One - Lippo Malls Indonesia Retail Trust - Investor Relations

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28Lippo-Mapletree Indonesia Retail Trust Annual Report 2009CEO’s ReportFINANCIAL REVIEWGROSS REVENUEGross revenue for FY2009 was S$79.6 million, which wasS$13.2 million or 14% below FY2008 1 . The decrease wasmainly due to a reduction in casual leasing income aswell as lower carpark income and miscellaneous incomesuch as signage fees as retailers reduced the amount ofexpenditure on promotional activities. The decrease wasalso attributed to the average IDR/SGD rate adoptedin FY2008 1 being 5.4% stronger than the average rateadopted in FY2009. The decrease in gross revenue waspartially offset by a higher revenue contribution fromSun Plaza as the comparative FY2008 1 fi gures includedonly 9 months trading as the mall was acquired on31 March 2008.NET PROPERTY INCOMENet property income for FY2009 was S$75.1 million,which was S$4.9 million or 6% below FY2008 1 . Thiswas mainly due to lower gross revenue, offset by loweroperating expenses in FY2009. The decrease in operatingexpenses was mainly due to (1) allowance for doubtfulreceivables of S$7 million made in FY2008 1 (No similarallowance was made in FY2009), (2) lower land rental ofS$0.5 million mainly arising from lower land rental paymentfor Plaza Semanggi, and (3) lower property managementfee of S$0.7 million arising from the lower gross rental andnet property income.Gross RevenueNet Property IncomeAs at31 December2009As at31 December2009• Bandung Indah Plaza 13%• Cibubur Junction 9%• Plaza Semanggi 17%• Mal Lippo Cikarang 6%• Ekalokasari Plaza 6%• Gajah Mada Plaza 8%• Istana Plaza 9%• Sun Plaza 16%• Mall WTC Matahari Units 2%• Metropolis Town Square Units 3%• Depok Town Square Units 2%• Java Supermall Units 2%• Malang Town Square Units 2%• Plaza Madiun 3%• Grand Palladium Medan Units 2%• Bandung Indah Plaza 13%• Cibubur Junction 9%• Plaza Semanggi 16%• Mal Lippo Cikarang 6%• Ekalokasari Plaza 6%• Gajah Mada Plaza 8%• Istana Plaza 9%• Sun Plaza 17%• Mall WTC Matahari Units 2%• Metropolis Town Square Units 3%• Depok Town Square Units 2%• Java Supermall Units 2%• Malang Town Square Units 2%• Plaza Madiun 3%• Grand Palladium Medan Units 2%1 For comparative purposes FY2008 refers to the period from 1 January 2008 to 31 December 2008 which has been extracted from the financial statements for theperiod from inception of the Trust to 31 December 2008.
29CEO’s ReportDISTRIBUTIONSDistributable income for FY2009 was S$54 million,which was S$1.1 million, or 2% above FY2008 1 . Thiswas mainly due to lower trust operating expenses, higherrealised gain on foreign exchange forward contracts,lower income tax and withholding tax expense. Theincrease was partly offset by lower net property incomeand higher interest expense.In FY2009, LMIR Trust made distributions of 5.04 centsper unit. This was 0.08 cents above FY2008 1 distributionsof 4.96 cents.Distribution Per Unit1.16 1 October 2009 to 31 December 20091.22 1 July 2009 to 30 September 20091.30 1 April 2009 to 30 June 20091.36 1 January 2009 to 31 March 2009ASSETSTotal assets as at 31 December 2009 and 31 December 2008 for LMIR Trust were S$1,188.2 million and S$1,007.8million respectively.2008 Valuation 2009 ValuationProperty IDR SGD IDR SGD(million) (million) (million) (million)Gajah Mada Plaza 612,100 79.3 669,200 99.9Cibubur Junction 468,300 60.7 491,100 73.3Plaza Semanggi 1,052,900 136.5 1,238,500 184.8Mal Lippo Cikarang 397,600 51.5 443,500 66.2Ekalokasari Plaza 289,200 37.5 343,500 51.3Bandung Indah Plaza 673,700 87.3 796,200 118.8Istana Plaza 690,700 89.5 642,800 95.9Sun Plaza 1,082,900 140.4 1,175,200 175.4Mall WTC Matahari Units 146,000 18.9 169,810 25.3Metropolis Town Square Units 193,800 25.1 226,120 33.7Depok Town Square Units 148,900 19.3 172,410 25.7Java Supermall Units 151,600 19.7 175,930 26.3Malang Town Square Units 148,700 19.3 177,090 26.4Plaza Madiun 194,900 25.3 193,370 28.9Grand Palladium Medan Units 151,400 19.6 162,160 24.26,402,700 830.0 7,076,890 1,056.01 For comparative purposes FY2008 refers to the period from 1 January 2008 to 31 December 2008 which has been extracted from the financial statements for theperiod from inception of the Trust to 31 December 2008.
Page 1 and 2: One Name, One Aim, One Trust.Annual
Page 3: 1One AimOUR MISSIONWe are committed
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Page 15 and 16: 13CEO’s ReportGrowth in Indonesia
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Page 21 and 22: 19CEO’s ReportS$73.3 millionAppra
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LIPPO-MAPLETREE INDONESIA RETAIL TR
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