Vincom Retail Jsc · HOSE:VRE

Vincom Retail Jsc — Vincom Retail Joint Stock Company — H1 2018 Earnings Presentation

18 slides from Vincom Retail Jsc's earnings presentation, Jul 31, 2018

  1. Slide 1: Vincom Retail Joint Stock Company 1H2018 Financial Results

    Vincom Retail Joint Stock Company 1H2018 Financial Results 31 July 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 – 2Q2018 and 1H2018

    Performance Overview – 2Q2018 and 1H2018 Revenue from Leasing(1) Gross Profit(2) 2Q2018: VND1,360 billion 24.2%YoY 2Q2018: VND753 billion 17.3%YoY 1H2018: VND2,642 billion 21.5%YoY 1H2018: VND1,554 billion 12.0%YoY Leasing NOI(3) EBITDA(4) 2Q2018: VND960 billion 31.3%YoY 2Q2018: VND1,149 billion 30.

  5. Slide 5: Continued Expansion of Nationwide Presence

    Continued Expansion of Nationwide Presence Portfolio in Prime Urban and High Growth Areas in Key Cities Unique Multi-Format Retail Model (Segmentation by GFA) 28 51 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 P

  6. Slide 6: 2. Operational Update

    2. Operational Update

  7. Slide 7: 2Q2018 Operational Highlights and Updates

    2Q2018 Operational Highlights and Updates  Launched 5 new Vincom Plaza shopping malls in April and May  Ran 3 marketing campaigns: “Vietnam Pride”, “Abundance of Summer Gifts”, and “Midnight Sale”; increased footfall by approximately 54%, 39% and 34% respectively compared with pre- marketing campa

  8. Slide 8: Key Operational Metrics

    Key Operational Metrics Average Occupancy Retail GFA Change 1H2017 1H2018 Figure in sqm 1H2017 1H2018 Change (%) (bps) Vincom Center 90.9% 93.0% 210 Vincom Center 165,876 165,876 - Vincom Mega Mall 80.7% 88.2% 750 Vincom Mega Mall 395,148 395,148 - Vincom Plaza 92.2% 87.7% (450) Vincom Plaza 520,515

  9. Slide 9: Sales and Marketing Activities

    Sales and Marketing Activities Tenant Update for 1H2018 Tenant Mix by NLA Key Tenants Joining in 2017 and 1H2018 As at June 2018 27.7% 19.3% 22.9% 16.9% 13.2% Fashion Food & Beverage Hypermarket / Supermarket Entertainment Others  Organized several tenant programs to promote collaborations and shar

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

    Malls Opening from 2018E – 2019E 45 malls to be opened in 2018E – 2019E 15 malls To be opened in 2H2018 Malls Opening by Format Format 2H 2018E 2018E – 2019E Vincom Center 2 4 Vincom Mega Mall - - Vincom Plaza 10 28 Vincom+ 3 13 Total opening 15 45 Total operational malls as of end of period 66 91 1

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

    3. Financials and Capital Management Update

  12. Slide 12: Financial Performance in 2Q 2018 vs. 2Q 2017

    Financial Performance in 2Q 2018 vs. 2Q 2017 Change Figures in VND billion 2Q 2017 2Q 2018 Commentary (%) Leasing of Investment Mainly came from 13 malls opened from 3Q 2017 to 2Q 2018 Properties and Rendering 1,095 1,360 24.2 and increased occupancy from existing malls. of Related Services(1) Sale

  13. Slide 13: Financial Performance in 1H2018 vs. 1H2017

    Financial Performance in 1H2018 vs. 1H2017 Change Figures in VND billion 1H2017 1H2018 Commentary (%) Leasing of Investment Mainly came from 13 malls opened from Q3 2017 to Q2 2018 Properties and Rendering 2,174 2,642 21.5 and increased occupancy from existing malls. of Related Services(1) 1H2018: d

  14. Slide 14: Financial Performance – 1H2018

    Financial Performance – 1H2018 Total Revenue Gross Profit(1) VNDbn VNDbn Gross Profit Margin (%) 33.7% 41.4% 50.8% 50.8% 49.6% 6,386 5,958 24 264 5,518 112 2,556 951 2,642 2,801 8 48 3,267 2,007 411 1,388 1,554 3,134 (2) 623 2,734 25 18 0 51 492 607 163 4,455 560 2,342 274 3,805 2,011 1,401 1,096 1,

  15. Slide 15: Balance Sheet

    Balance Sheet Total Assets Inventory VNDbn VNDbn 2,294 38,133 35,961 34,299 36,012 1,817 14,276 16,652 13,739 1,483 16,251 683 21,685 21,481 22,273 18,048 31-Dec-15 31-Dec-16 31-Dec-17 30-Jun-18 31-Dec-15 31-Dec-16 31-Dec-17 30-Jun-18 (1) Investment Properties and Investment Properties Under Constru

  16. Slide 16: Leverage and Coverage ratios

    Leverage and Coverage ratios Net Debt(1) / (Total Assets – cash & cash equivalents(2)) Net Debt(1) / Equity 5.5% 7.2% 3.6% 4.6% 31-Dec-17 30-Jun-18 31-Dec-17 30-Jun-18 Total Debt / Equity Interest Coverage Ratio(3) Times 22.9% 11.1 7.4 10.2% 31-Dec-17 30-Jun-18 1H2017 1H2018 Note: Based on VAS Audit

  17. Slide 17: Appendix

    Appendix

  18. Slide 18: Bridging VAS to IFRS

    Bridging VAS to IFRS VAS 1H2018 Adjustment IFRS 1H2018 Commentary on Adjustments Leasing revenue and other related services 2,618 39 2,657 Realised unearned revenue of deposit from cusomer in relation to Sale of residential inventory 492 492 amortisation of deposit Other revenue 25 25 Total revenue

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