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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
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
FinancialPerformance
Results BriefingResults BriefingFull Year Ended December 31 2011
February 17 2012
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
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$228.2 million
Proposes final cash dividend of 2.0 cents (2010: 1.5 cents) per share, 33% higher compared to prioryear
Financial Highlights – 4Q2011 & FY2011
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
FinancialPerformance
4Q2011 4Q2010 % change
Revenue (S$’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
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
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
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
FinancialPerformance
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
$250.0
FY2011 FY2010
Property Development Hotel Ownership Property Investment
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Segment Results
Revenue (S$’ 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
$70.0
FY2011 FY2010
Property Development Hotel Ownership Property Investment
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
112%
20%
31%
23%
41%
36%58%
21%
21%
Segment Results
Pre-tax Profits (S$’ 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)
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
(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)
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
BusinessReview
PropertyDevelopment
Results BriefingResults BriefingFull Year Ended December 31 2011
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
$180.0
FY2011 FY2010
The Ambrosia
The Adara
The Ambra
Marque @Irrawaddy
Spottiswoode 18
Jupiter 18
Studios@Tembeling
Straits Residences
The Lucent
Nova 88
The Verte
Nova 48
The Azzuro
The Florentine
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
22%
Revenue from Property Development (S$’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
$800.0
FY2007 FY2008 FY2009 FY2010 FY2011
Sales value Revenue recognised
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Strong attributable progress billings to be recognised (S$’million)
Business ReviewProperty Development
$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
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
(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$’million)
Business ReviewProperty Development
Project name Type of developmentGroup's
stake
No. ofunits in
theproject
1 The Verte Residential 100% 36
2 Nova 88 Residential 100% 88
3 Haig 162 Residential 45% 99
4 Straits Residences Residential 100% 30
5 Studios@Tembeling Residential 100% 25
6 Jupiter 18 Residential 100% 53
7 Spottiswoode 18 Residential 100% 251
8 Space@Kovan 56 shops, 140 residential 100% 196
9 Nottinghill Suites Residential 45% 124
10 Wis@Changi7 shops, 16 restaurants, 60
offices 100% 83
11 Centropod@Changi (2)
106 shops, 9 restaurants,75 offices 100% 192
12 Treescape (3) Residential 100% 30
Total 1,207
AttributableRevenue
recognised@ 31 Dec
2011 (S$’m)
48.2
69.1
6.6
2.3
10.4
5.3
10.7
-
-
-
-
-
152.6
Balanceattributable
progress billingsto be recognised
from 1Q2012
($'m)
2.9
6.6
19.7
17.8
8.1
30.5
223.6
159.7
22.2
13.1
75.2
19.2
598.6
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Project name /Location
Type of development ApproximateLand Area
ApproximateGross Floor
Area
Group’sstake
ApproximateAttributableGross Floor
Area
ApproximateAttributableLand Cost
(1)
(sqm) (sqm) % (sqm) S$’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
Business ReviewProperty Development
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
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
BusinessReview
Hotel Ownership
Results BriefingResults BriefingFull Year Ended December 31 2011
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
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
AOR and ARR in FY011
Business ReviewHotel Ownership
RevPar increased by 14% to $178.1 in FY2011
13%
0.4%
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Hotel Revenue (S$’million)
Business ReviewHotel Ownership
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
$60.0
FY2007 FY2008 FY2009 FY2010 FY2011
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Hotel Net Operating Profits (“NOP”) (S$million)
Business ReviewHotel Ownership
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
$25.0
FY2007 FY2008 FY2009 FY2010 FY2011
23%
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
BusinessReview
PropertyInvestment
Results BriefingResults BriefingFull Year Ended December 31 2011
February 17 2012
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Revenue (S$’ 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
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
GroupBorrowings
Results BriefingResults BriefingFull Year Ended December 31 2011
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
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
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
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Outlook
Results BriefingResults BriefingFull Year Ended December 31 2011
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
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Thank You
Results BriefingResults BriefingFull Year Ended December 31 2011
February 17 2012