3Q FY2016/17 Financial Results Presentation 26 January 2017 S Y D N E Y • M E L B O U R N E • B R I S B A N E • B E I J I N G • T O K Y O • O S A K A • S I N G A P O R E 1
Disclaimer This presentation shall be read in conjunction with A- HTRUST’s Unaudited Financial Results for the Third Quarter ended 31 December 2016 (“ 3Q FY2016/17 ”) a copy of which is available on www.sgx.com or www.a-htrust.com. This presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends and foreign exchange rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of average daily room rates and occupancy, changes in operating expenses, including employee wages, benefits and training, property expenses and governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Investors are cautioned not to place undue reliance on these forward looking statements, which are based on the Managers’ current view of future events. The Australian Dollar, Chinese Renminbi, Japanese Yen and Singapore Dollar are defined herein as “AUD”, “RMB”, JPY” and “SGD” or “S $ ”, respectively. Any discrepancies in the figures included herein between the individual amounts and total thereof are due to rounding. 2
Contents 1 Key Highlights 2 Financial Review 3 Portfolio Performance 4 Capital Management 5 Looking Ahead 3
Overview of Ascendas Hospitality Trust Beijing S$792 million • Novotel Beijing Sanyuan • Ibis Beijing Sanyuan Market capitalisation as at 31 December 2016 Tokyo • S$1,525 million Hotel Sunroute Ariake and Oakwood Apartments Ariake Tokyo Portfolio valuation as at 31 March 2016 Osaka • Hotel Sunroute Osaka Namba 11 Singapore Hotels • Park Hotel Clarke Quay 4,351 Rooms Sydney • Pullman Sydney Hyde Park • Novotel Sydney Central 4 • Novotel Sydney Parramatta • Countries Courtyard by Marriott North Ryde Melbourne • Pullman and Mercure Melbourne Albert Park 7 Brisbane • Cities Pullman and Mercure Brisbane King George Square 4
1 Key Highlights 5
3Q FY2016/17 Financial Highlights 3Q FY2016/17 1 3Q YTD 2016/17 1 S$59.2m S$167.1m Gross Revenue 8.0% y-o-y 3.3% y-o-y Net Property S$26.4m S$73.4m 12.9% y-o-y 8.8% y-o-y Income (“NPI”) Income available S$19.5m S$51.0m 14.6% y-o-y 5.7% y-o-y for distribution Adjusted Income S$18.5m S$48.5m available for 14.0% y-o-y 5.5% y-o-y distribution 2 Distribution per 1.64 cents 4.31 cents Stapled Security 13.1% y-o-y 4.9% y-o-y (“DPS”) Notes: 1. Save for DPS, percentage changes are based on figures rounded to nearest thousands 2. After retaining distributable income for working capital purposes 6
3Q FY2016/17 Portfolio Highlights AOR 1 ADR 1 RevPAR 1 AUD AUD 2.2pp 0.5% 2.6% Australia 86.6% y-o-y y-o-y y-o-y 181 157 RMB RMB 4.1pp 2.2% 2.7% 86.1% China y-o-y y-o-y y-o-y 402 346 JPY Applies to Oakwood Apartments only 3.2% Japan y-o-y 10,358 Decline in both occupancy and ADR Singapore Slight decline in rental income contribution from Park Hotel Clarke Quay Note: 1. AOR: Average Occupancy Rate; ADR: Average Daily Rate; RevPAR: Revenue per Available Room 7
2 Financial Review 8
Results Summary – 3Q FY2016/17 3 rd Quarter S$’ million FY2016/17 FY2015/16 Change 3 • Overall improvement in Gross 8.0% 59.2 54.8 portfolio performance Revenue • Stronger JPY and AUD Net Property 26.4 23.4 12.9% against SGD helped boost Income financials in SGD NPI Margin (%) 44.7 42.7 2.0pp Income available 19.5 17.0 14.6% for distribution • Mainly due to higher NPI - Operation 19.5% 19.5 16.3 and higher realised foreign exchange gain - Proceeds from - - 0.7 Divestment 1 • This was in spite of the partial distribution of Adjusted Income proceeds from sale of available for 18.5 16.2 14.0% hotel in Cairns in the distribution 2 corresponding quarter last year DPS (cents) 1.64 1.45 13.1% Notes: 1. Partial distribution of proceeds from sale of Pullman Cairns International 2. After retaining distributable income for working capital purposes 3. Save for DPS, percentage changes are based on figures rounded to nearest thousands 9
Results Summary – 3Q YTD FY2016/17 3Q YTD S$’ million FY2016/17 Change 3 FY2015/16 • Overall underlying Gross 3.3% 167.1 161.8 performance of the Revenue portfolio improved Net Property 8.8% 73.4 67.5 • Stronger JPY and AUD Income against SGD lifted earnings in SGD NPI Margin (%) 43.9 41.7 2.2pp Income available 51.0 48.3 5.7% for distribution • Mainly due to higher NPI and lower finance costs - Operation 51.0 47.0 8.6% • This was in spite of the - Proceeds from - - 1.3 partial distribution of Divestment 1 proceeds from sale of Adjusted Income hotel in Cairns in 3Q YTD available for 48.5 46.0 5.5% FY2015/16 distribution 2 • Also partially offset by higher tax expense DPS (cents) 4.9% 4.31 4.11 Notes: 1. Partial distribution of proceeds from sale of Pullman Cairns International 2. After retaining distributable income for working capital purposes 3. Save for DPS, percentage changes are based on figures rounded to nearest thousands 10
Distribution History Acquisition of Osaka Namba Divestment of Pullman & Equity Fund Raising Cairns International 20.0 1.80 1.64 1.60 1.45 18.5 1.38 1.38 1.30 1.29 1.40 Distributable Income (S$ million) 1.28 16.2 15.0 1.20 DPS (Singapore cents) 15.5 15.5 14.6 14.5 14.2 1.00 0.80 10.0 0.60 0.40 0.20 5.0 0.00 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY15/16 FY16/17 Distributable Income DPS 11
3 Portfolio Performance 12
Performance by Country Overall portfolio performance improved in 3Q FY2016/17, driven by overseas portfolios Gross Revenue Net Property Income 50.0 20.0 7.3% 42.0 9.7% 39.1 40.0 14.9 15.0 13.6 30.0 S$ million S$ million 10.0 35.5% 20.0 6.4 27.7% 4.7 5.2% 5.0 8.7 3.8% 3.3 10.0 11.4% 3.2 6.8 5.2% 5.5 5.3 2.0 1.8 3.3 3.2 0.0 0.0 Australia China Japan Singapore Australia China Japan Singapore 3Q FY15/16 3Q FY16/17 3Q FY15/16 3Q FY16/17 13
NPI Breakdown by Country and Contract Type Well diversified portfolio with good mix of master lease arrangements and management contracts 3Q FY15/16 Net Property Income 3Q FY16/17 Net Property Income Master Lease: Master Lease: 34% 36% Singapore Singapore 12% 14% 3Q FY15/16 3Q FY16/17 Japan Japan Net Property Net Property 20% 24% Income: Income: Australia Australia S$23.4m S$26.4m 56% 58% China China 8% 8% Management Contract: Management Contract: 66% 64% 14
Strong overall performance from Australia portfolio 3 rd Quarter Improvement driven mainly by: AUD FY16/17 FY15/16 Change Pullman Sydney Hyde Park (strong public demand) AOR 86.6% 84.4% 2.2pp Novotel Sydney Central (new aircrew contract) ADR 181 182 0.5% Melbourne Hotel 1 (strong conferencing business) RevPAR 157 153 2.6% Stronger AUD against SGD boost financials in SGD 1. Pullman and Mercure Melbourne Albert Park Net Property Income in AUD Net Property Income in S$ +5.0% +9.7% AUD/SGD: 20.0 1.200 15.0 14.1 1.013 2 13.4 AUD/SGD: 1.058 2 (+4%) 14.9 15.0 0.800 AUD million 13.6 S$ million AUD/SGD 10.0 10.0 0.400 5.0 5.0 0.000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2015/16 FY2016/17 FY2015/16 FY2016/17 2. Based on average rate used for the respective quarter 15
China portfolio continue to improve 3 rd Quarter Ibis benefitted from leasing of F&B space and RMB FY16/17 FY15/16 Change loyalty program of China Lodging Group Financials in SGD moderated by weakening RMB AOR 86.1% 82.0% 4.1pp ADR 402 411 2.2% RevPAR 346 337 2.7% Net Property Income in RMB Net Property Income in S$ +11.4% +19.3% RMB/SGD: 12.0 3.0 0.25 0.221 1 RMB/SGD: 0.206 1 (-6%) 2.5 0.20 9.7 2.0 2.0 1.8 RMB million RMB/SGD S$ million 0.15 8.1 8.0 1.5 0.10 1.0 0.05 0.5 4.0 0.0 0.00 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2015/16 FY2016/17 FY2015/16 FY2016/17 1. Based on average rate used for the respective quarter 16
Osaka hotel drives Japan portfolio performance 3 rd Quarter Improved rental structure saw NPI contribution JPY FY16/17 FY15/16 Change from Hotel Sunroute Osaka Namba grow by 68.5% y-o-y (in JPY term) RevPAR 1 10,358 10,687 3.2% Less events at nearby Tokyo Big Sight affected performance of Oakwood Apartments Ariake Tokyo Appreciating JPY boost SGD financials 1. Applies to Oakwood Apartments Ariake Tokyo only Net Property Income in JPY Net Property Income in S$ +21.3% +35.5% 600.0 8.0 0.015 JPY/SGD: JPY/SGD: 0.012 2 494.2 500.0 0.013 2 (+12%) 6.4 407.4 6.0 0.010 JPY million 400.0 S$ million JPY/SGD 4.7 300.0 4.0 0.005 200.0 100.0 2.0 0.000 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2015/16 FY2016/17 FY2015/16 FY2016/17 2. Based on average rate used for the respective quarter 17
Recommend
More recommend
