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7/27/2010

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F Y 2 0 1 0 R e s u l t s P r e s e n t a t i o n . 2 7 J u l y 2 0 1 0

T E E I N T E R N A T I O N A L L I M I T E D

E n g i n e e r i n g . L i f e s t y l e

“Delivering on Our Promises”


Our BusinessCorporate ProfileGroup StructureOur Business Activities

Financial HighlightsRecent DevelopmentsReal Estate - SingaporeReal Estate - ThailandEngineering Services

“Delivering On Our Promises”Looking AheadPortfolio

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Contents

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Corporate Profile

• TEE is a recognised engineering and integrated real estate & facilitiesmanagement group

• Core competency: Specialised Engineering Services for Infrastructure,Construction & Rebuilding, Redevelopment & System Integration

• Established strong track record in delivering quality, value-addedservices by providing integrated solutions to its customers

• Strong brand position - secured prominent projects

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TEE

Inte

rnat

iona

l Lim

ited

# TEE Management Pte Ltd (formerly known as TEE Aerospace Industries Pte Ltd) * Total Effective Interest Held by TEE International Limited+ Although effective ownership is more than 50%, as the Group does not have legal control over the company, it is deemed as an associate of the Group.

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Trans Equatorial Engineering Pte Ltd 100%PBT Engineering Pte Ltd 100%TEE Management Pte Ltd# 100% *Security Pro-Telco Pte Ltd 100%NexFrontier Solutions Pte Ltd 100%TEE Development Pte Ltd 100%TEE Realty Pte Ltd 100%Unique Development Pte Ltd 20% *

Trans Equatorial Indochina Co., Ltd 49% *Oscar Estate Management Co., Ltd 73.99% *+Oscar Property Management Co., Ltd 73.99% *+Oscar Design & Decoration Co., Ltd 69.09% *+Chewathai Ltd 49% *Chewathai Hup Soon Ltd 24.50% *

Multi Amp Engineering Sdn Bhd 100% *Foremost Prestige Sdn Bhd 25%PBT Engineering Sdn Bhd 100% *

Trans Equatorial Philippines Inc 40% *

TEE Chem Pte Ltd 70%

Singapore

Thailand

Malaysia

Philippines

Cambodia

PBT Engineering Sdn Bhd 99% *Brunei

Grou

p Stru

ctur

e

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Our Business ActivitiesEn

gine

erin

g

• Infrastructure

• Construction & Redevelopment

• Design & Build

• System Integration

• Infrastructure

• Construction & Redevelopment

• Design & Build

• System IntegrationIn

tegr

ated

Rea

l Est

ate

• Property Development

• Estate & Facilities Management

• Property Development

• Estate & Facilities Management

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Engineering

InfrastructureProvides specialised infrastructure engineering services, such as Mechanical & Electrical for buildings, waste & water treatment facilities, land transport & aviation sectors.

Construction & RedevelopmentProvides construction services for new buildings & conversion of existing buildings and facilities for new uses.

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Engineering

Design & BuildProvides turnkey Design & Buildengineering solutions.

System IntegrationProvides customised, total solutions to a building’s system integration, including design, implementation & installation of systems engineering for security, surveillance and public address system.

7E n g i n e e r i n g . L i f e s t y l e

Integrated Real Estate

Property DevelopmentDesign and build residential properties in Singapore and Thailand.

Estate & Facilities ManagementDesign, build, and manage industrialproperties, housing estates & facilities inSingapore and Thailand.

8E n g i n e e r i n g . L i f e s t y l e

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Financial highlights



Revenue – A Record Year

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

FY2007 FY2008 FY2009 FY2010

58,990 52,706

96,460

150,456

S$’000

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• Highest ever revenue recorded in the Group’s history

• Reflects growing capabilities in Engineering

• Higher revenue from large scale projects under the Engineering Segment

• Maiden contribution from our sales of residential development property, under the Integrated Real Estate Segment

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Profit attributable to equity holders of the Company

-1,000

1,000

3,000

5,000

7,000

9,000

11,000

13,000

FY2007 FY2008 FY2009 FY2010

1,983

4,408

6,765

11,386S$’000

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• Record Net Profit After Tax in the Group’s history

• Driven by strong top line growth and entry into larger scale projects in recent years

• Profit “trickled down” from maiden contribution of our sales of residential property

• Continued improvement in operational efficiency


Key Balance Sheet Highlights31 May 10(S$’000)

31 May 09(S$’000)

Current Assets 147,895 109,661

- Construction work-in-progress in excess of progress billings 20,562 3,672

- Development Properties 50,081 53,050

- Completed property held for sales 4,707 -

- Cash and Bank Balances 6,993 9,456

Non-Current Assets 27,421 25,001

- Investment property 20,500 20,000

Total assets 175,316 134,662

Current l iabilities 101,045 64,107

- Bank loans and overdrafts 38,245 11,911

- Trade payables 32,232 22,431

-Current portion of long term bank loans 17,484 16,029

Total l iabilities 135,441 105,866

Total debt (including finance leases) 89,902 69,566

Shareholders’ equity 39,875 28,801

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Cash Flow Statement

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30 May 10(S$’000)

30 May 09(S$’000)

Operating Cash Flows Before Working Capital Changes 17,622 14,198

Trade Receivables (7,878) (11,512)

Construction Work In Progress in Excess of Billings (16,890) 9,147

Net cash (used in) generated from operations (10,176) 9,951

Investment in associates (2,226) (2,396)

Loans Receivables from associates (9,769) (4,183)

Net cash used in Investing Cash Flow (12,331) (6750)

Net cash generated from (used in) Financing Cash flows 16,323 (4,919)

+/- in Cash & Cash Equivalents (6,184) (1,718)

Cash & Cash Equivalents at Beginning of the year 3,393 5.072

Overdrawn at end of the year (Note A) (2,668) 3,393

Note A 31 May 10(S$’000)

31 May 09(S$’000)

Cash and Bank Balances 6,993 9,465

Bank overdrafts (4,943) (210)

Project accounts (39) (457)

Pledged fixed deposits (4,679) (5,405)

Total Cash and Cash Equivalent (overdrawn) (2,668) 3,393


Key Ratios

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FY2007 FY2008 FY2009 FY2010

ROE 18.0% 18.9% 23.5% 28.6%

ROA 3.1% 3.5% 5.0% 6.5%

Interest Cover 3.9X 4.0X 5.9X 8.8X

Current Ratio 1.2X 2.0X 1.7X 1.5X

Gross Gearing Ratio(Total liabilities less secured loans / Equity)

3.6X 2.2X 2.0X 2.4X

Net Gearing Ratio(Total liabilities less cash equivalents and secured loans / Equity)

3.2X 1.9X 1.7X 2.3X

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Margin Trend

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FY2007 FY2008 FY2009 FY2010

Gross Margins 13.2% 22.1% 19.2% 14.9%

Net Margins 3.4% 8.3% 6.9% 7.6%

EBIT Margins (PBT net of Interest Income / Expenses)

6.3% 13.0% 10.8% 10.1%


Per Share Statistics

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31 May 10 31 May 09

Dividend per share (SGD cents)* 2.2 1.2

Earnings per share (SGD cents)* 8.09 4.82

NAV per share (SGD cents)* 28.32 20.45

Current P/BV (closing price as at 26 July 2010) 1.34 1.86

Current PER (closing price as at 26 July 2010) 4.7 7.9

* Based on 140,821,186 ordinary shares on issue at the end of the year under review

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Recent developments


Real Estate - Singapore


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Real Estate – Singapore

The Thomson Duplex, our first completed residential development property, received its TOP on April 2010. The concept is “Elevated Living” and comprises 6 units of modern duplexes, 4 units already sold. Contributed S$10.5 million to FY2010 revenue

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Average Price S$ 1,250 PSFTotal Gross Floor Area : 1,136.7 sqm


Cantiz@Rambai a 12-unit development was first launched on 2008 and to date we have contracted sales of S$7.3 million, with only 2 units left unsold. TOP is expected on September 2010

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No.31 & 31 A Dunsfold Drive is currently in progress and it will be launch

after TOP which expected to be on October 2010

Average Price S$ 780 PSFTotal Gross Floor Area : 1,072 sqm

Price S$ 14 millionLand Area: 1,055.5 Sqm

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Heeton (45%), KSH (35%) and TEE (20%) jointly acquire the former Mitre Hotel site at Killiney Road for S$121.0 million, as announced on 12 November 2009. Expected to launch in 1st Quarter 2011 and to receive TOP by 2015

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Site Statistics:

39,972 sq ft freehold land Singapore’s District 9, Plot ratio = approx 2.8. Max gross floor area = 111,922 sq ft Acquisition price approx S$1,080 psfPPR

Joint Development Agreement between TEE (27%) and TG Development (73%) for a 7-plot size development at Cairnhill Circle (Approximately of 101,919 sqft), announced on 25 March 2010. Expected to launch in September 2010 and to receive TOP by 2014

Real Estate - Thailand


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Real Estate - Thailand• Latest acquisition : Announced on 7 April 2010, our 49%-

owned associate company, Chewathai Ltd, successfully acquired a piece of land in Bangkok’s Ramkhamhaeng Road, one of the busiest thoroughfare in the city for S$6.6 million (via combination of debt and equity financing) for 6,132 sqm

• Concept: One-bedroom and studio residential units for middle income residents who live and work close to the city centre of Bangkok.

• Location : With its frontage facing the Ramkhamhaeng Road, the site is near to the Ramkhamhaeng University (one of the largest and more popular universities in Thailand), the Rajamangala Stadium (Thailand’s largest stadium), The Mall Bangkapi (a mega shopping complex comprising three buildings) and the Nida University.

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Real Estate - Thailand

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The Chewathai Ratchaprarop is a contemporary condominium targeted a mid to high income earners, at the heart of Bangkok city. This 26-story, 329-unit development has already contracted sales of S$23.7 million as at 31 May 2010, with completion expected on Quarter 1 2011

The Surawong redefines city lifestyle as a downtown condominium a short walk from

shopping and commercial heart of Bangkok. This 52 unit development comes fully

furnished and is a joint venture between our associate company, Chewathai Ltd and Hup

Soon Global. As at 31 May 2010, we have contracted sales of S$7.9 million with

completion expected on December 2010

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Engineering Services



Recent Contract Secured

Projects in Singapore Contract Value Commencement Date

Estimated Completion Date

Additions and alterations to existing basement 1,2 and 3 of Esplanade MRT station

S$9.9 million 8 Dec 2009 6 Apr 2010

Additions and alterations to existing Orchard MRT station S$33.3 million 8 Dec 2009 30 Sep 2010

Marina Bay SandsTM Integrated Resort Development – theatre electrical installation works

S$19.1 million 29 Sep 2009 31 Dec 2010

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Ongoing Projects

Electrical Installation Package for Marina Bay Sands Integrated ResortsS$128 million North PodiumSouth PodiumTheatre

MEPF Package for Asia Square Tower 1S$ 120 million

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“Delivering On Our Promises”


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“Delivering On Our Promises”

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Target for FY2010 Results Delivered by FY2010Engineering Segment:

Win and complete prominent large scale and more complex projects

Marina Bay Sand Integrated Resorts

Esplanade MRT

Pandan Garden projects

Citi Campus

Integrated Real Estate Segment:

Acquire and complete first real estate development project

The Thomson Duplex(contracted sales : S$10.5 million)

Financial Performance:

Achieve revenue >S$100 millionAchieve PBT > S$8 million

Revenue : S$150 millionPBT : S$14 million

Looking ahead


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In Summary

• Maintains a positive outlook for Engineering and Integrated Real Estate Segments in the next 12 months

• Exploring business opportunities in the SE Asian region, specifically engineering projects in Sabah, Brunei, Thailand and Vietnam

• Outstanding order books for the Engineering Segment stands at S$198.0 million

• Contracted sales of S$49.4 million - on-going residential development projects in Singapore and Thailand

• Lease contracts of S$9.6 million for its investment property (Nordam), a workers’ dormitory in Singapore (Marina Bay Sands Workers’ Dormitory) as well as low cost housing in Thailand for the next 24 months

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Portfolio


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Completed Projects

Fitting-out works to Citi Campus at Changi Business ParkS$16 million

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Completed Projects

Fitting-out works to Fusionopolis to Agency of Science, Technology And Research of Singapore (A*STAR)S$ 33 million

14 storey of fitting-out works of laboratories & offices in just 4 months.

In TEE, everything is possible.

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Completed Projects

Electrical Installation for Airfield Lighting Fixture and other Electrical packages, Singapore Changi AirportS$ 80 million

Their efficiency in mobilising necessary resources and commendable efforts to

reinstate the runway at short notice had led to smoother and safer aircraft

operations at Changi AirportMr Fong Kok WaiDirector (Engineering)Civil Aviation Authority of Singapore

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Completed Project

Rebuilding Works and M&E Packages forNational University of SingaporeS$ 80 million

Despite the tight and numerous changes, your

project team has been most accommodating in ensuring that our requirement were

fully satisfied.

Mr Joxan JaffarProfessor& DeanNational University of Singapore

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Completed Overseas Projects

M&E Package for Sabah Centre Point Shopping Centre, MalaysiaS$ 27 million

Low Cost Housing For National Housing Authority, ThailandS$ 33 million

M&E Package for Sabah Foundation Building, MalaysiaS$ 30 million

Design and Build of INNOValues Precision Plant in Shanghai, ChinaS$ 20 million

Design & Built Industrial Facility for INNOValues Precision Limited in Ayuthaya, ThailandS$ 7 mill ion

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Thank You!

T E E I N T E R N A T I O N A L L I M I T E D


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