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Annual Report 2020 Contents Embracing Change, Building Resilience Wing Tai Holdings Limited Annual Report 2020 Contents Strategic Review The M at Middle Road, 02. Chairman’s Message Singapore 04. Board of Directors p9 07. Key Management 08. Corporate Data G2000, Operating and Singapore Financial Review p15 09. Property 15. Retail 16. Year in Brief 17. Corporate Social Responsibility Corporate Governance 18. Corporate Governance Report Financial 33. Financial Reports On the front cover The front cover is inspired by the technical drawing of the façade of The M at Middle Road, showcasing its vibrant work-live-play attributes. Photos featured from top to bottom: Le Nouvel G2000, Uniqlo, facilities at The M at Middle Road - Jacuzzi Pool at the KLCC, Malaysia Sky Terrace and Club M. p11 Annual Report 2020 Embracing Change, Building Resilience 01. STRATEGIC REVIEW Chairman’s Message Overview Group Performance Singapore’s economy expanded by 0.7% For the financial year ended in 2019, slower than the 3.4% growth 30 June 2020, the Group recorded in 2018. In the second quarter of 2020, a total revenue of S$371.0 million. the Ministry of Trade and Industry This represents a 15% increase reported a decline of 13.2% on a year- from the S$322.6 million revenue on-year basis; the projected economic recorded in the previous year. This forecast is -7% to -5% in 2020. increase is mainly due to the higher contribution from development The Property Price Index (PPI) properties. The current year revenue increased by 1.3% in the third quarter from development properties was of 2019 to 152.8 and rose 0.5% to 153.6 largely attributable to the additional by the end of 2019. The PPI declined units sold in Le Nouvel Ardmore and 1% to 152.1 in the first quarter of 2020 the progressive sales recognised from before rebounding by 0.3% to 152.6 in The M at Middle Road in Singapore. the second quarter of 2020. The total number of new residential units sold in The Group recorded higher operating Singapore in 2019 increased by 12.7% profit of S$45.0 million in the current to 9,912 units compared to 8,795 units year as compared to S$24.6 million sold in 2018. In the first half of 2020, in the previous year. This increase is developers sold 3,862 new homes, mainly due to the higher contribution 7.8% lower than the first half of 2019. from Le Nouvel Ardmore, partially offset by the S$15.4 million fair value losses on the Group’s investment properties which were affected by the COVID-19 pandemic. The Group’s share of profits of associated and joint venture The Group’s focus during this companies decreased by 77% to S$12.1 million in the current year. This challenging time has been the safety decrease is primarily due to the share of our people, customers, tenants, of fair value losses on the investment properties of Wing Tai Properties and the communities we operate in. Limited in Hong Kong. In the current year, the Group’s net profit attributable to shareholders was S$16.0 million as compared to S$46.8 million in the previous year. Excluding the fair value changes on investment properties, the underlying net profit of the Group is S$69.6 million in the current year, which is 85% higher than the S$37.6 million recorded in the previous year. 02. Wing Tai Holdings Limited The Group’s net asset value per share venture with Fast Retailing, continues his invaluable guidance and unstinting as at 30 June 2020 was S$4.18. It to experience healthy sales. support to the Company over the years. was S$4.19 as at 30 June 2019. The Mr Eric Ang joined the Board as an Group’s net gearing ratio decreased Despite the uncertain economic Independent Non-Executive Director on to 0.05 times as at 30 June 2020 from climate, the Group’s latest project in 1 July 2020, and we welcome him. 0.12 times as at 30 June 2019. Singapore, The M at Middle Road was well received. More than 70% of the Appreciation Dividend 522-unit development has been sold as at 30 June 2020. In September 2019, On behalf of the Board, I thank our The Board recommended a first and the Group added a third data centre in shareholders, customers, tenants, final dividend of 3 cents per share for Melbourne to its portfolio, providing a bankers and business associates the current year. stable yield and recurring income. for their unwavering support and confidence in the Group, that we Embracing Change, Looking Forward may continue to build on our winning Building Resilience As a Group, we will proactively partnerships through the years. manage our business and adapt our Addressing Global Challenges strategies in response to changes in To our directors, I thank them for While 2019 was a challenging this uncertain climate. With a strong their astute leadership and invaluable year, 2020 is turning out to be balance sheet with low net gearing, insights in steering the Group ahead. unprecedented with the COVID-19 we are poised to take advantage of I thank our staff for their hard work pandemic. Its impact is felt all over opportunities arising in the region. and dedication during this challenging the world and will be long drawn. We will continue on our digitalisation time. I appreciate the management The Group’s focus during this journey to enhance efficiency and team for their courage and conviction challenging time has been the safety performance. While the road ahead will to strengthen and grow the business of our people, customers, tenants, no doubt be challenging, the resilience, despite the complex and volatile and the communities we operate in. teamwork and discipline of our people environments we operate in. Our staff have responded admirably, will tide us through. rising up to adapt to the new operating environment. They have enhanced Corporate Citizenry our infrastructure and processes to cater for safe management and social The Group gives back to the Cheng Wai Keung distancing requirements to minimise community through corporate Chairman disruption to our stakeholders. citizenry programmes under the Wing Tai Holdings Limited Wing Tai Foundation. During the 22 September 2020 On the retail front, we continued to year, we support the needy elderly face headwinds due to weakened and underprivileged young through sentiments which have been financial aid programmes. Our staff exacerbated by the pandemic. Our contributed their time and resources, principals in the UK have been working together to improve the lives facing difficulties; this has created of people in our communities. uncertainty for some of our brands in Singapore and Malaysia. The Group Board Movement is consolidating its retail business to stay relevant and focus on brands that In January this year, Mr Boey Tak Hap yield positive returns. We launched stepped down from the Board, having individual e-commerce sites for our been with the Company since 1997; portfolio of brands. Uniqlo, our joint my colleagues and I greatly appreciate Annual Report 2020 Embracing Change, Building Resilience 03. STRATEGIC REVIEW Cheng Edmund Cheng Wai Keung, 70 Wai Wing, 68 Board of Chairman and Deputy Chairman and Directors Managing Director Deputy Managing Director Date of first appointment Date of first appointment as director as director 17 April 1973 11 May 1981 Date of last re-appointment Date of last re-appointment as director as director 26 October 2018 23 October 2019 Board committee(s) Board committee(s) served on served on Nominating Committee Nil (Stepped down as a Member on 30 June 2020) Academic and professional qualification(s) Academic and professional Bachelor of Engineering (Civil qualification(s) Engineering), Northwestern Bachelor of Science, Indiana University, USA University, USA Master of Architecture, Master of Business Carnegie Mellon Administration, University University, USA of Chicago, USA Current directorships in other Current directorships in other listed companies and other listed companies and other principal commitments principal commitments Other listed companies Other listed companies Nil Nil Other principal commitments Other principal commitments Mapletree Investments Temasek Holdings (Private) Pte Ltd (Chairman) Limited (Deputy Chairman) Civil Aviation Authority Singapore-Suzhou Township of Singapore (Chairman) Development Pte Ltd Singapore Art Museum (Vice Chairman) (Chairman) Singapore Health Services Pte Yellow Ribbon Fund Main Ltd (Director) Committee (Chairman) Kidney Dialysis Foundation Limited (Director) Past directorships in other listed companies held over Past directorships in other preceding three years listed companies held over SATS Ltd. preceding three years Wing Tai Malaysia Berhad Wing Tai Malaysia Berhad (now known as Wing Tai (now known as Wing Tai Malaysia Sdn. Bhd.) Malaysia Sdn. Bhd.) 04. Wing Tai Holdings Limited Cheng Christopher Lau Paul Hon Guy Daniel Man Tak, 60 Loke Sam, 73 To Tong, 75 Harvey-Samuel, 63 Non-Executive Independent Lead Independent Director Non-Executive Director Independent Director Non-Executive Director Date of first appointment Date of first appointment Date of first appointment Date of first appointment as director as director as director as director 11 May 1981 28 October 2013 16 August 2007 2 January 2018 Date of last re-appointment Date of last re-appointment Date of last re-appointment Date of last re-appointment as director as director as director as director 26 October 2018 23 October 2019 23 October 2019 26 October 2018 Board committee(s) Board committee(s) Board committee(s) Board committee(s) served on served on served on served on Nil Remuneration Committee Audit & Risk Committee Nominating Committee (Chairman)
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