公司新闻
Hemaraj Financial Results of Q3/2014
13/11/2014
HEMARAJ - 9 MONTHS 2014 REVENUE OF BAHT 5,149.6 MILLION DECREASED 19%
- NET INCOME OF BAHT 2,537.3 MILLION UP 22%
- (NORMALIZED NET INCOME (NNI) OF BAHT 2,459.6 MILLION UP 12%)
Hemaraj Land And Development Public Company Limited announced its operating and financial results for the 9 months of 2014 as summarized below.
Net Income
For Quarter 3’2014, Hemaraj reported Total Net Income of Baht 477.9 million, a decrease of 24% compared with the same period of the previous year. Earnings per-share was 0.049 Baht per share, representing a decrease of 24%. Normalized Net Income (NNI) for Quarter 3’2014 was Baht 462.9 million (excluding unrealized foreign exchange gain of Baht 14.9 million), or a decrease of 32%.
For the 9 months of 2014, Hemaraj reported Total Net Income of Baht 2,537.3 million, and earnings per-share was Baht 0.261 per share, or an increase of 22% compared with the same period of 2013.
For the 9 months of 2014, Hemaraj recognized share of profit from power/utility associates (excluding foreign exchange unrealized translation gain/loss) at Baht 1,300.3 million, or an increase of 182% from the same period of 2013. There was an unrealized foreign exchange translation gain from Power Investment (Gheco-One and GJP NLL) of Baht 77.6 million compared to an unrealized foreign exchange translation loss of Baht 109.5 million in the same period of 2013. Therefore, Normalized Net Income (NNI) for the 9 months of 2014 was Baht 2,459.6 million, or an increase of 12%.
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 9 months of 2014 with good overall operating and financial performance. This is in consideration that revenue was lower being impacted from political disruptions and the BOI delayed investment in early to mid 2014, the continued weakness in the domestic automotive market, and lower Thailand GDP growth.
Operating Revenue of Baht 5,171.1 million decreased 18%. For the first 9 months of 2014, operating results were a leading Industrial Estate Sales of 522 rai (208 acres or 84 hectares), with 31 contracts, 21 new customers and 10 project expansions from existing customers, reflecting these aforementioned constraints. Seventy five percent of the contracts to date in 2014 were non automotive.
Our industrial estate land sales reflect the continued weakness in the domestic automotive market with total automotive OEM production volume down 27% through September 2014. Export auto OEM growth was flat in volume, however inclusive of auto parts increased 6.3% in value. There continues to be longer term new product launch or technology intensive automotive investments. Increasingly Hemaraj is the choice of leading multinational investment. The ECO Car 2 program applications were submitted by five (5) Hemaraj automotive OEM manufacturers.
Foreign Direct Investment approved projects by the Board of Investment (BOI) were Baht 420 billion, a decrease of 46% compared to the same period of 2013. However, there is a backlog of BOI projects waiting for approval of Baht 284 billion.
Our operating revenue comparison with the prior year includes the Industrial Estate Land sales revenue, which had a strong sales and backlog from 2013, being lower by 27%. Rental Property was down 11% reflecting the 2013 sale of factories to the Hemaraj Property Fund and lower manufacturing capacity demand. Revenue from utilities (non power) increased by 10% from the same period of 2013 reflecting pricing and volume recovery growth.
The improved bottom line Net Income of Baht 2,537 million reflects the significantly higher profit, up 182% from power/utility associates. Normalized Net Income (adjusted for Foreign Exchange Unrealized Translation Gain or Loss) of Baht 2,459.6 million increased 12%.
For our Power business, Gheco-One, a 660 MW IPP (Independent Power Producer) coal project with Hemaraj 35% shareholding and Glow Energy 65% (GDF Suez group), has operated at 96% commercial dispatch availability in 2014, exceeding our operating and financial expectations.
Hemaraj is planning to invest in another seven (7) 126 MW SPP (Small Power Producer) projects with 25.01% equity options with financial close expected at the end of 2014.
Reflecting the slower economic recovery, we are revising down our 2014 industrial estate sales forecast to 800 rai (320 acres, 128 hectares) from 1,200 rai (480 acres, 192 hectares) with a projected 30 new industrial estate customers and 45 industrial estate contracts. Our Ready Built Factory and Logistics Park warehouse forecast are similarly reduced to 25,000 and 11,000 net square meters of new take-up. Still, we see bright investment projects for 2015 with several strategic manufacturing investments.
Hemaraj is expanding its balanced growth core business areas: - industrial estates, utilities, power, ready-built factories, logistics parks, and properties. Our 9 month 2014 results demonstrate both the breadth of Hemaraj revenue and increasingly predictable earnings reflecting the leverage from power investments. Our strategy remains to provide superior long term returns to shareholders.”
Revenue and Results of Operations for 9 months of 2014
For the first 9 months of 2014, Hemaraj Total Revenue was Baht 5,149.6 million compared with Baht 6,320.1 million for the same period of 2013, representing a 19% decrease. Total Operating Revenue from core business was Baht 5,171.1 million, a 18% decrease from the same period of 2013. Industrial Estate Land Sales for the first 9 months of 2014 were Baht 2,917.2 million, or a 28% decrease, with a gross margin of 51%. The backlog in deferred revenue is growing, Baht 1,446 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 18 months.
Industrial estate utilities increased to Baht 1,288.0 million, or an increase of 10%, 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 1,358.7 million, an increase of 14%.
Total Rental Property and Services Revenue including ready built factory rental, logistics parks rental, pipe-rack rental, and commercial office rental decreased to Baht 661.0 million, a decrease of 11% mainly from the decrease in Ready Built Factory Rental of Baht 123.3 million, lower by 27% reflecting the sale of factories to the Hemaraj Property Fund at the end of 2013 and lower manufacturing capacity demand. However, Logistics Parks Rental improved Baht 36.3 million, an increase of 56% and Commercial Office Rental also improved Baht 15.1 million, an increase of 27% due to higher occupancy rates. Sale of Residential decreased to Baht 234.2 million, a decrease of 38%.
The Gross Profit was Baht 2,497.8 million. Earnings before Interest Tax Depreciation and Amortization (EBITDA) were Baht 2,217.5 million, a 19% decrease from the same period of last year. The Gross Profit Margin and EBITDA Margin were 49% and 43%, respectively.
Significant Activities for 9 months of 2014
• Industrial Estate Land Sales were 522 rai with 31 contracts, 21 new customers and 10 project expansions from existing customers. Hemaraj now has 636 distinct new customers with 964 contracts including 219 automotive customers with 337 automotive contracts.
• Ready Built Factories increased net 9,673 square meters or occupancy 68%, totaling 303,221 square meters under rent. This comprises of 187,492 square meters at Hemaraj companies and 115,729 square meters rented under the 2013 year-end Hemaraj Property Fund (HPF).
• Hemaraj Logistics Parks for Rent increased net 10,290 square meters or 14% from 2013 cumulative balance, totaling 82,435 square meters under rent.
• Gheco-One, a 660 MW IPP coal project with Hemaraj 35% shareholding and Glow Energy 65% (GDF Suez group), has operated at 96% commercial availability.
Activities after Quarter 3, 2014
• The Board of Directors approved the interim dividends from the operating results from 1 January 2014 to 30 June 2014 at Baht 0.07 per share paid on 31 October 2014.
Balance Sheet Highlights for the 9-month period ended 30th September 2014
At 30th September 2014, Hemaraj reported Total Assets of Baht 33,929 million, Total Liabilities of Baht 18,535 million and Total Shareholders’ Equity of Baht 15,394 million. The Net Debt to Equity ratio was 1.06 to 1 with Cash and Deposits on Hand of Baht 2,191 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
- NET INCOME OF BAHT 2,537.3 MILLION UP 22%
- (NORMALIZED NET INCOME (NNI) OF BAHT 2,459.6 MILLION UP 12%)
Hemaraj Land And Development Public Company Limited announced its operating and financial results for the 9 months of 2014 as summarized below.
Net Income
For Quarter 3’2014, Hemaraj reported Total Net Income of Baht 477.9 million, a decrease of 24% compared with the same period of the previous year. Earnings per-share was 0.049 Baht per share, representing a decrease of 24%. Normalized Net Income (NNI) for Quarter 3’2014 was Baht 462.9 million (excluding unrealized foreign exchange gain of Baht 14.9 million), or a decrease of 32%.
For the 9 months of 2014, Hemaraj reported Total Net Income of Baht 2,537.3 million, and earnings per-share was Baht 0.261 per share, or an increase of 22% compared with the same period of 2013.
For the 9 months of 2014, Hemaraj recognized share of profit from power/utility associates (excluding foreign exchange unrealized translation gain/loss) at Baht 1,300.3 million, or an increase of 182% from the same period of 2013. There was an unrealized foreign exchange translation gain from Power Investment (Gheco-One and GJP NLL) of Baht 77.6 million compared to an unrealized foreign exchange translation loss of Baht 109.5 million in the same period of 2013. Therefore, Normalized Net Income (NNI) for the 9 months of 2014 was Baht 2,459.6 million, or an increase of 12%.
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 9 months of 2014 with good overall operating and financial performance. This is in consideration that revenue was lower being impacted from political disruptions and the BOI delayed investment in early to mid 2014, the continued weakness in the domestic automotive market, and lower Thailand GDP growth.
Operating Revenue of Baht 5,171.1 million decreased 18%. For the first 9 months of 2014, operating results were a leading Industrial Estate Sales of 522 rai (208 acres or 84 hectares), with 31 contracts, 21 new customers and 10 project expansions from existing customers, reflecting these aforementioned constraints. Seventy five percent of the contracts to date in 2014 were non automotive.
Our industrial estate land sales reflect the continued weakness in the domestic automotive market with total automotive OEM production volume down 27% through September 2014. Export auto OEM growth was flat in volume, however inclusive of auto parts increased 6.3% in value. There continues to be longer term new product launch or technology intensive automotive investments. Increasingly Hemaraj is the choice of leading multinational investment. The ECO Car 2 program applications were submitted by five (5) Hemaraj automotive OEM manufacturers.
Foreign Direct Investment approved projects by the Board of Investment (BOI) were Baht 420 billion, a decrease of 46% compared to the same period of 2013. However, there is a backlog of BOI projects waiting for approval of Baht 284 billion.
Our operating revenue comparison with the prior year includes the Industrial Estate Land sales revenue, which had a strong sales and backlog from 2013, being lower by 27%. Rental Property was down 11% reflecting the 2013 sale of factories to the Hemaraj Property Fund and lower manufacturing capacity demand. Revenue from utilities (non power) increased by 10% from the same period of 2013 reflecting pricing and volume recovery growth.
The improved bottom line Net Income of Baht 2,537 million reflects the significantly higher profit, up 182% from power/utility associates. Normalized Net Income (adjusted for Foreign Exchange Unrealized Translation Gain or Loss) of Baht 2,459.6 million increased 12%.
For our Power business, Gheco-One, a 660 MW IPP (Independent Power Producer) coal project with Hemaraj 35% shareholding and Glow Energy 65% (GDF Suez group), has operated at 96% commercial dispatch availability in 2014, exceeding our operating and financial expectations.
Hemaraj is planning to invest in another seven (7) 126 MW SPP (Small Power Producer) projects with 25.01% equity options with financial close expected at the end of 2014.
Reflecting the slower economic recovery, we are revising down our 2014 industrial estate sales forecast to 800 rai (320 acres, 128 hectares) from 1,200 rai (480 acres, 192 hectares) with a projected 30 new industrial estate customers and 45 industrial estate contracts. Our Ready Built Factory and Logistics Park warehouse forecast are similarly reduced to 25,000 and 11,000 net square meters of new take-up. Still, we see bright investment projects for 2015 with several strategic manufacturing investments.
Hemaraj is expanding its balanced growth core business areas: - industrial estates, utilities, power, ready-built factories, logistics parks, and properties. Our 9 month 2014 results demonstrate both the breadth of Hemaraj revenue and increasingly predictable earnings reflecting the leverage from power investments. Our strategy remains to provide superior long term returns to shareholders.”
Revenue and Results of Operations for 9 months of 2014
For the first 9 months of 2014, Hemaraj Total Revenue was Baht 5,149.6 million compared with Baht 6,320.1 million for the same period of 2013, representing a 19% decrease. Total Operating Revenue from core business was Baht 5,171.1 million, a 18% decrease from the same period of 2013. Industrial Estate Land Sales for the first 9 months of 2014 were Baht 2,917.2 million, or a 28% decrease, with a gross margin of 51%. The backlog in deferred revenue is growing, Baht 1,446 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 18 months.
Industrial estate utilities increased to Baht 1,288.0 million, or an increase of 10%, 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 1,358.7 million, an increase of 14%.
Total Rental Property and Services Revenue including ready built factory rental, logistics parks rental, pipe-rack rental, and commercial office rental decreased to Baht 661.0 million, a decrease of 11% mainly from the decrease in Ready Built Factory Rental of Baht 123.3 million, lower by 27% reflecting the sale of factories to the Hemaraj Property Fund at the end of 2013 and lower manufacturing capacity demand. However, Logistics Parks Rental improved Baht 36.3 million, an increase of 56% and Commercial Office Rental also improved Baht 15.1 million, an increase of 27% due to higher occupancy rates. Sale of Residential decreased to Baht 234.2 million, a decrease of 38%.
The Gross Profit was Baht 2,497.8 million. Earnings before Interest Tax Depreciation and Amortization (EBITDA) were Baht 2,217.5 million, a 19% decrease from the same period of last year. The Gross Profit Margin and EBITDA Margin were 49% and 43%, respectively.
Significant Activities for 9 months of 2014
• Industrial Estate Land Sales were 522 rai with 31 contracts, 21 new customers and 10 project expansions from existing customers. Hemaraj now has 636 distinct new customers with 964 contracts including 219 automotive customers with 337 automotive contracts.
• Ready Built Factories increased net 9,673 square meters or occupancy 68%, totaling 303,221 square meters under rent. This comprises of 187,492 square meters at Hemaraj companies and 115,729 square meters rented under the 2013 year-end Hemaraj Property Fund (HPF).
• Hemaraj Logistics Parks for Rent increased net 10,290 square meters or 14% from 2013 cumulative balance, totaling 82,435 square meters under rent.
• Gheco-One, a 660 MW IPP coal project with Hemaraj 35% shareholding and Glow Energy 65% (GDF Suez group), has operated at 96% commercial availability.
Activities after Quarter 3, 2014
• The Board of Directors approved the interim dividends from the operating results from 1 January 2014 to 30 June 2014 at Baht 0.07 per share paid on 31 October 2014.
Balance Sheet Highlights for the 9-month period ended 30th September 2014
At 30th September 2014, Hemaraj reported Total Assets of Baht 33,929 million, Total Liabilities of Baht 18,535 million and Total Shareholders’ Equity of Baht 15,394 million. The Net Debt to Equity ratio was 1.06 to 1 with Cash and Deposits on Hand of Baht 2,191 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