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PHD — Interim / Quarterly Report 2017
Apr 9, 2018
52134_rns_2018-04-09_1aeec535-21c3-460f-8ac1-61ff18956550.pdf
Interim / Quarterly Report
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We shape our buildings;thereafter they shape us
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Prince Housing & Development Corp.
2511TT
4 Q 2017 Operational Briefing
1
Disclaimer Statement
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This presentation contains forward looking statements which are estimated based on the current status of
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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.
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Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of
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future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved.
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Prince Housing & Development Corp. expressly disclaims any obligation to review, update or correct these
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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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～
2015 Corporate Governance Evaluation System 6% 20%
2011
Capital Exceeded 10 Billion
Sign Taipei City Hall Bus Terminal BOT Contract
2004
Sign NTU Dorm \ NCKU Dorm BOT Contract
1997
Investment Hotel Business
1991 Go Public in Taiwan Stock Marker
1973 Founded in Tainan City / Capital NT$ 150 Million
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2017
Ticker: Consolidated
2511 Revenue
10.99Billion
NAV NT
$14.89 �
Capital
Total Asset
16.2 Billion �
50.28Billion �
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Prince Housing & Development Corp.
4 Overview
Expressed in million of NT dollars
Financial Data (Consolidated)
| 2017Q4 | 2017Q4 | Different | Different | 2016Q4 | 2016Q4 | |
|---|---|---|---|---|---|---|
| M | % | M | YOY | M | % | |
| Construction in Progress | 5,285 | 11 | 1,594 | 43 | 3,691 | 7 |
| Land Held for Construction | 10,150 | 20 | (2,387) | (19) | 12,537 | 24 |
| Building and Land Held for Sale | 5,459 | 11 | 543 | 11 | 4,916 | 10 |
| Prepayment for Land | 187 | 0 | 54 | 41 | 133 | 0 |
| Others | 982 | 2 | (12) | (1) | 994 | 2 |
| Inventories Subtotal | 22,063 | 44 | (208) | (1) | 22,271 | 43 |
| Cash and Other Current Assets | 8,235 | 16 | (553) | (6) | 8,788 | 17 |
| Funds and Investments | 3,897 | 8 | (301) | (7) | 4,198 | 8 |
| Total Assets | 50,275 | 100 | (1,010) | (2) | 51,285 | 100 |
| Loans&Bonds | 19,200 | 38 | 815 | 4 | 18,385 | 36 |
| Receipts in Advance | 1,264 | 3 | (123) | (9) | 1,387 | 3 |
| Total Liabilities | 26,098 | 52 | (560) | (2) | 26,658 | 52 |
| Stockholders Equities | 24,176 | 48 | (452) | (2) | 24,628 | 48 |
| Current Ratio | 197.44% | 254.34% | ||||
| Debt Ratio | 51.91% | 51.98% | ||||
| Net Debt to Equity | 62% 56% |
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Note:Change to IFRS Accounting Principles in 2013
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5 Financial Data
Expressed in million of NT dollars
Financial Data (Consolidated)
| 2017Q4 | 2017Q4 | Different | Different | 2016Q4 | 2016Q4 | |
|---|---|---|---|---|---|---|
| M | % | M | YOY | M | % | |
| Operating Revenue | 10,989 | 100 | (1,071) | (9) | 12,060 | 100 |
| Operating Cost | (7,723) | (70) | 401 | (5) | (8,124) | (67) |
| Gross Profit | 3,266 | 30 | (670) | (17) | 3,936 | 33 |
| Operating Expenses | (2,188) | (20) | 234 | (10) | (2,422) | (20) |
| Operating Income | 1,078 | 10 | (436) | (29) | 1,514 | 13 |
| Pre-tax Income | 1,340 | 12 | (566) | (30) | 1,906 | 16 |
| Net Income | 1,265 | 12 | (334) | (21) | 1,599 | 13 |
| Earnings per Share | 0.79 | 0.99 | ||||
| Net Assets Value | 14.89 | 15.17 | ||||
| Return on Equity | 5.23% | 6.49% |
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Financial Data
6
Financial Data (Consolidated)
Expressed in million of NT dollars
| Revenue(%) Income(%) Segment Information 2017 Q4 Breakdown |
Segments | Property | Construction | Hotel | Fixed Income | Others |
Total | Adj. | Consolidated |
|---|---|---|---|---|---|---|---|---|---|
| Segment Revenue |
5,222 | 2,821 |
2,577 |
512 |
1,397 |
12,529 |
(1,540) |
10,989 |
|
| Revenue (%) | 41.7% | 22.5% |
20.5% |
4.1% |
11.2% |
100.0% |
|||
| YoY | -4.8% | -28.0% |
-4.9% |
-1.3% |
132.8% |
-5.3% |
-8.9% | ||
| Segment Income |
115 | 88 |
208 |
186 |
483 |
1,080 |
(2) |
1,078 |
|
| Income (%) | 10.7% | 8.1% |
19.3% |
17.2% |
44.7% |
100.0% |
|||
| EBT Margin | 2.2% | 3.1% |
8.1% |
36.3% |
34.6% |
8.6% |
9.8% | ||
| YoY | -86.2% | 17.3% |
-17.1% |
-0.5% |
-24250.0% | -19.7% |
-28.8% |
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Prince Housing & Development Corp.
7 Financial Data
Expressed in million of NT dollars
Financial Data (Non-Consolidated)
| 2017Q4 | 2017Q4 | Different | Different | 2016Q4 | 2016Q4 | |
|---|---|---|---|---|---|---|
| M | % | M | YOY | M | % | |
| Construction in Progress | 5,338 | 12 | 1,447 | 37 | 3,891 | 9 |
| Land Held for Construction | 9,266 | 21 | (2,159) | (19) | 11,425 | 26 |
| Building and Land Held for Sale | 5,506 | 13 | 531 | 11 | 4,975 | 11 |
| Prepayment for Land | 187 | 0 | 54 | 41 | 133 | 0 |
| Others | 947 | 2 | (8) | (1) | 955 | 2 |
| Inventories Subtotal | 21,244 | 49 | (135) | (1) | 21,379 | 49 |
| Cash and Other Current Assets | 3,739 | 9 | (614) | (14) | 4,353 | 10 |
| Funds and Investments | 7,778 | 18 | 266 | 4 | 7,512 | 17 |
| Total Assets | 43,122 | 100 | (398) | (1) | 43,520 | 100 |
| Loans&Bonds | 15,844 | 37 | 801 | 5 | 15,043 | 35 |
| Receipts in Advance | 942 | 2 | (71) | (7) | 1,013 | 2 |
| Total Liabilities | 19,260 | 45 | 26 | 0 | 19,234 | 44 |
| Stockholders Equities | 23,862 | 55 | (435) | (2) | 24,297 | 56 |
| Current Ratio | 253.56% | 281.74% | ||||
| Debt Ratio | 44.66% | 44.20% | ||||
| Net Debt to Equity | 56% 50% |
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8 Financial Data
Expressed in million of NT dollars
Financial Data (Non-Consolidated)
| 2017Q4 | 2017Q4 | Different | Different | 2016Q4 | 2016Q4 | |
|---|---|---|---|---|---|---|
| M | % | M | YOY | M | % | |
| Operating Revenue | 5,734 | 100 | (270) | (4) | 6,004 | 100 |
| Operating Cost | (4,421) | (77) | (682) | 18 | (3,739) | (62) |
| Gross Profit | 1,313 | 23 | (952) | (42) | 2,265 | 38 |
| Operating Expenses | (1,012) | (18) | 231 | (19) | (1,243) | (21) |
| Operating Income | 301 | 5 | (721) | (71) | 1,022 | 17 |
| Pre-tax Income | 1,287 | 22 | (571) | (31) | 1,858 | 31 |
| Net Income | 1,281 | 22 | (328) | (20) | 1,609 | 27 |
| Earnings per Share | 0.79 | 0.99 | ||||
| Net Assets Value | 14.7 | 14.97 | ||||
| Return on Equity | 5.37% | 6.62% |
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Financial Data
9
Financial Data (Non-Consolidated)
Expressed in million of NT dollars
| Major Profit Contributors Breakdown in 2017 |
Note:Change to IFRS Accounting Principles in 2013 |
Note:Change to IFRS Accounting Principles in 2013 |
Note:Change to IFRS Accounting Principles in 2013 |
Note:Change to IFRS Accounting Principles in 2013 |
||
|---|---|---|---|---|---|---|
| Unit: NT$ in Millions | Ownership | 2017 | 2015 | |||
| Amount | % of NI | Amount | % of NI | |||
| Operating Income | 301 | 23% | 1,021 | 63% | ||
| Total Investment Income(Equity Method) | 789 | 62% | 559 | 35% | ||
| Major Components of Investment Income: | ||||||
| Prince Real Estate Co., Ltd. | 99.65% | 421 | 33% | - | 0% | |
| Time Square International Co., Ltd. | 100% | 156 | 12% | 180 | 11% | |
| Cheng-Shi Investment Holdings Co., Ltd. | 100% | 149 | 12% | 95 | 6% | |
| Uni-President Development Corp. | 30% | 34 | 3% | 43 | 3% | |
| Prince Housing Investment Co., Ltd. | 100% | 27 | 2% | 46 | 3% | |
| Prince Property Management Consulting Co., Ltd. | 100% | 11 | 1% | 14 | 1% | |
| Jin Yi Xing Plywood Co., Ltd. | 100% | 10 | 1% | 142 | 9% | |
| Geng-Ding Co., Ltd. | 30% | 1 | 0% | 21 | 1% | |
| Ming-Da Enterprises Co., Ltd. | 20% | - | 0% | 32 | 2% | |
| Total Dividend Income | 90 | 7% | 94 | 6% | ||
| Major Components of Dividend Income: | ||||||
| Southern Science Joint Develepment Co., Ltd. | 10% | 36 | 3% | 22 | 1% | |
| Uni-President International Development Corp. | 6.63% | 30 | 2% | 9 | 1% | |
| Peisident Eneigy Development Corp. | 6% | 10 | 1% | 41 | 3% | |
| Nantex Industry Co., Ltd.(2108 TT) | 3% | 7 | 1% | 13 | 1% | |
| ScinoPharm Taiwan, Ltd.(1789 TT) | 3% | 7 | 1% | 7 | 0% | |
| Net Income | 1,281 | 100% | 1,609 | 100% | ||
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10 Financial Data
Financial Data
Dividend Policy
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1.8
1.54 1.51 1.6
1.38
1.3 1.4
0.99 1.2
1.1 101%
0.79 1
1
82%
0.8
0.8
80%
0.65 0.6
0.5
0.3 53% 0.4
32% 0.2
23%
0
2012 2013 2014 2015 2016 2017
EPS Cash Dividend Payout Ratio
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11 Financial Data-Dividend Prince Housing & Development Corp.
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.
12 Financial Data-Real Estate
Financial Data - Real Estate
Residential Project Area -Northern Taiwan
| Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ ▲ Year of completion |
Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ ▲ Year of completion |
Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ ▲ Year of completion |
Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ ▲ Year of completion |
|||||
|---|---|---|---|---|---|---|---|---|
| Project Name | Location | SalableValue (billion) |
Sales Rate(%) |
Year of completion | ||||
| Before 2018 | 2018 | 2019 | 2020 | |||||
| Prince Shinyi | New Taipei City | 2.98 | 20% | ▲ | ||||
| Prince FuⅢ | Taoyuan City | 2.02 | 34% | ▲ | ||||
| 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 | 70% | ▲ | ||||
| Zhong Chuang Section 222 | New Taipei City | 2.08 | - | |||||
| - | ||||||||
| Total | 13.67 | |||||||
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Purchase of land in 2017 Total Sales Size 101,190 square meter
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13 Financial Data-Real Estate
Financial Data - Real Estate
Residential Project Area -Central Taiwan
| Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ Year of completion |
Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ Year of completion |
Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ Year of completion |
Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ Year of completion |
|||||
|---|---|---|---|---|---|---|---|---|
| Project Name | Location | SalableValue (billion) |
Sales Rate(%) |
Year of completion | ||||
| Before 2018 | 2018 | 2019 | 2020 | |||||
| Prince Yu Ding | Taichung City | 1.91 | 5% | ▲ | ||||
| W Epoch | Taichung City | 1.91 | 31% | ▲ | ||||
| Prince Hsinfuliao | Nantou County | 0.61 | 38% | ▲ | ||||
| Ping Hsin Section | Taichung City | 2.44 | - | ▲ | ||||
| Prince County | Nantou County | 0.86 | 94% | ▲ | ||||
| Jin Shuei Wu Show Section | Taichung City | 1.02 | - | |||||
| Total | 8.75 | |||||||
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Purchase of land in 2017 Total Sales Size 112,215 square meter
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14 Financial Data-Real Estate
Financial Data - Real Estate
Residential Project Area-Southern Taiwan
| Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ Year of completion |
Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ Year of completion |
Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ Year of completion |
Before 2018 2018 2019 2020 ▲ ▲ ▲ ▲ ▲ ▲ ▲ ▲ Year of completion |
|||||
|---|---|---|---|---|---|---|---|---|
| Project Name | Location | SalableValue (billion) |
Sales Rate(%) |
Year of completion | ||||
| Before 2018 | 2018 | 2019 | 2020 | |||||
| Prince CloudC1(Terrace House) | Kaohsiung City | 1.62 | 94% | ▲ | ||||
| Prince CloudC2(Condominium) | Kaohsiung City | 1.77 | 78% | ▲ | ||||
| Prince Jun Fon Huei | Tainan City | 0.97 | 50% | ▲ | ||||
| Prince Travel | Tainan City | 0.97 | - | ▲ | ||||
| Shan Gia Dist. | Tainan City | 0.69 | - | ▲ | ||||
| Prince Feng Yun | Tainan City | 1.77 | - | ▲ | ||||
| Prince Xue A(Terrace House) | Kaohsiung City | 1.94 | - | ▲ | ||||
| Prince Xue B(Condominium) | Kaohsiung City | 5.52 | - | ▲ | ||||
| Jin Hua Sect | Tainan City | 3.02 | - | |||||
| Prince Cloud E | Kaohsiung City | 2.04 | - | |||||
| Jin Yi Xing | Kaohsiung City | 10.47 | - | |||||
| Total | 30.78 | |||||||
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Purchase of land in 2017 Total Sales Size 580,023square meter
Prince Housing & Development Corp.
15 Financial Data-Real Estate
Financial Data - Real Estate
Expected Launch Value and Year
Expressed in billion of New Taiwan dollars
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Taipei Branch Taichung Branch Tainan Branch
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16 Financial Data-Real Estate
Investment Subsidiaries
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Fixed
Income
& BOT
Hotel
Construction
Real Estate
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17
Investment Subsidiaries
Chartered period 「 BOT Income Properties ︾ NTU 47Y NTU BOT NCKU BOT NCKU 35Y
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Expressed in million of NT dollars
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NCKU BOT
NTU BOT
525 519 512
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191 188 186
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2018
2005 2008 NTU 34Y 2040 2052 Mar. NTU signed NCKU 22Y NCKU NTU Sep. Started Operating May. NCKU signed
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18 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-UstyleDepartment 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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19 Investment Subsidiaries-BOT
Investment Subsidiaries
PDC Operation 2015~2017 Expressed in million of NT dollars 40% 40% 1,100 31% 29% 880 30% 660 20% ~~1,067~~ 981 949 440 10% ~~213~~ 143 140 220 0% 0 2015 2016 2017 Gross Profit Margin Net Sales Net Income before Tax
Expressed in million of NT dollars
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20 Investment Subsidiaries-BOT
Investment Subsidiaries
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Fixed
Income
& BOT
Hotel
Construction
Real Estate
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21
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
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pay the rent
PDC
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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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22 Investment Subsidiaries-Hotel
Investment Subsidiaries
Expressed in million of NT dollars
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W Hotel Taipei in 2015~2017 Financial data
40%
40% 2,200
2,156
1 950
, 1,760
40%
1,803
39% 39% 1,320
39%
880
39%
440
216 217
188
38% 0
2015 2016 2017
Gross Profit Margin Net Sales Net Income before Tax
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Investment Subsidiaries-Hotel
23
Expressed in million of NT dollars
Investment Subsidiaries
W Hotel Taipei in 2017 Revenue in BU %
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Room Revenue- 1,087 FB Revenue- 662 Other Revenue- 54
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Reference:Tourism Bureau
Prince Housing & Development Corp.
Investment Subsidiaries-Hotel
24
Investment Subsidiaries
W Hotel Taipei in Y2017 Competitor Set Results
| DEC 2017 YTD | NBR | 2017 | 2017 | 2017 | 2016 | 2016 | 2016 | Variance | Variance | Variance | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RMS | OCC | ADR | REVPAR | OCC | ADR | REVPAR | OCC | ADR | REVPAR | |||
| W Taipei | 405 | 78.6% | 8,500 | 6,684 | 76.9% | 9,241 | 71,074 | 2.2% | -8.0% | -6.0% | ||
| Le Meridien | 160 | 82.5% | 8,605 | 7,100 | 78.1% | 8,858 | 6,917 | 5.7% | -2.9% | 2.6% | ||
| Humble House | 232 | 84.7% | 5,986 | 5,068 | 81.6% | 6,056 | 4,941 | 3.8% | -1.2% | 2.6% | ||
| Grand Hyatt Taipei | 853 | 70.8% | 6,072 | 4,298 | 64.7% | 6,303 | 4,077 | 9.4% | -3.7% | 5.4% | ||
| Grand Formosa Regent | 538 | 75.6% | 5,682 | 4,297 | 73.8% | 6,072 | 4,479 | 2.5% | -6.4% | -4.1% | ||
| Westin | 288 | 67.8% | 6,128 | 4,152 | 74.2% | 6,152 | 4,567 | -8.7% | -0.4% | -9.1% | ||
| Far Eastern Shangri-la | 420 | 62.3% | 6,342 | 3,953 | 61.7% | 6,405 | 3,954 | 0.9% | -1.0% | 0.0% | ||
| Marriott Taipei | 318 | 66.4% | 5,895 | 3,916 | 50.8% | 6,107 | 3,101 | 30.8% | -3.5% | 26.3% | ||
| Sheraton | 688 | 69.8% | 5,430 | 3,792 | 66.9% | 5,777 | 3,866 | 4.4% | -6.0% | -1.9% | ||
| Total | 3,902 | 71.9% | 6,310 | 4,538 | 68.4% | 6,608 | 4,521 | 5.1% | -4.5% | 0.4% |
Expressed in million of NT dollars Reference:Tourism Bureau
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Investment Subsidiaries-Hotel
25
Investment Subsidiaries
Tourists Breakdown of W Hotel Taipei by Regions
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Investment Subsidiaries-Hotel
26
Investment Subsidiaries
Expressed in million of NT dollars
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Others in 2015~2017 Financial data
70% 70% 800
69% 640
69%
480
766 759 774
67% 654 666 67% 320
572
66% 66% 160
91
71
66%
2
65% 0
-16 -19
-36
-160
2015 2016 2017
Gross Profit Margin_Splendor Gross Profit Margin _Howard
Net Sales_Splendor Net Sales_Howard
Net Income_Splendor Net Income_Howard
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27 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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Prince Housing & Development Corp.
Future Strategy
28
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.
29 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.
30
Prince Housing & Development Corp.
Thank you for your support
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Prince Housing & Development Corp.
31