Phoenix Mills Ltd. · NSE:PHOENIXLTD
Phoenix Mills — The Phoenix Mills — Citi Investor Conference 2018
114 slides from Phoenix Mills's conference presentation, February 2018
Slide 1: Intimation letter to stock exchanges
wy THE PHOENIX MILLS LIMITED Corp. Office : Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel : (022) 3001 6500 Fax : (022) 3001 6601 CIN No. : L17100MH1905PLC000200 Date: 22"4 Feb, 2018 To, Bombay Stock Exchange Ltd. Corporate Services, P
Slide 2: Investor Presentation February 2018
Investor Presentation February 2018
Slide 3: Disclaimer
Disclaimer Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those s
Slide 4: Company Overview, Investment Rationale, Financial Results
Company Overview Investment Rationale Financial Results Annexure
Slide 5: Our Portfolio
Our Portfolio Developer and manager of prime retail-led assets in city centers, with a gross portfolio of 17.5 million sq. ft spread over 100+ acres of prime land in key gateway cities of India 8 Malls spread over 6 mn sq. ft in 6 major cities Residential Projects under Development with FY17: Consum
Slide 6: Our Portfolio
Our Portfolio MALL PORTFOLIO – Operational MALL PORTFOLIO – Under Development (5.90 MSF) (1.00 MSF) HSP & Palladium Mumbai 0.74 Phoenix MarketCity Chennai 1.00 Phoenix MarketCity Wakad Pune 1.0 Palladium Chennai 0.22 Phoenix MarketCity Pune 1.19 Phoenix MarketCity Bangalore 1.00 Phoenix MarketCity M
Slide 7: Solid Foundation, Sustainable Growth
Solid Foundation, Sustainable Growth Well balanced Robust retail business model Own, manage and develop iconic, large format, annuity rentals Over INR 58 bn in consumption in FY17, retail-led, integrated mixed use properties CAGR of 22% over FY13-17 Over 17.5 msft in operational Retail, Hospitality,
Slide 8: Presence Across Key Gateway Cities in India
Presence Across Key Gateway Cities in India PRESENCE ACROSS MAJOR CONSUMPTION CENTRES IN INDIA 7
Slide 9: Company Overview, Investment Rationale, Financial Results
Company Overview Investment Rationale Financial Results Annexure
Slide 10: Well Positioned to Deliver Strong Shareholder Return
Well Positioned to Deliver Strong Shareholder Return Investment Rationale India Economic Strong Retail Complimentary Future Growth Financial Metrics Tailwinds Portfolio Asset Classes Outlook • Strong macro tailwinds • First Order Derivative of • Residential Portfolio has • Aim to double current reta
Slide 11: Strong Macro Tailwinds Bode Well for Retail Sector
Investment Rationale Strong Macro Tailwinds Bode Well for Retail Sector
Slide 12: Strong Macro Tailwinds Bode Well for Retail Sector
Strong Macro Tailwinds Bode Well for Retail Sector India Consumption Growth rate Transition from unorganized to organized retail 10.0% 8.7% Organized Unorganized 120.0% 9.0% 8.0% 7.4% 100.0% 6.8% 6.1% 7.0% 6.0% 5.3% 80.0% 76% 5.0% 92% 60.0% 4.0% 3.0% 40.0% 2.0% 24% 1.0% 20.0% 8% 0.0% 0.0% 2012 2013
Slide 13: Urbanization, Disposable Income to drive Consumption
Urbanization, Disposable Income to drive Consumption Increase in per capita disposable income in India … growing urban population Fig in US$ 2,500 2,208 2,027 1,875 35% 34% 2,000 1,748 1,505 1,601 1,617 32% 33% 1,500 31% 1,000 28% 500 0 2013 2014 2015 2016 2017e 2018e 2019e 2001 2010 2014 2015 2016
Slide 14: Retail mall in India: Widening gap of demand and supply
Retail mall in India: Widening gap of demand and supply Mall additions in past three years at all-time lows… … while demand for new rental space will remain robust msf msf 15.0 13.8 15.0 10.7 7.6 10.0 10.0 6.5 6.9 6.2 5.7 5.1 4.1 3.6 4.2 4.3 4.5 4.0 5.0 5.0 3.3 2.7 1.3 1.6 0.0 0.0 -0.3 -5.0 -5.0 200
Slide 15: Key Highlights
Key Highlights Consumption (Rs. bn) Rental Income (Rs. bn) FY13-17 57.8 FY13-17 54.0 CAGR – 22% 49.0 CAGR – 16% 7.7 7.1 40.3 6.5 5.7 25.7 4.2 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 FY13-17 Consolidated Revenue (Rs. bn) FY13-17 Consolidated EBITDA (Rs. bn) 17.8 18.2 CAGR – 36% 16.5 CAGR –
Slide 16: FY17 Key Financial Highlights
FY17 Key Financial Highlights Revenue of INR 18.2 bn EBITDA of INR 8.5bn PAT at INR 1.7bn, up 29% yoy FY13-17 CAGR of 40% FY13-17 CAGR of 34% Consumption of over INR 58 bn Retail rental income of INR 7.7 bn Rental EBITDA at INR 7.2 bn, up FY13-17 CAGR of 22% FY13-17 CAGR of 16% 10% yoy Avg. cost of
Slide 17: PML's evolution into a retail powerhouse
Investment Rationale PML’s evolution into a retail powerhouse 16
Slide 18: PML's evolution into a retail powerhouse
PML’s evolution into a retail powerhouse 1999 - 2005 2006 - 2012 2013 - 2017 FUTURE Evolution of HSP from an Large, city-centric land parcels Focused on establishing Staggered renewals across entertainment and gaming acquired for creating Marketcity malls as market existing portfolio, new as
Slide 19: First Order Derivative of India's Consumption Story
First Order Derivative of India’s Consumption Story • Household incomes to rise as the world’s 7th largest Retail Rental Income to grow in sync with underlying Consumption Growth economy (in terms of Nominal GDP) sustains its strong growth momentum • Growing urbanization, young population and rising
Slide 20: Long Term Sustainable Growth Delivered Through The Cycle
Long Term Sustainable Growth Delivered Through The Cycle MarketCity malls to follow similar growth trajectory at HSP & Palladium In 2010, trading density and consumption at High Street Bubble size represents Phoenix was at Rs 1,055 psf pm and Rs 4,371 mn, 3,500 consumption FY17 Rentals (Rs mn) res
Slide 21: Revenue Cycle of a Mall
Revenue Cycle of a Mall Cash flow from mall continues to grow even after mall matures 130 1,000 120 900 MAJORITY of retail lease agreements at PML 800 pay HIGHER of Minimum Guarantee (MG) 110 700 rents and Revenue Share (% of consumption) 100 600 90 500 400 Generally MG escalates by 15-18% at the en
Slide 22: Renewal Schedule (% of total leasable area)
Renewal Schedule (% of total leasable area) HSP & Palladium PMC Bangalore PMC Chennai 54% of leasable area for renewal 18% of leasable area for renewal 53% of leasable area for renewal over next 3 years over next 3 years 46% over next 3 years 23% 18% 13% 8% 7% 5% 3% 2% FY18 FY19 FY20 FY18 FY19 FY20
Slide 23: Future growth outlook
Investment Rationale Future growth outlook 22
Slide 24: Strategic Partnership with CPPIB an Enabler to Double Mall Portfolio
Strategic Partnership with CPPIB an Enabler to Double Mall Portfolio • PML and CPPIB have formed a strategic investment platform to Transaction details acquire, develop, and operate prime, retail-led developments across India Enterprise value (Island Star) Approx. Rs. 2,200 cr • CPPIB will invest ap
Slide 25: Land acquisition at Wakad, Pune – Aug 2017
Land acquisition at Wakad, Pune – Aug 2017 Deal Overview Location Dynamics i. Acquired approx. 15 acres of land parcel, located behind Hotel Sayaji Current mall in Viman Nagar serves the CBD of Kharadi and in Wakad Pune, for Rs. 182 cr in August 2017 surrounding residential areas of Kalyani Nagar,
Slide 26: Connectivity to Wakad from Key Locations
Connectivity to Wakad from Key Locations Mumbai – Pune Pimpri Chinchwad Location Map is indicative and not to scale Expressway 5 KM 7 KM Ravet Dange Chowk Ginger Hotel 2 KM Indira Institute of Management Courtyard by Marriott Khadki Cantontment Hinjewadi IT Park 13 KM 3 KM Hotel Sayaji Wipro Balewad
Slide 27: Land acquisition at Wakad, Pune – Initial Renders
Land acquisition at Wakad, Pune – Initial Renders Wakad, Pune is a retail-led mixed use development with development potential of 1.8 msft including retail component of 1.0 msft 26
Slide 28: Strong execution capabilities and Complementary Asset Portfolio
Investment Rationale Strong execution capabilities and Complementary Asset Portfolio 27
Slide 29: Perfecting the art of Mixed-use Development
Perfecting the art of Mixed-use Development
Slide 30: Strong Execution Capability Displayed Over a Decade
Strong Execution Capability Displayed Over a Decade Timeline BUA (msft) Project details Completed Phase I development of 4 Marketcity malls concurrently across Pune, Mumbai, Bangalore and 2007-12 7.5 Chennai in <5 years with a gross development area of 7.5 msft Completed Phase II of development of c
Slide 31: The Retail Portfolio
The Retail Portfolio Hospitality (17%) Commercial (4%) Residential (13%) RETAIL: 65 % of FY17 Revenue 30
Slide 32: Operational Update – Retail Portfolio
Operational Update – Retail Portfolio HSP & Phoenix MarketCity Phoenix United Palladium Palladium Mumbai Bangalore Chennai Mumbai Pune Bareilly Lucknow Chennai Retail Leasable/Licensable Area (msf ) 0.74 1.00 1.00 1.11 1.19 0.31 0.33 0.22 Total No. of Stores 274 294 259 315 351 144 130 Average Renta
Slide 33: Q3 FY18 – Retail Key Highlights
Q3 FY18 – Retail Key Highlights 4,574 Consumption (Rs. mn) Total Consumption – Rs. 17.2 bn, up 8% yoy 3,299 2,969 2,747 2,320 786 459 HSP & Palladium* PMC Chennai PMC Bengaluru PMC Pune PMC Mumbai Phoenix United Phoenix United Lucknow Bareilly 1% 6% 13% 6% 20% 8% 5% 3,381 Trading Density (Rs./sfpm)
Slide 34: Q3 FY18 – Retail Key Highlights
Q3 FY18 – Retail Key Highlights 776 Rental Income (Rs. mn) Total Rental Income – Rs. 2.2 bn, up 10% yoy 351 329 357 284 73 45 HSP & Palladium PMC Chennai PMC Bengaluru PMC Pune PMC Mumbai Phoenix United Phoenix United Lucknow Bareilly 3% 15% 8% 13% 10% 23% 13% 3% 619 Mall EBITDA (Rs. mn) Total Mall
Slide 35: 9M FY18 – Retail Key Highlights
9M FY18 – Retail Key Highlights 12,399 Consumption (Rs. mn) Total Consumption – Rs. 47.9 bn, up 10% yoy 8,264 9,501 8,211 6,173 2,122 1,261 HSP & Palladium PMC Chennai PMC Bengaluru PMC Pune PMC Mumbai Phoenix United Phoenix United Bareilly Lucknow 1% 0% 24% 14% 19% 14% 9% 3,086 Trading Density (Rs.
Slide 36: 9M FY18 – Retail Key Highlights
9M FY18 – Retail Key Highlights 2,219 Rental Income (Rs. mn) Total Rental Income – Rs. 6.4 bn, up 11% yoy 1,037 953 1,026 821 199 135 HSP & Palladium PMC Chennai PMC Bengaluru PMC Pune PMC Mumbai Phoenix United Phoenix United Lucknow Bareilly 4% 10% 8% 18% 18% 19% 18% 3% 1,878 Mall EBITDA (Rs. mn) T
Slide 37: High Street Phoenix & Palladium Mall – Our Flagship Mall
High Street Phoenix & Palladium Mall – Our Flagship Mall India Shopping Centre Awards by Images Group 0.74 Million Sq. Ft. Recognised High Street Phoenix and Palladium as “Shopping Total Leasable Area Centre of the Year (West) - Metro” in 2016 93% FY17 Occupancy India Shopping Centre Awards by Image
Slide 38: High Street Phoenix & Palladium Mall
High Street Phoenix & Palladium Mall 37
Slide 39: High Street Phoenix & Palladium Mall – Housing Global Brands
High Street Phoenix & Palladium Mall – Housing Global Brands 38
Slide 40: High Street Phoenix – New Stores
High Street Phoenix – New Stores
Slide 41: High Street Phoenix – New Stores
High Street Phoenix – New Stores
Slide 42: High Street Phoenix – New Stores
High Street Phoenix – New Stores
Slide 43: High Street Phoenix – New Stores
High Street Phoenix – New Stores
Slide 44: High Street Phoenix & Palladium Mall
High Street Phoenix & Palladium Mall Rental Income of Rs. 776 mn this quarter, up 3% yoy Consumption (Rs. mn) 4,524 4,574 Trading Density is up 6% yoy for 9MFY18 at Rs. 3,086 pspm 3,781 4,024 3,934 4,208 3,617 Consumption of Rs. 4,574 mn in Q3 FY18, up 1% yoy; Consumption in Q4FY18 to benefit
Slide 45: High Street Phoenix & Palladium Mall
High Street Phoenix & Palladium Mall % yoy % yoy Q3FY18 Q3FY17 9MFY18 9MFY17 growth growth Rental Income (Rs. mn) ^ 776 752 3% 2,219 2,128 4% Recoveries (CAM and other) 225 248 709 712 (Rs. mn) Total Income (Rs. mn) 1,001 1,000 2,928 2,840 3% EBITDA (Rs. mn) 619 668 1,878 1,935 EBIDTA Margin (as % o
Slide 46: High Street Phoenix & Palladium Mall
High Street Phoenix & Palladium Mall FY13-17 Rental Income (Rs.mn) CAGR – 12% 2,837 2,601 2,293 2,039 1,824 FY13 FY14 FY15 FY16 FY17 Consumption (Rs.mn) Average Trading Density (Rs./sft pm) FY13-17 CAGR – 9% 16,264 2,741 2,894 15,438 2,553 14,403 13,185 2,263 11,711 2,020 FY13 FY14 FY15 FY16 FY17 FY
Slide 47: Phoenix MarketCity Chennai
Phoenix MarketCity Chennai “Construction Industry Award 2015 – 1.00 Million Sq. Ft. Excellence in Commercial/Mixed Use- Total Leasable Area Development 92% FY17 Occupancy “Best Malls & Shopping Centre of the Year 261 2015 – Operational Mixed Used Development” No of Stores by Estate Avenues Rs 10,699
Slide 48: Phoenix MarketCity Chennai
Phoenix MarketCity Chennai Consumption in Chennai came in at Rs. 2,747 mn Consumption (Rs. mn) 2,845 2,856 2,812 Consumption has stabilized and we expect growth on this 2,597 2,401 2,706 2,747 base moving forward Category changes in the retail product mix have had a positive impact on our rent
Slide 49: Phoenix MarketCity Chennai
Phoenix MarketCity Chennai % yoy % yoy Q3FY18 Q3FY17 9MFY18 9MFY17 growth growth Rental Income (Rs. mn) 351 306 15% 1,037 947 10% Recoveries (CAM and other) 194 171 14% 599 554 8% (Rs. mn) Total Income (Rs. mn) 545 477 14% 1,636 1,501 9% EBITDA (Rs. mn) 382 308 24% 1,154 970 19% EBIDTA Margin (as %
Slide 50: Phoenix MarketCity Chennai
Phoenix MarketCity Chennai FY14-17 Rental Income (Rs.mn) CAGR – 14% 1,286 1,196 1,109 858 117 FY13 FY14 FY15 FY16 FY17 Consumption (Rs.mn) Average Trading Density (Rs./sft pm) FY14-17 11,289 CAGR – 16% 10,481 10,699 1,480 1,572 1,553 6,938 1,226 800 518 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 F
Slide 51: Palladium Chennai
Palladium Chennai • Palladium Chennai became 0.22 Million Sq. Ft. operational on 13th Oct 2017 Total Leasable Area with launch of H&M 13th Oct 2017 Operations Begin • H&M, Shoppers Stop are currently operational; other units currently under fit-out • Grand Opening on Feb 17, 2018
Slide 52: Palladium Chennai
Palladium Chennai 51
Slide 53: Palladium Chennai
Palladium Chennai HOENIX MILLS LIMITED ——— MICHAEL KORS.
Slide 54: Palladium Chennai
Palladium Chennai faye THE PHOENIX
Slide 55: Palladium Chennai
Palladium Chennai 54
Slide 56: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore Asia Shopping Centre & Mall Awards 2014 – Most 0.99 Million Sq. Ft. admired marketing campaign of the year Total Leasable Area CNBC Awaaz Real Estate Awards 2013 – Best retail 90% project of the city – PMC Bangalore FY17 Occupancy 296 No of Stores Rs 10,200 Million FY17
Slide 57: PMC Bangalore – Exterior Images
PMC Bangalore – Exterior Images
Slide 58: PMC Bangalore – Exterior Images
PMC Bangalore – Exterior Images
Slide 59: PMC Bangalore – Interior Images
PMC Bangalore – Interior Images
Slide 60: PMC Bangalore – Housing the best Global Brands
PMC Bangalore – Housing the best Global Brands
Slide 61: PMC Bangalore – Host to the best events in the city
PMC Bangalore – Host to the best events in the city
Slide 62: PMC Bangalore – Host to the best events in the city
PMC Bangalore – Host to the best events in the city
Slide 63: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore PMC Bangalore in its sixth year of operations continues to Consumption (Rs. mn) demonstrate market leading growth across categories 3,299 3,172 3,030 2,918 2,332 2,398 2,554 9MFY18 Consumption was up 24% yoy to Rs. 9,501 mn and Q3 FY18 consumption was up 13% yoy at R
Slide 64: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore % yoy % yoy Q3FY18 Q3FY17 9MFY18 9MFY17 growth growth Rental Income (Rs. mn) 329 292 13% 953 807 18% Recoveries (CAM and other) 176 153 15% 504 456 11% (Rs. mn) Total Income (Rs. mn) 504 444 14% 1,457 1,263 15% EBITDA (Rs. mn) 303 273 11% 929 802 16% EBIDTA Margin 92% 94
Slide 65: Phoenix MarketCity Bangalore
Phoenix MarketCity Bangalore FY13-17 Rental Income (Rs.mn) CAGR – 16% 1,090 958 876 768 603 FY13 FY14 FY15 FY16 FY17 Consumption (Rs.mn) Average Trading Density (Rs./sft pm) FY13-17 1,444 CAGR – 28% 1,287 10,200 8,859 1,131 7,753 975 6,573 745 3,832 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17
Slide 66: Phoenix MarketCity Pune
Phoenix MarketCity Pune Most Admired Shopping Centre West , Non Metro – 1.19 Million Sq. Ft. Images Shopping Centre Award 2016 Total Leasable Area 89% Images Shopping Centre Award (ISCA) for the Most FY17 Occupancy Admired Shopping Centre 2014 341 Shopping Centre of the year at the CMO Asia Retail N
Slide 67: Phoenix MarketCity Pune
Phoenix MarketCity Pune Consumption (Rs. mn) 9MFY18 Consumption was at Rs. 8,211 Mn, up 14% yoy and Q3 FY18 consumption was at 2,969 Mn, up 6% 2,812 2,747 2,969 2,422 2,495 2,208 2,188 Rental Income for 9MFY18 grew 18% yoy to 1,026 Mn and for Q3 FY18 grew 10% yoy to 357 Mn Q1 FY17 Q2 FY17 Q3 FY1
Slide 68: Phoenix MarketCity Pune
Phoenix MarketCity Pune % yoy % yoy Q3FY18 Q3FY17 9MFY18 9MFY17 growth growth Rental Income (Rs. mn) 357 324 10% 1,026 872 18% Recoveries (CAM and other) (Rs. 207 190 9% 634 565 12% mn) Total Income (Rs. mn) 564 514 10% 1,660 1,437 16% EBITDA (Rs. mn) 312 293 7% 926 798 16% EBIDTA Margin (as % of Re
Slide 69: Phoenix MarketCity Pune
Phoenix MarketCity Pune FY13-17 Rental Income (Rs.mn) CAGR – 17% 1,202 1,035 941 789 640 FY13 FY14 FY15 FY16 FY17 Average Trading Density (Rs./sft pm) Consumption (Rs.mn) FY13-17 1,208 CAGR – 20% 1,077 9,629 975 8,659 812 7,650 6,221 653 4,610 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 68
Slide 70: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai “India’s best existing neighbourhood shopping mall 1.11 Million Sq. Ft. 2013-14” awarded by Estate Avenues Total Leasable Area “Best Thematic decoration” by Asia Shopping Centre & 87% Mall Awards , awarded by CMO Asia FY17 Occupancy 317 No of Stores Rs 6,957 Million FY17 Co
Slide 71: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai PMC Kurla continues its successful turnaround story Consumption (Rs. mn) 2,320 Consumption at PMC Kurla was up 19% yoy at Rs. 6,173 1,929 1,784 2,052 1,801 1,565 1,678 mn in 9MFY18 and up 20% at Rs. 2,320 mn in Q3FY18 Rental Income of Rs. 821 Mn in 9MFY18, up 19% yoy
Slide 72: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai % yoy % yoy Q3FY18 Q3FY17 9MFY18 9MFY17 growth growth Rental Income (Rs. mn) 284 232 23% 821 691 19% Recoveries (CAM and other) (Rs. mn) 147 175 431 459 Total Income (Rs. mn) 432 407 6% 1,252 1,150 9% EBITDA (Rs. mn) 231 253 704 554 27% EBIDTA Margin (as % of Rental 81% 109
Slide 73: Phoenix MarketCity Mumbai
Phoenix MarketCity Mumbai FY13-17 Rental Income (Rs.mn) CAGR – 5% 991 954 934 926 750 FY13 FY14 FY15 FY16 FY17 FY13-17 Consumption (Rs.mn) Average Trading Density (Rs./sft pm) 942 CAGR – 25% 6,957 797 5,957 705 5,480 586 4,460 454 2,818 FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 72
Slide 74: Awards ● Accolades ● Excellence
Awards ● Accolades ● Excellence HIGH STREET PHOENIX & PHOENIX MARKETCITY PHOENIX MARKETCITY PHOENIX MARKETCITY PHOENIX MARKETCITY PUNE PALLADIUM BANGALORE MUMBAI CHENNAI CMO Asia 2015 Images Shopping Centre CNBC Awaaz Real Estate CMO Asia 2014 Estate Avenues 2015 Retailer of the Year (Mall) Award 20
Slide 75: The Residential Portfolio
The Residential Portfolio One Bangalore West-Bengaluru Hospitality (17%) Commercial Kessaku - Bengaluru (4%) RESIDENTIAL: 13% of FY17 Revenue Retail (65%) 74
Slide 76: Residential Portfolio: High Margin, Cash Flow Business
Residential Portfolio: High Margin, Cash Flow Business One Bangalore West and Kessaku • Premium and upscale, large-scale residential developments • Product design, quality and location in or around mixed-use destinations have established the projects as market leaders • Expect substantial free cash
Slide 77: Operational Update – Residential Portfolio
Operational Update – Residential Portfolio Revenue recognized Saleable area (msf) (Rs. mn) Project Name Area Sold Sales Value Average Selling Price Collections (operational) (msf) (Rs. mn) (Rs. psf) (Rs. mn) Total Area Balance in Q3 FY18 Cumulative Area launched Area One Bangalore West, 2.20 1.48 0.
Slide 78: One Bangalore West, Bengaluru
One Bangalore West, Bengaluru Tower Saleable Area (msf) Launched Sold One Bangalore West Tower 1-5 1.23 1.23 1.06 Tower 6 0.26 0.26 0.13 Tower 7-9 0.72 Not Launched - Total 2.20 1.48 1.19 Q3FY18 Q3FY17 Q2FY18 Saleable Area for 9 Towers (msf) 2.20 2.20 2.20 Cumulative Sale Value (Rs. mn) 11,546 11,19
Slide 79: Kessaku, Bengaluru
Kessaku, Bengaluru Kessaku Q3FY18 Q3FY17 Q2FY18 Saleable Area (msf) 0.99 0.99 0.99 Cumulative Sale Value (Rs. mn) 3,340 3,193 3,340 Cumulative Sale Volume (msf) 0.22 0.21 0.22 Cumulative Collections (Rs. mn) 2,353 1,763 2,308 Average Realization (Rs./sft) 15,183 15,378 15,181 Project Update SORA, NI
Slide 80: Kessaku, Bengaluru
Kessaku, Bengaluru Kessaku Elevation Above Terrace Work in Progress 79
Slide 81: Kessaku, Bengaluru
Kessaku, Bengaluru Kessaku Proposed Elevation Kessaku Current Elevation 80
Slide 82: Kessaku, Bengaluru
Kessaku, Bengaluru Kessaku Façade Actual 81
Slide 83: The Crest, Chennai - Towers A, B and C
The Crest, Chennai - Towers A, B and C Q3FY18 Q3FY17 Q2FY18 Crest Towers A & B Saleable Area (msf) 0.53 0.53 0.53 Cumulative Sale Value 3,762 3,464 3,636 (Rs. mn) Cumulative Sale Volume (msf) 0.43 0.40 0.41 Cumulative Collections 3,446 3,190 3,387 (Rs. mn) Average Realization (Rs./sft) 8,833 8,760 8
Slide 84: Awards ● Accolades ● Excellence
Awards ● Accolades ● Excellence ONE BANGALORE WEST KESSAKU FOUNTAINHEAD Asia Pacific Property Awards 2013 3rd Asian CEF Awards 2014 3rd Asia CEF Awards 2014 Developer Website The Residential Project of the Year – Towers The Residential Project of the Year – Residential Buildings 7th Estate Awards 20
Slide 85: The Commercial Portfolio
The Commercial Portfolio Art Guild House - Mumbai Centrium - Mumbai Hospitality (17%) COMMERCIAL: 4 % of FY17 Revenue East Court - Pune Phoenix Paragon Plaza - Mumbai Residential (13%) Retail (65%) 84
Slide 86: Commercial Portfolio Adds to Annuity Income
Commercial Portfolio Adds to Annuity Income • Own and operate Grade A commercial, rent-generating Art Guild House, Mumbai space of approx. 1 msf in prime locations in Mumbai • Currently 83% of the available area has been leased to Tier 1 clients – ensures quality catchment and stable rental income •
Slide 87: Operational Update – Commercial Portfolio
Operational Update – Commercial Portfolio Net Area Average AGH reported Rental Income of Rs. 162 Mn for 9M FY18 Project Total Area Area Sold Leasable Leased Rate Name (msf) (msf) 85% of available leasable area in AGH has been leased Area (msf) (msf) (Rs./sq.ft) Phoenix 0.14 - 0.14 0.13 110^ Hous
Slide 88: The Hospitality Portfolio
The Hospitality Portfolio The St.Regis, Mumbai Hospitality 17 % of FY17 Revenue Commercial (4%) Residential Courtyard by Marriott, Agra (13%) Website: http://www.stregismumbai.com Retail (65%) Website:http://www.marriott.com/hotels/travel/ agrcy-courtyard-agra/ 87
Slide 89: Hospitality Portfolio: Steadily Strengthening
Hospitality Portfolio: Steadily Strengthening • Own and operate marquee hospitality properties in Mumbai and Agra ST. REGIS, MUMBAI COURTYARD BY MARRIOTT, AGRA managed by best-in-class global operator, Marriott Keys 395 193 FY17 Occupancy (%) 72 57 • The St. Regis, Mumbai and Courtyard by Marriott,
Slide 90: Operational Update – Hospitality
Operational Update – Hospitality The St. Regis, Courtyard by Mumbai Marriott, Agra Keys 395 193 Restaurants & Bar 10 4 Occupancy (%)# 76% 73% Average room rent 12,217 4,686 (Rs. / room night) # The St. Regis, Mumbai Courtyard by Marriott, Agra Q3 FY18 room occupancy at 76% at an ADR of Rs. 12,217
Slide 91: Restaurants & Banquets
Restaurants & Banquets Restaurants at Restaurants at Courtyard by Marriott Luna Gusta Type The St. Regis, MoMo Café Piano Lounge & Bar Lobby Lounge MoMo to Go Anise Seven Kitchens All Day, Global Cuisine MoMo To You The Sahib Room & Kipling Bar Indian By the Mekong Asian Banquets at Courtyard by Mar
Slide 92: The St. Regis, Mumbai – Operating Performance
The St. Regis, Mumbai – Operating Performance ARR (Rs.) Occupancy (%) 10,594 9,574 9,284 72% 72% 8,105 8,199 67% 54% 46% FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17 190 273 335 386 395 Average rooms operational Room Revenue (Rs. mn) F&B and Banquet Revenue (Rs.) 1,068 1,177 845 1,089 951 639 3
Slide 93: The St. Regis, Mumbai – Financial Performance
The St. Regis, Mumbai – Financial Performance Living room inside the suite at The St. Regis, Mumbai Total Revenue (Rs.mn) 2,520 2,182 1,718 867 162 FY13 FY14 FY15 FY16 FY17 Operating EBITDA (Rs.mn) 907 722 661 118 FY13 FY14 FY15 FY16 FY17 -106 92
Slide 94: The St. Regis, Mumbai
The St. Regis, Mumbai % yoy % yoy Q3FY18 Q3FY17 9MFY18 9MFY17 growth growth Revenue from Rooms (Rs. 323 307 5% 869 759 14% mn) Revenue from F&B and 357 320 12% 926 848 9% Banqueting (Rs. mn) Other Operating Income 87 65 34% 214 184 16% (Rs. mn) Total Income (Rs. mn) 767 691 11% 2,008 1,790 12% Opera
Slide 95: Awards and Accolades
Awards and Accolades 94 YUUKA by Ting Yen 2014 2015 2016 Times Food & Nightlife Times Food & Nightlife Times Food & Nightlife Awards Awards Awards • Seven Kitchens: Winner The Sahib Room & Kipling The Sahib Room & Kipling of Best All Day Bar: Bar: Winner of Best Indian Restaurant (South Winner of Be
Slide 96: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra ARR (Rs.) Entrance Lobby at Courtyard by Marriott, Agra 5,287 5,357 4,809 4,363 3,756 3,634 3,610 3,308 3,093 2,812 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY16 FY16 FY16 FY16 FY17 FY17 FY17 FY17 FY18 FY18 Occupancy (%) 71% 74% 65% 59% 52% 51% 40% 42% 34% 28% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 97: Courtyard by Marriott, Agra
Courtyard by Marriott, Agra % yoy % yoy Q3FY18 Q3FY17 9MFY18 9MFY17 growth growth Revenue from Rooms 59 59 1% 116 108 7% (Rs. mn) Revenue from F&B and Banqueting 50 45 10% 116 98 18% (Rs. mn) Other Operating Income 5 4 29% 13 11 18% (Rs.mn) Total Income 114 108 6% 245 217 13% (Rs. mn) Occupancy (%)
Slide 98: Restaurants – F&B Concept
Restaurants – F&B Concept • 5 Food & Beverage Concepts/ brands rolled out across 10 stores • Potential for more rollouts with opportunities across all Phoenix malls at initial stage • Adds to Phoenix malls leisure and entertainment bouquet, creating a larger consumption center • Scalable model that
Slide 99: Restaurants – F&B Concept
Restaurants – F&B Concept Name Concept Operational Stores 212 ALL DAY All Day Café & Bar serving New York inspired comfort food. Well known for PMC Mumbai & PMC Pune Café & Bar our Flat 50% on alcohol everyday between 4-9PM One-of its kind café & bar with a focus on food & drinks that are good for 2
Slide 100: Rational Capital Deployment and Improving outlook for free cash flows
Investment Rationale Rational Capital Deployment and Improving outlook for free cash flows
Slide 101: Rational Capital Deployment
Rational Capital Deployment Value Accretive Stake Acquisitions in FY18 mark the completion of minority buyouts Amount paid for stake purchase Subsidiary Stake Purchased (%) Previous Stake (%) Effective Current Stake (Rs. mn) Vamona 13.41% 1,135 86.59% 100% Offbeat 16.41% 911 83.59% 100% Alliance 38.
Slide 102: Consolidated Holdings across Subsidiaries
Consolidated Holdings across Subsidiaries PML’s shareholding in subsidiaries – Progressive Stake Acquisitions Subsidiary Development Name 2010 Dec 2017 Offbeat Developers Phoenix MarketCity, Mumbai 24% 100% Vamona Developers Phoenix MarketCity, Pune 59% 100% Classic Mall Phoenix MarketCity, Chennai
Slide 103: Benign Interest Rate Outlook in India
Benign Interest Rate Outlook in India Cost of debt down over 200 bps in 17 months Effective cost of debt (%) has been trending down FY17 interest coverage ratio at approx. 2x for the group with retail 12.3% assets comfortably ahead 13.0% 12.5% 11.8% 11.0% 12.0% HSP at interest coverage of 3.2x
Slide 104: Improving EBITDA, declining Int. Exp. to improve cash flows
Improving EBITDA, declining Int. Exp. to improve cash flows Bridging gap between sources and requirement of funds • Operational cash flow, defined as EBITDA minus interest expense, has significantly increased in recent years on account Fig in INR mn FY13 FY14 FY15 FY16 FY17 of: EBITDA 2,631 6,784 7,
Slide 105: Company Overview, Investment Rationale, Financial Results
Company Overview Investment Rationale Financial Results Annexure
Slide 106: Financial Overview – Standalone P&L
Financial Overview – Standalone P&L (Rs. mn) Q3 FY18 Q3 FY17 9M FY18 9M FY17 % yoy growth Income from operations 1,001 1,000 2,928 2,840 EBITDA 619 668 1,878 1,935 EBITDA Margin^ (%) 62% 67% 64% 68% Profit Before Tax and exceptional item 371 354 1,494 1,531 Profit after tax & before comprehensive 29
Slide 107: Financial Overview – Consolidated P&L
Financial Overview – Consolidated P&L (Rs. mn) Q3 FY18 Q3 FY17 9M FY18 9M FY17 Note to P&L • Classic Mall Development Income from operations 4,166 4,367 11,831 13,702 Company Private Limited Retail 2,719 3,075 7,897 8,878 (CMDCPL), which owns and operates the retail mall known as Residential 311 388
Slide 108: Financial Overview – Pro forma analysis of Consolidated P&L
Financial Overview – Pro forma analysis of Consolidated P&L Proforma adjustment of Q3 & 9M FY18 results for the change in treatment for Classic Mall • For like-to-like comparison with the prior year period, we have adjusting reported 9M results and for the sake of illustration, present proforma resu
Slide 109: Consolidated P&L – Strong performance by non-residential portfolio
Consolidated P&L – Strong performance by non-residential portfolio 9M FY18 results reflect strong performance led by the non-residential portfolio • We have witnessed strong performance from our retail, commercial and hospitality portfolios in 9M FY18 • Revenue recognition from residential portfolio
Slide 110: Q3 FY18 Debt profile
Q3 FY18 Debt profile Asset Type SPV Asset Name PML Ownership Q3 FY18 Debt (Rs. mn) PML Standalone High Street Phoenix, Mumbai 100% 8,078 Phoenix MarketCity, Chennai Classic Mall Development 50% 4,891 The Crest C Phoenix MarketCity, Pune Vamona Developers 100% 5,968 East Court Retail & Island Star Ma
Slide 111: Company Overview, Investment Rationale, Financial Results
Company Overview Investment Rationale Financial Results Annexure
Slide 112: Board of Directors
Board of Directors Mr. Ashok Kumar Ruia, CMD Mr. Amit Kumar Dabriwala, Independent Director - Graduate from Cambridge , been on the Board since 1963. He - Graduated from the Calcutta University, Promoter Director has vast experience in managing the Company’s affairs of United Credit Securities Limit
Slide 113: Shareholding pattern as on Dec 2017
Shareholding pattern as on 31 Dec 2017 Shareholding Pattern Key Institutional Investors % Shareholding 2.77% 1.42% 3.15% Nordea Bank 11.10% Promoters Fidelity Investment Trust 4.46% FII Schroder 2.37% 29.82% DII Van Eck 1.36% Public Reliance Capital 1.31% Corporate bodies Mondrian 1.13% 62.84% 112
Slide 114: For more information on the Company
For more information on the Company, its projects and services please log on to www.thephoenixmills-ar2017.com or contact: Varun Parwal Contact: +91 22 30016737 Email: varun.p@phoenixmarketcity.in Advait Phatarfod Contact: +91 22 30016804 Email: advait.p@phoenixmarketcity.in Pawan Saxena Contact: +9