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

Profit Forecast and Profit ProjectionThe following is an extract from “Profit Forecast and Profit Projection”. Statements in this extract that arenot historical facts may be forward-looking statements. Such statements are based on the assumptionsset out on pages 100 to 108 of this Prospectus and are subject to certain risks and uncertainties whichcould cause actual results to differ materially from those forecast and projected. Under no circumstancesshould the inclusion of such information herein be regarded as a representation, warranty or predictionwith respect to the accuracy of the underlying assumptions by LMIR Trust, the Manager, the Underwriters,the Sponsor, the Property Manager, the Trustee, the Financial Adviser or any other person, nor that theseresults will be achieved or are likely to be achieved. (See “Forward-Looking Statements” and “RiskFactors”). Investors in the Units are cautioned not to place undue reliance on these forward-lookingstatements which are valid only as at the date of this Prospectus.None of LMIR Trust, the Manager, the Financial Adviser, the Underwriters, the Sponsor, theProperty Manager, the Trustee and the Unit Lender guarantees the performance of LMIR Trust,the repayment of capital or the payment of any distributions, or any particular return on the Units.The forecast and projected yields stated in the following table are calculated based on (i) theOffering Price, and (ii) the assumption that the Listing Date is 1 July 2007. Such yields will varyaccordingly since the Listing Date will be after 1 July 2007 and in relation to investors whopurchase Units in the secondary market at a market price that differs from the Offering Price.The following table below sets forth LMIR Trust’s forecast and projected consolidated statements of totalreturn for Forecast Period 2007, Projection Year 2008 and Projection Year 2009 respectively. The financialyear-end of LMIR Trust is 31 December. For the purpose of the profit forecast and profit projection, LMIRTrust’s first accounting period is assumed to be the period from 1 July 2007 to 31 December 2007. Theprofit forecast and profit projection will be different if the date of establishment differs from 1 July 2007 or ifthe end of the first financial period differs from 31 December 2007. The profit forecast and profit projectionshould be read together with the report set out in “Appendix A—Independent Accountants’ Report on theProfit Forecast and Profit Projection” as well as the assumptions and the sensitivity analysis set out in“Profit Forecast and Profit Projection”. The following table sets forth LMIR Trust’s forecast and projectedConsolidated Statement of Total Return for Forecast Period 2007, Projection Year 2008 and the ProjectionYear 2009 prepared based on the Offering Price.Forecast and Projected Consolidated Statement of Total ReturnForecast Period2007Projection Year2008Projection Year2009(S$’000) (S$’000) (S$’000)Gross RevenueGrossRent................................. 35,018 74,660 81,632Carpark income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,782 7,356 7,053Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,346 2,804 2,895Total Gross Revenue. ........................ 40,146 84,820 91,580Property Operating ExpensesLand rental . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (661) (1,618) (1,836)Property management fees . . . . . . . . . . . . . . . . . . . . . (1,475) (3,134) (3,423)Other property operating expenses . . . . . . . . . . . . . . . (461) (583) (447)Total Property Operating Expenses ............. (2,597) (5,335) (5,706)Net Property Income ......................... 37,549 79,485 85,874Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 789 1,157 796Financial expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . (201) (365) (339)Administrative expensesManager’s management fees. . . . . . . . . . . . . . . . . . . . (2,883) (5,942) (6,198)Trustee’s fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (191) (332) (332)Other trust operating expenses . . . . . . . . . . . . . . . . . . (607) (830) (848)Total administrative expenses ................. (3,681) (7,104) (7,378)62