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  • Global Investments Limited

    FY2013 Financial Results

  • 2

    DISCLAIMER

    Information contained in this presentation is intended solely for your personal reference and is strictly confidential. Such information is subject to change

    without notice, its accuracy is not guaranteed and it may not contain all material information concerning Global Investments Limited (“GIL”) or ST Asset

    Management Ltd (“STAM”). Neither GIL, STAM nor any of their respective affiliates, advisors or representatives make any representation regarding, and none

    of them assumes any responsibility or liability whatsoever (whether arising out of tort, contract or otherwise) for, the accuracy or completeness of, or any errors

    or omissions in, any information contained herein nor for any loss howsoever arising from any use of this presentation. The recipient should consult with their

    own legal, tax and accounting advisers as to the accuracy and application of the information contained in this presentation and should conduct their own due

    diligence and other enquiries in relation to such information. By attending this presentation, you are agreeing to be bound by the restrictions set out below.

    Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

    The information contained in this presentation has not been independently verified. No representation or warranty, expressed or implied, is made as to, and

    no reliance should be placed on the fairness, accuracy, completeness or correctness of, the information or opinions contained herein. It is not the intention to

    provide, and you may not rely on this presentation as providing, a complete or comprehensive analysis of GIL’s financial or trading position or prospects. The

    information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice.

    In addition, the information contained herein contains projections and forward-looking statements that reflect GIL’s current views with respect to future events

    and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and

    competitive uncertainties and contingencies as well as various risks and these may change over time and, in many cases, are outside the control of GIL,

    STAM, their associates and all their directors. No assurance can be given that future events will occur, that projections will be achieved, or that assumptions

    underpinning expectations are correct. Actual results may differ materially from those forecasted, projected or guided.

    This presentation is not and does not constitute or form part of any financial product advice, offer, invitation or recommendation to purchase or subscribe for

    any securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto.

    This presentation does not carry any right of publication. This presentation may not be used or relied upon by any other party, or for any other purpose, and

    may not be reproduced, disseminated or quoted without the prior written consent of GIL or STAM.

    This presentation is not for distribution, directly or indirectly, in or into the United States.

    This presentation is not an offer of securities for sale into the United States. The securities may not be offered or sold in the United States or to, or for the

    account or benefit of, US persons (as such term is defined in Regulation S under the US Securities Act of 1933, as amended) unless they are registered or

    exempt from registration.

  • 3

    AGENDA

    1. Key Financial Data for 2013

    2. 2013 Overview

    3. Portfolio Composition

    4. Outlook

  • 4

    1. Financial Highlights

    FY 2013 FY 2012 % Change

    Net Profit after Tax S$28.8M S$19.1M Net profit after tax grew by 51.0% on a year-on-year basis to

    S$28.8 million from S$19.1 million.

    Total Revenue S$35.9M S$18.4M Revenue surged 95.3% to S$35.9 million for the full year

    2013 due to the one-off sale of the aircraft, sale of listed

    equities and higher interest income received.

    Total Expenses S$11.8M S$5.4M Increase in total expenses was mainly due to impairment

    expenses, net foreign exchange losses, higher management

    fee and the first time incentive fee payable to the Manager.

    51.0%

    95.3%

    118.8%

  • 5

    1. Financial Highlights

    FY 2013 FY 2012 % Change

    Return on Equity 12.5% 11.2% Return on Equity rose to 12.5% in FY2013 (based on average Total

    Equity of S$229.84 million) from 11.2% in FY2012 (based on average

    Total Equity of S$169.79 million)

    Earnings per Share S$0.0282 S$0.0245 Earnings per share increased by 15.1% to 2.82 Singapore cents in

    FY2013 (based on the weighted average number of shares of

    1,020,153,378 after taking into account the additional shares issued

    pursuant to the scrip dividend scheme and rights issue exercise) from

    2.45 Singapore cents (based on the weighted average number of

    shares of 776,469,132) in FY2012.

    Net Asset Value S$269.7M S$190.1M Net Asset Value (“NAV”) increased by 41.9% to S$269.7 million in

    FY2013. If the dividend was paid and the shares relating to the scrip

    dividend scheme and rights issue had been issued before 31

    December 2012, the increase in NAV would be 14.1% for the year

    ended 31 December 2013.

    Dividend Distribution S$17.9 M S$12.4 M Dividend distribution per share totalled 1.5 Singapore cents (based on

    larger 1,191,982,617 shares) in FY2013. The total amount of dividend

    to be paid increased by 44.4% to S$17.9 million in FY2013 from

    S$12.4 million in FY2012.

    11.6%

    41.9%

    15.1%

    44.4%

  • 1. Financial Highlights

    6

    13.3%

    10.3%

    29.7%

    7.4%

    23.4%

    15.9%

    Expenses Composition for the Year ended

    31 December 2013

    Management fees (13.3%)

    Management incentive fee (10.3%)

    Net foreign exchange losses (29.7%)

    Others (7.4%)

    Net impairment expenses (23.4%)

    Other operating expenses (15.9%)

    6.6%

    37.8%

    4.4%

    39.2%

    12.0%

    Revenue Composition for the Year ended 31 December 2013

    Dividend income (6.6%)

    Interest income (37.8%)

    Rental income (4.4%)

    Net gain on sale of investments (39.2%)

    Others (12.0%)

  • 7

    Consolidated Statement of Comprehensive Income

    Income Statement

    For the Year ended

    31 December 13

    S$’000

    For the Year ended

    31 December 12

    S$’000

    Change

    %

    Revenue

    Dividend income 2,368 1,435 65%

    Interest income 13,543 8,772 54%

    Rental income 1,577 4,724 (67%)

    Net foreign exchange gains - 100 n.a

    Net gain on sale of investments 14,065 3,307 325%

    Net gain on financial assets designated as fair value through profit or loss 472 27 1,648%

    Other income 3,847 - n.a

    Total Revenue 35,872 18,365 95%

    Expenses

    Management fees (1,573) (1,065) 48%

    Incentive fees (1,216) - n.a

    Net foreign exchange losses (3,512) - n.a

    Depreciation (429) (1,286) (67%)

    Finance costs (448) (1,165) (62%)

    Net impairment expenses (2,770) - n.a

    Other operating expenses (1,876) (1,887) (1%)

    Total Expenses (11,824) (5,403) 119%

    Reversal of impairment in associate - 4,936 n.a

    Share of profit of associate (net of tax) 5,224 1,654 216%

    Profit before tax 29,272 19,552 50%

    Income tax expense (498) (495) 1%

    Profit after tax 28,774 19,057 51%

    Other comprehensive income / (loss)

    Items that may be reclassified subsequently to profit or loss

    Available-for-sale financial assets

    - Fair value gains 9,417 4,329 118%

    - Reclassification to profit or loss (9,066) (2,105) 331%

    Currency translation differences arising from consolidation

    - Gains/(losses) 4,289 (5,400) 179%

    Other comprehensive income/(loss) for the period after tax 4,640 (3,176) 246%

    Total comprehensive income for the period attributable to shareholders 33,414 15,881 110%

    Basic earnings per share (cents per share) 2.82 2.45 15%

    Diluted earnings per share (cents per share) 2.82 2.45 15%

  • 8

    Statement of Financial Position (Group) As at 31 December

    2013

    S$’000

    As at 31 December

    2012

    S$’000

    Change

    %

    Assets

    Cash and cash equivalents 20,346 24,508 (17%)

    Financial assets at fair value through profit or loss 54,867 8,777 525%

    Available-for-sale financial assets 102,983 58,753 75%

    Loans and receivables 92,410 79,925 16%

    Investment in associate 9,393 4,555 106%

    Aircraft - 28,707 n.a

    Other assets 1,063 257 314%

    Total Assets 281,062 205,482 37%

    Liabilities

    Interest bearing liabil