最新ニュース
HEMARAJ - 1Q15 NET INCOME OF BAHT 664.0 MILLION WITH STRONG NET PROFIT MARGIN AT 44.2% - (NORMALIZED NET INCOME (NNI) OF BAHT 607.9 MILLION)
15/05/2015
- 1Q15 NET INCOME OF BAHT 664.0 MILLION WITH STRONG NET PROFIT MARGIN AT 44.2%
- (NORMALIZED NET INCOME (NNI) OF BAHT 607.9 MILLION)
Hemaraj Land And Development Public Company Limited announced its operating and financial results for 1Q15 as summarized below.
Net Income
For 1Q15, Hemaraj reported Total Net Income of Baht 664.0 million, a decrease of 36% compared with the same period of the previous year. Earnings per-share was Baht 0.068 per share, representing a decrease of 36%. Normalized Net Income (NNI) for 1Q15 was Baht 607.9 million (excluding unrealized foreign exchange gain of Baht 56.2 million), or a decrease of 38%.
Net profit decreased compared to 1Q14 due mainly to lower land transfers compared to the historical peak in 1Q14 as a result of soft land sales from political disruptions in 2014 and also from lower share of profit from investments in associates as a result from planned major maintenance shutdown of GHECO-One in 1Q15. In addition, there was no revenue from sales of condominium in 1Q15 as condominium units at “The Park Chidlom” have been almost sold out. However, revenue from utilities services and revenue from industrial properties for rent and commercial properties for rent continue to improve. As a result, Hemaraj has a reported net profit margin of 44.2%, practically unchanged from that of 1Q14, despite lower revenues. (Normalized net profit margin increased to 38.6% compared to 34.3% in 1Q14)
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 2015 with reasonable operating and financial results in the content of the overall Thailand economic environment. Industrial Estate revenue was lower by 58%, as revenue is based on industrial land transfers. This was impacted from a lower revenue backlog reflecting weak 2014 automotive production and overall investment conditions. However, Rental Property revenue increased 13% from the same period of 2014 and across all segments. Revenue from industrial estate utilities (non power) also increased by 3% from the same period of 2014 due to modest volume growth.
Industrial Estate land sales for 1Q15 were 186 rai (74 acres or 30 hectares), with 9 contracts, 7 new customers and 2 project expansions from existing customers. Fifty four percent of the contracts in 1Q15 were non automotive.
Weakness in the domestic OEM automotive sales were down 13% while automotive exports increased 12% resulting in total automotive OEM production volume increasing only 1% through 1Q15. Automotive export value increased 5.1% compared with the previous year quarter auto value. However, automotive in total was 15.84% of total exports. There continues to be longer term new product launches, although with some delays, and technology intensive automotive investments. Increasingly Hemaraj is the choice of leading multinational investment. The ECO Car 2 program applications were approved for four (4) Hemaraj automotive OEM manufacturers.
Three months of 2015 Investment Approval projects by the Board of Investment (BOI) were Baht 218 billion, an increase of 523% compared to the same period of 2014 reflecting the large backlog.
For 1Q15, Ready Built Factories were flat totaling 301,896 square meters under rental inclusive of the Hemaraj Property Fund. Hemaraj Logistics Parks for Rent increased net 5,145 square meters or 6% from 2014 cumulative balance.
In Power, Gheco-One, a 660 MW IPP (Independent Power Producer) project with Hemaraj 35% shareholding and Glow Energy 65% (GDF Suez group), operated at 56% commercial dispatch availability in 1Q15 due to a planned major maintenance shut down. Hemaraj received share of profit from power/utility associates (excluding foreign exchange unrealized translation gain/loss) at Baht 241.2 million, or a decrease of 17% from the same period of 2014.
Hemaraj also signed shareholder agreements with B.Grimm and Gulf Energy Development (GED) in the first quarter of 2015 to develop another 7 SPPs expecting COD starting from 2017 onwards. The investment will increase Hemaraj’s equitable operating capacity from 318 MW to 538 MW by 2019
As reported after the close of the quarter, on April 20, 2015 WHA Venture Holding Company Limited, a fully owned subsidiary of WHA Corporation Public Company Limited completed their voluntary tender offer for 92.88% of the total shares of Hemaraj Land And Development Public Company Limited. This was after acquiring an initial 22.53% of the shares in a mutual agreement from two of the founding Hemaraj shareholders.
The combined leadership of WHA and Hemaraj will provide enhanced opportunities in providing complete industrial estate, utility, power, and logistics property solutions for our customers and in ensuring our joint success going forward.
Hemaraj has broad revenue in core business areas: - industrial estates, utilities, power, and property. Our 1Q15 operating and financial results, despite the challenging economic environment, demonstrate the profitability from these recurring investments. Our strategy is to provide superior long term returns to shareholders.”
Revenue and Results of Operations for 3 months of 2015
For the 3 months of 2015, Hemaraj Total Revenue was Baht 1,541.9 million compared with Baht 2,829.1 million for the same period of 2014, representing a 45% decrease. Total Operating Revenue from core business was Baht 1,543.1 million, a 45% decrease from the same period of 2014. Industrial Estate Land Sales for 1Q15 were Baht 874.4 million, or a 58% decrease, with a gross margin of 56%. The backlog in deferred revenue is Baht 1,091 million, 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 12 months.
Industrial estate utilities increased to Baht 429.7 million, or an increase of 3%, reflecting the higher utility volumes. Total Utilities which includes industrial estate utilities, dividend from power utilities associates, and other utilities and services fees increased to Baht 433.6 million, an increase of 3%.
Total Rental Property and Services Revenue including ready built factory rental, logistics parks rental, pipe-rack rental, and commercial office rental increased to Baht 235.1 million, a increase of 13%. This was mainly from the increase in Ready Built Factory Rental to Baht 120.3 million, higher by 11% reflecting higher manufacturing capacity demand. Logistics Parks Rental improved to Baht 38.9 million, an increase of 16%. Pipe-rack rental and Commercial Office Rental also improved to Baht 37.4 million and Baht 23.9 million, an increase of 14% and 10% respectively due to higher occupancy rates and rental rate.
The Gross Profit was Baht 784.4 million. Earnings before Interest Tax Depreciation and Amortization (EBITDA) were Baht 694.7 million for 1Q15. The Gross Profit Margin and EBITDA Margin were 51% and 45%, respectively.
Significant Activities for 3 months of 2015
• Industrial Estate Land Sales were 186 rai with 9 contracts, 7 new customers and 2 project expansions from existing customers. Hemaraj now has 653 distinct new customers with 984 contracts including 227 automotive customers with 346 automotive contracts.
• Ready Built Factories decreased net 174 square meters totaling 301,896 square meters under rent. This comprises of 190,782 square meters at Hemaraj companies and 111,114 square meters rented under the 2014 year-end Hemaraj Property Fund (Hemaraj 23.12% share).
• Hemaraj Logistics Parks for Rent increased net 5,145 square meters or 6% from 2014 cumulative balance, totaling 87,580 square meters under rent.
• Gheco-One, a 660 MW IPP coal project with Hemaraj 35% shareholding and Glow Energy 65% (GDF Suez group), operated at 56% commercial availability due to a planned major maintenance shut down.
• New Baht Bond in Q1’2015, Bond 7 years 4.7% fixed, Baht 1.0 Billion and Bond 10 years 5.0% fixed, Baht 1.5 Billion.
Balance Sheet Highlights for the 3-month period ended 31th March 2015
At 31th March 2015, Hemaraj reported Total Assets of Baht 35,714 million, Total Liabilities of Baht 20,043 million and Total Shareholders’ Equity of Baht 15,670 million. The Net Debt to Equity ratio was 1.03 to 1 with Cash and Deposits on Hand of Baht 3,950 million.
- (NORMALIZED NET INCOME (NNI) OF BAHT 607.9 MILLION)
Hemaraj Land And Development Public Company Limited announced its operating and financial results for 1Q15 as summarized below.
Net Income
For 1Q15, Hemaraj reported Total Net Income of Baht 664.0 million, a decrease of 36% compared with the same period of the previous year. Earnings per-share was Baht 0.068 per share, representing a decrease of 36%. Normalized Net Income (NNI) for 1Q15 was Baht 607.9 million (excluding unrealized foreign exchange gain of Baht 56.2 million), or a decrease of 38%.
Net profit decreased compared to 1Q14 due mainly to lower land transfers compared to the historical peak in 1Q14 as a result of soft land sales from political disruptions in 2014 and also from lower share of profit from investments in associates as a result from planned major maintenance shutdown of GHECO-One in 1Q15. In addition, there was no revenue from sales of condominium in 1Q15 as condominium units at “The Park Chidlom” have been almost sold out. However, revenue from utilities services and revenue from industrial properties for rent and commercial properties for rent continue to improve. As a result, Hemaraj has a reported net profit margin of 44.2%, practically unchanged from that of 1Q14, despite lower revenues. (Normalized net profit margin increased to 38.6% compared to 34.3% in 1Q14)
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 2015 with reasonable operating and financial results in the content of the overall Thailand economic environment. Industrial Estate revenue was lower by 58%, as revenue is based on industrial land transfers. This was impacted from a lower revenue backlog reflecting weak 2014 automotive production and overall investment conditions. However, Rental Property revenue increased 13% from the same period of 2014 and across all segments. Revenue from industrial estate utilities (non power) also increased by 3% from the same period of 2014 due to modest volume growth.
Industrial Estate land sales for 1Q15 were 186 rai (74 acres or 30 hectares), with 9 contracts, 7 new customers and 2 project expansions from existing customers. Fifty four percent of the contracts in 1Q15 were non automotive.
Weakness in the domestic OEM automotive sales were down 13% while automotive exports increased 12% resulting in total automotive OEM production volume increasing only 1% through 1Q15. Automotive export value increased 5.1% compared with the previous year quarter auto value. However, automotive in total was 15.84% of total exports. There continues to be longer term new product launches, although with some delays, and technology intensive automotive investments. Increasingly Hemaraj is the choice of leading multinational investment. The ECO Car 2 program applications were approved for four (4) Hemaraj automotive OEM manufacturers.
Three months of 2015 Investment Approval projects by the Board of Investment (BOI) were Baht 218 billion, an increase of 523% compared to the same period of 2014 reflecting the large backlog.
For 1Q15, Ready Built Factories were flat totaling 301,896 square meters under rental inclusive of the Hemaraj Property Fund. Hemaraj Logistics Parks for Rent increased net 5,145 square meters or 6% from 2014 cumulative balance.
In Power, Gheco-One, a 660 MW IPP (Independent Power Producer) project with Hemaraj 35% shareholding and Glow Energy 65% (GDF Suez group), operated at 56% commercial dispatch availability in 1Q15 due to a planned major maintenance shut down. Hemaraj received share of profit from power/utility associates (excluding foreign exchange unrealized translation gain/loss) at Baht 241.2 million, or a decrease of 17% from the same period of 2014.
Hemaraj also signed shareholder agreements with B.Grimm and Gulf Energy Development (GED) in the first quarter of 2015 to develop another 7 SPPs expecting COD starting from 2017 onwards. The investment will increase Hemaraj’s equitable operating capacity from 318 MW to 538 MW by 2019
As reported after the close of the quarter, on April 20, 2015 WHA Venture Holding Company Limited, a fully owned subsidiary of WHA Corporation Public Company Limited completed their voluntary tender offer for 92.88% of the total shares of Hemaraj Land And Development Public Company Limited. This was after acquiring an initial 22.53% of the shares in a mutual agreement from two of the founding Hemaraj shareholders.
The combined leadership of WHA and Hemaraj will provide enhanced opportunities in providing complete industrial estate, utility, power, and logistics property solutions for our customers and in ensuring our joint success going forward.
Hemaraj has broad revenue in core business areas: - industrial estates, utilities, power, and property. Our 1Q15 operating and financial results, despite the challenging economic environment, demonstrate the profitability from these recurring investments. Our strategy is to provide superior long term returns to shareholders.”
Revenue and Results of Operations for 3 months of 2015
For the 3 months of 2015, Hemaraj Total Revenue was Baht 1,541.9 million compared with Baht 2,829.1 million for the same period of 2014, representing a 45% decrease. Total Operating Revenue from core business was Baht 1,543.1 million, a 45% decrease from the same period of 2014. Industrial Estate Land Sales for 1Q15 were Baht 874.4 million, or a 58% decrease, with a gross margin of 56%. The backlog in deferred revenue is Baht 1,091 million, 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 12 months.
Industrial estate utilities increased to Baht 429.7 million, or an increase of 3%, reflecting the higher utility volumes. Total Utilities which includes industrial estate utilities, dividend from power utilities associates, and other utilities and services fees increased to Baht 433.6 million, an increase of 3%.
Total Rental Property and Services Revenue including ready built factory rental, logistics parks rental, pipe-rack rental, and commercial office rental increased to Baht 235.1 million, a increase of 13%. This was mainly from the increase in Ready Built Factory Rental to Baht 120.3 million, higher by 11% reflecting higher manufacturing capacity demand. Logistics Parks Rental improved to Baht 38.9 million, an increase of 16%. Pipe-rack rental and Commercial Office Rental also improved to Baht 37.4 million and Baht 23.9 million, an increase of 14% and 10% respectively due to higher occupancy rates and rental rate.
The Gross Profit was Baht 784.4 million. Earnings before Interest Tax Depreciation and Amortization (EBITDA) were Baht 694.7 million for 1Q15. The Gross Profit Margin and EBITDA Margin were 51% and 45%, respectively.
Significant Activities for 3 months of 2015
• Industrial Estate Land Sales were 186 rai with 9 contracts, 7 new customers and 2 project expansions from existing customers. Hemaraj now has 653 distinct new customers with 984 contracts including 227 automotive customers with 346 automotive contracts.
• Ready Built Factories decreased net 174 square meters totaling 301,896 square meters under rent. This comprises of 190,782 square meters at Hemaraj companies and 111,114 square meters rented under the 2014 year-end Hemaraj Property Fund (Hemaraj 23.12% share).
• Hemaraj Logistics Parks for Rent increased net 5,145 square meters or 6% from 2014 cumulative balance, totaling 87,580 square meters under rent.
• Gheco-One, a 660 MW IPP coal project with Hemaraj 35% shareholding and Glow Energy 65% (GDF Suez group), operated at 56% commercial availability due to a planned major maintenance shut down.
• New Baht Bond in Q1’2015, Bond 7 years 4.7% fixed, Baht 1.0 Billion and Bond 10 years 5.0% fixed, Baht 1.5 Billion.
Balance Sheet Highlights for the 3-month period ended 31th March 2015
At 31th March 2015, Hemaraj reported Total Assets of Baht 35,714 million, Total Liabilities of Baht 20,043 million and Total Shareholders’ Equity of Baht 15,670 million. The Net Debt to Equity ratio was 1.03 to 1 with Cash and Deposits on Hand of Baht 3,950 million.