Aseana Properties Limited · LSE:ASPL
Aseana Properties — Investor Presentation (August 2012)
37 slides from Aseana Properties's investor presentation, August 2012
Slide 1: Aseana Properties Limited Corporate Presentation August 2012
ASEANA PROPERTIES LIMITED Corporate Presentation August 2012 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: Board's Proposal: Proposed Return of Capital and Reorganisation of Company
BOARD’S PROPOSAL PROPOSED RETURN OF CAPITAL AND REORGANISATION OF COMPANY Return of US$100 million by 2015. Initial return of US$20 million via a Tender Offer to take place in December 2012, subject to timing of realisations Change in investment strategy to allow new investments in South East Asia,
Slide 5: The Company
THE COMPANY Aseana Properties operates within the parameters of these business principles to maximise returns of each development project Current fund allocation (by value): 70% Malaysia, 28% Vietnam, 2% cash Diversifying to Seeks to invest in projects yielding annualised ROE of 20%+ for Malaysia, g
Slide 6: Overview of Malaysia and Vietnam
OVERVIEW OF MALAYSIA AND VIETNAM Malaysia and Vietnam share common characteristics that will continue to drive the growth of real estate in coming years Malaysia Vietnam 2011 GDP Growth: 5.1% 2011 GDP Growth: 5.9% Population (2010): 28.40 million Population (2010): 86.94 million 66% of population un
Slide 7: Near-Term Challenges in Malaysia and Vietnam
NEAR-TERM CHALLENGES IN MALAYSIA AND VIETNAM Malaysia and Vietnam are not immune to weak global economy, but Aseana is well positioned to face near-term challenges Country Challenges Mitigating Factors Malaysia • Weaker foreign demand for • All on-going residential properties for sale properties are
Slide 8: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA Tiffani by i-ZEN, Kuala Lumpur 1 Mont’ Kiara by i-ZEN, Kuala Lumpur 399 units of luxury condominium within two 28-storey and a 36- Office tower, office suites and retail mall storey block GDV: US$166 million Expected GDV: US$124 million Effective ownership struct
Slide 9: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA Sandakan Harbour Square, Sandakan, Sabah SENI Mont’ Kiara, Kuala Lumpur Urban redevelopment in the “Nature City” of Sandakan 605 units of luxury condominiums within two 12-storey and 129 retail lots, retail mall and 300-room hotel two 40-storey blocks Expected GD
Slide 10: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA Kuala Lumpur Sentral Project, Kuala Lumpur Aloft Kuala Lumpur Sentral hotel, Kuala Lumpur Two office towers and business class hotel 482-room business class hotel Expected GDV: US$256 million Expected GDV*: US$89 million Effective ownership structure: 40% ASPL, 6
Slide 11: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA Seafront resort and residential development, Kota KLCC Kia Peng Project, Kuala Lumpur Kinabalu, Sabah 200 luxury residences and a 263-room boutique hotel Boutique resort hotel, villas and homes on 80 acres Expected GDV: US$197 million Expected GDV: US$170 million
Slide 12: Aseana Property Portfolio - Vietnam
ASEANA PROPERTY PORTFOLIO - VIETNAM 1 International Hi-Tech Healthcare Park, Binh Tan District, Ho Chi Minh City, 37 hectares of commercial and residential development with healthcare theme Expected GDV: US$670 million Effective ownership structure: 66.4% ASPL, 33.6% Hoa Lam Group and associates Sta
Slide 13: Aseana Property Portfolio - Vietnam
ASEANA PROPERTY PORTFOLIO - VIETNAM Equity Investment in Nam Long, Ho Chi Minh City Waterside Estate, District 9, Ho Chi Minh City Private equity investment (formerly known as ‘Phuoc Long B project’) Expected GDV: N/A 37 villas and 460 units within high-rise apartments Effective ownership structure:
Slide 14: Aseana Property Portfolio - Vietnam
ASEANA PROPERTY PORTFOLIO - VIETNAM Tan Thuan Dong Project, District 7, Ho Chi Minh City Queen’s Place Project, District 4, Ho Chi Minh City Two high-rise apartment towers with commercial facilities Mixed residential, office and retail development Expected GDV: US$91 million Expected GDV: US$115 mil
Slide 15: Financial Highlights: Statement of Comprehensive Income (1)
FINANCIAL HIGHLIGHTS: STATEMENT OF COMPREHENSIVE INCOME (1) Period ended Period ended 30 June 2012 30 June 2011 (US$ mil) (US$ mil) Revenue 1 18.52 189.67 Cost of sales (16.74) (164.05) Gross profit / (loss) 1.78 25.62 Operating expenses 2 (3.50) (7.62) Operating profit / (loss) (1.72) 18.00 Net fin
Slide 16: Financial Highlights: Statement of Comprehensive Income (2)
FINANCIAL HIGHLIGHTS: STATEMENT OF COMPREHENSIVE INCOME (2) Notes: 1. The revenue was mainly attributable to sales at SENI Mont’ Kiara from the period January 2012 to June 2012. 2. Operating Expenses include Management Fees, Administrative expenses and Marketing fees. Marketing fees consisted mainly
Slide 17: Financial Highlights: Statement of Financial Position (1)
FINANCIAL HIGHLIGHTS: STATEMENT OF FINANCIAL POSITION (1) Period ended Year ended 30 June 2012 31 December 2011 (US$ mil) (US$ mil) Non-current assets 42.19 42.37 Current assets 1 387.15 372.75 TOTAL ASSETS 429.34 415.12 Shareholders’ equity 199.10 203.37 Non-controlling interest 13.51 4.28 TOTAL EQ
Slide 18: Financial Highlights: Statement of Financial Position (2)
FINANCIAL HIGHLIGHTS: STATEMENT OF FINANCIAL POSITION (2) Notes: 1. Included in current assets are inventories of US$303.79 million (31 December 2011: US$285.00 million) comprising land held for property development, work-in-progress and stocks of completed units (at cost); cash and cash equivalents
Slide 19: Summary of Debt
SUMMARY OF DEBT Outstanding Total Debt Unutilised as at Remarks Project Name Limit Debt 30 June 2012 (US$ mil) (US$ mil) (US$ mil) SENI Mont’ Kiara 11.0 - 11.0 Bridging loan facility to fund the development of the project, repayable via sales proceeds International Hi-Tech 17.1 1.1 16.1 Term loans t
Slide 20: Valuation Methodology
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 through the calculation of Realisable NAV (RNAV) as follows: RNAV of C
Slide 21: 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 2012 30 June 2012 ’ mil US$’ ’ mil US$’ Malaysian projects: Tiffani by i-ZEN 2.16 2.16 1 1 Mont’ Kiara by i-ZEN 12.73 17.57 2 Sandakan Harbour Square 27.91 38.10 4 SENI Mont’ Kiara 78.53
Slide 22: 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 2012 30 June 2012 ’ mil US$’ ’ mil US$’ Total Project NAV/RNAV, b/f 198.85 257.42 Cash and cash equivalents 6 1.34 1.34 Other assets & liabilities (1.10) (1.10) TOTAL NAV/RNAV 199.09 257.
Slide 23: Net Asset Value and Realisable Net Asset Value Bridge
NET ASSET VALUE AND REALISABLE NET ASSET VALUE BRIDGE As at 30 June 2012 RNAV per share = US$1.215 58.58 257.67 NAV per share = US$0.939 198.86 1.10 199.10 1.34 Cash Projects Net Other Assets & Total NAV as at Unrealised Gain Total RNAV as at Liabilities 30 June 2012 30 June 2012 Note: Please see Ap
Slide 24: Net Asset Value and Realisable Net Asset Value Breakdown
NET ASSET VALUE AND REALISABLE NET ASSET VALUE BREAKDOWN As at 30 June 2012 Total NAV : US$ 199.10 million Total RNAV :US$ 257.67 million Other Assets Cash at Other Assets Cash at & Liabilities Company, & Liabilities Company, (Net), -0.7% 0.7% (Net), -0.6% 0.7% Vietnam, Vietnam, 25.3% 28.9% Malaysia
Slide 25: FY2012 Outlook
FY2012 OUTLOOK 2012 will see the completion of three projects and commencement of two new projects in Aseana‘s portfolio ’ Kiara and Tiffani by i-ZEN Ongoing sales of SENI Mont’ Construction Completion - Sandakan Harbour Square, Malaysia (Completed in Q2 2012); - KL Sentral Office & Hotel Developmen
Slide 26: Appendices
APPENDICES Py ASEANA a, PROPERTIES (26) i LIMITED
Slide 27: The Company Structure
THE COMPANY STRUCTURE Company Structure Jersey incorporated, London Listed Shares Issued 212,525,000 Ordinary Shares Equity Investors Shares Held in Treasury 500,000 Voting Share Capital 212,025,000 Tax resident of Jersey and is subject to a Independent Non- Tax Structure tax rate of 0%, project com
Slide 28: Valuation Methodology
VALUATION METHODOLOGY The Realisable Net Asset Value of the Company as at 30 June 2012 has been computed by the Company based on the Company’s management accounts for the period ended 30 June 2012 and the Market Values of the property portfolio as at 30 June 2012. The Market Value of the property po
Slide 29: 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 different
Slide 30: 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 2012 of RM430 million (~ US$135 m) I
Slide 31: The Company: Independent Board of Directors
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 Pantai Limited and Chaswood Resources Holdings Ltd, w
Slide 32: The Company: Independent Board of Directors
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 33: The Company: Independent Board of Directors
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 34: 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 archite
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 Leonard Yee Group General Manager of ICB And CEO of Ireka iCapital Sdn Bhd and i-Tech Network Solutions Sdn Bhd. Worked as a Surety and Financial Li
Slide 36: 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 37: 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
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