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CentraLand Limited - 2Q2011 Results Presentation
 

CentraLand Limited - 2Q2011 Results Presentation

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CentraLand Limited - Second Quarter Financial Statements and Dividend Announcement for the Period Ended 30 June 2011

CentraLand Limited - Second Quarter Financial Statements and Dividend Announcement for the Period Ended 30 June 2011

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    CentraLand Limited - 2Q2011 Results Presentation CentraLand Limited - 2Q2011 Results Presentation Presentation Transcript

    • A Leading Zhengzhou-Based Property Developer and Property Manager … CENTRALAND LIMITED … Focused on Wholesale Malls2Q2011 Results Presentation 4 August 2011
    • CENTRALAND LIMITED Contents  Company Overview  Financial Review  Our Portfolio 2
    • CENTRALAND LIMITED Company Overview 3
    • CENTRALAND LIMITED A Leading Zhengzhou-Based Property Developer and Property Manager  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 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 S$664.20 mil (As at May 9, 2011) Net Asset Value Per Share 15.48 Singapore cents (June 30, 2011) Ember Vision (Mr Li Wei & Mr Wang Peng) – 48.6% Major Shareholders Marble Focus (Mr Yan Tao) – 20.8% CIM X Limited – 8.7% 4
    • CENTRALAND LIMITED Our Portfolio (Geographical location) J-Expo 1 & 2 N Guoling Shanshui  Small consumer goods wholesale mall Tianrong Project Jiancai Gang  Fashion apparel wholesale mall Nongye Road Jiancai Gang Zhengdong New CBD  Wholesale mall for automobile parts and building materials J-Expo 1 & 2 Tianrong  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 5
    • CENTRALAND LIMITED Our Portfolio Land Bank/ Site Area Saleable/Leasable Remarks (sq m) Estimated GFA (sq m) 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) 174,412 132,763 2Q 2009 – 4Q 2012 Remaining land bank at Guoling Shanshui 1.5 mil TBA -- 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) 24,026 553,0001 2012 – 2016 -Old Residential Area, adjacent to Tianrong Fashion 16,792 City (旧住宅区) Mixed residential & retail property Nongye Road Project (农业路项目) 16,123 100,092 4Q 2010 – 3Q 2012 Property Management Tenure of 20 years: Jiancai Gang & Tianrong Auto-city 758,574 354,568 11 Nov 2009 – 30 Jun 2028 (建材港兼天荣汽配城)1 Based on amalgamated site area of Tianrong Fashion City and Old Residential Area 6
    • CENTRALAND LIMITED Financial Review 7
    • CENTRALAND LIMITED Income Statement RMB ’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) ppt1H: For the six months ended 30 June 8
    • CENTRALAND LIMITED Income Statement RMB ’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) ppt2Q: For the three months ended 30 June 9
    • CENTRALAND LIMITED 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* Based on post-Invitation share capital of 1,845,000,000 Shares 10
    • CENTRALAND LIMITED Our Portfolio 11
    • CENTRALAND LIMITED Our First Commercial Project: J-Expo 1 (金智•万博商城 1) 12
    • CENTRALAND LIMITED Status of J-Expo 1 (金智•万博商城 1) Total % of GFA Average Completion No of Units No of Units Levels Saleable Units Sold & ASP/unit Date Sold* Delivered* GFA (sq m) Delivered (RMB/sqm) 1,792 retail B1, L1-L3 2Q 2008 36,282 1,691 1,679 17,132 units 768* retail L4-L5 2Q 2008 18,297 482 451 11,777 units 192 office L6-L12 2Q 2008 11,311 162 147 6,259 units 2,560 retail 78.6% Total 65,890 units/192 14,226 office units (51,772 sq m)As at 30 June 2011*302 units of the unsold units on level 4 and 5 were rented out as at 30 June 2011. 21.4% GFA for lease 78.6% GFA sold 13
    • CENTRALAND LIMITED J-Expo 2 (金智•万博商城 2 ) A Small Consumer Goods Wholesale Mall Strategic location  Within walking distance to Zhengzhou Railway station and Zhengzhou Long Distance Central Bus Station J-Expo 2  Located in Erqi District (二七区) within the main Zhengzhou wholesale centre of Zhengzhou City Long J-Expo I Distance Bus Station In response to strong market demand  Adjacent to J-Expo 1 Zhengzhou  Soft launch: 287.4% rate of registration of Railway Station 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 Tianrong Project  Acquired for RMB150 million Planned total leasable GFA of 93,000 sq m  Retail space: 70,000 sq m Retail Trading Hub (Erqi District)  Office space: 15,000 sq m Commodities Trading Hub (Railway District)  Others: 8,000 sq m Fashion Trading Hub (Guancheng District) 14
    • CENTRALAND LIMITED J-Expo 2 (金智•万博商城 2 )Started construction:4Q 2010Expected completion:1Q 2012 J-Expo 2 J-Expo 1 Progress of construction as at 15 March 2011 15
    • CENTRALAND LIMITED 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 Zhengzhou Long Located within the fashion trading hub Distance Bus Station Total site area of 40,818 sq m Comprises Tianrong Fashion City and Old Residential Area Zhengzhou Railway Station 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 Tianrong Old Landmark project in Henan Province Fashion Residential To be developed in stages over 5 years City Area To be fully integrated with supporting infrastructure 16
    • CENTRALAND LIMITED Tianrong Project – Acquisition Status Tianrong Fashion City: Old Residential Total intended 24,026 sq m Area: acquisition (4 land parcels) 16,792 sq m site: 40,818 sq m • Acquired 80% • Acquired 80% • Adjacent site to • To develop stake in 2 land stake in 2 land Tianrong into an parcels for parcels for Fashion City integrated RMB440 million RMB360 mil commercial • Land cost development subject to over a 5-year government period auction 17
    • CENTRALAND LIMITED Jiancai Gang (建材港)Two stableincomestreams: Wholesale Mall for building materials and automobile partsSub-leasingProperty Strategic Locationmanagement  Within North Ring Trading Hub: one of Zhengzhou City’s 6 largest trading hubs  Approx 1,300 tenants  Annual turnover of approx RMB1 billionContributes  Aggregate gross floor area: 354,568 sq mapprox  Site area: 758,574 sqRMB80million per Sub-division of Jiancai Gang to:year in rentalincome andmanagement  Jiancai Gang: servicing wholesalers of building materials; andfees to the  Tianrong Auto-city: to serve wholesalers of automobile partsGroup 18
    • CENTRALAND LIMITED Jiancai Gang (建材港) & Tianrong Auto-city (天荣汽配城) Demarcation of land use As at March 2011 19
    • CENTRALAND LIMITED Geographical Location Jiancai Gang & Tianrong Auto-city North Ring Business District 20
    • CENTRALAND LIMITED Nongye Road Project (农业路项目) Residential cum retail development Nongye Road Acquired Nongye Road site Project 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 21
    • CENTRALAND LIMITED Nongye Road Project (农业路项目)Started construction:4Q 2010Expected completion:3Q 2012 Progress of construction as at March 2011 Artist Impression 22
    • CENTRALAND LIMITED Guoling Shanshui (果岭山水) Phase II Huguang Shanse 湖光山色 Phase I Phase I Mufu 睦府 Yongfu 雍府 Phase II Phase III Xinyu Lanwan 心屿澜湾 Phase I & II Phase III – Total GFA of 132,000 sq m (Completed and fully sold)  Stage 1: GFA of approx 43,000 sq m; construction underway Phase I: GFA of approx 57,954 sq m  Stage 2 GFA of approx 89,000 sq m; construction Phase II: GFA of approx 102,874 sq m underway Remaining site area of 1.5 mil sq m held for future development 23
    • CENTRALAND LIMITED Guoling Shanshui (果岭山水) Phase III & Beyond Phase III development on track Land Bank (Site Area)  Site area of 174,412 sq m Phase III (Development on track) (174,412 sq m)  Stage 1 construction underway Phase I & II (Completed)  Saleable GFA of 43,763 sq m (276,735 sq m) 9%  Stage 2 construction started in 4Q2010 15%  Saleable GFA of 89,000 sq m Remaining land bank 76% Remaining land bank  Total site area of 1.5 mil sq m (1.5m sq m) Targeted Total Saleable No of Average Phase III Type of unit Completion GFA (sq m) Units Units % GFA Sold ASP/unit Date Sold* (RMB/sqm) Low-rise 540 91.6% Stage 1 apartments 43,763 485 6,211 Low-rise apartments (40,101 sq m) 576 52,800 - - - Low-rise 4Q2012 Low-rise apartments apartments / Stage 2 Duplexes / 48 70.1% 14,596 17 11,854 Townhouses / Duplexes (10,236 sq m) Commercial units 21,604 Under planning - - -*As at 30 June 2011 24
    • CENTRALAND LIMITED Guoling Shanshui (果岭山水) Phase III & Beyond 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 Artist Impressions 25
    • CENTRALAND LIMITED Guoling Shanshui (果岭山水) Phase III Show unit interiorsConstruction underway 26
    • CENTRALAND LIMITED Project Pipeline 2009 2010 2011 2012 2013 2014 2015 Property under development Guoling Shanshui Phase III New projects J-Expo 2 Nongye Road Project Tianrong Project Jiancai Gang 27
    • CENTRALAND LIMITED Project Pipeline – Total GFA Uses Saleable/Leasable Estimated GFA (sq m) Residential 216,685 - Guoling Shanshui Phase III 132,000 - Nongye Road Project 84,685 Retail 513,407 - J-Expo 2 70,000 - Tianrong Project 428,000 - Nongye Road Project 15,407 Office & Commercial 84,000 - J-Expo 2 15,000 - Tianrong Project 69,000 Property Management 354,568 - Jiancai Gang 354,568 Total : 1,168,660 sq m 28
    • CENTRALAND LIMITEDCentraLand LimitedJohnson ChooVice PresidentInvestor Relations and Corporate CommunicationsMobile: +65 94506527 / +86 15838381086Email: johnsonchoo@centralandltd.com