Ytl Hospitality Reit · MYX:YTLREIT
Ytl Hospitality Reit — Q4 FY2018 Earnings Presentation
44 slides from Ytl Hospitality Reit's earnings presentation, Jul 31, 2018
Slide 1: Fourth Quarter FY2018 Financial Results
Fourth Quarter FY2018 Financial Results 31 July 2018
Slide 2: Key Highlights – 4Q FY2018
KEY HIGHLIGHTS – 4Q FY2018 • Income available for distribution of RM33.5 FINANCIAL million, +9.2% q-o-q PORTFOLIO • HIGHLIGHTS 1.9651 sen distribution per unit (“DPU”) declared for 4Q FY2018 MANAGEMENT • Properties in Malaysia and Japan under master leases • 4Q FY2018 and FY2018 average occupancy ra
Slide 3: Financial performances 4Q FY2018
1 Financial performances 4Q FY2018 Pangkor Laut Resort Perak Darul Ridzuan, Malaysia
Slide 4: Financial Performance: 4Q FY2018
FINANCIAL PERFORMANCE: 4Q FY2018 1 April - 30 June 4Q FY2018 4Q FY2017 Change Total Revenue 116.6 111.1 + 4.9% - Hotel Revenue (Management Contracts) 79.0 81.1 (2.6%) (1) - Lease Rental (Master Leases) 37.6 30.1 + 25.2% Net Property Income (NPI) 58.1 47.8 + 21.5% (2) - Management Contracts 23.0 20.1
Slide 5: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION As at 30 June 2018 As at 30 June 2017 RM ('000) Change (Unaudited) (Audited) (1) Investment properties 2,371,618 1,937,647 + 22.4% Property, plant and equipment 1,947,753 1,921,844 + 1.3% Cash & cash equivalents 155,457 142,462 + 9.1% Other assets 36,827 37,253 (1.1%)
Slide 6: DPU Performance
DPU PERFORMANCE Total DPU Quarterly Breakdown DPU (sen) 10 8.4613 7.9746 7.8938 8.0838 7.8683 7.6359 7.3803 1.9306 4Q 1.9651 Total Distributions* 6.4855 6.4855 FY2017 FY2018 1.8364 5 1.9378 3Q Cumulative 122.7 134.1 4Q 32.9 33.5 2.2640 3Q 31.3 33.0 1.9917 2Q 2Q 31.3 33.9 1Q 27.2 33.6 2.0528 1.9737 1
Slide 7: Revaluation Surplus of RM347 million in Apr 2018
REVALUATION SURPLUS OF RM347 million IN APR 2018 RM (million) RM (million) 288 256 AUSTRALIAN properties - Sydney Harbour Marriott + RM280.7 mil - Brisbane Marriott (RM5.2 mil) 1,946 1,662 - Melbourne Marriott + RM8.0 mil MALAYSIAN properties - JW Marriott Hotel Kuala Lumpur + RM13.0 mil - The Ritz-
Slide 8: Quarterly Financial Performances
QUARTERLY FINANCIAL PERFORMANCES FY2017 FY2018 TOTALrevenue NETproperty income RM (million) RM (million) 150 4.9% 150 134.7 129.2 120.5 119.2 118.3 116.6 111.1 101.1 100 100 21.5% 67.7 67.9 55.1 57.0 57.3 58.1 47.5 47.8 50 50 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 8
Slide 9: Quarterly Financial Performances by Country
QUARTERLY FINANCIAL PERFORMANCES BY COUNTRY 4Q FY2017 4Q FY2018 TOTALrevenue NETproperty income RM (million) RM (million) 100 2.6% 100 81.1 79.0 50 50 30.1% 30.5% 33.5 14.1% 31.7 25.8 24.3 23.0 20.1 4.8% 1.0% 4.3 4.1 3.4 3.4 0 0 Malaysia Australia Japan Malaysia Australia Japan 9
Slide 10: NPI for Australia in AUD and RM
NPI FOR AUSTRALIA IN AUD AND RM NPI in RM impacted by the foreign exchange effects of the weaker AUD relative to RM AUD (million) 27.2% RM (million) 14.1% 12 40 6 20 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2014 FY2
Slide 11: NPI for Japan in JPY and RM
NPI FOR JAPAN IN JPY AND RM NPI in RM impacted by the foreign exchange effects of the weaker JPY relative to RM JPY (million) RM (million) 150 8.2% 1.0% 4 3 100 2 50 1 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2014 F
Slide 12: Unit Price Performance
UNIT PRICE PERFORMANCE YTL Hospitality REIT’s TRADING STATISTIC RM Unit Price Movement & Relative Performance to FBMKLCI % Closing price (1) RM1.17 (1 January 2012 to 30 June 2018) Market Cap (RM) (1) RM1,994 mil 1.30 40 Relative Performance (right scale) Units issued (1) 1,704,388,889 Outperform Av
Slide 13: Financial performances: FY2018
Financial performances: FY2018 2 JW Marriott Kuala Lumpur, Malaysia
Slide 14: Financial Performances: FY2018
FINANCIAL PERFORMANCES: FY2018 1 July - 30 June FY2018 FY2017 Change Total Revenue 501.0 449.7 + 11.4% - Hotel Revenue (Management Contracts) 359.9 332.7 + 8.2% - Lease Rental (Master Leases) 141.0 116.9 + 20.6% Net Property Income (NPI) 248.8 209.6 + 18.7% - Management Contracts 118.2 102.3 + 15.6%
Slide 15: Yearly Financial Performances
YEARLY FINANCIAL PERFORMANCES TOTALrevenue NETproperty income RM (million) RM (million) 11.4% 18.7% 600 300 501.0 248.8 500 250 449.7 425.1 417.7 426.3 202.9 209.6 201.5 198.9 400 200 157.0 292.0 300 150 200 100 87.1 75.5 109.8 100 80.9 50 28.3 30.1 0 0 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY20
Slide 16: Financial Performances by Country
FINANCIAL PERFORMANCES BY COUNTRY FY2017 FY2018 TOTALrevenue NETproperty income RM (million) 8.2% RM (million) 400 400 359.9 332.7 300 300 200 200 23.5% 15.6% 23.9% 124.7 118.0 118.2 101.0 102.3 100 95.2 100 2.4% 4.5% 16.0 16.3 12.1 12.7 0 0 Malaysia Australia Japan Malaysia Australia Japan 16
Slide 17: Capital management
3 Capital management Tanjong Jara Resort, Terengganu, Malaysia
Slide 18: Debt Maturity Profile
DEBT^ MATURITY PROFILE Borrowings in RM Borrowings in AUD 967.3 * 385.0 265.0 65.0 10.0 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Notes: ^ Excluding the effects of capitalised transaction costs. * RM equivalent based on the exchange rate of A$1.00: RM2.9810 as at 29 June 2018. 18
Slide 19: Debt Profile as at 30 June 2018
DEBT^ PROFILE AS AT 30 JUNE 2018 CURRENCY INTEREST RATE AUD 57.2% Floating Fixed 23% 77% RM 42.8% 30 June 2018 31 March 2018 Change Borrowings (RM'000) 1,692,300 1,683,262 + 0.5% Total Asset Value (RM'000) 4,511,655 4,175,267 + 8.1% Gearing (%) 37.5% 40.3% (2.8 pp) Average Interest Rates (%) * - Bor
Slide 20: Debt Headroom of ~RM1,119 million for Acquisitions
DEBT HEADROOM OF ~RM1,119 million FOR ACQUISITIONS RM (million) 6,000 5,631 5,000 1,119 4,000 3,000 2,811 1,119 4,512 2,000 Gearing limit = 50%* 1,000 Gearing = 1,692 37.5% (As at 30 June 2018) - Total Borrowings^ Total Assets Notes: ^ Excluding the effects of capitalised transaction costs. * Levera
Slide 21: Asset management
4 Asset management Cameron Highlands Resort, Malaysia
Slide 22: Luxury Hotels & Serviced Residences in 3 Countries
LUXURY HOTELS & SERVICED RESIDENCES IN 3 COUNTRIES Malaysia (Northern) ASSET breakdown(by Country)(1) Vistana Penang Bukit Jambul Japan Pangkor Laut Resort Hilton Niseko Village Cameron Highlands Resort Malaysia (Eastern) Tanjong Jara Resort Vistana Kuantan City Centre Kuala Lumpur JW
Slide 23: Portfolio Valuation
PORTFOLIO VALUATION No. of Year Purchase Price Annual Lease Rental (1 ) Valuation (million) Changes since Property (2 ) Rooms Acquired (million) (RM million) FY2017 FY2018 acquisition Malaysia RM RM RM JW Marriott Hotel Kuala Lumpur 578 2005 331.0 25.69 411.0 424.0 +28.1% The Ritz-Carlton, Kuala Lum
Slide 24: Portfolio Occupancy
PORTFOLIO OCCUPANCY FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 Malaysia Under Master Leases Japan Under Master Lease Australia – – 83.1% (1) 84.2% 84.4% 86.4% 86.9% 87.8% Note: (1) For 1 July 2012 to 30 June 2013 which includes certain pre-acquisition period as the properties were acqui
Slide 25: Master Leases Expiry Profile
MASTER LEASES EXPIRY PROFILE NETproperty income NETproperty income (% of total *) Master leases (% of total *) 40 30 32 20 10 10 11 7 0 2018 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Note: * For 4Q FY2018. 25
Slide 26: Australia Hotel Performance (1 of 2)
AUSTRALIA HOTEL PERFORMANCE (1 OF 2) FY2017 FY2018 REVENUE per available room AUD (RevPAR) 300 253 252 4.2% 233 237 216 214 206 197 200 100 0 1Q 2Q 3Q 4Q 26
Slide 27: Australia Hotel Performance (2 of 2)
AUSTRALIA HOTEL PERFORMANCE (2 OF 2) FY2017 FY2018 Average occupancy Average daily rate (ADR) % AUD 100 0.8pp 87.7 88.1 88.7 89.5 89.1 84.9 85.0 85.8 3.1% 300 285 283 265 265 246 249 242 232 200 50 100 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 27
Slide 28: Appendices
5 Appendices Hilton Niseko Village Hokkaido, Japan
Slide 29: JW Marriott Hotel Kuala Lumpur
JW MARRIOTT HOTEL KUALA LUMPUR No. 183, Jalan Bukit Bintang, 55100 Kuala Address Lumpur A 5-star hotel with 578 rooms located on part of an 8-level podium block and entire 24- level tower block of Starhill Gallery together Description with car park bays located partially at basement 1 and 4 and the
Slide 30: The Majestic Hotel Kuala Lumpur
THE MAJESTIC HOTEL KUALA LUMPUR No. 5, Jalan Sultan Hishamuddin, 50000 Kuala Address Lumpur A 5-star hotel comprising Majestic Wing (original historic hotel building) with 47 luxurious suites, Tower Wing with 253 guestrooms and suites, Majestic Ballroom with seating capacity of 1,200 for banquet or
Slide 31: The Ritz-Carlton, Kuala Lumpur – Suite Wing
THE RITZ-CARLTON, KUALA LUMPUR – SUITE WING * Address No. 168, Jalan Imbi, 55100 Kuala Lumpur Parcel 1: 60 units of hotel suites, 4 levels of commercial podium, 1 level of facilities deck and 2 levels of basement car parks Description Parcel 2: 50 units of hotel suites, 4 units of penthouses and 1 l
Slide 32: The Ritz-Carlton, Kuala Lumpur – Hotel Wing
THE RITZ-CARLTON, KUALA LUMPUR – HOTEL WING * Address No. 168, Jalan Imbi, 55100 Kuala Lumpur 22-storey 5-star hotel building comprising Description 251 rooms with 4-storey basement car parks Tenure Freehold Master lease expiry 14 November 2026 Master lease remaining (1) 8 years Annual rental (2) RM
Slide 33: Vistana Kuala Lumpur Titiwangsa
VISTANA KUALA LUMPUR TITIWANGSA No. 9, Jalan Lumut, Off Jalan Ipoh, 50400 Address Kuala Lumpur 17-storey hotel building with 364 rooms and Description 2-storey basement car parks Tenure Freehold Master lease expiry 14 November 2026 Master lease remaining (1) 8 years Annual rental (2) RM8.61 million
Slide 34: Vistana Penang Bukit Jambul
VISTANA PENANG BUKIT JAMBUL No. 213, Jalan Bukit Gambier, Bukit Jambul, Address 11950 Pulau Pinang 17-storey Hotel Wing with 238 hotel rooms Description and 26-storey Suite Wing with 189 hotel suites with an annexed 3-storey podium 99-year leasehold expiring on 27 October Tenure 2094 Master lease ex
Slide 35: Vistana Kuantan City Centre
VISTANA KUANTAN CITY CENTRE Address Jalan Teluk Sisek, 25000 Kuantan, Pahang Description 8-storey hotel building with 215 rooms Tenure 99-year leasehold expiring on 11 July 2092 Master lease expiry 14 November 2026 Master lease remaining (1) 8 years Annual rental (2) RM6.30 million No. of rooms 215
Slide 36: Pangkor Laut Resort
PANGKOR LAUT RESORT Pangkor Laut Island, 32200 Lumut, Perak Address Darul Ridzuan 36 units of Garden Villas, 52 units of Hill Description Villas, 8 units of Beach Villas and 1 unit of Pavarotti Suite 99-year registered lease expiring on 21 May Tenure 2095 Master lease expiry 14 November 2026 Master
Slide 37: Tanjong Jara Resort
TANJONG JARA RESORT Batu 8, Off Jalan Dungun, 23000 Dungun, Address Terengganu Darul Iman Description Small luxury boutique resort with 100 rooms 60-year leasehold expiring on 4 December Tenure 2067 Master lease expiry 14 November 2026 Master lease remaining (1) 8 years Annual rental (2) RM7.35 mill
Slide 38: Cameron Highlands Resort
CAMERON HIGHLANDS RESORT By the Golf Course, 39000 Tanah Rata, Address Cameron Highlands, Pahang Darul Makmur 3-storey luxury resort with a 2-storey spa Description village block with 56 rooms and suites and a single storey building 99-year leasehold expiring on 9 December Tenure 2108 Master lease e
Slide 39: Hilton Niseko Village
HILTON NISEKO VILLAGE Address Aza-Soga, Niseko-cho, Abuta-gun, Hokkaido 16-storey hotel building with 1-storey of Description basement comprising 506 rooms Tenure Freehold Master lease expiry 21 December 2026 Master lease remaining (1) 8 years Annual rental (2) RM16.32 million No. of rooms 506 Acqui
Slide 40: Sydney Harbour Marriott
SYDNEY HARBOUR MARRIOTT Address 30 Pitt Street, Sydney, New South Wales 33-storey hotel building with central atrium Description comprising 595 rooms including 3 levels of basement with car parking bays Tenure Freehold No. of rooms 595 Acquisition date 29 November 2012 Valuation (1, 2) AUD498 millio
Slide 41: Brisbane Marriott
BRISBANE MARRIOTT Address 515 Queen Street, Brisbane, Queensland 28-storey hotel building comprising 267 Description rooms with 3 levels of basement with car parking bays Tenure Freehold No. of rooms 267 Acquisition date 29 November 2012 Valuation (1, 2) AUD80 million (RM238.5 million) Notes: 1. As
Slide 42: Melbourne Marriott
MELBOURNE MARRIOTT Corner Exhibition and Lonsdale Streets, Address Melbourne, Victoria 16-storey hotel building comprising 186 Description rooms with 5 split levels of car park Tenure Freehold No. of rooms 186 Acquisition date 29 November 2012 Valuation (1, 2) AUD78.4 million (RM233.7 million) Notes
Slide 43: Disclaimer
DISCLAIMER This presentation shall be read in conjunction with YTL Hospitality REIT’s interim financial report for the quarter ended 30 June 2018, a copy of which is available on www.bursamalaysia.com and www.ytlhospitalityreit.com. This presentation is for information purposes only and does not con
Slide 44: Pintar Projek Sdn Bhd
PINTAR PROJEK SDN BHD 314009-W Manager of YTL Hospitality REIT 11th Floor Yeoh Tiong Lay Plaza 55 Jalan Bukit Bintang 55100 Kuala Lumpur Malaysia Tel: 603 2117 0088 603 2142 6633 Fax: 603 2141 2703 Email: ir@ytlhospitalityreit.com www.ytlhospitalityreit.com
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