Financial Year Ended 31 December 2019 Fourth Quarter & Full Year Results Announcement 27 February 2020
Financial Highlights for Fourth Quarter of FY2019 (4QFY19) and Financial Year Ended 31 December 2019 (FY2019) 2
4QFY19 and FY19 Ended 31 December 2019 In RM mil 4QFY2019 4QFY2018 YoY(%) FY2019 FY2018 YoY(%) Revenue 888.9 788.8 12.7 3,180.0 2,446.0 30.0 101.9 (69.6) 246.4 395.8 39.1 911.4 Segment Results 120.6 (90.8) 232.9 567.3 30.9 1,737.2 PBIT PBT 143.6 (91.1) 257.6 665.7 78.7 746.3 PATAMI 103.0 (347.5) 129.6 598.5 (238.5) 351.0 Basic EPS (sen) 1.5 (5.1) 129.6 8.8 (3.5) 351.0 4QFY2019 vs 4QFY2018 FY2019 vs FY2018 Revenue jumped 30.0% from FY2018 due to: Revenue rose 12.7% YoY attributable to: • Higher sales and development activities in our major Higher sales and development activities achieved in • C townships, KLGCC Resort and Cantara Residences Bukit Jelutong, Serenia City, Cantara Residences, Core land sales in Bandar Bukit Raja and Bandar Ainsdale of East Residences and RSKU Putra Heights • O RM181.3m Revenue further enhanced with disposal of non- • Disposal of non-core lands totalling RM152.2m strategic land in Jalan U-Thant amounting to • M RM33.3m Significant improvement in PBIT is mainly due to: M PBIT jumped 232.9% YoY mainly due to: • Higher contribution from property development Gain on disposal of non-core lands and properties in Singapore • Gain on disposal of non-core land (Jalan U-Thant) of • E and Pulau Pinang totalling to RM383.7m RM30.1m and gain on disposal of properties in Impacted by impairment, provisions and write-off of • Singapore and Pulau Pinang totalling to RM36.7m N RM101.6m and additional provision of RM65.8m on disposal Impacted by impairment, provisions and write-off of • obligations in relation to property disposed in FY2017 RM29.6m and additional provision of RM10.0m on T Previous year was impacted by high impairments • disposal obligations in relation to property disposed A in FY2017 PATAMI improved mainly due to: Higher contribution from property development • R Gain on disposal of non-core lands and properties in • Last year’s loss was impacted by provision of Singapore and Pulau Pinang totalling to RM347.4m impairments and tax provision Y Effect of tax uplift • Last year’s loss was impacted by provision of • impairments and tax provision 3
Core Earnings Improved Year-on-Year R E V E N U E In RM mil 4QFY19 4QFY18 % FY2019 FY2018 % Reported Revenue 888.9 788.8 12.7 3,180.0 2,446.0 30.0 Non-core land sales 33.3 - 152.2 3.4 Core Revenue 855.6 788.8 8.5 3,027.8 2,442.6 24.0 P B I T 216.3 In RM mil 4QFY19 4QFY18 % FY2019 FY2018 % 27.2 351.0 Reported PBIT 120.6 (90.8) 232.9 567.3 30.9 1,737.2 258.2 175.7 93.4 One-off Items 27.2 (266.5) 216.3 (227.4) (227.4) Core PBIT 93.4 175.7 (46.9) 351.0 258.2 35.9 (266.5) 4QFY19 4QFY18 FY2019 FY2018 P A T A M I 286.5 In RM mil 4QFY19 4QFY18 % FY2019 FY2018 % 17.9 77.9 312.0 160.5 Reported PATAMI 103.0 (347.5) 129.6 598.5 (238.5) 351.0 85.0 One-off Items 17.9 (425.4) 286.5 (398.9) (398.9) (425.4) Core PATAMI 85.0 77.9 9.2 312.0 160.5 94.4 4QFY19 4QFY18 FY2019 FY2018 Core Non Core • Core revenue and profit were supported by higher sales and development activities • Property Development constituted 94% and 74% of revenue and PBIT respectively 4
SEGMENT RESULTS FOR 4QFY2019 * 4QFY2019 vs 4QFY2018 Core In RM mil Non-core 117.0 (25.3) (3.9) 7.5 (11.3) (5.2) 52.9% (5.2) 7.5 11.8 223.3 (9.7) 105.2 (248.5) (3.9) (1.5) 4QFY2019 4QFY2018 4QFY2019 4QFY2018 4QFY2019 4QFY2018 *4QFY2018 segment results excluded elimination Leisure & Hospitality Property Development Property Investment Higher sales and development activities Recorded a loss mainly due to: Higher loss recorded due to lower • • • in Bukit Jelutong, Serenia City, Cantara contribution from the Convention Pre-commencement expenditure of ✓ Residences, East Residences and RSKU Centre KL East Mall Putra Heights Lower contribution from concession ✓ One-off provision of RM1.5m • arrangement Gain on disposals of non-strategic land • Lower share of result from Melawati ✓ sales (Jalan U-Thant) of RM30.1m Mall However, the result is partially impacted • by impairments, provisions and write- offs of RM18.1m Previous year’s losses was mainly due to • huge impairments and write-offs totalling to RM236.6m, partially mitigated by profit from land sale to SDMIT of RM122.7m 5
SEGMENT RESULTS FOR FY2019 Core In RM mil FY2019 vs FY2018 * Non-core 416.9 59.8 5.0 54.4 (26.1) (28.4) 49.9 367.0 281.2 54.4 (26.1) (28.4) (221.4) 5.0 FY2019 FY2018 FY2019 FY2018 FY2019 FY2018 *FY2018 segment results excluded elimination Property Development Property Investment Leisure & Hospitality Higher sales and development Melawati Mall improved to a profitable The improvement was mainly due to • • • activities in Denai Alam, Bukit position from loss of RM1.2m in FY2018 higher revenue recorded by TPC, KL. Jelutong, Nilai Utama, Bandar Bukit due to higher occupancy rate of 86% Previous year’s result was affected by Raja, Serenia City and Putra Heights (FY2018: 81%) TPC KL temporary closure of West townships, KLGCC Resort and Cantara Course for renovation works Residences The strong performance in the FY2018 is • The improvement is also due to • due to: Results were further enhanced with • divestment of loss-making hospitality gains on compulsory acquisition and ✓ Higher contribution from concession assets in previous year non-strategic land sales totalling arrangement of RM29.6m (delivery RM138.2m (FY2018: RM3.3m) of teaching equipment) (FY2019: RM1.9m) Results were offset by • ✓ Provision and impairment totalling Result was also impacted by: • RM86.6mil (FY2018: 217.7m) Pre-commencement expenditure of ✓ ✓ Higher share of losses from JV and KL East Mall of RM8.8m associates of RM31.4mil (FY2018:loss of RM26.8m) due to higher marketing expenses incurred by Battersea and lower share of 6 profit from PJ Midtown
CASH AND BORROWINGS AS AT 31 DECEMBER 2019 Cash & Cash Equivalents (In RM mil) Higher net cash inflow from operating • 1,200.0 70.0 activities mainly due to higher sales from 418.7 KLGCC Resort (East Residences), Taman Melawati, Bukit Jelutong, Cantara 1,000.0 Residences and City of Elmina 743.3 649.1 800.0 Positive net cash flow from investing • (394.2) (0.3) activities mainly due to proceeds from 600.0 disposal of Darby Park Executive Suites and Orion Apartment in Singapore. A portion of 400.0 the proceed was invested in Battersea (RM170.0m) 200.0 Net cash used in financing activities • include finance costs paid (RM169.7m), - repayment of lease liabilities (RM18.5m), 31-Dec-18 Operating Investing Financing Foreign 31-Dec-19 net borrowings repaid (RM70.0m) and Activities Activities Activities Exchange dividend paid (RM136.0m) Group Borrowings (In RM mil) 31-Dec-19 31-Dec-18 Gross D/E Ratio 32.2% (30 June 19: 32.8%) 1.93 2.41 (31 Dec 18:34.6%) 0.8 (58.8%) (75.1%) (24.9%) Net D/E Ratio 1.35 (41.2%) RM3.27b 24.7% RM3.20b (30 June 19: 25.8%) (31 Dec 18: 27.8%) Long Term 7 Short Term
Operational Performances for FY2019 8
LAUNCHES IN FY2019 GDV & Units of Launches in FY2019 FY2019 Units 526 1,556 238 597 2,917 In RM’m ✓ Launched with 2,259.2 2,500.0 870.0 GDV of 2,000.0 RM2,259.2m 1,500.0 186.7 839.6 and 2,917 1,000.0 units 500.0 362.8 0.0 1QFY2019 2QFY2019 3QFY2019 4QFY2019 FY2019 FY2019 Launches with 100% take-up rate Future Launches in 1QFY2020 GDV : ~RM0.7bn Units : ~1,000 Commercial 136.50 Elmina Valley 5, City Lagenda Gardens, (18.3%) of Elmina Bukit Jelutong Residential Landed 608.01 (81.7%) 9 Elsa, Bandar Bukit Raja Serenia Arena, Serenia City
SALES ACHIEVED AND UNITS SOLD Units Sold Sales Achieved (In units) (In RM mil) 7 (0.2%) 420.0 324.8 394 (13.4%) (10.4%) (9.4%) 1,229.3 4,198 units RM3,135.7m (39.2%) 2,050 1,747 13.8% YoY 25.4% YoY (48.8%) (41.6%) (FY2018: 3,690 units) (FY2018: RM2,500.7m) 1,161.5 (37.0%) Completed Units Ongoing Completed Units Ongoing New Launch Land Sales New Launch Land Sales ❑ Positive sales performance and take up rate was attributed to aggressive marketing and sales efforts throughout FY2019 ❑ Achieved sales of RM420.0m from Completed inventories in FY2019 which is >100% higher than the completed inventories sold in FY2018 ❑ Units sold from the Ongoing projects are mainly from the City of Elmina and Bandar Bukit Raja as well as Cantara Residences in Ara Damansara township 10
SALES ACHIEVED BY PRODUCT TYPE AND LOCATION YTD 31 December 2019 Sales Achieved: RM3,135.7 million 115.9 In RM’m (3.7%) 324.8 Landed residential (10.4%) 53 High rise residential (1.7%) Statutory 272.3 (8.7%) By Product Type Commercial (retail & office) Land Sales 611.7 (19.5%) Others * 1758 (56.1%) 88.9 (2.8%) 21.5 In RM’m 140.5 (0.7%) Guthrie Corridor (4.5%) Klang 825.2 (26.3%) By Location Other areas in Klang Valley Negeri Sembilan Kedah 623.7 (19.9%) 1436.0 Johor (45.8%) 11 * Others represent Agricultural, residential, commercial and industrial lots
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