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RoxyRoxy--Pacific Holdings LimitedPacific Holdings Limited
Results BriefingResults Briefing1st Quarter Ended March 31 2012May 3 2012
Established Specialty Property and Hospitality Group
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
AgendaFinancial Performance
Business Review
Group Borrowings
Outlook
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
FinancialPerformance
Results BriefingResults Briefing1st Quarter Ended March 31 2012
May 3 2012
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
AgendaPre-tax profit of $11.1 million in 1Q2012
Gross profit margin surges 12 percentage points to 44% in 1Q2012
Achieves 19% increase in hotel’s net operating profit on the back of 10%improvement of RevPar in 1Q2012
Achieves strong take-up rates of more than 80% for recently launched projects –Centropod@Changi and Millage
Strong progress billings of S$778.9 million, profits of which to be progressivelyrecognised from 2Q2012 to FY2016
Stronger balance sheet with cash and cash equivalents rising 4.2% to S$237.7million
Financial Highlights – 1Q2012
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
FinancialPerformance
1Q2012 1Q2011 % change
Revenue (S$’m) 38.1 50.4 -24%
Gross Profit (S$’m) 16.6 16.2 3%
Gross Margin (%) 44% 32% 12 ppt
Pre-tax profit (S$’m) 11.1 11.2 -1%
PAT (S$’m) 9.0 10.0 -10%
EPS (cts) 1.42 1.58 -10%
Financial Results
$16.6 $23.4$38.1
$60.9 $50.4 $38.1$25.9
$41.7$43.7
$55.3$46.7
$19.6
$34.9$37.6
$53.1
$44.4
$40.6
$30.1
$44.1
$47.6
$42.1
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
2007 2008 2009 2010 2011 2012
4Q
3Q
2Q
1Q
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
FinancialPerformance
Revenue declined by 24% to S$38.1 million in 1Q2012
Financial Performance
Turnover Trend (S$’ million)
$102.7
$130.1
$163.5
$216.9
$183.7
$38.1
24%
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
FinancialPerformance
Net profit decreased 10% to S$9.0 million in 1Q2012
Financial Performance
Profit Trend (S$’ million)
$2.7 $4.2 $6.4 $9.0 $10.0 $9.0$5.0$8.9
$9.4$12.9
$14.9
$2.5
$8.7 $6.2
$8.9
$13.4
$9.0
$2.9 $5.9
$12.0
$11.4
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
2007 2008 2009 2010 2011 2012
4Q
3Q
2Q
1Q$19.2
$24.7$27.9
$42.8
$49.7
$9.0
10%
* Include S$1 millionwriteback of tax overprovided in respect of
prior year
*
$24.6
$37.9
$13.1
$11.7$0.4
$0.8
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
1Q2012 1Q2011
Property Investment Hotel Ownership Property Development
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Segment Results
Revenue (S$’ million)
65%
75%
23%
34%
1%
2%
50%
12%
35%
$38.1$50.4
$6.7 $7.0
$4.3 $4.1
$0.1 $0.1
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
1Q2012 1Q2011
Property Investment Hotel Ownership Property Development
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
61%
38%
36%
62%
36%
Segment Results
Pre-tax Profits (S$’ million)
4%
4%
$11.1 $11.2
1% 2%
Key FinancialsKey Financials
(1) Cash holdings include project account monies amounting to S$124.2 million as at 31 March 2012 (31 December 2011: S$137.5 million)
- - - -
Total assets ( S$’m) 714.3 748.6 (4.6%)
Total debts (S$‘m) 440.0 481.7 (8.7%)
Cash & cash equivalents ( S$‘m) 237.7 228.2 4.2%
Net Assets Value (“NAV”) ( S$‘m ) 219.0 209.9 4.3%
Adjusted Net Assets Value (“ANAV”) (S$‘m) 563.6 554.1 1.7%
NAV per share (cents) 34.40 32.98 4.3%
ANAV per share (cents) (2) 88.54 87.05 1.7%
Cash holdings per share (cents) (1) 37.35 35.85 4.2%
Net Debt to ANAV (times) 0.36 0.46 (21.7%)
Return on Equity (%) 16.6 23.7 (30.0%)
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
(1)
(2)
(2) The fair value of Grand Mercure Roxy Hotel was estimated to be S$401.5 million as at 31 March 2012 (31 December 2011 : S$401.5 million)
31 Mar 12 31 Dec 11 Increase / (Decrease)
(3) Represents annualised return on equity
(3)
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
BusinessReview
PropertyDevelopment
Results BriefingResults Briefing1st Quarter Ended March 31 2012
May 3 2012
$3.0
$1.9
$7.3
$2.9
$5.1
$4.7
$10.9
$4.5
$0.3
$5.2
$3.6
$9.7
$1.6
$1.8
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
1Q2012 1Q2011
Space@Kovan
Marque @Irrawaddy
Spottiswoode 18
Studios@Tembeling
Straits Residences
The Lucent
Nova 88
The Verte
Nova 48
The Azzuro
The Florentine
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Revenue from Property Development (S$’million)
Business ReviewProperty Development
Decrease in revenue by35% from $37.9 million in1Q2011 to $24.6 million in1Q2012
Mainly due to
• completion of 4development projects(namely The Florentine,The Azzuro, Nova 48 andThe Lucent) in 2011; and
• the gap in revenuerecognition until thecommencement ofconstruction of newerprojects.
Obtained TemporaryOccupation Permit for TheVerte in Jan 2012
35%
$24.6
$37.9
$188.4
$336.5 $346.2
$471.6
$751.2
$907.5
$53.0 $78.7 $65.4$143.0 $152.6 $128.6
$0.0
$100.0
$200.0
$300.0
$400.0
$500.0
$600.0
$700.0
$800.0
$900.0
$1,000.0
FY2007 FY2008 FY2009 FY2010 FY2011 2-May-12
Sales value Revenue recognised
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Strong attributable progress billings to be recognised (S$’million)
Business ReviewProperty Development
(1) Based on Option to Purchase granted up to 2 May 2012
$778.9
(1)
$598.6
Increased by30%
compared toFY2011
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
(1) Based on Option to Purchase granted up to 2 May 2012(2) Launched in February 2012(3) Launched in March 2012(4) Launched in April 2012
Strong attributable progress billings to be recognised – By Projects (S$’million)
Business ReviewProperty Development
Project name Type of developmentGroup's
stake
No. ofunits in
theproject
%sold
Attributable totalsale value (1)
AttributableRevenue
recognisedup to 31
Mar 2012
Balanceattributable
progress billings tobe recognisedfrom 2Q2012
($'m) (S$’m) ($'m)
1 Nova 88 Residential 100% 88 100% 75.7 73.9 1.8
2 Haig 162 Residential 45% 99 100% 26.3 8.9 17.4
3 Straits Residences Residential 100% 30 100% 20.1 2.6 17.5
4 Studios@Tembeling Residential 100% 25 100% 18.5 15.6 2.9
5 Jupiter 18 Residential 100% 53 100% 35.8 5.3 30.5
6 Spottiswoode 18 Residential 100% 251 97% 240.9 20.5 220.4
7 Space@Kovan 56 shops, 140 residential 100% 196 100% 159.8 1.8 158.0
8 Nottinghill Suites Residential 45% 124 71% 29.1 - 29.1
9 Wis@Changi 7 shops, 16 restaurants, 60 offices 100% 83 33% 19.9 - 19.9
10 Centropod@Changi 108 shops, 9 restaurants, 75 offices 100% 192 84% 104.0 - 104.0
11 Treescape (2) Residential 100% 30 100% 29.2 - 29.2
12 Millage (3) 86 shops, 70 residential 48% 156 100% 52.2 - 52.2
13 Natura@Hillview (3) Residential 49% 193 55% 39.7 - 39.7
14 Eon Shenton (4)
23 shops, 98 Offices, 132Residential 20% 253 62% 56.3 - 56.3
Total 1,773 907.5 128.6 778.9
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Landbanks
Business ReviewProperty Development
(1) includes estimated state land premium and development charge, if any.
(2) The acquisition is subject to and conditional upon obtaining of an Order for Sale from the Strata Titles Board or High Court (as the case may be)approving this sale and purchase, if necessary.
Project name / Location /Description
ApproximateLandArea
ApproximateGross Floor
Area
Group’sstake
ApproximateAttributableGross Floor
Area
ApproximateAttributableLand Cost (1)
(sqf) (sqf) % (sqf) $’m
The MKZ(131 Mackenzie Road)
12,895 27,082 100% 27,082 24.7
2 & 4 Lew Lian Vale (2) (currentlyknown as Jade Towers)
92,412 131,702 100% 131,702 106.3
105,307 158,784 158,784 131.0
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
BusinessReview
Hotel Ownership
Results BriefingResults Briefing1st Quarter Ended March 31 2012
May 3 2012
92.5%
88.0%86.2%
94.2% 94.6%
91.6%92.8%
$154.4
$200.3
$147.0
$166.4
$188.3 $185.9
$201.5
$142.8
$176.3
$126.7
$156.7
$178.1$170.3
$187.0
$50.0
$80.0
$110.0
$140.0
$170.0
$200.0
$230.0
80.0%
83.0%
86.0%
89.0%
92.0%
95.0%
FY2007 FY2008 FY2009 FY2010 FY2011 1Q2011 1Q2012
AOR ARR RevPar
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
AOR , ARR & RevPar in 1Q2012
Business ReviewHotel Ownership
RevPar increased by 9.8% to $187.0 in 1Q2012
1.2%
8.3%
$37.4
$48.5
$37.5
$44.5$48.4
$11.7 $13.1
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
FY2007 FY2008 FY2009 FY2010 FY2011 1Q2011 1Q2012
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Hotel Revenue (S$’million)
Business ReviewHotel Ownership
Hotel revenue improved by 12% in 1Q2012
12%
$16.8
$21.6
$13.3
$17.7
$21.8
$4.8$5.7
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
FY2007 FY2008 FY2009 FY2010 FY2011 1Q2011 1Q2012
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Hotel Net Operating Profits (“NOP”) (S$million)
Business ReviewHotel Ownership
Hotel NOP increased by 19% in 1Q2012
19%
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
BusinessReview
PropertyInvestment
Results BriefingResults Briefing1st Quarter Ended March 31 2012
May 3 2012
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Revenue (S$’ million)
Business ReviewProperty Investment
Decreased by 50%in 1Q2012 due tothe terminationof leases in KovanCentre on 31 Aug2011 forredevelopment.
$0.6
$1.8
$0.89$0.4
$1.3
$1.5
$1.34
$0.4
$0.4$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
FY2009 FY2010 FY2011 1Q2011 1Q2012
Kovan Centre Roxy Square
50%
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
GroupBorrowings
Results BriefingResults Briefing1st Quarter Ended March 31 2012
May 3 2012
Group Borrowings
Debt Profile
31 Mar 12 31 Dec 11
Total borrowings $440.0m $481.7m
Fixed rate loans $139.9 m $140.4 m
Fixed rate loans as % of total loans (1) 32% 29%
Interest cover ratio (times) 12.9 14.5
Weighted average term for fixed rates loans 13 months 16 months
Weighted average interest rate (fixed rates loans) 2.78% 2.78%
Weighted average interest rate (floating rates loans) 1.85% 1.86%
(1) Includes $32.4 m loans under interest rate swap contracts to swap floating interest rates for fixed interest rates
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Development loans -sold projects, $255.3,
58%
Development loans -unsold projects, $51.1,
12% Revolvingloans, $45.6,
10%
Repayable in Mar 2013,$3.3, 1%
Repayable in Apr 2013to Mar 2017, $16.6, 4%
Repayable after Mar2017, $68.1, 15%
Other, $88.0, 20%
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Outlook
$296.4, 67%
Group Borrowings
Debt Profile as at 31 March 2012
Total outstanding debts of S$440.0 million as at 31 March 2012
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Outlook
Results BriefingResults Briefing1st Quarter Ended March 31 2012
May 3 2012
Outlook
1. General
- According to advance estimates by Ministry of Trade and Industry Singapore (“MTI”), the Singapore economy grew by 1.6per cent on a year-on-year basis in 1Q2012, compared to 3.6% in 4Q2011, and is forecast to grow between 1.0% and 3.0%in 2012.
2. Property Development- Based on latest real estate statistics from URA:
- overall prices of private residential properties in 1Q2012 fell marginally by 0.1% compared with the 0.2% increase inthe quarter before, confirming a trend of stabilising prices over the past 9 consecutive quarters.
- However, housing demand has remained strong in 1Q2012 partly due to high liquidity, low mortgage interest ratesas well as the record number of projects launched in 1Q2012.
3. Hotel Ownership- Based on STB statistics:
- latest forecast shows a $23 to $24 billion in tourism receipts and 13.5 to 14.5 million visitor arrivals for 2012.
- The Group believes that demand for the hotel rooms should continue to be strong in 2012 due to the strongeconomy and continual high visitors’ arrivals to Singapore.
4. Progress billings of S$778.9 million, profits of which to be progressively recognised from 2Q2012 to FY2016
5. Barring any unforeseen circumstances, the directors expect the Group to be profitable in 2012.
Established Specialty Property and Hospitality Group
RoxyRoxy--Pacific Holdings LimitedPacific Holdings Limited
RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedEstablished Specialty Property and Hospitality Group
Thank You
Results BriefingResults Briefing1st Quarter Ended March 31 2012
May 3 2012