Takara Leben Infrastructure Fund Presentation Material 6Th Fiscal Period Ending November 30, 2018 Securities Code: 9281
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Takara Leben Infrastructure Fund Presentation Material 6th Fiscal Period ending November 30, 2018 Securities code: 9281 http://www.tif9281.co.jp/ Asset Manager http://www.takara-am.co.jp/ I. Overview of the 6th Fiscal Period II. Recent Topics III. Future Management Strategy IV. Appendix 1 Overview the 6th Fiscal Period Results (Ended Nov 2018) Dividends/unit increased by ¥361 (+10.3%) to ¥3,871, due to improved operating revenue 5th Fiscal Period (Ended May 2018) 6th Fiscal Period (Ended Nov 2018) Forecast Initial Forecast Actual Difference as of Aug Actual Difference forecast 23, 2018 Operational status (Million Yen) Operating revenue 1,189 1,205 +15 1,430 1,467 1,493 +63 Operating expense 742 731 -10 925 932 938 +13 Operating income 447 473 +25 504 535 555 +50 Ordinary income 391 415 +23 438 466 488 +49 Net income 390 414 +24 437 465 487 +50 Dividends per unit (including surplus earnings ¥3,771 ¥3,976 ¥+205 ¥3,510 ¥3,711 ¥3,871 ¥+361 distribution) Dividends per unit (excluding ¥3,307 ¥3,512 ¥+205 ¥3,160 ¥3,361 ¥3,521 ¥+361 surplus earnings distribution) Surplus earnings distribution ¥464 ¥464 ¥±0 ¥350 ¥350 ¥350 ¥±0 per unit (Return of capital) Major Factors Operating revenue : +63 Performance-linked rent Operating expense : +3 IR-related expenses, +4 Depreciation and amortization, +4 Secretary-related commissions 2 Portfolio Performance Entire Portfolio Performance (MWh) ■Forecasted power generation +24.2% 10,000 +17.0% +24.2% +5.3% ■Actual power generation +17.0% 9,060 +5.3% 9,000 8,528 +6.5% +6.5% 7,935 8,093 8,000 +4.7% +4.2% -15.8% +5.8% +4.7% +4.2% 7,137 7,289 -15.8% +5.8% 6,721 6,698 6,779 7,000 -2.8% 6,575 6,449 6,464 +6.3% -2.8% 6,275 6,292 +6.3% -2.6% 5,946 6,000 -2.6% +8.8% 5,442 5,411 +8.8% 5,073 4,927 5,086 5,000 4,255 4,409 4,291 3,908 4,000 3,000 2,000 1,000 0 Dec, 2017 Jan, 2018 Feb, 2018 Mar, 2018 Apr, 2018 May, 2018 Jun, 2018 Jul, 2018 Aug, 2018 Sep, 2018 Oct, 2018 Nov, 2018 Individual Plants Performance S-01 LS Shioya S-02 LS Chikusei (kwh) (kwh) 400,000 200,000 300,000 150,000 200,000 100,000 100,000 50,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov (note 1) Forecasted power generation is based on the expected amounts of electricity generation in the 50th percentile of probability of exceedance calculated by a third party. (note 2) Performance period is from December 2017 to November 2018 3 Portfolio Performance ■Forecasted power generation ■Actual power generation S-03 LS Chiba Wakabaku S-04 LS Miho (kwh) (kwh) 100,000 200,000 80,000 150,000 60,000 100,000 40,000 20,000 50,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov S-05 LS Kirishima Kokubu S-06 LS Sosa (kwh) (kwh) 300,000 300,000 200,000 200,000 100,000 100,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov S-07 LS Miyagi Osato S-08 LS Mito Takada (kwh) (kwh) 300,000 400,000 300,000 200,000 200,000 100,000 100,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov S-09 LS Aomori Hiranai S-10 LS Tone Fukawa (kwh) (kwh) 300,000 400,000 300,000 200,000 200,000 100,000 100,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 4 Portfolio Performance ■Forecasted power generation ■Actual power generation S-11 LS Kamisu Hasaki S-12 LS Tsukuba Bouchi (kwh) (kwh) 250,000 400,000 200,000 300,000 150,000 200,000 100,000 50,000 100,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov S-13 LS Hokota S-14 LS Nasu Nakagawa (kwh) (kwh) 300,000 3,000,000 200,000 2,000,000 100,000 1,000,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov S-15 LS Fujioka A S-16 LS Inashiki Aranuma1 (kwh) (kwh) 500,000 100,000 400,000 80,000 300,000 60,000 200,000 40,000 100,000 20,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov S-17 LS Fujioka B S-18 LS Inashiki Aranuma2 (kwh) (kwh) 400,000 200,000 300,000 150,000 200,000 100,000 100,000 50,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov 5 Portfolio Performance ■Forecasted power generation ■Actual power generation S-19 LS Sakuragawa Shimoizumi S-20 LS Fukushima Yamatsuri (kwh) (kwh) 200,000 400,000 150,000 300,000 100,000 200,000 50,000 100,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov S-21 LS Shizuoka Omaezaki (note) S-22 LS Mie Yokkaichi (kwh) (kwh) 200,000 300,000 150,000 200,000 100,000 50,000 100,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov S-23 LS Sakuragawa Nakaizumi S-24 LS Shirahama (kwh) (kwh) 400,000 1,500,000 300,000 1,000,000 200,000 500,000 100,000 0 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov S-25 LS Takahagi (kwh) 200,000 150,000 100,000 50,000 0 Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov (note) Acquisition date of LS Shizuoka Omezaki is February 28, 2018 6 Portfolio Performance (unit:Thousand Yen) Minimum Performance-linked NOI NOI No. Plant Name Guaranteed Rent Rent Expense(depreciation) Rent Income (after depreciation) (before depreciation) Income S-01 LS Shioya 59,737 2,022 39,216 (29,981) 52,525 22,543 S-02 LS Chikusei 25,135 771 12,935 (9,050) 22,023 12,972 S-03 LS Chiba Wakabaku 15,803 0 7,272 (4,742) 13,272 8,530 S-04 LS Miho 26,643 1,065 13,470 (9,216) 23,456 14,239 S-05 LS Kirishima Kokubu 45,949 415 25,306 (17,797) 38,855 21,058 S-06 LS Sosa 37,648 1,580 22,632 (13,999) 30,595 16,596 S-07 LS Miyagi Osato 39,484 1,074 23,053 (17,261) 34,766 17,505 S-08 LS Mito Takada 45,025 758 21,813 (16,353) 40,325 23,972 S-09 LS Aomori Hiranai 39,656 437 19,595 (12,504) 33,001 20,497 S-10 LS Tone Fukawa 55,252 1,251 28,468 (21,533) 49,569 28,035 S-11 LS Kamisu Hasaki 25,413 1,965 16,444 (11,000) 21,935 10,934 S-12 LS Tsukuba Bouchi 54,381 2,674 37,906 (23,046) 42,195 19,149 S-13 LS Hokota 38,194 3,603 24,934 (16,439) 33,303 16,864 S-14 LS Nasu Nakagawa 371,322 30,244 190,704 (154,740) 365,604 210,864 S-15 LS Fujioka A 12,485 1,121 9,015 (4,595) 9,186 4,591 S-16 LS Inashiki Aranuma1 57,033 3,556 35,282 (20,276) 45,584 25,308 S-17 LS Fujioka B 49,526 4,420 32,046 (20,439) 42,342 21,903 S-18 LS Inashiki Aranuma2 25,502 1,918 18,670 (11,100) 19,850 8,750 S-19 LS Sakuragawa Shimoizumi 51,455 3,879 34,058 (20,584) 41,861 21,277 S-20 LS Fukushima Yamatsuri 26,720 1,353 18,299 (10,597) 20,371 9,773 S-21 LS Shizuoka Omaezaki 23,656 1,098 12,602 (10,000) 22,154 12,153 S-22 LS Mie Yokkaichi 43,556 1,911 22,485 (18,132) 41,115 22,982 S-23 LS Sakuragawa Nakaizumi 53,970 2,959 30,490 (22,955) 49,395 26,439 S-24 LS Shirahama 166,284 11,879 91,645 (62,278) 148,796 86,518 S-25 LS Takahagi 20,999 914 10,331 (7,869) 19,455 11,586 Total 1,410,840 82,879 798,684 (566,499) 1,261,547 695,048 7 I. Overview of the 6th Fiscal Period II. Recent Topics III. Future Management Strategy IV. Appendix 8 Solar Power Plants Acquisition on June 1, 2018 Acquired 4 plants with total panel output of 13.71MW for 4.93 Billion Yen through the second public offering.