Sunway Real Estate Investment Trust · MYX:SUNREIT
Sunway Real Estate Investment Trust — Q2 FY2020 Earnings Presentation
60 slides from Sunway Real Estate Investment Trust's earnings presentation, Feb 13, 2020
Slide 1: Financial Results Second Quarter Ended 31 December 2019
FINANCIAL RESULTS Second Quarter Ended 31 December 2019 (FYE 30 June 2020) 13 February 2020
Slide 2: Disclaimer
Disclaimer This presentation is for information purposes only and does not constitute an offer, solicitation or advertisement with respect to the purchase or sale of any security of Sunway Real Estate Investment Trust (“Sunway REIT”) and no part of it shall form the basis of, or be relied on in conn
Slide 3: Table of Contents
Table of Contents 1. Financial Highlights (2Q2020) 2. Financial Results (2Q2020) 3. Portfolio Performance (2Q2020) 4. Property Development Activities & Assets Enhancement Initiatives 5. Market Outlook 6. Investor Relations Appendix - Property Performance (2Q2020) Empowering Businesses Curating Exp
Slide 4: Financial Highlights (2Q2020)
FINANCIAL HIGHLIGHTS (2Q2020) Empowering Businesses Curating Experiences Enriching Lives 4
Slide 5: Quarterly Distribution Per Unit (DPU)
Quarterly Distribution Per Unit (“DPU”) Quarterly DPU (sen) Distribution Details Distribution Period 1 Oct 2019 - 31 Dec 2019 2.45 Distribution Per Unit (DPU) (sen) 2.45 2.25 Notice of Entitlement 13 February 2020 Ex-Dividend Date 27 February 2020 Book Closure Date 28 February 2020 2Q2020 2Q2019 Pay
Slide 6: 5-Year Quarterly DPU
5-Year Quarterly DPU 1Q 2Q 3Q 4Q 9.18 9.19 9.57 9.59 2.15 2.28 2.12 2.27 2.37 2.58 2.37 2.37 4.95 2.38 2.25 2.45 2.57 2.28 2.12 2.27 2.67 2.48 2.50 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 5-Year DPU CAGR Annualised Distribution Yield 2.4% 5.4% (FY2020 based on annualised DPU) (Based on unit price of
Slide 7: Financial Highlights – 2Q2020
Financial Highlights – 2Q2020 Highlights 2Q 2020 2Q 2019 No. of Properties 17 16 Property Value (RM'billion) 8.084 7.347 Units in Circulation 2,945,078,000 2,945,078,000 Unit Price as at 31 Dec (RM) 1.82 1.73 Market Capitalisation (RM'billion) 5.360 5.095 Net Asset Value ("NAV") Per Unit (RM) 1.4904
Slide 8: Financial Highlights – 2Q2020 (Cont’d)
Financial Highlights – 2Q2020 (Cont’d) Reported in RM’000 Gross revenue Gross Revenue for 2Q2020 increased by 2Q 2020 155,798 11.7% or RM16.3 million compared to 11.7% 2Q2019 mainly attributable to contribution from the newly acquired Sunway university & college campus and better performance 2Q 2019
Slide 9: Financial Highlights – YTD 2Q2020
Financial Highlights – YTD 2Q2020 Reported in RM’000 Gross revenue YTD 2Q2020 155,352 155,798 311,150 Gross Revenue for YTD 2Q2020 increased by 2.8% 9.9% 9.9% or RM27.9 million compared to YTD 2Q2019 mainly contributed by newly acquired Sunway university & college campus and better YTD 2Q2019 143,74
Slide 10: Financial Results (2Q2020)
FINANCIAL RESULTS (2Q2020) Empowering Businesses Curating Experiences Enriching Lives 10
Slide 11: Statement of Comprehensive Income – Consolidated
Statement of Comprehensive Income – Consolidated 2Q 2020 2Q 2019 Change YTD 2020 YTD 2019 Change RM'000 RM'000 % RM'000 RM'000 % Gross revenue 155,798 139,500 11.7% 311,150 283,241 9.9% Property operating expenses (39,175) (35,275) 11.1% (75,456) (68,502) 10.2% Net property income 116,623 104,225 11
Slide 12: Statement of Comprehensive Income – Consolidated (notes)
Statement of Comprehensive Income – Consolidated 1 Interest income for 2Q2020 was higher by RM0.2 million attributed by higher deposits with financial institutions compared to 2Q2019. 2 Manager’s fees for 2Q2020 increased by RM1.0 million mainly attributable to the newly acquired Sunway university &
Slide 13: Statement of Financial Position – Consolidated
Statement of Financial Position – Consolidated 31.12.19 30.06.19 31.12.19 30.06.19 (Unaudited) (Audited) (Unaudited) (Audited) RM'000 RM'000 RM'000 RM'000 ASSETS Non-current assets Units in circulation ('000 units) 2,945,078 2,945,078 Investment properties 8,083,799 8,047,410 Plant and equipment 12,
Slide 14: Statement of Financial Position – Consolidated (notes)
Statement of Financial Position – Consolidated 1 Trade receivables was higher by RM3.8 million due to advance billings for lease income receivable amounting to RM6.5 million. 2 Other receivables was higher by RM6.1 million mainly due to accrual for income guarantee receivable for Sunway Clio Propert
Slide 15: Statement of Cash Flows – Consolidated
Statement of Cash Flows – Consolidated Cumulative Quarter ended 31.12.2019 31.12.2018 1 Net cash from operating activities for YTD RM'000 RM'000 2Q2020 was RM204.8 million, higher by OPERATING ACTIVITIES RM41.7 million compared to YTD 2Q2019, in Cash receipts from customers 324,645 297,685 Refundabl
Slide 16: Debt Profile as of 31 December 2019
Debt Profile as of 31 December 2019 Facility Limit Amount RM'million RM'million Maturity Profile (RM'million) 1 Revolving Loan (USD100m) 392.3 387.1 Commercial Papers (CP) / 2 3,000.0 1,640.0 Revolving Loan (RL) 3 Unrated MTNs 10,000.0 1,200.0 1,640.0 Total Gross Borrowings 3,227.1 200.0 Discount on
Slide 17: Portfolio Performance (2Q2020)
PORTFOLIO PERFORMANCE (2Q2020) Empowering Businesses Curating Experiences Enriching Lives 17
Slide 18: Revenue & NPI growth in 2Q2020
Revenue & NPI growth in 2Q2020 Reported in RM’million Retail 1% Hotel 28% Office Revenue 2Q2020 106.7 22.6 10.4 2Q2019 105.3 17.6 9.4 11% NPI 2Q2020 74.0 21.0 5.5 2Q2019 3% 76.0 15.9 32% 5.1 6% The retail segment recorded The office segment recorded gross Notes gross revenue of RM106.7 The hotel seg
Slide 19: Revenue & NPI growth in 2Q2020 (Cont’d)
Revenue & NPI growth in 2Q2020 (Cont’d) Reported in RM’million Services Industrial & Others Overall Revenue 14.6 1.5 155.8 2Q2020 2Q2019 5.8 153% 1.4 10% 139.5 12% NPI 2Q2020 14.6 1.5 116.6 2Q2019 5.8 10% 153% 1.4 104.2 12% The services segment Sunway REIT Industrial - Shah Revenue of the portfolio
Slide 20: Revenue & NPI growth in YTD 2Q2020
Revenue & NPI growth in YTD 2Q2020 Reported in RM’million Retail 1% Hotel 15% Office Revenue YTD 2Q2020 212.3 46.2 20.5 YTD 2Q2019 210.3 40.2 18.5 11% NPI YTD 2Q2020 149.3 43.1 11.1 YTD 2Q2019 3% 153.7 36.5 18% 10.3 8% The retail segment recorded The office segment recorded gross Notes gross revenue
Slide 21: Revenue & NPI growth in YTD 2Q2020 (Cont’d)
Revenue & NPI growth in YTD 2Q2020 (Cont’d) Reported in RM’million Services Industrial & Others Overall Revenue YTD 2Q2020 29.1 3.1 311.1 YTD 2Q2019 11.5 153% 2.8 10% 283.2 10% NPI YTD 2Q2020 29.1 3.1 235.7 YTD 2Q2019 11.5 153% 2.8 10% 214.7 10% The services segment Sunway REIT Industrial - Shah Rev
Slide 22: 2Q2020 and YTD 2Q2020 Revenue Contribution (by Property)
2Q2020 and YTD 2Q2020 Revenue Contribution (by Property) YTD 2Q YTD 2Q 2Q 2020 2Q 2019 Variance Change 2020 2019 Variance Change By Property RM'mil RM'mil RM'mil % RM'mil RM'mil RM'mil % Sunway Pyramid Mall 81.1 80.7 0.4 0.5% 161.5 161.0 0.5 0.3% Sunway Carnival Mall 11.9 12.0 (0.1) -0.6% 23.6 23.3
Slide 23: 2Q2020 NPI and NPI Margin Contribution (by Property)
2Q2020 NPI and NPI Margin Contribution (by Property) NPI NPI Margin 2Q 2020 2Q 2019 Variance Change 2Q 2020 2Q 2019 Variance By Property RM'mil RM'mil RM'mil % % % % Sunway Pyramid Mall 60.1 62.5 (2.4) -3.9% 74.1% 77.5% -3.4% Sunway Carnival Mall 7.0 7.0 0.1 1.4% 59.3% 58.1% 1.1% SunCity Ipoh Hyperm
Slide 24: YTD 2Q2020 NPI and NPI Margin Contribution (by Property)
YTD 2Q2020 NPI and NPI Margin Contribution (by Property) NPI NPI Margin YTD 2Q 2020 YTD 2Q 2019 Variance Change YTD 2Q 2020 YTD 2Q 2019 Variance By Property RM'mil RM'mil RM'mil % % % % Sunway Pyramid Mall 121.3 126.7 (5.4) -4.3% 75.1% 78.7% -3.6% Sunway Carnival Mall 14.3 13.8 0.6 4.2% 60.8% 59.2%
Slide 25: Key Performance Indicators – YTD 2Q2020
Key Performance Indicators – YTD 2Q2020 Industrial & Retail Hotel Office Services Others YTD 2Q 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Average Occupancy 95% 1 97% 77% 71% 77% 69% 100% 100% 100% 100% Rates NPI Margin 71% 73% 93% 91% 56% 56% 100% 100% 100% 100% 1 Empowering Businesses Cur
Slide 26: Property Development Activities & Asset Enhancement Initiatives (AEI)
PROPERTY DEVELOPMENT ACTIVITIES & ASSET ENHANCEMENT INITIATIVES (AEI) (2Q2020) Empowering Businesses Curating Experiences Enriching Lives 26
Slide 27: Property Development Activities
Property Development Activities Expansion of Sunway Carnival Shopping Mall Estimated total property development RM 353.0 million cost (including land) Cummulative cost incurred from RM 82.4 million initiation to YTD 2Q 2020 Duration Approximately 3 years from 3Q 2018 Approximately 350,000 sq ft of a
Slide 28: Market Outlook (2Q2020)
MARKET OUTLOOK (2Q2020) Empowering Businesses Curating Experiences Enriching Lives 28
Slide 29: General Outlook
General Outlook o Following 2 years of patchy global growth in CY2018 and CY2019, global economy is expected to be on firmer footing in CY2020, supported by stronger growth from emerging economies and synchronized accommodative monetary policy globally. In January, the International Monetary Fund (I
Slide 30: General Outlook
General Outlook o The Malaysian economy moderated to 3.6% in 4Q CY2019 (3Q CY2019: 4.4%), primarily due to supply disruptions in the commodities sector. The domestic economy expanded by 4.3% in CY2019 (CY2018: 4.7%). Although, the Government maintained a growth projection of 4.8% for CY2020, this gr
Slide 31: General Outlook
General Outlook o The BNM has taken a pre-emptive measure and trimmed the Overnight Policy Rate (OPR) to 2.75% on 22 January 2020, cited that the easing of the monetary policy was to ensure improving growth trajectory amid price stability. Back in November 2019, the BNM has also lowered the Statutor
Slide 32: Retail Segment
Retail Segment o The Retail Group Malaysia (RGM) has revised the retail sales growth forecast for the third time in CY2019 following a subdued retail sales growth of 1.8% in 3Q CY2019 and a bleak outlook for the last quarter of the year. 9M CY2019 retail sales growth moderated to 3.6%, versus 4.3% d
Slide 33: Retail Segment
Retail Segment o The retail industry continues to evolve towards Omni-channel with emergence of O2O (Online-to-offline) trend such as Fashion Valet, Hema Supermarket, Taobao amongst others. Both online and offline will continue to co-exist to complement each other and reap the benefits of both chann
Slide 34: Hotel Segment
Hotel Segment o Tourist arrivals for the 9M CY2019 rose by 3.7% y-o-y to 20.12 million with a corresponding increase of tourist expenditure of 6.9% y-o-y to RM66.14 billion. Growth were mainly driven by higher arrivals from Indonesia (+14.5%), China (+5.7%), India (+23,2%), South Korea (+9.7%) and S
Slide 35: Hotel Segment
Hotel Segment o The cumulative supply of hotel rooms in the Klang Valley stood at 209 hotels amounting to 59,674 rooms in CY2019. Over the next 3 years, a total of 35 new midscale to upscale hotels, totaling 13,827 rooms are coming on-stream. o The oversupply situation in the hospitality sector is e
Slide 36: Office Segment
Office Segment o The supply of office space in the Klang Valley have increased to 111.9 million sq.ft. following the completion of purposed-built offices in CY2019. The supply of office space is estimated to increase by another 10.2 million sq.ft. in the next 3 years with 17 new purpose-built office
Slide 37: Office Segment
Office Segment o Development of offices properties in transit oriented development (TOD) is expected to be well received due to the connectivity and convenience that the development offers. In a similar light, office properties located in integrated townships / development with captive market and st
Slide 38: Investor Relations (2Q2020)
INVESTOR RELATIONS (2Q2020) Empowering Businesses Curating Experiences Enriching Lives 38
Slide 39: Unit Price Performance from IPO to YTD 2Q FY2020
Unit Price Performance from IPO to YTD 2Q FY2020 Unit Price Performance of Sunway REIT versus Benchmarks (8 July 2010 – 31 December 2019) 200.0% GPR APREA Composite 180.0% REIT Index - Malaysia 160.8% 160.0% 140.0% Sunway REIT 120.0% 102.2% 100.0% 80.0% 60.0% FBM KLCI 40.0% 20.7% 20.0% 0.0% Dec 2010
Slide 40: Unit Price Performance for YTD 2Q FY2020
Unit Price Performance for YTD 2Q FY2020 Unit Price Performance of Sunway REIT versus Benchmarks (30 June 2019 – 31 December 2019) 6.0% 4.0% 2.0% Sunway REIT -2.7% 0.0% -2.0% Bursa Malaysia REIT Index -4.0% -3.0% -6.0% FBM KLCI -5.0% -8.0% Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 20
Slide 41: Indices Representation
Indices Representation o FTSE Bursa Malaysia Mid 70 Index o FTSE Bursa Malaysia Emas Index o FTSE Bursa Malaysia Top 100 Index o Bursa Malaysia REIT Index o FTSE ASEAN All-Share Index o FTSE ASEAN Malaysia Index o FTSE ASEAN All-Share ex Developed Index o FTSE4Good Bursa Malaysia Index o GPR APREA C
Slide 42: Unitholders’ Composition (as at 31 December 2019)
Unitholders’ Composition (as at 31 December 2019) Foreign Retail 11.5% 6.6% Institutions & Sunway Berhad Corporate 40.9% 52.5% Domestic 88.5% December 2019 September 2019 Q-o-Q Change No of unitholders 15,369 13,816 1,553 (11.2%) Retail unitholders 6.6% 5.8% 0.8% Foreign unitholders 11.5% 11.3% 0.2%
Slide 43: Analysts Recommendation (as at December 2019)
Analysts Recommendation (as at 31 December 2019) 18.7 18.1 Target Price as at 31 December 2019 (RM) Upside / Downside to unit price as at 31 December 2019 (%) 11.0 11.0 9.9 9.9 9.9 7.1 6.0 4.5 4.4 4.4 4.4 3.8 3.8 2.16 2.15 2.10 2.02 2.02 2.00 2.00 1.95 2.00 1.93 1.90 1.90 1.90 1.89 1.89 UOB Kay Hian
Slide 44: Comparative Yields for Various Assets
Comparative Yields for Various Assets 7.0% 6.56%2 6.15%5 6.0% 5.44%1 5.0% 4.0% 3.30%3 3.09%4 3.0% 2.75%6 2.0% 1.0% 0.0% Sunway REIT M-REITs 10-Year MGS Fixed Deposit EPF Yield OPR Note: 1 Distribution yield is computed based on consensus FY2020 DPU of 9.90 sen and unit price as at 31 December 2019 (
Slide 45: Appendix: Property Performance (2Q2020)
APPENDIX: PROPERTY PERFORMANCE (2Q2020) Empowering Businesses Curating Experiences Enriching Lives 45
Slide 46: Retail Properties - Sunway Pyramid Shopping Mall
RETAIL PROPERTIES - Sunway Pyramid Shopping Mall Projected lease expiry schedule Average occupancy rate 50.0% 100.0% 98.9% 99.0% 98.3% 98.0% 98.2% 97.2% 40.0% 95.0% 30.0% 90.0% 20.0% 85.0% 10.0% 80.0% 2.1% 10.4% 30.0% 17.3% 38.6% 75.0% 0.0% FY2020 FY2021 FY2022 FY2023 Monthly Jun-16 Jun-17 Jun-18 Ju
Slide 47: Retail Properties - Sunway Carnival Mall
RETAIL PROPERTIES - Sunway Carnival Mall Average occupancy rate Projected lease expiry schedule 35.0% 100.0% 98.2% 97.6% 97.3% 97.4% 96.7% 30.0% 94.4% 95.0% 25.0% 90.0% 20.0% 15.0% 85.0% 10.0% 80.0% 5.0% 32.1% 14.7% 15.4% 33.1% 2.0% 75.0% 0.0% Jun-16 Jun-17 Ju n-18 Ju n-19 YTD 2Q YTD 2Q FY2020 FY202
Slide 48: Retail Properties - SunCity Ipoh Hypermarket
RETAIL PROPERTIES - SunCity Ipoh Hypermarket Average occupancy rate 100% 100% 100% 100% 100% 100% 100% 95% 90% 85% 80% 75% Jun-16 Jun-17 Jun-18 Jun-19 YTD 2Q YTD 2Q 2020 2019 SunCity Ipoh Hypermarket is currently leased to a single tenant, a major hypermarket and retailer chain operating under the “
Slide 49: Retail Properties - Sunway Putra Mall
RETAIL PROPERTIES - Sunway Putra Mall Average occupancy rate Projected lease expiry schedule 60.0% 100.0% 90.7% 90.4% 91.1% 91.0% 86.3% 50.0% 80.0% 74.9% 40.0% 60.0% 30.0% 40.0% 20.0% 20.0% 10.0% 0.0% 9.2% 54.4% 24.3% 5.2% 1.7% 0.0% Jun-16 Jun-17 Jun-18 Jun-19 YTD 2Q YTD 2Q FY2020 FY2021 FY2022 FY20
Slide 50: Retail Properties - Sunway Clio Retail
RETAIL PROPERTIES - Sunway Clio Retail Average occupancy rate Projected lease expiry schedule 40.0% 100.0% 94.7% 89.7% 30.0% 80.0% 65.8% 60.0% 49.6% 20.0% 37.6% 40.0% 10.0% 20.0% 3.0% 0.0% 14.8% 30.3% 4.5% 0.0% Jun-16 Jun-17 Jun-18 Jun-19 YTD 2Q YTD 2Q FY2022 FY2023 Monthly 2020 2019 tenancy Note :
Slide 51: Hospitality Properties - Sunway Resort Hotel & Spa
HOSPITALITY PROPERTIES - Sunway Resort Hotel & Spa Average occupancy rate 100.0% 81.2% 81.5% 78.2% 80.0% 73.5% 65.4% 64.2% 60.0% 40.0% 20.0% 0.0% Ju n-16 Ju n-17 Ju n-18 Ju n-19 YTD 2Q YTD 2Q 2020 2019 Note 1: The hotel properties are under 10-year master leases. The master lease of Sunway Resort Ho
Slide 52: Hospitality Properties - Sunway Pyramid Hotel
HOSPITALITY PROPERTIES - Sunway Pyramid Hotel Average occupancy rate 90.0% 80.9% 80.0% 71.8% 71.4% 68.1% 69.0% 70.0% 60.0% 56.8% 50.0% Ju n-16 Ju n-17 Ju n-18 Ju n-19 YTD 2Q YTD 2Q 2020 2019 Note 1: The hotel properties are under 10-year master leases. The master lease of Sunway Pyramid Hotel is exp
Slide 53: Hospitality Properties - Sunway Clio Hotel
HOSPITALITY PROPERTIES - Sunway Clio Hotel Average occupancy rate 80.0% 76.5% 74.4% 75.0% 72.3% 71.5% 69.9% 70.0% 60.0% 50.0% Ju n-16 Ju n-17 Ju n-18 Ju n-19 YTD 2Q YTD 2Q 2020 2019 Note 1: The hotel properties are under 10-year master leases. The master lease of Sunway Clio Hotel is expiring in Feb
Slide 54: Hospitality Properties - Sunway Hotel Seberang Jaya
HOSPITALITY PROPERTIES - Sunway Hotel Seberang Jaya Average occupancy rate 80.0% 78.3% 76.4% 74.7% 75.0% 71.1% 70.0% 68.3% 65.5% 65.0% 60.0% Ju n-16 Ju n-17 Ju n-18 Ju n-19 YTD 2Q YTD 2Q 2020 2019 Note 1: The hotel properties are under 10-year master leases. The master lease of Sunway Hotel Seberang
Slide 55: Hospitality Properties - Sunway Putra Hotel
HOSPITALITY PROPERTIES - Sunway Putra Hotel Average occupancy rate 80.0% 75.0% 72.8% 68.2% 62.4% 63.7% 60.0% 50.2% 40.0% 20.0% 0.0% Ju n-16 Ju n-17 Ju n-18 Ju n-19 YTD 2Q YTD 2Q 2020 2019 Note 1: The hotel properties are under 10-year master leases. The master lease of Sunway Putra Hotel is expiring
Slide 56: Hospitality Properties - Sunway Hotel Georgetown
HOSPITALITY PROPERTIES - Sunway Hotel Georgetown Average occupancy rate 100.0% 91.8% 90.0% 87.7% 87.5% 84.5% 83.3% 80.0% 74.0% 70.0% 60.0% Ju n-16 Ju n-17 Ju n-18 Ju n-19 YTD 2Q YTD 2Q 2020 2019 Note 1: The hotel properties are under 10-year master leases. The master lease of Sunway Hotel Georgetown
Slide 57: Office Properties - Menara Sunway
OFFICE PROPERTIES - Menara Sunway Average occupancy rate Projected lease expiry schedule 100.0% 100.0% 96.7% 94.8% 94.8% 80.0% 95.0% 93.8% 92.1% 89.3% 60.0% 90.0% 85.0% 40.0% 80.0% 20.0% 7.5% 14.6% 73.3% 1.9% 75.0% 0.0% Jun-16 Jun-17 Jun-18 Jun-19 YTD 2Q YTD 2Q FY2020 FY2021 FY2022 FY2023 2020 2019
Slide 58: Office Properties - Sunway Tower
OFFICE PROPERTIES - Sunway Tower Average occupancy rate Projected lease expiry schedule 18.0% 35.0% 30.8% 15.0% 30.0% 25.0% 12.0% 20.7% 21.0% 20.1% 19.6% 20.0% 18.2% 9.0% 15.0% 6.0% 10.0% 3.0% 5.0% 2.5% 11.1% 15.3% 2.1% 0.0% 0.0% Jun-16 Jun-17 Jun-18 Jun-19 YTD 2Q YTD 2Q FY2020 FY2021 FY2022 FY2023
Slide 59: Office Properties - Sunway Putra Tower
OFFICE PROPERTIES - Sunway Putra Tower Average occupancy rate Projected lease expiry schedule 40.0% 100.0% 86.1% 82.0% 78.2% 80.0% 30.0% 60.0% 56.0% 20.0% 40.0% 36.6% 26.4% 10.0% 20.0% 3.7% 40.9% 41.3% 0.0% 0.0% Jun-16 Jun-17 Jun-18 Jun-19 YTD 2Q YTD 2Q FY2020 FY2021 FY2022 2020 2019 The average occ
Slide 60: Office Properties - Wisma Sunway
OFFICE PROPERTIES - Wisma Sunway Average occupancy rate Projected lease expiry schedule 100.0% 60.0% 100.0% 94.1% 90.1% 50.0% 90.0% 86.9% 88.2% 40.0% 80.0% 78.3% 30.0% 70.0% 20.0% 60.0% 10.0% 4.7% 30.8% 50.6% 14.0% 50.0% 0.0% Jun-16 Jun-17 Jun-18 Jun-19 YTD 2Q YTD 2Q FY2020 FY2021 FY2022 FY2023 2020
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