LIPPO-MAPLETREE - Lippo Malls Indonesia Retail Trust - Investor ...

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Profit forecast and profit projection• All leases and licences are enforceable and will be performed in accordance with their terms.• The property portfolio remains unchanged throughout Forecast Period 2007, Projection Year 2008 andProjection Year 2009.• 100.0% of the Distributable Income will be distributed over Forecast Period 2007, Projection Year 2008and Projection Year 2009; and at least 90% of the Distributable Income will be distributed thereafter.• There will be no changes in the fair value of all financial instruments throughout Forecast Period 2007,Projection Year 2008 and Projection Year 2009.• There will be no further capital raised during Forecast Period 2007, Projection Year 2008 and ProjectionYear 2009.• Operating Companies will perform their duties and fulfil their obligations as required.(See “Certain Agreements Relating to LMIR Trust and the Properties—Description of the OperatingCosts Agreements” and “Certain Agreements Relating to LMIR Trust and the Properties—Descriptionof the Rental Guarantee Deeds”.)SENSITIVITY ANALYSISThe forecast and projected distributions included in this Prospectus are based on a number ofassumptions that have been outlined above. The forecast and projected distributions are also subjectto a number of risks as outlined in “Risk Factors”.All prospective investors in the Units should be aware that future events cannot be predicted with anycertainty and deviation from the figures forecast or projected in this Prospectus are to be expected. Toassist investors in assessing the impact of these assumptions on the Profit Forecast and Profit Projection,a series of tables demonstrating the sensitivity of the distribution per Unit to changes in the keyassumptions are set out below.The sensitivity analysis is intended to provide a guide only and variations and actual performance couldexceed the ranges as shown. Movements in other variables may offset or compound the effect of a changein any variable beyond the extent shown.Rental growth rateChanges in rental growth rate impact the Gross Rent of each Indonesian SPC. The base case rentalgrowth rate of each Property is set out earlier in this section. The impact of variations in the yield is set outbelow.Rental growth rateBased onOfferingPriceYieldForecast Period 2007 Projection Year 2008 Projection Year 2009Based onOfferingPriceBased onOfferingPrice(%) (%) (%)5%lower......................... 6.85 7.29 7.81Base Case ...................... 6.85 7.30 7.845% higher . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.30 7.85108
Profit forecast and profit projectionVacancy allowanceChanges in vacancy allowance impact the Gross Rent of each Indonesian SPC. The base case vacancyallowance of each Property is set out earlier in this section. The impact of variations in the yield is set outbelow.Vacancy allowanceBased onOfferingPriceYieldForecast Period 2007 Projection Year 2008 Projection Year 2009Based onOfferingPriceBased onOfferingPrice(%) (%) (%)1 month . . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.30 7.85Base Case ...................... 6.85 7.30 7.843 months . . . . . . . . . . . . . . . . . . . . . . . . 6.85 7.30 7.83Operating Cost SubsidyPursuant to each of the Operating Costs Agreements to be entered into between the relevant Retail MallIndonesian SPC and Operating Company, the relevant Operating Company will agree to unconditionallybear, for a period of three years commencing from 1 January 2007, all costs directly related to themaintenance and operation of the relevant Retail Mall.Assuming that there is no subsidy from the Operating Company to each Indonesian SPC, the impact ofvariations in the yield is set out below.SubsidyBased onOfferingPriceYieldForecast Period 2007 Projection Year 2008 Projection Year 2009Based onOfferingPriceBased onOfferingPrice(%) (%) (%)No subsidy . . . . . . . . . . . . . . . . . . . . . . . 6.70 7.20 7.91Base Case ...................... 6.85 7.30 7.84Rental guaranteeUnder the Rental Guarantee Deeds, Lippo Strategic will provide rental guarantees to the relevant RetailMall Singapore SPCs in respect of existing and new units in the respective Retail Malls which areuntenanted. (See “Certain Agreements Relating to LMIR Trust and the Properties—Description of RentalGuarantee Deeds”.)The Rental Guarantee Deeds cover the period commencing from the Listing Date up to 31 December2009. Pursuant to the Rental Guarantee Deeds, Lippo Strategic is obliged to pay to the Retail MallSingapore SPCs a specified sum in respect of each Retail Mall for every year during the said period. Thefirst of such payments will be paid on or before 31 January 2008, and subsequent payments will be madeon a quarterly basis thereafter. In the event any of the specified units in the relevant Retail Mall becomestenanted during such period, the amount of the specified sum payable by Lippo Strategic in respect of suchRetail Mall will be reduced by the amount of the rental payable under the relevant tenancy, regardless ofwhether such rental is received by the owner of the relevant Retail Mall and notwithstanding that suchtenancy may be or is terminated prior to the expiry of such period.Assuming that there is no rental guarantee from Lippo Strategic to the relevant Retail Mall SingaporeSPCs, the impact of variations in the yield is set out below.109
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LIPPO-MAPLETREEINDONESIA RETAIL TRU
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Metropolis Town SquareMall WTC Mata
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KeyInvestmentHighlightsStrong acqui
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Locked-in master leases with rental
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1. Mall WTC Matahari UnitsRetail Sp
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Notice to investorsNo person is aut
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Forward-looking statementsCertain s
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Market and industry informationThis
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SummaryThe following summary is qua
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a right of first refusal (the “RO
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• The management of all the Retai
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information was extracted are based
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2006. It is estimated that the urba
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Further, the Retail Malls are manag
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Key Information on the PropertiesA
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Location of the Properties in Indon
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INFORMATION ON THE PROPERTIESThe Re
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Pictures of Gajah Mada Plaza19
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Percentage of contribution to LMIRT
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Number of tenants as at 30 June2007
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Car parking lots . . . . . . . . .
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Occupancy rate as at 30 June 2007.
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Year of building completion . . . .
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NLA as at 30 June 2007 . . . . . .
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Year of building completion . . . .
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Appraised value by Knight Frank as
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NPI for Forecast Period 2007,Projec
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Note:(1) Based on Strata Titles Own
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Note:(1) Based on Kiosks Sale and P
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Appraised value by Colliers as at30
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Percentage of contribution to LMIRT
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Notes:(1) These 14 Singapore SPCs (
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(See “Strategy—Capital and Risk
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Operating Companies: PT Multi Nusan
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Payable by LMIR Trust(c) Any other
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The offeringLMIR Trust . . . . . .
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Page 81 and 82: Risk factorsProspective investors s
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Page 87 and 88: Risk factorsacquisitions is limited
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Page 103 and 104: Risk factors• broad market fluctu
Page 105 and 106: Ownership of UnitsPRINCIPAL UNITHOL
Page 107 and 108: DistributionsThe distributable inco
Page 109 and 110: Exchange rates and exchange control
Page 111 and 112: CapitalisationThe following table s
Page 113 and 114: Unaudited pro forma consolidated ba
Page 115 and 116: Profit forecast and profit projecti
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Page 129 and 130: StrategyDate, to the extent that LM
Page 131 and 132: StrategyGiven that there is limited
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Page 135 and 136: Business and propertiesIn addition,
Page 137 and 138: Business and propertiestheir daily
Page 139 and 140: Business and propertiesValuationEac
Page 141 and 142: Business and propertiesThe followin
Page 143 and 144: Business and propertiesINFORMATION
Page 145 and 146: Business and propertiesother strata
Page 147 and 148: Business and propertiesBecause of t
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Page 151 and 152: Business and propertiesThe largest
Page 153 and 154: Business and properties“Overview
Page 155 and 156: Business and properties200 sq m and
Page 157 and 158: Business and properties• Mal Cima
Page 159 and 160: Business and propertiesTHE PLAZA SE
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Page 163 and 164: Business and properties• Epicentr
Page 165 and 166: Business and propertiesMAL LIPPO CI
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Business and propertiesBANDUNG INDA
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Business and propertiesThe table be
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Business and propertiesAmendment to
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Business and propertiesISTANA PLAZA
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Business and propertiesThe table be
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Business and propertiesThe Istana P
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Business and propertiesRelevant inf
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Business and propertiesAppraised va
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Business and propertiesDescriptionP
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Business and propertiesSun PlazaMed
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The Manager and corporate governanc
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The SponsorThe business structure o
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The Sponsorshopping, entertainment
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The SponsorKEY SHAREHOLDERS OF THE
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The formation and structure of LMIR
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Certain agreements relating to LMIR
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Overview of relevant laws and regul
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TaxationSINGAPORE TAX IMPLICATIONST
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Taxationbe applied to reduce the co
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TaxationOn the rental payments to t
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Plan of distributionThe Manager is
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Plan of distributionThe restriction
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Plan of distributionNote:(1) Includ
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Plan of distributionArticle 31, sec
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Plan of distributionUnited States o
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Clearance and settlementINTRODUCTIO
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General information(1) The profit f
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General information(f)(g)(h)Rule 74
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Glossary% Per centum or percentageA
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GlossaryColliersColliers Internatio
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GlossaryIndonesian SPCsInterested P
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GlossaryNPIOCBC BankNet property in
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GlossaryRetail Space Singapore SPCs
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GlossaryUnit Lending AgreementUnit
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Appendix AINDEPENDENT ACCOUNTANTS
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Appendix BINDEPENDENT ACCOUNTANTS
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Appendix BLIPPO-MAPLETREE INDONESIA
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Appendix BPro Forma Consolidated Ba
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Appendix B(D)Pro Forma Consolidated
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Appendix B(x)(xi)(xii)(xiii)(xiv)S$
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Appendix BCash and cash equivalents
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Appendix BLeased assets—Leases in
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Appendix Btemporary difference; and
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Appendix B• The Trustee, the Mana
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Appendix BDeferred income represent
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Appendix Bfinancial year exceeds th
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Appendix Bprice is to be negotiated
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Appendix B4. Bandung Indah PlazaPT
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Appendix CINDEPENDENT SINGAPORE TAX
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Appendix CGains on disposal of shar
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Appendix CDisposal of UnitsSingapor
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Appendix DINDEPENDENT INDONESIAN TA
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Appendix DD-3
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Appendix DD-5
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Appendix DD-7
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Appendix EINDEPENDENT PROPERTY VALU
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Appendix EReport No.017/WPA-Report/
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Appendix ERef. No: V/2006/PKG/3819
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Appendix EVALUATION CERTIFICATEProp
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Appendix EPropertiesLandarea (m 2 )
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Appendix EADDENDUM—STATEMENT OF A
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Appendix FINDEPENDENT REPORT ON THE
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TABLE OF CONTENTSREPORT INSTRUCTION
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Report instructionsAbout Jones Lang
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Executive summaryIMPLICATIONS FOR R
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Overview of Indonesia and its Econo
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Retail Market OverviewTable 2.1.1 I
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Retail Market Overview2.3 Changing
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Retail Market Overviewretailers hav
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Retail Market OverviewCompletionyea
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Retail Market Overview2.7.5 Carrefo
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Retail Market OverviewIn view of th
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Overview of PortfolioAs the adminis
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Overview of PortfolioFigure 3.1.4:
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Overview of PortfolioFigure 3.2.2 B
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Overview of PortfolioFigure 3.2.4 S
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Overview of PortfolioFigure 3.2.6 M
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Overview of PortfolioFigure 3.3.1 L
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Overview of PortfolioMall WTC Matah
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Leased MallsFigure 4.1.1 Cibubur Ju
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Leased MallsTable 4.1.3 Major tenan
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Leased MallsTable 4.1.4 Cibubur Jun
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Leased Malls4.1.7 SWOT analysisTabl
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Leased Malls4.2 Plaza Semanggi4.2.1
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Leased Mallsnumber of international
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Leased MallsTaking the survey and t
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Leased Malls• There are two major
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Leased Mallsterms of its very promi
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Leased MallsFigure 4.3.2 Bandung In
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Leased Malls• In terms of reasons
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Leased Mallsand approximately 38,00
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Leased MallsWhile BIP is likely to
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Leased MallsFigure 4.4.2 Istana Pla
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Leased Malls• The main reason sta
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Leased Malls• Cihampelas Walk is
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Leased MallsFigure 4.4.4: Istana Pl
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Leased MallsOn the completion of th
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Leased MallsThe target market for M
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Leased MallsThe current Hypermart e
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Leased MallsFigure 4.6.2 Gajah Mada
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Leased Malls• Of all the malls in
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Leased Mallshypermart. The centre a
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Leased MallsTable 4.6.7: Rental pos
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Leased Malls4.7.3 Tenant mixThe cur
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Leased Mallsprimarily the city of B
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Leased MallsTable 4.7.5: Main compe
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Retail Spaces Malls5. RETAIL SPACES
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Retail Spaces MallsIn addition, loc
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Retail Spaces MallsThe store target
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Retail Spaces MallsTable 5.3.1: Cen
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Retail Spaces MallsFigure 5.3.3: Gr
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Retail Spaces MallsThis relatively
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Retail Spaces MallsStrata title sho
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Retail Spaces MallsMadiun are locat
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Retail Spaces MallsFigure 5.6.3 Pla
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Retail Spaces MallsThe centre has t
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Appendix GTERMS, CONDITIONS AND PRO
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Appendix G(15) The Manager reserves
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Appendix GAdditional Terms and Cond
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Appendix G(10) By completing and de
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Appendix GAdditional Terms and Cond
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Appendix GWhere your Electronic App
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Appendix GApplication to the Manage
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Appendix GTerms and Conditions for
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Appendix HLIST OF PRESENT AND PAST
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Appendix H(6) Mr Tan Boon LeongCurr
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Appendix HCurrent DirectorshipsMapl
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Appendix HCurrent DirectorshipsMapl
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LIPPO-MAPLETREE INDONESIA RETAIL TR
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