Download - Hong Kong Lnd 2013 Annual Presentation
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Presentation
7 th March 2014
2013 Results
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2013 Results1
2013 Review
Record underlying profit
Higher contribution from investment properties
Excellent results in Residential Business due to three Singapore completions
New development projects in China, Indonesia, the Philippines and Singapore
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2013 Results2
2013 Results Highlights
2012 2013
US$776m Underlying profit attributable to shareholders US$935m
US$662m Non - trading items US$255m
US$1,438m Profit attributable to shareholders US$1,190m
US 33.11 Underlying earnings per share US 39.73
US 61.32 Earnings per share US 50.56
US$11.11 NAV per share US$11.41
US 11.00 Final dividend per share US 12.00
US 17.00 Total dividend per share US 18.00
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2013 Results3
Commercial Property
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2013 Results4
Commercial Portfolio
Office Retail Hotel Total
Hong Kong 4,152 585 143 4,880
Macau - 93 151 244
Singapore 1,652 134 - 1,786
Jakarta 661 68 - 729
Hanoi 105 11 - 116
Bangkok 27 61 - 88
Others 71 - 312 383
TOTAL 6,668 952 606 8,226
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2013 Results5
Hong Kong
1. One Exchange Square
2. Two Exchange Square
3. Three Exchange Square
4. The Forum
5. Jardine House
6. Chater House
7. Alexandra House
8. Gloucester Tower
9. Edinburgh Tower
9a. The Landmark Mandarin Oriental
10. York House
11. Landmark Atrium
12.
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2013 Results6
Source: Jones Lang LaSalle
80
100
120
140
160
180
2009 2010 2011 2012 2013
Index
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2013 Results7
Source: Jones Lang LaSalle
-0.5
0
0.5
1
1.5
2
2.5
'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18
Vacancy %m sq. ft
New supply Net take up Vacancy
0
4
8
12
16
20
Disclaimer : The above forecast shall be regarded solely as general guide, no representation is made nor responsibility acceptedby Jones Lang LaSalle for the accuracy of the whole or any part whatsoever .
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2013 Results8
-2
0
2
4
6
8
10
'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18
Vacancy %m sq. ft
New supply Net take up Vacancy
Source: Jones Lang LaSalle
0
4
8
12
16
20
Disclaimer : The above forecast shall be regarded solely as general guide, no representation is made nor responsibility acceptedby Jones Lang LaSalle for the accuracy of the whole or any part whatsoever .
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2013 Results9
Hongkong Land Central Portfolio: Office
2011 2012 2013
Average Net Rent (HK$ psf /month) 87 90 99
Year-end Vacancy 2.0% 3.4% 5.0%
Weighted Average Lease Expiry (years) 4.1 3.7 3.6
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2013 Results10
Hong Kong: Office Tenant Profile
Banks and
other financial
services
38%
Legal
30%
Accounting
8%
Government
3%
Trading
3%
Property
6% Others
12%
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2013 Results11
Hong Kong: Expiration and Interim Rent Revisions
2014 2015 2016
Total lettable office area subject to1,155 1,308 885
% of area subject to expiration/ rent revisions 28% 32% 21%
Average expiring net rent (HK$ psf /month) 108 99 105
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2013 Results12
Premium office development
40,700 sq. ft NFA
Completion: 2013
Pedestrian plaza is being significantly enhanced
The Forum Redevelopment
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2013 Results13
Hongkong Land Central Portfolio: Retail
2011 2012 2013
Average Net Rent (HK$ psf /month) 154 171 201
Year-end Vacancy 0% 0% 0%
Weighted Average Lease Expiry (years) 2.3 2.5 2.4
Note: Vacancy excludes areas under renovation.
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2013 Results14
Retail component 95% let
34% increase in average rents
Macau
One Central (47% -owned)
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2013 Results
Singapore
One Raffles Link(100% -owned)
Marina Bay Financial Centre(33% -owned)
One Raffles Quay(33% -owned)
15
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2013 Results16
Source: Jones Lang LaSalle
0
4
8
12
16
20
-1
0
1
2
3
4
5
'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18
Vacancy %m sq. ft
New supply Net take up Vacancy
CBD Raffles Place, Shenton Way, Marina Bay & Marina Centre
Disclaimer : The above forecast shall be regarded solely as general guide, no representation is made nor responsibility acceptedby Jones Lang LaSalle for the accuracy of the whole or any part whatsoever .
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2013 Results17
Office Retail Total
One Raffles Link 239 73 312 312
One Raffles Quay 1,330 4 1,334 445
Marina Bay Financial Centre 2,910 179 3,089 1,029
TOTAL 4,479 256 4,735 1,786
Singapore Commercial Portfolio
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2013 Results18
Singapore: Office Tenant Profile
Banks and
other financial
services
78%Legal
5%
Accounting
3%
Natural
resources
7%
Others
7%
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2013 Results19
Singapore: Office Average Rents and Occupancy
2012 2013
Average Gross Rent (S$ psf /month) 8.7 9.1
Year-end Vacancy 5.6% 1.7%
Weighted Average Lease Expiry (years) 6.6 5.9
Note: According to local market practice, the average office rent includes management charges.
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2013 Results20
Singapore: Expiration and Interim Rent Revisions
2014 2015 2016
Share: Total lettable office area subject 197 394 320
% of area subject to expiration/ rent revisions 12% 24% 19%
Average expiring rent (S$ psf /month) 7.0 9.5 11.0
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2013 Results21
Average gross rent: US$21.6 psm per month(2012: US$20.6 psm per month)
Occupancy: 94%
Strong demand for office space
Jakarta
Jakarta Land (50% -owned)
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2013 Results
Hanoi, Bangkok and Phnom Penh
22
63 Ly Thai To
(74% -owned)
Gaysorn
(49% -owned)
Central Building
(71% -owned)
Phnom Penh Site
(100% -owned)
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2013 Results23
Prestigious retail centre, which includes a small luxury hotel
Completion: end -2016
Beijing
Wangfujing (95% -owned)
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2013 Results24
120,000 sq. m. lettable area
Completion: 2017
Beijing
CBD (30% -owned)
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2013 Results25
Residential Property
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2013 Results26
7 units handed over in 2013
8 units sold in 2014
6 remaining units
Hong Kong
Serenade