im corporate ytl

8/9/2019 IM Corporate YTL

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Global Assets backed by Financial Strength &

Intellectual Capital

Covering 12 Million Customers

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The YTL Grou

Globally recognized as one of Malaysia's best managedcong omerates – 5th of Malaysia’s Top 50 Brands 2009 by Brand Finance

– Forbes Global 2000 in 2008 –

– Far Eastern Economic Review Asia’s Leading Companies in 2000–2006

Combined group market cap of RM33bn (US$9.6bn)

Generating consolidated revenues of RM8.9bn* (US$2.6bn);profit before tax of RM2.3bn* (US$670mn)

Combined group assets of RM45.4bn* (US$13.4bn)

YTL Corp & YTL Power – components of FTSE Bursa Malaysia

YTL’S BLUE OCEAN STRATEGY:

* 30 June 2009 (audited)

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Acquiring, operating and growing world-class assets withfinancial and intellectual strength



Hi hli hts of YTL’s Blue Ocean Strate

YTL Power – international multi-utility player – Owns a total licensed generating capacity of 4,312 MW

– Owns and operates the most efficient water company in the UK

– Multi-utilit and oil-tradin businesses in Sin a ore

1st company in the world executing nationwide WiMAX (4G)

YTL Cement – 2nd lar est Mala sian cement com an stron

regional presence REIT ownership in prime properties in Singapore, Japan, China,

YTL Construction has completed to date RM7.25bn (US$2.1bn)

worth of contracts on budget and on time YTL Land – RM1.1bn of projects currently under development

– Winner of 7 CNBC Asia Pacific Property Awards 2009

–

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commercial developments



Transformation into an

2000 - Today1990 – 20001955 - 1990

CONSTRUCTION

ROOTS

NATIONAL

INFRASTRUCTUREDEVELOPMENT

GLOBAL

EXPANSION

Defence, security &agro-based installations

Power – 1st Malaysian IPP,14 months ahead of schedule

High speed rail

ElectraNet,transmission &distribution in SouthAustralia

Zhejiang HangZhouDama Cement, cementcompany in China

Pioneered high-rise

construction in Malaysia

1st turnkey contractor inMalaysia

Expansion of cementbusiness

1st ready-mix concretecompany in Malaysia

Wessex Water, waterand wastewatercompany in UK

Starhill Global REIT,SGX-listed, properties inSingapore, Japan , China &Australia

Cement business startedto support in-house

construction

n egra e cemen p anon east coast of Peninsula

Award winning luxury

hotels, resorts & shoppingcentres

Jawa Power, Paiton IIIndonesian IPP

PowerSeraya, generationcompany with multi-utilitycapabilities in Singapore

5Construction Roots National Infrastructure Development Building a Global Presence



Continual development of

Utilities O&MCement

Manufacturing

CONSTRUCTION CONTRACTINGFoundation of the YTL Group in 1955

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Technology

Hotel Dev’t &

ManagementReal EstateInvestment

Property

Development



Exponential revenue growth

Acquisitions of PowerSeraya &

US$ 7.2 mn US$ 2.6 bn

(RM 25 mn) (RM 8.9 bn)

ar o a

Ac uisitions of Perak-Han oon Pahan

Cement, Jawa Power

Acquisition of Wessex Water

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Our portfolio of assets are Asiacentric and they are strategically poised tor e to w at we e eve w e a mu -year grow cyc e n t e reg on.

We believe we are now an infrastructure conglomerate of global stature.

M&A capacity to capitalize further on the Asian growth story.

economic story - utilities, property, telecommunications, building materials,construction/O&M. We are a fully integrated conglomerate.

We believe these subsidiaries are all undervalued and YTL Corp willcontinue to increase its stake in them. Taking units private or

restructuring of undervalued assets is also a logical option.

These subsidiaries demonstrate their quality by paying YTL Corp RM1billion a year in dividends. This unencumbered dividend stream is

’

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expec e o reac o a o s a ance

sheet potential.



-

Breakdown of FY09 EBIT Breakdown Invested Capital

0% 1%1%

4%

5%

3%UtilitiesHotels

Property 49%

20% UtilitiesHotels

Property

73%

YTL e-solutions

Construction/O&M 23%

YTL e-solutions

Construction/O&M

3%

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YTL Corp is now reaping the rewards

Dividend stream willfurther strengthen M&A

potential

Real EstateInvestment

Power &Utilities

CementManufacturing

PropertyDevelopment

IT & e-Commerce

• RM600mil in • • RM50mil • RM75mil • RM150mil

dividends &treasury shares

• Sustainablefree cash flow

• SustainableFCF of

250mil a

• SustainableFCF of

150mil a

• SustainableFCF of200mil aear

• SustainableFCF of 250mil ayear

of RM2.0bil ayear

YTL Corp is expected to receive at least RM1 billion a year in dividends to be paid

every quarter from its business units based on their future free cash flow generation.

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Sna shot: YTL Cor oration Berhad

Market Capitalisation since IPO

US$ 17 mn US$ 4.1 bn(RM 59 mn) (RM 14.0 bn)

US$ mn 2007 2008 2009

Revenue 1,769 1,926 2,615

Net Income 206 226 245

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EPS (US¢) 14.0 15.2 15.9Total Assets 9,974 11,311 13,357



Average annual

1985 2009

RM mn US$ mn RM mn US$ mn

. . , ,

Pre-tax profit 3.0 0.86 2,288 673

Net profit 1.7 0.49 834 245

Compounded average growth 1985-1997 55%

Compounded average growth 1985-2009 30%

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Financial year ended 30 June



Growth in value of investment in YTL Cor

-

68 mn shares worth

US$135 million

invested in

YTL Corp

shares worthUS$135

million in

7 mn shares worth

US$1 million43% averageannual return

2009

. mn1985-1999 annual return

1985 – 2009

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Adjusted for bonus issues, share dividend distributions & reinvestment of dividends



Sna shot: YTL Power International Berhad


US$ 2.2 bn US$ 4.4 bn(RM 7.5 bn) (RM 14.8bn)

Revenue 1,188 1,248 1,792

Net Income 346 306 190

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Total Assets 7,060 8,814 10,203Market Cap US$ 4,357 million (as at 28/2/2010)



Investment in lon -term concession assets

YTL Power is a component stock of FTSEBursa Mala sia KLCI To 30 stocks

Diversification into a global multi-utilitycompany from single-purpose power

generation company Key investments in:-

– ower generat on – contracte merc ant mar ets

– Electricity retail and transmission

– Water and sewerage services

International operations contribute over 80%of total turnover

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– , ,



YTL Power:

Dividend Yield 1998-2009

For the financial year ending 30 June 2010:

Annualised dividend1 for 5bonus

yield of . for theyear to date:-

1st & 2nd interim

issue

cas v en s o

7.5% each

FYE 30 Cash dividends* Share TOTAL DIVIDENDJune (sen/share) dividends (sen/share) Dividend yield

2005 10.0 1 for 25 17.2 9.5%

2006 10.0 10.0 5.7%

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. . .

2008 11.25 1 for 25 18.5 10.2%2009 13.875 1 for 40 19.3 8.9%

* Based on cash dividends declared in respect of the financial year



A leading Asian multi-utility with

100% 100%100% 35%33.5%

ELECTRANET-

GENERATIONSDN BHD

TRANSMISSION

SEVICES PTYLTD

WATERLIMITED

P.T. JAWAPOWER SERAYA

LIMITED

1,212 MW

generation

200-year

government

KINGDOM

Utility concession

in perpetuity

1,220 MW coal-

fired power station

3,100 MW licensed

generation capacitycapacity

Single off-taker -TNB

concession forSouth Australia

1.3 mn water & 2.6mn sewerage

customers

in East Java

Single off-taker -PLN

30-year generation& retail licenses

Multi-utilityca abilities

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20092004200220001993



Adding value through

– 1st IPP in Malaysia in 1993

– -,22 months

– Completed on budget – 40% cheaper than any previously builtp ant n a ays a

– 1st Asian IPP to introduce indigenous Ringgit-denominatedro ect financin

– Creation of 1st long term 15-year bond with EPF

– Pioneered Infrastructure Project Company (IPC) listing on the KLstock exchange

– YTL Power was the 1st IPC to be listed in May 1997

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– YTL took over O&M for Jawa Power’s 1,220 MW station in 2005

– Out erformed 83% contracted availability re uirements

– Earned consecutive bonus payments from PLN in 2006, 2007 &2008

Water & sewerage – UK

–

– Ranked no.6 out of 10 UK WASCs in terms of service &

efficiency in 2002 – Wessex Water has been ranked No.1 by Ofwat for the past 3

consecutive years

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ElectraNet:

AUD-MYR Cross Currenc Rates 1999-2009

10-yr high : 3.1510- r low : 1.84

ElectraNet acquisitionAU$1:RM2.03 (avg)

20Source: Bloomberg



. .

53% increase in RAB (Regulated Asset Base)

– Increased from A$0.83 bn to A$1.27 bn as at 30/6/08

–Regulatory revenue reset for 2008-2013 – RAB to increase by 48%

Well-positioned to provide connection services to “green” energyprov ers

– South Australian grid currently has 58% of Australia’s grid-connected wind ener

Prospects for future growth

– South Australia undergoing mining & resources exploration push –ElectraNet well placed to benefit from this

– Serves as the anchor for future investment and growth opportunities

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Wessex Water:

.

– Acquired at discount of approx. 8.5% to RAB

– Subsequent M&A transactions in the UK water sectorcomman e prem ums a ove o

60% growth in RAB to £2.17 bn (at 31 Mar 2009)

Tremendous upside potential in the value of thisinvestment

Transfer of technology, knowledge & skills

between the UK and Malaysia operations – Use of YTL’s construction expertise to achieve cost-

savings on Wessex’s infrastructure development

–

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regulation model



Wessex Water (continued)

Regulated Asset Base (RAB) 2001-2009

60% increase inRAB since 2002

2007 2008 2009As at 31 Mar GBP mn RM mn GBP mn RM mn GBP mn RM mn

Revenue 367 2,127 394 2,288 421 2,440

Stable earnings – average y-o-y growth in profit & revenue of 6-7%

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Jawa Power:

1,220 MW coal-fired power station at the Paiton

Power Generation Com lex East Java

Excellent operational performance

–

• Paiton II is the only power plant in Indonesia to receive the rating – Golden Flag Award from the President of Indonesia

• Zero lost time accidents & best safet ractices for ast 3 consecutive years

– ISO 14001 Certification for Environmental Management

Systems in 2001 (upgraded in 2004)

YTL also owns 100% of Jawa Power’s O&M company

– Record-high availability & dispatch achieved since 2005

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PowerSeraya:

-

100% sta e n ower eraya acqu re romTemasek in March 2009 for S$3.6 bn

(US$2.5bn):- – S$3,400 mn cash – S$1,150 mn from cash reserves;

balance from limited recourse acquisition loan

–

PowerSeraya

-complement existing core competencies

Multi-utilit business ortfolio – electricitsteam, water, oil and gas

– PowerSeraya is well-positioned to provide multi-utility

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Acquisitions of Tuas Power (Huaneng) and Senoko Poweraru en onsor um prece e ower eraya a g er pr ces:-

ower a on

MWAcquirer

cqu s on

Date

n erpr se

Value (EV)EV / MW

EBITDA1

Tuas Power Huaneng

2,670MW Power . .

Senoko Power Marubeni 5 Se 2008 S 3.97 bn S 1.2 mn 16 x, onsor um

PowerSerayaYTL Power

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3,100MW

Berhad . .

Note 1 – based on respective Plants’ FY2008 EBITDA



Sna shot: YTL Cement Berhad


US$ 5.5 mn US$ 587 mn(RM 20 mn) (RM 2.0 bn)

US$ mn 2007 2008 2009

Net Income 47 57 70

EPS (US¢) 9.8 12.1 15.0

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Total Assets 755 830 919

Market Cap US$587 million (as at 28/2/2010)



Mala sia’s fastest rowin cement com an

st -

2nd largest cement Malaysian company

nnua pro uc on capac y – . mn onnes p.a.

Fully integrated operations across the complete

– Quarry operations and aggregates

– Clinker, cement, ready-mixed concrete

– Sales & distribution and logistics

Regional expansion plans

to the integrated resorts, Sentosa)

– 2008 – Acquired 100% in Zhejiang HangZhou DamaCement China

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– Evaluating investment opportunities in Indonesia and China



Strong financials

CAGR CAGR CAGR CAGR

Revenue 35.3 14% 45.6 9% 71.6 23% 199.1 43% 578.9

. . . . .

Shareholders’funds 11.2 24% 17.1 31% 65.9 24% 194.2 35% 475.2

1995 Pahang Cement 50:50 JV (with Pahang State Govt)

2004 Pahang Cement 50%

2004 Perak Han oon 64.84%

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2008 Zhejiang HangZhou 100%



Construction & en ineerin services

-CONSTRUCTION

• Built at US$9 million per km

(RM35 mn) – cheapest in the• Class “A” Malaysian turnkey – st

CONTRACTING

• Wide intellectual capital –

wor

• 60-year concession

• Premium 57 km high speed

• Pioneered use of slip formingtechniques in early 1980s

•

development credentials,technical and operationalexpertise

ra n e ween c y cen er

KLIA – 28 minutes

• Fastest rail service in Malaysia

– foundation for entry intosubsequent ventures – power,cement, O&M, propertydevelopment, hotels

• om ne cyc e gas- re

power generation

• Coal-fired power generation

• 1st stan ar gauge ra systemin Malaysia; powered bySiemens technology

• A rox 4 mn assen ers .a

• Sterling track record inconstruction of sophisticatedinfrastructure projects &

• Electricity transmission anddistribution

• Water and sewerage

treatment

• Scalable engineeringexpertise

• Cement plant operation &maintenance

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Group-wide construction & engineering services generate annual revenue of approx.

US$100 million (RM340 mn) and profits of US$55 million (RM187 mn)



Real estate hotels & leisure businesses

YTL HOTELS&

PROPERTIES

YTL LAND &DEVELOP-

MENTSTARHILL

REIT

STARHILLGLOBAL

REIT

YTLSINGAPORE

Award-winningluxur hotels

High-endresidential

US$443 mnortfolio of

US$1.45 bnortfolio of

Developmentof hi h-end

& resortsdevelopments(Malaysia)

retail & hotelproperties

retailproperties

real estate(Singapore)

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Award-winnin real estate & hotels

CNBCIA-PA IFI

PROPERTY AWARDS2009

SANDY ISLANDBest Development

Best Development Marketing PANGKOR LAUT RESORTSpa Exterior of the Year, AsiaSpa Awards ’07

FIABCI AWARDSBest Residential (High Rise) 2008 – The Maple

Five Star Diamond Award, The American Academy of Hospitality Sciences, 2002-07

Best Destination Spa, Spa ExperienceAsia Spa & Wellness Awards, 2006

TANJONG JARA RESORTBest Residential (Low Rise) 2008 – Lake Edge

Best Master Plan 2007 – Sentul East & West

Special Award for National Contribution 2007– The Kuala Lumpur Performing Arts Centre

Best Residential Hi h Rise 2006 – Andalucia

Best Spa Resort, Expatriate Lifestyle, The Best of Malaysia Travel Awards (2008)

Best Hotel Spa in Asia Pacific, Condé Nast Traveller UK.Readers Spa Awards 2008

Five Star Diamond Award, The American ca emy o osp ta ty c ences 2002-08

CAMERON HIGHLANDS RESORTBest Non-Beach Resort, Expatriate Lifestyle,Best of Malaysia Travel Awards 2008 Five Best Tea Plantation Hotels, The

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Independent UK, 2007 Best Signature Treatment (The Semai),

Malaysia Spa & Wellness Awards 2007 Five Star Diamond Award, The American Academy of Hospitality Sciences, 2006-08



Iconic brands under YTL’s umbrella

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Sna shot: YTL Land & Develo ment Berhad

Market Capitalisation since 2001

US$223 mn

Key Residential Developments

• Sentul East & Sentul West • Lake Edge– ,

• Sentul West - The Maple, The Capers• Commercial – D6, D7

• Pantai Hillpark

-• Bungalows

• Lake Fields (developed by SPYTL)• Semi-detached houses

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• ow-r se con ov as, unga ows• SOHO offices

• on om n ums



Develo er of hi h- ualit homes

Listed on the Main Market in Malaysia with a market cap ofUS$223 mn

Acquisition of Starhill Gallery, Lot 10 & JW Marriott KualaLumpur from Taiping Consolidated

– Acquired in 1999 for RM323 mn (US$92 mn)

– In ected into Starhill REIT in 2005 at valuation of RM1.15 bn US 329 mn

– Value added through creation of Bintang Walk as KL’s premiere shoppingdistrict, re-branding of Starhill Gallery & Lot 10, removal of duty on luxury goods(watches, cameras)

Excellent track record of building high quality homes

– Houses, apartments & condos with attractive & innovative designs

– Land bank of more than 2,000 acres in Malaysia with GDV of RM20bn

– Poised to ride the scarcity of land in the Klang Valley and the subsequentdemand for condominiums

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Sna shot: Starhill REIT

Market Ca italisation since IPO Ke Information

Manager Pintar ProjekSdn Bhd

(70% subsidiary of YTLCorp)

Market cap US$289 mn(as at 328/2/2010)

Value

(as at FYE 30/6/09)

NAV per US$0.34un .

(as at FYE 30/6/09)

DPU (sen) 3.45 6.70 6.89 6.91

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Yield (%) 6.5* 7.1 7.4 8.6

* Annualised



Sna shot: Starhill Global REIT

Key InformationMarket Capitalisation since IPO

Manager

YTL Pacific StarReit Management

Ltd (50%-owned by YTL Corp)

Market cap US$747 mn(as at 28/2/2010)

US$747 mn

Portfolio

Value

US$2.10 bn(as at 328/2/2010)

NAV per US$0.57(S$0.82)unit (as at 31/12/2009))

FYE 31 Dec 2006 2007 2008 2009*

DPU (S¢) 5.79 6.19 7.17 3.80^

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. . . .

* Unaudited

^ Decrease due to the 1 for 1 Rights Issue undertaken in 2009



Existin structure

65% 29%

HOSPITALITY ASSETS

Starhill Gallery Lot 10 Parcels Renhe Springs Ngee Ann CityWisma Atriaong e

Harajyuku Secondo Holon LRoppongi Terzo

JW Marriott Hotel

Kuala Lumpur

The Residences

Properties

Roppongi Primo Nakameguro Daikanyama Ebisu Fort

S hill Gl b l REIT



Starhill Global REIT:

Currently, 11 prime properties valued at S$2.1 bn – Singapore’s famed Orchard Road – Upscale districts of Tokyo, Japan – Wuhou district of Chengdu, China – ,

Highly successful extension of globalisationaspirations through geographical diversification

Strong “Starhill” branding from YTL Corp assponsor

Wisma Atria & Ngee Ann City offer 357m (1,177 sq.ft) of street frontage



Global retail foot rint

Harajyuku Secondo Holon LRoppongi TerzoRenhe SpringZongbei Property

Roppongi Primo Nakameguro Daikanyama Ebisu Fort

Starhill Gallery Lot 10 Property

Wisma Atria (74.23%)Ngee Ann City (27.23%)

David Jones Building



Potential hos italit assets for future in ection

-Hotels &

ResidencesLuxury Resorts

Heritage &Business Hotels

InternationalHotels & Resorts

Niseko Village

Muse,

St.Tropez

esort

Kuala Lumpur,Kuantan & Penang



Structure after ro osed rationalisation

65% 38%

Estimated combined valuation:.

Starhill Gallery Renhe SpringsZongbei

Ngee Ann CityWisma AtriaJW Marriott Hotel

Kuala LumpurThe Residences atThe Ritz Carlton

The Ritz-Carlton,Kuala Lumpur

Lot 10 Harajyuku Secondo Holon LRoppongi TerzoPangkor Laut

ResortTanjong Jara

ResortCameron

Highlands Resort

Roppongi Primo Nakameguro Daikanyama Ebisu FortThe MajesticMalacca

Vistana Hotels in Kuala Lumpur, Kuantanand Penang



YTL Cor ’s established REIT credentials

- branding & asset management

YTL & fla shi “Starhill” brand are wellrecognized in Asian retail markets

– Opportunities to bring the brand to other cities – , , , , ,

Dhabi and Jakarta Strong operational capability with proven track

record of capital and asset managementexpertise

ocus on grow ng s w e a on oprime regional assets on a yield accretive basis

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Sna shot: YTL e-Solutions Berhad

Technology incubator – listed on ACE Market since 2002

Current stable of companies includes:

– Extiva Communications - Value added AVSP/VoIP telephony

– ’

• Narrowcast digital media broadcasting with high quality digital content

• YTLIS – leading plasma-based digital media networks in Malaysia

– -


US$294 mn

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WiMAX – Nationwide mobile internet

Y-Max Networks

– Holds 1 of 4 WiMAX licenses from MCMC

YTL Communications – platform for

internet network

– Catalyst for new internet-based technology in

– Creation of new advances in infrastructure,device technology, applications and content

e-ups w g o a n us ry ea ers

– Cisco, Clearwire, Samsung

Evolution of Mala sia as a WiMAX Centerof Excellence

– Encourage development of new local facilities,professional resources, training,

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manufacturing & logistics assets and support



Revenue Forecast 2010 - 2014

HIGHLIGHTS

•Revenue not included

• Y1-Y2 – Main Revenueontr utor w e

communications

• Y3 Onwards – Buildin Contents & Appls towards30% of Revenue

• 4 nwar s – ewSubs from ElectronicMarkets

YTL Communications: Proprietary and Confidential



C l i



Conclusion

Ongoing pursuit of intellectual capital & technicalexpertise – unwavering focus on core competencies

Building value through financial innovation &opera ona e c ency

Acquisition-driven growth – – Prudent investment criteria – correlation with core competencies &

potential to add value

– Sustained return on investment

Organic growth – Operational efficiencies to bring down costs & improve profit margins

– experience to improve performance

Rewarding investors with attractive & consistent

50

returns



the journey continues…

im corporate ytl

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