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2019 Interim Results (Pdf Format)

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2019 Interim Results (Pdf Format) Connecting Lives ‧ Building Futures NWS Holdings Limited FY2019 Interim Results Announcement Analyst Presentation 26 February 2019 Table of Contents NWS Business Overview Section 1 Company Highlights Section 2 FY2019-1H Financial Summary Section 3 Business Segment Overview and Update Section 4 Appendices Acquisition of FTLife Appendix A Historical Net Gearing Ratio Appendix B 2 Section 1 NWS Business Overview Connecting Lives ‧ Building Futures NWS Overview 17.HK Market Cap: HK$134Bn(1) 100% 61% 75% 825.HK (1) NWS Holdings Limited Market Cap: HK$3Bn (“NWS”) 659.HK Market Cap: HK$80Bn(1) Note: 1.Market cap as at 25 Feb 2019 4 NWS at a Glance Construction / Facilities Roads Environment Aviation Logistics Transport Management 15 toll roads in the 73 projects in 46 Leasing commercial ATL Logistics Centre Hip Hing Group Operation and PRC cities across the aircraft to worldwide in Hong Kong provides professional management of Greater China region airline operators construction services Hong Kong Total length of through Goshawk Pivotal rail container Convention and approximately Water and Aviation Limited terminal network Provide bus and ferry Exhibition Centre 700 km wastewater (50% owned by NWS across the PRC services via New treatment, sludge and 50% owned by through China United World First Ferry, Invests in healthcare treatment, waste Chow Tai Fook Int’l Rail Containers New World First Bus, including Gleneagles collection and Enterprises Limited) (“CUIRC”) and Citybus Hong Kong Hospital, treatment, waste to UMP Healthcare energy, landfills, 3 port projects in the China Limited and environmental PRC Healthcare Assets remediation, design, Management Limited engineering and procurement services Free Duty shops Tapped into European solar energy market during the Current Period Infrastructure Services Diversified business portfolio focused on stable, long-term yielding assets and value-added services 5 Section 2 Company Highlights Connecting Lives ‧ Building Futures Company Highlights Experienced Management Team with Diverse Background Resilient Portfolio with Highly Visible Recurring Income Revitalize the Business Portfolio while Generating Strong Cash Flow and Recurring Income Optimize Capital Structure with Prudent Financial Policy 7 Experienced Management Team with Diverse Background Senior Management Robust Corporate Governance • Chairman of New World • Chairman of Goshawk and Development Company director of SUEZ NWS Ltd (“NWD”), New World • Board member of NWS for Department Store, and over 10 years New World China • Experience in infrastructure Seasoned management • Chairman of NWS since businesses and with in-depth knowledge of 2001 investments NWS businesses • Worked in international Dr Cheng Kar Shun, Henry Mr Cheng Chi Ming, Brian investment bank Chairman Executive Director • Former Secretary for • Former senior investment Development of HK director of NWD with over Extensive public and • Holds several fellowships, 10 years of experience in including: Hong Kong investment management private sector experience Institution of Engineers, • Former partner in in civil and infrastructure and the Institution of Civil international law firm planning, logistics & Engineers, United Kingdom • Experience in M&A, capital • Appointed as Justice of the markets, corporate finance transport, real estate & Peace in 2014 and corporate management construction, investments Mr Ma Siu Cheung • Former senior executive of Mr Ho Gilbert Chi Hang • Admitted as lawyer in CEO, Executive Director an infrastructure Executive Director England & Wales and fellow & financial management multinational corporation member of CPA Australia • Former senior executive • Former member of the of several Hong Kong Infrastructure listed public companies Development Advisory and international Committee and the China Professional expertise in accounting firm Trade Advisory public administration, legal • Member of the Hong Kong Committee of the Hong accounting & finance, Institute of CPAs Kong Trade Development • Oversee NWS finance Council corporate finance, and and treasury function • Over 27 years of investment Mr Chow Tak Wing since 2002 Mr Cheung Chin Cheung experience in Executive Director, Company Secretary Executive Director infrastructure businesses 8 Resilient Portfolio with Highly Visible Recurring Income Majority AOP with strong earnings visibility Key Highlights Key Operating Drivers Strategic locations targeting diverse users • Greater Bay Area 7 road projects in Greater Bay Area (1) • Traffic growth Roads Extended network to Hunan in Dec 2018 with 40% stake of Hunan • Economic activity • Concession- Sui-Yue Expressway • Urbanization based assets with high 2% increase in water and wastewater treatment volume in • Environmental awareness visibility and Environment FY2019-1H • Population growth stable 6% increase in average daily waste treatment volume in FY2019-1H • Economic activity cashflows • Diverse localities in the ATL Logistics Centre average occupancy increased to 99.4% in • Belt and Road Initiative PRC, driven by Logistics FY2019-1H • Economic activity urbanization CUIRC throughput growth of 26% in FY2019-1H • Trade Globalization trends Completion of Sky Aviation acquisition in Sep 2018, Goshawk’s fleet • Global travel / passenger growth size grew to 216 as of 31 Dec 2018 • Aircraft acquisition Aviation • Driven by Direct orders with Airbus and Boeing • Airline operators preference to lease rapidly Long remaining lease terms rather than own aircraft expanding global air traffic • HK infrastructure spending including Sustainable growth from HK$22.1Bn backlog (FY2019-1H) and commercial schools & hospitals JV(2) awarded HK$30Bn Kai Tak Sports Park project(2) in Dec 2018 aircraft demand • Residential and commercial Construction Hip Hing was granted HK$1.4Bn construction management contract construction activity in HK & • Strong Transport Average daily patronage of over one million in FY2019-1H • Commuting patterns backlog of Received government approval to raise overall weighted average • Fare increases contracts fares by 9.9% in Jan 2019(3) • New routes 521 events with an approx. 5.2m total patronage in FY2019-1H • HK convention attendance despite rising cost pressures • Consumers in HK and Macau Facilities Gleneagles Hong Kong Hospital officially opened in Mar 2018 • Structural population trends Management Ramping up after first year of operations • Hospital patients flow Located at key cross-border transport terminals • Spending power of cross border New shop commenced operation at HK-ZH-Macau Bridge in Jan travelers 2019 • Travel policies Note: 1. 7 road projects in GBA namely Guangzhou City Northern Ring Rd, Guangzhou City Nansha Port Expy, Guangzhou Dongxin Expy, Beijing-Zhuhai Expy (Guangzhou-Zhuhai Section), Beijing-Zhuhai Expy (Guangzhou-Zhuhai Northern Section), Guangzhou-Zhaoqing Expy and Shenzhen-Huizhou Expy (Huizhou Section) 9 2. JV is 75% owned by NWD and 25% owned by NWS 3. For Citybus(F1) (franchise for HK Island and Cross Harbour Bus Network) and New World First Bus Revitalize the Business Portfolio while Generating Strong Cash Flow and Recurring Income Recent Acquisitions Restructuring & Disposal • Hunan Sui-Yue Expressway • Hip Seng Group (湖南隨岳高速) • MOU of Guangxi Guiwu • Urban Parking (Beijing) Limited Expressway (廣西貴梧高速) • Sky Aviation Leasing Int’l Limited • Direct order from Airbus and Boeing • FTLife Insurance Targeting businesses with robust growth potential while generating strong cash flow and Recognized net gain of HK$180.8MM recurring income to boost stability of AOP Strong Track Record in Managing New Businesses through Mergers & Acquisitions – Goshawk is an Excellent Example 10 Case Study – Growth of Goshawk to Global Top 10 Player under NWS Ownership 4 Sep 2018 Strategic growth acceleration while 3 Acquired Sky maintaining a quality portfolio of Jun 2018 Aviation young and liquid fleet with long Owned fleet size remaining lease terms increased to 105 aircraft Order book of 40 aircraft Today 2 Oct 2016 NWS increased stake to 50%(1) • Top 10 Aircraft lessor globally(2) FY2018(3) • Fleet size: 216(4) (including owned, 1 managed and committed) Feb 2015 • Portfolio value: US$11.1Bn(4) Initial investment of 40% stake • Lessees: 62 in 33 countries(4) Number of aircraft: 27 Lessees: 15 in 13 countries FY2017(3) FY2015(3) Note: 1. Goshawk became 50:50 owned by NWS and Chow Tai Fook Enterprises Limited (being substantial shareholder of NWD) 2. Post Sky Aviation Leasing Int’l Limited (“Sky Aviation”) acquisition 11 3. Fiscal year ended 30 June 4. As at 31 Dec 2018 Optimize Capital Structure with Prudent Financial Policy NWS Financial Policy Debt Maturity Profile HK$Bn • Ample cash on balance sheet with HK$7.3Bn as at 31 Dec 2018 7.3 • Prudent financial policy and well managed maturity profile allows NWS to maintain financial 71% flexibility for operations, potential investments and ` growth plans 29% • Well supported by local and international banks 31 Dec 2018 Mature in 2nd year Mature in 3rd - 5th with approx. HK$7.6Bn of unutilized committed year banking facilities as at 31 Dec 2018 Cash and bank balances Non-current bank loans Current leverage as of 31 Dec 2018 (2) Net Debt(1) Net Gearing Ratio Capital Structure - Debt & Equity 5.5 (%) HK$Bn Equity Debt 3.5 11.2% 17% 21% 7.0% 83% 79% Jun 18 Dec 18 Jun 18 Dec 18 Jun 18 Dec 18 Actively optimizing our balance sheet with prudent financial policy – recent issuance of a US$1Bn Perpetual Bond with a 5.75% coupon in Jan 2019 Note: 1.
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