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AQUILAS Creating Market Value1 Operations Review

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AQUILAS Creating Market Value1 Operations Review 4Q20 Corporate Presentation 7 July 2020 IR Adviser: AQUILAS Creating Market Value1 Operations Review Financial Performance RecentGrowth Developments Strategies CONTENTS Growth Strategies Investment Merits & Valuation Appendix 2 Operations Review 3 Strong growth across all segments in FY20 provides an enhanced base FY2020 FY2019 Change (RM‘m) (RM‘m) Industrial Properties New sales 146.1 87.6 66.8% Unbilled sales 105.6 51.8 103.9% Ongoing GDV 2,682.0 2,007.0 33.6% Balance GDV 1,467.0 1,169.0 25.5% Investment Properties i-Stay revenue 9.6 6.4 49.4% Leasing revenue 25.0 15.1 65.8% Construction & Engineering Balance orderbook 309.3 107.9 186.7% KEY STATISTICS 4 Phase 3 of the award-winning i-Park@Indahpura well received… newly acquired Plot 108 adds on RM120m to GDV Overview: i-Park@Indahpura (Phase 3) Overview: i-Park@Indahpura (Plot 108) • 50%/50% owned by AME Group & • 100% owned by AME Group Axis IE Sdn Bhd • Ready infrastructure allows for quick • Expansion of the highly successful, award- turnaround of land to generate sales winning i-Park@Indahpura • Total GDV: RM120 million (Phase 1 & 2) • Acreage: 15.0 acres • Total GDV: RM456 million • Acreage: 85.4 acres Description of Units (Plot 108) • 2 under development detached Description of Units (Phase 3) factories Phase 3 • 21 completed detached factories • 14 under development detached factories Leased Sold 19% Sold (4.5 ac) 30% Unsold 36% 50% Booked Sold 70% 81% Leased 14% Notes: Completed Under Development Under Development 1. Figures as at 31 March 2020 21 units 14 units 15 acres INDUSTRIAL PARK DEVELOPMENT (ONGOING PROJECTS) 5 AME’s latest industrial park developments targeting completion by 2025 Overview: Overview: i-Park@Senai Airport City (Phase 1 & 2) i-Park@Senai Airport City (Phase 3) • 3rd and latest i-Park development • Commenced in 4Q FY20 • Built with industrial factories, workers’ • 80% owned by AME Group dormitories, sports and recreational facilities • Total GDV: RM555 million • 80% owned by AME Group • Acreage: 76.6 acres • Total GDV: RM717 million • Acreage: 98.1 acres Description of Units (Phase 3) • 36 units/plots of 1½ storey Description of Units (Phase 1 & 2) detached factories • 51 units/plots of 1½ storey semi-detached and detached factories • 48 units of retail shops Sold * Leased Unsold 3% 3% 11% Unsold Leased 22% 30% Leased 5% Sold Sold 59% 73% Unsold 94% * Sold a piece of 7-acre land in 3Q Notes: Completed Under Development Under Development FY20; awaiting award of building 1. Figures as at 31 March 2020 37 units 62 units 36 units contract INDUSTRIAL PARK DEVELOPMENT (ONGOING PROJECTS) 6 i-Park developments new sales reach record high of RM145 million in FY20… Q4 sales lower due to domestic and foreign travel restrictions amidst Covid-19 Projects GDV (as at 31 March 2020) New Sales Commencement/ Total/ % Sold/ Sold Balance Unbilled Type of Development Acres Units Completion Est. Total Leased (RM’m) (RM’m) (RM’m) (CY) (RM’m) 146.1 4Q: 8.7 Completed 87.6 Industrial factory 4Q 2011/ 3Q: 73.8 i-Park@SiLC 12.3 19 100 80 65 15 (Gated & Guarded) 4Q 2013 2Q 2014/ 48.6 District 6 Industrial factory with office 7.6 6 50 86 13 73 3Q 2015 2Q: 28.0 Industrial factory, commercial i-Park@Indahpura 4Q 2011/ 1Q: 35.6 development and dormitory 104.8 64 95 600 361 239 (Phase 1 & 2) 4Q 2016 (Gated & Guarded) FY2018 FY2019 FY2020 Industrial factory and commercial 1Q 2013/ SME City 40.0 86 100 192 192 - development 2Q 2015 Ongoing Industrial factory 1Q 2013/ i-Park@Indahpura (Phase 3) 85.4 35 80 456 346 (2) 110 (Gated & Guarded) 2023 Status of Project Properties Industrial factory, commercial i-Park@Senai Airport City 1Q 2017/ development and dormitory 98.1 51 82 717 344 (2) 373 49 (Phase 1 & 2) 2025 (Gated & Guarded) 70.0% 299 industrial factories & 48 retail shops Commercial development 1Q 2019/ The Jacaranda 13.9 48 81 68 53 15 24 (Retail Shops) 2021 i-Park@Senai Airport City Industrial factory 1Q 2020/ 76.6 36 6 555 22 (3) 533 22 (Phase 3) (Gated & Guarded) 2025 17.6% Industrial factory 2Q 2020/ 10.4% 2.0% i-Park@Indahpura (Plot 108) 15.0 2 30 (1) 120 11 (3) 109 11 (Gated and Guarded) 4Q 2021 243 36 7 61 Total 453.7 347 2,874 1,407 1,467 106 Sold Leased/Tenanted Unsold Unsold (Ongoing) Notes: 1. Based on acreage of existing land sold (Completed) 2. RM45m / RM40m building works included in construction segment respectively 3. Building contract has yet to be awarded GROSS DEVELOPMENT VALUE (GDV) BREAKDOWN 7 Construction and engineering segments remain resilient with strong orderbook and replenishment… Orderbook Replenishment Construction & Engineering Services Orderbook Breakdown (as at 31 March 2020) (Construction) 399.9 Total Remaining Commencement Completion Contract Contract Description of Projects Location Date Date 257.8 Value Value (CY) (CY) (RM’m) (RM’m) 62.5 Construction Services A single-storey warehouse and FY2018 FY2019* FY2020 a two-storey factory unit and warehouse Selangor 3Q 2019 2Q 2021 282.9 235.6 * In tandem with greater emphasis on industrial property with a six-storey office block development activities and roll-over of outstanding orderbook from previous financial year Engineering Services Precast works for a residential flat Orderbook Replenishment development comprising two blocks of Singapore 3Q 2018 2Q 2020 31.1 5.4 (Engineering) apartment 54.8 Precast works for train depot expansion Singapore 2Q 2019 3Q 2021 17.4 14.5 52.3 Others - - - 107.0 53.8 22.1 Total 438.4 309.3 FY2018 FY2019 FY2020 CONSTRUCTION & ENGINEERING ORDERBOOK BREAKDOWN 8 Witnessing trend of more companies leasing industrial properties for 5 years and above.. Contributing to stable and recurring income for AME Property Leasing Property Leasing Revenue • Leasing of industrial properties 65.8% • Recurring income generated through regular 25.0 payments made under leasing agreements 15.1 9.6 9.4 7.7 FY2016 FY2017 FY2018 FY2019 FY2020 Tenure of 36 Tenanted/Leased Units Less than 5 5 years and years above 44% 56% Note: Figures as at 31 March 2020 PROPERTY LEASING 9 Workers dormitories remaining high demand… i-Stay@Indahpura marking sharp increase in occupancy from 3Q20 on increased i-Park tenancies Rental of Workers’ Dormitories • Workers’ dormitories rented to customers and tenants of industrial i-Park@Indahpura i-Park@Senai Airport City parks as accommodation for workers Capacity 3,206 beds • Management and maintenance of the Capacity 2,572 beds No. of units/beds 229 units (max. 14 beds each) dormitories are also provided No. of units/beds 1) Type 1: 170 units (max. 14 beds each) Avg. size per unit 881.5 sq ft 2) Type 2: 16 units Commenced Phase 1 - January 2014 (max. 12 beds each) Phase 2 - April 2015 Revenue from Rental of Workers’ Avg. size per unit 1) Type 1: 1,161.5 sq ft Term of tenancy 1 – 5 years 2) Type 2: 841.9 sq ft Dormitories (RM’m) Avg. rental per unit RM2,475 per month Commenced Phase 1 - May 2019 49.4% Phase 2 - July 2019 Occupancy rate 95% 9.6 10.0 Term of tenancy 1 – 3 years 5.2 6.0 6.4 5.0 3.7 Avg. rental per unit 1) Type 1: RM2,633 2) Type 2: RM2,322 0.0 Note: Figures as at 31 March 2020 FY2016 FY2017 FY2018 FY2019 FY2020 Occupancy rate 81% RENTAL OF WORKERS’ DORMITORIES 10 Financial Performance 11 FY20 expanded double-digit on increased property sales and larger construction projects Key Highlights Revenue by Segment 17.9% 24.3% FY2020 FY2019 YoY 9.1% (RM’m) (RM’m) Change Change 48.7% Revenue 380.3 339.0 12.2% FY2020 PBT 88.7 72.6 22.2% Industrial Park Development Property Investment & Management Services Construction Services PATMI 63.7 47.3 34.6% Engineering Services FINANCIAL HIGHLIGHTS 12 Recording all round growth in FY2020… consistent uptrend indicative of favourable product mix and rising demand for AME’s industrial properties and services Revenue and Gross Margin Profit and Margins RM’m RM’m 31.6% 27.9% 24.9% 23.3% 27.4% 27.7% 21.4% 27.2% 16.5% 20.8% 19.3% 14.0% 16.8% 13.1% 21.7% PBT 22.2% yoy PBT 33.3% yoy 12.2% yoy 42.0% yoy PAT 34.6% yoy PAT 6.3% yoy 98.1 69.1 249.2 299.0 341.3 339.0 380.3 41.1 32.6 74.5 57.7 95.2 71.0 72.6 47.3 88.7 63.7 30.2 15.8 20.1 14.8 FY2016 FY2017 FY2018 FY2019 FY2020 4Q19 4Q20 FY2016 FY2017 FY2018 FY2019 FY2020 4Q19 4Q20 Revenue Gross Profit Margin PBT PATMI PBT Margin PATMI Margin • FY20 higher profits due to: ➢ Stronger sales of industrial properties and commercial shop lots, increased rental income, as well as larger contribution from construction and engineering projects ➢ RM10.6 million of fair value gains on investment properties net of share of minority interest and tax ➢ Share of profit from joint venture amounting to RM5.2 million FINANCIAL INDICATORS 13 Growth prospects remain bright on the back of robust demand for industrial properties and managed services Property Development RM’m • 4Q20 revenue 78.2% yoy, operating profit 4.0% yoy 85.4 92.3 • FY20 revenue 114.0% yoy, operating profit 209.4% yoy 37.2 43.1 22.6 15.1 18.3 • Higher revenue recognition from industrial properties 12.77.4 5.9 7.1 and commercial shop lots FY2016 FY2017 FY2018 FY2019 FY2020 4Q19 4Q20 Revenue Operating Profit Property Investment & Management Services *Operating profit includes fair value gains • 4Q20 revenue 57.8% yoy, operating profit 36.8% yoy on investment properties before share of minority interest of RM16.4m in FY19 and 32.2 34.6 39.1 RM13.5m in FY20 • FY20 revenue 60.9% yoy, operating profit 21.5% yoy 21.5 14.8 15.4 18.5 11.4 9.4 11.7 5.9 • Additional factory units leased and higher rental income from workers’ dormitories FY2016 FY2017 FY2018 FY2019* FY2020* 4Q19 4Q20 Revenue Operating Profit FINANCIAL SEGMENTATION 14 Increasing
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