining site area of 1.5 mil sq m held for future development
Phase I & II (Completed and fully sold)
Phase I: GFA of approx 57,954 sq m
Phase II: GFA of approx 102,874 sq m
Phase III – Total GFA of 132,000 sq m
Stage 1: GFA of approx 43,000 sq m; construction underway
Stage 2 GFA of approx 89,000 sq m; construction underway
Phase IIXinyu Lanwan
心屿澜湾
Phase II
Huguang Shanse
湖光山色
CENTRALAND LIMITED
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Remaining land bank
(1.5m sq m)
9%
76%
15%
Guoling Shanshui (果岭山水)
Phase III & Beyond
Phase III development on track
Site area of 174,412 sq m
Stage 1 construction underway
Saleable GFA of 43,763 sq m
Stage 2 construction started in 4Q2010
Saleable GFA of 89,000 sq m
Remaining land bank
Total site area of 1.5 mil sq m
Land Bank (Site Area)
Phase III (Development on track)
(174,412 sq m)Phase I & II
(Completed)
(276,735 sq m)
Phase III Type of unitTargeted
Completion Date
Total Saleable GFA (sq m)
UnitsNo of Units Sold*
% GFA SoldAverage ASP/unit
(RMB/sqm)
Stage 1Low-rise
apartments
4Q2012
43,763540
Low-rise apartments485
91.6%
(40,101 sq m)6,211
Stage 2
Low-rise apartments / Duplexes /
Townhouses / Commercial units
52,800576
Low-rise apartments- - -
14,59648
Duplexes17
70.1%
(10,236 sq m)11,854
21,604 Under planning - - -
*As at 30 June 2011
CENTRALAND LIMITED
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Remaining Land Bank
1.5 million sq m
Master Plan
Approved for development in phases
Lifestyle Development
Luxury holiday homes
Part of land bank leased out to third parties for complementary facilities
Golf course
Hotel
Commercial retail units
Guoling Shanshui (果岭山水)
Phase III & Beyond
Artist Impressions
CENTRALAND LIMITED
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Guoling Shanshui (果岭山水) Phase III
Show unit interiors
Construction underway
CENTRALAND LIMITED
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Project Pipeline
20152009 2010 2011 2012 2013 2014
Guoling Shanshui Phase III
J-Expo 2
Tianrong Project
Nongye Road Project
Property under development
New projects
Jiancai Gang
CENTRALAND LIMITED
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Project Pipeline – Total GFA
Uses Saleable/Leasable Estimated GFA (sq m)
Residential
- Guoling Shanshui Phase III
- Nongye Road Project
216,685
132,000
84,685
Retail
- J-Expo 2
- Tianrong Project
- Nongye Road Project
513,407
70,000
428,000
15,407
Office & Commercial
- J-Expo 2
- Tianrong Project
84,000
15,000
69,000
Property Management
- Jiancai Gang
354,568
354,568
Total : 1,168,660 sq m
CentraLand Limited
CENTRALAND LIMITED
Johnson Choo
Vice President
Investor Relations and Corporate Communications
Mobile: +65 94506527 / +86 15838381086
Email: [email protected]