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PHD — Annual Report 2019
Apr 15, 2019
52134_rns_2019-04-15_c371b5b2-e179-4704-b9c7-0982bc32e809.pdf
Annual Report
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We shape our buildings ; thereafter they shape Prince Housing & Development Corp. 2018 Annual Results
Security Code:2511TT
�1
Disclaimer Statement
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This presentation contains forward looking statements which are estimated based
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Forward-looking statements involve significant risks and uncertainties, should not
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Prince Housing & Development Corp. expressly disclaims any obligation to
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Prince Housing & Development Corp.
�2
Content
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Prince Housing & Development Corp.
�3
Company Overview
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2018
Ticker: Consolidated
2511 Revenue
11.86Billion
NAV
NT$14.71 �
Capital
Total Asset
16.2 Billion �
50.76Billion �
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�4 Overview
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Prince Housing & Development Corp.
Expressed in million of NT dollars
Financial Data (Consolidated)
| 2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
|
|---|---|---|---|---|---|---|
| M | % | M | % | M | % | |
| Construction in Progress | 4,182 | 8 | (1,103) | (21) | 5,285 | 11 |
| Land Held for Construction | 8,546 | 17 | (1,509) | (15) | 10,055 | 20 |
| Building and Land Held for Sale | 8,086 | 16 | 2,628 | 48 | 5,458 | 11 |
| Prepayment for Land | 282 | 1 | 0 | 0 | 282 | 1 |
| Others | 862 | 2 | (120) | (12) | 982 | 2 |
| Inventories Subtotal | 21,958 | 43 | (104) | 0 | 22,062 | 44 |
| Cash and Other Current Assets | 9,357 | 18 | 1,122 | 14 | 8,235 | 16 |
| Funds and Investments | 3,719 | 7 | (178) | (5) | 3,897 | 8 |
| Total Assets | 50,756 | 100 | 481 | 1 | 50,275 | 100 |
| Loans&Bonds | 19,334 | 38 | 134 | 1 | 19,200 | 38 |
| Receipts in Advance | 1 | 0 | **(1,263) ** | (100) | 1,264 | 3 |
| Total Liabilities | 26,578 | 52 | 480 | 2 | 26,098 | 52 |
| Stockholders Equities | 24,178 | 48 | 2 | 0 | 24,176 | 48 |
| Current Ratio | 306.91% | 197.44% | ||||
| Debt Ratio | 52.36% | 51.91% | ||||
| Net Debt to Equity | 64% | 62% |
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Note:Change to IFRS Accounting Principles in 2013
Prince Housing & Development Corp.
�5 Financial Data
Expressed in million of NT dollars
Financial Data (Consolidated)
| 2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
|
|---|---|---|---|---|---|---|
| M | % | M | % | M | % | |
| Operating Revenue | **11,855 ** | 100 | 866 | 8 | 10,989 | 100 |
| Operating Cost | **(8,493) ** | (72) | (770) | 10 | (7,723) | (70) |
| Operating Profit | 3,362 | 28 | 96 | 3 | 3,266 | 30 |
| Operating Expenses | **(2,304) ** | (19) | (116) | 5 | (2,188) | (20) |
| Operating Income | 1,058 | 9 | (20) | (2) | 1,078 | 10 |
| Pre-tax Income | 1,369 | 12 | 29 | 2 | 1,340 | 12 |
| Net Income | 1,243 | 10 | (21) | (2) | 1,264 | 12 |
| Earnings per Share | 0.77 | 0.79 | ||||
| Net Assets Value | 14.71 | 14.7 | ||||
| Return on Equity | 2.45% | 5.37% |
Note:Change to IFRS Accounting Principles in 2013
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�6 Financial Data
Financial Data (Consolidated)
Expressed in million of NT dollars
| Segment Information Y2018 Breakdown |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Segments | Property | Construction | Hotel | Fixed Income |
Others | Total | Adj. | Consolidated | |
| Segments Revenue |
6,400 | 2,876 | 2,624 | 507 | 612 | 13,019 | (1,164) | 11,855 | |
| Revenue(%) I% |
|||||||||
| Revenue (%) |
49.2% |
22.1% | 20.1% | 3.9% | 4.7% | 100% | |||
| YOY | 7.2% | 1.8% | 1.8% | (1%) | (5.3%) | 3.9% | |||
| Segments Income |
549 | 89 | 218 | 195 | 19 | 1,070 | (11) | 1,059 | |
| Income (%) |
51.3% | 8.3% | 20.4% | 18.2% | 1.8% | 100% | |||
| ncome() | |||||||||
| EBT Margin |
8.6% |
3.1% | 8.3% | 38.5% | 3.1% | 8.2% | 8.9% | ||
| YOY | (4.7%) | 2.3% | 4.8% | 4.8% | (17.4%) | (0.9%) | (1.8%) | ||
| Companies of each segment: • Property�Prince Housing & Development Corp.�2511TT ) / Prince Real Estate Co. • Construction�Cheng-Shi Investment Co., Ltd. / Ta-Chen Construction & Engineering Corp. / Cheng-Shi Construction Co., Ltd. / Prince Utility Co., Ltd. etc. • Hotel�Time Square International Co., Ltd. / The Splendor Hotel Taichung Co., Ltd. etc. • Fixed Income�NTU Dormitory BOT / NCKU Dormitory BOT etc. • Others�Prince Property Management Consulting Co., Ltd. / Prince Security Co., Ltd. / Prince Apartment Management Co., Ltd. / Prince Housing Investment Co., Ltd. etc. |
|||||||||
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Prince Housing & Development Corp.
�7 Financial Data
Expressed in million of NT dollars
Financial Data (Non-Consolidated)
| 2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
|
|---|---|---|---|---|---|---|
| M | % | M | % | M | % | |
| Construction in Progress | 4,215 | 10 | (1,123) | (21) | 5,338 | 12 |
| Land Held for Construction | 7,890 | 18 | (1,281) | (14) | 9,171 | 21 |
| Building and Land Held for Sale | 8,081 | 19 | 2,575 | 47 | 5,506 | 13 |
| Prepayment for Land | 282 | 1 | 0 | 0 | 282 | 1 |
| Others | 842 | 2 | (106) | (11) | 948 | 2 |
| Inventories Subtotal | 21,310 | 49 | 65 | 0 | 21,245 | 49 |
| Cash and Other Current Assets | 4,389 | 10 | 650 | 17 | 3,739 | 9 |
| Funds and Investments | 7,348 | 17 | (430) | (6) | 7,778 | 18 |
| Total Assets | 43,137 | 100 | 15 | 0 | 43,122 | 100 |
| Loans&Bonds | 15,985 | 37 | 141 | 1 | 15,844 | 37 |
| Receipts in Advance | 1 | 0 | **(941) ** | (100) | 942 | 2 |
| Total Liabilities | 19,262 | 45 | 2 | 0 | 19,260 | 45 |
| Stockholders Equities | 23,875 | 55 | 13 | 0 | 23,682 | 55 |
| Current Ratio | 354.08% | 253.55% | ||||
| Debt Ratio | 44.65% | 44.66% | ||||
| Net Debt to Equity | 59% | 56% |
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Note:Change to IFRS Accounting Principles in 2013
Prince Housing & Development Corp.
�8 Financial Data
Expressed in million of NT dollars
Financial Data (Non-Consolidated)
| 2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
2018Y Variance 2017Y |
|
|---|---|---|---|---|---|---|
| M | % | M | % | M | % | |
| Operating Revenue | **6,485 ** | 100 | 751 | 13 | 5,734 | 100 |
| Operating Cost | **(4,877) ** | (75) | (456) | 10 | (4,421) | (77) |
| Operating Profit | 1,608 | 28 | 295 | 22 | 1,313 | 23 |
| Operating Expenses | **(1,115) ** | (17) | (103) | 10 | (1,012) | (18) |
| Operating Income | 493 | 8 | 192 | 64 | 301 | 5 |
| Pre-tax Income | 1,332 | 21 | 45 | 3 | 1,287 | 22 |
| Net Income | 1,253 | 19 | (28) | (2) | 1,281 | 22 |
| Earnings per Share | 0.77 | 0.79 | ||||
| Net Assets Value | 14.71 | 14.7 | ||||
| Return on Equity | 5.25% | 5.37% |
Note:Change to IFRS Accounting Principles in 2013
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�9 Financial Data
Financial Data (Non-Consolidated)
Expressed in million of NT dollars
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Major Profit Contributors Ownership 2018Y Note:Change to IFR20S1 A7Yccounting
Breakdown in 2018 (%) Amount % of NIPrinciples in 2013 Amount % fo NI
Operating Income 493 39% 301 23%
Total Investment Income(Equity Method) 666 53% 789 62%
Major Components of Investment Income
Prince Real Estate Co.,Ltd. 99.68% 231 18% 421 33%
Time Square International Co.,Ltd. 0% 166 13% 156 12%
Cheng-Shi Investment Co.,Ltd. 100% 155 12% 149 12%
Prince Housing Investment Co.,Ltd. 100% 40 3% 27 2%
Jin Yi Xing Plywood Co.,Ltd. 99.65% 36 3% 10 1%
Uni-President Development Co.,Ltd. 30% 35 3% 34 3%
Prince Property Management Consulting Co., Ltd. 100% 18 1% 11 1%
Geng-Ding Co.,Ltd. 30% 12 1% 1 0%
Time Square International Holdings Co.,Ltd. 100% 5 0% - 0%
Total Dividend Income 112 9% 90 7%
Major Components of Dividend Income
Uni-President international Development Corp. 6.63% 56 4% 30 2%
Southern Science Joint Development Co.,Ltd. 10% 34 3% 36 3%
ScinoPharm Taiwan,Ltd.(1789TT) 3% 11 1% 7 1%
Nantes Industry Co.,Ltd.(2108TT) 3% 7 1% 7 1%
President Energy Development Corp. 6% 4 0% 10 1%
Net Income 1,253 100% 1,281 100%
�10 Financial Data Prince Housing & Development Corp.
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Financial Data
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1.75
Dividend Policy
1.51
1.38 1.5
1.3
1.25
0.99
1.1 101%
0.79 1
0.77
1
0.8 0.75
82% 84%
80%
0.65 0.65
0.5
0.3 53%
0.25
23%
0
2013 2014 2015 2016 2017 2018
EPS Cash Dividend Payout Ratio
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�11 Financial Data-Dividend
Construction & Real Estate
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�12 Financial Data-Real Estate
Construction & Real Estate
Residential Project Area
Northern Taiwan
Taipei City New Taipei City Taoyuan City Hsinchu City
Central Taiwan
Taichung City Changhwa City Nantou County
Southern Taiwan
Tainan City Kaohsiung City
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�13 Financial Data-Real Estate
Construction & Real Estate
Ling Ko Dist. Li Bali Dist. Zhong Chuang Sec. Shing Sec. Prince Hua-Wei Prince Shinyi Prince Fu III Prince Song-Fu PrinceW Purchase of land in 2019 Total Sales Size 80,000 square meter Prince Housing & Development Corp.
Residential Project Area -Northern Taiwan
Financial Data-Real Estate
�14
Construction & Real Estate
Residential Project Area -Northern Taiwan
| Project Name | Location | Salable Value | Sales | Year of completion | Year of completion | Year of completion | Year of completion | |
|---|---|---|---|---|---|---|---|---|
(billion) |
Rate(%) |
Before 2019 | 2019 | 2020 | 2021 | |||
| Prince Shinyi | TPH | 3.00 | 40% | |||||
| Prince Fu III | TYC | 2.02 | 71% | |||||
| Prince Song-Fu | TYC | 1.01 | ||||||
| Prince Hua-Wei | TPE | 1.80 | 18% | |||||
| Prince W | TPH | 1.26 | 70% | |||||
| Linkou Dist. Li Shing Sec. | TPH | 2.52 | ||||||
| Bali Dist. Zhong Chuang Sec. | TPH | 2.10 | ||||||
| Total | 13.71 |
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�15 Financial Data-Real Estate
Construction & Real Estate
Qingshui Dist. Wu-Show Sec. W Epoch Taiping Dist. Ping-Hsin Sec. Prince Xian-Heng Prince Hsinfuliao Prince County
Residential Project Area -Central Taiwan
Purchase of land in 2019 Total Sales Size 85,000 square meter
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Financial Data-Real Estate
�16
Construction & Real Estate
Residential Project Area -Central Taiwan
| Pt N | Lti | Salable Value | Sales | Year of completion | Year of completion | Year of completion | Year of completion | |
|---|---|---|---|---|---|---|---|---|
| rojec ame | **ocaon ** | (billion) |
Rate(%) |
Before 2019 | 2019 | 2020 | 2021 | |
| Prince Xian-Heng | TXG | 1.91 | ||||||
| W Epoch | TXG | 1.91 | 51% | |||||
| Prince Hsin-Fuliao | NTO | 0.61 | 69% | |||||
| Prince County | NTO | 0.86 | 99% | |||||
| Taiping Dist. Ping-Hsin Sec. | TXG | 2.44 | ||||||
| Qingshui Dist. Wu-Show Sec. | TXG | 1.02 | ||||||
| 合計 | 8.75 |
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�17 Financial Data-Real Estate
Construction & Real Estate
Residential Project Area -Southern Taiwan
Prince Feng-Yun
Shanhua Dist. Shan-Gia Sec. Prince Win2
Anping Dist. Prince Jun Fon Huei Jin-Hua Sec.
Prince Xue A(Terrace House) Prince Sue B(Condominium) Prince Cloud C1(Terrace House) Prince Cloud C2(Condominium) Prince Cloud E
Purchase of land in 2019
Total Sales Size 600,000square meter Prince Housing & Development Corp.
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Financial Data-Real Estate
�18
Construction & Real Estate
Residential Project Area-Southern Taiwan
| Pt N | **Lti ** | Salable Value | Sales | 完⼯年度 | 完⼯年度 | 完⼯年度 | 完⼯年度 | |
|---|---|---|---|---|---|---|---|---|
| rojec ame | **ocaon ** | (billion) |
Rate(%) | Before 2019 | 2019 | 2020 | 2021 | |
| Prince Cloud C1(Terrace House) | KHH | 1.70 | 98% | |||||
| Prince Cloud C2(Condominium) | KHH | 1.80 | 92% | |||||
| Prince Jun Fon Huei | TNN | 1.00 | 98% | |||||
| Prince Win2 | TNN | 1.00 | 70% | |||||
| Prince Xue A(Terrace House) | KHH | 1.94 | ||||||
| Prince Feng-Yun | TNN | 1.77 | ||||||
| Prince Sue B(Condominium) | KHH | 5.52 | ||||||
| Prince Cloud E | TNN | 2.04 | ||||||
| Shanhua Dist. Shan-Gia Sec. | TNN | 0.69 | ||||||
| Anping Dist. Jin-Hua Sec. | TNN | 3.02 | ||||||
| Jin Yi Xing Area | KHH | 10.50 | ||||||
| 合計 | 30.98 |
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�19 Financial Data-Real Estate
Construction & Real Estate
Expected Launch Value and Year
Expressed in billion of New Taiwan dollars
Taipei Branch Taichung Branch Tainan Branch
Prince Housing & Development Corp.
�20 Financial Data-Real Estate
Construction & Real Estate
Expressed in million of New Taiwan dollars
Profit
Revenue
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201
147
83
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3,920
2,860 2,821
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Ta-Chen CONST. Cheng-Shi CONST. Prince Utlilty
- �21 Financial Data-Real Estate
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Prince Housing & Development Corp.
Investment Subsidiaries
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�22
Investment Subsidiaries
Chartered period 「 BOT Income Properties ︾ NTU 47Y NTU BOT NCKU BOT Expressed in million of NT dollars NCKU 35Y NCKU BOT NTU BOT 194 186 519 512 506 188 2019 2005 2008 NTU 33Y 2040 2052 Mar. NTU signed NCKU 21Y NCKU NTU Sep. Started Operating May. NCKU signed
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Prince Housing & Development Corp.
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�23 Investment Subsidiaries-Fixed Income Property
Investment Subsidiaries
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Ownership % Prince 30% 30% Uni_President PCSC (7-11) PIDC
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20%
PDC
20%
30%
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Special Purpose Vehicle(SPV) ： PDC Chartered period 50 Years
20% 20% 30% 30% Prince 30% Uni_President PCSC (7-11) PIDC PDC |
20% 20% 30% 30% Prince 30% Uni_President PCSC (7-11) PIDC PDC |
20% 20% 30% 30% Prince 30% Uni_President PCSC (7-11) PIDC PDC |
20% 20% 30% 30% Prince 30% Uni_President PCSC (7-11) PIDC PDC |
20% 20% 30% 30% Prince 30% Uni_President PCSC (7-11) PIDC PDC |
|---|---|---|---|---|
| Site Area 16,280 M2 Total Floor Area 144,037 M2 |
||||
| Project | Bus Station & Parking Area | W Taipei Hotel | Uni-Ustyle Department Store | |
| Floor | 1F & B4~B5 | 8F~31F | B2~7F | |
| Operation mode | Operating | Rent out | Rent out | |
| Proprietor | PDC | Time Square International | PDSC | |
| Ownership% | 30% | 100% | 0% |
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�24 Investment Subsidiaries-BOT
Investment Subsidiaries
PDC Operation 2016~2018Y Expressed in million of NT dollars 32% ~~32%~~ 1,000 31% 800 31% 600 30% ~~981 949 959~~ 29% 400 28% ~~172 173~~ 140 200 27% 0 2016 017 2018 Gross Profit Margin Net Sales Net Income before Tax Investment Subsidiaries-BOT Prince Housing & Development Corp.
�25 Investment Subsidiaries-BOT
Investment Subsidiaries
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Investment Subsidiaries
： PHD Recognizes Revenue l 100% W Hotel Net Income l 30% Taipei City Bus Terminal BOT Project
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100% Operating Profit 30%Net Income
pay royalties pay the rent PDC Time Square International l Management Support l PDC -Lease Floor Area to W Hotel l Incentive Fee & Base Fee l PDC- Revenue Base
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�27 Investment Subsidiaries-Hotel
Investment Subsidiaries
Expressed in million of NT dollars
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W Hotel Taipei in 2016~2018Y Financial data
39% 39% 39%
40% 2,000
1,950
1,865
1,803
1,600
30%
1,200
20%
800
10%
400
217
188 192
0% 0
016 017 018
Gross Profit Margin Net Sales Net Income before Tax
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�28 Investment Subsidiaries-Hotel
Investment Subsidiaries
W Hotel Taipei in 2018 Revenue in BU %
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61%
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36% FB Revenue 1,130 million
Room Revenue
676 million
Expressed in million NT dollars
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3%
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Others Revenue 59 million
Reference:Tourism Bureau
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Prince Housing & Development Corp.
�29 Investment Subsidiaries-Hotel
Investment Subsidiaries
W Hotel Taipei in Y2018 Competitor Set Results
Expressed in NT dollars
| Dec2018YTD | NBR | 2018 | 2018 | 2018 | 2017 | 2017 | 2017 | Variance | Variance | Variance | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 12⽉2018年累計 | RMS | OCC | ADR | REVPAR | OCC | ADR | REVPAR | OCC | ADR | REVPAR | |
| W Taipei | 405 | 80.2% | 8,661 | 6,948 | 78.6% | 8,500 | **6,684 ** | (0.9%) | 3.2% | 2.3% | |
| Le Meridien | 160 | 81.7% | 8,879 | 7,260 | 82.5% | 8,605 | 7,100 | 2% | 1.9% | 4% | |
| Humble Housse | 232 | 80.9% | 6,202 | 5,017 | 84.7% | 5,986 | **5,071 ** | (4.5%) | 3.6% | (1.1%) | |
| Grand Hyatt Taipei | 853 | 74.4% | 6,091 | 4,535 | 70.8% | 6,072 | 4,300 | 5.2% | 3% | 5.5% | |
| Regent Taipei | 538 | 80.2% | 5,594 | 4,490 | 75.6% | 5,682 | 4,297 | 6.1% | (1.6%) | 4.5% | |
| Westin | 288 | 67.9% | 5,959 | 4,049 | 67.7% | 6,128 | 4,152 | 3% | (2.8%) | (2.5%) | |
| Far Eastern Shangri-la | 420 | 67.8% | 6,292 | 4,266 | 62.3% | 6,342 | 3,953 | 8.8% | (0.8%) | 7.9% | |
| Marriott Taipei | 318 | 74.9% | 5,943 | 4,452 | 66.4% | 5,895 | 3,917 | 12.8% | 8% | 13.7% | |
| Sheraton | 688 | 68.2% | 5,088 | 3,474 | 69.8% | 5,430 | **3,792 ** | (2.2%) | (6.3%) | (8.4%) | |
| Total | 3,902 | 76.5% | 6,087 | 4,659 | 71.9% | 6,310 | 4,539 | 6.4% | (3.5%) | 2.6% |
Reference:Tourism Bureau
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�30 Investment Subsidiaries-Hotel
Investment Subsidiaries
Tourists Breakdown of W Hotel Taipei by Regions
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�31 Investment Subsidiaries-Hotel
Investment Subsidiaries
Expressed in million of NT dollars
Others in 2016~2018Y Financial data
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70% 70% 800
640
68%
480
67%
759 774 760
66% 666 66% 320
572
490
65% 65%
160
71
64%
2
0
63%
-19 -19
-36 -39
-160
2016 2017 018
Gross Profit Margin_Splendor Gross Profit Margin _Howard
Net Sales_Splendor Net Sales_Howard
Net Income_Splendor Net Income_Howard
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�32 Investment Subsidiaries-Hotel
Future Strategy
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Compe&&veness1
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Compe&&veness2
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Seeking'poten<al' Ver<cal'integra<on'of' lands'in'six'big'ci<es' resources'to'reduce' or'developing'land' costs' near'main'traffic' networks'
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Strategy
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Target'buyer
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FirstD<me'''' The'best'developer' homebuyer' in'Tainan'Group' Provide'upscale' enjoying'economic' PHD proper<es'for'Taiwan' scale aspira<onal'middle' class''
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Future Strategy
�33
Tainan Group Members
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Uni- Prince Tainan
President H&D Spinning
1216.tw 2511.tw 1440.tw
Universal
Tainan
PCSC
Cement
2912.tw Group
1104.tw
Ton Yi
SPT Nantex
Industrial
1789.tw 2108.tw
9907.tw
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Prince Housing & Development Corp.
�34 I ntro
(2511TT/2511TWO)
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Please visit Investor
Relation website
http://www.prince.com.tw/finance.asp
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[email protected] [email protected] [email protected]
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Prince Housing & Development Corp.
�35
Prince Housing & Development Corp.
Thank you for your support
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Prince Housing & Development Corp.
�36