Investor Presentation 11 June 2013 - FinanzNachrichten.de · 2013-06-11 · Cash & Cash Equivalents...
Transcript of Investor Presentation 11 June 2013 - FinanzNachrichten.de · 2013-06-11 · Cash & Cash Equivalents...
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Investor Presentation
11 June 2013
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StrengthsInvestment Highlights
OutlookStrategies Moving Forward
Q & A
ASPIALInvestor Presentation
OverviewAspial Corporation Ltd
Financials FY2010 – 1Q2013
Agenda
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About Aspial� Aspial Corporation Limited is an investment holding company with 3 core businesses, namely jewellery, property
development and financial service� Jewellery
- Leading jewellery retailer in Singapore with 67 retail stores across Singapore and 1 in Ho Chi Minh City- 4 established jewellery brands i.e. “Aspial”, “Lee Hwa Jewellery”, “Goldheart Jewellery” and “Citigems”
� Property Development- Successfully launched and completed more than 25 property projects in Singapore since 2001- Involved in commercial, residential and commercial-cum-residential projects in good locations in Singapore
� Financial Service- Provides pawnbroking services to consumers via a modern, professional and customer centric store concept to
meet their financial needs
- Has outlets in 30 locations in Singapore- Listed Maxi-Cash on Catalist on 22 June 2012
� Aspial is listed on the Singapore Stock Exchange with market capitalisation of about S$668 million, as of 30 May 2013.
Financial Summary
S$’000 Period ended 31 Mar 2013
Year ended 31 Dec2012
Year ended 31 Dec 2011
Year ended 31 Dec 2010
Revenue 94,382 453,909 420,324 280,258
EBITDA 18,299 91,184 67,049 15,152
EBITDA Margin (%) 19.39% 20.18% 15.95% 5.41%
Interest Expense 2,463 6,146 3,474 2,388
Net Debt 606,477 558,783 293,488 193,776
Total Equity 278,368 231,703 155,807 98,458
Tangible Net Worth (TNW) 247,445 201,214 141,614 78,250
Net Debt to Total Equity (x) 2.18 2.41 1.88 1.97
Total Secured Debt /Total Asset (%) 49.9 47.4 56.5 55.3
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Aspial Corporation Ltd
Aspial International
Pte Ltd
World Class Land Pte Ltd
Maxi-Cash Financial
Services CorporationLtd
Aspial-Lee HwaJewellery Singapore
Pte Ltd
BU2 Services Pte Ltd
Aspial-LHJ Jewellery
Pte Ltd
Goldheart Jewellery
Pte Ltd
CitigemsPte Ltd
L&N Jewellery
World ClassPropertyPte Ltd
World ClassDevelopment
Pte Ltd
World ClassCapital Pte Ltd
Advance Property Pte Ltd
KensingtonLand
Pte Ltd
KensingtonVillage Pte Ltd
Bayfront Ventures Pte Ltd
100% 100% 49% 100%100%
100% 100% 81.08%
100% 100%
90%
100% 100% 80% 100% 40% 40% 50%
Property Development Business
Maxi-Cash Jewellery Group Pte
Ltd
100%
Jewellery Business Financial Services
Group Structure
Maxi-Cash Group Pte
Ltd
Gold & Gems Pte
Ltd
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Jewellery Business
Our 4 key jewellery brands target different marketsegments. This enables us to focus on fulfilling
customers’ preferences such as merchandise and pricerange more effectively.
• Despite the lesser number of stores in 2012, we managed to improve store efficiency andachieve higher sales from existing retail stores.
• Revenue from the jewellery business increased by 2.7% from S$159.0 million in FY2011 toS$163.3 million in FY2012. The Group’s jewellery business registered pre-tax profits of S$2.8million in FY2012 as compared to S$4.0 million in FY2011 due mainly to its MBS stores.
Value SegmentMainstream
Segment
Mass Luxury
SegmentLuxury Segment
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Property Development
Project TypeTotalUnits
LaunchDate
UnitsLaunched
% Sold Based on
Units Launched
Expected TOP
CardiffResidence
Residential 163 4Q 2011 163 100% 2H 2013
ParcRosewood
Residential 689 1Q 2012 689 100% 2H 2013
EastVillage
Retail 108 1Q 2012 100 98% 2H 2013
EastVillage
Residential 90 1Q 2012 90 100% 2H 2013
8 Bassein Residential 74 2Q 2012 74 100% 2H 2014
Urban Vista Residential 582 1Q 2013 500 87.2% 1H 2015
• Through World Class Land Pte Ltd, we are involved in commercial, residential
and commercial-cum-residential projects in good locations in Singapore.
• Since 2001, we have successfully launched and completed more than 25
property projects in Singapore.
• Revenue from the property development business rose 10.5% from S$177.5million in FY2011 to S$196.2 million in FY2012. The substantial growth in
revenue was contributed by the progress recognition of revenue from East
Village, Cardiff Residence and 8 Bassein amongst others.
Latest property development projects
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Financial Service Business
• Our financial service business Maxi-Cash was incorporated in April
2008 and was listed on Catalist of SGX-ST on 22 June 2012.
• The financial service business is carried via 3 wholly-owned
subsidiaries:
• Maxi-Cash Group which owns 12 subsidiaries that in turn
operate the pawnshops
• Gold & Gems which carries out the retail and trading of pre-
owned jewellery and watches; and
• Maxi-Cash Jewellery Group, which manages the inventory
and carries out the trading of pre-owned jewellery and
watches. • Since listing, Maxi-Cash’s share price
has been on a steady uptrend.
Currently, market capitalisation of
about S$205 million on 30 May 2013
is about 130% more than its IPO price.
• In FY2012, Maxi-Cash achieved
another year of record loans to its
customers. Its revenue increased by
14.6% from S$87.8 million in FY2011
to S$100.5 million in FY2012.
• With the largest network of pawnshops
in Singapore, the Group through Maxi-
Cash continues to strengthen its
leadership position in the market.
Steady Price Increase since IPO
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StrengthsInvestment Highlights
OutlookStrategies Moving Forward
Q & A
ASPIALInvestor Presentation
OverviewAspial Corporation Ltd
Financials FY2009 – 1Q2013
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S$’000 Period
Ended 31 Mar 2013
Year Ended 31 Dec 2012
Year ended 31 Dec 2011
Year ended 31 Dec 2010
Cash & Cash Equivalents
61,822 46,755 12,066 7,375
Trade & other receivables (Current)
182,643 182,609 135,616 84,489
Development Properties
590,418 534,413 262,933 166,496
Total Assets 1,038,737 961,859 569,512 385,079
Long-term borrowings & loans
320,969 267,045 136,745 72,284
Short-term borrowings & loans
197,330 188,439 168,809 128,867
Notes Payable 150,000 150,000 - -
Total Liabilities
760,369 730,156 413,705 286,621
Total Equity 278,368 231,703 155,807 98,458
Financial SummaryBalance Sheet
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Financial SummaryIncome Statement
S$’000
Period ended
31 Mar 2013
Year ended
31 Dec 2012
Year ended 31 Dec 2011
Year ended 31 Dec 2010
Revenue 94,382 451,941 420,324 280,258
EBITDA 18,299 91,184 67,049 15,152
Operating Profit 3,863 53,903 55,222 3,392
Interest Expense 2,463 6,146 3,474 2,388
Share of Results from Associates
8,152 19,611 243 39
Profit before Tax 14,490 79,042 57,228 6,662
Net Profit 12,269 66,303 47,618 5,596
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StrengthsInvestment Highlights
OutlookStrategies Moving Forward
Q & A
ASPIALInvestor Presentation
OverviewAspial Corporation Ltd
Financials FY2010 – 1Q2013
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Investment Highlights
Diversified revenue streamsDiversified revenue streams
Strong financial performance supported by healthy financial profileStrong financial performance supported by healthy financial profile
Market leading positions in key businessesMarket leading positions in key businesses
Fast-Growing Developer with Strategic JV with FragranceFast-Growing Developer with Strategic JV with Fragrance
Strong cashflow and profit from property projects Strong cashflow and profit from property projects
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Experienced management and board of directorsExperienced management and board of directors6
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Secured Debt/ Total Asset (%)Net Debt to Equity (x)
Total Equity (S$’M) Current Ratio (x)
Strong financial performance supported by healthy financial profile: Conservative Financial Profile with Strong Liquidity
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1.97 1.88
2.41 2.18
-
0.50
1.00
1.50
2.00
2.50
3.00
FY10 FY11 FY12 1Q13
98.5
155.8
231.7
278.4
0.0
50.0
100.0
150.0
200.0
250.0
300.0
FY10 FY11 FY12 1Q13
55%56%
47%
50%
42%
44%
46%
48%
50%
52%
54%
56%
58%
FY10 FY11 FY12 1Q13
1.7 2.0
3.0
3.5
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
FY10 FY11 FY12 1Q13
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Revenue (S$’M) EBITDA Margin (%)
Net Profit (S$’M)
Strong financial performance supported by healthy financial profile: Conservative Financial Profile with Strong Growth in Earnings
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280,258
420,324 451,940
94,382
-
100,000
200,000
300,000
400,000
500,000
FY10 FY11 FY12 1Q13
5.41%
15.95%
20.18% 19.39%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
FY10 FY11 FY12 1Q13
5,596
47,618
66,303
12,269
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
FY10 FY11 FY12 1Q13
EBITDA / Interest (x)
6.3
19.3
14.8
7.4
-
5.0
10.0
15.0
20.0
25.0
FY10 FY11 FY12 1Q13
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FY2010
35%
Financial Service
(S$101M)
43%
Jewellery
(S$163M)
Property
(S$196M)
22%
Segmental Revenue Breakdown in 2012
CORPORATE PROFILEDiversified Revenue Streams
42%
Financial Service
(S$88M)
37%Jewellery
(S$159m)
Property
(S$177M)
21%
Segmental Revenue Breakdown in 2011
Segmental Revenue Breakdown Averaged Across 2009 - 2012
Jewellery S$ 156 m (40%)Property S$ 152 m (39%)Financial Service
S$ 81 m (21%)
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•Tiong Bahru Plaza
• Novena Square
• VivoCity
• West Mall
• Changi Airport T1
• Changi Airport T3
•Ang Mo Kio Hub
• Bugis Junction
• Causeway Point
• Citylink Mall
•Compass Point
• IMM
• ION Orchard
• Junction 8
• Jurong Point JP1
• Lot One
• NEX
• Northpoint Shopping Centre
•Parkway Parade
• Plaza Singapura
• Tampines Mall
• ION Orchard
• 313@Somerset
• AMK Hub
• Bugis Junction
• Causeway Point
• Centrepoint
• Changi Airport
• Clementi Mall
• Compass Point
• Great World City
• Hougang Mall
• Lot1
• Junction 8
• Jurong Point
•International building
• Marina Square
•Plaza Singapura
• NEX
• Tiong Bahru Plaza
• Northpoint
• Parkway Parade
• Tampines Mall
• VivoCity
• West Mall
• Wisma Atria
•Changi Airport T1
•Vista Exchange
• Bugis Junction
• Wisma Atria
• Changi Airport T2
• Tampines Mall
• ION Orchard
• Vivocity
• Jurong Point
• Plaza Singapura
• Junction 8
• Causeway Point
• Marina Square
• Marina Bay Sands
• Centrepoint
•Toa Payoh HDB Hub
• NEX
•IMM
•Parkway Parade
• Citylink Mall
• Compass Point
Market Leading Position in Key BusinessesJewellery: Largest network with 67 stores in Strategic Locations
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In-house Design Team
Bulk Purchase of Raw Materials
Sub-contracted Manufacturing
Marketing & Distribution
Vertically Integrated, End-to-End Operations
Value Creation
� Outsourcing of production to
reliable sub-contractors to
ensure production costs keptlow
� Stringent quality procedures
in place
� Bulk purchase of diamonds
help to secure lower costs� Ensures designs are in line with
current trends with wide market
appeal to suit taste and preferenceof respective target markets
� Multi-brand portfolio strategy
coupled with effective
marketing to capture widecustomer base
� Largest retailer of contemporary jewellery in Singapore with more than 40 years of experience
� Network of about 67 retail stores covering most of the major shopping malls in Singapore
� Strong brand equity in major segments of the jewellery market
Market Leading Position in Key BusinessesJewellery: Leader in Jewellery Industry
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Central North West East
Bugis Ang Mo Kio Boon Lay Marine Parade
Lucky Plaza Toa Payoh Jurong East Bedok
People's Park Northpoint Jurong West Joo Chiat
Redhill Woodlands Clementi Paya Lebar
Bukit Merah Hougang Choa Chu Kang Aljunied
Tiong Bahru Nex Mall Bukit Batok Tampines
Harbourfront Chong Pang Yew Tee Pasir Ris
Serangoon Road ( 2 locations)
Well-established Market Position
� Leader with the largest network of 30 strategic locations� Innovator offering contemporary, bank-like experience� Recession-Proof Business
Strong Expansion & Revenue Growth
No of locations
Revenue
Market Leading Position in Key BusinessesFinancial Service: Leader and Innovator in the Pawnbroking Industry
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1722
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0
10
20
30
40
FY2010 FY2011 FY2012 1Q2013
Trade Receivables – Pledge Book
9.4
54.9
87.8 100.5
26.7
-
20.0
40.0
60.0
80.0
100.0
120.0
FY09 FY10 FY11 FY12 1Q13
12.4
55.1
120.4
157.9 163.4
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
FY09 FY10 FY11 FY12 1Q13
(S$’M)
(S$’M)
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Cardiff Residence Parc Rosewood 8 Bassein
Type Residential
Total Units 163
Launch Date 4Q 2011
Units Launched 163
Sold Based on Units Launched
100 %
Expected TOP 2H 2013
Type Residential
Total Units 689
Launch Date 1Q 2012
Units Launched 689
Sold Based on Units Launched
100 %
Expected TOP 2H 2013
Type Residential
Total Units 74
Launch Date 2Q 2012
Units Launched 74
Sold Based on Units Launched
100 %
Expected TOP 2H 2014
East Village
Type Residential
Total Units 90
Launch Date 1Q 2012
Units Launched 90
Sold Based on Units Launched
100 %
Expected TOP 2H 2013
Type Retail
Total Units 108
Launch Date 1Q 2012
Units Launched 100
Sold Based on Units Launched
96 %
Expected TOP 2H 2013
Strong Cashflow and Profit from Property ProjectsRobust sales from recent property launches
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Urban Vista
Type Residential
Total Units 582
Launch Date 1Q 2013
Units Launched 500
Sold Based on Units Launched
87%
Expected TOP 1H 2015
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Resi 100% sold
100% sold
100% sold
8 Bassein
Parc Rosewood
Retail 96% sold
East Village
Cardiff Residence� High revenue visibility
- Based on the units sold, the Group has locked in
total revenue of more than S$480 million as at 8
May 2013 which will be progressively recognised
in accordance with the stage of construction
Strong Cashflow and Profit from Property Projects Property: Strong Contribution from Property Projects
100% sold
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Urban Vista
Resi 83% sold
11.0%
27.7%
37.2%44.5%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
FY10 FY11 FY12 1Q13
Property PBT Margin
Revenue, 81.9
Revenue, 177.5
Revenue, 196.2
Revenue, 29.5
PBT, 9.0
PBT, 49.2
PBT, 73.0
PBT, 13.1
-
50.0
100.0
150.0
200.0
250.0
FY10 FY11 FY12 1Q13
Revenue & PBT(S$’M)
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5 Fast-Growing Developer with Strategic JV with FragranceHuge potential from 3 newly-acquired sites
Key Point
Tai Keng Court
TypeComm &
Residential
Total GFA 391,120
Target Launch
2H 2013
Est. No. Comm
200
Est. No. Resi 330
TypeComm &
Residential
Total GFA 145,319
Target Launch
2H 2013
Est. No Comm
60
Est. No. Resi 190
� Robust growth expected in revenue
- At current market prices, the potential sales revenue from the
remaining unsold units of the projects launched and the projects yet
to be launched attributable to the Group is estimated to be in excess
of S$1,000 million (as at 8 May 2013).
- Based on current prices, the Group is expected to enjoy a healthy
margin from potential sales revenue for these projects.
� Undertake larger-sized development projects
Jalan Jurong Kechil
Type Residential
Total GFA 153,212
Target Launch
1H 2013
Est. No Comm
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Est. No. Resi 300
(Sq. ft.)
85,000
-
98,092
418,000
-
120,000
-
53,900
-
421,000
391,120
145,319 153,269
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
Jalan Jurong Kechil
Tai Keng Court
Key Point
Tanah Merah
8 Bassein
East Village
Parc Rosewood
Cardiff Residence
Cavan Suites
Onan Suites/SOHO Life!
Espira Suites
Heritage East
Dunearn Suites
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Experienced Management and Board of Directors
� Appointed as an Executive Director and Non-
Independent Director of the company on 9 Oct
1989
� Currently serves as CEO of Aspial Corporation
Ltd
� Led company from traditional goldsmith into a
modern and well-established jewellery portfolio
of brands in Singapore as well as its
successful forays into property development
and financial service businesses
Koh Wee Seng
Executive Director
and Non-independent
Director
� Appointed as an Executive Director and Non-
Independent Director of the company on 1 May
1987
� Currently serves as Issuer’s Jewellery
Purchase Director
� Has more than 20 years’ experience in the
jewellery industry
� Graduated from National University of
Singapore with a Bachelor’s Degree in Arts
Ko Lee Meng
Executive Director
and Non-independent
Director
� Appointed as a Non-Executive Director and
Independent Director of the company
� Currently serves as Director and Chairman of
the Audit Committee
� Started career in banking industry in 1971 with
Chase Manhattan Bank and retired as a
Senior Vice President of Oversea-Chinese
Banking Corporation Limited in late 1998
� Professional diploma in Accountancy from
Singapore Polytechnic and completed
Management programme from Stanford-NUS
Wong Soon
Yum
Non-Executive
Director and
Independent Director
� Appointed as a Non-Executive Director and
Independent Director of the company on 01
November 2002
� Currently serves as Director and Member of
the Audit Committee
� Former CEO of Overseas Union Trust Limited
and has held various senior positions
including Chairman of OUB Securities Pte Ltd
� Graduated from National University of
Singapore with a Bachelor’s Degree in
Accountancy
Kau Jee Chu
Non-Executive
Director and
Independent Director
� Joined the company in November 1997
� Currently serves as Chief Finance Officer of
the company
� Has over 20 years of experience working in
finance in various industries including ship
building, manufacturing and retail.
� Graduated from Victoria University of
Wellington in New Zealand
� Holds a Master in Professional Accounting
from Victoria University , Australia
� Certified Public Accountant , Australia &
Chartered Secretary, Singapore
Lim Swee Ann
Chief Finance Officer
� Appointed as an Executive Director and Non-
Independent Director of the company on 9 Oct
1989
� Currently serves as Production Director and
Member of the Audit Committee
� Has more than 16 years’ experience in
jewellery manufacturing and outsourcing
� Graduated from National University of
Singapore with a Bachelor’s Degree in Arts
Koh Lee Hwee
Executive Director and Non-independent
Director
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Investment Highlights
Diversified revenue streamsDiversified revenue streams
Strong financial performance supported by healthy financial profileStrong financial performance supported by healthy financial profile
Market leading positions in key businessesMarket leading positions in key businesses
Fast-Growing Developer with Strategic JV with FragranceFast-Growing Developer with Strategic JV with Fragrance
Strong cashflow and profit from property projects Strong cashflow and profit from property projects
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Experienced management and board of directorsExperienced management and board of directors6
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StrengthsInvestment Highlights
OutlookStrategies Moving Forward
Q & A
ASPIALInvestor Presentation
OverviewAspial Corporation Ltd
Financials FY2010 – 1Q2013
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Outlook & Strategy
Financial Service
� Secure strategic locations where
business is viable and Maxi-Cash is not
represented
� Strengthen brand equity and awareness
� Expand range of pre-owned watch and
jewellery
� Speed up planning and launch of three
new projects within constraints
� Ensure construction progress smoothly
� Look out for opportunities in the property
market
� Rationalise store network to increase
store efficiency
� Maintain tight control on operating cost
Strategy
� Demand for loans is likely to remain
healthy
� Increasing acceptance of pawnbrokingas an alternative source of financing
Outlook
Property
Strategy
� URA Q4 2012 property index shows
increase in residential property price
� Despite various cooling measures, demand for property remains healthy
� Low-interest environment will continue
to drive demand
Outlook
Jewellery
Strategy
� Singapore GDP growth expected to be
1 to 3%
� Consumer sentiments remains relatively positive
Outlook
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StrengthsInvestment Highlights
OutlookStrategies Moving Forward
Q & A
ASPIALInvestor Presentation
OverviewAspial Corporation Ltd
Financials FY2010 – 1Q2013
27
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Q & A
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Thank You
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Important Notice
Important Information
This presentation and the information contained herein does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities of Aspial
Corporation Limited (the “Company”) or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity and nothing contained herein shall form the basis of or be relied upon in connection with any
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The information and opinions in this presentation are provided as at the date of this presentation and are subject to change without notice. No assurance is made as to the accuracy of this presentation and it may be
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This presentation has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this Presentation and any other document or material in connection with the offer or sale, or invitation for
subscription or purchase, of notes (the “Notes”) to be issued from time to time by the Company pursuant to the Programme may not be circulated or distributed, nor may the Notes be offered or sold, or be made the subject of
an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the
“SFA”), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA or (iii) otherwise pursuant to, and in
accordance with the conditions of, any other applicable provision of the SFA.
Where interest, discount income, prepayment fee, redemption premium or break cost is derived from any of the Notes by any person who is not resident in Singapore and who carries on any operations in Singapore through a
permanent establishment in Singapore, the tax exemption available for qualifying debt securities (subject to certain conditions) under the Income Tax Act, Chapter 134 of Singapore (the “Income Tax Act”) shall not apply if
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or break cost derived from the Notes is not exempt from tax (including for the reasons described above) shall include such income in a return of income made under the Income Tax Act.
Any discrepancies in the tables included herein between the listed amounts and the SGXNET announcements or the consolidated financial statements of the Company are due to rounding.
Forward Looking Statements
This presentation contains forward-looking statements which may be identified by their use of words like "plans", "expects", "will", “guidance"," anticipates", "believes", "intends", "projects", "estimates" or other words of similar
meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial
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All forward-looking statements are subject to risks and uncertainties as they are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are
accurate or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. The Company has no obligation to, and does not intend
to, publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events, or otherwise.