公司新聞
HEMARAJ - QUARTER 1-2014 REVENUE OF BAHT 2,829.1 MILLION UP 38%
14/05/2014
- NET INCOME OF BAHT 1,042.1 MILLION UP 16%
- (NORMALIZED NET INCOME (NNI) OF BAHT 982.7 MILLION UP 43%)
Hemaraj Land And Development Public Company Limited announced its operating and financial results for Quarter 1 of 2014 as summarized below.
Net Income
For Quarter 1’2014, Hemaraj reported Total Net Income of Baht 1,042.1 million, an increase of 16% compared with the same period of the previous year. Earnings per-share was Baht 0.107 per share, representing an increase of 16%. Normalized Net Income (NNI) for Quarter 1’ 2014 was Baht 982.7 million (excluding unrealized foreign exchange gain of Baht 59.4 million), or an increase of 43%.
In Quarter 1’2014, Hemaraj received share of profit from power/utility associates (excluding foreign exchange unrealized translation gain/loss) at Baht 289.7 million, or an increase of 108% from the same period of 2013 and received share of profit from Hemaraj Industrial Property and Leasehold Fund (HPF) for the first time at Baht 20.3 million. There was an unrealized foreign exchange translation gain from Power Investment (Gheco-One and GJP NLL) of Baht 59.4 million compared to an unrealized foreign exchange translation gain of Baht 216.7 million in the same period of 2013. Normalized Net Income (NNI) for Q1’2014 was Baht 982.7 million, an increase of 43%.
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 2014 with record quarterly revenue and net income. This was despite the impact from the year end 2013 and continuing political disruptions as well as a delay in Board of Investment (BOI) approvals. Operating Revenue of Baht 2,828.4 million increased 39%. Normalized Net Income of Baht 982.7 million increased 43%, reflecting solid financial results.
Our broadened revenue reflected the Industrial Estate Land sales revenue being up 55%, Utilities (non power) revenue increase of 6%, and Rental Property being down 3 %, all being in comparison with the prior year. However the Rental Property decrease reflects 150,000 square meters of factories being sold to the Hemaraj Industrial Property and Leasehold Fund (HPF) at the end of 2013.
For the first 3 months of 2014, operating results were Industrial Estate Sales of 121 rai (48 acres or 19 hectares), with 11 contracts, 5 new customers and 6 project expansions from existing customers. Industrial estate land transferred in Q1’2014 of 809 rai was another record.
For Power Business GJPNLL, our first Gulf J-Power 126 MW SPP power project with Hemaraj 25% shareholding, commenced its commercial operation in May 2013. Gheco-One, a 660 MW IPP power project with Hemaraj 35% shareholding was operating at 99% technical availability during Q1’2014. Share of Profit from Power Associates therefore increased 108% year over year. Gheco One has an expected Hemaraj profit of Baht 1.2 billion per year from 2014-2016. Hemaraj is planning to participate in another six (6) 126 MW SPP power projects with a 25.01% equity option that have financial close at the end of 2014.
Continuing political disruptions have had a negative impact on local sentiment, GDP growth, tourism, and real domestic demand resulting in a downturn in domestic automotive consumption. This has delayed rental expansion in larger ready built factories and logistics warehouse expansion particularly. We have seen a noticeable increase in activity levels and industrial estate investment decisions recently. The application backlog of six months being processed with the newly formed Board of Investment (BOI) committee will help to restore the level of investment activity. Despite our record start, 2014 will therefore be challenging and we have some caution in our short term plan. We believe that industrial investment in Thailand and our business strategy will remain appropriate long term. Thailand is attractive for manufacturing relocation and growth due to reasonable costs, an integrated supplier network, good infrastructure, and expanded market access.
Hemaraj investments are in balanced growth core business areas: - industrial estates, utilities, power, ready-built factories, logistics parks, and properties. Our Q1-2014 results demonstrate the improving Hemaraj revenue and earnings. Our strategy is focused on providing superior long term returns to shareholders.”
Revenue and Results of Operations for 3 months of 2014
For the first 3 months of 2014, Hemaraj’s Total Revenue was Baht 2,829.1 million compared with Baht 2,045.4 million for the same period of 2013, representing a 38% increase. Total Operating Revenue from core business was Baht 2,828.4 million, a 39% increase from the same period of 2013. Industrial Estate Land Sales for the first 3 months of 2014 were Baht 2,076.3 million, or a 55% increase, with a gross margin of 51%. There is an additional Baht 1,251 million in deferred revenue, with recognition based on the title 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 417.6 million, or an increase of 9%, reflecting the higher utility volumes and rates. Total Utilities which includes industrial estate utilities, dividend from power utilities associates, and other utilities and services fees increased to Baht 420.1 million, an increase of 6%.
Total Rental Property and Services Revenue including ready built factory rental, logistics parks rental, pipe-rack rental, and commercial office rental decreased to Baht 208 million, a decrease of 3% mainly from the decrease in Ready Built Factory Rental of Baht 34 million, a decrease of 24% due to some buildings sold to Hemaraj Industrial Property and Leasehold Fund (HPF) in Q4 2013. However, Logistics Parks Rental improved Baht 24 million, an increase of 255% and Commercial Office Rental also improved due to higher occupancy rate. Sale of Residential increased to Baht 124.1 million, an increase of 39%.
The Gross Profit was Baht 1,381.9 million, a 48% increase from the same period of last year. Earnings Before Interest Tax Depreciation and Amortization (EBITDA) were Baht 1,188.7 million, a 43% increase from the same period of last year. The Gross Profit Margin and EBITDA Margin improved to 49% and 42%, respectively.
Significant Activities for 3 months of 2014
· Industrial Estate Land Sales were 121 rai with 11 contracts, 5 new customers and 6 project expansions from existing customers. Hemaraj now has 620 distinct new customers with 944 contracts including 216 automotive customers with 331 automotive contracts.
Ready Built Factories for Rent increased net 2,769 square meters or 1% from 2013 cumulative balance, totaling 300,137 square meters under rent. This comprises of 179,975 square meters at Hemaraj companies and 120,162 square meters rented under the 2013 year-end Hemaraj Property Fund (HPF). Hemaraj Logistics Parks for Rent total 72,145 square meters under rent.
Activities after Quarter 1 of 2014
The Shareholders Meeting approved on April 29, 2014 the final dividend of Baht 0.11 per share, therefore, the total dividend for 2013 was Baht 0.17 per share.
Balance Sheet Highlights for the 3-month period ended 31th March 2014
At 31th March 2014, Hemaraj reported Total Assets of Baht 32,484 million, Total Liabilities of Baht 17,289 million and Total Shareholders’ Equity of Baht 15,195 million. The Net Debt to Equity ratio was 0.96 to 1 with Cash and Deposits on Hand of Baht 2,691 million.
For further information concerning Hemaraj Land And Development Public Company Limited (SET symbol Hemraj), please visit our website at www.hemaraj.com or www.theparkresidence.co.th or contact us by email at invest@hemaraj.com
Mr. Paopitaya Smutrakalin, Director – Investor Relations Hemaraj Land And Development Public Company Limited 18/F UM Tower, 9 Ramkhamhaeng, Suanluang, Bangkok 10250, Thailand Tel: 662-719-9555 to 9 Fax: 662-719-9546 to 7
- (NORMALIZED NET INCOME (NNI) OF BAHT 982.7 MILLION UP 43%)
Hemaraj Land And Development Public Company Limited announced its operating and financial results for Quarter 1 of 2014 as summarized below.
Net Income
For Quarter 1’2014, Hemaraj reported Total Net Income of Baht 1,042.1 million, an increase of 16% compared with the same period of the previous year. Earnings per-share was Baht 0.107 per share, representing an increase of 16%. Normalized Net Income (NNI) for Quarter 1’ 2014 was Baht 982.7 million (excluding unrealized foreign exchange gain of Baht 59.4 million), or an increase of 43%.
In Quarter 1’2014, Hemaraj received share of profit from power/utility associates (excluding foreign exchange unrealized translation gain/loss) at Baht 289.7 million, or an increase of 108% from the same period of 2013 and received share of profit from Hemaraj Industrial Property and Leasehold Fund (HPF) for the first time at Baht 20.3 million. There was an unrealized foreign exchange translation gain from Power Investment (Gheco-One and GJP NLL) of Baht 59.4 million compared to an unrealized foreign exchange translation gain of Baht 216.7 million in the same period of 2013. Normalized Net Income (NNI) for Q1’2014 was Baht 982.7 million, an increase of 43%.
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 2014 with record quarterly revenue and net income. This was despite the impact from the year end 2013 and continuing political disruptions as well as a delay in Board of Investment (BOI) approvals. Operating Revenue of Baht 2,828.4 million increased 39%. Normalized Net Income of Baht 982.7 million increased 43%, reflecting solid financial results.
Our broadened revenue reflected the Industrial Estate Land sales revenue being up 55%, Utilities (non power) revenue increase of 6%, and Rental Property being down 3 %, all being in comparison with the prior year. However the Rental Property decrease reflects 150,000 square meters of factories being sold to the Hemaraj Industrial Property and Leasehold Fund (HPF) at the end of 2013.
For the first 3 months of 2014, operating results were Industrial Estate Sales of 121 rai (48 acres or 19 hectares), with 11 contracts, 5 new customers and 6 project expansions from existing customers. Industrial estate land transferred in Q1’2014 of 809 rai was another record.
For Power Business GJPNLL, our first Gulf J-Power 126 MW SPP power project with Hemaraj 25% shareholding, commenced its commercial operation in May 2013. Gheco-One, a 660 MW IPP power project with Hemaraj 35% shareholding was operating at 99% technical availability during Q1’2014. Share of Profit from Power Associates therefore increased 108% year over year. Gheco One has an expected Hemaraj profit of Baht 1.2 billion per year from 2014-2016. Hemaraj is planning to participate in another six (6) 126 MW SPP power projects with a 25.01% equity option that have financial close at the end of 2014.
Continuing political disruptions have had a negative impact on local sentiment, GDP growth, tourism, and real domestic demand resulting in a downturn in domestic automotive consumption. This has delayed rental expansion in larger ready built factories and logistics warehouse expansion particularly. We have seen a noticeable increase in activity levels and industrial estate investment decisions recently. The application backlog of six months being processed with the newly formed Board of Investment (BOI) committee will help to restore the level of investment activity. Despite our record start, 2014 will therefore be challenging and we have some caution in our short term plan. We believe that industrial investment in Thailand and our business strategy will remain appropriate long term. Thailand is attractive for manufacturing relocation and growth due to reasonable costs, an integrated supplier network, good infrastructure, and expanded market access.
Hemaraj investments are in balanced growth core business areas: - industrial estates, utilities, power, ready-built factories, logistics parks, and properties. Our Q1-2014 results demonstrate the improving Hemaraj revenue and earnings. Our strategy is focused on providing superior long term returns to shareholders.”
Revenue and Results of Operations for 3 months of 2014
For the first 3 months of 2014, Hemaraj’s Total Revenue was Baht 2,829.1 million compared with Baht 2,045.4 million for the same period of 2013, representing a 38% increase. Total Operating Revenue from core business was Baht 2,828.4 million, a 39% increase from the same period of 2013. Industrial Estate Land Sales for the first 3 months of 2014 were Baht 2,076.3 million, or a 55% increase, with a gross margin of 51%. There is an additional Baht 1,251 million in deferred revenue, with recognition based on the title 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 417.6 million, or an increase of 9%, reflecting the higher utility volumes and rates. Total Utilities which includes industrial estate utilities, dividend from power utilities associates, and other utilities and services fees increased to Baht 420.1 million, an increase of 6%.
Total Rental Property and Services Revenue including ready built factory rental, logistics parks rental, pipe-rack rental, and commercial office rental decreased to Baht 208 million, a decrease of 3% mainly from the decrease in Ready Built Factory Rental of Baht 34 million, a decrease of 24% due to some buildings sold to Hemaraj Industrial Property and Leasehold Fund (HPF) in Q4 2013. However, Logistics Parks Rental improved Baht 24 million, an increase of 255% and Commercial Office Rental also improved due to higher occupancy rate. Sale of Residential increased to Baht 124.1 million, an increase of 39%.
The Gross Profit was Baht 1,381.9 million, a 48% increase from the same period of last year. Earnings Before Interest Tax Depreciation and Amortization (EBITDA) were Baht 1,188.7 million, a 43% increase from the same period of last year. The Gross Profit Margin and EBITDA Margin improved to 49% and 42%, respectively.
Significant Activities for 3 months of 2014
· Industrial Estate Land Sales were 121 rai with 11 contracts, 5 new customers and 6 project expansions from existing customers. Hemaraj now has 620 distinct new customers with 944 contracts including 216 automotive customers with 331 automotive contracts.
Ready Built Factories for Rent increased net 2,769 square meters or 1% from 2013 cumulative balance, totaling 300,137 square meters under rent. This comprises of 179,975 square meters at Hemaraj companies and 120,162 square meters rented under the 2013 year-end Hemaraj Property Fund (HPF). Hemaraj Logistics Parks for Rent total 72,145 square meters under rent.
Activities after Quarter 1 of 2014
The Shareholders Meeting approved on April 29, 2014 the final dividend of Baht 0.11 per share, therefore, the total dividend for 2013 was Baht 0.17 per share.
Balance Sheet Highlights for the 3-month period ended 31th March 2014
At 31th March 2014, Hemaraj reported Total Assets of Baht 32,484 million, Total Liabilities of Baht 17,289 million and Total Shareholders’ Equity of Baht 15,195 million. The Net Debt to Equity ratio was 0.96 to 1 with Cash and Deposits on Hand of Baht 2,691 million.
For further information concerning Hemaraj Land And Development Public Company Limited (SET symbol Hemraj), please visit our website at www.hemaraj.com or www.theparkresidence.co.th or contact us by email at invest@hemaraj.com
Mr. Paopitaya Smutrakalin, Director – Investor Relations Hemaraj Land And Development Public Company Limited 18/F UM Tower, 9 Ramkhamhaeng, Suanluang, Bangkok 10250, Thailand Tel: 662-719-9555 to 9 Fax: 662-719-9546 to 7