investor presentation review of 3q fy2019investor presentation review of 3q fy2019 version 2.0 ......
TRANSCRIPT
Investor Presentation
Review of 3Q FY2019
Version 2.0
This Investor Presentation should be read in conjunction with the JKH Annual Report 2017/18 to obtain a more comprehensive understanding of the drivers and strategies of our businesses
About JKH
âȘ Market cap of USD 1.17 billion
âȘ No controlling shareholder - 98.5% free float
âȘ Debt : Equity ratio of 16%
âȘ The Board comprises of two Executive Directors and six
Independent Non-Executive Directors
2
Contribution to net profits; a gradual rebalancing of portfolio profitability
2015/16
Note: The above excludes the contribution from Other including Information Technology and Plantations Services
2016/17
PAT attributable to equity holders
2017/18
âȘ The Group has consciously driven the shift in the composition of its earnings with a greater contribution from higher ROCE earning industry groups such as Consumer Foods, Retail and Financial Services
âȘ 2017/18 excludes the one-off surplus transfer of Rs.3.38 billion at Union Assurance PLCâȘ The decline in contribution from the Property industry group is due to revenue of residential apartments
at Cinnamon Life not being recognised
3
22%
11%
8%
20%
5%
34%
Transportation
Consumer Foods
Retail
Leisure
Property
Financial Services
23%
17%
10%
32%
4%
15%21%
16%
7%31%
10%
14%
Cumulative profitability update : for the year ended 31 March 2018
PAT to equity holders of JKH
Total PAT 21,021 16,275 29
Diluted earnings per share (Rs.) 15.15 11.84 28
Recurring PAT 18,320 16,119 14
Refer page 62 of the JKH Annual Report 2017/18 for commentary on recurring adjustments
4
Industry GroupFY2018 FY2017 YoY Growth
(%)(Rs. Million) (Rs. Million)
Transportation 3,073 2,968 4
Consumer Foods 1,515 2,192 (31)
Retail 1,145 1,306 (12)
Leisure 2,822 4,165 (32)
Property 745 508 47
Financial Services 8,016 1,978 305
Profitability update : Cumulative 9 months FY2019
PAT to equity holders of JKH
5
*Profitability was impacted by the partial closure of âEllaidhoo Maldives by Cinnamonâ and the closures of âCinnamon Hakura Huraa Maldivesâ and âBentota Beach by Cinnamonâ for the construction of new hotels. Both hotels are scheduled to open by end 2019.
Industry Group Cum. to Q3 FY2019 (Rs. Million)
Cum. to Q3 FY2018 (Rs. Million)
YOY Growth (%)
Transportation 2,970 2,690 10
Consumer Foods 696 1,106 (37)
Retail 182 914 (80)
Leisure* 597 1,234 (52)
Property (10) 114 (109)
Financial Services 2,990 2,075 44
Total PAT 12,083 11,055 9
Profitability update : FY2019 Q3
PAT to equity holders of JKH
6
*Profitability was impacted by the partial closure of âEllaidhoo Maldives by Cinnamonâ and the closures of âCinnamon Hakura HuraaMaldivesâ and âBentota Beach by Cinnamonâ for the construction of new hotels. Both hotels are scheduled to open by end 2019.
Industry Group Q3 FY2019 (Rs. Million)
Q3 FY2018 (Rs. Million)
YoY Growth (%)
Transportation 1,087 880 24
Consumer Foods 276 310 (11)
Retail 129 327 (61)
Leisure* 489 533 (8)
Property 13 29 (56)
Financial Services 710 1,465 (52)
Total PAT 4,801 4,492 7
Note the following adjustments:1) The above graph excludes the capital employed at Cinnamon Life as it is a project under development2) Investment property and revaluation gains/losses for FY16 ,FY17 and FY183) 2013 Rights issue funds, 2015 and 2016 Warrant funds and debt drawn at Cinnamon Life4) Capital employed in non-operational properties of the Group has been allocated to âProperty Excl. Cinnamon Lifeâ5) The adjusted capital employed considers the effective share based on the ownership
Adjusted effective capital employed
(Rs.bn)
Portfolio evaluation 2017/18; returns vs. effective capital deployed
10 20 30 40 50 60 70 80 90 100 110 120 130 140 150
10
20
30
40
50
60
Industry group % of effective capital employed
Financial Services 5
Retail 2
Consumer Foods 3
Information Technology 1
Transportation 9
Leisure 20
Property (Excl. Cinnamon Life) 10
Cinnamon Life 20
Financial Services - 54%
Retail - 36%
Consumer Foods - 34%
IT - 21%Transportation - 18%
Leisure - 8%
Property (Excl. Cinnamon Life) - 6%
Cinnamon Life â (0.1%)
âȘ In addition, the Holding Company accounts for 28 per cent of effective capital employed (Rs.45 bn), which consists primarily of cash
Hurdle Rate - 15%
7
Investment pipeline of over USD 500 million during FY2020 and FY2021
âȘ Investment pipeline exceeding USD 500 million over the next two years. The realisation of benefits from these investments is expected to accrue from FY2021 onwards
âȘ Approximately USD 145 million of these investments to be funded through available/internally generated cash. Some of the key projects include:
8
Project Expected completion
Cinnamon Life CY2020
Reconstruction of Bentota Beach by Cinnamon End 2019
Reconstruction of Cinnamon Hakura Huraa Maldives End 2019
Cinnamon red Kandy FY2021
Roll out of 70 Retail outlets FY2020 & FY2021
Retail Centralised Distribution Centre 2H FY2020
JK Logistics - construction of a warehouse FY2020
Transportation - overview
âȘ 42% stake in SAGT
âȘ SAGT capacity: 2 million TEUs
âȘ Largest cargo and logistics service provider in the country
âȘ Leading bunkering services provider
âȘ Joint Ventures with Deutsche Post for DHL air express and A P
Moller for Maersk Lanka
âȘ GSA for Jet Airways, KLM Royal Dutch airlines and Gulf Air. Other
operations include warehousing and supply chain management
9
KARACHI
GWADARBAHL
MUMBAI
CHENNAI
VISHAKHAPATNAM
KOLKATA
CHITTAGONG
YANGON
MOMBASA
LAMU
DAR-ES-SALAM
CAPE TOWN
PORT LOUIS
ADEN
KOCHI
The strategic location of the Port of Colombo linking key shipping routes
10
Capacity enhancements in the Port of Colombo
11
Sustained volume growth in the Port of Colombo
12
4.31
4.91 5.19
5.74
6.21
7.05
2013 2014 2015 2016 2017 2018
Mill
ion
TEU
s
âȘ Container handling capacity in the region
âȘ Port of Colombo estimated utilisation CY2018 : 88 per cent
âȘ SAGT Domestic : Transshipment volume mix (FY2018): 18:82
Port Container handling capacity (TEUs)
Colombo 8 million
Hong Kong 21 million
Singapore 40 million
Shanghai 36 million
Sources: Government websites/ Sri Lanka Ports Authority
Rapid absorption of capacity in the Port of Colombo
13
Volumes (TEU) Q3 FY2019 Q3 FY2018 % Change
SAGT 516,037 478,972 8
SLPA 604,672 539,021 12
CICT 703,470 645,637 9
Total 1,824,179 1,663,630 10
Sources: Government websites/ Sri Lanka Ports Authority
Opportunities for growth in the Bunkering businesses
Bunkering Business (Lanka Marine Services)
âȘ Total volumes at LMS grew by 9 per cent during 3Q FY2019
Port of HambantotaâȘ Strong opportunities for private bunkering service providers with infrastructure in
place for inland storage of petrochemicals and a pipeline to the Port
âȘ The Port will occupy an area of 1,815 hectares and have a capacity to accommodate 33 vessels at a time
âȘ Positioned within 10 nautical miles of the worldâs busiest shipping lanes in which 200 to 300 ships sail through on a daily basis
Logistics Business (John Keells Logistics)
âȘ Total warehouse space under management grew up to approx. 250,000 CBM in the year 2017/18
14
Consumer Foods - overview
âȘ Market leader in soft drinks, ice creams and processed meatsâȘ Custodians of the consumer brands âElephant Houseâ, âKeellsâ and âKrestâ: high brand equity
Key performance indicators (%) FY2016 FY2017 FY2018
Growth of ice cream volumes 15 11 (4)
Growth of beverage volumes 22 10 (16)
Growth of convenience food volumes 11 (4) 3
PBT growth - Consumer Foods 65 19 (31)
EBIT margin - Consumer Foods 22 24 17
Key performance indicators (%) Q3 FY2019
Growth of ice cream volumes 7
Growth of beverage volumes (23)
Growth of convenience foods volumes 3
âȘ A sugar tax on carbonated beverages was implemented from 9th November 2017 onwards, which resulted in the selling prices across the CSD portfolio being increased by approximately 40 per cent. Other mitigation strategies are discussed overleaf
âȘ Beverage : Frozen Confectionary revenue mix stood at 53:47 as at 31st December 201815
52.0
39.0
31.4
19.0
10.0
Philippines Thailand Singapore Malaysia Sri Lanka
Carbonated Soft Drinks - Per Capita Consumption (Litres)
Low consumption patterns and penetration reflects potential for sustained growth
âȘ The bulk-impulse mix of regional markets are highly skewed towards the impulse markets, demonstrating the significant growth potential for the impulse category
âȘ CCS reformulated its flagship flavours to replace approximately 40 per cent of sugar content with the natural sweetener Stevia while also implementing the following initiatives;
âȘ Launch of sugar free CSD variants - branded âGO Sugar FreeâȘ Acceleration of non-CSD product launches (flavoured milk and water branded under Elephant
House, and additional flavours of fruit juice branded under âFit-Oâ)
70%30%
8%
92%
Sri Lanka Thailand
56%
44%
Malaysia
Bulk vs. Impulse Split - RegionalImpulse Bulk
16
Sources: Central Bank of Sri Lanka, Nomura Research Institute, Unilever Corp, Web articles
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49 4843 40
16
Singapore Malaysia HongKong
Taiwan Thailand Sri Lanka
Modern Retail Penetration (%)
Retail - overview
Present share of modern retail No. of outlets
Keells * 91
Cargills 371
Arpico 48
Laugfs 37
* As at 31 December 2018
âȘ âKeellsâ is a chain of ~10,000 square foot modern grocery retail outlets
17
âȘ Comparatively higher modern trade density â population per
store ratios as against regional peers
âȘ High potential for expansion due to lower penetration of
modern trade in Sri Lanka
âȘ Approximately 160 outlets expected by FY2020/21
13
2
47
30
21
.0
7.3
4.7
4.5
3.7
3.6
3.4
3.0
2.5
1.9
0.9
Modern trade density â population (â000) per store
Source: Retail and shopper trends in the Asia Pacific, AC Nielsen
FY2018/19
Keells Super forecasted coverage
No. of new stores expected
FY2019 18
FY2020 40
Rapid expansion to capitalise on low retail penetration levels
18
Retail - overview
Key performance indicators FY2015 FY2016 FY2017 FY2018 FY2019-Q3
Same store sales growth (%) 15.3 12.5 9.5 5.7 2.4
Same store foot fall growth (%) 10.6 10.1 6.8 3.8 4.2
Profitability margin FY2015 FY2016 FY2017 FY2018
EBIT margin (%) 3.2 5.8 5.4 4.0
PBT margin (%) 3.1 5.4 5.6 4.0
âȘ The Q3 FY2019 same store sales were impacted by the temporary impact stemming from the rapid store expansion plans of the sector and the corresponding âcannibalisationâ effect it entailed.
âą Profitability margins are impacted by the cost of expanding and operating new stores coupled with the one-off cost associated with rebranding and refitting stores and the imposition of control prices on essential items
âą Although outlets are profitable in the first year of operations, the aggressive outlet rollout undertaken has resulted in margin contraction in the short term as a result of the ramp up period of a new outlet
âą The sector will undertake planned capex of approximately USD 90 million from FY2019 to FY2021 for an aggressive expansion of the store footprint and the construction of a centralised Distribution Centre. The projects will be funded via debt given the low gearing ratio of the business
19
Leisure - overview
âȘ Chain of Resort hotels in Sri Lanka
⟠8 Resort hotels in strategic tourist destinations (1,000 rooms)
⟠10% of the countryâs 4-5 star class tourist accommodation
âȘ 2 five star city hotels in Colombo (847 rooms)
âȘ 240 roomed lean luxury hotel managed by Cinnamon; âCinnamon redâ
âȘ 3 Resort properties in the Maldives (340 rooms)
âȘ Established hotel brand â Cinnamon
âȘ Leading inbound tour operator in Sri Lanka
âȘ Tour operator partners include global players such as Thomas Cook, Kuoni, Hotel
Plan and Virgin Holidays
20
âȘ Greater focus on asset light investment models as a part of
the strategy to enhance the âCinnamonâ footprint in Sri Lanka
âȘ Land bank of 173 acres of freehold and 127 acres of
leasehold land in addition to 517 acres of leasehold land in
Digana
âȘ Of the total freehold land acreage owned, a total of 96
acres of freehold land are in key tourist hotspots:
âȘ Ahungalla (Southern Province) : 10.9 acres
âȘ Trincomalee (Eastern Province) : 14.6 acres
âȘ Nilaveli (Eastern Province) : 41.7 acres
âȘ Wirawila (Southern Province) : 25.2 acres
âȘ Nuwaraeliya (Central Province) : 3.4 acres
Round trip offering in key tourist destinations; further potential to expand the âCinnamonâ footprint
21
Sector
FY2018 FY2017
Occupancy (%) ARR(US $) EBITDA Margin (%)
Occupancy (%)
ARR (US $) EBITDA Margin (%)
City Hotels* 64 127 27 69 133 36
Resorts in Sri Lanka 81 91 28 80 93 33
Resorts in Maldives 82 263 24 89 261 33
SectorQ3 FY2019 Q3 FY2018
Occupancy (%) ARR (US $) Occupancy (%) ARR (US $)
City Hotels* 50 129 65 128
Resorts in Sri Lanka 67 87 70 85
Resorts in Maldives 91 321 92 300
*City Hotels occupancy and ARR excludes Cinnamon red
Occupancies and average room rates
âȘ City Hotels occupancies and ARRs were impacted by the increase in room inventory
âȘ The decrease in EBITDA margins of the Sri Lankan Resorts segment is on account of the closure of âBentota Beach by Cinnamonâ
âȘ The Maldivian Resorts segment EBITDA margin was affected by the partial closure of âCinnamon Dhonveli Maldivesâ and refurbishment of âEllaidhoo Maldives by Cinnamonâ
22
YearTourist arrivals
(In 000âs)Growth (%)
2010 654 46
2011 856 31
2012 1,006 18
2013 1,275 27
2014 1,527 20
2015 1,798 18
2016 2,051 14
2017 2,116 3
2018 2,334 10
Arrivals from China and India
Year China India
2014 128,166 242,734
2015 214,783 316,247
2016 271,577 356,729
2017 268,952 384,628
2018 265,965 424,887
âȘ Tourist arrivals from January- December 2018 was 2,333,796, a growth of 10.3%, as compared to the 2,116,407 recorded in the comparative period of the previous year
âȘ Arrivals for the quarter (October- December 2018) increased by 6.6%
Source: Sri Lanka Tourism Development Authority
Encouraging growth momentum of tourist arrivals to Sri Lanka
23
-
500
1,000
1,500
2,000
2,500
1985 1996 2007 2018
Annual tourist arrivals to Sri Lanka ('000)
Source: Sri Lanka Tourism Development Authority
Significant growth in Asian arrivals to Sri Lanka
24
245,753
334,274 383,748
527,656
640,045
822,272
938,697 962,395 966,731
2010 2011 2012 2013 2014 2015 2016 2017 2018
To
uri
st a
rriv
als
Calandar Year
Source: Governmental tourism websites
Tourist arrivals to Sri Lanka lag well below regional peers
25
0
5
10
15
20
25
30
35
40
Malaysia Indonesia Thailand Vietnam Cambodia Sri Lanka
Arr
ival
s in
mil
lio
ns
1990 2018 Actual/ Target
60,000
31,79030,114
26,113
9,100 7,6005,019
Bangkok Manila Kuala Lampur Jakarta Ho Chi Minh Hanoi Colombo
Room inventory in Colombo lags far behind other popular regional capital cities
26
âȘ Colombo is increasingly becoming an attractive location for City Hotel developments
âȘ Expected 5-star room supply:
Development No. of roomsYear of
completion
Cinnamon Life 800 2020
ITC 350 2021
Ritz Carlton* 473 2022
Total rooms 1,623
âȘ âCinnamon Lifeâ is slated for completion in the calendar year 2020 with the residential apartments and office complex ready for hand over and occupation by early 2020
Pipeline of room inventory to support arrivals trajectory
27
* Note that the year of completion of the above is uncertain and is likely to be later than stipulated
Property - overview
âȘ âJohn Keells Propertiesâ; explore property development opportunities by leveraging on brand equity
âȘ Focused strategies for expansion via developer/landowner tie ups
âȘ Catering to different target market segments:âȘ Luxe SpacesâȘ Metropolitan SpacesâȘ Suburban Spaces
âȘ High-rise apartment complexes completedâȘ â7th Senseâ on Gregoryâs RoadâȘ OnThree20âȘ The EmperorâȘ The Monarch
â7th Senseâ on Gregoryâs Road
OnThree20
28
âȘ Low levels of urbanisation within Sri Lanka in comparison to regional peers
âȘ Annual condominium supply far below regional peers
Source: KL: CBRE property market outlook 1Q 2018 (forecast for 2018)HCMC: CBRE Vietnam property overview Q1 2017 (forecast for 2018)CMB: Internal Estimates (forecast for 2018)
Industry potential
29
53,796
38,000
2,187
KL Ho Chi Minh City Colombo
Annual condominium supply in regional cities
Developable land bank of over 36 acres in central Colombo
âȘ Prime developable land bank of over 36 acres held in central Colombo
âȘ Opportunities for development at land banks held in Crescat City and Cinnamon Lakeside
Vauxhall street land bank:
âȘ Prime freehold land extent of 9.38 acres, to be developed with Finlays Colombo Limited
âȘ Located in close proximity to the Beira lake water front which is earmarked for development of recreational and residential projects by the UDA
30
Cinnamon Lakeside
7.40 acres leasehold land
Vauxhall Street
9.3 acres freehold land
Union Place
1.5 acres
Crescat City
8.03 acres freehold land
Cinnamon Life
7.1 acres freehold
3.03 acres leasehold
Developable freehold land of approximately 25 acres in close proximity to Colombo city
âȘ Greater connectivity and reduction in travel time to Colombo city post construction of the outer circular expressway
âȘ Direct connectivity to the Port City Colombo and a multi modal transportation hub to be developed
âȘ Opportunity to expand into residential apartment projects in proximity to the Colombo city
Colombo - Katunayake expressway/ outer circular expressway connecting to the southern expressway
Port access elevated highway
Bandaranaike
International Airport
Port City
Development
Thudella 18 Acres
freehold
Kapuwatta 6.6
Acres freehold
31
Robust development pipeline; on going developments
1. Cinnamon Life
âą Revenue recognition of Cinnamon Life will be upon completion in CY2020
2. âTri-Zenâ- an 891 apartment residential development in central Colombo, with expected completion in FY2022/23 (~16 per cent pre-sold as at 31 December 2018)
3. Master planning has been initiated for the 18-acre land under JK Thudella Properties (Private) Limited
4. Master planning has been initiated for the jointly held 9.38-acre property under Vauxhall Land Development (Private) Limited (VLDL)
5. Finalising the acquisition of approximately 100 perches of land located in the heart of Colombo, for a niche residential development which is expected to be launched in 4Q FY2019
6. Future development of the land bank held at Rajawella Holdings Limited discussed in detail overleaf
Cinnamon Life Total unitsNumber of units sold as at
31 December â18The Residence at Cinnamon Life 231 136
The Suites at Cinnamon Life 196 107
Cinnamon Life - commercial complex 10 floors 4 floors
32
Rajawella Holdings Limited (RHL)
âȘ Owners of a majority stake in RHL to complement the Groupâs leisure and property portfolios
âȘ The 500 acre land in Digana includes an 18-hole, Donald Steel designed, Golf Course and developable land extent of approximately 80 acres
âȘ Currently developing the master plan to maximise the development potential of the land plot
âȘ Troon International has taken over the management of the course and the refurbishment of the course commenced in February 2018
âȘ Expected appreciation of land value with the completion of the central expressway
âȘ Development and sale of properties such as villas, club house facilities, activity zones and possible operation of a hotel in the long term
33
Robust development pipeline: Scenic 500 acre land bank with an 18-hole golf course
Cinnamon Life Integrated Resort
34
Integrated development in Colombo
35
Integrated development in Colombo
36
37
Cinnamon Life â construction progress
38Image as at 31 December 2018
39Image as at 31 December 2018
Conferencing ; capacity (4,837 pax) in three venues and car park facility (2,450 slots)
800 guest room hotel, including conferencing, banqueting, 7 specialty restaurants and entertainment facilities
Rentable mall and entertainment space of 372,000 Sq. Ft (Gross â 518,000 Sq. Ft)
First residential development of approximately â 358,000 Sq. Ft (231 units).
Second residential development of approximately â 255,000 Sq. Ft (196 units).
A standalone office development -254,000 Sq. Ft rentable area
Development programme
Note: Areas are subject to change based on final drawings
40
The growth in Indian MICE travel to complement Cinnamon Life
Source: MasterCard
41
1.51.63
1.78
1.94
2.11
2017 2018 2019 2020 2021
Indian Outbound MICE (Millions)
âȘ Union Assurance (JKH Stake : 90%)
âȘ Committed to a âdigital firstâ business model with an investment of over Rs. 800Mn to become the largest digital insurer in Sri Lanka
âȘ Developing Bancassurance channels - UA entered into exclusive bancassurance partnerships with Nations Trust Bank PLC and Union Bank PLC
Financial Services â Insurance sector overview
0%
1%
2%
3%
4%
5%
6%
Life Insurance Penetration as a % of GDP - 2016
Global average â 3.47%
42
45.0
54.0
64.0 71.0
80.3
2014 2015 2016 2017 2018
Rs.
Bn
Life Insurance Gross Written Premiums
*Excludes a one-off surplus of Rs. 3.38 billion arising from the change in policy liability valuation
Financial Services â Insurance sector overview
43
*The company recognised a deferred tax asset amounting to Rs.1.53 billion arising from brought forward tax losses as at 31 December 2017
Key performance indicators CY2013 CY2014 CY2015 CY2016 CY2017 CY2018
Market share 14% 13% 13% 13% 14% 14%
GWP growth 8% 8% 17% 19% 22% 11%
Recurring net profit growth 48% 11% 23% 17% 205% (59%)
Recurring net profit (Rs. Mn) 791 881 1,127 1,313 4,002* 1,640
Surplus from Life Fund (Rs. Mn) 612 750 800 1,100 3,642 1,100
Life Fund (Rs. Bn) 19.3 23.1 26.3 30.3 29.1 32.1
Capital Adequacy Ratio N/A N/A N/A 411% 352% 262%
Key performance indicatorsQ2 FY 2019
(Jul- Sep 2018)Q3 FY 2019
(Oct- Dec 2018)
GWP growth (YoY) 4% 15%
Net profit Rs.1,638 million* Rs.1,002 million
Net profit growth (YoY) 1,693% (86%)
âȘ Nations Trust Bank (JKH effective economic interest : 32.16%)âȘ Focus on SME / retail strategyâȘ Franchise for American Express cards
Financial Services â Banking sector overview
44
Key performance indicators CY2013 CY2014 CY2015 CY2016 CY2017 CY2018
Loans and advances growth 12.10% 19.50% 22.4% 23.70% 25.00% 19.00%
Industry (LCBâs) 8.50% 12.30% 23.50% 17.84% 15.77% 17.87%*
Return on equity 19.60% 19.80% 18.2% 17.70% 17.40% 15.26%
Industry (LCBâs) 17.30% 16.80% 15.70% 17.30% 17.50% 14.5%*
Net Interest Margin 5.80% 5.80% 5.50% 5.10% 4.50% 4.60%
Industry (LCBâs) 3.70% 3.60% 3.50% 3.50% 3.50% 3.70%*
NPL ratio (%) 3.5 4.2 2.8 2.8 2.3 4.6
Deposit base (Rs. Bn) 96 111 129 152 194 231
Asset base (Rs. Bn) 142 159 176 211 268 325
Net Profit (Rs. Mn) 2,136 2,537 2,614 2,869 3,371 3,702
*As at September 2018
Key performance indicators Q2 FY2019 (Jul-Sep 2018) Q3 FY2019 (Oct- Dec 2018)
Net profit Rs. 1,043 million Rs.783 million
Net profit growth (YoY) 3% (16%)
Loan growth (YoY) 25% 20%
Net Interest Margin 5.0% 5.0%
NPL Ratio 3.71% 4.58%
THANK YOU
This document was produced by John Keells Holdings PLC for information purposes only. The information contained in this document are a review of the financial information pertaining to FY2019, and does not
constitute an issue prospectus or a financial analysis. This Investor Presentation should be read in conjunction with the JKH Annual Report 2017/18 to obtain a more comprehensive understanding of the drivers
and strategies of our businesses.
Whilst John Keells Holdings accepts responsibility for the accuracy of the information contained in this document, it does not assume any responsibility for investment decision made by the prospective investors
based on information contained herein. In making the investment decision, prospective investors must rely on their own examination and assessments of the Company including the risks involved.
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