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Turning a New Page 1H FY2016 Results Presentation

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Turning a New Page 1H FY2016 Results Presentation Strictly confidential Turning a new page 1H FY2016 results presentation November 2015 Disclaimer 106 The information contained in this presentation is provided by CSI Properties Limited (the "Company") for reference purposes only, and should not be relied upon for the purpose of making any investment decision or for any other purpose whatsoever. 75 50 The information contained in this presentation has not been independently verified. No representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, reasonableness, accuracy, completeness or correctness of such information or opinions contained herein. In particular, 106 no inference of any matter whatsoever shall be drawn from the presence or absence of any project or investment referred to in this presentation, whether or not held or being reviewed by the Company or otherwise. The information and opinions contained in this presentation are provided as at the date of this presentation and are 75 subject to change without notice. The Company undertakes no obligation (i) to amend or update this presentation to reflect any developments, whether actual or 50 contemplated, and whether occurring before or after the date of this presentation; or (ii) to correct any inaccuracies in this presentation. None of the Company nor any of its affiliates, or any of its directors, officers, employees, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation/document. 106 75 Certain information contained in this presentation may constitute "forward-looking statements", which can be identified by the use of forward-looking terminology 50 such as "may", "will", "should", "expect", "anticipate", "target", "project", "estimate", "intend", "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. These forward-looking statements (if any) are based on a number of assumptions about the Company's operations and factors beyond the Company's control and are subject to significant risks and uncertainties, and, accordingly, actual results may differ materially from these forward-looking 106 statements (if any). The Company undertakes no obligation to correct or update these forward-looking statements (if any) for any reason whatsoever. No statement 75 in this presentation is intended to be or may be construed as a profit forecast or similar forecast or prediction of any kind. 50 This presentation does not constitute nor form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire or sell or dispose of securities of the Company or any holding company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part 106 of this presentation, nor the fact of its distribution, shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. 75 50 106 75 50 1 Table of contents Section 1 1H FY2016 Results Highlights 3 106 Section 2 New Acquisition Highlights 11 75 Section 3 Company Background 15 50 Section 4 Commercial and Residential Portfolio Highlights 31 106 75 50 106 75 50 106 75 50 106 75 50 106 75 50 2 Section 1 1H FY2016 Results Highlights FY 2016 interim results highlights 106 75 (Year ended 31st March) 1H FY’2016 1H FY2015 % change (HK$m) (A) (B) (A/B-1) 50 Gross revenue from property business 229 362 37% 106 Property sale 124 270 75 Rental income1 105 92 50 Gross profit 130 114 14% 106 75 50 Profit from property JV/associates 526 84 526% 106 75 Profit attributable to equity holders 526 169 211% 50 EPS (basic) 5.0 cents 1.8 cents 179% 106 75 50 Note: 1 Rental income including JV/ Associates together should amount 106 to HK$300 million annually 75 50 4 FY 2016 interim results highlights (cont’d) Strong cash and cash-equivalent investment balances demonstrate financial stability while allowing for flexibility in capturing future investment opportunities 106 75 1H FY 2016 FY 2015 (HK$m) 30th Sep 2015 31st Mar 2015 50 Properties & related assets 11,716 9,830 106 75 Cash & bank balances 1,307 1,280 50 Investments 1,094 1,293 106 75 Other assets 86 159 50 Total assets 14,203 12,562 106 75 Bank loans 3,457 2,756 50 Guaranteed notes 1,170 1,170 106 Other liabilities 892 369 75 50 Total liabilities 5,518 4,295 106 Minority interests 10 2 75 50 Shareholders’ equity 8,674 8,265 5 FY 2016 YTD key sales CSI has made a few key sales this fiscal year to capitalize on positive market sentiment, especially in the HK office sector 106 75 Sale price 50 Projects sold YTD Location (HK$m) 106 13 Floors of Henan Building1 Wanchai 508 75 50 131 units of yoo Residence2 (50% interest) Causeway Bay c. 2,000 106 75 17-19th Floors of AXA Centre (plus 10 parking spaces)3 Wanchai 730 50 4 106 20-21st Floors of AXA Centre(plus 7 parking spaces) Wanchai 499 75 50 Platinum Building (50% interest) Shanghai RMB2.88bn 106 Notes: 75 1 All closed except 2 floors remaining to be completed Dec 2015 50 2 Completion expected Nov/Dec 2015 3 Completed late Oct 2015 4 Completed late Oct 2015 106 75 50 6 FY 2016 YTD key acquisitions CSI has made several key acquisitions in the current fiscal year to build up its commercial and residential landbank to accelerate growth of Group in the future 106 75 50 Purchase price Projects acquired YTD Location (HK$m) 106 Office land site (government tender) 75 Kowloon Bay 3,038 (30% interest) 50 106 Residential land site (government tender) FanLing 302 75 (100% interest) 50 Peak road project (17 apartments and one house) Peak 1,800 106 for refurbishment 75 Novotel Hotel Jordan (Consolidation of remaining 50 Jordan, Kowloon 1,700 50% stake) 106 75 50 106 75 50 7 1H FY 2016 financial highlights 106 1H FY 2016 FY 2015 75 (HK$m) (HK$m) 50 Book NAV attributable to shareholders 8,674 8,265 106 Pro-forma adjusted NAV attributable to shareholders 12,493 12,970 75 Net debt 3,320 2,646 50 Current ratio 5.99x 7.65x 106 Gearing ratio1 (consolidated) 32.6% 31.3% 75 Pro forma Gearing ratio (consolidated & mark-to-mkt) 25.7% 22.7% 50 Gearing ratio1 (incl. JV/associate) 49.3% 48.5% 106 Pro forma Gearing ratio (incl. JV/associate & 38.9% 35.3% 75 mark-to-mkt) 2 50 Committed property JV/associate loans 2,381 2,171 106 Final dividend payout NA 39.6 75 Special dividend payout NA 26.4 50 Total dividend payout ratio (% of net profit) NA 25.1% 106 Dividend yield (on announcement date) NA 2.03% 75 50 Note: 1 Gearing ratio calculated based on historical book cost with no mark-to-market revaluation accounted for 2 Subsequent to end of 1H FY 2016, CSI successfully disposed the 5 upper floors of AXA Center which will lower the gearing ratio 8 Pro-forma Balance Sheet adjusted for market valuation Properties valued at historical cost basis on book with no revaluation surplus. Even after revaluation adjustment still represents significant value in terms of a significant discount to pro forma adjusted NAV of 106 HK$1.19 per share when compared to current share price 75 50 Net asset value 106 (HK$m) 75 50 Net assets attributable to shareholders (audited FY2015) 8,274 106 Add 75 Attributable revaluation surplus relating to the group‘s properties held for sale as per 50 2,787 independent valuations at 31 March 20151 106 Attributable revaluation surplus relating to the group‘s properties held for sale by jointly 1,033 75 controlled entities as per independent valuations at 31 March 20151 50 Net assets attributable to shareholders as if properties held for sale by jointly 106 controlled entities and interests in jointly controlled entities were stated at open market 12,495 75 value2 50 Pro-forma adjusted NAV per share3 HK$1.19 106 75 Notes: 50 1 Independent valuations conducted by professional valuers incl. DTZ, CBRE, Jones Lane Lasalle and AG Wilkinson at 31 March 2015 (adjusted by sale of Platinum) 2 Deferred tax liabilities have not been provided for the attributable surplus of properties held for sale 3 NAV per share calculated based on 10,487 million shares in issue 9 Visible disposal and profitability pipeline¹ FY 2016 AXA Centre- 17-21st floors plus 17 car parks (Sold at total HK$1.23 billion) 106 The Platinum in Shanghai (50% stake) (Sold at RMB 2.88 billion) 75 Remaining units of yoo Residence (50% stake) (Proposed Sale Value c. HK$700m) (131 units presold for c. HK2.0 billion and 50 completing Nov/ Dec 2015) 5 detached houses in Kau To Shan (expecting 13k sq.ft.) 106 1st phase of c.75 houses in Daihongqiao (50% stake) in Shanghai (Sold over 45 villas as of end of November) 75 50 106 75 FY 2017 50 AXA Centre-remaining units including ground floor shop, sky sign and 52 car park spaces Wanchai Road site (50% stake) 106 Remaining 15 detached houses in Kau To Shan (expecting 39k sq.ft.) 75 2nd phase of c.150 houses in Daihongqiao in Shanghai(50%) (remaining c. 47k sqm) 50 Yan Ching Road, Tuen Mun presale (expecting residential: 67.8k sq.ft. and commercial: 12.7k sq.ft.) 106 Shelley Street Redevelopment presale (expecting 40k sqft) 75 50 106 75 50 Steady sales pipeline in commercial properties coupling with increasingly strong residential properties sales will ensure target sales of around HK$3 billion every year with excellent profitability in the coming years Notes: 1 Only key sales listed All market value and book cost data based on independent valuers’ estimates and historical acquisition costs 10 Section 2 New Acquisition
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