Aseana Properties Limited · LSE:ASPL
Aseana Properties — Investor Presentation (April 2014)
34 slides from Aseana Properties's investor presentation, April 2014
Slide 1: Aseana Properties Limited Corporate Presentation
ASEANA PROPERTIES LIMITED Corporate Presentation April 2014 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: The Company
THE COMPANY Aseana Properties operates within the parameters of these business principles to maximise returns of each development project Diversifying to Current fund allocation (by NAV): 75% Malaysia, 25% Vietnam generate attractive returns Funds fully allocated to existing projects Rigorous
Slide 5: 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 2013 GDP Growth: 4.7% 2013 GDP Growth: 5.42% Population (2012): 29.24 million Population (2012): 88.77 million 68% of po
Slide 6: 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 blocks and a Office tower, office suites and retail mall 36-storey block GDV: US$166 million Expected GDV: US$124 million Effective ownership
Slide 7: 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 299-room hotel two 40-storey blocks Expected GD
Slide 8: 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$127 million Effective ownership structure: 40% ASPL, 6
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$197 million Boutique resort hotel, villas and homes on 80 acres Effective owne
Slide 10: Aseana Property Portfolio - Vietnam
ASEANA PROPERTY PORTFOLIO - VIETNAM International Hi-Tech Healthcare Park and City International Hospital, Ho Chi Minh City, 37 hectares of commercial and residential development with healthcare theme Expected GDV: US$670 million Effective ownership structure: 67.2% ASPL, 32.8% Hoa Lam Group and ass
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 Expected GDV: N/A Expected GDV: US$100 million Effective ownership structure: 12.9% (reduce
Slide 12: Operating Assets Performance
OPERATING ASSETS PERFORMANCE Aloft KL Sentral Hotel Harbour Mall Sandakan Actual Actual 2013 2013 (US$ mil) (US$ mil) Occupancy (%) 54% Occupancy (%) 47% Average Daily Rate (US$) 85 Revenue 0.92 Revenue 9.76 Finance cost (2.02) Finance cost (3.56) Net loss (2.66) Net loss (3.34) Note: Result from 1
Slide 13: Financial Highlights: Statement of Comprehensive Income (1)
FINANCIAL HIGHLIGHTS: STATEMENT OF COMPREHENSIVE INCOME (1) Period ended Period ended 31 December 2013 31 December 2012 (US$ mil) (US$ mil) Revenue 1 29.27 23.73 Cost of sales (22.77) (21.46) Gross profit 6.50 2.27 Other Income2 16.12 7.05 Operating expenses 3 (32.08) (22.06) Operating loss (9.46) (
Slide 14: Financial Highlights: Statement of Comprehensive Income (2)
FINANCIAL HIGHLIGHTS: STATEMENT OF COMPREHENSIVE INCOME (2) Notes: 1. The increase in revenue by 23.6% in 2013 was mainly attributable to sales of completed units at SENI Mont’ Kiara. No revenue was recognised for The RuMa, in accordance with IFRIC 15. 2. Included in the Other Income are revenue gen
Slide 15: Financial Highlights: Statement of Financial Position (1)
FINANCIAL HIGHLIGHTS: STATEMENT OF FINANCIAL POSITION (1) Period ended Year ended 31 December 2013 31 December 2012 (US$ mil) (US$ mil) Non-current assets 30.22 27.53 Current assets 1 464.57 382.14 TOTAL ASSETS 494.79 409.67 Shareholders’ equity 158.57 183.58 Non-controlling interest 11.43 13.06 TOT
Slide 16: Financial Highlights: Statement of Financial Position (2)
FINANCIAL HIGHLIGHTS: STATEMENT OF FINANCIAL POSITION (2) Notes: 1. Included in current assets are inventories of US$428.61 million (31 December 2012: US$350.82 million) comprising land held for property development, work-in-progress and stocks of completed units (at cost) and cash and cash equivale
Slide 17: Summary of Debt
SUMMARY OF DEBT Outstanding as at Total Debt Unutilised 31 December Remarks Project Name Limit Debt 2013 (US$ mil) (US$ mil) (US$ mil) SENI Mont’ Kiara - - - Bridging loan facility to fund the development of the project was fully repaid during the year. International Hi-Tech 21.5 2.7 18.8 Term loans
Slide 18: 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
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 2013 31 December 2013 US$’mil US$’mil Malaysian projects: Tiffani by i-ZEN 0.85 0.851 1 Mont’ Kiara by i-ZEN 0.64 0.641 Sandakan Harbour Square 36.86 43.883 SENI Mont’ Kiara 60.11 76.
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 2013 31 December 2013 US$’mil US$’mil Total Project NAV/RNAV, b/f 158.12 265.59 Cash and cash equivalents 6 1.70 1.70 Other assets and liabilities (1.25) (1.25) TOTAL NAV/RNAV 158.57
Slide 21: Net Asset Value and Realisable Net Asset Value Breakdown
NET ASSET VALUE AND REALISABLE NET ASSET VALUE BREAKDOWN As at 31 December 2013 Total NAV : US$ 158.57 million Total RNAV :US$ 226.04 million Other Assets & Cash at Other Assets & Cash at Liabilities (Net), Company, Liabilities (Net), Company, -0.4% 1.1% -0.8% 0.6% Vietnam, Vietnam, 25.4% 24.4% Mala
Slide 22: FY2014 Outlook
FY2014 OUTLOOK Ongoing sales of SENI Mont’ Kiara, Tiffani by i-ZEN and RuMa Hotel & Residences Continuing efforts to improve performance of operating assets Focus on realisation of completed operating assets and divestment of undeveloped lands Near term goals of lowering gearing of the Group
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 212,025,000 Ordinary Shares Equity Investors Voting Share Capital 212,025,000 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 of the Company as at 31 December 2013 has been computed by the Company based on the Company’s management accounts for the period ended 31 December 2013 and the Market Values of the property portfolio as at 31 December 2013. The market value of the
Slide 26: 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 Three projects at different
Slide 27: 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 2013 of RM330 million (~ US$10
Slide 28: The Company
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. In Malaysia, Azlan serves as Chairman of several public entities, listed on Bursa Malaysia Securities Berhad, in
Slide 29: The Company
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 30: The Company
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 Emeritus of Bourse Consult, a consultancy that advises clients on initiatives relating to exchang
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 Executive Director of Ireka Corporation Berhad (”ICB”). An archite
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 CEO of Ireka iCapital Sdn Bhd and i-Tech Network Solutions Sdn Bhd. Worked as a Surety and Financial Lines Underwriter with American Int
Slide 33: 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 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
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