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Quarterly Investor Update (Q1 2015)

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Volume #32 - Quarterly Investor Update (Q1 FY2015) 3 June 2015 ASEANA TRACKER Highlights ã On 22 May 2015, Aseana Properties Limited (“Aseana” or the…
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Volume #32 - Quarterly Investor Update (Q1 FY2015) 3 June 2015 ASEANA TRACKER Highlights ã On 22 May 2015, Aseana Properties Limited (“Aseana” or the “Company”) announced proposals regarding the future of the Company which include the continuation of the Company for the next three years to June 2018, adoption of a new divestment policy to orderly realise its assets, and subsequent capital return to its shareholders. The proposals are to be voted on by the shareholders of the Company at the upcoming AGM and EGM on 22 June 2015. ã Sale of properties at SENI Mont’ Kiara have advanced to about 96% to date, compared to 94% recorded in February 2015. A further 2% of properties are reserved with deposits paid. ã The RuMa Hotel and Residences (“The RuMa”) has achieved about 49% sales based on sales and purchase agreements signed. ã Occupancy rate of 37% was recorded at the Four Points by Sheraton Sandakan Hotel (“FPSS”) for the period up to 15 May 2015. ã The Aloft Kuala Lumpur Sentral Hotel (“Aloft”) is the Gold Winner of FIABCI World Prix d’Excellence Awards 2015 in the hotel category. Aloft achieved occupancy rate of 73% for the period up to 15 May 2015. As at 31 March 2015* Property Portfolio Update NAV/Share :US$ 0.719 RNAV/Share :US$ 1.119 * calculated based on 212,025,000 voting share capital Key Facts Exchange:London Stock Exchange Main Market Symbol :ASPL Lookup :Reuters - ASPL.L Bloomberg - ASPL.LN Company Information Domicile : Jersey Issued Shares : 212,025,000 Voting Share Capital : 212,025,000 Share Denomination : US Dollars Management Fee : 2% of NAV Performance Fee : 20% of the out performance NAV over a total return hurdle rate of 10% Admission Date : 5 April 2007 Investor Reporting: Quarterly Fiscal Year End : 31 December Financials : Semi-annual review; annual audit For additional information please refer to www.aseanaproperties.com Registered Address 12 Castle Street St. Helier, Jersey JE2 3RT Channel Islands Aloft Kuala Lumpur Sentral Hotel Future of the Company Aseana announced on 22 May 2015 that it has posted to the Company’s shareholders (“Shareholders”) a circular (the “EGM Circular”) putting forward recommended Proposals regarding the future of the Company to be considered at an Extraordinary General Meeting to be held immediately prior to the 2015 Annual General Meeting, together with its 2014 Annual Report and a letter to Shareholders containing the notice of Annual General Meeting. In the letter to Shareholders containing the notice of the AGM, the Board is recommending that Shareholders vote against the Discontinuation Resolution to be proposed at the AGM. Sales Update 15 May 2015 Projects Tiffani by i-ZEN SENI Mont’ Kiara The RuMa Hotel and Residences % Sold* 99% 96% 49% * Based on sales and purchase agreements signed. Please see Snapshot of Property Portfolio (Pages 3 and 4) for further information 1 Volume #32 - Quarterly Investor Update (Q1 FY2015) 3 June 2015 Property Portfolio Update (cont’d.) Instead, the Chairman has written to Shareholders to outline details of proposals (the “Proposals”) to amend the Company’s investment policy to enable a realisation of its assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to Shareholders and maximising the realisation value of the Company’s investments (the “Divestment Investment Policy”). The adoption of the Divestment Investment Policy constitutes a material change to the investment policy of the Company; accordingly, the approval of the Shareholders by ordinary resolution is required. The Resolution will be proposed at an EGM to be held at 9.00 a.m. on 22 June 2015. The AGM will then be held following the EGM. If Shareholders approve the Proposals then, as assets are realised, the Board will seek to return cash to Shareholders over time. If the Proposals are adopted, the Board aims to complete the disposal of the Company’s assets by June 2018. If Shareholders approve the Proposals at the EGM and the Discontinuation Resolution is not passed at the AGM, the Board intends to appoint Nicholas Paris and a representative of Legacy Essence Limited as additional Directors, with immediate effect after the AGM. Nicholas Paris is a representative of LIM Advisors Limited. Each of LIM Advisors Limited and Legacy Essence Limited is a substantial Shareholder of the Company and has given its irrevocable undertaking to vote in favour of the Proposals at the EGM. In addition, LIM Advisors Limited has given its irrevocable undertaking to vote against the Discontinuation Resolution at the AGM. Legacy Essence Limited will notify the Company of its proposed candidate in due course. Irrevocable undertakings to vote in favour of the Proposals and against the Discontinuation Resolution were also received from the Company’s other major shareholders and Aseana’s Directors. Malaysia Sales of properties at SENI Mont’ Kiara are progressing well against the backdrop of the challenging property market outlook in Malaysia. To date, sales have advanced to 96% as compared to 94% reported previously, with a further 14 units (2% of sales) currently being reserved with deposits by interested buyers, pending execution of sales and purchase agreements. Meanwhile, sales at The RuMa have progressed to 49% to date based on sales and purchase agreements signed as compared to 47% previously reported. The Manager is expanding its marketing focus to overseas markets such as Taiwan, Singapore, Japan and the Middle Eastern countries where there has been favourable response to prime properties in Malaysia on the back of a weaker Ringgit Malaysia. Construction of the main building is underway and completion is expected in Q3 2017. The Aloft has achieved commendable results since opening for business two years ago. The 482-room hotel was recently awarded the Gold Winner of FIABCI World Prix d’Excellence Awards 2015 in the hotel category. It achieved an occupancy rate of 73% for the period up to 15 May 2015. In Sabah, the business environment and tourism industry have been adversely impacted by a number of unfortunate events, compounded by a recent kidnapping incident in Sandakan. This has resulted in countries such as the United States of America, United Kingdom, Canada, Australia and New Zealand maintaining adverse travel advisory notices to the coastal areas of eastern Sabah, including Sandakan. Following this incident, the national security forces have stepped up surveillance and control around the harbour front area where The Harbour Mall Sandakan (“HMS”) and Four Points Sheraton Sandakan Hotel (“FPSS”) are both located. The HMS is 53% tenanted, while FPSS recorded an occupancy rate of 37% for the period up to 15 May 2015. The management of FPSS continues to improve on efficiency of the hotel operations and also to drive business from local corporates. Vietnam The operation of City International Hospital (“CIH”) is still going through a period of stabilisation and the Manager is working closely with Parkway Pantai Limited, the operator of CIH, to improve the performance of the hospital through concerted marketing campaigns, introduction of new service lines and targeted sales. As at 24 May 2015, CIH had registered 1,555 in-patient days, equivalent to a daily average of 10.8 in-patient days, with average revenue per in-patient day of US$521. Outpatient visits as at 24 May 2015 had reached 6,479 visits, equivalent to an average of 63 outpatients daily, which generated average revenue per visit of US$100. On the back of its on-going positive results and its leadership position in the affordable homes market, Nam Long’s share price has increased gradually to VND19,300 per share at the date of this publication, compared to VND18,100 per share disclosed in the previous publication (16 February 2015). On 27 May 2015, the foreign ownership percentage of Nam Long reached a new high of 47.55% on the back of positive interests from foreign investors. Companies listed on the Ho Chi Minh Stock Exchange have an allowable foreign-ownership limit of up to 49%. 2 Volume #32 - Quarterly Investor Update (Q1 FY2015) 3 June 2015 Construction Update June 2015 Pilling works commenced in February 2013 and were completed in October 2013. Construction of the main building commenced in October 2013 and is targeted to complete in Q3 2017. Snapshot of Property Portfolio Tiffani by i-ZEN SENI Mont’ Kiara Sandakan Harbour Square Kuala Lumpur, Malaysia Luxury condominiums Expected GDV: US$124 million Effective Ownership: 100% Project NAV as at 31/3/2015: US$4.73 million Project RNAV as at 31/3/2015: US$4.73 million1 99% sold and target to achieve 100% sales by Q2 2015 Kuala Lumpur, Malaysia Luxury condominiums Expected GDV: US$490 million Effective Ownership: 100% Project NAV as at 31/3/2015: US$34.11 million Project RNAV as at 31/3/2015: US$39.66 million2 World Silver Winner at the FIABCI World Prix d’Excellence Awards 2014 for residential (high rise) category; 96% sold; Targeted sales: 100% by Q4 2015 Sandakan, Sabah, Malaysia Phases 1 & 2: Retail lots; Phase 3: Harbour Mall Sandakan; Phase 4: Four Points by Sheraton Sandakan hotel Expected GDV: US$157 million Effective Ownership: 100% Project NAV as at 31/3/2015: US$35.17 million Project RNAV as at 31/3/2015: US$42.65 million3 Retail lots: 100% sold; Harbour Mall Sandakan and Four Points by Sheraton Sandakan hotel commenced operation in 2012; Planned sale by Q4 2017 Aloft Kuala Lumpur Sentral Hotel The RuMa Hotel & Residences Project Kuala Lumpur, Malaysia Business-class hotel Effective Ownership: 100% Project NAV as at 31/3/2015: -US$2.71 million Project RNAV as at 31/3/2015: US$43.34 million3 Hotel managed by Starwood; Opened on 22 March 2013; Gold Winner of FIABCI World Prix d’Excellence Awards 2015 for Hotel category; Planned sale by Q4 2015 Kuala Lumpur, Malaysia Luxury residences and boutique hotel Expected GDV: US$197 million Effective Ownership: 70% Project NAV as at 31/3/2015: US$14.67 million Project RNAV as at 31/3/2015: US$14.67 million1 Construction work commenced in February 2013 and sales launched in March 2013; 49% sold; Offplan sales for residences and hotel suites; Completion expected in Q3 2017 Seafront Resort and Residential Development Kota Kinabalu, Sabah, Malaysia Resort homes, boutique resort hotel and resort villas Expected GDV: US$14 million Effective Ownership (Resort villas and hotel): 100% Effective Ownership (Resort homes): 80% Project NAV as at 31/3/2015: US$10.89 million Project RNAV as at 31/3/2015: US$14.04 million3 The Board has decided to dispose of the land. Planned sale by Q2 2016 3 Volume #32 - Quarterly Investor Update (Q1 FY2015) 3 June 2015 Snapshot of Property Portfolio (cont’d) International Healthcare Park (formerly known as International Hi-Tech Healthcare Park) Binh Tan District, Ho Chi Minh City, Vietnam Commercial and residential development with healthcare theme Expected GDV: US$670 million Effective Ownership: 67.2% Project NAV as at 31/3/2015: IHP: US$1.49 million; CIH: US$24.35 million Project RNAV as at 31/3/2015: IHP: US$20.24 million3; CIH: US$28.08 million3 Phase 1: CIH is managed by Parkway Pantai; Construction of CIH completed in March 2013; Business commenced in September 2013 with limited services; official opening in January 2014 Divestment plans in place to dispose of hospital and parcels of land by June 2018 Equity Investment in Nam Long Investment Corporation Ho Chi Minh City, Vietnam Listed equity investment Effective Ownership: 11.6% Project NAV as at 31/3/2015: US$12.95 million4 Project RNAV as at 31/3/2015: US$12.95 million4 Listed on Ho Chi Minh Stock Exchange on 8 April 2013; Share price as at 28 May 2015 : VND19,300 per share Waterside Estates District 9, Ho Chi Minh City, Vietnam Villas and high-rise apartments Expected GDV: US$8 million Effective Ownership: 55% Project NAV as at 31/3/2015: US$8.61 million Project RNAV as at 31/3/2015: US$8.61 million1 Development plan approved; Directors have decided to dispose of the land; Planned sale by Q4 2016 Notes 1 Projects carried at cost. 2 Market value based on the valuation prepared on discounted cash flows by international independent valuers as at 31 December 2014, which excludes any taxes; whether corporate, personal, real property or otherwise, that are payable. These market values are further adjusted for assumed taxes by the Manager. 3 Market value based on residual/comparison/investment method of land /property value by international independent valuers. 4 Fair value determined with reference to closing market price as at 31 March 2015. 5 All NAV and RNAV data are unaudited. Exchange rate – 31 March 2015: US$1:RM3.7037; (Source: Bank Negara Malaysia, State Bank of Vietnam) US$1: VND21,560; 31 December 2014: US$1:RM3.4965; US$1:VND21,392 4 Volume #32 - Quarterly Investor Update (Q1 FY2015) 3 June 2015 Share Performance Aseana Properties Limited (ASPL:LN) Price Chart 0.6 Share Price (US $) 0.5 0.4 0.3 0.2 52 weeks high of US$0.550 52 weeks low of US$0.395 Current as at 28/05/2015 of US$0.5500 0.1 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Volume (US $ millions) Aseana Properties Limited (ASPL:LN) Volume Chart >5 4 3 2 1 0 Mar-14 Apr-14 May-14 Jun-14 Feb-15 Mar-15 Apr-15 May-15 Note: Transaction volume > 5 million (i) 22 May 2015: 18.4 million, (ii) 21 June 13: 9.3 million, (iii) 2 July 13: 20.9 million, (iv) 14 Nov 13: 10.0 million, (v) 11 Dec 2013: 18.6 million Valuation Methodology The Realisable Net Asset Value of the Company as at 31 March 2015 has been computed by the Company based on the Company’s management accounts for the period ended 31 March 2015 and the Market Values of the property portfolio as at 31 December 2014. The Market Value of the property portfolio is determined on a discounted cash flow basis, comparison method, residual method or investment method on land or properties values by an independent firm of valuers. The Market Values, excluded any taxes; whether corporate, personal, real property or otherwise, that are payable. The valuations by independent firm of valuers have been performed in accordance with the International Valuation Standards (“IVS”) or in accordance with the Royal Institution of Chartered Surveyor Guidelines (“RICS”). In arriving at the Realisable Net Asset Value of the Company, the Company has made assumptions on potential taxes deductible from Market Values, where applicable. These may include corporate income tax, real property gains tax or any transactional taxes, where applicable. Important Notice This document, and the material contained therein, is not intended as an offer or solicitation for the subscription, purchase or sale of securities in Aseana Properties Limited (the “Company”). Any investment in the Company must be based solely on the Listing Prospectus of the Company or other offering document issued from time to time by the Company, in accordance with applicable laws. The material in this document is not intended to provide, and should not be relied on for accounting, legal or tax advice or investment recommendations. Potential investors are advised to independently review and/or obtain independent professional advice and draw their own conclusions regarding the economic benefit and risks of investment in the Company and legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. No undertaking, representation, warranty or other assurance, express or implied, is given by or on behalf of either of the Company or Ireka Development Management Sdn. Bhd. or any of their respective directors, officers, partners, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise. No warranty is given, in whole or in part, regarding the performance of the Company. There is no guarantee that investment objectives of the Company will be achieved. Potential investors should be aware that past performance may not necessarily be repeated in the future. The price of shares and the income from them may fluctuate upwards or downwards and cannot be guaranteed. This document is intended for the use of the addressee and recipient only and should not be relied upon by any persons and may not be reproduced, redistributed, passed on or published, in whole or in part, for any purposes, without the prior written consent of Aseana Properties Limited. Advisors & Service Providers Contact Information Ireka Development Management Sdn Bhd Company Website Aseana Properties Limited www.aseanaproperties.com Corporate Broker N+1 Singer Development Manager Website Auditor KPMG LLP Ireka Development Management Sdn Bhd www.ireka.com.my Chief Executive Officer Mr. Lai Voon Hon a class= __cf_email__ href= /cdn-cgi/l/email-protection data-cfemail= 05736a6a6b6d6a6b2b69646c456c77606e642b666a682b687c [email protected] /a script data-cfhash='f9e31' type= text/javascript /* ![CDATA[ */!function(t,e,r,n,c,a,p){try{t=document.currentScript||function(){for(t=document.getElementsByTagName('script'),e=t.length;e--;)if(t[e].getAttribute('data-cfhash'))return t[e]}();if(t&&(c=t.previousSibling)){p=t.parentNode;if(a=c.getAttribute('data-cfemail')){for(e='',r='0x'+a.substr(0,2)|0,n=2;a.length-n;n+=2)e+='%'+('0'+('0x'+a.substr(n,2)^r).toString(16)).slice(-2);p.replaceChild(document.createTextNode(decodeURIComponent(e)),c)}p.removeChild(t)}}catch(u){}}()/* ]] */ /script Chief Financial Officer Ms. Monica Lai a class= __cf_email__ href= /cdn-cgi/l/email-protection data-cfemail= 016c6e6f6862602f6d6068416873646a602f626e6c2f6c78 [email protected] /a script data-cfhash='f9e31' type= text/javascript /* ![CDATA[ */!function(t,e,r,n,c,a,p){try{t=document.currentScript||function(){for(t=document.getElementsByTagName('script'),e=t.length;e--;)if(t[e].getAttribute('data-cfhash'))return t[e]}();if(t&&(c=t.previousSibling)){p=t.parentNode;if(a=c.getAttribute('data-cfemail')){for(e='',r='0x'+a.substr(0,2)|0,n=2;a.length-n;n+=2)e+='%'+('0'+('0x'+a.substr(n,2)^r).toString(16)).slice(-2);p.replaceChild(document.createTextNode(decodeURIComponent(e)),c)}p.removeChild(t)}}catch(u){}}()/* ]] */ /script Chief Investment Officer Mr. Chan Chee Kian a class= __cf_email__ href= /cdn-cgi/l/email-protection data-cfemail= 44272c21212f2d252a6a272c252a042d36212f256a272b296a293d [email protected] /a script data-cfhash='f9e31' type= text/javascript /* ![CDATA[ */!function(t,e,r,n,c,a,p){try{t=document.currentScript||function(){for(t=document.getElementsByTagName('script'),e=t.length;e--;)if(t[e].getAttribute('data-cfhash'))return t[e]}();if(t&&(c=t.previousSibling)){p=t.parentNode;if(a=c.getAttribute('data-cfemail')){for(e='',r='0x'+a.substr(0,2)|0,n=2;a.length-n;n+=2)e+='%'+('0'+('0x'+a.substr(n,2)^r).toString(16)).slice(-2);p.replaceChild(document.createTextNode(decodeURIComponent(e)),c)}p.removeChild(t)}}catch(u){}}()/* ]] */ /script Development Manager Company Secretary Capita Secretaries Limited Malaysia Office Level 18, Wisma Mont Kiara No. 1 Jalan Kiara Mont’ Kiara 50480 Kuala Lumpur Malaysia Tel : +603 6411 6388 Vietnam Office Unit 4 & 5, 10th Floor Vinamilk Tower 10 Tan Trao Street Tan Phu Ward, District 7 Ho Chi Minh City Vietnam Tel : +848 5411 1233 5
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