Slide 1: Aseana Properties Limited Corporate Presentation
ASEANA PROPERTIES LIMITED Corporate Presentation August 2011 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 fully verified and is subject to material updating, revision and further amendment. This Presentation does not constitute or form an
Slide 3: Overview
OVERVIEW Aseana Properties is an upmarket property developer in the emerging markets of Southeast Asia Admission date 5 April 2007 on London Stock Exchange Main Market Geographical Focus Malaysia and Vietnam Investment Focus Upscale residential, commercial and mixed developments Typical Investment E
Slide 4: Investment Case
INVESTMENT CASE Aseana Properties provides a unique opportunity for investors to be part of the real estate growth story in Malaysia and Vietnam § The fundamentals of Malaysia and Vietnam remain strong, with a growing young middle class population and continued high level of foreign direct investmen
Slide 5: The Company
THE COMPANY Aseana Properties operates within the parameters of these business principles to maximise returns of each development project Diversifying to § Current fund allocation: 60% Malaysia and 40% Vietnam generate attractive § Seeks to invest in projects yielding annualised ROE of greater than
Slide 6: Our Competitive Strengths
OUR COMPETITIVE STRENGTHS Aseana Properties and the Development Manager are well positioned to harness development opportunities in Malaysia and Vietnam THE COMPANY THE DEVELOPMENT MANAGER An attractive property portfolio Backed by sound track record of project delivery § Twelve projects at differen
Slide 7: 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 § Incorporated in January 1967 § Listed on Malaysian Bourse in 1993 § Revenue for the year ended 31 March 2011 of RM445 million (~
Slide 8: Overview of Malaysia & Vietnam
OVERVIEW OF MALAYSIA & VIETNAM Malaysia & Vietnam shares common characteristics that will continue to drive the growth of real estate in coming years Malaysia Vietnam § 2010 GDP Growth: 7.2% § 2010 GDP Growth: 6.8% § Population (2010): 27.57 million § Population (2010): 89.57 million § 66% of popula
Slide 9: The Property Portfolio - Malaysia
THE PROPERTY PORTFOLIO - MALAYSIA No. Project Location Expected GDV Type Effective Status (US$ m) Ownership Structure 1 Tiffani by i-ZEN Kuala Lumpur, 124 Luxury 100% ASPL - 95% sold Malaysia condominiums - Completed August 2009 2 1 Mont’ Kiara by Kuala Lumpur, 166 Office Tower, 100% ASPL - 100% sol
Slide 10: The Property Portfolio - Malaysia
THE PROPERTY PORTFOLIO - MALAYSIA No. Project Location Expected Type Effective Status GDV Ownership (US$ m) Structure 3 Sandakan Sandakan, 170 Retail Lots, 100% ASPL - Phase 1: 100% sold (Completed) Harbour Sabah, Retail Mall & - Phase 2: 94% sold (Completed) Square Malaysia Four Points by - Phases
Slide 11: The Property Portfolio - Malaysia
THE PROPERTY PORTFOLIO - MALAYSIA No. Project Location Expected Type Effective Status GDV (US$ m) Ownership Structure 5 Kuala Lumpur Kuala Lumpur, 256 Two office towers 40% ASPL, - 100% sold Sentral Office Towers Malaysia and a business- 60% MRCB - Completion end 2012 & Hotel class hotel 6 Aloft Kua
Slide 12: The Property Portfolio - Malaysia
THE PROPERTY PORTFOLIO - MALAYSIA No. Project Location Expected Type Effective Ownership Status GDV Structure (US$ m) 7 KLCC Kia Peng Kuala 90 Luxury 70% ASPL, - Sales launch and construction Residential Lumpur, Residences 30% ICB expected to commence in H2 2011; Project Malaysia completion expected
Slide 13: The Property Portfolio - Vietnam
THE PROPERTY PORTFOLIO - VIETNAM No. Projects Location Expected Type Effective Status GDV Ownership (US$ m) Structure 1 International Binh Tan 670 Commercial 51% ASPL, - Entered into long-term management Hi-Tech District, and residential 49% Hoa Lam agreement with Parkway Holdings Healthcare Ho Chi
Slide 14: The Property Portfolio - Vietnam
THE PROPERTY PORTFOLIO - VIETNAM No. Projects Location Expected Type Effective Status GDV Ownership (US$ m) Structure 2 Queen’s Place District 4, Ho 115 Mixed 65% ASPL, - Resettlement planning underway Chi Minh City, residential, 35% Binh Duong - Expected sales launch and Vietnam office and retail C
Slide 15: The Property Portfolio - Vietnam
THE PROPERTY PORTFOLIO - VIETNAM No. Projects Location Expected Type Effective Status GDV Ownership (US$ m) Structure 4 Tan Thuan Dong District 7, Ho 91 High-rise 80% ASPL, - Expect to secure development approvals in Q3 Project Chi Minh City, apartments 20% Nam Long 2011 Vietnam - Expected sales lau
Slide 16: Key Developments for Aseana for H1 2011
KEY DEVELOPMENTS FOR ASEANA FOR H1 2011 Projects Development Tan Thuan Dong Project § Terminated agreement with PRUPIM Vietnam Property Fund, managed by (May 2011) Prudential Property Investment Management, due to unforeseen delays in fulfilling the conditions of the agreement including an Investmen
Slide 17: Financial Highlights: Income Statement (1)
FINANCIAL HIGHLIGHTS: INCOME STATEMENT (1) Period ended Period ended 30 June 2011 30 June 2010 (US$ mil) (US$ mil) Revenue 1 189.67 2.35 Cost of sales (164.05) (6.49) Gross profit / (loss) 25.62 (4.14) Management fees (1.72) (2.17) Marketing expenses 2 (4.79) (1.75) Other expenses (1.11) (5.66) Oper
Slide 18: Financial Highlights: Income Statement (2)
FINANCIAL HIGHLIGHTS: INCOME STATEMENT (2) Notes: 1. Revenue was mainly attributable to SENI Mont’ Kiara Phase 1 following its completion and issuance of certificate of occupation in April 2011, which enables the recognition of revenue 2. Marketing fees consisted mainly of commission, discounts, reb
Slide 19: Financial Highlights: Balance Sheet (1)
FINANCIAL HIGHLIGHTS: BALANCE SHEET (1) Period ended Period ended 30 June 2011 31 December 2010 (US$ mil) (US$ mil) Non-current assets 1 52.80 63.12 Current assets 2 427.80 613.74 TOTAL ASSETS 480.60 676.86 Shareholders’ equity 200.52 192.87 Non-controlling interest 3.64 4.34 TOTAL EQUITY 204.16 197
Slide 20: Financial Highlights: Balance Sheet (2)
FINANCIAL HIGHLIGHTS: BALANCE SHEET (2) Notes: 1. Non-current assets included deferred tax assets of US$10.2 million, which arose from the tax paid on deferred revenue and project cost accruals, which would be offset against future tax payable when the project profit is recognised 2. Total current a
Slide 21: Summary of Debt
SUMMARY OF DEBT Outstanding Total Debt Unutilised as at Remarks Project Name Limit Debt 30 June 2011 (US$) (US$) (US$) Sandakan Harbour Square 66.2 20.3 45.9 Term loans to fund ongoing construction works of the project, maturing in December 2011. Aseana had appointed two lead arrangers to refinance
Slide 22: Valuation Methodology
VALUATION METHODOLOGY To enhance disclosure, Aseana has updated its Valuation Methodology In addition to the disclosure of NAV under accounting standards, which does not allow for upwards revaluation of partially completed developments, Aseana provides an estimate of the current project valuation th
Slide 23: Valuation Methodology
VALUATION METHODOLOGY Aseana has valued each project using the following valuation basis for the RNAV calculation At Net Asset Value At Market Value At Market Value (Cost / Fair Value Basis) (Discounted Cash Flow Method) (Residual / Comparison Method) § Tiffani by i-ZEN § Sandakan Harbour Square § K
Slide 24: Net Asset Value and Realisable Net Asset Value Details (1)
NET ASSET VALUE AND REALISABLE NET ASSET VALUE DETAILS (1) Project NAV Project RNAV Projects as at as at 30 June 2011 30 June 2011 US$’mil US$’mil Malaysian projects: Tiffani by i-ZEN 4.70 4.70 1 1 Mont’ Kiara by i-ZEN 15.03 18.49 2 Sandakan Harbour Square 29.64 33.90 3b SENI Mont’ Kiara 68.92 81.61
Slide 25: Net Asset Value and Realisable Net Asset Value Details (2)
NET ASSET VALUE AND REALISABLE NET ASSET VALUE DETAILS (2) Project NAV Project RNAV Projects as at as at 30 June 2011 30 June 2011 US$’mil US$’mil Total Project NAV/RNAV, b/f 185.96 232.88 Cash and bank 15.45 15.45 Other assets & liabilities (0.89) (0.89) TOTAL NAV/RNAV 200.52 247.44 NAV/RNAV per sh
Slide 26: Net Asset Value and Realisable Net Asset Value Bridge (1)
NET ASSET VALUE AND REALISABLE NET ASSET VALUE BRIDGE (1) RNAV per share = US$1.164 NAV per share = US$0.943 46.92 247.44 185.96 (0.89) 200.52 15.45 Cash Projects Net Other Assets Total NAV as at Unrealised Gain Total RNAV as at & Liabilities 30 June 2011 30 June 2011 Note: Please see Appendix for e
Slide 27: Net Asset Value and Realisable Net Asset Value Breakdown
NET ASSET VALUE AND REALISABLE NET ASSET VALUE BREAKDOWN As at 30 JUNE 2011 Total NAV : US$200.52 million Total RNAV :US$247.44 million Other Other Cash at Assets & Cash at Assets & Company, Liabilities Company, Liabilities 7.7% (Net), -0.4% 6.2% (Net), -0.3% Vietnam, Vietnam, 21.8% 24.1% Malaysia,
Slide 28: FY2011 Outlook
FY2011 OUTLOOK 2011 will see the completion of two key projects in Aseana‘s portfolio, with other projects progressing as planned § Positive GDP and FDI outlook for Malaysian and Vietnamese economies with a young growing middle class population - Some short term challenges in Vietnam property market
Slide 29: Appendices
APPENDICES fy ASEANA ag PROPERTIES Limrep
Slide 30: Aseana Properties Share Price Chart
ASEANA PROPERTIES SHARE PRICE CHART As at 30 June 2011 0.7 2,500 Aseana FTSE All Share 0.65 FTSE 350 Real Estate Volume 2,000 0.6 Share price (US$) 1,500 Volume (000's) 0.55 1,000 0.5 500 0.45 0.4 0 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 § High for the period: US$0.563 § Low for the period: US$0.
Slide 31: The Company Structure
THE COMPANY STRUCTURE Company Structure Jersey incorporated, London Listed Equity Investors Number of shares in issue 212,525,000 ordinary shares Tax Structure Tax resident of Jersey and is subject to a Independent Non- tax rate of 0%, project companies are tax Executive Board residents in Malaysia
Slide 32: The Company
THE COMPANY ASPL is governed by a strong and experienced independent Board of Directors Mohammed Azlan Hashim was appointed as Chairman (Non-Executive) of Aseana Properties in March 2007. Currently, Azlan is also Non-Executive Chairman of Parkway Holdings Limited, Asiasons Capital Limited and Asiaso
Slide 33: The Company
THE COMPANY ASPL is governed by a strong and experienced independent 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 investmen
Slide 34: The Company
THE COMPANY ASPL is governed by a strong and experienced independent Board of Directors John Lynton Jones was appointed as Director (Non-Executive) of Aseana Properties in March 2007. Lynton is chairman of Bourse Consult, a consultancy that advises clients on initiatives relating to exchange trading
Slide 35: 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 Executive Director of Ireka Corporation Berhad (”ICB”). An archit
Slide 36: 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 Hiew Beng, Low Country Head in Vietnam. Prior to joining Ireka, he was a Senior Engineering Manager with a property development company in Dubai, U
Slide 37: Our Partners
OUR PARTNERS Malaysian Resources Corporation Berhad (“MRCB”) is one of Malaysia’s leading, Government-linked construction and property development company. MRCB has four core businesses: Property Development, Engineering & Construction, Infrastructure & Concessions and Building Services. MRCB is the
Slide 38: Key Media Articles
1 Mont’Kiara opens for business sy Lam Jian Wyn he RM333 million deal to acquire a portion of the 1 Mont’Kiara mixed ‘commercial development by ARAAsia Dragon Fund — an affiliate of Hong Kong tycoon Li Ka-Shing-linked Che ‘ung Kong Group ~ from Ireka Corp Bhd's subsidiary London Stock Exchange-liste
Slide 39: Valuation Methodology
VALUATION METHODOLOGY The Realisable Net Asset Value of the Company as at 30 June 2011 has been computed by the Company based on the Company’s management accounts for the period ended 30 June 2011 and the Market Values of the property portfolio as at 30 June 2011 . The Market Value of the property p
Slide 40: Ireka Development Management Sdn. Bhd
Ireka Development Management Sdn. Bhd Malaysia Office: Vietnam Office: Level 18, Wisma Mont’ Kiara Suite 703, Floor 7, Fideco Tower 12 Castle Street St. Helier, Jersey No. 1, Jalan Kiara, Mont’ Kiara No. 81-85, Ham Nghi Street JE2 3RT 50480 Kuala Lumpur Nguyen Thai Binh Ward District 1, Channel Isla