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PHD — Annual Report 2020
Apr 20, 2021
52134_rns_2021-04-20_2ae7dfd9-5e3c-4711-a8e7-8ed58894baee.pdf
Annual Report
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We shape our buildings; thereafter they shape us. Prince Housing & Development Corp. F Y20 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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2015~2019 TOP 6%~20% CG eval. result
2011
The capital exceeded NT$10 billion
2005 Signed The NTU Dorm BOT The NCKU Dorm BOT
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2004
Signed The Taipei City Hall Bus Terminal BOT
1991
Went Public on TWSE 2511.TW
1990 Investment in Hotel business �
1973
PHD was established in Tainan City and the capital was NT$150 million.
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Prince Housing & Development Corp.
�4 Overview
Company Overview
Social Progress
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ü Provide excellent products and services
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ü Create a healthy workplace environment
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ü Protection of consumer rights
Economic Growth
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ü Focus on business management
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ü Create shareholder rights
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ü Create job opportunities
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ü Promote economic development
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ü Employee salary increase
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ü Labor safety
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ü Community feedback
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ü Caring for society
Environmental Sustainability
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ü Promote green environmental protection ü Implement energy saving and carbon reduction
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ü Inventory carbon footprint and water footprint
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ü Reduce greenhouse gas
Corporate Social Responsibility
- ü Reduce energy consumption
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�5 Overview
Company Overview
CORPORATE GOVERNANCE IN TAIWAN
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6%~20%
PHD is the only company in the housing & development industry for five consecutive years of Corporate Governance evaluation results in the 6% to 20% rating. We will continue to work hard on ESG issues.
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Keep up the good work 2020 2016 2017 2018 2019
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Prince Housing & Development Corp.
�6 Overview
Company Overview
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2511TW Ticker 1 NT$ 16.2Billion Capital 2 Total Asset NT$ 52.17Billion 3 Consolidated Rev 4 NT$ 11.96Billion NAV 5 NT$ 14.91
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Prince Housing & Development Corp.
�7 Overview
Financial Data
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The financial data hereby are based on International Financial Reporting Standards(IFRS) Cumulative consolidated numbers were audited by CPA
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Prince Housing & Development Corp.
�8 Financial Data
Expressed in million of NT dollars
Financial Data (Consolidated)
| Balance Sheet | 2020 | % | Variance | % | 2019 | % | |
|---|---|---|---|---|---|---|---|
| Construction in Progress | 1,611 | 3 | (2,732) | (63) | 4,343 | 8 | |
| Land Held for Construction | 7,041 | 13 | (555) | (7) | 7,596 | 14 | |
| Building and Land Held for Sale | 7,775 | 15 | 597 | 8 | 7,178 | 13 | |
| Prepayment for Land | 229 | 0 | 6 | 3 | 223 | 0 | |
| Others | 23 | 0 | (555) | (96) | 578 | 1 | |
| Inventories Subtotal | 16,679 | 32 | (3,239) | (16) | 19,918 | 36 | |
| Cash and Other Current Assets | 8,741 | 17 | (813) | (9) | 9,554 | 17 | |
| Funds and Investments | 3,913 | 8 | 381 | 11 | 3,532 | 6 | |
| Total Assets | 52,165 | 100 | (2,573) | (5) | 54,728 | 100 | |
| Loans&Bonds | 14,558 | 28 | (4,177) | (22) | 18,735 | 34 | |
| Receipts in Advance | 917 | 2 | (6) | (1) | 923 | 2 | |
| Total Liabilities | 27,740 | 53 | (2,853) | (9) | 30,593 | 56 | |
| Stockholders Equities | 24,425 | 47 | 280 | 1 | 24,145 | 44 | |
| Current Ratio | 392.59% | 265.83% | |||||
| Debt Ratio | 53.18% | 55.89% | |||||
| Net Debt to Equity | 37.47% | 54.09% |
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�9 Financial Data
Expressed in million of NT dollars
Financial Data (Consolidated)
| Profit and Loss Statement | 2020 | % | Variance | % | 2019 | % |
|---|---|---|---|---|---|---|
| Operating Revenue | 11,963 | 100 | (236) | (2) | 12,199 | 100 |
| Operating Cost | (9,746) | (81) | (609) | 7 | (9,137) | (72) |
| Operating Profit | 2,217 | 19 | (845) | (28) | 3,062 | 28 |
| Operating Expenses | (2,045) | (17) | 227 | (10) | (2,272) | (18) |
| Operating Income | 172 | 1 | (618) | (78) | 790 | 9 |
| Pre-tax Income | 789 | 7 | (273) | (26) | 1,062 | 10 |
| Net Income | 730 | 6 | (209) | (22) | 939 | 9 |
| Earnings per Share | 0.49 | 0.59 | ||||
| Net Assets Value | 14.91 | 14.70 | ||||
| Return on Equity | 3.00% | 3.89% |
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�10 Financial Data
Expressed in million of NT dollars
Financial Data (Consolidated)
| Cash Flow Statement | 2020 | Variance | 2019 |
|---|---|---|---|
| Cash at beginning of the year | 5,674 | 1,706 | 3,968 |
| Cashflows from Operating Activities | 4,552 | 824 | 3,728 |
| Interest paid | (315) | 8 | (323) |
| Cashflows from Investing Activities | 520 | 617 | (97) |
| Cashflows from Financing Activities | (5,339) | (3,414) | (1,925) |
| Dividend paid | (812) | 243 | (1,055) |
| Net Increase(Decrease)in Cash | (267) | (1,973) | 1,706 |
| Cash at end of year | 5,407 | (267) | 5,674 |
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�11 Financial Data
Expressed in million of NT dollars
Financial Data (Consolidated)
| Revenue(%) Segment Information 2020 Breakdown |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Segments | Property | Construction | Hotel | FID | Others | Total | Adj. | Consolidated | |
| Segments Revenue |
6,811 | 3,290 | 1,253 | 497 | 389 | 12,240 | (277) | 11,963 | |
| Revenue (%) |
55.65% |
26.88% | 10.23% | 4.06% | 3.18% | 100% | |||
| YOY | 25.63% | (8.31%) | (53.11%) | **(5.29%) ** | (11.06%) | (3.19%) | |||
| Segments Income |
572 | 13 | (591) | 186 | 11 | 191 | (19) | 172 | |
| Income(%) | |||||||||
| Income (%) |
299.08% | 6.84% | (308.80%) | 97.05% | 5.83% | 100% | |||
| EBT Margin |
8.40% |
0.40% | (47.15%) | 37.36% | 2.87% | 1.56% | 1.44% | ||
| YOY | 117.95% | (31.18%) | (314.05%) | (3.12%) | **(1.19%) ** | (74.84%) | (78.27%) |
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�12 Financial Data
Expressed in million of NT dollars
Financial Data (Non-Consolidated)
| Balance Sheet | 2020 | % | Variance | % | 2019 | % |
|---|---|---|---|---|---|---|
| Construction in Progress | 1,630 | 4 | (2,755) | (63) | 4,385 | 10 |
| Land Held for Construction | 6,393 | 17 | (533) | (8) | 6,926 | 16 |
| Building and Land Held for Sale | 7,871 | 21 | 624 | 9 | 7,247 | 17 |
| Prepayment for Land | 229 | 1 | 6 | 3 | 223 | 1 |
| Others | 1 | 0 | (553) | (100) | 554 | 1 |
| Inventories Subtotal | 16,124 | 42 | (3,211) | (17) | 19,335 | 46 |
| Cash and Other Current Assets | 5,351 | 14 | 87 | 2 | 5,264 | 13 |
| Funds and Investments | 2,705 | 7 | (261) | (9) | 2,966 | 7 |
| Total Assets | 38,264 | 100 | (3,835) | (9) | 42,099 | 100 |
| Loans&Bonds | 11,318 | 30 | (4,137) | (27) | 15,455 | 37 |
| Receipts in Advance | 519 | 1 | (33) | (6) | 552 | 1 |
| Total Liabilities | 14,061 | 37 | (4,181) | (23) | 18,242 | 43 |
| Stockholders Equities | 24,203 | 63 | 346 | 1 | 23,857 | 57 |
| Current Ratio | 515.97% | 284.14% | ||||
| Debt Ratio | 36.75% | 43.33% | ||||
| Net Debt to Equity | 29.48% | 47.54% |
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�13 Financial Data
Expressed in million of NT dollars
Financial Data (Non-Consolidated)
| Profit and Loss Statement | 2020 | % | Variance | % | 2019 | % |
|---|---|---|---|---|---|---|
| Operating Revenue | **7,307 ** | 100 | 1,627 | 29 5,680 |
100 | |
| Operating Cost | **(5,477) ** | (75) | (1,177) | 27 | (4,300) | (76) |
| Operating Profit | 1,830 | 25 | 450 | 33 | 1,380 | 24 |
| Operating Expenses | **(1,051) ** | (14) | 25 | (2) | (1,076) | (19) |
| Operating Income | 779 | 11 | 475 | 156 | 304 | 5 |
| Pre-tax Income | 941 | 13 | (78) | (8) | 1,019 | 18 |
| Net Income | 794 | 11 | (159) | (17) | 953 | 17 |
| Earnings per Share | 0.49 | 0.59 | ||||
| Net Assets Value | 14.91 | 14.70 | ||||
| Return on Equity | 3.00% | 3.89% |
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�14 Financial Data
Financial Data (Non-Consolidated)
Expressed in million of NT dollars
| Cash Flow Statement | 2020 | Variance | 2019 |
|---|---|---|---|
| Cash at beginning of the year | 4,113 | 2,010 | 2,103 |
| Cashflows from Operating Activities | 4,634 | 1,323 | 3,311 |
| Interest paid | (165) | 22 | (187) |
| Cashflows from Investing Activities | 404 | 102 | 302 |
| Cashflows from Financing Activities | (4,968) | (3,365) | (1,603) |
| Dividend paid | (812) | 243 | (1,055) |
| Net Increase (Decrease) in Cash | 70 | (1,940) | 2,010 |
| Cash at end of year | 4,183 | 70 | 4,113 |
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�15 Financial Data
Financial Data (Non-Consolidated)
Expressed in million of NT dollars
| Ownership | Note:C 2020 |
Note:C 2020 |
hange to IFRS Accounting 2019 |
hange to IFRS Accounting 2019 |
|
|---|---|---|---|---|---|
| (%) | Amount | ~~Princip~~ % of NI |
~~les in 2013~~ Amount |
% of NI | |
| Operating Income | 779 | 98% | 305 | 32% | |
| Total Investment Income(Equity Method) | 26 | 3% | 628 | 66% | |
| Major Components of Investment Income | |||||
| Cheng-Shi Investment Holdings Co., Ltd. | 100% | 481 | 61% | 230 | 24% |
| Prince Property Management Consulting Co., Ltd. | 100% | 11 | 1% | 20 | 2% |
| Geng-Ding Co., Ltd. | 30% | 3 | - | 22 | 2% |
| Prince Housing Investment Co., Ltd. | 100% | 34 | 4% | 32 | 3% |
| Uni-President Development Co., Ltd. | 30% | 32 | 4% | 47 | 5% |
| Times Square International Holdings Co., Ltd. | 100% | (439) | (55%) | 127 | 13% |
| Total Dividend Income | 67 | 8% | 75 | 8% | |
| Major Components of Dividend Income | |||||
| Uni-President international Development Corp. | 6.63% | 42 | 5% | 47 | 5% |
| ScinoPharm Taiwan, Ltd.(1789TT) | 3% | 6 | 1% | 12 | 1% |
| Nantex Industry Co., Ltd.(2108TT) | 3% | 16 | 2% | 14 | 1% |
| Net Income | 794 | 100% | 953 | 100% |
Major Profit Contributors Breakdown in 2020
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�16 Financial Data
Financial Data
Dividend Policy
| Policy | ||||||
|---|---|---|---|---|---|---|
| 2016 | 2017 | |||||
| Cash Dividend $1.0 |
Cash Dividend $0.65 |
2018 Cash Dividend $0.65 |
2019 Cash Dividend $0.50 |
2020 Cash Dividend $0.40 |
The dividend and bonuses of shareholders can be appropriated with the cumulative distributable earnings, with a minimum of 20% of distributable earnings of the year and the minimum cash dividend of 30% of the total amount appropriated for dividends and bonuses of directors shall draw up a proposal for profit |
|
| distribution and submit it to the meeting of shareholders for | ||||||
| resolution before distribution. | ||||||
| EPS | 2020 Payout Ratio | **82% ** | ||||
| 0.99 | EPS 0.79 |
EPS 0.77 |
EPS 0.59 |
EPS 0.49 |
2019 Payout Ratio 2018 Payout Ratio |
85% **84% ** |
| 2017 Payout Ratio 2016 Payout Ratio |
82% **101% ** |
2020 dividend distribution plan was proposed and resolved on 2021/03/18 board meeting.
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Financial Data-Dividend
�17
Construction & Real Estate
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�18 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 Changhua City Nantou County Southern Taiwan Tainan City Kaohsiung City
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�19 Financial Data-Real Estate
Construction & Real Estate
Residential Project Area -Northern Taiwan
Ling Ko Dist. Li Bali Dist. Zhong Chuang Sec. Shing Sec. Prince Hwa-Wei Prince Shinyi
Prince Pine Garden Prince W
Purchase of land in 2021 Total Sales Size 59,000 square meters Prince Housing & Development Corp.
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Financial Data-Real Estate
�20
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 | Year of completion | |
|---|---|---|---|---|---|---|---|---|---|
(billion) |
Rate(%) | Before 2021 | 2021 | 2022 | 2023 | 2024 | |||
| Prince Shinyi | TPH | 3.00 | 76% | ||||||
| Prince Pine Garden | TYC | 1.01 | 98% | ||||||
| Prince Hwa-Wei | TPE | 1.80 | 9% | ||||||
| Prince W | TPH | 1.26 | 97% | ||||||
| Linkou Dist. Li Shing Sec. | TPH | 2.52 | |||||||
| Bali Dist. Zhong Chuang | TPH | 2.10 | |||||||
| Total | 11.69 |
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�21 Financial Data-Real Estate
Construction & Real Estate
Qingshui Dist. Wu-Show Sec.
Residential Project Area -Central Taiwan
Prosperous New World Prince Xian-Heng Beitum Dist.
Prince Holiday Mansion
Purchase of land in 2021 Total Sales Size 59,000 square meters
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Financial Data-Real Estate
�22
Construction & Real Estate
Residential Project Area -Central Taiwan
| Salable Value | Sales |
Year of completion | Year of completion | Year of completion | Year of completion | Year of completion | |||
|---|---|---|---|---|---|---|---|---|---|
| Project Name | **Location ** | (billion) |
Rate(%) | Before 2021 | 2021 | 2022 | 2023 | 2024 | |
| Prince Xian-Heng | TXG | 1.91 | 45% | ||||||
| Prince Holiday Mansion | NTO | 0.86 | 99% | ||||||
| Prosperous New World | TXG | 2.44 | 85% | ||||||
| Qingshui Dist. Wu-Show | TXG | 1.02 | |||||||
| Beitum Dist. Rong-De | TXG | 2.05 | |||||||
| Total | 8.28 |
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�23 Financial Data-Real Estate
Construction & Real Estate
Prince Feng-Yun Shanhua Dist. Shan-Gia Sec. Prince Win2 Anping Dist. Flower-Bo 5 Jin-Hua Sec. Prince Castle B(Condominium) Prince Castle A(Terrace House) Prince Cloud C2(Condominium) Prince Cloud E
Residential Project Area -Southern Taiwan
Purchase of land in 2021 Total Sales Size 200,000 square meters Prince Housing & Development Corp.
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Financial Data-Real Estate
�24
Construction & Real Estate
Residential Project Area-Southern Taiwan
| Pt N | **Lti ** | Salable Value | Sales | Year of completion | Year of completion | Year of completion | Year of completion | Year of completion | |
|---|---|---|---|---|---|---|---|---|---|
| rojec ame | **ocaon ** | (billion) |
Rate(%) | Before 2021 | 2021 | 2022 | 2023 | 2024 | |
| Flower-Bo 5 | TNN | 2.15 | 90% | ||||||
| Prince Win2 | TNN | 1.00 | 98% | ||||||
| Prince Castle A(Terrace House) | KHH | 1.94 | 23% | ||||||
| Prince Feng-Yun | TNN | 1.77 | 76% | ||||||
| Prince Castle B(Condominium) | KHH | 5.52 | 55% | ||||||
| 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 | |||||||
| Total | 28.63 |
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�25 Financial Data-Real Estate
Construction & Real Estate
Expressed in billion of New Taiwan dollars
Expected Launch Value and Year
Northern Taiwan
Central Taiwan
Southern Taiwan
Prince Housing & Development Corp.
�26 Financial Data-Real Estate
Construction & Real Estate
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Expressed in million of New Taiwan dollars
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Revenue
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Pre-tax Profit
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�27 Financial Data-Real Estate
Investment Subsidiaries
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�28
Investment Subsidiaries
BOT Income Properties ︾ NTU BOT NCKU BOT
Chartered period 「 NTU 47Years NCKU 35Years
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Expressed in million of NT dollars
Revenue Pre-tax Profit
2021
2005 2008 NTU 31 Years Mar. NTU signed Sep. Started NCKU 19 Years May. NCKU signed Operating
2040 2052
NCKU NTU
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�29 Investment Subsidiaries-Fixed Income Property
Investment Subsidiaries
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Special Purpose Vehicle(SPV) : PDC Chartered period 50 Years
30%
Site Area 16,280 M[2 ] Total Floor Area 144,037 M[2]
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20%
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Ownership % Prince 30% Uni_President PCSC (7-11) PIDC
| Project | Bus Station & Parking Area |
W Taipei Hotel | Uni-Ustyle Department Store |
|---|---|---|---|
| Floor | 1F & B4~B5 | 8F~31F | B2~7F |
| Operation mode | Operating | Rental | Rental |
| Proprietor | PDC | Times Square Int’l | PDSC |
| Ownership% | 30% | 100% | 0% |
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�30 Investment Subsidiaries-BOT
Investment Subsidiaries
PDC Operation 2018~2020 Expressed in million of NT dollars 33% ~~33%~~ 1,000 32% 800 32% 600 30% ~~959 973~~ 856 400 29% 29% ~~173 195~~ 136 200 27% 0 2018 2019 2020 Gross Profit Margin Net Sales Net Income before Tax
Expressed in million of NT dollars
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�31 Investment Subsidiaries-BOT
Investment Subsidiaries
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�32
Investment Subsidiaries
: PHD Recognizes Revenue from 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 Times 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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�33 Investment Subsidiaries-Hotel
Investment Subsidiaries
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Expressed in million of NT dollars
W Hotel Taipei in 2018~2020 Financial data
50% 2,000
1,939
1,865 42%
1,600
39%
38%
1,200
25%
800
726
400
13%
191 168
0
0%
(403)
-400
-13% (11%) -800
2018 2019 2020
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Expressed in million of NT dollars
Gross Profit Margin Net Sales Net Income before Tax
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�34 Investment Subsidiaries-Hotel
Investment Subsidiaries
W Hotel Taipei Revenue in 2020 in BU %
Expressed in million NT dollars
380 million 322 million 24 million
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52% 44% 4%
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FB Revenue Room Revenue Others Revenue The Kitchen Table� YEN 405 rooms Spa & Fitness WET Bar� WOODBAR� YEN Bar Meetings� Weddings
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�35 Investment Subsidiaries-Hotel
Investment Subsidiaries
Comparison of W Hotel Taipei and Competitors
Expressed in NT dollars
| Yearly Accumulative Data | NBR | 2020 | 2020 | 2020 | 2019 | 2019 | 2019 | Variance | Variance | Variance | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RMS | OCC | ADR | REVPAR | OCC | ADR | REVPAR | OCC | ADR | REVPAR | ||
| W Taipei | 405 | 28.65% | 6,890 | **1,974 ** | 83.47% | 8,783 | 7,332 | (65.7%) | (21.6%) | (73.1%) | |
| Le Meridien | 160 | 29.63% | 6,616 | 1,960 | 81.86% | 8,998 | 7,366 | (63.8%) | (26.5%) | (73.4%) | |
| Humble House | 232 | 39.39% | 3,965 | **1,582 ** | 81.63% | 6,376 | 6,376 | (51.1%) | (37.8%) | (69.6%) | |
| Grand Hyatt Taipei | 850 | 21.48% | 4,911 | **1,055 ** | 72.94% | 6,334 | 6,334 | (70.6%) | (22.5%) | (77.2%) | |
| Regent Taipei | 538 | 44.16% | 4,203 | **1,856 ** | 81.27% | 5,666 | 5,666 | (45.7%) | (25.8%) | (59.7%) | |
| Shangri-La’s Far Eastern Plaza | 420 | 23.98% | 5,086 | **1,220 ** | 72.50% | 6,119 | 6,119 | (66.9%) | (16.9%) | (72.5%) | |
| Sheraton Grand Taipei | 688 | 28.55% | 3,543 | **1,011 ** | 73.98% | 5,087 | Ta | (61.4%) | (30.4%) | (73.1%) | |
| Taipei Marriott | 468 | 32.75% | 4,684 | **1,042 ** | 56.12% | 5,907 | 5,907 | (60.3%) | (20.7%) | (68.6%) | |
| Total | 3,761 | 31.07% | 4,987 | **1,348 ** | 74.23% | 6,363 | 6,363 | **(61.4%) ** | (26.00%) |
(71.5%) |
Reference:Tourism Bureau
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�36 Investment Subsidiaries-Hotel
Investment Subsidiaries
Tourists Breakdown of W Hotel Taipei by Regions
Reference:Tourism Bureau
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�37 Investment Subsidiaries-Hotel
Investment Subsidiaries
New Expansion Plan- Hilton Tapestry
: PHD Recognizes Revenue l 100% Net Income l 175 Rooms
l Open in December 2020
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100% Operating Profit
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pay royalties
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Times Square International Stays
pay the rent
Fubon Life
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�38 Investment Subsidiaries
Investment Subsidiaries
Expressed in million of NT dollars
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Expressed in million of NT dollars
Others in 2018~2020 Financial data
65% 65% 800
65% 65%
64% 640
64%
63% 480
760
732
62% 320
520
490 497
429
160
81
61%
10
0
(19) (29) 60%
(39)
-160
(129)
2018 2019 2020
Gross Profit Margin_Splendor Gross Profit Margin _Howard Net Sales_Splendor
Net Sales_Howard Net Income_Splendor Net Income_Howard
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�39 Investment Subsidiaries-Hotel
Future Strategy
CSR We will continue to work Strategy hard on CSR issues Seeking potential lands in six big cities and developing land near main traffic networks Target group First-time homebuyer Provide upscale properties to Taiwan aspirational middle class
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Competitiveness-2 The best developer in Tainan Group;enjoying economic scale Competitiveness-1 Vertical integration of resources to reduce costs
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Prince Housing & Development Corp.
�40 Future Strategy
Tainan Group Members
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Uni-
Tainan
PCSC
President
Spinning
2912.tw
1216.tw
1440.tw
Prince
Tait
Nantes TTET UCC
H&D
5902.tw
2108.tw 1232.tw 1104.tw
2511.tw
Ton Yi
SPT Uni -PSG
Industrial
1789.tw 2855.tw
9907.tw
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Prince Housing & Development Corp.
�41 intro
Prince Housing & Development Corp. (2511TT/2511TWO)
Please visit Investor Relation website http://www.prince.com.tw/finance.asp Please contact us at [email protected] [email protected] [email protected] +886 2 2758 9599
21F.,No.11,Songgao Rd.,Sinyi Dist.,Taipei City,110 Taiwan
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Prince Housing & Development Corp.
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Prince Housing & Development Corp.
Thank you for your support
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Prince Housing & Development Corp.
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