公司新聞
Hemaraj Quarter 1, 2013 Financial Result
14/05/2013
HEMARAJ - QUARTER 1-2013 REVENUE OF BAHT 2,045 MILLION UP 22%
- NET INCOME OF BAHT 902 MILLION (NORMALIZED NET INCOME (NNI) OF BAHT 692 MILLION)
- INDUSTRIAL LAND TARGET INCREASED FROM 1,600 RAI TO 1,800 RAI
Hemaraj Land And Development Public Company Limited announced its operating and financial results for Quarter 1 of 2013 as summarized below.
Net Income
For Quarter 1’2013, Hemaraj reported Total Net Income of Baht 901.7 million, and earnings per-share was 0.093 Baht per share, representing an increase of 5% from the same period of 2012. Normalized Net Income (NNI) for Quarter 1’ 2013 was Baht 692.2 million.
The Increase of Net Income for the first 3 months of 2013 was due to growth in business including industrial estates, utilities, and rental properties. Higher industrial estate land transfers resulted in higher revenue recognition. There was also stronger growth in Industrial Utilities and Rental Properties. In Q1’ 2013, there was an unrealized foreign exchange translation gain for Gheco-One of Baht 209.5 million compared to an unrealized foreign exchange translation gain of Baht 130.3 million in the same period of 2012. In addition, in the prior year of Q1’2012, there was a Baht 290.4 million accrued gain from Gheco-One from delay charges to the main EPC contractor due.
David Nardone, President and CEO of Hemaraj Land And Development Public Company Limited had the following comments on the company’s performance.
“Hemaraj Land And Development Public Company Limited finished the first 3 months of 2013 with strong overall results. Operating Revenue of Baht 2,045 million increased 22%. EBITDA of Baht 754 million with a 37% margin was up 25%. Normalized Net Income of Baht 692 million reflected solid financial results. The prior year included an accrued penalty of Baht 290 million to the EPC power contractor masking the improved financial performance year over year.
Our broadened revenue reflected the Industrial Estate Land sales revenue being up 17%, Industrial Estate Utilities quarterly revenue increase of 20%, as well as Ready Built Factory revenue increase of 53%, all being in comparison with the prior year.
For the first 3 months of 2013, operating results were Industrial Estate Sales of 421 rai (168 acres or 67 hectares),with 24 contracts, 12 new customers and 12 project expansions from existing customers. Foreign Direct Investment in Thailand continues to be strong as reflected in Baht 271 billion approved projects in Q1’2013 by the Board of Investment, a 47% increase from the same period of 2012. We increased our 2013 land sales target to 1,800 rai (720 acres or 288 hectares) from 1,600 rai (640 acres or 256 hectares) at the 2013 Annual General Meeting.
Thailand continues to be attractive for relocation, consolidation, and growth due to reasonable costs, currency, infrastructure, and market access. In Q1’2013, Mazda Powertrain Manufacturing (Thailand) purchased 131 rai at Eastern Seaboard Industrial Estate (Rayong), being a Baht 15 billion strategic automotive investment. After the close of the quarter, we signed a lease for 17,280 square meters rental with China-based auto OEM, Shanghai Automotive Industry Corporation (SAIC) and Thailand’s CP Group. This is consistent with higher automotive value and auto clustering integration. We see this continuing trend.
Gheco-One, a 660 MW IPP with Hemaraj 35% shareholding, though operating since August 2012, has a two month scheduled maintenance shut down in Q2’2013. Our expectation for 2013 power performance is lower than the normal run rate. However, our first 126 MW SPP power project with Gulf JP had commercial operation on 1 May 2013.
Hemaraj investment continues in our core business areas - industrial estates, utilities, power, ready-built factories, logistics parks, and properties. At Hemaraj, we are cautious on global economic conditions related to investment, trade, currencies and potential impacts to our business model. The risk profile of the company, despite slightly higher leverage taking advantage of investment and financing opportunities, are reflecting the increased predictability of the revenue and earnings. Our strategy is to provide superior long term returns to shareholders.”
Revenue and Results of Operations for 3 months of 2013
For the first 3 months of 2013, Hemaraj’s Total Revenue was Baht 2,045.4 million compared with Baht 1,675.5 million for the same period of 2012, representing 22% increase. Total Operating Revenue from core businesses was Baht 2,045.9 million, a 22% increase from the same period of 2012. Industrial Estate Land Sales for first 3 months of 2013 were Baht 1,342 million or a 17% increase. In addition, there is an additional Baht 2,872 million in deferred revenue, with recognition based on the transfer date, from Industrial Estate land sales not recognized to date representing sales that will be recognized primarily over the next 3 to 18 months.
Industrial estate utilities increased to Baht 387.3 million, or an increase of 20% reflecting the higher volume. Total Utilities which includes industrial estate utilities, dividend from power utilities associates, and other utilities and services fees increased to Baht 399.6 million, an increase of 23%. Total Rental Property and Services Revenue including ready built factory rental, logistic park rental, pipe-rack rental, and commercial office rental increased to Baht 214.8 million, an increase of 25%. Sale of Property including ready built factory sales, residential sales and other land/property sales increased to Baht 89.5 million, a increased of 145%.
The Gross Profit was Baht 936.2 million, a 21% increase from the same period of last year. Earnings Before Interest Tax Depreciation and Amortization (EBITDA) were Baht 754.0 million, a 25% increase from the same period of last year. The Gross Profit Margin and EBITDA Margin remained strong at 46% and 37%, respectively.
Significant Activities for 3 months of 2013
• Industrial Estate Land Sales were 421 rai with 24 contracts, 12 new customers and 12 project expansions from existing customers. Hemaraj now has 567 distinct new customers with 856 contracts including 190 automotive customers with 294 automotive contracts.
• Ready Built Factories for Rent increased 12% or 28,030 square meters from 2012 year-end cumulative balance, totaling 263,839 square meters under rent with an additional 15,163 square meters pre-leased.
• Hemaraj Logistics Parks for Rent increased 11,888 square meters from 2012 year-end cumulative balance, totaling 28,708 square meters under rent with an additional 21,926 square meters pre-leased.
Activities after Quarter 1 of 2013
• The Shareholders Meeting approved on April 30, 2013 the final dividend of Baht 0.07 per share, therefore, total dividend for 2012 was Baht 0.11 per share.
• At 2013 AGM, Hemaraj revised Industrial Estate Land Sale target up from 1,600 rai to 1,800 rai.
Balance Sheet Highlights for the 3-month period ended 31st March 2013
At 31st March 2013, Hemaraj reported Total Assets of Baht 28,753 million, Total Liabilities of Baht 16,821 million and Total Shareholders’ Equity of Baht 11,932 million. The Net Debt to Equity ratio was 1.16 to 1 with Cash and Deposits on Hand of Baht 3,033 million.
- NET INCOME OF BAHT 902 MILLION (NORMALIZED NET INCOME (NNI) OF BAHT 692 MILLION)
- INDUSTRIAL LAND TARGET INCREASED FROM 1,600 RAI TO 1,800 RAI
Hemaraj Land And Development Public Company Limited announced its operating and financial results for Quarter 1 of 2013 as summarized below.
Net Income
For Quarter 1’2013, Hemaraj reported Total Net Income of Baht 901.7 million, and earnings per-share was 0.093 Baht per share, representing an increase of 5% from the same period of 2012. Normalized Net Income (NNI) for Quarter 1’ 2013 was Baht 692.2 million.
The Increase of Net Income for the first 3 months of 2013 was due to growth in business including industrial estates, utilities, and rental properties. Higher industrial estate land transfers resulted in higher revenue recognition. There was also stronger growth in Industrial Utilities and Rental Properties. In Q1’ 2013, there was an unrealized foreign exchange translation gain for Gheco-One of Baht 209.5 million compared to an unrealized foreign exchange translation gain of Baht 130.3 million in the same period of 2012. In addition, in the prior year of Q1’2012, there was a Baht 290.4 million accrued gain from Gheco-One from delay charges to the main EPC contractor due.
David Nardone, President and CEO of Hemaraj Land And Development Public Company Limited had the following comments on the company’s performance.
“Hemaraj Land And Development Public Company Limited finished the first 3 months of 2013 with strong overall results. Operating Revenue of Baht 2,045 million increased 22%. EBITDA of Baht 754 million with a 37% margin was up 25%. Normalized Net Income of Baht 692 million reflected solid financial results. The prior year included an accrued penalty of Baht 290 million to the EPC power contractor masking the improved financial performance year over year.
Our broadened revenue reflected the Industrial Estate Land sales revenue being up 17%, Industrial Estate Utilities quarterly revenue increase of 20%, as well as Ready Built Factory revenue increase of 53%, all being in comparison with the prior year.
For the first 3 months of 2013, operating results were Industrial Estate Sales of 421 rai (168 acres or 67 hectares),with 24 contracts, 12 new customers and 12 project expansions from existing customers. Foreign Direct Investment in Thailand continues to be strong as reflected in Baht 271 billion approved projects in Q1’2013 by the Board of Investment, a 47% increase from the same period of 2012. We increased our 2013 land sales target to 1,800 rai (720 acres or 288 hectares) from 1,600 rai (640 acres or 256 hectares) at the 2013 Annual General Meeting.
Thailand continues to be attractive for relocation, consolidation, and growth due to reasonable costs, currency, infrastructure, and market access. In Q1’2013, Mazda Powertrain Manufacturing (Thailand) purchased 131 rai at Eastern Seaboard Industrial Estate (Rayong), being a Baht 15 billion strategic automotive investment. After the close of the quarter, we signed a lease for 17,280 square meters rental with China-based auto OEM, Shanghai Automotive Industry Corporation (SAIC) and Thailand’s CP Group. This is consistent with higher automotive value and auto clustering integration. We see this continuing trend.
Gheco-One, a 660 MW IPP with Hemaraj 35% shareholding, though operating since August 2012, has a two month scheduled maintenance shut down in Q2’2013. Our expectation for 2013 power performance is lower than the normal run rate. However, our first 126 MW SPP power project with Gulf JP had commercial operation on 1 May 2013.
Hemaraj investment continues in our core business areas - industrial estates, utilities, power, ready-built factories, logistics parks, and properties. At Hemaraj, we are cautious on global economic conditions related to investment, trade, currencies and potential impacts to our business model. The risk profile of the company, despite slightly higher leverage taking advantage of investment and financing opportunities, are reflecting the increased predictability of the revenue and earnings. Our strategy is to provide superior long term returns to shareholders.”
Revenue and Results of Operations for 3 months of 2013
For the first 3 months of 2013, Hemaraj’s Total Revenue was Baht 2,045.4 million compared with Baht 1,675.5 million for the same period of 2012, representing 22% increase. Total Operating Revenue from core businesses was Baht 2,045.9 million, a 22% increase from the same period of 2012. Industrial Estate Land Sales for first 3 months of 2013 were Baht 1,342 million or a 17% increase. In addition, there is an additional Baht 2,872 million in deferred revenue, with recognition based on the transfer date, from Industrial Estate land sales not recognized to date representing sales that will be recognized primarily over the next 3 to 18 months.
Industrial estate utilities increased to Baht 387.3 million, or an increase of 20% reflecting the higher volume. Total Utilities which includes industrial estate utilities, dividend from power utilities associates, and other utilities and services fees increased to Baht 399.6 million, an increase of 23%. Total Rental Property and Services Revenue including ready built factory rental, logistic park rental, pipe-rack rental, and commercial office rental increased to Baht 214.8 million, an increase of 25%. Sale of Property including ready built factory sales, residential sales and other land/property sales increased to Baht 89.5 million, a increased of 145%.
The Gross Profit was Baht 936.2 million, a 21% increase from the same period of last year. Earnings Before Interest Tax Depreciation and Amortization (EBITDA) were Baht 754.0 million, a 25% increase from the same period of last year. The Gross Profit Margin and EBITDA Margin remained strong at 46% and 37%, respectively.
Significant Activities for 3 months of 2013
• Industrial Estate Land Sales were 421 rai with 24 contracts, 12 new customers and 12 project expansions from existing customers. Hemaraj now has 567 distinct new customers with 856 contracts including 190 automotive customers with 294 automotive contracts.
• Ready Built Factories for Rent increased 12% or 28,030 square meters from 2012 year-end cumulative balance, totaling 263,839 square meters under rent with an additional 15,163 square meters pre-leased.
• Hemaraj Logistics Parks for Rent increased 11,888 square meters from 2012 year-end cumulative balance, totaling 28,708 square meters under rent with an additional 21,926 square meters pre-leased.
Activities after Quarter 1 of 2013
• The Shareholders Meeting approved on April 30, 2013 the final dividend of Baht 0.07 per share, therefore, total dividend for 2012 was Baht 0.11 per share.
• At 2013 AGM, Hemaraj revised Industrial Estate Land Sale target up from 1,600 rai to 1,800 rai.
Balance Sheet Highlights for the 3-month period ended 31st March 2013
At 31st March 2013, Hemaraj reported Total Assets of Baht 28,753 million, Total Liabilities of Baht 16,821 million and Total Shareholders’ Equity of Baht 11,932 million. The Net Debt to Equity ratio was 1.16 to 1 with Cash and Deposits on Hand of Baht 3,033 million.