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2017 Interim Result Presentation and Corporate Update

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2017 Interim Result Presentation and Corporate Update 2017 Interim Result Presentation and Corporate Update April 2017 Lai Sun Group © All rights reserved Contents Contents 1. Group Overview 2. Property Operations Update 3. 2017 Interim Result Highlights Appendices I. Summary of Properties in HK & London II. Summary of Properties in the PRC III. Hotel and Restaurants Operations IV. Media and Entertainment Operations V. Summary Financials L AI S UN G ROUP 麗新集團 2 Lai Sun Group © All rights reserved 1. Group Overview L AI S UN G ROUP 麗新集團 Lai Sun Group © All rights reserved Introduction to the Lai Sun Group The Group was founded by Mr. Lim Por-Yen who migrated from Guangdong in 1930’s and started business as a garment Diversified into Hong Kong manufacturer after the war property development through Lai Sun Development Company Limited since the 1980’s Expanded into PRC property development, hotel, media and entertainment businesses since the 1980’s Owns a portfolio of quality commercial, retail Actively involved in hospitality, and residential media and entertainment developments in Hong businesses Kong and the PRC L AI S UN G ROUP 麗新集團 4 Lai Sun Group © All rights reserved Chairman of Lai Sun Group Dr. Lam Kin Ngok, Peter . Member of the National Committee of Chinese People’s Political Consultative Conference (“CPPCC”) . Vice Chairman of Committee for Liaison with Hong Kong, Macau, Taiwan and Overseas Chinese (Special Committee of CPPCC) . Doctorate of the Academy honoris causa awarded by The HK Academy for Performing Arts . Chairman of Hong Kong Tourism Board . Chairman of HK Chamber of Films Limited . Member of Hong Kong Trade Development Council . Honorary Chairman of Motion Picture Industry Association Limited . Extensive experience in property development & investment, hospitality and media & entertainment businesses L AI S UN G ROUP 麗新集團 5 Lai Sun Group © All rights reserved Group Structure # The Lam Family Group Market Capitalisation : HK$13.1 billion 45.65%* (42.37%**) Lai Sun Garment (International) Limited (“LSG”) Market Capitalisation# HK$3.2 billion Investment Holding HK Stock Code: 191 Total Assets: HK$39.5 billion 61.83%* (48.04%**) Lai Sun Development Company Limited (“LSD”) # HK$5.1 billion Property Development & investment in HK & Overseas Market Capitalisation Hotel Management & Hospitality HK Stock Code: 488 Total Assets: HK$35.5 billion 37.31%* (38.38%**) eSun Holdings Limited (“eSun”) Market Capitalisation# HK$1.0 billion Media & Entertainment and Cinema Operations in HK and the PRC HK Stock Code: 571 Total Assets: HK$27.8 billion 67.56%* (51.09%**) 50.81%* (47.87%**) Media Asia Group Holdings Limited Lai Fung Holdings Limited (“LFH”) Media and Entertainment Property Development & investment in the PRC HK Stock Code: 8075 HK Stock Code: 1125 Market Capitalisation#: Total Assets: Market Capitalisation#: Total Assets: HK$0.7 billion HK$1.4 billion HK$3.1 billion HK$23.5 billion *Latest shareholding includes interests held by certain directors at LSD and eSun levels. LSG’s corporate interest in LSD is 61.75% and LSD’s corporate interest in eSun is 36.94% **Shareholding as at 31 July 2012 includes interests held by certain directors at LSD and eSun levels # As at 31 January 2017 L AI S UN G ROUP 麗新集團 6 Lai Sun Group © All rights reserved 2. Property Operations Update 2. Property Operations Strategy Update L AI S UN G ROUP 麗新集團 Lai Sun Group © All rights reserved Strategy Update Continue consolidation and preparing the platform . Further accretion of interest subject to the “creeper Strengthen Group consolidated other than LSD/eSun provision” where applicable balance sheet Deferred tax written back in 31 July 2012 . Addition of new rental properties in the pipeline to strengthen NAV further Closed a number of fund raising/refinancing transactions Raise financing . Continue to optimise funding structure Raised a total of HK$15.4bn LFH – conditional waiver approved; could JV with other Lai Sun group companies . HK – actively participating a number of tender Successful tender/auction processes - HK: TKO site, Ocean Park Hotel, Ma Tau Kok site, Sai Wan Ho Street project and Ki . London – commenced planning application to Build pipeline Lung Street project redevelop adjacent sites - London: 107 Leadenhall, 100 Leadenhall and 106 Leadenhall . PRC – continually reviewing opportunities in Shanghai, Guangzhou, Zhongshan and Hengqin - PRC: Novotown (80/20 between LFH and eSun), Wuli Bridge project in Shanghai Growing rental income CCB Tower, 8 Observatory Road project and Guangzhou Lai Fung Tower added to . Attributable rental GFA to be added in the next year Rental-focused the rental portfolio or two company Bought out minorities in SHHK Plaza, GZMF Plaza, Northgate Plaza and SHMF Plaza ‒ HK : Ocean Park Hotel (c.366,000 sq.ft.) Redevelopment of Northgate Plaza I, Northgate Plaza II and 6 floors of Hui Gong ‒ PRC : c.90,000 sq.ft. Building L AI S UN G ROUP 麗新集團 8 Lai Sun Group © All rights reserved Strengthen Balance Sheet Net Asset Value (in HK$’million) LSD LSG 24,358 25,074 22,663 20,775 Financial consolidation 19,128 mostly completed 16,358 16,453 16,988 13,796 11,959 * 12,576 Concentrate asset base 11,035 9,027 Stake accretion at steep 6,739** discount to book value creating gains to strengthen balance sheet further 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jul 31 Jan 31 July 31 July 31 July 31 July 31 July 31 Jul 31 Jan 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 Deferred tax on property revaluation gains written back for LSG and LSD for the year ended 31 July 2012 Steady rental income growth strengthened NAV further Further accretion of interests at a discount may or may not occur and subject to the “creeper provision” under the Takeovers Code where applicable *As reported. The restated amount reflecting the adoption of certain accounting policies in 2012 was HK$13,464 million ** As reported. The restated amount reflecting the adoption of certain accounting policies in 2012 was HK$7,590 million L AI S UN G ROUP 麗新集團 9 Lai Sun Group © All rights reserved Fund Raising Secured resources for growth and removed refinancing risks Cumulative Fund Raising (in HK$’million) Oversubscription 2,200 3,000 6,550 9,280 11,400 13,649 13,729 13,939 14,568 15,377 (times) 809 LSG – CNY guaranteed notes**** 4.8 # # 1,940 1,940 LSD loan for TKO site 2.0 Total funds raised amounted 2,120 2,120 2,120 eSun – CNY guaranteed notes**** 1.7 Closed 809 809 to over HK$15.4 billion* 210 210 LSG – rights issue 80 210 across the Group 80 80 80 MAGHL – share placement 2,120 2,249 2,249 2,249 2,249 2,249 LFH – CNY senior notes** 3.6 3,550 3,550 3,550 3,550 3,550 3,550 3,550 Announced LFH – syndicated loan 1.5 3,550 Announced 2,730 2,730 2,730 2,730 2,730 2,730 2,730 LSD – US$ guaranteed notes*** 10.0 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 LSD – syndicated loan 2.8 2,200 LSG – club loan 800 800 800 800 800 800 800 800 800 Oct 2012 Nov 2012 Dec 2012 Jan 2013 Mar 2013 Apr2013 Jan 2014 Feb 2014 Jun 2014 July 2014 * Excluding proceeds of HK$5,809.1 million from over-subscription of rights issues, which was refunded to subscribers in February 2014 # Due to a smaller potion of land cost being refinanced ** CNY1,800 million (HK$2,249m equivalent) *** US$350m (HK$2,730m equivalent) **** CNY650 million (HK$809m equivalent) L AI S UN G ROUP 麗新集團 10 Lai Sun Group © All rights reserved Build Pipeline - Alto Residences (LSD-50%, HK) – Nov 2012 Site area: 229,300 sq.ft. Development GFA: 573,400 sq.ft. - 458,900 sq. ft. for residential use - 114,500 sq.ft. for commercial use Usage : residential and commercial Expected completion: Q1 2018 Expected attributable investment: HK$3 billion Pre-sale launched in October 2016 Up to 19 March 2017, the Group has pre-sold 472 units with saleable area of approximately 259,100 square feet at an average selling price of approximately HK$14,700 per square foot. L AI S UN G ROUP 麗新集團 11 Lai Sun Group © All rights reserved Build Pipeline - Ocean Hotel (100%-LSD, HK) – May 2014 LSD being selected as the most preferred proponent in Oct 2013 and being awarded by Ocean Park for the Ocean Hotel project in May 2014 6 storeys, 471 guest rooms in maximum Total GFA: 366,000 sq.ft. Expected investment: HK$4.4 billion Marriot as hotel operator and manager Development agreement signed in December 2014 Expected completion and opening: Q4 2017 MTR Station (expected to complete in 2016) Ocean Park Ocean Park Ocean Park Hotel L AI S UN G ROUP 麗新集團 12 Lai Sun Group © All rights reserved Build Pipeline - 93 Pau Chung Street (100%-LSD, HK) – April 2014 On 29 April 2014, LSD won the contract for Urban Renewal Authority’s residential-cum- commercial development of San Shan Road/Pau Chung Street project in Ma Tau Kok by tender Site area: approx. 12,600 sq. ft. Gross floor area: approx. 111,400 sq.ft. - 94,500 sq. ft. for residential use - 16,900 sq.ft. for commercial use Expected total development cost: HK$1.0 billion Expected completion: Q1 2018 209 residential units Pre-sale launched in September 2016 Up to 19 March 2017, the Group has pre-sold 168 units with saleable area of approximately 58,000 square feet at an average selling price of approximately HK$15,900 per square foot.
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