Vincom Retail Jsc · HOSE:VRE

Vincom Retail Jsc — Vincom Retail Joint Stock Company — Q1 2018 Earnings Presentation

17 slides from Vincom Retail Jsc's earnings presentation, May 8, 2018

  1. Slide 1: Vincom Retail Joint Stock Company 1Q2018 Financial Results

    Vincom Retail Joint Stock Company 1Q2018 Financial Results 8 May 2018

  2. Slide 2: Disclaimer

    Disclaimer IMPORTANT: The information contained herein is preliminary and subject to change without notice, its accuracy is not guaranteed, has not been independently verified and may not contain all material information concerning Vincom Retail Joint Stock Company (the “Company”) and its subsidiari

  3. Slide 3: 1. Key Highlights

    1. Key Highlights

  4. Slide 4: Performance Overview – 1Q2018

    Performance Overview – 1Q2018 Revenue from Gross Profit(2) Leasing(1) VND1,282 billion VND801 billion 18.9% YoY 7.4% YoY Leasing NOI(3) EBITDA VND905 billion VND1,090 billion 23.0% YoY 16.1% YoY Note: Based on VAS Unaudited Consolidated Financial Statements for 1Q2017 and 1Q2018 (1) Leasing revenue

  5. Slide 5: Continued Expansion of Nationwide Presence

    Continued Expansion of Nationwide Presence Portfolio in Prime Urban and Growth Cities Unique Multi-Format Retail Model (Segmentation by GFA) 24 46 1.2mm Vincom Center No. of Malls: 4 Vincom Mega Mall No. of Malls: 3 Cities/ Operational Retail GFA GFA: 165,876 sqm GFA: 395,148 sqm Provinces Malls (sq

  6. Slide 6: 2. Operational Update

    2. Operational Update

  7. Slide 7: 1Q2018 Operational Highlights

    1Q2018 Operational Highlights 1Q2018 Highlights  Run 02 marketing campaigns: “Connecting with Gifts – Tet with Good Fortune” and “8 Flowers for March”, increased footfall by 15% and 30% vs other regular periods  Signed ~30,000 sqm NLA and over 200 advertising contracts  Key tenants signed for exp

  8. Slide 8: Key Operational Metrics

    Key Operational Metrics Average Occupancy Retail GFA Change 1Q2017 1Q2018 Figure in sqm 1Q2017 1Q2018 Change (%) (bps) Vincom Center 92.6% 94.0% 135 Vincom Center 165,876 165,876 - Vincom Mega Mall 81.0% 89.0% 798 Vincom Mega Mall 395,148 395,148 - Vincom Plaza 93.3% 87.9% (544) Vincom Plaza 451,531

  9. Slide 9: Tenant Update

    Tenant Update Tenant Update for 2017 and 1Q2018 Tenant Mix Comparison(2) Key Tenants Joining in 2017 Key Tenants Signed for Expansion (1) As at Mar 2018 27.4% 18.6% 24.0% 16.1% 13.9%  Repositioning, re-tenanting, and implementing new concepts to certain malls in order to attract footfall from adole

  10. Slide 10: Malls Opening from 2018E – 2019E

    Malls Opening from 2018E – 2019E 47 malls to be opened in 2018E – 2019E 6 malls To be opened in 2Q2018 Malls Opening by Format Format 1H 2018E 2018E – 2019E Vincom Center - 5 Vincom Mega Mall - 0 Vincom Plaza 5 26 Vincom+ 1 16 9

  11. Slide 11: 3. Financials and Capital Management Update

    3. Financials and Capital Management Update

  12. Slide 12: Financial Performance Q1 2018 vs. Q1 2017

    Financial Performance Q1 2018 vs. Q1 2017 Change Figures in VND billion Q1 2017 Q1 2018 Commentary (%) Leasing of Investment Approximately 50% was attributed to the 15 malls opened in Properties and Rendering 1,079 1,282 18.9 2017. of Related Services In Q1 2018: delivery of shop-houses in southern

  13. Slide 13: Financial Performance

    Financial Performance Total Revenue Gross Profit(1) VNDbn VNDbn Gross Profit Margin (%) 33.7% 41.4% 50.8% 53.5% 49.5% 6,386 5,958 24 264 5,518 112 2,556 951 2,642 2,801 8 48 3,267 2,007 411 (2) 623 607 746 801 4,455 1,618 2,342 8 7 3,805 1,394 2,011 26 17 1,401 159 117 2,427 315 335 579 677 1,053 1,

  14. Slide 14: Balance Sheet

    Balance Sheet Total Assets Inventory VNDbn VNDbn 38,133 38,120 35,961 34,299 1,969 1,817 14,276 16,652 16,643 1,483 16,251 683 21,685 21,481 21,477 18,048 31-Dec-15 31-Dec-16 31-Dec-17 31-Mar-18 31-Dec-15 31-Dec-16 31-Dec-17 31-Mar-18 (1) Investment Properties and Investment Properties Under Constru

  15. Slide 15: Leverage and Coverage ratios

    Leverage and Coverage ratios Net Debt(1) / (Total Assets – cash & cash equivalent(2)) Net Debt(1) / Equity 7.2% 7.1% 4.9% 5.0% 31-Dec-17 31-Mar-18 31-Dec-17 31-Mar-18 Total Debt / Equity Interest Coverage Ratio(3) Times 9.5 22.9% 22.5% 7.2 31-Dec-17 31-Mar-18 1Q2017 1Q2018 Note: Based on VAS Audited

  16. Slide 16: Appendix

    Appendix

  17. Slide 17: Bridging VAS to IFRS

    Bridging VAS to IFRS VAS 1Q2018 Adjustment IFRS 1Q2018 Leasing revenue and other related services 1,266 (3) 1,263 Sale of residential inventory 335 335 Other revenue 17 17 Commentary on Adjustments Total revenue 1,618 1,615 Depreciation of malls is included Cost of leasing activities and other relat

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