Aseana Properties Limited · LSE:ASPL
Aseana Properties — Investor Presentation (July 2012)
38 slides from Aseana Properties's investor presentation, July 2012
Slide 1: Aseana Properties Limited Corporate Presentation July 2012
ASEANA PROPERTIES LIMITED Corporate Presentation July 2012 1
Slide 2: Disclaimer
DISCLAIMER The information contained in this confidential document (the “Presentation”) has been prepared by Aseana Properties Limited (the “Company”). It has not been fully verified and is subject to material updating, revision and further amendment. This Presentation does not constitute or form an
Slide 3: Overview
OVERVIEW Aseana Properties is an upmarket property developer in the emerging markets of Southeast Asia Admission date 5 April 2007 on London Stock Exchange Main Market Geographical Focus Malaysia and Vietnam Investment Focus Upscale residential, commercial and mixed developments Typical Investment E
Slide 4: Board's Proposal: Proposed Return of Capital and Reorganisation of Company
BOARD’S PROPOSAL PROPOSED RETURN OF CAPITAL AND REORGANISATION OF COMPANY A return of US$100 million by 2015. Initial return of US$20 million via a tender offer to take place in December 2012, subject to timing of realisations A change in investment strategy to allow new investments in South East As
Slide 5: The Company
THE COMPANY Aseana Properties operates within the parameters of these business principles to maximise returns of each development project Current fund allocation (by value): 70% Malaysia, 28% Vietnam, 2% cash Diversifying to Seeks to invest in projects yielding annualised ROE of 20%+ for Malaysia, g
Slide 6: Overview of Malaysia and Vietnam
OVERVIEW OF MALAYSIA AND VIETNAM Malaysia and Vietnam share common characteristics that will continue to drive the growth of real estate in coming years Malaysia Vietnam 2011 GDP Growth: 5.1% 2011 GDP Growth: 5.9% Population (2010): 28.40 million Population (2010): 86.94 million 66% of population un
Slide 7: Near-Term Challenges in Malaysia and Vietnam
NEAR-TERM CHALLENGES IN MALAYSIA AND VIETNAM Malaysia and Vietnam are not immune to weak global economy, but Aseana is well positioned to face near-term challenges Country Challenges Mitigating Factors Malaysia • Weaker foreign demand for • All on-going residential properties for sale properties are
Slide 8: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA Tiffani by i-ZEN, Kuala Lumpur 1 Mont’ Kiara by i-ZEN, Kuala Lumpur 399 units of luxury condominium within two 28-storey and a 36- Office tower, office suites and retail mall storey block GDV: US$166 million Expected GDV: US$124 million Effective ownership struct
Slide 9: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA Sandakan Harbour Square, Sandakan, Sabah SENI Mont’ Kiara, Kuala Lumpur Urban redevelopment in the “Nature City” of Sandakan 605 units of luxury condominiums within two 12-storey and 129 retail lots, retail mall and 300-room hotel two 40-storey blocks Expected GD
Slide 10: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA Kuala Lumpur Sentral Project, Kuala Lumpur Aloft Kuala Lumpur Sentral hotel, Kuala Lumpur Two office towers and business class hotel 482-room business class hotel Expected GDV: US$256 million Expected GDV*: US$89 million Effective ownership structure: 40% ASPL, 6
Slide 11: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA KLCC Kia Peng Project, Kuala Lumpur Seafront resort and residential development, Kota 200 luxury residences and a 263-room boutique hotel Kinabalu, Sabah Expected GDV: US$197 million Boutique resort hotel, villas and homes on 80 acres Effective ownership structur
Slide 12: Aseana Property Portfolio - Vietnam
ASEANA PROPERTY PORTFOLIO - VIETNAM 1 International Hi-Tech Healthcare Park, Binh Tan District, Ho Chi Minh City, 37 hectares of commercial and residential development with healthcare theme Expected GDV: US$670 million Effective ownership structure: 66.4% ASPL*, 33.6% Hoa Lam Group and associates St
Slide 13: Aseana Property Portfolio - Vietnam
ASEANA PROPERTY PORTFOLIO - VIETNAM Equity Investment in Nam Long, Ho Chi Minh City Tan Thuan Dong Project, District 7, Ho Chi Minh City Private equity investment Two high-rise apartment towers with commercial facilities Expected GDV: N/A Expected GDV: US$91 million Effective ownership structure: 16
Slide 14: Aseana Property Portfolio - Vietnam
ASEANA PROPERTY PORTFOLIO - VIETNAM Phuoc Long B Project, District 9, Ho Chi Minh City Queen’s Place Project, District 4, Ho Chi Minh City 37 villas and 460 units within high-rise apartments Mixed residential, office and retail development Expected GDV: US$100 million Expected GDV: US$115 million Ef
Slide 15: Performance Summary for Q1 2012
PERFORMANCE SUMMARY FOR Q1 2012 Period ended Period ended 31 March 2012 31 March 2011 (US$ mil) (US$ mil) Revenue 7.47 3.62 Loss before taxation (1.80) (2.54) Loss after taxation (1.92) (2.82) Total comprehensive income/(expense) for the year 1.34 (3.07) Period ended Year ended 31 March 2012 31 Dece
Slide 16: Financial Highlights: Statement of Comprehensive Income (1)
FINANCIAL HIGHLIGHTS: STATEMENT OF COMPREHENSIVE INCOME (1) Year ended Year ended 31 December 2011 31 December 2010 (US$ mil) (US$ mil) Revenue 1 281.14 179.34 Cost of sales (236.65) (177.18) Gross profit / (loss) 44.49 2.16 Operating expenses 2 (10.82) (17.85) Operating profit / (loss) 33.67 (15.69
Slide 17: Financial Highlights: Statement of Comprehensive Income (2)
FINANCIAL HIGHLIGHTS: STATEMENT OF COMPREHENSIVE INCOME (2) Notes: 1. The revenue was mainly attributable to recognition of revenue upon completion and handover of SENI Mont’ Kiara properties. 2. Operating Expenses include Management Fees, Administrative expenses and Marketing fees. Marketing fees c
Slide 18: Financial Highlights: Statement of Financial Position (1)
FINANCIAL HIGHLIGHTS: STATEMENT OF FINANCIAL POSITION (1) Year ended Year ended 31 December 2011 31 December 2010 (US$ mil) (US$ mil) Non-current assets 1 42.37 63.12 Current assets 2 372.75 613.74 TOTAL ASSETS 415.12 676.86 Shareholders’ equity 203.37 192.87 Non-controlling interest 4.28 4.34 TOTAL
Slide 19: Financial Highlights: Statement of Financial Position (2)
FINANCIAL HIGHLIGHTS: STATEMENT OF FINANCIAL POSITION (2) Notes: 1. Non-current assets include deferred tax assets which were recognised upon completion of SENI Mont’ Kiara resulting in reduction to US$0.69 million (2010: US$19.4 million). 2. Total current assets include inventories of US$285.0 mill
Slide 20: Summary of Debt
SUMMARY OF DEBT Outstanding Total Debt Unutilised as at Remarks Project Name Limit Debt 31 Dec 2011 (US$ mil) (US$ mil) (US$ mil) SENI Mont’ Kiara 18.2 - 18.2 Bridging loan facility to fund the development of the project, repayable via sales proceeds. International Hi-Tech 18.5 7.0 11.5 Unutilised d
Slide 21: Valuation Methodology
VALUATION METHODOLOGY In addition to the disclosure of NAV under accounting standards, which does not allow for upwards revaluation of partially completed developments, Aseana provides an estimate of the current project valuation through the calculation of Realisable NAV (RNAV) as follows: RNAV of C
Slide 22: Net Asset Value and Realisable Net Asset Value Details (1)
NET ASSET VALUE AND REALISABLE NET ASSET VALUE DETAILS (1) Project NAV as at Project RNAV as at Projects 31 March 2012 31 March 2012 US$’’mil US$’’mil Malaysian projects: Tiffani by i-ZEN 2.62 2.62 1 1 Mont’ Kiara by i-ZEN 13.47 18.22 2 Sandakan Harbour Square 29.48 33.97 3 SENI Mont’ Kiara 80.25 86
Slide 23: Net Asset Value and Realisable Net Asset Value Details (2)
NET ASSET VALUE AND REALISABLE NET ASSET VALUE DETAILS (2) Project NAV as at Project RNAV as at Projects 31 March 2012 31 March 2012 US$’’mil US$’’mil Total Project NAV/RNAV, b/f 204.86 251.69 Cash and cash equivalents 6 1.68 1.68 Other assets & liabilities (1.88) (1.88) TOTAL NAV/RNAV 204.66 251.49
Slide 24: Net Asset Value and Realisable Net Asset Value Bridge
NET ASSET VALUE AND REALISABLE NET ASSET VALUE BRIDGE RNAV per share = US$1.186 NAV per share = US$0.965 46.83 251.49 204.86 (1.88) 204.66 1.68 Cash Projects Net Other Assets Total NAV as at Unrealised Gain Total RNAV as at & Liabilities 31 March 2012 31 March 2012 Note: Please see Appendix for expl
Slide 25: Net Asset Value and Realisable Net Asset Value Breakdown
NET ASSET VALUE AND REALISABLE NET ASSET VALUE BREAKDOWN As at 31 MARCH 2012 Total NAV : US$ 204.66 million Total RNAV :US$ 251.49 million Other Assets Cash at Other Assets Cash at & Liabilities Company, & Liabilities Company, (Net), -0.7% 0.8% (Net), -0.9% 0.7% Vietnam, Vietnam, 25.3% 28.9% Malaysi
Slide 26: FY2012 Outlook
FY2012 OUTLOOK 2012 will see the completion of three projects and commencement of three new projects in Aseana‘s portfolio ’Kiara and Tiffani by i-ZEN Ongoing sales of SENI Mont’ Construction Completion - Sandakan Harbour Square, Malaysia (Q2 2012) - KL Sentral Office & Hotel Development, Malaysia (
Slide 27: Appendices
APPENDICES * ASEANA ( fecionti (27) IMITED
Slide 28: The Company Structure
THE COMPANY STRUCTURE Company Structure Jersey incorporated, London Listed Shares Issued 212,525,000 Ordinary Shares Equity Investors Shares Held in Treasury 500,000 Voting Share Capital 212,025,000 Tax resident of Jersey and is subject to a Independent Non- Tax Structure tax rate of 0%, project com
Slide 29: Valuation Methodology
VALUATION METHODOLOGY The Realisable Net Asset Value of the Company as at 31 March 2012 has been computed by the Company based on the Company’s management accounts for the period ended 31 March 2012 and the Market Values of the property portfolio as at 31 March 2012 and 31 December 2011. The Market
Slide 30: Our Competitive Strengths
OUR COMPETITIVE STRENGTHS Aseana Properties and the Development Manager are well positioned to harness development opportunities in Malaysia and Vietnam THE COMPANY THE DEVELOPMENT MANAGER An attractive property portfolio Backed by sound track record of project delivery Twelve projects at different
Slide 31: The Development Manager
THE DEVELOPMENT MANAGER Ireka Development Management is the exclusive development manager of Aseana Properties and a wholly-owned subsidiary of Ireka Corporation Berhad Established in January 1967 Listed on Malaysian Bourse in 1993 Revenue for nine months ended 31 December 2011 of RM328 million (~ U
Slide 32: The Company: Board of Directors
THE COMPANY ASPL is governed by a strong and experienced independent Board of Directors Mohammed Azlan Hashim was appointed as Chairman (Non-Executive) of Aseana Properties in March 2007. Currently, Azlan is also Non-Executive Chairman of Parkway Pantai Limited and Asiasons Capital Limited, which ar
Slide 33: The Company: Board of Directors
THE COMPANY ASPL is governed by a strong and experienced independent Board of Directors David Harris was appointed as Director (Non-Executive) of Aseana Properties in March 2007. David is currently Chief Executive of InvaTrust Consultancy Ltd, a company that specialises in the provision of investmen
Slide 34: The Company: Board of Directors
THE COMPANY ASPL is governed by a strong and experienced independent Board of Directors John Lynton Jones was appointed as Director (Non-Executive) of Aseana Properties in March 2007. Lynton is chairman of Bourse Consult, a consultancy that advises clients on initiatives relating to exchange trading
Slide 35: The Management Team
THE MANAGEMENT TEAM The Manager of Aseana Properties is led by a team of personnel with hands-on property development and sound professional experience Voon Hon, Lai CEO/President of Ireka Development Management Sdn. Bhd. (“IDM”) and Executive Director of Ireka Corporation Berhad (”ICB”). An archite
Slide 36: The Management Team
THE MANAGEMENT TEAM The Manager of Aseana Properties is led by a team of personnel with hands-on property development and sound professional experience Leonard Yee Group General Manager of ICB And CEO of Ireka iCapital Sdn Bhd and i-Tech Network Solutions Sdn Bhd. Worked as a Surety and Financial Li
Slide 37: Our Partners
OUR PARTNERS Malaysian Resources Corporation Berhad (“MRCB”) is one of Malaysia’s leading, Government-linked construction and property development company. MRCB has four core businesses: Property Development, Engineering & Construction, Infrastructure & Concessions and Building Services. MRCB is the
Slide 38: Ireka Development Management Sdn. Bhd
Ireka Development Management Sdn. Bhd Malaysia Office: Vietnam Office: Level 18, Wisma Mont’ Kiara Suite 703, Floor 7, Fideco Tower 12 Castle Street St. Helier, Jersey No. 1, Jalan Kiara, Mont’ Kiara No. 81-85, Ham Nghi Street JE2 3RT 50480 Kuala Lumpur Nguyen Thai Binh Ward District 1, Channel Isla
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