Investor Presentation
15 October 2014
1
15 October 2014
ASPIALInvestor
Presentation
Group Overview
Agenda
SingaporeProperty
Business Review
2
Australia Property Business
Review
Q & AFinancials
FY2011 – 1H2014
About Aspial – Group Overview
� Aspial Corporation Limited (“Aspial”) is an investment holding company with 3 corebusinesses, namely jewellery, property development and financial service
� Jewellery- Leading jewellery retailer in Singapore with about 65 retail stores across
Singapore and 1 in Ho Chi Minh City
� Property Development- Successfully launched and completed more than 30 property projects in
Singapore since 2001-
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- Involved in commercial, residential and commercial-cum-residential projectsin good locations in Singapore
- Since late 2013, Aspial has invested in property projects in Australia &Malaysia
� Financial Service- Provides modern, professional pawnbroking services- Largest chain with 40 outlets in Singapore.- Listed Maxi-Cash on Catalist on 22 June 2012
� Aspial is listed on the Singapore Stock Exchange with market capitalisation of aboutS$778 million, as of 07 October 2014.
About Aspial – Group Overview
Financial Summary
S$’000 Year ended 31 Dec 2011
Year ended
31 Dec 2012
Year ended 31 Dec 2013
Year ended 30 Jun 2014
Revenue 420,324 451,941 515,262 249,019
EBITDA 67,049 91,181 119,311 58,141
EBITDA Margin (%) 15.95% 20.18% 23.16% 23.35%
Interest Expense 3,474 6,146 13,073 10,599
Total Debt 321,651 605,564 838,752 1,039,403
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Total Debt 321,651 605,564 838,752 1,039,403
Total Assets 569,512 961,859 1,275,583 1,507,221
Total Tangible Net Worth 141,614 201,216 304,036 315,765
Total Equity 155,807 231,703 330,281 368,564
Net Debt to Total Equity (x) 1.88 2.41 2.34 2.62
Secured Debt to Total Asset (%) 53.7% 47.4% 46.1% 41.4%
Jewellery Business
Our 4 key jewellery brands target different market
segments. This enables us to focus on fulfilling
customers’ preferences such as merchandise and price
range more effectively.
• Despite the lesser number of stores in 2013, we managed to improve store efficiency and
achieve higher sales from existing retail stores.
• Revenue from the jewellery business increased by 4.2% from S$163.3 million in FY2012 to
S$170.1 million in FY2013. The Group’s jewellery business registered pre-tax profits of
S$4.4 million in FY2013 as compared to S$2.8 million in FY2012.
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S$4.4 million in FY2013 as compared to S$2.8 million in FY2012.
Value
Segment
Mainstream
Segment
Mass Luxury
Segment
Luxury
Segment
� Largest retailer of contemporary jewellery in Singapore with more than 40 years of experience
� Network of about 70 retail stores covering most of the major shopping malls in Singapore
� Strong brand equity in major segments of the jewellery market
Financial Service Business
• Our financial service business Maxi-Cash was incorporated in April2008 and was listed on Catalist of SGX-ST on 22 June 2012.
• In FY2013, Maxi-Cash achieved another year of record loans to itscustomers. Its revenue increased by 12.5% from S$100.5 million inFY2012 to S$113.1 million in FY2013.
• With the largest network of pawnshops and pledge book inSingapore, the Group through Maxi-Cash continues to strengthen itsleadership position in the market.
Well-established Market Position ($$'000)($$'000) Revenue
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� Leader with the largest network of 40 strategic locations� Innovator offering contemporary, bank-like experience� Recession-Proof Business
10.0
54.9
87.8
100.5
113.1
-
20.0
40.0
60.0
80.0
100.0
120.0
FY09 FY10 FY11 FY12 FY13
Property Development
• Through World Class Land Pte Ltd, we are involved in commercial, residentialand commercial-cum-residential projects in good locations in Singapore.
• Since 2001, we have successfully launched and completed more than 30property projects in Singapore.
• Revenue from the property development business rose 23.3% from S$196.2million in FY2012 to S$241.8 million in FY2013. The substantial growth inrevenue was contributed by the progress recognition of revenue from EastVillage, Urban Vista, Cardiff Residence and 8 Bassein amongst others.
• Since 2013, through our subsidiary World Class Global Pte Ltd, we have
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•expanded overseas by acquiring properties in Australia (Melbourne, Brisbane,Cairns) and Penang, Malaysia.
81.9
177.5 196.2
241.8
9.6
49.2 73.0
102.8
-
50.0
100.0
150.0
200.0
250.0
300.0
FY10 FY11 FY12 FY13
Revenue
PBT
11.9%
28.2%
37.6%43.2%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
FY10 FY11 FY12 FY13
� Growing track record
EBITA Margin
ASPIALInvestor
Presentation
Group Overview
Agenda
SingaporeProperty
Business Review
8
Australia Property Business
Review
Q & AFinancials
FY2011 – 1H2014
Property Business in Singapore
� Participate in Government Land Sales (GLS). Focus on areas with goodpotential
� Explore mixed development to cater to modern lifestyle of residents
� Exercise prudence as land prices peak
� Mitigate risks with short land purchase to sale cycle
Property Investment Strategies
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� Mitigate risks with short land purchase to sale cycle
� Responsiveness to market trends
� Short investment to sale and completion cycle
� Experienced management team
� Potential joint-ventures for larger purchases & developments
Property Investment Merits
The Hillford Kensington Square
Recently Launched Projects in Singapore
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Type Residential
Total Units 281
Launch Date 1Q 2014
Units Launched 281
Sold Based on
Units Launched100 %
Expected TOP 2H 2015
Type Retail
Total Units 21
Launch Date 1Q 2014
Units Launched 21
Sold Based on
Units Launched90 %
Expected TOP 2H 2015
Type Residential
Total Units 141
Launch Date 3Q 2013
Units Launched 141
Sold Based on
Units Launched100 %
Expected TOP 2H 2015
Type Retail
Total Units 57
Launch Date 3Q 2013
Units Launched 57
Sold Based on
Units Launched50%
Expected TOP 2H 2015
8 Bassein Urban Vista
Recently Launched Projects in Singapore
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Type Residential
Total Units 74
Launch Date 2Q 2012
Units Launched 74
Sold Based on Units Launched 100 %
Expected TOP 1H 2015
Type Residential
Total Units 582
Launch Date 1Q 2013
Units Launched 582
Sold Based on Units Launched 100%
Expected TOP 1H 2015
Waterfront @ FaberCitigate
Recently Launched Projects in Singapore
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Type Residential
Total Units 210
Launch Date 2Q 2014
Units Launched 192
Sold Based on Units Launched 47%
Expected TOP 2H 2016
Type Residential
Total Units 311
Launch Date 3Q 2014
Units Launched 170
Sold Based on
Units Launched64%
Expected TOP 2H 2018
Type Retail
Total Units 188
Launch Date 3Q 2014
Units Launched 155
Sold Based on
Units Launched50%
Expected TOP 2H 2018
8 Bassein.
Urban VistaKensington Sq.The Hillford
Waterfront @ FaberCitigate
Summary of Property Projects in Singapore
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� High revenue visibility
- Based on the units sold, the Group has locked in total revenue of more than S$660 million as at
30 Jun 2014 which will be progressively recognised in accordance with the stage of construction
Citigate
ASPIALInvestor
Presentation
Group Overview
Agenda
SingaporeProperty
Business Review
14
Australia Property Business
Review
Q & AFinancials
FY2011 – 1H2014
Property Business in Australia
� Focus on cities with these attributes� Property prices has potential upside� Good Asian demand� Major growth catalyst� Limited supply
� Consider sites with existing planning permits
�
Property Investment Strategies
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� Phase out launches
� Established and experienced team in the property industry
� Good knowledge of Asian buyers and capability to cater to Asian market
� Short investment to sale cycle
Property Investment Merits
SouthBank (Melbourne) A’Beckett St. (Melbourne)
Summary of Property Projects in Australia
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Acquisition Date Dec 2013
Type Mainly Residential
Tenure Freehold
Total GFA 140,000 Sqm
Target Launch 2H 2014
Est. unit 1,105
Acquisition Date 2Q 2014
Type Mainly Residential
Tenure Freehold
Total GFA 55,000 Sq m
Target Launch 2H 2014
Est. unit 750
Key Features
� Tallest Residences in Southern Hemisphere
� Breathtaking views of CBD and Bay
� Comprehensive facilities at Level 70/71
Key Features
� Close proximity to RMIT and Melbourne U
� Near Melbourne Central Station
� Iconic 82 storey building
King Street (Melbourne) Central Park (Cairns)
Summary of Property Projects in Australia
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Acquisition Date 2H 2013
Type Mixed
Tenure Freehold
Total GFA 50,000 Sqm
Target Launch 2H 2015
Est. unit 634
Key Features
� Cairns CBD area
� Township development with 1 commercialblock and 6 residential blocks
� Opposite bustling Cairns Central Shopping
Acquisition Date 2H 2013
Type Mixed
Tenure Freehold
Total GFA 120,000 Sqm
Target Launch 1H 2015 (Phase 1)
Est. unit 1,250
Key Features
� Fronting Flagstaff Gardens
� Unblocked panoramic view
� Near Flagstaff station
Margaret St. (Brisbane)Albert St. (Brisbane)
Summary of Property Projects in Australia
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Acquisition Date 1H 2014
Type Mixed
Tenure Freehold
Total GFA 90,000 Sqm
Target Launch 1H 2015
Est. unit 820
Acquisition Date 2H 2014
Type Mixed
Tenure Freehold
Total GFA 75,000 Sqm
Target Launch 2H 2015
Est. unit 700
Key Features
� Brisbane CBD
� Near future Integrated Resort in Brisbane
� Panoramic city and river view
Key Features
� Brisbane CBD
� Near future Integrated Resort in Brisbane
� Panoramic city and river view
ASPIALInvestor
Presentation
Group Overview
Agenda
SingaporeProperty
Business Review
19
Australia Property Business
Review
Q & AFinancials
FY2011 – 1H2014
S$’000 Year ended 31 Dec 2011
Year Ended 31 Dec 2012
Year ended 31 Dec 2013
Period ended 30 Jun 2014
Cash & Cash Equivalents
28,163 46,781 67,461 74,850
Development Properties
262,933 534,413 751,921 794,018
Total Assets 569,512 961,859 1,275,583 1,507,221
Long-term borrowings 136,745 267,045 415,315 443,370
Financial SummaryBalance Sheet
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Long-term borrowings & loans
136,745 267,045 415,315 443,370
Short-term borrowings & loans
184,906 188,519 173,312 181,033
Notes Payable - 150,000 250,125 415,000
Total Liabilities
413,705 730,156 945,302 1,138,657
Net Assets 155,807 231,703 330,281 368,564
Total Equity 155,807 231,703 330,281 368,564
Financial SummaryIncome Statement
S$’000 Year ended 31 Dec 2011
Year ended
31 Dec 2012
Year ended 31 Dec 2013
Period ended 30 Jun 2014
Revenue 420,324 451,941 515,262 249,019
Operating Profit 55,222 53,904 59,368 6,597
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Interest Expense 3,474 6,146 13,073 10,599
Share of Results from Associates
243 19,611 31,077 2,050
Profit before Tax 57,228 79,042 100,996 44,882
Net Profit 47,618 66,303 85,466 39,919
Revenue (S$’000) EBITDA Margin (%)
420,324 451,941
515,262
249,019
-
100,000
200,000
300,000
400,000
500,000
600,000
FY11 FY12 FY13 1H14
15.95%
20.18%
23.16% 23.35%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
FY11 FY12 FY13 1H14
Financial SummaryIncome Statement
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Net Profit (S$’000) EBITDA (S$‘000)
FY11 FY12 FY13 1H14 FY11 FY12 FY13 1H14
47,618
66,303
85,466
39,919
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
FY11 FY12 FY13 1H14
67,049
91,181
119,311
58,141
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
FY11 FY12 FY13 1H14
Secured Debt/ Total Asset (%) Net Debt to Equity (x)
54%
47% 46%41%
0%
10%
20%
30%
40%
50%
60%
FY11 FY12 FY13 1H14
1.88
2.41 2.34 2.62
-
0.50
1.00
1.50
2.00
2.50
3.00
FY11 FY12 FY13 1H14
Financial SummaryKey Financial Ratios
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Total Equity (S$m) Current Ratio (x)
(m)
155.81
231.70
330.28 368.56
-
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
FY11 FY12 FY13 1H14
2.04
2.99
3.65 4.01
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
FY11 FY12 FY13 1H14
Thank You
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Thank You
Important Notice
Important InformationThis presentation does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities and nothing
contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This presentation is being furnished to you solely for your
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nature is given as to, and no reliance should be placed on, the fairness, correctness, accuracy or completeness of the information or opinions contained herein.
This presentation is being communicated only to persons who have professional experience in matters relating to investments and to persons to whom it may be lawful to communicate it
to (all such persons being referred to as "relevant persons"). This presentation is only directed at relevant persons. Solicitations resulting from this presentation will only be responded to if
the person concerned is a relevant person. Other persons should not rely or act upon this presentation or any of its contents.
The information and opinions in this presentation are provided as at the date of this presentation and are subject to change without notice. No assurance is made as to the accuracy of
this presentation and it may be incomplete or condensed and it may not contain all material information concerning the Company or the group of which the Company is a part (the
“Group”). The information in this presentation is not financial product advice and does not take into consideration the investment objectives, financial situation or particular needs of any
particular person. There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if information, opinion, assumptions, projections, forecasts or
estimates set forth therein, changes or subsequently becomes inaccurate. None of United Engineering Limited (the "Company"), nor any member of the Group, nor any of their respective
affiliates, officers, employees, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of or reliance on
the information or opinions contained in this presentation.
No offering of the Company’s securities will be registered under the U.S. Securities Act of 1933, as amended, or with any securities regulatory authority of any state or other jurisdiction of
the United States. Subject to certain exceptions, the Company’s securities may not be offered, sold or delivered within the United States or to, or for the account or benefit of, any U.S.
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the United States. Subject to certain exceptions, the Company’s securities may not be offered, sold or delivered within the United States or to, or for the account or benefit of, any U.S.
person (as defined in Regulation S under the U.S. Securities Act).
Neither this presentation nor any copy of such presentation may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States. The information
presented here is not an offer for sale within the United States of any securities of the Company.
The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and
observe, any such restrictions.
By attending this presentation or by accepting this document, you will be taken to have represented, warranted and undertaken that: (i) you are a relevant person (as defined above); (ii)
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"estimates" or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for
growth, product development, market position, expenditures, and financial results, are forward-looking statements.
All forward-looking statements are subject to risks and uncertainties as they are based on certain assumptions and expectations of future events. The Company cannot guarantee that
these assumptions and expectations are accurate or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such
forward-looking statements. The Company has no obligation to, and does not intend to, publicly amend, modify or revise any forward looking statements, on the basis of any subsequent
developments, information or events, or otherwise.