Global Logistic Properties Annual General Meeting 2014
17 July 2014
Global Logistic Properties Annual General Meeting 2014 17 July 2014 - - PowerPoint PPT Presentation
Global Logistic Properties Annual General Meeting 2014 17 July 2014 Disclaimer The information contained in this presentation (the Information) is provided by Global Logistic Properties Limited (the Company) to you solely for your
17 July 2014
The information contained in this presentation (the “Information”) is provided by Global Logistic Properties Limited (the “Company”) to you solely for your reference and may not be retransmitted or distributed to any other person. The Information has not been independently verified and may not contain, and you may not rely on this presentation as providing, all material information concerning the condition (financial or other), earnings, business affairs, business prospects, properties or results of
financial performance and position. None of the Company or any of their members, directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses, damages or costs) from any use of this presentation or its contents or otherwise arising in connection therewith. This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties. These statements include descriptions regarding the intent, belief or current expectations of the Company with respect to the consolidated results of operations and financial condition, and future events and plans, of the Company. These statements can be recognised by the use of words such as “believes”, “expects”, “anticipates”, “intends”, “plans”, “foresees”, “will”, “estimates”, “projects”, or words of similar meaning. Similarly, statements that describe the Company’s objectives, plans or goals also are forward-looking statements. All such forward-looking statements do not guarantee future performance and actual results may differ materially from those in the forward-looking statements as a result of various factors and assumptions. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the management of the Company on future events. The Company does not undertake to revise forward-looking statements to reflect future events
Company’s assumptions are correct. By accepting and/or viewing the Information, you agree to be bound by the foregoing limitations.
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01.
GLP Park Tosu Japan GLP Park Hunan China GLP Lingang China GLP Imigrantes Brazil
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EARNINGS
US$685 mil
NET DEBT TO ASSETS
NEW AND EXPANSION LEASES
3.0 mil sqm
REVENUE
US$598.3 mil
CASH
SHARE OF LEASING FROM EXISTING CUSTOMERS
FUND MANAGEMENT AUM
US$11.1 bil
1 After adjustments for the sale of assets to GLP J-REIT and FX-related effects
1 1
LAND RESERVE IN CHINA
12.8 mil sqm
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Land supply increasingly constrained amid new land reforms in China Strategic Partners strengthen GLP’s land acquisition capability to accelerate future growth Stronger local presence to solidify GLP’s role as top logistics solution provider in China Enlarged network effect and one-stop solutions to drive value for customers while increasing stickinesss
Strengthened Network & Brand Access to Strategic Land
Partnering with leading Chinese institutions to optimize their supply chains amid government push to increase efficiency & competitiveness Requirements getting larger; having a portfolio to accommodate growth will be key to winning and retaining customers
Increased Leasing Demand
Target 30-40% annual growth in China development expenditure for the next 3-5 years
0.5 1.0 1.6 2.4 2.8 2.8 2.8 3.6 3.6 3.9 1.4 2.6 3.2 4.0 6.4 7.6 9.5
1.0 1.4
0.2 0.6 1.3 2.3 3.8 5.4 6.0 6.8 10.0 12.2 14.8
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 Japan China Brazil
6
GFA of Completed Properties
(mm sqm).
0.5
Portfolio Growth of GLP FY04 – FY14 CAGR: 54%
GLP Park Colgate & Elog Brazil GLP Park Suzhou China GLP Park Tokyo Japan
7.6 1.1 1.0 0.8 0.7 0.4 0.4 0.4 0.2 0.1
GLP Blogis Goodman Mapletree Prologis ACL e-Shang Yupei Beijing Properties Vailog
3.9 2.6 1.8 1 0.8 0.7 0.6 0.6 0.5 0.5
GLP Prologis Daiwa House JLF LIM Nomura RE Mapletree Orix Mitsubishi Goodman
Japan Brazil
(mm sqm) (mm sqm)
GLP is well-positioned to leverage the ‘Network Effect’ to serve our customers where they need to be
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China
GLP Stake: 19.9% GLP Stake: 53.1% (mm sqm) GLP Stake: 90-95%
Based on completed area for modern logistics facilities, as of March 31, 2014, and BRP 1st tranche acquisition as of June 12, 2014. The remaining properties are expected to be acquired in phases, subject to the receipt of required regulatory and third party approvals. Source: Based on completed parks from company websites, various news sources, CBRE estimates based on available information
2.3 0.6 0.4 0.4 0.4 0.3 0.1 0.1
GLP Hines CCP / Prologis MRV Log BR Properties Sanca GR Properties WT Goodman
GLP Soja Japan GLP Park Xi’an Hi-Tech China GLP Tokyo II Japan GLP Guarulhos Brazil
02.
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Notes: 1. National Statistics Bureau of China 2. May 2014 issue of Consensus Forecast
are expected to further double over the next three years to RMB3.8 trillion (US$610 billion)
Source:Strong and Steady, 2011 Asia ‘s Retail and Consumption Outlook by PWC
5% 10% 65% 0% 10% 20% 30% 40% 50% 60% 70% India China US
Huge room to grow
Chain Store Sales as % of Total Retail
26 56 128 263 498 774 1,300 1,850 2,420 3,119 3,790 1,000 2,000 3,000 4,000 2006 2008 2010 2012 2014E 2016E
10-year CAGR: 65%
Online Retail Sales in China
Source: iResearch Consulting Group; Ministry of Commerce
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market supply in Japan
JAPAN E-COMMERCE SALES
2005 - 2012 JAPAN 3PL MARKET
2005 - 2012
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13
Greater Tokyo Greater Osaka
4.0% 0.0%
Vacancy at Historically Low Levels
Source: CBRE. Refers to vacancy rates for multi-tenant properties in Japan with GFA greater than 33,000 sqm (335,000 sq ft) Greater Tokyo: 66 properties; Greater Osaka: 12 properties
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Modern Logistics Facilities Account for ~20% of Supply
Others 97.2%
Logistics Space Per Capita is 1/15th of the US
continued effort to improve supply chain efficiency
Brazil: 64mm sqm
20%
Modern Logistics Facilities: ~13mm sqm
(sqm per capita)
5.06 0.33 United States Brazil
15x
Source:CBRE estimates, EIU Source:CBRE
03.
GLP Park AGV Brazil GLP Guarulhos Brazil GLP Liantang Brazil GLP Park Amagasaki Japan
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LEADER IN THE WORLD’S THREE BEST MARKETS OUTSTANDING GROWTH OPPORTUNITIES FINANCIAL STABILITY AND FLEXIBILITY ON-GOING DEVELOPMENT MOMENTUM
development starts in China, Japan and Brazil in FY2015
US$1.7 billion in China
customers where they need to be
platform
Expect fund fees to more than double
GLP Tianjin Pujia China