Centurion Corporation Limited · SGX:OU8
Centurion — Q1 2024 Earnings Presentation
21 slides from Centurion's earnings presentation, May 9, 2024
Slide 1: 1Q 2024 Business Updates
Centurion Corporation Limited (Incorporated in the Republic of Singapore with limited liability) (Co. Reg. No.: 198401088W) 1Q 2024 Business Updates 9 May 2024
Slide 2: Disclaimer
DISCLAIMER This presentation and the accompanying presentation materials (if any) ("Presentation") are made for informational purposes, without regard to the objectives, financial situation nor needs of any specific persons. This Presentation does not constitute, or form any part of any offer for sa
Slide 3: Contents
CONTENTS 01 Business Overview 02 Business Review by Markets 03 Looking Ahead Centurion Corporation Limited 3
Slide 4: Business Overview
Business Overview Centurion
Slide 5: Performance Highlights
Performance Highlights Revenue by Business Segment Revenue 1Q 2024 1Q 2023 Others 1Q 2024 S$61.1m Others 0% 0% 30% from S$47.1m in 1Q 2023 PBSA PBSA 24% 25% PBWA 75% PBWA 76% Financial Occupancy PBWA 98% 1 in 1Q 2024 Revenue by Country 96% in 1Q 2023 1Q 2023 1Q 2024 Others Australia Others Australia
Slide 6: Performance Highlights
Performance Highlights 30% increase in 1Q 2024 revenue YOY was due to Improved revenue mainly from ▪ Positive rental rate revisions across all the PBWAs and PBSAs ▪ Healthy and sustained occupancies across all the PBWAs ▪ Improved occupancies in UK and Australia PBSAs Partly offset by ▪ Cessation of
Slide 7: Prudent capital management and ample liquidity
Prudent capital management and ample liquidity Total Assets Total Borrowings Cash and undrawn committed facilities S$1.7b S$0.6b S$186m Net Gearing Ratio Interest Cover Ratio Average debt maturity 36%1 4.7x2 5 years Note: 1 Net gearing ratio is computed as borrowings less cash and bank balances divi
Slide 8: Diversified Business Portfolio across Geography and Asset Type
Diversified Business Portfolio across Geography and Asset Type United Kingdom 2,786 beds United States 1,521 beds Malaysia S$2.0b c.27,373 beds Singapore c.27,530 beds Assets Under Management^ c.7,256 beds 67,347 Australia 881 beds* operational beds 34 Legend: operational properties PBWA PBSA Quick
Slide 9: Accommodation Growth Profile
Accommodation Growth Profile 1,086 beds were added to the portfolio in FY 2023. Approx. 2,606 beds are expected to be added to the portfolio in FY 2024. 1 2 Note: 1. 30 beds at dwell Village Melbourne City are unavailable due to planned redevelopment of existing carpark into new PBSA block of approx
Slide 10: Business Review by Markets
ay & b Business Review by Markets Centurion
Slide 11: Workers Accommodation Portfolio
Workers Accommodation Portfolio 17 Purpose-Built Workers Accommodation (PBWA), comprising 62,159 beds across Singapore and Malaysia SINGAPORE MALAYSIA 9 PBWA (5 Purpose-Built Dormitories + 4 Quick Build Dormitories) 8 PBWA (aka CLQ) in 3 cities Total capacity of 34,786 beds Total capacity of 27,373
Slide 12: Workers Accommodation Landscape - SG
Workers Accommodation Landscape - SG c. 441k (as at Dec 2023#) Work Permit Holders from Construction, Marine Shipyard, Process sectors who require approved dormitory beds (vs 415k as at Dec 2022) Additionally c. 386k W-pass in non-CMP sectors (excluding MDW, as at Dec 2023) Demand Workers from const
Slide 13: Workers Accommodation Outlook – Singapore
Workers Accommodation Outlook – Singapore Singapore • Average financial occupancy of SG PBWAs was 99% for 1Q 2024 as compared to 98% in 1Q 2023 o demand and supply dynamics for PBWAs continue to be positive1 • 1Q 2024 PBWA revenue increased 37% to S$41.6 million as compared to S$30.5 million in 1Q 2
Slide 14: Workers Accommodation Outlook – Malaysia
Workers Accommodation Outlook – Malaysia Malaysia • Average financial occupancy improved to 96%1 in 1Q 2024 as compared to 94%1 in 1Q 2023 o demand by employers for quality PBWA beds (or Centralised Living Quarters) for migrant workers is expected to remain strong, with continued enforcement of Act
Slide 15: Student Accommodation Portfolio
Student Accommodation Portfolio 17 Purpose-Built Student Accommodation (PBSA), comprising 5,188 beds across the UK, Australia and US United Kingdom Australia 10 PBSA in 5 cities 2 PBSA in 2 cities Total capacity of 2,786 beds Total capacity of 881 beds dwell MSV dwell MSV South dwell The Grafton dwe
Slide 16: Student Accommodation Outlook – UK
Student Accommodation Outlook – UK UK • Average financial occupancy remained high at 99% in 1Q 2024, as compared to 90%1 in 1Q 2023 o continued shortage in PBSA supply enables high financial occupancy and healthy rental revisions • UK revenue in 1Q 2024 was S$10.4 million, a 28% increase compared to
Slide 17: Student Accommodation – Australia, US, China
Student Accommodation – Australia, US, China Australia • Average financial occupancy has further increased from 80% in 1Q 2023 to 90% in 1Q 2024, while Revenue grew 25% from S$3.2 million to S$3.9 million, boosted by healthy rental rate revisions o student arrivals for 2023 set to be a new record fo
Slide 18: Looking Ahead
Looking Ahead Centurion
Slide 19: Portfolio Growth and Enhancements
Portfolio Growth and Enhancements PBWA Singapore ▪ new PBD Westlite Ubi with c. 1,650 beds expected completion in Dec 2024 ▪ redevelopment of Westlite Toh Guan and Westlite Mandai commenced, with expected completion in 2026 Malaysia ▪ entered into sale and leaseback agreements with Malaysia’s public
Slide 20: Cautiously Optimistic Outlook
Cautiously Optimistic Outlook Managing Operating Performance The Group continues to We anticipate further increases The Group will focus on deliver high occupancies with in operating costs and financing optimizing occupancies and positive rental revisions. expenses, before inflation and rental rates
Slide 21: Thank You
Thank You For any enquiries, please contact: Head, Corporate Communications Mr. David Phey [email protected] Tel: +65 9182 7171 W: www.centurioncorp.com.sg