Q3FY2009 Roxy Results Presentation slides...

RoxyRoxy--Pacific Holdings LimitedPacific Holdings LimitedThird Quarter and Nine Months Results PresentationThird Quarter and Nine Months Results Presentation

11 November 200911 November 2009

Agenda

Financial Highlights

Operations review

Group Borrowings

Prospects and Outlook

Financial Highlights

Financial Results

Summary

Financial Results (9 Months ended 30 September 2009)

Net profit before tax and fair value gain of $26.0 m, up 18% from YTD Sep 2008

Revenue increases 19% to $119.4 million

45% rise in revenue from the Group’s Property Development segment

Strong pre-sale revenue of $315.3 million to be progressively recognisedfrom Q4FY2009 to FY2011

Maintain strong cash position of $115.6 million

Net gearing improves by 23% to 0.37 times as at 30 September 2009

Financial Results

Q3FY2009 Q3FY2008Better /(Worse) YTD Sep 2009 YTD Sep 2008

Better /(Worse)

Revenue (S$’m) 37.6 34.9 8% 119.4 100.1 19%

Gross Profit (S$’m) 13.2 13.9 -5% 43.2 41.4 4%

Gross Margin (%) 35% 40% -5pt% 36% 41% -5pt%

PBT before FV gain(S$’m)

7.5 7.3 3% 26.0 21.9 18%

FV gain (S$’m) - 2.3 n/m - 4.6 n/m

PBT (S$’m) 7.5 9.6 -22% 26.0 26.5 -2%

PAT (S$’m) 6.3 8.7 -28% 22.0 22.0 -

EPS (cts) 0.98 1.37 -28% 3.46 3.61 -4%

Revenue

YTD Sep 08

YTD Sep 09

$62.4

$90.6

$36.8

$27.6

$0.9

$1.2

Q3FY2008

Q3FY2009

$22.1

$28.1

$12.5

$9.0

$0.3

$0.5

Property Development Hotel Ownership Property Investment

76%

1%

23%

62% 37%

1%S$ m

S$ m

75% 24%

1%

63% 36%

1%

Profits before FV gain

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Q3FY2009 Q3FY2008

$5.4m

$3.1m

$2.1m

$4.2m

Property Development

Hotel Ownership & Property Investment

S$ m

0.0

5.0

10.0

15.0

20.0

25.0

30.0

YTD Sep 2009 YTD Sep 2008

$18.7m

$9.3m

$7.2m

$12.6m

S$ m

28%

72%

42%

58%

42%

58%

72%

28%

Profits Trend

Progressiverecognition

of 10developmentprojects in

YTD Sep 2009

0

5

10

15

20

25

30

FY04 FY05 FY06 FY07 FY08 YTDSep08

YTDSep09

1.52.2

5.2

19.2

24.7

21.8 22.0

S$ m

Key Financial Ratios

Cash holdings include project account monies amounting to $70.2 million (FY2008: $61.8 million)

* After adjusting for fair value gain on property, plant and equipment (i.e. Hotel and office premise) of$213.7m and $212.4m in YTD Sep 2009 and FY2008 respectively

30-Sep-09 31-Dec-08 Better / (Worse)

Total assets (S$’m) 402.5 410.2 -2%

Total debts (S$‘m) 240.9 266.7 10%

Cash & cash equivalents (S$‘m) 115.6 111.1 4%

Shareholders' equity (S$‘m) 127.5 110.3 16%

NAV per share (cents) 20.03 17.32 16%

RNAV per share (cents)* 53.59 50.70 6%

Cash holdings per share (cents) 18.21 17.55 4%

Net Debt to NAV (times) 0.99 1.41 30%

Net Debt to RNAV (times) 0.37 0.48 23%

Operations Review

- Property DevelopmentOperations Review

Property Development Sales

Prior to FY2004 FY2004 FY2005 FY2006 FY2007 FY2008 YTD Sep 09

Units sold 19 22 22 99 138 151 194

Sales (millions) $14.0 $15.0 $14.2 $69.5 $125.8 $170.1 $179.6

19 22 22

99

138

151

194

$14.0 $15.0 $14.2

$69.5

$125.8

$170.1

$179.6

0

50

100

150

200

250

Strong Pre-Sale Revenue

S$’m

81.6

7.7

188.4

53.0

336.5

78.7

396.9

81.6

0

50

100

150

200

250

300

350

400

450

FY2006 FY2007 FY2008 YTD Sep 09

Sales value Revenue recognised

$257.8 m$315.3 m

Land acquisition

1459.3

3890.2

910.8

1055.5

Areasqm

LocationAllowableplot ratio

Purchaseconsideration

S$’m

154/A/B, 156/A/B Joo Chiat Place 1.4 6.3

233/A/B/C/D/E Tembeling Road 1.4 7.0

18 Spottiswoode Park Road* 2.8 100.8

162 Haig Road ** 2.8 15.4

* the acquisition is subject to and conditional upon the obtaining of the agreement by 80%majority of the owners of the Development to the purchase price and inter alia theobtaining of a sale order from the Strata Titles Board under the Land Titles (Strata) Act(Cap. 158), if necessary

** the acquisition was made under our associated company, Mequity Two Pte. Ltd.

- Hotel OwnershipOperations Review

AOR and ARR

68

72

76

80

84

88

92

96

2004 2005 2006 2007 2008 YTDSep09

84.8 85.5 86.1

92.5

87.9

84.0

0.0

35.0

70.0

105.0

140.0

175.0

210.0

2004 2005 2006 2007 2008 YTDSep09

95.5103.0

125.0

154.4

200.3

149.1

% S$

Fall in AOR & ARR in YTD Sep 2009

AOR ARR

Room Yield (RevPAR)

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

2004 2005 2006 2007 2008 YTD Sep 09

81.088.1

107.6

142.9

176.1

125.2

31% decrease in RevPAR in YTD Sep 2009 to S$125.2

S$

Group Borrowings

Debt Profile

30-Sep-09 31-Dec-08

Total borrowings S$240.9 m S$266.7 m

Fixed rate loans S$83.5 m S$141.9 m

Fixed as % of total loans 34.7% 53.2%

Interest cover ratio (times) 10.3 8.2

Weighted average term for fixedrates loans

0.83 year 1.26 year

Weighted average interest rates (fixed rates loans) 3.92% 3.99%

Weighted average interest rates (floating ratesloans)

3.22% 3.16%

Debt Maturity Profile

* S$48.9 million of the debts relates to our development projects which are fully or substantiallysold, and are expected to obtain TOP by Q3FY2010

$74.7 m *

$103.2m

$63.0m

Total borrowings

Within 1 year

Between 2 to 5 years

After 5 years

Outlook and Prospects

Outlook and Prospects

• MTI forecast:- It had upgraded the Singapore economic growth forecast for 2009 to -2.5 to -2.0

per cent

• URA statistics:- Overall prices of private residential properties increased by 15.8% in 3rd quarter

2009, compared with the decline of 4.7% in the 2nd quarter.- 5,510 uncompleted private residential units were sold in 3rd quarter 2009,

compared with 4,521 units in 2nd quarter 2009

• STB statistics:- visitor arrivals to Singapore registered its first growth by 7.1% this year to reach

799,000 visitors in September 2009.

• As of 30 September 2009, our Group has pre-sale revenue of about S$315.3 million,which will progressively be recognised from Q4FY2009 to FY2011. Havingsubstantially sold all our development projects, we have started to replenish our landbank and had recently acquired a few land plots for residential development.

• Barring any unforeseen circumstances, the directors expect the Group to beprofitable in 2009.

Thank You