Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — LMIR Trust — Q4 2020 Earnings Presentation
31 slides from Singapore Exchange's earnings presentation, Mar 1, 2021
Slide 1: 4Q 2020 Results Presentation
4Q 2020 Results Presentation 1 March 2020
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: Financial Highlights
Financial Highlights
Slide 4: Key Highlights
Key Highlights FY 2020 vs. 4Q vs. 3Q 2020 S$’000 4Q 2020 3Q 2020 FY 2020 FY2019 FY 2019 % Change % Change Gross Rental Income (GRI) 13,822 15,272 (9.5) 78,290 155,259 (49.6) Total Gross Revenue1 27,352 28,872 (5.3) 148,535 273,001 (45.6) Net Property Income 10,627 13,146 (19.2) 76,357 176,205 (56.7)
Slide 5: Distribution Restrictions
Distribution Restrictions Boosted financial flexibility following the successful acquisition of Lippo Mall Puri and fundraising initiatives including the bank loan facilities, S$281.0 million Rights Issue in January and second US$200.0 million bond issuance in February 2021 On 22 January, LMIR T
Slide 6: Key Financial Performance
Key Financial Performance S$’000 % Rp’million % Change 4Q 2020 3Q 2020 Change 4Q 2020 3Q 2020 Gross Rental Income 13,822 15,272 (9.5) 154,540 164,029 (6.8) Carpark Income 1,114 971 14.7 12,304 10,416 18.1 Other Rental Income 553 513 7.8 6,054 5,462 10.8 Service Charge and Utilities Recovery 11,863 1
Slide 7: Balance Sheet
Balance S$’million 31 December 2020 31 December 2019 Sheet Non-Current Assets1 Cash and Cash Equivalents 1,470.3 108.9 1,712.8 109.7 Other Current Assets2 57.4 190.5 Total Debt 685.3 721.7 Other Liabilities 178.4 215.4 Total Equity3 772.9 1,075.9 Gearing Ratio 41.9% 35.9% Total Units In Issue (milli
Slide 8: Distribution Details
Distribution Details Period: 1 October 2020 to 31 December 2020 Total DPU 0.04 cents - Capital 0.04 cents Record Date 9 March 2021 Distribution Payment Date: 31 March 2021 8
Slide 9: Portfolio Performance
Portfolio Performance
Slide 10: Stabilising Occupancy Rate Despite Covid-19
Stabilising Occupancy Rate Despite Covid-19 94.3% 93.7% 92.9% 91.5% 90.9% 88.2% 85.5% 85.4% 84.8% 83.2% 80.8% 84.5% 81.1% 80.8% 79.5% 77.1% Portfolio Average Industry Average (Cushman & Wakefield) FY 2016 FY 2017 FY 2018 FY 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Malls in Jakarta region remained oper
Slide 11: Lease Expiry and Renewals
Lease Expiry and Renewals Long Lease Profile 27.4% • Weighted Average Lease Expiry (by NLA) as at 31 December 2020: 3.8 years 13.5% 13.1% • Balanced mix of long-term anchor leases and 12.1% 10.6% shorter-term leases for non-anchor tenants provide both stability and growth potential • Average rental
Slide 12: Visitor Traffic 2020
Visitor Traffic 2020 Mall traffic has recovered to over 50% compared to pre-Covid traffic Dec-19 % of traffic Visitor Traffic Dec-20 (excl Pejaten and Binjai) recovered Jakarta 4,835,239 1,982,598 41.0% Medan 3,097,885 2,062,633 66.6% Java (ex Jakarta) 3,575,147 1,625,177 45.5% Overall Vistor Traffi
Slide 13: Tenant Rental & Service Charge Collections
Tenant Rental & Service Charge Collections Tenant Collections have improved significantly since mall re-openings indicative of recovering tenant sales Receivables Collections Rate @ 26 Feb 2021 100% 90% 80% Invoices 70% Jul-20 Aug-20 60% Sep-20 50% Oct-20 Nov-20 40% Dec-20 30% Jan-21 Feb-21 20% 10%
Slide 14: Diversified Quality Tenants
Diversified Quality Tenants Trade Sector Breakdown by Trade Sector Breakdown by Gross Revenue* Net Lettable Area 7% 24% 21% Casual Leasing 31% F&B/Food Court 20% Fashion Parking 4Q 2020 Department Store 4Q 2020 Supermarket/Hypermarket 10% Leisure & Entertainment 4% All Other Sectors 23% 17% 8% 11% 9
Slide 15: Diversified Quality Tenants
Diversified Quality Tenants Contribution of Tenants to Gross Revenue – No single party contributes more than 10% to gross revenue 4.7% 14.9% 5.5% 4.2% 0.6% • As at 31 December 2020, revenue from 2.7% 1.0% related-party tenants, including Lippo 1.6% Karawaci, Matahari, Hypermart, Cinepolis, etc accou
Slide 16: Valuation of Investment Properties
Valuation of Investment Properties Market Values Area Jul 2020 Dec 2020 Variance % (IDR bil) (IDR bil) Greater Jakarta Mall 6,781.3 6,621.6 -2.4% Outside Greater Jakarta 7,956.2 7,952.7 0.0% Retail Spaces 978.6 994.7 1.6% Total 15,716.1 15,569.0 -0.9% • Overall valuation of the properties decreased
Slide 17: Debt Maturity Profile @ 31 Dec 2020
Debt Maturity Profile @ 31 Dec 2020 Interest Cover Fixed Rate Weighted Ave. All-in cost All-in cost Total Debt Gearing (Excluding Perpetual) Debt Ratio Maturity of Debt (Excluding Perpetual) (Including Perpetual) S$685.3 m 41.9% 1.8 times 95.0% 2.31 years 5.46% 5.84% As at 31 December 2020 All exist
Slide 18: Debt Maturity Profile Post Puri & USD Bond Issuance
Debt Maturity Profile Post Puri & USD Bond Issuance Total Debt Gearing Weighted Ave. Maturity of Debt S$851.3 m 42.4% 3.55 years All existing debt facilities are on unsecured basis 331.3 265.0 176.5 67.5 40.0 67.5 60.0 - 20.0 S$’m Cash balance 2022 2023 2024 2025 2026 @26 Feb 2021 Cash Balance Vendo
Slide 19: Looking Ahead
Looking Ahead
Slide 20: Covid-19 Impact Updates
Covid-19 Impact Updates Indonesia government has started distribution of vaccine nationwide in January and intends to vaccinate at least three quarter of its population Some malls within the Greater Jakarta region still limited to visitor capacity of 50% but majority of malls within portfolio no
Slide 21: Business Updates
Business Updates Completed the acquisition of Lippo Mall Puri in January, ensures a steady stream of income from rental support Successfully raised S$281.0 million from Rights Issue in January Issued second USD bond of US$200.0 million 7.50% 5-year notes in February, which was 5.5 times oversu
Slide 22: Thank You
Thank You 22
Slide 23: Appendix
Appendix
Slide 24: Property Overview: Retail Malls
Property Overview : Retail Malls Bandung Indah Cibubur Lippo Plaza Gajah Mada Lippo Mall Puri* Plaza Junction Ekalokasari Bogor Plaza Valuation Rp3,500.0 billion Rp590.4 billion Rp242.0 billion Rp327.0 billion Rp701.5 billion Jalan Merdeka, Jalan Jambore, Jl. Puri Indah Raya, Jalan Siliwangi 123, Ja
Slide 25: Property Overview: Retail Malls
Property Overview : Retail Malls The Plaza Istana Plaza Mal Lippo Cikarang Sun Plaza Semanggi Valuation Rp528.9 billion Rp708.6 billion Rp886.0 billion Rp2,043.0 billion Jalan MH Thamrin, Jalan Jenderal Jalan Haji Zainul Arifin Jalan Pasir Kaliki, Bandung, Location Lippo Cikarang, West Sudirman, Sou
Slide 26: Property Overview: Retail Malls
Property Overview : Retail Malls Lippo Plaza Palembang Square Plaza Medan Fair Pluit Village Kramat Jati Extension Valuation Rp920.0 billion Rp671.6 billion Rp562.4 billion Rp273.0 billion Jalan Jenderal Gatot Jalan Pluit Indah Raya, Jalan Raya Bogor Km Jalan Angkatan 45/POM IX, Subroto No.30, Medan
Slide 27: Property Overview: Retail Malls
Property Overview : Retail Malls Tamini Square Palembang Square Lippo Mall Kemang Lippo Plaza Batu Valuation Rp261.4 billion Rp689.0 billion Rp2,261.0 billion Rp232.8 billion Jalan Angkatan 45/POM Jalan Diponegoro No. Jalan Raya Taman Mini, Jalan Kemang VI, South Location IX, Palembang, South RT 07R
Slide 28: Property Overview: Retail Malls
Property Overview : Retail Malls Lippo Plaza Lippo Plaza Kediri Town Palembang Icon Lippo Mall Kuta Kendari Jogja Square Valuation Rp712.0 billion Rp708.9 billion Rp344.9 billion Rp535.5 billion Rp374.4 billion Jalan Hasanudin No. 2, Jalan POM IX, Jalan Kartika Plaza, Jalan MT Haryono Jalan Laksda A
Slide 29: Property Overview: Retail Spaces
Property Overview : Retail Spaces Malang Town Depok Town Square Grand Palladium1 Java Supermall Square Valuation Rp147.2 billion Rp83.8 billion Rp130.6 billion Rp171.7 billion Jalan Kapt, Maulana Jalan MT Haryono, Jalan Margonda Raya, Jalan Veteran, Location Lubis, Medan, North Semarang, Central Dep
Slide 30: Property Overview: Retail Spaces
Property Overview : Retail Spaces Mall WTC Matahari Metropolis Town Plaza Madiun Square Valuation Rp106.6 billion Rp135.5 billion Rp219.3 billion Jalan Raya Serpong, Jalan Hartono Raya, Jalan Pahlawan, Madiun, Location Tangerang, Banten Greater Tangerang, Banten Great East Java Jakarta Jakarta GFA 1
Slide 31: Trust Structure
Unitholders Trust Holdings of Units Distributions Trustee’s fees Structure Management fees The Manager Trustee Management Acts on behalf of services Unitholders Ownership of ordinary Dividends and/or and redeemable redemption preference shares proceeds Singapore Subsidiaries Ownership and Dividends,