VinaLand — Investor Presentation (October 2013)
21 slides from VinaLand's investor presentation, Oct 17, 2013
Slide 1: VinaLand Limited Update
VinaLand Limited Update David Blackhall – Managing Director VinaCapital Investor Update 17 October 2013 Ho Chi Minh City, Vietnam 1
Slide 2: Disclaimer
Disclaimer The information contained herein has been prepared by VinaCapital (the “Company") and is subject to updating, completion, revision, further verification and amendment without notice. The information contained herein has not been approved by any listing authority or any investment regulato
Slide 3: Content
Content 1. Vietnam property market update 2. Overview of VNL Fund 3. Review of the last 12 months 4. Strategy going forwards 3
Slide 4: Vietnam real estate market update – main sectors
Vietnam real estate market update – main sectors • Condominium sector – Pricing still on downward trend as oversupply remains. – More activities in low-mid end segment. Developers competing on payment terms and additional incentives. – Government policies supporting low value pricing is improving ma
Slide 5: Content
Content 1. Vietnam property market update 2. Overview of VNL Fund 3. Review of the last 12 months 4. Strategy going forwards 5
Slide 6: Overview of VNL
Overview of VNL Fund & Portfolio summary (30 June 2013) NAV $466.5 m NAV per share $0.97 Market cap $194 m (30 Sep 2013) Hanoi Shares outstanding 480,248,227 (30 Sep 2013) Current assets 32 (after Hao Khang exit) 8% Hanoi region Divestments 14 full, 1 partial and residential unit sales Debt level Fu
Slide 7: Share price and NAV performance
Share price and NAV performance 1.75 1.50 1.25 NAV 1.00 0.97 0.75 SP 0.50 0.43 0.25 - Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 NAV per share Share Price • Since EGM in November 2012, USD1.5m used to buy back 3.5m shares, bringing the total number of shares outstanding to 479,948,227 (
Slide 8: Content
Content 1. Vietnam property market update 2. Overview of VNL Fund 3. Review of the last 12 months 4. Strategy going forwards 8
Slide 9: Achievements over previous 12 months in review
Achievements over previous 12 months in review • EGM 21 November 2012 and Continuation approved Shareholders supported with a two thirds majority on both recommendations put forth by the Board regarding the continuation of the Company. • Divestment 4 divestments since EGM 2012: resulting in comb
Slide 10: Achievements over previous 12 months in review
Achievements over previous 12 months in review • Other achievements Improving residential sales performance: Sales performance has improved over past 12 months, albeit at a slow pace (net 63 units in 9M 2013). Proceeding with project development and licensing Reduced project-level debt and rem
Slide 11: 4 divestments completed since EGM 2012
4 divestments completed since EGM 2012 Project: 30 Nguyen Du Project: Sheraton Hotel Project: Signature One Project: Hao Khang • Location: Hanoi • Location: Nha Trang • Location: HCMC • Location: HCMC • Size: 2,240 sqm NLA • Size: 284 rooms • Size: 6,351 sqm land • Size: 49,655 sqm land • Type: Oper
Slide 12: Content
Content 1. Vietnam property market update 2. Overview of VNL Fund 3. Review of the last 12 months 4. Strategy going forwards 12
Slide 13: Indicative realisation and distribution profile – Illustrative outcome
Indicative realisation and distribution profile – Illustrative outcome Estimated Distribution Profile (USDm) Total Q3/Q4 2013 2014 2015 Opening cash balance 4.1 4.1 11.3 15.2 Collection from Outstanding Receivables 3.9 3.9 - - Cash from exits 227.1 24.6 82.1 120.4 Management fee (18.0) (4.1) (7.4) (
Slide 14: Proposed raising of working capital for VNL
Proposed raising of working capital for VNL Objectives • Provide VNL with a level of working capital that is appropriate for a Fund of this size. • Enable VNL to renew / renegotiate existing project level bank debt – under SBV law, these loans must be repaid in full before banks can renew facilities
Slide 15: AGM discussion – seeking feedback from Shareholders in November 2013
AGM discussion – seeking feedback from Shareholders in November 2013 The VNL Board has undertaken to convene the first Annual General Meeting in November 2013. The meeting will be held in Europe (Zurich) and the agenda will include the following items :- Presentation of the audited accounts Election
Slide 16: Strategy moving forward
Strategy moving forward KEY OBJECTIVES FOR THE NEXT 12-24 MONTHS • Divestment of assets • Distribution to Shareholders • Seek to narrow share price discount to NAV • Restructure debt and working capital Proposal to raise additional working capital, possibly via a ZDP issue (subject to market feedb
Slide 17: Typhoon Nari devastates Quang Nam – Danang
15th October 2013 - Typhoon Nari devastates Quang Nam – Danang At least three people were killed in Quang Nam and 11 others injured in Danang when typhoon Nari, packing winds of up to 150kph, battered central provinces early on October 15. The storm tore thousands of houses and schools apart, downed
Slide 18: Road badly damaged – Trees uprooted – electricity pole broken
Road badly damaged – Trees uprooted – electricity pole broken 18
Slide 19: At VinaCapital office and VNL / VOF projects in Danang
At VinaCapital office and VNL / VOF projects in Danang 19
Slide 20: In Quang Nam
In Quang Nam 4 VinaCapital 20
Slide 21: VinaCapital Group
VinaCapital Group 17th floor, Sun Wah Tower 115 Nguyen Hue, District 1, Ho Chi Minh City, Vietnam P: (84 8) 3821 9930 F: (84 8) 3821 9931 Email: ir@vinacapital.com Website: www.vinacapital.com Ho Chi Minh City Hanoi Danang Nha Trang Singapore 21