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PHD — Interim / Quarterly Report 2016
Sep 1, 2016
52134_rns_2016-09-01_8e6e9014-1458-484f-b68e-b23ed60cce18.pdf
Interim / Quarterly Report
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We shape our buildings, thereafter they shape us. Prince Housing & Development Corp.
2511TT
2016H1 Operational Briefing
1
Disclaimer Statement
-
This presentation contains forward looking statements which are estimated based on the current status of Prince Housing & Development Corp and general economic conditions. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, rising costs of raw materials, competitive products and pricing pressures and regulatory developments.
-
Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved.
-
Prince Housing & Development Corp. expressly disclaims any obligation to review, update or correct these materials after the date thereof. Prince Housing & Development Corp. may update, amend, supplement or otherwise alter the information contained in any such materials by subsequent presentations, reports, filings, or other means without notice. This presentation may not be stored, copied, distributed, transmitted,
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Prince Housing & Development Corp.
2
Content
▪ Introduction
-
Financial Data
-
Investment Subsidiaries
-
Future Strategy
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Prince Housing & Development Corp.
3
Company Overview
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2011 Capital exceeded NT$10 billion.
2015
Ticker Consolidated
Signed the Taipei City Hall Bus Station BOT contract.
Revenue 2004
2511
Signed the NTU Dormitory/ NCKU Dormitory BOT contracts.
16.11 billion
1997 Invested in hotel business.
Became publicly traded, listed on Taiwan Stock
1991
Exchange.
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PHD was established in Tainan City, and the capital was
1973
NT$150 million.
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Prince Housing & Development Corp.
4 Overview
Unit: Millions of NT$
Financial Data (Consolidated)
| 2016Q2 | 2016Q2 | 2015Q2 | 2015Q2 | Different | Different | |
|---|---|---|---|---|---|---|
| M | % | M | % | M | YOY | |
| Construction in Progress | 2,993 | 6 | 3,600 | 7 | (607) | (17) |
| Land Held for Construction | 12,975 | 25 | 13,032 | 24 | (57) | (0) |
| Building and Land Held for Sale | 5,218 | 10 | 2,934 | 5 | 2,284 | 78 |
| Prepayment for Land | 220 | 0 | 1,427 | 3 | (1,207) | (85) |
| Others | 1,518 | 3 | 1,056 | 2 | 462 | 44 |
| Inventories Subtotal | 22,924 | 44 | 22,049 | 40 | 875 | 4 |
| Cash and Other Current Assets | 2,094 | 4 | 3,618 | 7 | (1,524) | (42) |
| Funds and Investments | 4,391 | 8 | 4,784 | 9 | (393) | (8) |
| Total Assets | 52,110 | 100 | 54,501 | 100 | (2,391) | (4) |
| Loans&Bonds | 17,494 | 34 | 18,933 | 35 | (1,439) | (8) |
| Receipts in Advance | 1,955 | 4 | 2,869 | 5 | (914) | (32) |
| Total Liabilities | 28,636 | 55 | 30,562 | 56 | (1,926) | (6) |
| Stockholders Equities | 23,474 | 45 | 23,241 | 43 | 233 | 1 |
| Current Ratio | 224.80% | 213.17% | ||||
| Debt Ratio | 54.95% | 56.08% | ||||
| Net Debt to Equity | 66% 66% |
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Prince Housing & Development Corp.
5 Financial Data
Unit: Millions of NT$
Financial Data (Consolidated)
| 2016Q2 | 2016Q2 | 2015Q2 | 2015Q2 | Different | Different | 2015Q4 | 2015Q4 | |
|---|---|---|---|---|---|---|---|---|
| M | % | M | % | M | YOY | M | % | |
| Operating Revenue | 4,110 | 100 | 5,731 | 100 | (1,621) | (28) | 16,108 | 392 |
| Operating Cost | (2,639) | (64) | (3,685) | (64) | 1,046 | **(28) ** | (10,933) | (266) |
| Gross Profit | 1,471 | 36 | 2,046 | 36 | (575) | (28) | 5,175 | 126 |
| Operating Expenses | (1,195) | (29) | (1,378) | (24) | 183 | (13) | (2,724) | (66) |
| Operating Income | 276 | 7 | 668 | 12 | (392) | (59) | 2,451 | 60 |
| Pre-tax Income | 352 | 9 | 813 | 14 | (461) | (57) | 2,522 | 61 |
| Net Income | 310 | 8 | 709 | 12 | (399) | (56) | 2,234 | 54 |
| Earnings per Share | 0.2 | 0.44 | 1.38 | |||||
| Net Assets Value | 14.46 | 13.98 | 15.51 | |||||
| Return on Equity | 1.32% | 3.05% | 8.90% |
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Note: The accounting principle changed to IFRS in 2013.
Prince Housing & Development Corp.
6 Financial Data
Financial Data (Consolidated)
Unit: Millions of NT$
| Property 20% Construction 38% Hotel 30% Fixed Income 6% Others 6% 16Q2 Revenue Breakdown |
Segments | Property | Construction | Hotel | Fixed Income | Others | Total | Adj. | Consolidated |
|---|---|---|---|---|---|---|---|---|---|
| Segment Revenue |
915 | 1,701 | 1,342 | 262 | 293 | 4,513 | (403) | 4,110 | |
| Revenue (%) | 20% | 38% | 30% | 6% | 6% | 100% | |||
| YoY | -56% | -22% | -7% | -0.4% | 8% | -27% | -28% | ||
| Segment Income |
(15) | 41 | 109 | 100 | 21 | 256 | 20 | 276 | |
| Income (%) | -6% | 16% | 43% | 39% | 8% | 100% | |||
| EBT Margin | -2% | 2% | 8% | 38% | 7% | 6% | 7% | ||
| YoY | -106% | -67% | -24% | 11% | 133% | -60% | -58% |
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Note: The accounting principle changed to IFRS in 2013.
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Prince Housing & Development Corp.
7 Financial Data
Unit: Millions of NT$
Financial Data (Non-Consolidated)
| Unit: NT$ in Millions | Ownership | 2015 | 2015 | 2014(Adjusted) | 2014(Adjusted) |
|---|---|---|---|---|---|
| Amount | % of NI | Amount | % of NI | ||
| Operating Income | 1,606 | 72% | 1,987 | 83% | |
| Total Investment Income(Equity Method) | 843 | 38% | 422 | 17% | |
| Major Components of Investment Income: | |||||
| Prince Real Estate Co., Ltd. | 99.65% | 330 | 15% | - | - |
| Cheng-Shi Investment Holdings Co., Ltd. | 100% | 243 | 11% | 112 | 5% |
| Time Square International Co., Ltd. | 100% | 225 | 10% | 223 | 9% |
| Uni-President Development Corp. | 30% | 68 | 3% | 79 | 3% |
| Prince Housing Investment Co., Ltd. | 100% | 48 | 2% | - | - |
| Geng-Ding Co., Ltd. | 30% | 27 | 1% | 29 | 1% |
| Prince Property Management Consulting Co., Ltd. | 100% | 16 | 1% | 13 | 1% |
| Ming-Da Enterprises Co., Ltd. | 20% | 16 | 1% | 8 | 0.3% |
| Total Dividend Income | 134 | 6% | 209 | 9% | |
| Major Components of Dividend Income: | |||||
| Peisident Eneigy Development Corp. | 6% | 66 | 3% | 5 | - |
| Southern ScienceJoint Develepment Co., Ltd. | 10% | 59 | 3% | 176 | 7% |
| ScinoPharm Taiwan, Ltd.(1789 TT) | 3% | 4 | - | 24 | 1% |
| Nantex Industry Co., Ltd.(2108 TT) | 2% | 2 | - | 2 | - |
| Net Income | 2,238 | 100% | 2,399 | 100% |
Note: The accounting principle changed to IFRS in 2013.
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Prince Housing & Development Corp.
8 Financial Data
Financial Data - Real Estate
Residential Project Area
Taipei Branch
(Taipei City\New Taipei City\Taoyuan County) (Hsinchu City\Hsinchu County)
Taichung Branch
(Taichung City\Changhwa City\Nantou County)
Tainan Branch
(Tainan City\Kaohsiung City)
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Prince Housing & Development Corp.
9 Financial Data-Real Estate
Financial Data - Real Estate
Residential Project – Northern Taiwan
| Project Name | Location | SalableValue (billion) |
Sales Rate(%) |
Year of Completion | Year of Completion | Year of Completion | Year of Completion |
|---|---|---|---|---|---|---|---|
| 2016 | 2017 | 2018 | 2019 | ||||
| Prince Yun Ding | New Taipei City | 2.98 | 10% | ▲ |
|||
Prince FuⅢ |
Taoyuan City | 2.02 | 30% | ▲ |
|||
| Shuang Ling Section | Taoyuan City | 1.01 | - | ▲ |
|||
| Prince Hua Wei | Taipei City | 1.8 | 50% | ▲ |
|||
| Ling Ko Li Shing Section | New Taipei City | 2.52 | - | ▲ |
|||
| Prince W | New Taipei City | 1.26 | 25% | ▲ |
|||
| Chung Chuang Section 222-1 | New Taipei City | 2.08 | - | ▲ |
|||
| - | |||||||
| Total | 13.67 |
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Total Salable Floor Area in 2016: 101,190 m[2 ]
Prince Housing & Development Corp.
10 Financial Data-Real Estate
Financial Data - Real Estate
Residential Project – Central Taiwan
| Project Name | Location | SalableValue (billion) |
Sales Rate(%) |
Year of Completion | Year of Completion | Year of Completion | Year of Completion |
|---|---|---|---|---|---|---|---|
| 2016 | 2017 | 2018 | 2019 | ||||
| Cloud Century Area SA | Taichung City | 2.84 | 100% | ▲ |
|||
| Prince Yu Ding | Taichung City | 1.91 | 25% | ▲ |
|||
| **Ching Shuei Wu Show Section ** | Taichung City | 1.02 | - | ▲ |
|||
| Prince County | Nantou County | 0.79 | 20% | ▲ |
|||
| W Epoch | Taichung City | 1.91 | 25% | ▲ |
|||
| Ping Hsin Section | Taichung City | 2.44 | - | ▲ |
|||
| Total | 10.91 |
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Total Salable Floor Area in 2016: 140,413 m[2 ]
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11 Financial Data-Real Estate
Financial Data - Real Estate
Residential Project – Southern Taiwan
| Project Name | Location | SalableValue (billion) |
Sales Rate(%) |
Year of completion | Year of completion | Year of completion | Year of completion |
|---|---|---|---|---|---|---|---|
| 2016 | 2017 | 2018 | 2019 | ||||
| Flower Bo 5 | Tainan City | 2.14 | 16% | ▲ |
|||
| Prince Cloud(D area) | Kaohsiung City | 0.84 | 75% | ▲ |
|||
| Prince Feng Yun | Tainan City | 1.77 | - | ▲ |
|||
| Prince Cloud(C1 area) | Kaohsiung City | 1.62 | 60% | ▲ |
|||
| Zan Zi Section B | Kaohsiung City | 1.94 | - | ▲ |
|||
| PrinceJun Fon Huei | Tainan City | 0.97 | 55% | ▲ |
|||
| Prince Tavel | Tainan City | 0.97 | - | ▲ |
|||
| Shan Gia Section | Tainan City | 0.69 | - | ▲ |
|||
| Zan Zi Section A | Kaohsiung City | 5.52 | - | ▲ |
|||
| Prince Cloud(C2 area) | Kaohsiung City | 1.77 | 45% | ▲ |
|||
| Jin Hua Section | Tainan City | 3.02 | - | ▲ |
|||
| Jin Yi Xing | Kaohsiung City | 12.55 | - | ||||
| Total | 33.8 |
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Total Salable Floor Area in 2016: 624,843 m[2 ]
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Prince Housing & Development Corp.
12 Financial Data-Real Estate
Financial Data - Real Estate
Expected Launch Value
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7.18
8
4.68
4.52
2.44
5.36
5 4.06 2.08
1.81
2.87
3
2018
Unit: Billions of NTD
2017
2016
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Taipei Branch Taichung Branch Tainan Branch
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13 Financial Data-Real Estate
Financial Data - Real Estate
Expected Launch Value and Area of Land Bank
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45.30
50
Expected Launch Value
38
26.72
(Billions of NT$)
25
8.77
Expected Launch Area
5.78
13
(Ten thousands of
5.31
6.36
square meter)
0 Tainan
Taichung
Taipei
Total Expected Launch Value: NT$38.86 billion
Total Expected Launch Area: 593,800 M [2]
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14 Financial Data-Real Estate
Prince Housing & Development Corp.
Unit: Millions of NT$
Financial Data - Real Estate
Branch Revenue in 1Q 2016
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15 Financial Data-Real Estate
Financial Data - Real Estate
Property Development Overview by Years
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944
1,000 262,500
631
210,000
750
559
157,500
500
204,694 105,000
176,240
250 127,153
52,500
Total Sold Area
0 0
Housing Unit
2013 2014 2015
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Expressed in square meters
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Prince Housing & Development Corp.
16 Financial Data-Real Estate
Financial Data - Real Estate
Residential Housing Product Composition in 2015
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2-bedroom
3-bedroom
4-bedroom Townhouse Others
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16%
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1%
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High-Rise Mid-Rise
Townhouse
1%
4%
Housing Unit Breakdown by Product Categories
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Prince Housing & Development Corp.
17 Financial Data-Real Estate
Financial Data
Dividend Policy
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1.5
1.0 1.0
1.0
0.0
0.5 0.0
0.5
0.3
0.5
0.0
0.8 1.1
0.3
Expressed in NT$ 2011
2012
2013
2014
2015
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Cash Dividend
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Stock Dividend
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18 Financial Data-Dividend
Financial Data
Dividend Policy
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100% 2.50
80%
80%
1.88
53%
60%
1.25
32%
40%
23% 23%
0.63
20%
2.20 1.54 1.30 1.51 1.38
0% 0.00
2011 2012 2013 2014 2015
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EPS Payout Ratio
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19 Financial Data-Dividend
Investment Subsidiaries
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Fixed
Income
& BOT
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Real Estate
Construction
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20
Unit: Millions of NT$
Investment Subsidiaries
Chartered period ： BOT Income Properties 、 NTU 47Y NTU BOT NCKU BOT NCKU 35Y
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Revenue
NTU BOT NCKU BOT
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500
142 142 134
400
300
200 380 388 391
100
0
2013 2014 2015
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Profit
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225
37
36
150 29
75 134 168 155
0
2013
2014
2015
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2016
2005
2005 2008 NTU 36Y Mar. NTU signed NCKU 24Y Sep. Started Operating May. NCKU signed
2040 2052 NCKU NTU
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21
Investment Subsidiaries
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Ownership %
Special Purpose Vehicle (SPV) ： PDC Chartered period 50 Years
20% 30% PDC
Prince 30% Uni-President PCSC (7-11) PIDC
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| 30% 20% Prince 30% Uni-President PCSC (7-11) PDC |
30% 20% Prince 30% Uni-President PCSC (7-11) PDC |
30% 20% Prince 30% Uni-President PCSC (7-11) PDC |
30% 20% Prince 30% Uni-President PCSC (7-11) PDC |
30% 20% Prince 30% Uni-President PCSC (7-11) PDC |
|---|---|---|---|---|
| Site Area 16,280 M2 Total Floor Area 144,037 M2 30% PIDC |
||||
| 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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22 Investment Subsidiaries-BOT
Unit: Millions of NT$
Investment Subsidiaries
PDC Operation Overview in 2013~2015
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50% 1,320
40% 40% 40%
1,100
40%
880
30%
660
20% 1,074 1,067
1,019
440
213 221
10% 173
220
0% 0
2013 2014 2015
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Net Sales Net Income Gross Profit Margin
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23 Investment Subsidiaries-BOT
Investment Subsidiaries
Revenue Sources of PHD ：
-
100% W Hotel Net Income
-
30% Taipei City Bus Terminal BOT Project
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100% Operating Profit 30%Net Income
pay royalties
-
Management Support
-
Incentive Fee & Base Fee
pay the rent PDC
Time Square International PDC: Lease Floor Area to W Hotel
PHD: Invest in PDC
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24 Investment Subsidiaries-Hotel
Unit: Millions of NT$
Investment Subsidiaries
Financial Data of W Hotel Taipei in 2013~2015
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41% 2,640
40% 40%
2,200
40% 2,189 2,156
2,116
1,760
40% 1,320
39%
880
39%
218 226 216 440
39%
2013 2014 2015
Net Sales Net Income Gross Profit Margin
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25 Investment Subsidiaries-Hotel
Unit: Millions of NT$
Investment Subsidiaries
W Hotel Taipei Revenue Breakdown in 2015
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3%
40%
58%
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Room Revenue- 1,243 F&B Revenue- 853 Other Revenue- 61
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Reference:Tourism Bureau
Prince Housing & Development Corp.
Investment Subsidiaries-Hotel
26
Investment Subsidiaries
W Hotel Taipei & Competitor Set in 2016Q2
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76% 76%
73%
80% 72% 2,040
66%
65%
62%
60%
1,360
40%
1,638
1,354 680
1,290
20% 988
772
693
629
0% 0
W Taipei Grand Hyatt Le Meridien Sheraton The Regent Shangri-La's The Westin
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Total Revenue
Occupancy Rate
Unit: Millions of NT$ Reference: Tourism Bureau
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Investment Subsidiaries-Hotel
27
180
Investment Subsidiaries
W Hotel Taipei & Competitor Set in 2016Q2
8,000 6,000 4,000 2,000
0
853 7,274 6,939 688 538 420 4,656 405 4,213 4,385 3,864 288 3,948 160 W Taipei Grand Hyatt Le Meridien Sheraton The Regent Shangri-La's The Westin
900
720
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540
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360
0
RevPAR
No. of Rooms
Unit: Millions of NT$ Reference: Tourism Bureau
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Investment Subsidiaries-Hotel
28
Investment Subsidiaries
W Hotel Taipei & Competitor Set in 2013~2015
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RevPAR
9,000
7,642
6,750
4,500
2,250
0
W Hotel Grand Hyatt Le Meridien Sheraton The Regent Shangri-La's The Westin
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2013 2014 2015
Unit: NT$ Reference: Tourism Bureau
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Investment Subsidiaries-Hotel
29
Investment Subsidiaries
Tourists Breakdown of W Hotel Taipei by Regions
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22%
23%
2014 2015
20%
19% 19%
18%
17%
15% 13% 13%
11%
9%
8%
8%
6%
6%
8% 4%
3%
2% 2%
Other
Asia Area
United Japan
0% Taiwan Singapore Regions
North Kigdom
Hong
China
America
Kong
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30 Investment Subsidiaries-Hotel
Unit: Millions of NT$
Investment Subsidiaries
Financial Data of the Other Hotels in 2013~2015
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72% 960
71%
70% 69% 768
69%
68% 654 576
636
563 67% 66%
66% 756 777 766 384
64%
64% 192
95 91
72
62%
-16
-35 -38
60% -192
2013 2014 2015
Net Sales_Splendor Net Sales_Howard
Net Income_Splendor Net Income_Howard
Gross Profit Margin_Splendor Gross Profit Margin _Howard
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31 Investment Subsidiaries-Hotel
Future Strategy
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Competitiveness-1
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Strategy
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Seeking potential lands in
six major cities or
developing lands near
main traffic networks.
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Vertical integration
of resources to
reduce costs.
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PHD
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1. First-time homebuyer
2. Provide upscale properties
for Taiwan aspirational middle
class
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The best developer
in Tainan Group,
enjoying economic
scale.
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Prince Housing & Development Corp.
32 Future Strategy
Tainan Group Members
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Uni- Prince Tainan
President H&D Spinning
1216.tw 2511.tw 1440.tw
Universal
PCSC Tainan
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.
33 I ntro
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34
Prince Housing & Development Corp.
Thank you for your support
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Prince Housing & Development Corp.
35