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2017 Final Results | Analyst Briefing

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2017 Final Results | Analyst Briefing EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt 2017 Final Results | Analyst Briefing 15th March 2018 © Swire Properties Limited EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt Agenda Speakers : Guy Bradley, Chief Executive and Fanny Lung, Finance Director 1. Financial Highlights 2. Investment Portfolio 3. Trading Portfolio 4. Financing 5. Prospects 6. Q&A EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt Highlights Solid performance in 2017 underpinned by higher rental income from Hong Kong, Mainland China and Miami, U.S.A. Well-placed for growth in investment property income with key projects - One Taikoo Place, South Island Place and Tung Chung Town Lot No. 11, scheduled for completion in 2018. Building project pipeline with new investments in Hong Kong, Shanghai and Beijing.Highlights 14.2% y-y 10.2% y-y 8.5% y-y Equity Attributable Underlying Profit Dividend per Share to Shareholders (2017 Full Year) HK$ 44.00 per share HK$ 7,834 M HK$ 0.77 (2016 Dec: HK$ 38.52 per share) (2016: HK$ 7,112 M) (2016: HK$ 0.71) 3 EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt Key Developments Feb 2018 Qiantan Project, Shanghai ~ 1.3M sq ft GFA Entered into a conditional equity transfer agreement for the acquisition of a 50% interest Jan 2018 One Taikoo Place ~ 1.0M sq ft GFA Topped out Qiantan Project Artist Impression Jan 2018 First Green Bond Issued for US$500M Dec 2017 Po Wah Building, 1-11 Landale Street and 2-12 One Taikoo Place Anton Street Artist Impression Successfully bid in the compulsory sale of the site Dec 2017 Beijing Sanlitun Yashow Building ~ 0.3M sq ft GFA Signed long-term lease agreement Nov 2017 HKRI Taikoo Hui ~ 3.5M sq ft GFA Grand opening HKRI Taikoo Hui Aug 2017 21-31 Wing Fung Street ~ 34,000 sq ft GFA Acquired a 100% interest for redevelopment Apr 2017 All Sold ALASSIO Units handed over ALASSIO ALASSIO 4 EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt FinancialSustainable Highlights Development Strategies EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt Financial Highlights Underlying Profit Gross Rental Income Equity Attri. to Shareholders HK$ 7,834 M 10% HK$ 11,252 M 4% HK$ 257.4 bn 14% 10,716 10,773 11,252 Adjusted 512 Underlying Profit 378 416 257.4 7,307 7,834 4,366 4,304 4,616 7,078 7,112 225.4 216.2 5,972 6,053 6,124 2015 3,0282016 2017 2015 2016 2017 Dec 2015 Dec 2016 Dec 2017 Loss on disposal of U.K. Hotels – HK$229M Highlights Underlying profit 10% mainly on a higher profit from property investment. Reported profit 126% after including investment property valuation gains. Gross rental income 4% reflecting increased contributions from office properties in Hong Kong as well as properties in Mainland China and the U.S.A. Full year dividend per share 8.5% to HK$0.77 including a second interim dividend per share of HK$0.52. 6 EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt Financial Summary HK$M FY 2016 FY 2017 Change Revenue 16,792 18,558 11% Valuation gains on investment properties 8,418 25,463 202% Operating profit 17,320 34,930 102% Underlying profit 7,112 7,834 10% Reported profit 15,050 33,957 126% Underlying earnings per share (HK$ per share) 1.22 1.34 10% Reported earnings per share (HK$ per share) 2.57 5.80 126% First interim dividend per share (HK$ per share) 0.23 0.25 9% 0.71 0.77 Second interim dividend per share (HK$ per share) (1) 0.48 0.52 8% HK$M Dec 2016 Dec 2017 Change NAV attributable to the Company’s shareholders (2) 225,369 257,381 14% Net debt 35,377 35,347 0% Gearing ratio 15.6% 13.6% 2%pt. NAV per share (HK$ per share) 38.52 44.00 14% (1) Second interim dividend for 2017 was declared on 15th March 2018 and will be paid on 3rd May 2018. 7 (2) NAV refers to total equity attributable to the Company’s shareholders. EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt Movement in Underlying Profit Earnings Reconciliation Movement in Underlying Profit HK$’M Underlying Profit by Segment FY 2016 FY 2017 Change + 358 (46) + 74 7,834 Property investment 6,029 6,723 12% Property trading 1,200 1,154 4% Hotels (117) (43) N/A + 336 Total 7,112 7,834 10% HK$ 7,834 M, 10% 7,112 Underlying Profit (2017) Underlying Increase in Increase in Decrease in Decrease Underlying profit from profit from profit from in loss from profit HK props Mainland China trading props hotels profit 2016 investment and U.S.A. props 2017 investment 8 EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt Movement in Investment Properties Movement in Investment Properties The increase in the valuation of (excl. hotels & investment properties held under JVCs) the investment property portfolio HK$’M is mainly due to an increase in the 267,292 valuation of the office properties + 25,463 in Hong Kong and properties in Mainland China arising from rental increases, together with a reduction of 25 basis points in the Graph to be capitalisation rate for Hong Kong updated office properties. HK$ 267,292 M 14% + 4,746 (135) Investment Props Valuation (2017) + 2,117 235,101 31st Dec Translation Net capital Net transfers / Net fair 31st Dec 2016 differences expenditure disposal value gains 2017 9 EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt InvestmentSustainable Portfolio Development Strategies EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt Rental Income – Continuous Growth Attributable Gross Rental Income (1) HK Office 1% 10,320 Increase in rental income despite Taikoo HK$’M Place redevelopment. HK$ 12,639 M , 8% Positive rental reversions. 12,639 Firm occupancy at 99% supported by strong 11,729 demand for office space. 11,564 + 39% HK Retail Stable + 27% Stable rental income with near 100% occupancy. Solid recovery in retail sales at Pacific Place Stable mall. PRC Props 27% Positive rental reversions and improved occupancy. + 1% HKRI Taikoo Hui open and starting to contribute to rental income. In RMB terms, this also represents a rental * Rental contributions from INDIGO, Sino-Ocean Taikoo Li Chengdu and HKRI Taikoo Hui were not included in gross growth of 27%. 2015 2016 2017 rental income as were accounted for under joint venture companies. On attributable basis, gross rental income from PRC increased by 19% from HK$1,287M in 1H 2016 to HK$1,531M in 1H 2017 (in RMB + 24%). (1) Reported gross rental income (excluding rental contributions from JVCs and associates) was HK$ 5,660 M for Hong Kong 11 office portfolio, HK$ 2,609 M for Hong Kong retail portfolio and HK$ 2,303 M for investment properties in Mainland China. EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt HK Office – A Balanced Portfolio with Solid Performance Pacific Place TKP office towers One Island East GFA (M sq ft) 2.2 GFA (M sq ft) 3.1 1.5 Occupancy 100% Occupancy 99% 100% Rental Reversion (1) +15% Rental Reversion (1) +3% +10% Cityplaza Hong Kong Island Latest Rentals (HK$ psf) One/Two Pacific Place 125 – 150 Three Pacific Place 110 – 115 Cityplaza Cityplaza mid 40s to high 40s GFA (M sq ft) 1.4 HK$ 149.8 bn, 16% Taikoo Place low 40s to low 50s (Vs. 2016) Occupancy 97% One Island East mid 50s to high 60s Attributable Valuation Rental Reversion (1) +6% 12 (1) Reversion is the percentage change in rent on lease renewals, entry into new leases and rent reviews. EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt HK Retail – Retail Sales Growth Mostly Picked up in Second Half The Mall, Pacific Place Cityplaza Citygate Outlets GFA (M sq ft) 2.2 Occupancy 100% Rental Reversions(1) +15% GFA (M sq ft) 0.7 1.1 0.5 Occupancy 100% 100% 100% Retail Sales Growth + 7.2% - 3.0% +0.2% (1) At the Mall at Pacific Place, tenant mix was changed and a customer loyalty programme called “above” was introduced. HK$ 47.0 bn, 3% Retail sales at both Cityplaza and Citygate Outlets were affected by (Vs. 2016) temporary closure of some shops and reconfiguration works. Attributable Valuation 13 (1) Excluding area closed for renovation and upgrading works during the year. (1) Excluding area closed for renovation and upgrading works during the year. EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt HK Portfolio – Well-balanced Tenant Mix and Lease Expiries Lease Expiry Profile (1)(2) HK Office HK Retail Strong and diverse tenant base. Well-spread lease expiry profile. Top 10 office tenants occupied approx. 20% of office area in HK. Top 10 retail tenants occupied approx. 25% of retail area in HK. (1) At 31st Dec 2017. 14 (2) Based on the percentage of the total rental income attributable to the Group for the month ended 31st Dec 2017. EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt One Taikoo Place Pre-leasing Progress Encouraging Taikoo Place Redevelopment OneTo Taikoobe completed Place in 2018 Location Quarry Bay 75% of space committed. Interest 100% ~1,020,000 sq ft GFA. GFA ~2M sq ft Nearly 70,000 sq ft of new open Status One Taikoo Place: public space. - A 48-storey Grade-A office building. Topped out in Jan 2018. - Topped out in Jan 2018. Facade and finishing works are in progress. - Facade and finishing works are in progress. Expected completion in late 2018. Two Taikoo Place: - Demolition of Cornwall Artist Impression House in progress. - Foundation works in progress. Expected One Taikoo Place: 2018 Completion Two Taikoo Place: 2021/2022 Artist Impression ~ 1,020,000 sf GFA 69,000 sf of new open public space Artist Impression Artist Impression One BCC 15 EASTWOOD2011\Roadshow presentation\Eastwood Roadshow Presentation_FINAL.ppt Hong Kong Investment Properties Pipeline Growing South Island Place Expected Completions in 2018 South Island Place Tung Chung Town Lot No.
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