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Logan Property Holdings Company Limited Logan Property Holdings Company Limited 2018 Annual Results Presentation March 2019 I Results Highlights II Value of Guangdong-HK-Macao Contents Greater Bay Area III Land Bank & Strategy IV Outlook 2 I Results Highlights II Value of Guangdong-HK-Macao Contents Greater Bay Area III Land Bank & Strategy IV Outlook 3 Key Highlights: Annual Results 2018 Total saleable resources RMB652bn(>80% located 4 in GBA) 1 1 Core Profit RMB7.66bn（+65.7%）, GBA leader, Urban renewal projects turned into saleable Solid Earnings industry-leading profitability Diversified resource and new earning drivers (total resources: Growth Property Development gross profit Premium RMB250bn) Across margin 35.6%，Industry-leading core Land Bank Forward-looking layout in core cities in GBA， Cycles profit margin 17.3% diversified premium low-cost land bank acquisition Contract sales RMB71.8bn（+65.4%）, 2 5 As at 31 Dec 2018, weighted average cost of exceeded 2018 sales target High Growth Low-cost borrowing of 6.1% in Contract 2019: Attributable contract sales target Diversified First issue of SG$200mn senior notes @6.125% Sales of RMB85bn (2018: 71bn)，YoY growth Financing Diversified channels: US$ senior notes, offshore >20% Channels syndicated loans, on-shore corporate bonds and ABS 3 Proposed final dividends of HK47 cents （including 10% 5th anniversary special 6 Stable High dividend of HK7 cents） 2018 EBITDA interest coverage ratio >4.8x Dividends Prudent Cash on hand RMB35.7bn, net gearing of Proposed 2018 total dividends of HK75 Financial Payout cents; payout ratio approximate 50% of 63% Policy core profit attributable to shareholders Note 1: Core profit is defined as profit excluding changes in fair value of investment properties and derivative financial instruments and the relevant deferred tax 4 Strong contract sales growth Contract Sales GFA1 Contract Sales Average Selling Price2 (‘000 sqm) (RMB mn) 4,401 71,803 (RMB ∕sqm) +81.4% 17,096 9.0% +65.4% 16,008 45.8% 34.4% 11,870 32.5% 43,421 2,426 2,298 14.7% 26.0% 25.3% 28,716 38.6% 24.0% 43.6% 17.4% 43.4% 22.7% 24.5% 20.3% 33.1% 2016 2017 2018 16.9% 16.5% 3 11.4% Leader in Core Markets 27.7% 9.8% 7.2% 25.8% 20.7% 4.7% 0.8% 22.9% 9.3% 2.4% 5.4% 1.5% 3.2% 4.3% Shenzhen: No. 1 with units sold and 2016 2017 2018 2016 201743.6% 2018 49.7% area sold Shenzhen Region 582 356 396 Shenzhen Region 12,450 16,762 24,696 Other GBA Other GBA Shantou: No. 1 with sales value 401 582 1,428 4,865 9,856 18,660 Regions Regions Nanning: No. 1 with area sold and Nanning Region 467 802 1,921 Nanning Region 3,268 7,179 17,626 attributable sales value Shantou Region 636 626 433 Shantou Region 6,590 8,980 5,178 Singapore --36Singapore - - 3,351 Other Regions 21260187 Other Regions 1,543 644 2,292 Note 1: Contract sales GFA excludes area for car parking spaces. Note 2: Average selling price excludes car parking spaces. 5 Note 3: Info from internal data, Shenzhen Home & EH Consulting Solid growth of recognized sales & ASP Recognized GFA1 Recognized Sales2 ASP of Recognized Sales3 (‘000 sqm) (RMB mn) 41,772 (RMB/sqm) 2,294 +46.5% 21,901 4.7% 1,862 45.8% 1,859 +86.7% 9.0% 33.6% 28,504 20.6% 54.9% 13.7% 26.6% 21,401 19.5% 34.2% 36.1% 36.0% 27.9% 11,730 10,963 10.7% 24.9% 23.0% 33.0% 36.4% 15.8% 31.1% 33.1% 13.3% 22.3% 2.9% 6.5% 9.2% 8.2% 6.4% 0.4% 5.4% 0.6% 43.6% 2016 2017 2018 2016 2017 2018 Shenzhen Region 167 107 383 Shenzhen Region 7,702 3,916 22,931 Other GBA Other GBA 495 770 638 4,920 10,291 10,398 Regions Regions Nanning Region 518 447 678 Nanning Region 3,372 3,039 5,551 Shantou Region 578 757 154 Shantou Region 4,763 9,424 2,715 Other Regions 101 213 9 Other Regions 644 1,834 177 2016 2017 2018 Note 1: Recognized GFA excludes area for car parking spaces. Note 2: Recognized Sales are tax inclusive. 6 Note 3: Average selling price of recognized sales excludes car parking spaces. Industry-leading profitability, high quality growth Revenue Profit Margin Core Profit1 （RMB mn） GP Margin （RMB mn） Property development GP Margin 40% Core Profit Margin 10,000 48,000 44,137 35.0% 35.6% +59.4% 42,000 31.8% 34.4% 33.7% 8,000 7,654.7 36,000 + 65.7% 30% 31.9% 30,000 27,690 6,000 4,620.0 24,000 20,539 4,000 18,000 20% 3,106.7 16.7% 17.3% 12,000 15.1% 2,000 6,000 0 10% 0 2016 2017 2018 2016 2017 2018 2016 2017 2018 Note 1: Core profit is defined as profit excluding changes in fair value of investment properties and derivative financial instruments and the relevant deferred tax 7 Attractive and stable investment return Total Dividend Per Share Dividend Payout Ratio1 （HK cents） Interim Final Special Annual/Interim Special 50% 70 10.0% 15 60 40% 5.0% 5.0% 50 30% 40 5 40 30 20% 40.0% 17 35.0% 35.0% 3 33.1% 20 25.0% 10% 21.6% 10 22 19 20 11 11 14 0 0% 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 Note 1: Dividend payout ratio = Total dividend /core profit attributable to shareholders 8 Diversified financing channels, prudent financial policy RMB35.7bn cash on Hand, >2.0 x one-year borrowings Debt Structure （Types） Debt Expiry Onshore Bank Borrowings Offshore Senior Within One Year 25% Notes 28% 29% Two to Five Years Weighted Average 45% Cost of Borrowing 6.1% Offshore Bank Borrowings One to Two Years 12% Onshore Total Borrowings: 26% Corporate RMB58.94bn Bonds 35% Onshore：60% Offshore：40% 9 Diversified financing channels, prudent financial policy Net Gearing Weighted Average Cost of Borrowing 80% 10% 71% 8.8% 66% 67% 9% 70% 63% 58% 8% 60% 6.8% 7% 6.1% 5.8% 6.1% 50% 6% 40% 5% 4% 30% 3% 20% 2% 10% 1% 0% 0% 2014.12.31 2015.12.31 2016.12.31 2017.12.31 2018.12.31 2014.12.31 2015.12.31 2016.12.31 2017.12.31 2018.12.31 10 I Results Highlights II Value of Guangdong-HK-Macao Contents Greater Bay Area III Land Bank & Strategy IV Outlook 11 The Greater Bay Area(“GBA”) Compared with the other three major Bay Areas: GBA has the largest land area, population and population density. GBA has a complete industry value chain, with long-term growth potential in its population and per capita GDP. Comparison of primary macro indicators in the four major international bay areas in 2018 San Guangdong-Hong Kong- Indicator Secondary Indicator Tokyo Bay Area New York Bay Area Francisco Unit Macao Greater Bay Area Bay Area Area Administrative area 56,031 36,895 21,478 17,890 sq km Permanent residents 7,112 4,407 2,032 776 ten thousand people Population New permanent residents in the past five years 706 59 42 40 ten thousand people Population density 1,269 1,195 946 434 person per sq km GDP 16,415 19,909 17,177 8,356 hundred million dollars GDP per capita 23,080 45,176 84,529 107,737 dollars Economy and Land output value 2,930 5,396 7,998 4,671 ten thousand dollars per sq km Industry Number of the world's top 500 companies 20 38 19 12 pcs Primary indutries of the world's top 500 companies Tech、Finance、Real Estate Finance、Tech、Commerce、Vehicles Finance、Media、Food Tech - Number of the world's top 100 universities(QS Ranking) 5242pcs Port throughput 7,650 807 671 242 ten thousand TEUs Transport Airport throughput 20,191 12,604 13,235 8,137 ten thousand people Comment: Datum of port throughput & airport throughput are updated to 2017; Datum of New York Bay Area and San Francisco Bay Area are updated to 2017; GDP data of Tokyo Bay Area is updated to 2016, the rest datum are updated to 2017; Datum of Guangdong-Hong Kong-Macao Greater Bay Area are updated to 2018(Population datum are estimated by the official); Sources：Wind, Bureau of Economic Analysis, Website of Cabinet Office, Government of Japan/Strategic Development Research Office Note：Data of GBA is updated to Year 2018 (population figure is official forecast))；Data of Tokyo Bay’s GDP refers to Year 2016，Others refer to Year 2017；Data of New York Bay & San Francisco Bay is updated to Year 2017； 12 GDP is estimated based on the CAGR of each Bay Area in 2012-2017（GBA7.3%、Tokyo Bay1.6%、New York Bay3.6%、San Francisco Bay7.1%） GBA: unique competitive advantages System Industry Market Advantage Advantage Advantage Hong Kong has a mature Integrating the GBA’s population is over 70 legal and intellectual characteristics of three million. property protection major international bay systems which are widely areas, GBA has a world- GBA itself is a huge market of accepted by the class complete industry consumption. international business chain concentrated on a communities. limited land area. (Finance+Innovative China central government Technology+High-end has efficient decision manufacturing) making system and strong execution capability.
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