Sunway Real Estate Investment Trust · MYX:SUNREIT
Sunway Real Estate Investment Trust — 2Q FP2021 Earnings Presentation
58 slides from Sunway Real Estate Investment Trust's earnings presentation, Feb 9, 2021
Slide 1: Financial Results Second Quarter Ended 31 December 2020
FINANCIAL RESULTS Second Quarter Ended 31 December 2020 (FPE 31 December 2021) Date: 9 February 2021
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 (2Q2021) 2. Financial Results (2Q2021) 3. Portfolio Performance (2Q2021) 4. Property Development Activities 5. Market Outlook 6. Investor Relations Appendix - Property Performance (2Q2021) Empowering Businesses Curating Experiences Enriching Lives 3
Slide 4: Financial Highlights (2Q2021)
FINANCIAL HIGHLIGHTS (2Q2021) Empowering Businesses Curating Experiences Enriching Lives 4
Slide 5: Distribution Per Unit (DPU)
Distribution Per Unit (“DPU”) DPU (sen) Details of Income Distribution for 2Q2021 Distribution Period 1 Oct 2020 - 31 Dec 2020 Distribution Per Unit (DPU) (sen) 0.77 Notice of Entitlement 9 February 2021 Ex-Dividend Date 24 February 2021 Book Closure Date 25 February 2021 Payment Date 11 March 2021
Slide 6: 5-Year DPU
5-Year DPU 9.19 9.57 9.59 7.33 # 1.67 # The distribution frequency has been changed from quarterly to semi–annual basis with effect from 3Q FY2020. This represents the DPU for 3Q & 4Q, being the semi–annual period ended 30 June 2020. 5-Year DPU CAGR Distribution Yield -18.4% 2.2% (Based on unit pric
Slide 7: Financial Highlights – 2Q2021
Financial Highlights – 2Q2021 Highlights 2Q 2021 2Q 2020 No. of Properties 18 17 Property Value (RM'billion) 8.561 8.084 Units in Circulation 3,424,807,700 2,945,078,000 Unit Price as at 31 Dec 2020/2019 (RM) 1.50 1.82 Market Capitalisation (RM'billion) 5.137 5.360 Net Asset Value ("NAV") Per Unit (
Slide 8: Financial Highlights – 2Q2021 (Cont'd)
Financial Highlights – 2Q2021 (Cont’d) Reported in RM’000 Gross Revenue for 2Q2021 decreased by 38.5% or Gross revenue RM60.0 million compared to 2Q2020 mainly due to 2Q 95,770 lower rental income from retail and hotel segments 2021 with the re-implementation of CMCO on 14 October 38.5% 2020 and no
Slide 9: Financial Highlights – YTD 2Q2021
Financial Highlights – YTD 2Q2021 Reported in RM’000 YTD 2Q2021 203,213 Gross Revenue for YTD 2Q2021 decreased by 34.7% 34.7% or RM107.9 million compared to YTD 2Q2020 mainly due to lower rental income as explained in YTD the previous page. 2Q2020 311,150 YTD 2Q2021 134,101 43.1% Net Property Income
Slide 10: Financial Results (2Q2021)
FINANCIAL RESULTS (2Q2021) Empowering Businesses Curating Experiences Enriching Lives 10
Slide 11: Statement of Comprehensive Income – Consolidated
Statement of Comprehensive Income – Consolidated 2Q 2021 2Q 2020 Change YTD 2021 YTD 2020 Change RM'000 RM'000 % RM'000 RM'000 % Gross revenue 95,770 155,798 -38.5% 203,213 311,150 -34.7% Property operating expenses (29,758) (39,175) -24.0% (69,112) (75,456) -8.4% Net property income 66,012 116,623
Slide 12: Statement of Comprehensive Income – Consolidated (notes)
Statement of Comprehensive Income – Consolidated 1 Interest income for 2Q2021 was higher by RM0.4 million contributed by higher deposits with financial institutions during the quarter with the proceeds from private placement. 2 Manager’s fees was lower in 2Q2021 following the decline in net property
Slide 13: Statement of Financial Position – Consolidated
Statement of Financial Position – Consolidated 31.12.2020 30.06.2020 31.12.2020 30.06.2020 (Unaudited) (Restated) ^ (Unaudited) (Restated)^ RM'000 RM'000 RM'000 RM'000 ASSETS Non-current assets Units in circulation ('000 units) 3,424,808 2,945,078 Investment properties 8,544,431 1 8,020,233 Investme
Slide 14: Statement of Financial Position – Consolidated (notes)
Statement of Financial Position – Consolidated 1 Investment properties increased by RM524.2 million pursuant to the completion of the acquisition of The Pinnacle Sunway on 20 November 2020, as well as on-going capital expenditure mainly for the expansion of Sunway Carnival Shopping Mall and refurbis
Slide 15: Statement of Cash Flows – Consolidated
Statement of Cash Flows – Consolidated Cumulative Quarter ended 31.12.2020 31.12.2019 1 Net cash from operating activities for YTD 2Q2021 of (Restated) 1 RM'000 RM'000 RM126.7 million was lower by RM78.1 million compared to YTD 2Q2020 mainly attributable to lower collection OPERATING ACTIVITIES Cash
Slide 16: Financing Profile as at 31 December 2020
Financing Profile as at 31 December 2020 Facility Limit Amount RM'million RM'million 1 Revolving Loan (USD95.5m) 373.7 418.0 Commercial Papers (CP) / 2 3,000.0 1,600.0 Revolving Loan (RL) 3 Unrated MTNs 10,000.0 1,400.0 2 Total Gross Borrowings 3,418.0 Unamortised transaction costs (0.4) Total Borro
Slide 17: Portfolio Performance (2Q2021)
PORTFOLIO PERFORMANCE (2Q2021) Empowering Businesses Curating Experiences Enriching Lives 17
Slide 18: Revenue & NPI growth in 2Q2021 – Realised
Revenue & NPI growth in 2Q2021 – Realised Reported in RM’million Retail Hotel Office Revenue 47% 65% 2Q2021 56.8 7.9 14.5 2Q2020 22.6 10.4 106.7 40% NPI 69% 54% 2Q2021 33.9 6.6 9.0 2Q2020 21.0 64% 74.0 5.5 The retail segment recorded The hotel segment recorded The office segment recorded gross Notes
Slide 19: Revenue & NPI growth in 2Q2021 – Realised (Cont'd)
Revenue & NPI growth in 2Q2021 – Realised (Cont’d) Reported in RM’million Services 3% Industrial & Others Overall Revenue 39% 2Q2021 15.0 1.5 95.8 2Q2020 1.5 155.8 14.6 3% NPI 43% 2Q2021 15.0 1.5 66.0 2Q2020 1.5 14.6 116.6 The services segment Sunway REIT Industrial - Shah Revenue of the portfolio N
Slide 20: Revenue & NPI growth in YTD 2Q2021 – Realised
Revenue & NPI growth in YTD 2Q2021 – Realised Reported in RM’million Retail Hotel Office Revenue 37% 77% YTD 2Q2021 134.5 10.7 25.0 YTD 2Q2020 212.3 46.2 20.5 22% NPI 48% 82% YTD 2Q2021 78.1 7.8 15.2 37% YTD 2Q2020 149.3 43.1 11.1 The retail segment recorded YTD The hotel segment recorded YTD The of
Slide 21: Revenue & NPI growth in YTD 2Q2021 – Realised (Cont'd)
Revenue & NPI growth in YTD 2Q2021 – Realised (Cont’d) Reported in RM’million Services 3% Industrial & Others Overall Revenue 35% YTD 2Q2021 29.9 3.1 203.2 YTD 2Q2020 29.1 3.1 311.1 3% NPI 43% YTD 2Q2021 29.9 3.1 134.1 YTD 2Q2020 29.1 3.1 235.7 The services segment Sunway REIT Industrial - Shah Reve
Slide 22: 2Q2021 and YTD 2Q2021 Revenue Contribution (by Property)
2Q2021 and YTD 2Q2021 Revenue Contribution (by Property) YTD 2Q YTD 2Q 2Q 2021 2Q 2020 Variance Change 2021 2020 Variance Change By Property RM'mil RM'mil RM'mil % RM'mil RM'mil RM'mil % Sunway Pyramid Mall 38.7 81.1 (42.4) -52.3% 99.4 161.5 (62.2) -38.5% Sunway Carnival Mall 9.7 11.9 (2.2) -18.5% 1
Slide 23: 2Q2021 NPI and NPI Margin Contribution (by Property)
2Q2021 NPI and NPI Margin Contribution (by Property) NPI NPI Margin 2Q 2021 2Q 2020 Variance Change 2Q 2021 2Q 2020 Variance By Property RM'mil RM'mil RM'mil % % % % Sunway Pyramid Mall 24.1 60.1 (36.0) -59.9% 62.2% 74.1% -11.9% Sunway Carnival Mall 6.0 7.0 (1.1) -15.0% 61.8% 59.3% 2.5% SunCity Ipoh
Slide 24: YTD 2Q2021 NPI and NPI Margin Contribution (by Property)
YTD 2Q2021 NPI and NPI Margin Contribution (by Property) NPI NPI Margin YTD 2Q 2021 YTD 2Q 2020 Variance Change YTD 2Q 2021 YTD 2Q 2020 Variance By Property RM'mil RM'mil RM'mil % % % % Sunway Pyramid Mall 60.8 121.3 (60.5) -49.9% 61.2% 75.1% -13.9% Sunway Carnival Mall 9.7 14.3 (4.6) -32.1% 55.7% 6
Slide 25: Key Performance Indicators – YTD 2Q2021
Key Performance Indicators – YTD 2Q2021 Industrial & Retail Hotel Office Services Others 2 YTD 2Q 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Average 1 Occupancy 95% 95% 31% 77% 85% 77% 100% 100% 100% 100% Rates NPI Margin 68% 71% 91% 93% 58% 56% 100% 100% 100% 100% Notes: 1. Excludes Sunway R
Slide 26: Property Development Activities (2Q2021)
PROPERTY DEVELOPMENT ACTIVITIES (2Q2021) Empowering Businesses Curating Experiences Enriching Lives 26
Slide 27: Property Development Activities
Property Development Activities Expansion of Sunway Carnival Shopping Mall Sunway Resort Hotel Refurbishment Estimated total property development RM 436.0 million # RM 261.0 million cost Cummulative cost incurred from initiation RM 141.8 million RM 20.8 million to YTD 2Q 2021 Expected Completion CY
Slide 28: General Outlook
General Outlook o The unprecedented Covid-19 pandemic has accelerated profound shifts on how global economy operates in CY2020. Following the devastating health and economic crisis in CY2020, the International Monetary Funds estimated a -3.5% growth (previous forecast: -4.4%) to the global economy i
Slide 29: General Outlook (cont'd)
General Outlook (cont’d) o In line with the anticipated global recovery, Malaysia’s economy is expected to rebound to between 6.5% and 7.5% in CY2021, supported by accommodative monetary policy, expansionary fiscal stimulus, improvement in international trade, and roll-out of mass vaccination progra
Slide 30: General Outlook (cont'd)
General Outlook (cont’d) o Following the reinstatement of movement control order (MCO) in January 2021 on the back of resurgence of COVID-19 transmission, the retail and hotel segments are anticipated to remain challenging in 3Q FP2021. o The outlook for Sunway REIT in FP2021 remains challenging wit
Slide 31: Retail Segment
Retail Segment o The Retail Group Malaysia (RGM), reported that retail sales have declined by 9.7% y- o-y in 3Q CY2020 due to strict social distancing measures which has inhibited retailers from operating at full capacity coupled with cautious consumers’ behaviours amidst the pandemic. Retails sales
Slide 32: Retail Segment (cont'd)
Retail Segment (cont’d) o Despite the challenging operating landscape, leading retail malls have demonstrated high level of resiliency in managing attrition rates. During the year, the consolidation of tenants has been refreshed with new retailers, comprising of domestic and international brands. Th
Slide 33: Hotel Segment
Hotel Segment o The tourism industry took a heavy blow from the COVID-19 pandemic in CY2020. During the year, the hotel industry has experienced consolidation and severe cost containment measures in order to minimise losses. That said, several hotels have decided to shut down permanently. The averag
Slide 34: Office Segment
Office Segment o The cumulative supply in office space in Klang Valley stood at approximately 109.5 million sq.ft. in 2H CY2020. Within the Klang Valley, a total of 12 new office buildings, with a cumulative 4.9 million sq.ft, are scheduled for completion by 1H CY2021. o During the year, there has b
Slide 35: Industrial & Others Segment
Industrial & Others Segment o Malaysia’s Industrial Production Index (IPI) contracted 2.2% y-o-y in November 2020 despite growth seen in the manufacturing index (+2.0% y-o-y), lugged by the lower performance in the mining sectors (-15.4% y-o-y). The major growth contribution to the manufacturing sec
Slide 36: Unit Price Performance from IPO to 2Q FP2021
Unit Price Performance from IPO to 2Q FP20211 Unit Price Performance of Sunway REIT versus Benchmarks (8 July 2010 – 31 December 2020) 200.0% GPR APREA Composite REIT Index - Malaysia +137.7% 150.0% Sunway REIT 100.0% +66.7% 50.0% FBM KLCI +23.7% 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 201
Slide 37: Unit Price YTD Performance for FP2021
Unit Price YTD Performance for FP2021 Unit Price Performance of Sunway REIT versus Benchmarks (1 July 2020 – 31 December 2020) 15.0% FBM KLCI +7.5% 10.0% 5.0% Bursa Malaysia REIT Index 0.0% -6.3% -5.0% -10.0% Sunway REIT -7.4% -15.0% -20.0% Jun 2020 Sep 2020 Dec 202 Performance Statistics (1 July 20
Slide 38: Indices Representation
Indices Representation o FTSE Bursa Malaysia Mid 70 Index o FTSE Bursa Malaysia Emas o FTSE Bursa Malaysia Top 100 Index 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 39: Unitholders' Composition (as at December 2020)
Unitholders’ Composition (as at 31 December 2020) Foreign Retail 7.3% 7.6% Sunway Berhad 40.9% Institutions & Corporates 51.5% Domestic 92.7% December 2020 September 2020 Q-o-Q Change No of unitholders 23,316 20,074 +3,242 (16.2%) Retail unitholders 7.6% 5.0% +2.6% Foreign unitholders 7.3% 7.8% -0.5
Slide 40: Analysts Recommendation (as at December 2020)
Analysts Recommendation (as at 31 December 2020) Target Price as at 31 December 2020 (RM) 29.3 Upside / Downside to unit price as at 31 December 2020 (%) 13.3 13.3 10.7 10.7 10.0 10.0 7.3 6.0 5.3 1.94 3.3 1.70 1.70 1.66 1.66 1.65 1.65 1.61 1.59 1.52 1.3 1.50 0.0 1.50 0.0 1.40 1.58 1.55 1.10 (6.7) (2
Slide 41: Comparative Yields for Various Assets
Comparative Yields for Various Assets 6.0% 5.45%5 5.19%2 4.98%1 5.0% 4.0% 3.0% 2.65%3 2.0% 1.78%4 1.75%6 1.0% 0.0% Sunway REIT M-REITs 10-Year MGS Fixed Deposit EPF Yield OPR Note: 1 Distribution yield is computed based on annualised FY2021 DPU of 7.47 sen (annualised based on 18-month consensus DPU
Slide 42: Appendix: Property Performance (2Q2021)
APPENDIX: PROPERTY PERFORMANCE (2Q2021) Empowering Businesses Curating Experiences Enriching Lives 42
Slide 43: Retail Properties – Sunway Pyramid Shopping Mall
RETAIL PROPERTIES – Sunway Pyramid Shopping Mall Average occupancy rate Projected lease expiry schedule 50.0% 100.0% 98.9% 98.0% 98.2% 97.6% 97.0% 97.2% 40.0% 95.0% 30.0% 90.0% 20.0% 85.0% 80.0% 10.0% 27.0% 46.1% 9.2% 14.2% 75.0% 0.0% Jun-17 Jun-18 Jun-19 Jun-20 YTD 2Q YTD 2Q FP2021 FY2022 FY2023 Mo
Slide 44: Retail Properties – Sunway Carnival Shopping Mall
RETAIL PROPERTIES – Sunway Carnival Shopping Mall Average occupancy rate Projected lease expiry schedule 100.0% 60.0% 97.6% 97.3% 97.4% 96.7% 95.7% 95.0% 50.0% 90.0% 89.1% 40.0% 85.0% 30.0% 80.0% 20.0% 75.0% 10.0% 70.0% 55.7% 42.3% 0.3% 0.0% Jun-17 Jun-18 Jun-19 Jun-20 YTD 2Q YTD 2Q FP2021 FY2022 Mo
Slide 45: Retail Properties – SunCity Ipoh Hypermarket
RETAIL PROPERTIES – SunCity Ipoh Hypermarket Average occupancy rate 100% 100% 100% 100% 100% 100% 90% 86% 80% 70% 60% 50% Jun-17 Jun-18 Jun-19 Jun-20 YTD 2Q YTD 2Q 2021 2020 SunCity Ipoh Hypermarket replaced its single tenant which ended on 30 April 2020, with new single tenant TF Value-Mart which c
Slide 46: Retail Properties – Sunway Putra Mall
RETAIL PROPERTIES – Sunway Putra Mall Average occupancy rate Projected lease expiry schedule 70.0% 100.0% 92.9% 93.3% 90.7% 90.4% 91.1% 86.3% 60.0% 80.0% 50.0% 60.0% 40.0% 30.0% 40.0% 20.0% 20.0% 10.0% 0.0% 64.7% 13.8% 10.4% 5.0% 0.0% Jun-17 Jun-18 Jun-19 Jun-20 YTD 2Q YTD 2Q FP2021 FY2022 FY2023 Mo
Slide 47: Retail Properties – Sunway Clio Retail
RETAIL PROPERTIES – Sunway Clio Retail Average occupancy rate Projected lease expiry schedule 60.0% 100.0% 93.4% 89.7% 50.0% 80.0% 72.4% 40.0% 65.8% 60.0% 30.0% 49.6% 37.6% 40.0% 20.0% 20.0% 10.0% 52.5% 37.9% 0.0% 0.0% Jun-17 Jun-18 Jun-19 Jun-20 YTD 2Q YTD 2Q FP2021 FY2022 2021 2020 Note : The acqu
Slide 48: Hospitality Properties – Sunway Resort Hotel
HOSPITALITY PROPERTIES – Sunway Resort Hotel Average occupancy rate 100.0% 81.5% 78.2% 80.0% 73.5% 65.4% 60.0% 49.5% 40.0% 20.0% 0.0% Ju n-17 Ju n-18 Ju n-19 Ju n-20 YTD 2Q YTD 2Q 2021 2020 Note 1: The hotel properties are under 10-year master leases. The master lease of Sunway Resort Hotel was rene
Slide 49: Hospitality Properties – Sunway Pyramid Hotel
HOSPITALITY PROPERTIES – Sunway Pyramid Hotel Average occupancy rate 100.0% 80.9% 80.0% 71.4% 68.1% 56.8% 58.7% 60.0% 40.0% 35.6% 20.0% 0.0% Ju n-17 Ju n-18 Ju n-19 Ju n-20 YTD 2Q YTD 2Q 2021 2020 Note: The hotel properties are under 10-year master leases. The master lease of Sunway Pyramid Hotel wa
Slide 50: Hospitality Properties – Sunway Clio Hotel
HOSPITALITY PROPERTIES – Sunway Clio Hotel Average occupancy rate 100.0% 80.0% 74.4% 75.0% 72.3% 71.5% 58.4% 60.0% 41.0% 40.0% 20.0% 0.0% Ju n-17 Ju n-18 Ju n-19 Ju n-20 YTD 2Q YTD 2Q 2021 2020 Note: The hotel properties are under 10-year master leases. The master lease of Sunway Clio Hotel is expir
Slide 51: Hospitality Properties – Sunway Hotel Seberang Jaya
HOSPITALITY PROPERTIES – Sunway Hotel Seberang Jaya Average occupancy rate 100.0% 80.0% 76.4% 74.7% 71.1% 68.3% 60.0% 50.7% 46.1% 40.0% 20.0% 0.0% Ju n-17 Ju n-18 Ju n-19 Ju n-20 YTD 2Q YTD 2Q 2021 2020 Note: The hotel properties are under 10-year master leases. The master lease of Sunway Hotel Sebe
Slide 52: Hospitality Properties – Sunway Putra Hotel
HOSPITALITY PROPERTIES – Sunway Putra Hotel Average occupancy rate 80.0% 75.0% 72.8% 68.2% 62.4% 60.0% 48.0% 40.0% 21.2% 20.0% 0.0% Ju n-17 Ju n-18 Ju n-19 Ju n-20 YTD 2Q YTD 2Q 2021 2020 Note: The hotel properties are under 10-year master leases. The master lease of Sunway Putra Hotel is expiring i
Slide 53: Hospitality Properties – Sunway Hotel Georgetown
HOSPITALITY PROPERTIES – Sunway Hotel Georgetown Average occupancy rate 100.0% 91.8% 87.7% 84.5% 83.3% 80.0% 60.0% 52.6% 40.0% 17.9% 20.0% 0.0% Ju n-17 Ju n-18 Ju n-19 Ju n-20 YTD 2Q YTD 2Q 2021 2020 Note: The hotel properties are under 10-year master leases. The master lease of Sunway Hotel Georget
Slide 54: Office Properties – Menara Sunway
OFFICE PROPERTIES – Menara Sunway Average occupancy rate Projected lease expiry schedule 100.0% 100.0% 98.0% 97.3% 96.7% 94.8% 80.0% 95.0% 93.8% 92.1% 60.0% 90.0% 40.0% 85.0% 80.0% 20.0% 80.1% 10.3% 7.3% 75.0% 0.0% Jun-17 Jun-18 Jun-19 Jun-20 YTD 2Q YTD 2Q FP2021 FY2022 FY2023 2021 2020 YTD 2Q2021 a
Slide 55: Office Properties – Sunway Tower
OFFICE PROPERTIES – Sunway Tower Average occupancy rate Projected lease expiry schedule 18.0% 40.0% 34.0% 15.0% 32.9% 30.8% 30.0% 12.0% 20.7% 21.0% 20.1% 20.0% 9.0% 6.0% 10.0% 3.0% 0.0% 17.1% 17.7% 0.3% 0.0% Jun-17 Jun-18 Jun-19 Jun-20 YTD 2Q YTD 2Q FP2021 FY2022 Monthly tenancy 2021 2020 YTD 2Q2021
Slide 56: Office Properties – Sunway Putra Tower
OFFICE PROPERTIES – Sunway Putra Tower Average occupancy rate Projected lease expiry schedule 100.0% 70.0% 85.5% 86.1% 82.0% 83.0% 60.0% 80.0% 50.0% 60.0% 56.0% 40.0% 40.0% 36.6% 30.0% 20.0% 20.0% 10.0% 63.6% 19.4% 0.0% 0.0% Jun-17 Jun-18 Jun-19 Jun-20 YTD 2Q YTD 2Q FP2021 FY2022 2021 2020 YTD 2Q202
Slide 57: Office Properties – Wisma Sunway
OFFICE PROPERTIES – Wisma Sunway Average occupancy rate Projected lease expiry schedule 100.0% 100.0% 100.0% 100.0% 94.1% 70.0% 86.9% 60.0% 78.3% 80.0% 50.0% 60.0% 40.0% 40.0% 30.0% 20.0% 20.0% 10.0% 0.0% 57.5% 18.6% 23.9% 0.0% Jun-17 Jun-18 Jun-19 Jun-20 YTD 2Q YTD 2Q FP2021 FY2022 FY2023 2021 2020
Slide 58: Office Properties – The Pinnacle Sunway
OFFICE PROPERTIES – The Pinnacle Sunway Average occupancy rate Projected lease expiry schedule 60.0% 96.5% 98.8% 98.8% 98.4% 97.9% 99.0% 100.0% 50.0% 80.0% 40.0% 60.0% 30.0% 40.0% 20.0% 20.0% 10.0% 51.6% 17.0% 31.4% 0.0% 0.0% Dec-17 Dec-18 Dec-19 Dec-20 YTD 2Q YTD 2Q FP2021 FY2022 FY2023 2021 2020 N
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