Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — Lippo Malls Indonesia Retail Trust — FY2009 Earnings Presentation
35 slides from Singapore Exchange's earnings presentation, February 2010
Slide 1: Singapore's First Indonesia Retail REIT: Full Year 2009 Results Presentation
Singapore’s First Indonesia Retail REIT February 2010 Full Year 2009 Results Presentation
Slide 2: Disclaimer
Disclaimer Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. These forward-looking statem
Slide 3: Contents
Contents CONTENTS 1. Overview of LMIR Trust & Key Highlights ………………………..………………..…………..……. 4-6 2. Financial Results ………………………………………………………….……….…………….……......…. 7-12 3. Portfolio Performance ………………………………………………….……….…………….…….…... 13-21 4. LMIR Trust Growth Strategies ...................................
Slide 4: Overview of LMIR Trust
Overview of LMIR Trust 4
Slide 5: First Indonesia Retail REIT in Singapore
First Indonesia Retail REIT in Singapore Key statistics Gajah Mada Plaza Initial portfolio of 8 quality Retail Malls and Sun Plaza 7 Retail Spaces. Metropolis Town Square Medan Mall WTC Matahari The Plaza Semanggi Grand Palladium Mall Lippo Cikarang Total NLA: 403,342 sqm1 Total valuation: S$
Slide 6: Key Highlights
Key Highlights Financial FY 2009 DPU of 5.04 cents equates to an annualised yield of 9.9% at price of 51 cents1 Results NAV = S$0.83 with low gearing 10.5% Occupancy of 96.9% as at 31 December 2009 versus industry average of 82.8%2 Portfolio Well diversified portfolio with no particular trad
Slide 7: Financial Results
Financial Results 7
Slide 8: FY 2009 Financial Results – P&L
FY 2009 Financial Results – P&L Actual Actual Variance FY 09 FY 08 Remarks (%) (S$'000) (S$'000) Mainly due to: i. A reduction in casual leasing income as well as lower carpark and miscellaneous income such as signage fees as retailers reduced the Gross Revenue 79,638 92,794 (14.2%) amount of expend
Slide 9: FY 2009 Financial Results – Balance Sheet
FY 2009 Financial Results – Balance Sheet 31-Dec-08 31-Dec-09 (S$ million) (S$ million) Non Current Assets 882.4 1,056.11 Current Assets 125.3 132.1 Total Debt 125.02 125.02 Other Liabilities 114.5 171.7 Net Assets 768.2 891.5 Net Asset Value S$0.72 S$0.83 Average Cost of Debt 6.4% p a 7.7% p a Tota
Slide 10: Distribution Details
Distribution Details 1 October 2009 – 31 December 2009 Total DPU 1.16c Tax-Exempt 0.90 c Capital 0.26 c Books Closure Date 19 February 2010 Distribution Payment Date 2 March 2010 Since listing in Nov 2007, LMIR Trust has maintained a payout policy of 100% of distributable income FOR FY 2010, LMIR TR
Slide 11: 2009 Unit Price Performance
2009 Unit Price Performance LMIR Trust Share Price Performance & Trading Liquidity 2 40 Notes: 1.8 35 LMIR Trust unit price has 1.6 30 performed in line with STI during 1.4 2009 25 1.2 1 0.8 +63% 20 15 Market capitalization is S$548 million as at 31 December 2009 0.6 In FY 2009 10 LMIRT unit p
Slide 12: Attractive yield compared to other local investment products
Attractive yield compared to other local investment products 12.0% 9.9% 10.0% 8.0% 6.0% 4.0% 4.0% 2.7% 2.9% 2.5% 2.0% 1.3% 0.5% 0.0% 6 LMIR Trust 10 Year S'pore 5 Year S'pore CPF Ordinary Average SGD STI Yield FTSE ST REIT annualised Govt Bond 2 Govt Bond 3 Account 4 12-mth Fixed Index Yield 7 yield
Slide 13: Portfolio Performance
Portfolio Performance 13
Slide 14: LMIRT Annual Asset Valuation
LMIRT Annual Asset Valuation S$'Million LMIRT Portfolio as at 31 December 2009 Valuation as at 30 Valuation as at 31 Surplus November 20081 December 20092 1 The Plaza Semanggi 79.3 99.9 20.5 2 Gajah Mada Plaza 60.7 73.3 12.6 3 Cibubur Junction 136.5 184.8 48.3 4 Bandung Indah Plaza 51.5 66.2 14.6 5
Slide 15: Portfolio Update: Occupancy
Portfolio Update: Occupancy Portfolio Occupancy Profile LMIR Trust’s mall portfolio occupancy is Actual As at As at NLA 96.9%, which is higher than the industry No. Malls 2008 Sep 09 Dec 09 (sqm) average of 82.2%1 (%) (%) (%) 1 Bandung Indah Plaza 30,203 97.9 99.3 99.3 Occupancy is generally hig
Slide 16: Top 10 Mall Tenants by Gross Income
Top 10 Mall Tenants by Gross Income Time Zone 0.6% Millenium Exec. Club 0.6% Total 15.8% of SOGO 0.7% mall portfolio Solaria 0.9% gross income Giant Supermarket 0.9% Ace Hardware 1.0% Gramedia 1.0% Centro 1.2% Matahari Dep. Store 4.1% Hypermart 4.8% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 16
Slide 17: Portfolio Update: Diversification
Portfolio Update: Diversification Bandung Indah Plaza Cibubur Junction Ekalokasari Gajah Mada Plaza Istana Plaza Mal Lippo Cikarang Plaza Semanggi Sun Plaza Retail Spaces 16% 17% 6% 18% 9% 8% 5% 12% 9% Note: As at 31 December 2009 17
Slide 18: Portfolio NLA Breakdown By Trade Sector
Portfolio NLA Breakdown By Trade Sector Department Store 17% Fashion Books & Stationary 1% 9% Hobbies 6% Education / School 3% 1% Supermarket / Hypermarket 0% Casual & Others 5% Sports & Fitness Toys 14% Leisure & Entertainment Electronic / IT 14% Gifts & Specialty Jewelry F & B / Food Court 1% 1% 9
Slide 19: Lease Expiry as % of Total Malls NLA
Lease Expiry as % of Total Malls NLA 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2010 2011 2012 2013 2014 2015 2016 and beyond Long lease expiry profile underpins portfolio stability Mixture of long-term and short term leases, provides growing & stable distributions 19
Slide 20: Average Rental Rates as at December 2009
Average Rental Rates as at December 2009 ARR Retail Malls Anchor Specialty shops Bandung Indah Plaza 62,000 263,000 Cibubur Junction 54,000 211,000 Ekalokasari 48,000 150,000 Gajah Mada Plaza 46,000 160,000 Istana Plaza 54,000 196,000 Mal Lippo Cikarang 57,000 172,000 Plaza Semanggi 56,000 162,000 S
Slide 21: Improving Traffic in LMIR Trust Malls
Improving Traffic in LMIR Trust Malls Q3 Q4 Total YTD 2008 2009 2008 2009 2008 2009 Variance Variance Variance (Million) (Million) (Million) (Million) (Million) (Million) Car 2.20 2.23 1.12% 2.16 2.20 1.95% 8.37 8.72 4.26% Motorcycle 1.58 1.63 2.95% 1.55 1.58 2.30% 5.83 6.25 7.06% Visitor 20.22 23.4
Slide 22: LMIR Trust Growth Strategies
LMIR Trust Growth Strategies 22
Slide 23: Targeted Growth Strategies
Targeted Growth Strategies Large pipeline from both Sponsor and third parties. Acquisition Acquisition ROFR over malls from Sponsor, one of which had a soft opening in Dec 2008 pipeline pipeline A fragmented and diverse retail market provides further acquisition growth opportunities Improvin
Slide 24: Access to acquisitions through Sponsor and third parties
Access to acquisitions through Sponsor and third parties 25 malls throughout in Indonesia N MALUKU SULAWESI PACIFIC OCEAN Grand Palladium Medan Sun Plaza KALIMANTAN Plaza Medan Fair Binjai Supermall IRIAN JAYA Palembang Square GTC Makassar INDIAN OCEAN City of Tomorrow Mall JAVA Malang Town Square -
Slide 25: Asset Enhancement – Cibubur Junction (Completed)
Asset Enhancement – Cibubur Junction (Completed) Re-configuration of the existing 2nd floor layout to become single corridor area The interior of the Karaoke Lounge Frontage corridor of the Inul Vizta Occupied spaces along the corridor area New ice cream stall along the corridor •1,467 sq m created
Slide 26: Opening of the MDS at Gajah Mada Plaza & Istana Plaza
Opening of the MDS at Gajah Mada Plaza & Istana Plaza •On the 11th December 2009, MDS (Matahari Dept Store) celebrated the opening of their new stores in Istana Plaza (“IP”) and Gajah Mada Plaza (“GMP”) •The Official Grand opening in both malls received great reception and customer traffic has impro
Slide 27: Sponsor
Sponsor 27
Slide 28: Manager of LMIR Trust: LMIR Trust Management Ltd
Manager of LMIR Trust: LMIR Trust Management Ltd Partnership between two leading real estate forces • Lippo is one of Indonesia’s largest • Leading real estate conglomerates company in Singapore with Asian focus. • Lippo Karawaci (“LK”) is the largest listed 60% 40% property company in 212.1 million
Slide 29: Lippo is One of Indonesia's Largest Conglomerates
Lippo is One of Indonesia’s Largest Conglomerates Indonesia Regional presence in China, Macau, Hong Kong, Philippines, Korea, Singapore Retail Property & Others Retail Property Others Hospitality Matahari & Hypermart First Media PT Lippo Karawaci Tbk Large Scale Property & Urban Hotels & Integrated
Slide 30: Summary
Summary 30
Slide 31: Conclusion
Conclusion Based on announced DPU, attractive yield of 9.9% Share price trading at a substantial discount to NAV Well-balanced property diversification with no single property accounting for more than 17% of Net Property Income Portfolio occupancy rate remains higher than industry average
Slide 32: Appendix
Appendix 32
Slide 33: Quality and strategically located Retail Malls
Quality and strategically located Retail Malls High Quality Retail Malls… Well complimented by Int’l & local Anchored by premier local retailers.. specialty retailers Gajah Mada Plaza Cibubur Junction Largest retailer and department store in Indonesia 30 hypermarkets across The Plaza Semanggi Mal Li
Slide 34: Retail Spaces Master-leased to Matahari
Retail Spaces Master-leased to Matahari LMIR Trust’s portfolio includes 7 Retail Spaces with total NLA of 94,070 sqm, master-leased to Matahari for a period of 10+10 years, with fixed rental growth of 8% p.a. for the first 4 years and a revenue sharing formula thereafter Metropolis Town Mall WTC Mat
Slide 35: Lippo-Mapletree Indonesia Retail Trust Management Ltd
Lippo-Mapletree Indonesia Retail Trust Management Ltd 78 Shenton Way #05-01,Singapore 079120 Tel: 6410 9138 Fax: 6220 6557 www.lmir-trust.com For enquiries, please contact: Mr. Shane Hagan Chief Financial Officer Direct: (65) 6410 9139 Email: shane.hagan@lmir-trust.com
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