Aseana Properties Limited · LSE:ASPL
Aseana Properties — Investor Presentation (May 2016)
34 slides from Aseana Properties's investor presentation, May 2016
Slide 1: Aseana Properties Limited Corporate Presentation
ASEANA PROPERTIES LIMITED Corporate Presentation May 2016 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 verified and is subject to material updating, revision and further amendment. This Presentation does not constitute or form any part
Slide 3: Overview
OVERVIEW Aseana Properties is an upmarket property developer in the emerging markets of Southeast Asia Admission date 5 April 2007 on Main Market of the London Stock Exchange Geographical Focus Malaysia and Vietnam Investment Focus Upscale residential, commercial and mixed-use developments Investmen
Slide 4: The Company's Business Principles
THE COMPANY’S BUSINESS PRINCIPLES Aseana Properties operates within these parameters to maximise returns from each development project Diversifying to Current fund allocation (by NAV): approximately 70% Malaysia, 30% generate attractive Vietnam returns Funds fully allocated to existing projects
Slide 5: Corporate Highlights
CORPORATE HIGHLIGHTS Future of the Company On 22 May 2015, Aseana announced proposals regarding the future of the Company to enable a realisation of the Company’s assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to sha
Slide 6: Overview of Malaysia and Vietnam
OVERVIEW OF MALAYSIA AND VIETNAM Malaysia and Vietnam share characteristics that will support the growth of real estate in the future Malaysia Vietnam 2015 GDP growth: 5.0% 2015 GDP growth: 6.7% Population (2014): 29.90 million Population (2014): 90.73 million 69% of population between age
Slide 7: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA Tiffani by i-ZEN, Kuala Lumpur Aloft Kuala Lumpur Sentral Hotel, Kuala Lumpur 399 units of luxury condominiums within two 28-storey blocks and 482-room business class hotel a 36-storey block Expected GDV: US$104.6 million * Expected GDV: US$92 million Effective o
Slide 8: 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 two 40- 129 retail lots, retail mall and 299-room hotel storey blocks Expected G
Slide 9: Aseana Property Portfolio - Malaysia
ASEANA PROPERTY PORTFOLIO - MALAYSIA The RuMa Hotel and Residences, Kuala Lumpur Seafront resort and residential development, Kota 199 luxury residences and a 253-room luxury bespoke hotel Kinabalu, Sabah Expected GDV: US$182 million Boutique resort hotel, villas and homes on 80 acres Effective owne
Slide 10: Aseana Property Portfolio - Vietnam
ASEANA PROPERTY PORTFOLIO - VIETNAM International Healthcare Park and City International Hospital, Ho Chi Minh City, 37 hectares of commercial and residential development with healthcare theme Expected GDV: US$43 million Effective ownership structure: 71.13% ASPL, 28.87% Hoa Lam Group and associates
Slide 11: Aseana Property Portfolio - Vietnam
ASEANA PROPERTY PORTFOLIO - VIETNAM Equity investment in Nam Long, Ho Chi Minh City Waterside Estates, District 9, Ho Chi Minh City Listed equity investment 37 villas and 460 units within high-rise apartments Effective ownership structure: Current: 5.50% (30 November Expected GDV: US$9 million 2015:
Slide 12: Operating Assets Performance
OPERATING ASSETS PERFORMANCE Aloft KL Sentral Hotel Harbour Mall Sandakan Year ended Year ended December 2015 December 2015 (US$ mil) (US$ mil) Occupancy (%) 79% Occupancy (%) 64% Average Daily Rate (US$) 85 Revenue 1.0 Revenue 18.3 Finance cost (1.8) Finance cost (4.1) Net loss (2.2) Net profit 1.6
Slide 13: Financial Highlights: Statement of Comprehensive Income (1)
FINANCIAL HIGHLIGHTS: STATEMENT OF COMPREHENSIVE INCOME (1) Audited Audited Year ended Year ended 31 December 2015 31 December 2014 (US$ mil) (US$ mil) Revenue 1 22.10 85.10 Cost of sales (21.61) (51.82) Gross profit 0.49 33.28 Other Income2 29.56 33.01 Operating expenses 3 (40.02) (37.36) Operating
Slide 14: Financial Highlights: Statement of Comprehensive Income (2)
FINANCIAL HIGHLIGHTS: STATEMENT OF COMPREHENSIVE INCOME (2) Notes: 1. Revenue was attributed to the sales of completed units at SENI Mont’ Kiara and Tiffani. No revenue was recognised for The RuMa, in accordance with IFRIC 15. 2. Included in the Other Income is revenue generated by four operating as
Slide 15: Financial Highlights: Statement of Financial Position (1)
FINANCIAL HIGHLIGHTS: STATEMENT OF FINANCIAL POSITION (1) Audited Audited Year ended Year ended 31 December 2015 31 December 2014 (US$ mil) (US$ mil) Non-current assets1 19.35 24.32 Current assets 2 349.62 421.04 TOTAL ASSETS 368.97 445.36 Shareholders’ equity 130.17 160.50 Non-controlling interest
Slide 16: Financial Highlights: Statement of Financial Position (2)
FINANCIAL HIGHLIGHTS: STATEMENT OF FINANCIAL POSITION (2) Notes: 1. The majority of non current assets comprise available-for-sale investments which include investment in shares of Nam Long Investment Corporation (“Nam Long”) of US$9.92 million (31 December 2014: US$12.82 million) and intangible ass
Slide 17: Summary of Debt
SUMMARY OF DEBT Outstanding as at Total Debt Unutilised 31 December Remarks Project Name Limit Debt 2015 (US$ mil) (US$ mil) (US$ mil) International Healthcare 24.7 5.3 19.4 Term loans to part finance land use right premiums and working Park capital. City International Hospital 40.8 - 40.8 Syndicate
Slide 18: Valuation Methodology
VALUATION METHODOLOGY In addition to the disclosure of NAV under accounting standards, which does not allow for upward 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
Slide 19: 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 31 December 2015 31 December 2015 US$’mil US$’mil Malaysian projects: Tiffani by i-ZEN 3.58 3.581 Sandakan Harbour Square 28.76 32.293 SENI Mont’Kiara 21.57 24.362 Aloft Kuala Lumpur Sentral Hote
Slide 20: 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 31 December 2015 31 December 2015 US$’mil US$’mil Total Project NAV/RNAV, b/f 121.26 200.69 Cash and cash equivalents 6 9.09 9.09 Other assets and liabilities (0.19) (0.19) TOTAL NAV/RNAV 130.16
Slide 21: Net Asset Value and Realisable Net Asset Value Breakdown
NET ASSET VALUE AND REALISABLE NET ASSET VALUE BREAKDOWN As at 31 December 2015 Total NAV : US$ 130.16 million Total RNAV :US$ 209.60 million Other Assets & Other Assets & Liabilities Cash at Cash at Liabilities (Net), -0.1% Company, Company, (Net), -0.2% 7.0% 4.3% Vietnam, 28.9% Vietnam, 30.3% Mala
Slide 22: Future Outlook
FUTURE OUTLOOK Implementing the divestment plan prepared in conjunction with the proposals approved by shareholders regarding the future of the Company: - Ongoing sales at SENI Mont’ Kiara, Tiffani by i-ZEN and RuMa Hotel & Residences - Improving operation and eventual realisation of completed ope
Slide 23: Appendices
APPENDICES ASEANA ad PROPERTIES 23) ‘ LimiteD (23)
Slide 24: The Company Structure
THE COMPANY STRUCTURE Company Structure Jersey incorporated, London listed Shares Issued 212,025,002 Ordinary Shares Equity Investors Voting Share Capital 212,025,002 Tax resident of Jersey and is subject to a Tax Structure tax rate of 0%, project companies are tax residents in Malaysia and Vietnam
Slide 25: Valuation Methodology
VALUATION METHODOLOGY The Realisable Net Asset Value (“RNAV”) of the Company as at 31 December 2015 has been computed by the Company based on the Company’s management accounts for the period ended 31 December 2015 and the Market Values of the property portfolio as at 31 December 2015. The market val
Slide 26: 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 2015 of RM426 million (~ US$11
Slide 27: The Company
THE COMPANY ASPL is governed by a strong and experienced Board of Directors Mohammed Azlan Hashim was appointed as Chairman (Non-Executive) of Aseana Properties in March 2007. In Malaysia, Azlan serves as Chairman of several public entities, listed on Bursa Malaysia Securities Berhad, including D&O
Slide 28: The Company
THE COMPANY ASPL is governed by a strong and experienced 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 investment marketing
Slide 29: The Company
THE COMPANY ASPL is governed by a strong and experienced Board of Directors John Lynton Jones was appointed as Director (Non-Executive) of Aseana Properties in March 2007. Lynton is Chairman Emeritus of Bourse Consult, a consultancy that advises clients on initiatives relating to exchange trading, r
Slide 30: The Company
THE COMPANY ASPL is governed by a strong and experienced Board of Directors Nicholas Paris was appointed as Director (Non-Executive) of Aseana Properties in June 2015. Nicholas is a portfolio manager for LIM Advisors Limited ("LIM"), an Asian-focused investment management firm which is headquartered
Slide 31: 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 Managing Director of Ireka Corporation Berhad (”ICB”). An architec
Slide 32: 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 i-Tech Network Solutions Sdn Bhd, a wholly owned subsidiary of Ireka. Worked as a Surety and Fin
Slide 33: Our Partners
OUR PARTNERS Nam Long Investment Corporation (“Nam Long”) is the leading private Vietnamese real estate developer and a recognized industry leader in township development. Established in 1992, Nam Long has over 20 years of experience in land banking and real estate development and is one of the firs
Slide 34: Ireka Development Management Sdn. Bhd
Ireka Development Management Sdn. Bhd Malaysia Office: Vietnam Office: Level 18, Wisma Mont’ Kiara Unit 4 &5, 10th Floor, Vinamilk Tower 12 Castle Street St. Helier, Jersey No. 1, Jalan Kiara, Mont’ Kiara 10 Tan Trao Street JE2 3RT 50480 Kuala Lumpur Tan, Phu Ward, District 7, Channel Islands Malays