Axis Real Estate Investment Trust · MYX:AXREIT
Axis Real Estate Investment Trust — FY2009 Earnings Presentation
80 slides from Axis Real Estate Investment Trust's earnings presentation, Jan 21, 2010
Slide 1: Axis REIT 2009 Results
Axis REIT 2009 Results January 21 2010, Westin Kuala Lumpur
Slide 2: Disclaimer
Disclaimer This the information contained in this document is provided for information purposes only and in no way constitutes an offer of services or solicitation. Past performance is not indicative of future performance We decline any responsibility with respect to direct or indirect damages or co
Slide 3: Highlights
Highlights 9Increase in annual DPU to 15.8 sen [15.27 sen in 2008] despite an increase of 51,180,200 additional units being listed in September 2009 9Revenue increased to RM 71,597,796 in 2009 from RM 63,331,379 in 2008 an increase of 13% 9Income for Distribution increased to RM 42,877,263 in 2009 f
Slide 4: Highlights
Highlights 9Successfully restarted the acquisitions of new assets for the fund with purchase of 4 new properties (2 are pending completion) 9Increased the value of investment properties to RM 884,962,000 from RM 723,371,000 in 2008 an increase of 23.3% 9 Successfully converted 50% of the short term
Slide 5: 2009: KLCI Index vs Axis REIT Performance
100 120 140 160 180 200 80 Dec‐08 Jan‐09 Jan‐09 Feb‐09 Mar‐09 Mar‐09 Mar‐09 Apr‐09 Apr‐09 May‐09 KLCI May‐09 Jun‐09 Jun‐09 Jul‐09 Jul‐09 Aug‐09 Aug‐09 Sep‐09 Axis REIT Sep‐09 Oct‐09 Oct‐09 Nov‐09 Nov‐09 Dec‐09 Dec‐09 2009: KLCI Index vs Axis REIT Performance 5
Slide 6: Comparison of Yields
Comparison of Yields Axis REIT 8.2 EPF dividend yield 4.50 10‐yr MGS 4.29 Maybank's 12‐mth FD rate 2.50 Maybank's savings deposit rate 1.00 OPR 2.00 0 1 2 3 4 5 6 7 8 9 % 6
Slide 7: 2009: Outperformers relative to the KLCI
2009: Outperformers relative to the KLCI Axis REIT at 84% shareholders returns 7
Slide 8: Distribution per Unit (sen)
Distribution per Unit (sen) 15.8 15.27 16 13.63 12.95 14 12 10 Sen 8 6 4 2 0 2006 2007 2008 2009 8
Slide 9: Units in Circulation
Units in Circulation 350,000,000 300,000,000 307,081,200 250,000,000 Units in Circulation 255,901,000 200,000,000 205,901,000 205,901,000 150,000,000 100,000,000 50,000,000 0 2006 2007 2008 2009 9
Slide 10: Comparison of Total Assets
Comparison of Total Assets 1,000,000,000 907,745,000 900,000,000 726,371,000 800,000,000 700,000,000 581,857,000 RM 600,000,000 411,781,000 500,000,000 400,000,000 300,000,000 200,000,000 100,000,000 0 2006 2007 2008 2009 10
Slide 11: 2009: NAV of the Fund
2009: NAV of the Fund 2.00 1.75 1.79 1.80 1.63 1.60 1.43 1.40 1.20 RM 1.00 0.80 0.60 0.40 0.20 0.00 2006 2007 2008 2009 11
Slide 12: A Quick Snapshot
A Quick Snapshot Approved Fund Size 307,081,200 units Manager Axis REIT Managers Bhd Assets Under Management 884.96 million Market Capitalisation RM592.67 million (as at 31 December 2009) Unit Price RM1.93 (as at 31 December 2009) Gearing RM311.13 million (34.03% of Total Asset Value as
Slide 13: Share price performance
Share price performance 2.50 2.00 1.93 1.85 1.50 1.68 1.00 1.12 0.50 0.00 2006 2007 2008 2009 13
Slide 14: Financial Highlights – Income Statement (Unaudited)
Financial Highlights – Income Statement (Unaudited) Net Property Income exceeds YTD2008 by 12.12% YTD 2009 YTD 2008 Changes / (RM ‘000) (RM’000) Movement No. of Properties 21 19 +2 Property Income 71,597 63,331 + 13.05% Net Property Income 59,936 53,455 + 12.12% Income before Taxation 42,878 38,971
Slide 15: Financial Highlights – Balance Sheet (Unaudited)
Financial Highlights – Balance Sheet (Unaudited) Trading at premium to NAV of 7.69% 2009 2008 (RM ‘000) (RM’000) Total Assets 907,745 726,371 Investment Properties 884,962 723,100 Borrowings 308,932 230,456 Net Asset Value 550,357 447,846 Unitholders’ Funds 550,357 447,846 Gearing 34.03% 31.73% NAV
Slide 16: 31 Dec 2009 Financial Results
31 Dec 2009 Financial Results 16
Slide 17: Financial Results - Income Statement (Unaudited)
Financial Results ‐ Income Statement (Unaudited) Excluding unrealised earnings 4Q2009 4Q2008 Changes / due to changes in fair value of (RM ‘000) (RM’000) Movement investment properties No. of Properties 21 19 +2 Property Income 19,387 16,862 + 14.97% Property Expenses (3,231) (2,638) + 22.48% Net Pr
Slide 18: Financial Results – 4th qtr 2009 Income Statement (Cont'd)
Financial Results – 4th qtr 2009 Income Statement (Cont’d.) • The 7% drop in EPU and DPU for the current quarter as compared to last year corresponding quarter is due to the placement of additional 51,180,200 units in September 2009 (represented 20% of the previous no. of units in issuance). • The R
Slide 19: Financial Results - Income Statement (Unaudited)
Financial Results ‐ Income Statement (Unaudited) Excluding unrealised earnings YTD 2009 YTD 2008 Changes / due to changes in fair value of (RM ‘000) (RM’000) Movement investment properties No. of Properties 21 19 +2 Property Income – Note 1 71,598 63,331 + 13.05% Property Expenses – Note 2 (11,661)
Slide 20: Notes to Financial Results – Income Statement
Notes to Financial Results – Income Statement Note 1 – Property Income Increase in property income during the year are due to: (a) rental proceeds from the newly acquired properties in 4th qtr 2009 ‐ Axis Steel Centre ‐ Bukit Raja Distribution Centre, (b) full 12‐months rental from properties acquir
Slide 21: Notes to Financial Results – Income Statement (Cont'd)
Notes to Financial Results – Income Statement (Cont’d) Note 4 – Non‐ Property Expenses Increase in non‐property expenses is due to Corporate Social Responsibility expenses of RM50,000 and the increase in Manager’s Fee during the year brought by the increase in the Net Asset Value (“NAV”) of the Fund
Slide 22: Notes to Financial Results – Income Statement (Cont'd)
Notes to Financial Results – Income Statement (Cont’d) Note 6 – Interest/ Islamic Financing Cost The increase in the interest/ Islamic financing cost for year as compared to last year is due to increase in the borrowings of the Trust. In January 2008, the placement of 50.0 million units has lowered
Slide 23: Summary of EPU (Realised) and DPU
Summary of EPU (Realised) and DPU 18.00 15.77 15.80 16.00 15.46 15.27 14.00 13.60 13.63 12.82 12.95 Sen/ unit EPU (realised) 12.00 DPU 10.00 8.00 6.00 4.87 4.70 4.00 2.00 - 2005 2006 2007 2008 2009 EPU(realised) = Income available for distribution 23
Slide 24: Detailed Property Performance Analysis – 31.12.2009
Detailed Property Performance Analysis – 31.12.2009 (RM’000) Book Fair Value Acq Cost + 12 Months Gross Value Adjustment Enhancement Annualised Yield (a) (b) (c) Revenue (d) (d) / (c) 1 ABP 105,900 20,855 85,045 11,214 13.19% 2 Axis Plaza 29,500 6,998 22,502 2,790 12.40% 3 Crystal Plaza 89,800 33,26
Slide 25: Management Expense Ratio
Management Expense Ratio (“MER”) MER: Total administrative expenses incl. Manager and Trustee’s fees Average net asset value of the Fund. 1,000 4.00 907.7 900 3.50 800 726.4 732.9 3.00 700 658.2 Total Assets (RM'000) 581.8 2.50 600 % of NAV 500 2.00 417.8 400 1.47 1.38 1.37 1.50 1.35 300 1.29 1.22 1
Slide 26: Balance Sheet Highlights (Unaudited)
Balance Sheet Highlights (Unaudited) 31/12/09 31/12/08 Changes RM '000 RM '000 Investment Properties 884,962 723,100 + 161,862 Other Assets 22,783 3,271 + 19,512 TOTAL ASSETS 907,745 726,371 + 181,374 Borrowings 308,932 230,456 + 78,476 Other Payables 48,456 48,069 + 387 TOTAL LIABILITIES 357,388 27
Slide 27: Total Assets & Unitholders' Funds
Total Assets & Unitholders’ Funds 1,000.0 907.7 900.0 800.0 726.4 732.9 700.0 658.2 581.8 RM mil 600.0 550.0 500.0 447.9 450.3 411.8 416.8 423.2 402.3 400.0 339.6 334.7 277.9 286.5 294.1 294.2 300.0 200.0 100.0 ‐ 31-Dec-05 30-Jun-06 31-Dec-06 30-Jun-07 31-Dec-07 30-Jun-08 31-Dec-08 30-Jun-09 31-Dec-
Slide 28: Borrowings
Borrowings 2006 2007 2008 2009 Total Borrowings (RM’000) 88,089 209,816 230,456 308,932 Total Assets (RM’000) 411,781 581,857 726,371 907,745 Gearings 21.39% 36.06% 31.73% 34.03% Effective Interest Rate 4.38% 4.39% 4.28% 4.11% Percentage of short term 100% 100% 100% 47% borrowings Percentage of medi
Slide 29: Gearings
Gearings Placements undertaken 40.00% 36.06% 34.03% 35.00% 32.97% 33.09% 31.78% 31.73% 31.23% 30.00% 29.08% 26.78% 27.26% 25.00% 24.96% 23.72% 23.53% 22.39% 21.39% 20.00% 13.95% 15.00% 11.78% 10.84% 10.00% 5.00% 0.00% 29
Slide 30: Business Development and Investor Relations
Business Development and Investor Relations 30
Slide 31: Growth in Property Portfolio Since Listing
Growth in Property Portfolio Since Listing 31
Slide 32: Property Portfolio in 2005
Property Portfolio in 2005 Axis Plaza, Shah Alam Infinite Centre, Petaling Jaya high yielding property 14.7%* Axis Business Park, Petaling Jaya Wisma Kemajuan, Petaling Jaya (Purchase Price : RM 29,192,000) Crystal Plaza , Petaling Jaya * Gross Yield Menara Axis, Petaling Jaya 32
Slide 33: Property Portfolio in 2006
Property Portfolio in 2006 8.4%* high yielding properties Cycle & Carriage Bintang Bhd HQ, Petaling Jaya (Purchase price: RM 32.68mil) 12.8%* 8.1%* Kayangan Depot, Shah Alam (Purchase Price : RM 16.24mil) North Port Logistics Centre 1, Klang * Gross Yield 33 (Purchase Price: RM 10.37mil)
Slide 34: Property Portfolio in 2007
Property Portfolio in 2007 10.5%* 8.4%* 7.5%* FCI Connectors, Senai, Johor Nestle Office & Warehouse, Shah Alam Giant Hypermarket, Sg Petani, Kedah (Purchase Price : RM12.30mil) (Purchase Price :RM7.20mil) (Purchase Price : RM38.00mil) 9.9%* 7.7%* Nestle House, Petaling Jaya (Purchase Price : RM39.8
Slide 35: Property Portfolio in 2008
Property Portfolio in 2008 8.6%* 10.2%* 11.8%* BMW Asia Technology Centre Kompakar, Petaling Jaya Delfi Warehouse Tanjung Pelepas, Johor (Purchase Price : RM 37.00mil) Pasir Gudang, Johor (Purchase Price : RM27.00mil) (Purchase Price RM12.5mil) 9.8%* 10.5%* Niro Granite Warehouse, Axis Vista, Petali
Slide 36: Acquisitions for 2009
Acquisitions for 2009 Axis Steel Centre North Port Port Klang Total - 20 36
Slide 37: Acquisitions for 2009
Acquisitions for 2009 • 2nd related party acquisition out of the past 15 acquisitions since IPO • The purchase price of RM65 million is at 13% discount to the market value providing Unitholders with a capital gain of approximately RM 9.1 Million • Strengths of Axis Steel Centre – good location, enha
Slide 38: Acquisitions for 2009: IDS Distribution Center & Logistic Warehouses
Acquisitions for 2009 IDS Distribution Center & Logistic Warehouses Total - 23 38
Slide 39: Acquisitions for 2009
Acquisitions for 2009 • Sale & Purchase Agreement signed on 19 November 2009 • Completion date : 14 December 2009 • The purchase price of RM71.75 million is at 11.8% discount to the market value providing Unitholders with a capital gain of approximately RM7.56 million • Strengths of Bukit Raja Distr
Slide 40: Acquisitions for 2009 – Pending Completion
Acquisitions for 2009 – Pending Completion Two (2) logistic warehouses at Seberang Perai, Pulau Pinang • Sale & Purchase Agreement signed on 19 November 2009 • Estimated completion date : 1 March 2010 • The purchase price of RM24.25 million is at 9.2% discount to the market value providing Unitholde
Slide 41: IDS Logistic Warehouses (Prai) – Financials
IDS Logistic Warehouses (Prai) – Financials ¾ The Acquisition will be by means of bank borrowings. ¾ Funds for the Proposed Acquisition has been secured with an average interest of 3.7%. ¾ The acquisition is yield accretive. ¾ The Proposed Acquisition will have the following financial impact : • Inc
Slide 42: Impact on Assets Under Management (AUM)
Impact on Assets Under Management (AUM ) 1,000.00 907.74 900.00 800.00 726.37 732.91 700.00 658.22 600.00 RM mil 518.86 500.00 402.27 411.78 416.75 400.00 339.63 300.00 200.00 100.00 ‐ 31‐Dec‐05 30‐Jun‐06 31‐Dec‐06 30‐Jun‐07 31‐Dec‐07 30‐Jun‐08 31‐Dec‐08 30‐Jun‐09 31 Dec 09 Note : December AUM exclu
Slide 43: Impact on Space Under Management
Impact on Space Under Management 4,000,000 28 3,662,138 26 3,500,000 24 22 3,000,000 2,858,121 2,858,121 2,858,121 21 20 19 19 19 Net Lettable Area (sq ft) 2,500,000 18 2,175,522 No. of Properties 16 2,000,000 14 14 1,656,943 12 1,500,000 10 1,186,052 9 8 1,000,000 6 6 500,000 4 2 0 ‐ Dec'05 Dec'06
Slide 44: Potential Property Pipelines
Potential Property Pipelines 44
Slide 45: Pipeline of Properties from Private Equity
Pipeline of Properties from Private Equity Special Purpose Vehicles 1 Axis Technology Center 4.13 acres Petaling Jaya 168,000 sq ft Office / Warehouse 2 Axis Techpoint 1 2.84 acres Petaling Jaya 121,800 sq ft Office / Warehouse 3 Axis SADC 2&3 3.23 acres Shah Alam 200,000 sq ft Logistics Warehouse K
Slide 46: Axis Technology Center Pre-Redevelopment
Axis Technology Center Pre‐Redevelopment 46
Slide 47: Axis Technology Center Post-Redevelopment
Axis Technology Center Post‐Redevelopment 47
Slide 48: Axis Technology Center Post-Redevelopment
Axis Technology Center Post‐Redevelopment Lot 13, Jalan 225, Petaling Jaya Office Warehouse Site Area = 4.13 acres (179,902 sq ft) Built Up Area = 168,000 sqft Land Tenure = 99 yrs expiring Jan 2067 6‐storey office block = 54,000 sqft 2‐storey warehouse = 80,000 sqft Single storey warehouse = 34,000
Slide 49: Axis Techpoint One - Currently Under Development
Axis Techpoint One ‐Currently Under Development 49
Slide 50: Axis Techpoint One
Axis Techpoint One Lot 11, Jalan 225, Petaling Jaya Office Warehouse Site Area = 2.84 acres (123,710 sq ft) Built Up Area = 121,800 sq ft Land Tenure = 99 yrs expiring May 2067 6‐storey office block = 66,000 sqft Single storey warehouse = 55,800 sqft Car Parks = 149 lots Warehouse is currently 100%
Slide 51: Axis SADC Post Redevelopment
Axis SADC 2 Post Redevelopment Persiaran Sabak Bernam, Section 26, Shah Alam Logistics Warehouse Site Area = 3.23 acres (140,598sq ft) Built Up Area = 77,000 sq ft Land Tenure = Freehold Development work on the new warehouse is complete and currently perfecting the tenancies. 51
Slide 52: Axis PDI Center
Axis PDI Center Jalan Klang Banting, Off Kesas Highway PDI Center Site Area = 48.29 acres Land Tenure = Leasehold, 99 Years with 81 years remaining Development works on the PDI Center are ongoing and the lease is being perfected. 52
Slide 53: Potential 3rd Party Acquisitions
Potential 3rd Party Acquisitions The Manager is currently assessing for the following assets as potential acquisition targets : 1. Two units of brand new Logistics Warehouses in Johor . Each with a long lease arrangement and step ups. 2. A factory/warehouse in Puchong. 3. An office building in Cyber
Slide 54: Raising Capital via Private Placement
Raising Capital via Private Placement 54
Slide 55: Proposed Placement – Trading at Premium to NAV
Proposed Placement – Trading at Premium to NAV 2.00 Second Placement Initial Placement @ RM1.66 1.93 1.90 1.85 @ RM1.80 1.78 1.80 1.79 1.70 1.70 1.68 1.76 1.75 1.75 1.74 1.65 Potential window for 1.60 1.65 1.65 1.62 capital raising 1.63 1.50 1.50 1.40 1.30 1.31 1.20 1.10 1.12 1.00 Dec'07 Mar'08 June
Slide 56: Capital Raising
Capital Raising • Successfully issued another 51,180,200 units via private placement. The new units were listed on 10 September 2009. • The private placement received strong response from the existing Unitholders. The Placement was oversubscribed by 2.03x. • The placement price was based on a 5‐day
Slide 57: Investor Relation Activity
Investor Relation Activity 57
Slide 58: Investors Outreach Program
Investors Outreach Program In collaboration with AmFirst REIT, AmanahRaya REIT, Regroup Associates and OSK Investment Bank Bhd , Axis REIT Managers Bhd initiated the first of a series of Retail Investor Roadshows . The first roadshow was held in Penang on 4 July 2009, with over 200 members of th
Slide 59: Investors Outreach Program
Investors Outreach Program The roadshow targeted the local investment community and remisiers with the aim of creating greater awareness and understanding on REITs. The intention of the roadshow was to increase the participation of retail investors by informing them on the benefits of including
Slide 60: Annual Report in Mandarin
Annual Report in Mandarin ¾ Inaugural issue in mandarin of the 2008 annual report was made available online at www.axis‐reit.com.my. ¾ Manager will be maintaining the availability of the mandarin version for FY2009. ¾ Manager felt that it was important to have the widest possible reach to the genera
Slide 61: Improving Investor Visibility and Liquidity
Improving Investor Visibility and Liquidity 2,200 2,109 2,000 1,959 1,800 1,652 1,600 No. of Unitholders 1,400 1,370 1,216 1,200 1,166 1,034 1,000 941 800 600 400 200 ‐ Dec'05 Dec'06 Jun'07 Dec'07 Jun'08 Dec'08 Jun'09 Dec'09 61
Slide 62: Improving Investor Visibility and Liquidity
Improving Investor Visibility and Liquidity • 2,109 unitholders at year end represents an increase of 28% from 2008. • The single largest unitholder (non‐related party) is EPF with 39,443,800 units or 12.84%. EPF has been actively buying units from the open market post private placement in September
Slide 63: Portfolio Performance 2009
Portfolio Performance 2009 63
Slide 64: Key Strategy for Portfolio
Key Strategy for Portfolio When assessing the impact of the global economic crisis and the sharp rise of space in the KL PJ markets our team determined that the key strategy for 2009 would be Retention. This entailed : Improved customer services Inter action with tenants well before renewals F
Slide 65: Occupancy Levels
Occupancy Levels 98 100 100 100 100 100 100 100 100 100 100 100 100 100 100 93 94 93 92.2 % 90 82 80 76 72 70 60 Under Refurbishment 50 40 30 20 10 ‐ ‐ Occupancy by Building as at 31st Dec, 2009 65
Slide 66: Top Ten Tenants (by revenue RM)
Top Ten Tenants (by revenue RM) 7,000,000.00 6,000,000.00 5,000,000.00 4,000,000.00 RM 3,000,000.00 2,000,000.00 1,000,000.00 0.00 Top Ten Tenants as at 31st Dec, 2009 66
Slide 67: Lease Expiry Profile 2010-2012
Lease Expiry Profile 2010‐2012 Year % OF TOTAL Year % OF TOTAL Year % OF TOTAL Property 2010 % of NLA RENTAL 2011 % of NLA RENTAL 2012 % of NLA RENTAL MENARA AXIS 58,002 1.39% 4% 14,034 0.3% 1% 0 0.00% 0% CRYSTAL PLAZA 169,146 4.60% 7.90% 9,118 0.02% 0.05% 12,433 0.34% 0.70% AXIS BUSINESS PARK 40,18
Slide 68: Occupancy Levels
Occupancy Levels As the years progressed we suffered a slight drop in occupancy but Nestle’s departure and our decision to refurbish the building has made these figures look worse than they really are. AREA VACANT NET LETTABLE OCCUPIED OCCUPANCY AREA VACANCY AREA (SF) (SF) RATE (%) (SF) RATE (%) 1 Q
Slide 69: Occupancy Levels – Nestle House (Quattro West)
Occupancy Levels And for the Good News on Nestle House [now Quattro West] Has an anchor tenant for 50% of the space Tenancy is for 15 years Has plans for future expansion We are also in discussion with another MNC for another 25% of the space. Target 100% tenanted out by April 2010 Occupancy – Our
Slide 70: Portfolio Diversification
Portfolio Diversification Portfolio Diversification by Type and NLA Portfolio Diversification by Geographical Light Industrial and Book Value Kedah 4% 4% Office 13% Johor 16% Warehouse Logistic 41% Office/Industrial Selangor 38% 80% Warehouse Retail 4% 46.38% 53.62% Single vs Multi Tenants 70
Slide 71: Portfolio Diversification
Portfolio Diversification Others Consumer Products 2% 11% Retail 4% Services 23% IT/Electronics 9% Healthcare & Lifestyle Automotive 9% 13% Logistics Engineering/Building 9% Materials 9% Financial Services 11% 71
Slide 72: Portfolio Valuations
Portfolio Valuations No Property NBV before Market Value Unrealized Revaluation gain/(loss) RM RM RM 1 Axis Business Park 102,581,221 105,900,000 3,318,778 2 Axis Plaza 30,700,000 29,500,000 ‐1,200,000 3 Crystal Plaza 89,841,521 89,800,000 ‐41,521 4 infinite Centre 35,232,521 34,700,000 ‐532,521 5 K
Slide 73: Property Market – looking forward
Property Market – looking forward We expect the property market in 2010 will still be a little soft. Our marketing strategies address this situation. Key Issues for Axis REIT will be; Supply of office space in PJ – oversupply / caution Logistics demand – looking stronger Industrial Sector – Fi
Slide 74: Maintaining Positive Rental Reversions
Maintaining Positive Rental Reversions As at 31st December 2009, the Manager successfully renegotiated 30 tenancies, comprising 1,062,527 sq.ft. This included those leases that had automatic contracted step ups. The result across the portfolio was positive rent reversion of 5.86% for 2009. 74
Slide 75: Asset Enhancements
Ade|S Asset Enhancements REAL ESTATE INVESTMENT TRU:
Slide 76: Portfolio Enhancement Projects Underway
Portfolio Enhancement Projects Underway Quattro West A complete refurbishment to reposition asset and increase revenue Crystal Plaza A major upgrade is being undertaken to improve retention 76
Slide 77: Nestle House Enhancement
Nestle House Enhancement The Building . . . . . . 77
Slide 78: Quattro West
Nestle House Enhancement A NEW CORPORATE ADDRESS IN PETALING JAYA QUATTRO WEST 78
Slide 79: Crystal Plaza – Refurbishment
Crystal Plaza – Refurbishment The Scope To give a completely new look to the front and back. New entrance, lobbies and some M&E upgrades Aim To ensure retention on key tenants Status Plans submitted for MBPJ approval Timing : Start work Q2/10 79
Slide 80: Thank You
AgelS Thank You REAL \ INVESTMENT TRUST
Axis Real Estate Investment Trust — FY2009 Earnings Presentation on 6ix