3Q2018 EARNINGS CALL. November 08 th, 2018

Transcription

1 3Q2018 EARNINGS CALL November 08 th, 2018

2 BUSINESS RESULTS 9M2018

3 Sales performance Accumulative sales performance (1) (Units) Handed over units (Units) 24,791 25,282 6,000 P 19,302 3,596 12,034 1,903 2,020 1, M P Accumulative sold NSA (1) Average selling price (2) ( 000 sqm) (USD/m 2 ) Handed over 9T2018 1,322 1,733 1,797 2,864 2,038 2,200 2, M2018 Source: Company information as of Sep 30, 2018 (1) Not including Madison and Park Avenue (2) ASP was calculated by presales from Jan to Sep USD/VND: 23,303 (*) Not including selling price of Madison and Park Avenue East West South Central (*) 2

4 Growth of revenue and profit Revenue (VND bn) Gross profit (VND bn) 28% 29% 31% 11,632 3, % 5, % 6,733 1,661 2, A 9M2017 9M A 9M2017 9M2018 EBITDA NPAT (VND bn) (VND bn) 24% 25% 25% 18% 23% 21% 2, % 2,062 +5% 1,434 1,682 1,344 1, A 9M2017 9M A 9M2017 9M2018 Source: Financial Statements dated Sep 30, 2018 Margin ratio 3

5 3,500 3,000 2,500 2,000 1,500 1, ,000 75,000 65,000 55,000 45,000 35,000 25,000 15,000 5,000 (5,000) (0.13) 40% 35% 30% 25% 20% 15% 10% 5% 0% 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 25,000 20,000 15,000 10,000 5, Key credit metrics EBITDA/ Interest expenses Net debt/ Equity (VND bn) , , , ,682 1,024 (VND bn) ,095 4, ,166 11,300 10,047 13,256 18,373 17, M2018 EBITDA Interest expenses EBITDA/ Interest expenses M2018 Net debt(*) Equity Net debt/ Equity Debt/ Total Asset (VND bn) Debt/ Equity (VND bn) 30% 37% 36% 36% 62, ,950 22,211 18,373 49,467 13,503 13,256 7,994 26,570 36,527 13,503 17,950 22,211 7,994 6,095 10, M2018 Debt(**) Total Asset Debt/ Total Asset M2018 Debt(**) Equity Debt/ Equity Source:Company Financial Statements as of Sep 30, 2018 (*) Net debt = long-term borrowings + short-term borrowings cash and cash equivalent (**) Debt = long-term borrowings + short-term borrowings 4

6 Debt profile as of 3Q2018 Debt maturity profile Debt breakdown by currency (USD mn) 400 Debt Loans related to Nova Home USD, 37.7% 350 VND, 62.3% Debt breakdown by floating vs fixed interest rate Floating, 60.0% Fixed, 40.0% E 2019E 2020E 2021E After 2022E Source:Company information Note: US$/VND:23,303 5

7 2018 BUSINESS PERFORMANCE vs TARGET PLAN 21,780 VNDbn 17,800 6,700 units 82% ~6,000 89% 3,200 VNDbn 100% Handed over units Revenue PAT Plan Performance New projects launching 03 residential projects 01 residential project Handed over of new projects for revenue recognition in

8 NOVALAND S RECENT DEVELOPMENTS

9 New handed-over projects in Q3 and Q4 3 rd Quarter The Sun Avenue District 2 Sunrise Riverside District 7 4 th Quarter Newton Residence Phu Nhuan District Richstar Residence Tan Phu District Saigon Royal Residence District 4 Orchard Parkview Phu Nhuan District 8

10 Topping-out projects in 3 rd Quarter Saigon Royal s topping-out ceremony on 8 August 2018 Saigon Royal Residence Dist.4 Total number of units 777 GDV (USD mn) 148 GFA (sqm) 73,468 2Q2016 4Q2018 Take-up rate 98.8% ASP (USD psm) 2,925 G2 & G5 towers (4 th and 5 th out of six towers) were topped out in 3Q2018 Sunrise Riverside Nha Be Total number of units 3,225 GDV (USD mn) 312 GFA (sqm) 283,420 3Q2015 4Q2018 Take-up rate 81% ASP (USD psm) 1,497 9

11 Launching The Grand Manhattan THE GRAND MANHATTAN CBD, District 1, HCMC Project Aerial Site area (hectares) 1.40 GFA (sqm) 183,178 Product type for residential sales Apartment, Commercial, Hotel 4Q2018 3Q2020 New project launching ceremony dated Oct 28, 2018 Tatiland and MGLand became project s official distribution agents on Sep 10,

12 Pipeline launches As always pioneering the market in landbank and development, the Company is working without cease on pushing the following pipeline projects in terms of legal approval and other procedures to get them launched as early as next year. Project Location Land Area (ha) Project D Dist.12, HCMC 9 Project F Dist.2, HCMC 5 Project H Dist.2, HCMC 10 Project P Dist.2, HCMC 30 Project R Dist.9, HCMC 159 Other hospitality projects Khanh Hoa, Binh Thuan, Ba Ria - Vung Tau TBU 11 12

13 UPDATES ON FUNDRAISING PLAN

14 Fundraising performance* Convertible Bond (USD mn) Up to Private Placement (USD mn) Target 9M2018 4Q2018 Status ESOP Issuance (% of Charter Capital) 2.5% - ~2.5% BOD s Resolution dated Oct 24, 2018 Increasing Charter capital plan in 2018 (VNDbn) 2, ,507 6, Dec-17 Feb 2018 ESOP issuance Mar 2018 Bonus shares Apr 2018 Private placement 4Q2018 Convert CPS to ordinary shares 4Q2018 ESOP issuance Dec 2018 Plan Source:Company information Note: * Based on fundraising proposal approved at 2018 AGM. 13

15 Share Price (VND/share) Diversified funding sources and solid track record of access to public and private capital markets Potential dilution events Outstanding equity-linked securities Value Estimate # of common shares to be issued for conversion (mn shares) GW Supernova Pte. Convertible loan USD30mn Convertible Preference Shares 6.83mn shares Convertible Bonds USD160mn TOTAL DILUTIVE EQUITY ISSUE Stock performance: HSX-listed from Dec 2016 with c.usd2.77bn market cap as of 30 Oct ,000 75,000 70,000 65,000 60,000 55,000 50,000 45,000 40,000 Oct 2017 Dec 2017 Jan 2018 Feb 2018 Apr 2018 May 2018 Jun 2018 Aug 2018 Sep 2018 NVL Share Volume NVL Share Price VN-Index rebased Oct 2018 Volume (m) Early inclusion in the VanEck Vectors Vietnam ETF in March 2017, weighted 4.77% of total NAV as of Sep 29, 2018 Further inclusion in the FTSE Vietnam Index Series and VN30 Equal Weighted Index in Jun, Jul 2017 and July 2018 respectively Others: MSCI Vietnam Index, STOXX Emerging Markets 1500 Index, S&P Select Frontiers Index and BNY Mellon New Frontier Index, VNSISO Top 20 (Sustainable Index) Source: Company information.. 14

16 Land bank located in prime locations and expected to appreciate in value Ho Chi Minh City Land bank Location Land area (m²) Status D District 12 Tan Binh District Tan Son Nhat International Airport Go Vap District Binh Thanh District Thu Duc District District 9 T N C D F H Project C Dist. 2 1,360,001 Owned Project D Dist ,121 MOU Project F Dist. 2 50,000 Owned Project H Dist. 2 97,055 Owned Binh Tan District Tan Phu District District 6 District 11 S District 10 Phu Nhuan District District 8 District 1 HCMC District 3 CBD District 5 J District 4 K H District 7 District 2 3 km 6 km 9 km P F C I Q R I J K P Q R S T Project I Dist ,308 MOU Project J Dist. 1 14,002 Associate Project K Dist. 4 31,527 Owned Project P Dist ,240 Owned Project Q Dist. 9 1,348,353 MOU Project R Dist. 9 1,586,407 Owned Project S Dist ,475 Owned Project T Dist ,076 MOU* Metropolitan lines Binh Chanh District Nha Be District Total HCMC land bank 6,532,789 Representing GDV of USD7.8 bn Source:Company information. Note: (*): To be acquired in

17 UPDATES ON HOSPITALITY PROPERTY DEVELOPMENT

18 DEVELOPMENT STRATEGY HOSPITALITY PROPERTY The Group will build a developer and owner business model to accelerate the growth of the hospitality platform through a high velocity capital recycling strategy via recurring income from hotel, resorts and other facilities, and proceeds from selective for-sale hospitality assets. EXPANSION STRATEGY Powerful multi-format, with international operators, in combination with developer branded assets to cover a growing market of clientele profiles Highly scalable expansion via the systematic identification and acquisition of welllocated and largescale land parcels which can be redeveloped. Selective focus on international and domestic tourist destinations that have strong potential to become the next regional resort hubs. Growth of the Novaland ecosystem to cater to modern lifestyle and the creation of synergy between various Novaland products. 17

19 Scalable projects in the land banking targets for hospitality Can Tho Khanh Hoa - Cam Ranh Azerai Can Tho Resort 19.4 ha Project Can Tho ha Projects Cam Ranh 1 23ha Ba Ria Vung Tau Project Vung Tau Project Vung Tau Project Binh Chau Bình Thuan - Phan Thiet Project Phan Thiet ha Project Phan Thiet 2 127ha Project Phan Thiet ha Note: The company has entered into MOUs with partners with regards to these projects. 18

20 Q&A SESSION

21 THANK YOU Contact information: Investor Relations Phone: Ext

22 Appendix

23 Project details (Completed) A Sunrise City B Tropic Garden Dist.7 Dist.2 Land area (sqm) 51,261 Land area (sqm) 25,028 2Q11 (1) 3Q14 4Q14 (1) 2Q16 Takeup rate 99.0% Takeup rate 100% ASP (USD) 1,598 ASP (USD) (1) 1,251 C D Lexington Residence Dist.2 Land area (sqm) 19,928 1Q14 4Q15 Takeup rate 99.9% ASP (USD) 1,256 E Icon 56 Dist.4 Land area (sqm) 2,904 1Q14 4Q15 Takeup rate 99.4% ASP (USD) 1,994 F The Prince Residence Phu Nhuan Dist. Land area (sqm) 4,644 1Q13 4Q15 Takeup rate 99.2% ASP (USD) 2,215 Galaxy 9 Dist.4 Land area (sqm) 6,228 1Q14 4Q15 Takeup rate 100% ASP (USD) 1,344 G J Lucky Dragon (2) Dist.9 Land area (sqm) 9,024 2Q14 4Q16 Takeup rate 98.7% ASP (USD) 1,126 Gardengate Phu Nhuan Dist. Land area (sqm) 4,887 4Q14 2Q17 Takeup rate 99.5% ASP (USD) 1,629 Lakeview City Dist.2 Land area (sqm) 301,060 2Q16 1Q17 to 2Q19 Takeup rate 99.4% ASP (USD) 3,144 Lucky Palace Dist.6 Land area (sqm) 3,876 3Q14 2Q17 Takeup rate 99.5% ASP (USD) 1,710 Orchard Garden Phu Nhuan Dist. Land area (sqm) 4,303 4Q14 1Q17 Takeup rate 99.8% ASP (USD) 1,453 Rivergate Dist.4 Land area (sqm) 7,069 4Q14 3Q17 Takeup rate 82.3% ASP (USD) 2,340 M The Tresor N Kingston Residence O Wilton Tower Dist.4 Phu Nhuan Dist. Binh Thanh Dist. Land area (sqm) 5,780 Land area (sqm) 4,604 Land area (sqm) 7,169 4Q14 2Q15 3Q15 3Q17 4Q17 2Q18 Takeup rate 99.6% Takeup rate 95.8% Takeup rate 100% ASP (USD) 2,312 ASP (USD) 2,326 ASP (USD) 1,537 P Golf Park Dist.9 Land area (sqm) 25,398 3Q15 1Q17 Takeup rate 100% ASP (USD) 740 Source: Company information (1) Metrics for Tropic Garden 1.2 (2) Metrics for both Lucky Dragon lowrise and apartment developments H K Q The Botanica Tan Binh Dist. Land area (sqm) 9,028 1Q15 2Q18 Takeup rate 98.9% ASP (USD) 1,506 I L 22

24 Project details (Under development) A Saigon Royal B Sun Avenue C Dist.4 Dist.2 Land area (sqm) 6,669 Land area (sqm) 38,073 2Q16 1Q15 1Q19 3Q18 Takeup rate 98.8% Takeup rate 97.8% ASP (USD) 2,924 ASP (USD) 1,832 Sunrise Riverside Nha Be Land area (sqm) 39,305 3Q15 4Q18 Takeup rate 80.8% ASP (USD) 1,497 D Orchard Parkview Phu Nhuan Dist. Land area (sqm) 9,184 3Q15 4Q18 Takeup rate 99.6% ASP (USD) 1,493 E Sunrise Cityview Dist.7 Land area (sqm) 15,720 2Q15 4Q2018 Takeup rate 98.3% ASP (USD) 1,695 F Richstar Tan Phu Dist. Land area (sqm) 27,802 4Q15 4Q18 Takeup rate 99.7% ASP (USD) 1,319 G Newton Residence Phu Nhuan Dist. Land area (sqm) 2,807 2Q16 4Q18 Takeup rate 89.7% ASP (USD) 2,313 H Victoria Village Dist.2 Land area (sqm) 42,777 2Q17 3Q19 Takeup rate 77.5% ASP (USD) 2,990 I Golden Mansion Phu Nhuan Dist. Land area (sqm) 15,129 3Q15 2Q18 Takeup rate 99.7% ASP (USD) 2,016 J Botanica Premier Tan Binh Dist. Land area (sqm) 16,330 1Q16 4Q18 Takeup rate 98.3% ASP (USD) 1,691 Source: Company information 23

25 Projects expected to be delivered in 2018 and 2019 Project Launch date Expected delivery date % units pre-sold GDV (USDmn) NSA (sqm) Wilton Tower 3Q2015 2Q ,897 Golden Mansion 3Q2015 2Q ,372 The Botanica 1Q2015 4Q2018/1Q ,327 Lakeview City 2Q2016 1Q2017 to 2Q ,638 Sun Avenue 1Q2015 3Q ,219 Sunrise Riverside 3Q2015 3Q ,543 Orchard Parkview 3Q2015 4Q ,085 Richstar 4Q2015 4Q ,470 Botanica Premier 1Q2016 4Q2018/1Q ,182 Sunrise Cityview 2Q2015 4Q2018/1Q ,468 Newton Residence 1Q2016 4Q ,761 Saigon Royal 2Q2016 4Q ,643 Victoria Village 2Q2017 3Q ,855 Total 2,131 1,139,216 Source: Company information, as of end of 3Q2018. Note: USD/VND: 23,