im corporate ytl
TRANSCRIPT
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Global Assets backed by Financial Strength &
Intellectual Capital
Covering 12 Million Customers
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The YTL Grou
Globally recognized as one of Malaysia's best managedcong omerates – 5th of Malaysia’s Top 50 Brands 2009 by Brand Finance
– Forbes Global 2000 in 2008 –
– Far Eastern Economic Review Asia’s Leading Companies in 2000–2006
Combined group market cap of RM33bn (US$9.6bn)
Generating consolidated revenues of RM8.9bn* (US$2.6bn);profit before tax of RM2.3bn* (US$670mn)
Combined group assets of RM45.4bn* (US$13.4bn)
YTL Corp & YTL Power – components of FTSE Bursa Malaysia
YTL’S BLUE OCEAN STRATEGY:
* 30 June 2009 (audited)
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Acquiring, operating and growing world-class assets withfinancial and intellectual strength
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Hi hli hts of YTL’s Blue Ocean Strate
YTL Power – international multi-utility player – Owns a total licensed generating capacity of 4,312 MW
– Owns and operates the most efficient water company in the UK
– Multi-utilit and oil-tradin businesses in Sin a ore
1st company in the world executing nationwide WiMAX (4G)
YTL Cement – 2nd lar est Mala sian cement com an stron
regional presence REIT ownership in prime properties in Singapore, Japan, China,
YTL Construction has completed to date RM7.25bn (US$2.1bn)
worth of contracts on budget and on time YTL Land – RM1.1bn of projects currently under development
– Winner of 7 CNBC Asia Pacific Property Awards 2009
–
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commercial developments
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Transformation into an
2000 - Today1990 – 20001955 - 1990
CONSTRUCTION
ROOTS
NATIONAL
INFRASTRUCTUREDEVELOPMENT
GLOBAL
EXPANSION
Defence, security &agro-based installations
Power – 1st Malaysian IPP,14 months ahead of schedule
High speed rail
ElectraNet,transmission &distribution in SouthAustralia
Zhejiang HangZhouDama Cement, cementcompany in China
Pioneered high-rise
construction in Malaysia
1st turnkey contractor inMalaysia
Expansion of cementbusiness
1st ready-mix concretecompany in Malaysia
Wessex Water, waterand wastewatercompany in UK
Starhill Global REIT,SGX-listed, properties inSingapore, Japan , China &Australia
Cement business startedto support in-house
construction
n egra e cemen p anon east coast of Peninsula
Award winning luxury
hotels, resorts & shoppingcentres
Jawa Power, Paiton IIIndonesian IPP
PowerSeraya, generationcompany with multi-utilitycapabilities in Singapore
5Construction Roots National Infrastructure Development Building a Global Presence
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Continual development of
Utilities O&MCement
Manufacturing
CONSTRUCTION CONTRACTINGFoundation of the YTL Group in 1955
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Technology
Hotel Dev’t &
ManagementReal EstateInvestment
Property
Development
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Exponential revenue growth
Acquisitions of PowerSeraya &
US$ 7.2 mn US$ 2.6 bn
(RM 25 mn) (RM 8.9 bn)
ar o a
Ac uisitions of Perak-Han oon Pahan
Cement, Jawa Power
Acquisition of Wessex Water
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Our portfolio of assets are Asiacentric and they are strategically poised tor e to w at we e eve w e a mu -year grow cyc e n t e reg on.
We believe we are now an infrastructure conglomerate of global stature.
M&A capacity to capitalize further on the Asian growth story.
economic story - utilities, property, telecommunications, building materials,construction/O&M. We are a fully integrated conglomerate.
We believe these subsidiaries are all undervalued and YTL Corp willcontinue to increase its stake in them. Taking units private or
restructuring of undervalued assets is also a logical option.
These subsidiaries demonstrate their quality by paying YTL Corp RM1billion a year in dividends. This unencumbered dividend stream is
’
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expec e o reac o a o s a ance
sheet potential.
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-
Breakdown of FY09 EBIT Breakdown Invested Capital
0% 1%1%
4%
5%
3%UtilitiesHotels
Property 49%
20% UtilitiesHotels
Property
73%
YTL e-solutions
Construction/O&M 23%
YTL e-solutions
Construction/O&M
3%
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YTL Corp is now reaping the rewards
Dividend stream willfurther strengthen M&A
potential
Real EstateInvestment
Power &Utilities
CementManufacturing
PropertyDevelopment
IT & e-Commerce
• RM600mil in • • RM50mil • RM75mil • RM150mil
dividends &treasury shares
• Sustainablefree cash flow
• SustainableFCF of
250mil a
• SustainableFCF of
150mil a
• SustainableFCF of200mil aear
• SustainableFCF of 250mil ayear
of RM2.0bil ayear
YTL Corp is expected to receive at least RM1 billion a year in dividends to be paid
every quarter from its business units based on their future free cash flow generation.
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Sna shot: YTL Cor oration Berhad
Market Capitalisation since IPO
US$ 17 mn US$ 4.1 bn(RM 59 mn) (RM 14.0 bn)
US$ mn 2007 2008 2009
Revenue 1,769 1,926 2,615
Net Income 206 226 245
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EPS (US¢) 14.0 15.2 15.9Total Assets 9,974 11,311 13,357
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Average annual
1985 2009
RM mn US$ mn RM mn US$ mn
. . , ,
Pre-tax profit 3.0 0.86 2,288 673
Net profit 1.7 0.49 834 245
Compounded average growth 1985-1997 55%
Compounded average growth 1985-2009 30%
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Financial year ended 30 June
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Growth in value of investment in YTL Cor
-
68 mn shares worth
US$135 million
invested in
YTL Corp
shares worthUS$135
million in
7 mn shares worth
US$1 million43% averageannual return
2009
. mn1985-1999 annual return
1985 – 2009
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Adjusted for bonus issues, share dividend distributions & reinvestment of dividends
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Sna shot: YTL Power International Berhad
Market Capitalisation since IPO
US$ 2.2 bn US$ 4.4 bn(RM 7.5 bn) (RM 14.8bn)
Revenue 1,188 1,248 1,792
Net Income 346 306 190
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Total Assets 7,060 8,814 10,203Market Cap US$ 4,357 million (as at 28/2/2010)
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Investment in lon -term concession assets
YTL Power is a component stock of FTSEBursa Mala sia KLCI To 30 stocks
Diversification into a global multi-utilitycompany from single-purpose power
generation company Key investments in:-
– ower generat on – contracte merc ant mar ets
– Electricity retail and transmission
– Water and sewerage services
International operations contribute over 80%of total turnover
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– , ,
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YTL Power:
Dividend Yield 1998-2009
For the financial year ending 30 June 2010:
Annualised dividend1 for 5bonus
yield of . for theyear to date:-
1st & 2nd interim
issue
cas v en s o
7.5% each
FYE 30 Cash dividends* Share TOTAL DIVIDENDJune (sen/share) dividends (sen/share) Dividend yield
2005 10.0 1 for 25 17.2 9.5%
2006 10.0 10.0 5.7%
16
. . .
2008 11.25 1 for 25 18.5 10.2%2009 13.875 1 for 40 19.3 8.9%
* Based on cash dividends declared in respect of the financial year
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A leading Asian multi-utility with
100% 100%100% 35%33.5%
ELECTRANET-
GENERATIONSDN BHD
TRANSMISSION
SEVICES PTYLTD
WATERLIMITED
P.T. JAWAPOWER SERAYA
LIMITED
1,212 MW
generation
200-year
government
KINGDOM
Utility concession
in perpetuity
1,220 MW coal-
fired power station
3,100 MW licensed
generation capacitycapacity
Single off-taker -TNB
concession forSouth Australia
1.3 mn water & 2.6mn sewerage
customers
in East Java
Single off-taker -PLN
30-year generation& retail licenses
Multi-utilityca abilities
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20092004200220001993
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Adding value through
– 1st IPP in Malaysia in 1993
– -,22 months
– Completed on budget – 40% cheaper than any previously builtp ant n a ays a
– 1st Asian IPP to introduce indigenous Ringgit-denominatedro ect financin
– Creation of 1st long term 15-year bond with EPF
– Pioneered Infrastructure Project Company (IPC) listing on the KLstock exchange
– YTL Power was the 1st IPC to be listed in May 1997
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– YTL took over O&M for Jawa Power’s 1,220 MW station in 2005
– Out erformed 83% contracted availability re uirements
– Earned consecutive bonus payments from PLN in 2006, 2007 &2008
Water & sewerage – UK
–
– Ranked no.6 out of 10 UK WASCs in terms of service &
efficiency in 2002 – Wessex Water has been ranked No.1 by Ofwat for the past 3
consecutive years
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ElectraNet:
AUD-MYR Cross Currenc Rates 1999-2009
10-yr high : 3.1510- r low : 1.84
ElectraNet acquisitionAU$1:RM2.03 (avg)
20Source: Bloomberg
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. .
53% increase in RAB (Regulated Asset Base)
– Increased from A$0.83 bn to A$1.27 bn as at 30/6/08
–Regulatory revenue reset for 2008-2013 – RAB to increase by 48%
Well-positioned to provide connection services to “green” energyprov ers
– South Australian grid currently has 58% of Australia’s grid-connected wind ener
Prospects for future growth
– South Australia undergoing mining & resources exploration push –ElectraNet well placed to benefit from this
– Serves as the anchor for future investment and growth opportunities
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Wessex Water:
.
– Acquired at discount of approx. 8.5% to RAB
– Subsequent M&A transactions in the UK water sectorcomman e prem ums a ove o
60% growth in RAB to £2.17 bn (at 31 Mar 2009)
Tremendous upside potential in the value of thisinvestment
Transfer of technology, knowledge & skills
between the UK and Malaysia operations – Use of YTL’s construction expertise to achieve cost-
savings on Wessex’s infrastructure development
–
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regulation model
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Wessex Water (continued)
Regulated Asset Base (RAB) 2001-2009
60% increase inRAB since 2002
2007 2008 2009As at 31 Mar GBP mn RM mn GBP mn RM mn GBP mn RM mn
Revenue 367 2,127 394 2,288 421 2,440
Stable earnings – average y-o-y growth in profit & revenue of 6-7%
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Jawa Power:
1,220 MW coal-fired power station at the Paiton
Power Generation Com lex East Java
Excellent operational performance
–
• Paiton II is the only power plant in Indonesia to receive the rating – Golden Flag Award from the President of Indonesia
• Zero lost time accidents & best safet ractices for ast 3 consecutive years
– ISO 14001 Certification for Environmental Management
Systems in 2001 (upgraded in 2004)
YTL also owns 100% of Jawa Power’s O&M company
– Record-high availability & dispatch achieved since 2005
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PowerSeraya:
-
100% sta e n ower eraya acqu re romTemasek in March 2009 for S$3.6 bn
(US$2.5bn):- – S$3,400 mn cash – S$1,150 mn from cash reserves;
balance from limited recourse acquisition loan
–
PowerSeraya
-complement existing core competencies
Multi-utilit business ortfolio – electricitsteam, water, oil and gas
– PowerSeraya is well-positioned to provide multi-utility
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Acquisitions of Tuas Power (Huaneng) and Senoko Poweraru en onsor um prece e ower eraya a g er pr ces:-
ower a on
MWAcquirer
cqu s on
Date
n erpr se
Value (EV)EV / MW
EBITDA1
Tuas Power Huaneng
2,670MW Power . .
Senoko Power Marubeni 5 Se 2008 S 3.97 bn S 1.2 mn 16 x, onsor um
PowerSerayaYTL Power
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3,100MW
Berhad . .
Note 1 – based on respective Plants’ FY2008 EBITDA
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Sna shot: YTL Cement Berhad
Market Capitalisation since IPO
US$ 5.5 mn US$ 587 mn(RM 20 mn) (RM 2.0 bn)
US$ mn 2007 2008 2009
Net Income 47 57 70
EPS (US¢) 9.8 12.1 15.0
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Total Assets 755 830 919
Market Cap US$587 million (as at 28/2/2010)
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Mala sia’s fastest rowin cement com an
st -
2nd largest cement Malaysian company
nnua pro uc on capac y – . mn onnes p.a.
Fully integrated operations across the complete
– Quarry operations and aggregates
– Clinker, cement, ready-mixed concrete
– Sales & distribution and logistics
Regional expansion plans
to the integrated resorts, Sentosa)
– 2008 – Acquired 100% in Zhejiang HangZhou DamaCement China
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– Evaluating investment opportunities in Indonesia and China
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Strong financials
CAGR CAGR CAGR CAGR
Revenue 35.3 14% 45.6 9% 71.6 23% 199.1 43% 578.9
. . . . .
Shareholders’funds 11.2 24% 17.1 31% 65.9 24% 194.2 35% 475.2
1995 Pahang Cement 50:50 JV (with Pahang State Govt)
2004 Pahang Cement 50%
2004 Perak Han oon 64.84%
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2008 Zhejiang HangZhou 100%
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Construction & en ineerin services
-CONSTRUCTION
• Built at US$9 million per km
(RM35 mn) – cheapest in the• Class “A” Malaysian turnkey – st
CONTRACTING
• Wide intellectual capital –
wor
• 60-year concession
• Premium 57 km high speed
• Pioneered use of slip formingtechniques in early 1980s
•
development credentials,technical and operationalexpertise
ra n e ween c y cen er
KLIA – 28 minutes
• Fastest rail service in Malaysia
– foundation for entry intosubsequent ventures – power,cement, O&M, propertydevelopment, hotels
• om ne cyc e gas- re
power generation
• Coal-fired power generation
• 1st stan ar gauge ra systemin Malaysia; powered bySiemens technology
• A rox 4 mn assen ers .a
• Sterling track record inconstruction of sophisticatedinfrastructure projects &
• Electricity transmission anddistribution
• Water and sewerage
treatment
• Scalable engineeringexpertise
• Cement plant operation &maintenance
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Group-wide construction & engineering services generate annual revenue of approx.
US$100 million (RM340 mn) and profits of US$55 million (RM187 mn)
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Real estate hotels & leisure businesses
YTL HOTELS&
PROPERTIES
YTL LAND &DEVELOP-
MENTSTARHILL
REIT
STARHILLGLOBAL
REIT
YTLSINGAPORE
Award-winningluxur hotels
High-endresidential
US$443 mnortfolio of
US$1.45 bnortfolio of
Developmentof hi h-end
& resortsdevelopments(Malaysia)
retail & hotelproperties
retailproperties
real estate(Singapore)
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Award-winnin real estate & hotels
CNBCIA-PA IFI
PROPERTY AWARDS2009
SANDY ISLANDBest Development
Best Development Marketing PANGKOR LAUT RESORTSpa Exterior of the Year, AsiaSpa Awards ’07
FIABCI AWARDSBest Residential (High Rise) 2008 – The Maple
Five Star Diamond Award, The American Academy of Hospitality Sciences, 2002-07
Best Destination Spa, Spa ExperienceAsia Spa & Wellness Awards, 2006
TANJONG JARA RESORTBest Residential (Low Rise) 2008 – Lake Edge
Best Master Plan 2007 – Sentul East & West
Special Award for National Contribution 2007– The Kuala Lumpur Performing Arts Centre
Best Residential Hi h Rise 2006 – Andalucia
Best Spa Resort, Expatriate Lifestyle, The Best of Malaysia Travel Awards (2008)
Best Hotel Spa in Asia Pacific, Condé Nast Traveller UK.Readers Spa Awards 2008
Five Star Diamond Award, The American ca emy o osp ta ty c ences 2002-08
CAMERON HIGHLANDS RESORTBest Non-Beach Resort, Expatriate Lifestyle,Best of Malaysia Travel Awards 2008 Five Best Tea Plantation Hotels, The
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Independent UK, 2007 Best Signature Treatment (The Semai),
Malaysia Spa & Wellness Awards 2007 Five Star Diamond Award, The American Academy of Hospitality Sciences, 2006-08
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Iconic brands under YTL’s umbrella
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Sna shot: YTL Land & Develo ment Berhad
Market Capitalisation since 2001
US$223 mn
Key Residential Developments
• Sentul East & Sentul West • Lake Edge– ,
• Sentul West - The Maple, The Capers• Commercial – D6, D7
• Pantai Hillpark
-• Bungalows
• Lake Fields (developed by SPYTL)• Semi-detached houses
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• ow-r se con ov as, unga ows• SOHO offices
• on om n ums
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Develo er of hi h- ualit homes
Listed on the Main Market in Malaysia with a market cap ofUS$223 mn
Acquisition of Starhill Gallery, Lot 10 & JW Marriott KualaLumpur from Taiping Consolidated
– Acquired in 1999 for RM323 mn (US$92 mn)
– In ected into Starhill REIT in 2005 at valuation of RM1.15 bn US 329 mn
– Value added through creation of Bintang Walk as KL’s premiere shoppingdistrict, re-branding of Starhill Gallery & Lot 10, removal of duty on luxury goods(watches, cameras)
Excellent track record of building high quality homes
– Houses, apartments & condos with attractive & innovative designs
– Land bank of more than 2,000 acres in Malaysia with GDV of RM20bn
– Poised to ride the scarcity of land in the Klang Valley and the subsequentdemand for condominiums
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Sna shot: Starhill REIT
Market Ca italisation since IPO Ke Information
Manager Pintar ProjekSdn Bhd
(70% subsidiary of YTLCorp)
Market cap US$289 mn(as at 328/2/2010)
Value
(as at FYE 30/6/09)
NAV per US$0.34un .
(as at FYE 30/6/09)
DPU (sen) 3.45 6.70 6.89 6.91
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Yield (%) 6.5* 7.1 7.4 8.6
* Annualised
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Sna shot: Starhill Global REIT
Key InformationMarket Capitalisation since IPO
Manager
YTL Pacific StarReit Management
Ltd (50%-owned by YTL Corp)
Market cap US$747 mn(as at 28/2/2010)
US$747 mn
Portfolio
Value
US$2.10 bn(as at 328/2/2010)
NAV per US$0.57(S$0.82)unit (as at 31/12/2009))
FYE 31 Dec 2006 2007 2008 2009*
DPU (S¢) 5.79 6.19 7.17 3.80^
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. . . .
* Unaudited
^ Decrease due to the 1 for 1 Rights Issue undertaken in 2009
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Existin structure
65% 29%
HOSPITALITY ASSETS
Starhill Gallery Lot 10 Parcels Renhe Springs Ngee Ann CityWisma Atriaong e
Harajyuku Secondo Holon LRoppongi Terzo
JW Marriott Hotel
Kuala Lumpur
The Residences
Properties
Roppongi Primo Nakameguro Daikanyama Ebisu Fort
S hill Gl b l REIT
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Starhill Global REIT:
Currently, 11 prime properties valued at S$2.1 bn – Singapore’s famed Orchard Road – Upscale districts of Tokyo, Japan – Wuhou district of Chengdu, China – ,
Highly successful extension of globalisationaspirations through geographical diversification
Strong “Starhill” branding from YTL Corp assponsor
Wisma Atria & Ngee Ann City offer 357m (1,177 sq.ft) of street frontage
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Global retail foot rint
Harajyuku Secondo Holon LRoppongi TerzoRenhe SpringZongbei Property
Roppongi Primo Nakameguro Daikanyama Ebisu Fort
Starhill Gallery Lot 10 Property
Wisma Atria (74.23%)Ngee Ann City (27.23%)
David Jones Building
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Potential hos italit assets for future in ection
-Hotels &
ResidencesLuxury Resorts
Heritage &Business Hotels
InternationalHotels & Resorts
Niseko Village
Muse,
St.Tropez
esort
Kuala Lumpur,Kuantan & Penang
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Structure after ro osed rationalisation
65% 38%
Estimated combined valuation:.
Starhill Gallery Renhe SpringsZongbei
Ngee Ann CityWisma AtriaJW Marriott Hotel
Kuala LumpurThe Residences atThe Ritz Carlton
The Ritz-Carlton,Kuala Lumpur
Lot 10 Harajyuku Secondo Holon LRoppongi TerzoPangkor Laut
ResortTanjong Jara
ResortCameron
Highlands Resort
Roppongi Primo Nakameguro Daikanyama Ebisu FortThe MajesticMalacca
Vistana Hotels in Kuala Lumpur, Kuantanand Penang
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YTL Cor ’s established REIT credentials
- branding & asset management
YTL & fla shi “Starhill” brand are wellrecognized in Asian retail markets
– Opportunities to bring the brand to other cities – , , , , ,
Dhabi and Jakarta Strong operational capability with proven track
record of capital and asset managementexpertise
ocus on grow ng s w e a on oprime regional assets on a yield accretive basis
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Sna shot: YTL e-Solutions Berhad
Technology incubator – listed on ACE Market since 2002
Current stable of companies includes:
– Extiva Communications - Value added AVSP/VoIP telephony
– ’
• Narrowcast digital media broadcasting with high quality digital content
• YTLIS – leading plasma-based digital media networks in Malaysia
– -
Market Capitalisation since IPO
US$294 mn
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WiMAX – Nationwide mobile internet
Y-Max Networks
– Holds 1 of 4 WiMAX licenses from MCMC
YTL Communications – platform for
internet network
– Catalyst for new internet-based technology in
– Creation of new advances in infrastructure,device technology, applications and content
e-ups w g o a n us ry ea ers
– Cisco, Clearwire, Samsung
Evolution of Mala sia as a WiMAX Centerof Excellence
– Encourage development of new local facilities,professional resources, training,
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manufacturing & logistics assets and support
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Revenue Forecast 2010 - 2014
HIGHLIGHTS
•Revenue not included
• Y1-Y2 – Main Revenueontr utor w e
communications
• Y3 Onwards – Buildin Contents & Appls towards30% of Revenue
• 4 nwar s – ewSubs from ElectronicMarkets
YTL Communications: Proprietary and Confidential
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Conclusion
Ongoing pursuit of intellectual capital & technicalexpertise – unwavering focus on core competencies
Building value through financial innovation &opera ona e c ency
Acquisition-driven growth – – Prudent investment criteria – correlation with core competencies &
potential to add value
– Sustained return on investment
Organic growth – Operational efficiencies to bring down costs & improve profit margins
– experience to improve performance
Rewarding investors with attractive & consistent
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returns