Ytl Hospitality Reit · MYX:YTLREIT
Ytl Hospitality Reit — Q2 FY2020 Earnings Presentation
44 slides from Ytl Hospitality Reit's earnings presentation, Feb 20, 2020
Slide 1: Second Quarter FY2020 Financial Results
Second Quarter FY2020 Financial Results 20 February 2020
Slide 2: Key Highlights – 2Q FY2020
KEY HIGHLIGHTS – 2Q FY2020 • Income available for distribution of RM32.7 FINANCIAL million, -1.2% q-o-q PORTFOLIO • 1.9158 sen distribution per unit (“DPU”) HIGHLIGHTS declared for 2Q FY2020 MANAGEMENT • Properties in Malaysia and Japan under master leases • 2Q FY2020 average occupancy rate for prop
Slide 3: Rebranding Vistana Hotels to AC Hotels
REBRANDING VISTANA HOTELS TO AC HOTELS Notes: Rebranding of Vistana Hotels to AC Hotels in February 2020. Launch parties held on 4 February 2020 at AC Hotel Kuala Lumpur Titiwangsa, 5 February 2020 at AC Hotel Penang Bukit Jambul, and 7 February 2020 at AC Hotel Kuantan City Centre. 3
Slide 4: Financial performances 2Q FY2020
1 Financial performances 2Q FY2020 Pangkor Laut Resort Perak Darul Ridzuan, Malaysia
Slide 5: Financial Performance: 2Q FY2020
FINANCIAL PERFORMANCE: 2Q FY2020 1 October - 31 December 2Q FY2020 2Q FY2019 Change Total R evenue 131.1 132.5 (1.0%) (1) - Hotel Revenue (Management Contracts) 89.0 91.9 (3.1%) (2) - Lease Rental (Master Leases) 42.1 40.6 + 3.7% Net Pr oper ty Income (NPI) 71.0 69.3 + 2.5% (3) - Management Contract
Slide 6: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION As at 31 December 2019 As at 30 June 2019 RM ('000) Change (Unaudited) (Audited) Investment properties 2,721,133 2,732,554 (0.4%) Property, plant and equipment 1,889,709 1,946,226 (2.9%) Cash & cash equivalents 145,807 148,972 (2.1%) Other assets 48,078 37,025 + 29.9%
Slide 7: DPU Performance
DPU PERFORMANCE Total DPU Quarterly Breakdown DPU (sen) 10 8.4613 7.9746 7.8938 8.0838 7.8683 7.8711 7.6359 4Q 7.3803 2.0989 Total Distributions* 6.4855 6.4855 FY2019 FY2020 Cumulative 134.2 66.0 1.9116 3Q 5 4Q 35.8 3.8742 3Q 32.6 2Q 2Q 33.0 32.7 1.9387 1.9158 1Q 32.8 33.4 * In RM mi l l i on 1.9219
Slide 8: Quarterly Financial Performances
QUARTERLY FINANCIAL PERFORMANCES FY2018 FY2019 FY2020 TOTALrevenue NETproperty income RM (million) RM (million) 1.0% 150 150 132.5 131.1 129.2 125.9 120.7 116.6 118.7 113.9 100 100 2.5% 67.9 69.3 71.0 67.4 60.3 62.7 58.1 56.3 50 50 0 0 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 8
Slide 9: Quarterly Financial Performances by Country
QUARTERLY FINANCIAL PERFORMANCES BY COUNTRY 2Q FY2019 2Q FY2020 TOTALrevenue NETproperty income RM (million) RM (million) 3.1% 100 91.9 100 89.0 50 4.5% 50 4.5% 1.2% 33.5 35.1 31.8 33.2 31.9 32.3 0.1% 1.8% 7.0 7.0 5.6 5.5 0 0 Malaysia Australia Japan Malaysia Australia Japan 9
Slide 10: NPI for Australia in AUD and RM
NPI FOR AUSTRALIA IN AUD AND RM NPI in RM impacted by the foreign exchange effects of the weaker AUD relative to RM AUD (million) RM (million) 6.2% 1.2% 12 40 6 20 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Slide 11: NPI for Japan in JPY and RM
NPI FOR JAPAN IN JPY AND RM NPI in RM impacted by the foreign exchange effects of the stronger JPY relative to RM JPY (million) RM (million) 5.3% 1.8% 180 8 120 4 60 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2
Slide 12: Unit Price Performance
UNIT PRICE PERFORMANCE YTL Hospitality REIT’s YTL Hospitality REIT’s Unit Price Movement & Relative Performance to FBMKLCI Unit Price Movement & Relative Performance to REIT Index (1 January 2012 to 31 December 2019) (1 October 2017 to 31 December 2019) RM % RM % 1.40 50 1.40 30 Unit Price (left sca
Slide 13: Financial performances: 6 months ended December 2019 (YTD FY2020)
Financial performances: 6 months ended 2 31 December 2019 (YTD FY2020) JW Marriott Kuala Lumpur, Malaysia
Slide 14: Financial Performances: 6 Months Ended 31 Dec 2019 (YTD FY2020)
FINANCIAL PERFORMANCES: 6 MONTHS ENDED 31 DEC 2019 (YTD FY2020) 1 July - 31 December YTD FY2020 YTD FY2019 Change Tota l R evenue 251.8 246.3 + 2.2% (1) - Hotel Revenue (Management Contracts) 167.6 168.0 (0.2%) (2) - Lease Rental (Master Leases) 84.3 78.4 + 7.5% Net Pr oper ty Income (NPI) 133.8 125
Slide 15: 6 Months (1 Jul-31 Dec) Financial Performances
6 MONTHS (1 JUL-31 DEC) FINANCIAL PERFORMANCES TOTALrevenue NETproperty income RM (million) RM (million) 2.2% 6.5% 300 150 255.2 133.8 251.8 246.3 122.8 125.6 217.3 215.5 214.5 220.3 104.8 104.8 104.5 99.7 200 100 67.6 100 85.2 50 44.3 54.0 23.3 24.7 14.0 14.9 0 0 FY2010 FY2011 FY2012 FY2013 FY2014
Slide 16: 6 Months Financial Performances by Country
6 MONTHS (1 JUL-31 DEC) FINANCIAL PERFORMANCES BY COUNTRY FY2019 FY2020 TOTALrevenue NETproperty income RM (million) RM (million) 200 0.2% 200 168.0 167.6 100 4.4% 100 4.4% 4.5% 67.2 70.1 63.7 66.5 53.3 55.7 26.1% 34.1% 11.2 14.2 11.6 8.6 0 0 Malaysia Australia Japan Malaysia Australia Japan 16
Slide 17: Capital management
3 Capital management Tanjong Jara Resort, Terengganu, Malaysia
Slide 18: Debt Maturity Profile
DEBT^ MATURITY PROFILE Borrowings in AUD Borrowings in RM Borrowings in JPY RM (million) 1,000 982.4 * 500 385.0 350.0 203.4 # 75.0 0 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Notes: ^ Excluding the effects of capitalised transaction costs. * RM equivalent based on the exchange rate of A$1.00: RM2.8
Slide 19: Debt Profile as at 31 December 2019
DEBT^ PROFILE AS AT 31 DECEMBER 2019 CURRENCY INTEREST RATE α β 31 December 2019 30 September 2019 Change Borrowings^ (RM'000) 1,995,834 1,989,408 + 0.3% Total Asset Value (RM'000) 4,804,727 4,809,324 (0.1%) Gearing (%) 41.5% 41.4% + 0.2 pp Average Interest Rates (%) * - Borrowings in Ringgit Malays
Slide 20: Debt Headroom of ~RM807 million for Acquisitions
DEBT HEADROOM OF ~RM807 million FOR ACQUISITIONS RM (million) 6,000 5,612 807 4,000 2,803 Gearing limit = 807 4,805 50%* 2,000 1,996 Gearing = 41.5% (As at 31 December 2019) - Total Borrowings^ Total Assets Notes: ^ Excluding the effects of capitalised transaction costs. * Leverage limit reduced to
Slide 21: Asset management
4 Asset management Cameron Highlands Resort, Malaysia
Slide 22: Luxury Hotels & Serviced Residences in 3 Countries
LUXURY HOTELS & SERVICED RESIDENCES IN 3 COUNTRIES Malaysia (Northern) ASSET breakdown(by Country)(1) AC Hotel Penang Bukit Jambul Japan Pangkor Laut Resort Hilton Niseko Village Cameron Highlands Resort The Green Leaf Niseko Village Malaysia (Eastern) Tanjong Jara Resort AC Hotel Kuan
Slide 23: Portfolio Occupancy
PORTFOLIO OCCUPANCY FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 2Q FY2020 Malaysia Under Master Leases Japan Under Master Leases Australia 83.1% (1) 84.2% 84.4% 86.4% 86.9% 87.8% 84.9% 88.1% Note: (1) For 1 July 2012 to 30 June 2013 which includes certain pre-acquisition period as the propertie
Slide 24: Master Leases Expiry Profile
MASTER LEASES EXPIRY PROFILE NETproperty income NETproperty income (% of total *) Master leases (% of total *) 30 26 20 10 11 9 5 4 0 2020 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2049 Note: * For 2Q FY2020. 24
Slide 25: Australia Hotel Performance (1 of 2)
AUSTRALIA HOTEL PERFORMANCE (1 OF 2) FY2018 FY2019 FY2020 REVENUE per available room AUD (RevPAR) 300 0.9% 252 251 253 247 214 215 218 208 200 100 0 3Q 4Q 1Q 2Q 25
Slide 26: Australia Hotel Performance (2 of 2)
AUSTRALIA HOTEL PERFORMANCE (2 OF 2) FY2018 FY2019 FY2020 Average occupancy Average daily rate (ADR) % AUD 3.9 pp 3.6% 100 89.1 88.1 88.1 84.5 85.8 87.2 84.2 292 298 83.6 300 283 287 249 246 249 248 200 50 100 0 0 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 26
Slide 27: Appendices
5 Appendices Hilton Niseko Village Hokkaido, Japan
Slide 28: JW Marriott Hotel Kuala Lumpur
JW MARRIOTT HOTEL KUALA LUMPUR No. 183, Jalan Bukit Bintang, 55100 Kuala Address Lumpur A 5-star hotel with 578 rooms located on part of an 8-level podium block and entire 24- level tower block of Starhill Gallery together Description with car park bays located partially at basement 1 and 4 and the
Slide 29: The Majestic Hotel Kuala Lumpur
THE MAJESTIC HOTEL KUALA LUMPUR No. 5, Jalan Sultan Hishamuddin, 50000 Kuala Address Lumpur A 5-star hotel comprising Majestic Wing (original historic hotel building) with 47 luxurious suites, Tower Wing with 253 guestrooms and suites, Majestic Ballroom with seating capacity of 1,200 for banquet or
Slide 30: The Ritz-Carlton, Kuala Lumpur – Suite Wing
THE RITZ-CARLTON, KUALA LUMPUR – SUITE WING Address No. 168, Jalan Imbi, 55100 Kuala Lumpur Parcel 1: 60 units of hotel suites, 4 levels of commercial podium, 1 level of facilities deck and 2 levels of basement car parks Description Parcel 2: 50 units of hotel suites, 4 units of penthouses and 1 lev
Slide 31: The Ritz-Carlton, Kuala Lumpur – Hotel Wing
THE RITZ-CARLTON, KUALA LUMPUR – HOTEL WING Address No. 168, Jalan Imbi, 55100 Kuala Lumpur 22-storey 5-star hotel building comprising Description 251 rooms with 4-storey basement car parks Tenure Freehold Master lease expiry 14 November 2026 Master lease remaining (1) 7 years Annual rental (2) RM21
Slide 32: AC Hotel Kuala Lumpur Titiwangsa
AC HOTEL KUALA LUMPUR TITIWANGSA No. 9, Jalan Lumut, Off Jalan Ipoh, 50400 Address Kuala Lumpur 17-storey hotel building with 364 rooms and Description 2-storey basement car parks Tenure Freehold Master lease expiry 14 November 2026 Master lease remaining (1) 7 years Annual rental (2) RM8.61 million
Slide 33: AC Hotel Penang Bukit Jambul
AC HOTEL PENANG BUKIT JAMBUL No. 213, Jalan Bukit Gambier, Bukit Jambul, Address 11950 Pulau Pinang 17-storey Hotel Wing with 238 hotel rooms Description and 26-storey Suite Wing with 189 hotel suites with an annexed 3-storey podium 99-year leasehold expiring on 27 October Tenure 2094 Master lease e
Slide 34: AC Hotel Kuantan City Centre
AC HOTEL KUANTAN CITY CENTRE Address Jalan Teluk Sisek, 25000 Kuantan, Pahang Description 8-storey hotel building with 215 rooms Tenure 99-year leasehold expiring on 11 July 2092 Master lease expiry 14 November 2026 Master lease remaining (1) 7 years Annual rental (2) RM6.30 million No. of rooms 215
Slide 35: Pangkor Laut Resort
PANGKOR LAUT RESORT Pangkor Laut Island, 32200 Lumut, Perak Address Darul Ridzuan 36 units of Garden Villas, 52 units of Hill Description Villas, 8 units of Beach Villas and 1 unit of Pavarotti Suite 99-year registered lease expiring on 21 May Tenure 2095 Master lease expiry 14 November 2026 Master
Slide 36: Tanjong Jara Resort
TANJONG JARA RESORT Batu 8, Off Jalan Dungun, 23000 Dungun, Address Terengganu Darul Iman Description Small luxury boutique resort with 100 rooms 60-year leasehold expiring on 4 December Tenure 2067 Master lease expiry 14 November 2026 Master lease remaining (1) 7 years Annual rental (2) RM7.35 mill
Slide 37: Cameron Highlands Resort
CAMERON HIGHLANDS RESORT By the Golf Course, 39000 Tanah Rata, Address Cameron Highlands, Pahang Darul Makmur 3-storey luxury resort with a 2-storey spa Description village block with 56 rooms and suites and a single storey building 99-year leasehold expiring on 9 December Tenure 2108 Master lease e
Slide 38: Hilton Niseko Village
HILTON NISEKO VILLAGE Address Aza-Soga, Niseko-cho, Abuta-gun, Hokkaido 16-storey hotel building with 1-storey of Description basement comprising 506 rooms Tenure Freehold Master lease expiry 21 December 2026 Master lease remaining (1) 7 years Annual rental (2) RM16.32 million No. of rooms 506 Acqui
Slide 39: The Green Leaf Niseko Village
THE GREEN LEAF NISEKO VILLAGE Aza-Higashiyama, Niseko-cho, Abuta-gun, Address Hokkaido 5-storey hotel building with 1-storey of Description basement comprising 200 rooms Tenure Freehold Master lease expiry 25 September 2048 Master lease remaining (1) 29 years Annual rental (2,4) JPY315 million (RM11
Slide 40: Sydney Harbour Marriott
SYDNEY HARBOUR MARRIOTT Address 30 Pitt Street, Sydney, New South Wales 33-storey hotel building with central atrium Description comprising 595 rooms including 3 levels of basement with car parking bays Tenure Freehold No. of rooms 595 Acquisition date 29 November 2012 Valuation (1, 2) AUD500 millio
Slide 41: Brisbane Marriott
BRISBANE MARRIOTT Address 515 Queen Street, Brisbane, Queensland 28-storey hotel building comprising 267 Description rooms with 3 levels of basement with car parking bays Tenure Freehold No. of rooms 267 Acquisition date 29 November 2012 Valuation (1, 2) AUD93.5 million (RM267.97 million) Notes: 1.
Slide 42: Melbourne Marriott
MELBOURNE MARRIOTT Corner Exhibition and Lonsdale Streets, Address Melbourne, Victoria 16-storey hotel building comprising 186 Description rooms with 5 split levels of car park Tenure Freehold No. of rooms 186 Acquisition date 29 November 2012 Valuation (1, 2) AUD78.5 million (RM224.98 million) Note
Slide 43: Disclaimer
DISCLAIMER This presentation shall be read in conjunction with YTL Hospitality REIT’s interim financial report for the quarter ended 31 December 2019, a copy of which is available on www.bursamalaysia.com and www.ytlhospitalityreit.com. This presentation is for information purposes only and does not
Slide 44: Pintar Projek Sdn Bhd
PINTAR PROJEK SDN BHD 199401028328 (314009-W) Manager of YTL Hospitality REIT 11th Floor Yeoh Tiong Lay Plaza 55 Jalan Bukit Bintang 55100 Kuala Lumpur Malaysia Tel: 603 2117 0088 603 2142 6633 Fax: 603 2141 2703 Email: ir@ytlhospitalityreit.com www.ytlhospitalityreit.com
YTL Hospitality REIT — Q2 FY2020 Earnings Presentation on 6ix