Aseana Properties Limited · LSE:ASPL
Aseana Properties — Investor Presentation (September 2016)
34 slides from Aseana Properties's investor presentation, September 2016
Slide 1: Aseana Properties Limited Corporate Presentation
ASEANA PROPERTIES LIMITED Corporate Presentation September 2016 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 verified and is subject to material updating, revision and further amendment. This Presentation does not constitute or form any part
Slide 3: Overview
OVERVIEW Aseana Properties is an upmarket property developer in the emerging markets of Southeast Asia Admission date 5 April 2007 on Main Market of the London Stock Exchange Geographical Focus Malaysia and Vietnam Investment Focus Upscale residential, commercial and mixed-use developments Investmen
Slide 4: The Company's Business Principles
THE COMPANY’S BUSINESS PRINCIPLES Aseana Properties operates within these parameters to maximise returns from each development project Diversifying to Current fund allocation (by NAV): approximately 56% Malaysia, 20% generate attractive Vietnam and 24% net cash and other liabilities returns Fund
Slide 5: Corporate Highlights
CORPORATE HIGHLIGHTS Future of the Company On 22 May 2015, Aseana announced proposals regarding the future of the Company that would enable a realisation of the Company’s assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cas
Slide 6: Overview of Malaysia and Vietnam
OVERVIEW OF MALAYSIA AND VIETNAM Malaysia and Vietnam share characteristics that will support the growth of real estate in the future Malaysia Vietnam 2015 GDP growth: 5.0% 2015 GDP growth: 6.7% Population (2014): 29.90 million Population (2014): 90.73 million 69% of population between age
Slide 7: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA Sandakan Harbour Square, Sandakan, Sabah Urban redevelopment in the “Nature City” of Sandakan 129 retail lots, retail mall and 299-room hotel Expected GDV: US$116 million (US$81 million for HMS and FPSS) Tiffani by i-ZEN, Kuala Lumpur Effective ownership structur
Slide 8: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA SENI Mont’ Kiara, Kuala Lumpur The RuMa Hotel and Residences, Kuala Lumpur 605 units of luxury condominiums within two 12-storey and two 40- 199 luxury residences and a 253-room luxury bespoke hotel storey blocks Expected GDV: US$182 million Expected GDV: US$324
Slide 9: Aseana Property Portfolio - Malaysia/Vietnam
ASEANA PROPERTY PORTFOLIO – MALAYSIA/ VIETNAM Seafront resort and residential development, Kota Equity investment in Nam Long, Ho Chi Minh City Kinabalu, Sabah Listed equity investment Boutique resort hotel, villas and homes on 80 acres Effective ownership structure: Current: 3.95% (30 June 2016: Ex
Slide 10: Aseana Property Portfolio - Vietnam
ASEANA PROPERTY PORTFOLIO - VIETNAM International Healthcare Park and City International Hospital, Ho Chi Minh City 37 hectares of commercial and residential development with healthcare theme Expected GDV: US$45 million Effective ownership structure: 72.35% ASPL, 27.65% Hoa Lam Group and associates
Slide 11: Operating Assets Performance
OPERATING ASSETS PERFORMANCE Four Points by Sheraton Sandakan Hotel Harbour Mall Sandakan Period ended Period ended June 2016 June 2016 Occupancy (%) 35% Occupancy (%) 62% Average Daily Rate (US$) 55 Revenue (US$ mil) 0.5 Revenue (US$ mil) 1.6 Finance cost (US$ mil) (0.9) Finance cost (US$ mil) (1.0
Slide 12: Snapshot of City International Hospital's Operating Performance
SNAPSHOT OF CITY INTERNATIONAL HOSPITAL’S OPERATING PERFORMANCE (12)
Slide 13: Financial Highlights: Statement of Comprehensive Income (1)
FINANCIAL HIGHLIGHTS: STATEMENT OF COMPREHENSIVE INCOME (1) Unaudited Unaudited Period ended Period ended 30 June 2016 30 June 2015 (US$ mil) (US$ mil) Revenue 1 3.87 16.89 Cost of sales (3.04) (12.72) Gross profit 0.83 4.17 Other income2 51.28 14.14 Operating expenses 3 (17.46) (18.01) Operating pr
Slide 14: Financial Highlights: Statement of Comprehensive Income (2)
FINANCIAL HIGHLIGHTS: STATEMENT OF COMPREHENSIVE INCOME (2) Notes: 1. Revenue was attributed to the sales of completed units at SENI Mont’ Kiara and Tiffani. No revenue was recognised for The RuMa, in accordance with IFRIC 15. 2. Included in the Other Income is the gain from disposal of Aloft hotel
Slide 15: Financial Highlights: Statement of Financial Position (1)
FINANCIAL HIGHLIGHTS: STATEMENT OF FINANCIAL POSITION (1) Unaudited Audited Period ended Year ended 30 June 2016 31 December 2015 (US$ mil) (US$ mil) Non-current assets1 17.22 19.35 Current assets 2 400.52 349.62 TOTAL ASSETS 417.74 368.97 Shareholders’ equity 165.02 130.17 Non-controlling interest
Slide 16: Financial Highlights: Statement of Financial Position (2)
FINANCIAL HIGHLIGHTS: STATEMENT OF FINANCIAL POSITION (2) Notes: 1. The majority of non-current assets comprise available-for-sale investments which include investment in shares of Nam Long Investment Corporation (“Nam Long”) of US$7.85 million (31 December 2015: US$9.92 million) and intangible asse
Slide 17: Summary of Debt
SUMMARY OF DEBT Outstanding Total Debt Unutilised as at Remarks Project Name Limit Debt 30 June 2016 (US$ mil) (US$ mil) (US$ mil) International Healthcare 24.9 4.8 20.1 Term loans to part finance land use right premiums and working Park capital. City International Hospital 38.6 - 38.6 Syndicated te
Slide 18: Valuation Methodology
VALUATION METHODOLOGY In addition to the disclosure of NAV under accounting standards, which does not allow for upward 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
Slide 19: 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 30 June 2016 30 June 2016 US$’mil US$’mil Malaysian projects: Tiffani by i-ZEN 3.89 3.891 Sandakan Harbour Square 31.17 36.073 SENI Mont’Kiara 19.93 21.322 The RuMa Hotel and Residences 27.25 41.
Slide 20: 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 30 June 2016 30 June 2016 US$’mil US$’mil Total Project NAV/RNAV, b/f 124.98 169.66 Cash and cash equivalents 6 41.35 41.35 Other assets and liabilities (1.31) (1.31) TOTAL NAV/RNAV 165.02 209.70
Slide 21: Net Asset Value and Realisable Net Asset Value Breakdown
NET ASSET VALUE AND REALISABLE NET ASSET VALUE BREAKDOWN As at 30 June 2016 Total NAV : US$ 165.02 million Total RNAV : US$ 209.70 million Other Assets & Other Assets & Liabilities Liabilities (Net), -0.6% (Net), -0.8% Cash at Cash at Company, Company, 19.7% 25.1% Malaysia, 55.9% Malaysia, 55.2% Vie
Slide 22: Future Outlook
FUTURE OUTLOOK Reducing the Group’s debt level via repayment of MTN and project loans Implementing the divestment plan prepared in conjunction with the proposals approved by shareholders regarding the future of the Company: - Ongoing sales at SENI Mont’ Kiara, Tiffani by i-ZEN and RuMa Hotel & R
Slide 23: Appendices
APPENDICES ASEANA ad PROPERTIES 23) ‘ LimiteD (23)
Slide 24: The Company Structure
THE COMPANY STRUCTURE Company Structure Jersey incorporated, London listed Shares Issued 212,025,002 Ordinary Shares Equity Investors Voting Share Capital 212,025,002 Tax resident of Jersey and is subject to a Tax Structure tax rate of 0%, project companies are tax residents in Malaysia and Vietnam
Slide 25: Valuation Methodology
VALUATION METHODOLOGY The Realisable Net Asset Value (“RNAV”) of the Company as at 30 June 2016 has been computed by the Company based on the Company’s management accounts for the period ended 30 June 2016 and the Market Values of the property portfolio as at 31 December 2015. The market value of th
Slide 26: 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 year ended 31 March 2016 of RM263 million (~ US$65
Slide 27: The Company
THE COMPANY ASPL is governed by a strong and experienced Board of Directors Mohammed Azlan Hashim was appointed as Chairman (Non-Executive) of Aseana Properties in March 2007. In Malaysia, Azlan serves as Chairman of several public entities, listed on Bursa Malaysia Securities Berhad, including D&O
Slide 28: The Company
THE COMPANY ASPL is governed by a strong and experienced 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 investment marketing
Slide 29: The Company
THE COMPANY ASPL is governed by a strong and experienced Board of Directors Gerald Ong was appointed as Director (Non-Executive) of Aseana Properties in September 2009. Gerald is Chief Executive Officer of PrimePartners Corporate Finance Group, has over 20 years of corporate finance related experien
Slide 30: The Company
THE COMPANY ASPL is governed by a strong and experienced Board of Directors Ferheen Mahomed was appointed as Director (Non-Executive) of Aseana Properties in June 2015. Ferheen is currently Executive Vice President – Business Development for Pacific Century Group. She was group general counsel for C
Slide 31: 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 Managing Director of Ireka Corporation Berhad (”ICB”). An architec
Slide 32: 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 i-Tech Network Solutions Sdn Bhd, a wholly owned subsidiary of Ireka. Worked as a Surety and Fin
Slide 33: Our Partners
OUR PARTNERS Nam Long Investment Corporation (“Nam Long”) is the leading private Vietnamese real estate developer and a recognized industry leader in township development. Established in 1992, Nam Long has over 20 years of experience in land banking and real estate development and is one of the firs
Slide 34: Ireka Development Management Sdn. Bhd
Ireka Development Management Sdn. Bhd Malaysia Office: Vietnam Office: Level 18, Wisma Mont’ Kiara Unit 4 &5, 10th Floor, Vinamilk Tower 12 Castle Street St. Helier, Jersey No. 1, Jalan Kiara, Mont’ Kiara 10 Tan Trao Street JE2 3RT 50480 Kuala Lumpur Tan, Phu Ward, District 7 Channel Islands Malaysi
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