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Value Appreciating VALUE ANNUAL REPORT 09 REPORT ANNUAL WING TAI HOLDINGS LIMITED APPRECIATING APPRECIATING WING TAI HOLDINGS LIMITED annual report 2009 LEADING POINTS 01 Chairman’s Message 03 Corporate Data 04 Board of Directors 06 Key Management AFFIRMING FUNDAMENTALS 08 Corporate Governance SPREADING INFLUENCE 12 Calendar of Events GROWING PRESENCE 13 Property WELCOMING STAY 15 Hospitality DEFINING QUALITY 16 Retail + Lifestyle TELLING FACTS 17 Financial Reports ON THE COVER: Superbly sited Ascentia Sky dominates the Tanglin skyline and charms with its lush sky gardens. CHAIRMAN’S MESSAGE The Singapore economy grew by 1.1% in 2008 and real GDP expanded an annualised 20.7% in the second quarter of 2009, after four consecutive quarters of contraction. OVERVIEW The Singapore economy grew by 1.1% in units available for sale at VisionCrest Residence in Singapore 2008 and real GDP expanded an annualised 20.7% in the and the lower contribution from USI Holdings in Hong second quarter of 2009, after four consecutive quarters of Kong. The Group’s net profit attributable to shareholders for contraction. Given a subdued global economic outlook for the the current year was S$21 million as compared to S$229.3 rest of the year due to rippled effects of the global financial million in the previous year. Excluding the fair value gains/ crisis, the Singapore economy is expected to contract by 4% losses on investment properties, the underlying net profit of to 6% in 2009. the Group was S$108.9 million in the current year, compared New home sales in Singapore fell from 14,811 units in to S$157.8 million in the previous year. As at 30 June 2009, 2007 to 4,264 units in 2008, but picked up in the first half of the Group’s net gearing ratio was 0.5 times. The Board of 2009, with 7,250 units sold arising from pent-up demand in Directors recommended a first and final one-tier dividend of the mass, mid-tier and prime segments. Residential property 3 cents per share and a special one-tier dividend of 1 cent per prices declined by 4.7% in 2008, and continued to decline share for the current year. in the first half of 2009, with a decline of 14.1% in the first Residential property sales in the first half of the year quarter of 2009, followed by a smaller decline of 4.7% in the slowed due to economic uncertainty. Subsequent to year end, second quarter of 2009. Belle Vue Residences, Ascentia Sky by Tanglin and Floridian contributed to additional sales proceeds exceeding S$500 GROUP PERFORMANCE The Group recorded an 18% million. The Riverine by The Park and Casa Merah would increase in revenue for the financial year ended 30 June 2009. also obtain Temporary Occupation Permit in the financial Revenue rose from S$428.2 million in the previous year to year 2010 with further sales proceeds of S$185 million to S$507.3 million in the current year. Revenue on development be collected. The Group will continue to ride on the positive properties for the current year was mainly attributable to the market momentum to market its residential projects. progressive sales recognised from Helios Residences, Belle The Group’s investment properties comprising commercial Vue Residences and The Riverine by The Park in Singapore. developments and serviced apartments did well, contributing The Group’s operating profit decreased from S$204.7 S$37.7 million in revenue for the current year. Two new million to S$35.3 million in the current year due mostly to the contracts were signed in March 2009 to manage new serviced fair value losses on investment properties of S$109.7 million. residences Lanson Place Bukit Ceylon in Kuala Lumpur and In the previous year there were fair value gains on investment Lanson Place Jin Qiao in Shanghai, bringing to eight the properties of S$90.6 million. Excluding these fair value Group’s hospitality management contracts in Asia. changes, the underlying operating profit of the Group was In retail, the Group achieved growth in operating profit S$145 million in the current year, as compared to S$114.1 despite the recession. It successfully launched Uniqlo in million in the previous year. This increase in profit was largely Singapore in April 2009 at the new Tampines 1 shopping mall. due to the higher contributions from the development This joint venture with Japan’s Fast Retailing Co. Ltd stemmed properties division. from a shared strategic vision on growth and expansion. The Group’s share of profits of associated and joint Uniqlo’s second store opened at Ion Orchard in August 2009 venture companies decreased from S$123 million to S$31.3 with a third store opening planned for the year end. million in the current year, mainly due to the fewer residential WING TAI ANNUAL REPORT 2009 CHAIRMAN’S MESSAGE 1 Ascentia Sky by Tanglin: Living and dining rooms open out to a lifestyle balcony, providing panoramic views of the city and vast greenery. LOOKING AHEAD Barring major catastrophes, we look to a remained supportive of charity causes, and of community and recovery from the global financial crisis in the years coming, artistic development in Singapore. for economic growth to gain momentum steadily albeit slowly. Demand in the mass market segment has generally stabilised, BOARD MOVEMENT On behalf of the Board, I wish to particularly with the anti-speculative measures introduced by express appreciation to Mr Lee Kim Wah who, after 40 years of the Government on 14 September 2009, but for sustained service, retired as Finance Director in December 2008 but has recovery of the high-end segment, we would need to see more remained as a non-executive director and Senior Advisor to the wealth generation and real growth in the global economy. Company. I also welcome Ms Tan Hwee Bin and Mr Chng Chee The Group has demonstrated resilience and discipline Beow who were promoted and appointed in December 2008 in overcoming challenging market conditions in a severely as Executive Director and Property Director, respectively. difficult operating environment. We shall exercise prudence in our operations and risk management, and focus on our core APPRECIATION I thank our shareholders, customers, tenants competencies and key success factors viz. quality, value and and business partners for their continued support, as well winning partnerships based on trust. We will also continue as our staff for their tenacity and dedicated service. In the to invest our resources to develop management and staff coming year, I am confident the Group will continue to talent and to raise productivity for better performance. The achieve business results and add value. Group’s leadership in enterprise management and business performance was validated by several international awards received in the past year. The Group is committed to responsible corporate citizenry; CHENG WAI KEUNG we will do our best to help the needy in our community in Chairman ways that we can. Despite the economic downturn, we have 30 September 2009 WING TAI ANNUAL REPORT 2009 2 CHAIRMAN’S MESSAGE Corporate Data BOARD OF DIRECTORS COMPANY SECRETARIES REGISTERED OFFICE PRINCIPAL BANKERS Cheng Wai Keung Gabrielle Tan 3 Killiney Road DBS Bank Limited Chairman Ooi Siew Poh #10-01 Winsland House I 6 Shenton Way Edmund Cheng Wai Wing Singapore 239519 DBS Building Deputy Chairman EXECUTIVE DIRECTORS Tel: 6280 9111 Singapore 068809 Cheng Wai Keung Fax: 6732 9956 The Hongkong Boey Tak Hap Managing Director www.wingtaiasia.com.sg Cheng Man Tak and Shanghai Banking Tan Sri Dato’ Mohamed Edmund Cheng Wai Wing Corporation Limited Deputy Managing Director REGISTRAR 21 Collyer Quay Noordin bin Hassan & TRANSFER OFFICE Lee Han Yang Tan Hwee Bin HSBC Building Tricor Barbinder Share Singapore 049320 Lee Kim Wah Executive Director Registration Services Loh Soo Eng Chng Chee Beow (A division of Tricor Malayan Banking Berhad Phua Bah Lee Property Director Singapore Pte. Ltd.) 2 Battery Road Paul Tong Hon To 8 Cross Street Maybank Tower Tan Hwee Bin EXECUTIVE OFFICERS #11-00 PWC Building Singapore 049907 Chng Chee Beow Len Siew Lian Singapore 048424 Overseas-Chinese Banking General Manager, Property Corporation Limited AUDIT COMMITTEE Karine Lim AUDITORS 65 Chulia Street Paul Tong Hon To PricewaterhouseCoopers OCBC Centre Chairman General Manager Group Human Resource LLP Singapore 049513 Boey Tak Hap Certified Public Accountants The Bank of Tokyo- Lee Han Yang SUBSIDIARY COMPANIES 8 Cross Street Mitsubishi UFJ, Ltd Phua Bah Lee DNP Holdings Berhad #17-00 PWC Building 9 Raffles Place Dato’ Roger Chan Wan Chung Singapore 048424 #01-01 Republic Plaza REMUNERATION Executive Director Quek Bin Hwee Singapore 048619 COMMITTEE Audit Partner Lee Han Yang Wing Tai Property (Year of appointment: 2006) United Overseas Chairman Management Bank Limited Helen Chow 80 Raffles Place Boey Tak Hap Director UOB Plaza Tan Sri Dato’ Mohamed Singapore 048624 Noordin bin Hassan Wing Tai (China) Loh Soo Eng Investment Aldon Chen NOMINATING President – China COMMITTEE Wing Tai Retail Loh Soo Eng Helen Khoo Chairman Executive Director Cheng Wai Keung Tan Sri Dato’ Mohamed Noordin bin Hassan Phua Bah Lee WING TAI ANNUAL REPORT 2009 CORPORATE DATA 3 Board of Directors CHENG WAI KEUNG is Chairman of the Board of Wing Tai with Management Sciences. In January 2002, he was conferred Holdings Limited (the “Company”), appointed since 1994. Honorary Doctor of Engineering by his alma mater. He also He is also Managing Director of the Company and a member holds a Diploma in Business Administration from the National of the Nominating Committee. Mr Cheng is Chairman of University of Singapore and has attended the Harvard Business Neptune Orient Lines Limited, Vice Chairman of Singapore- School’s Advanced Management Programme in Boston, USA.
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