vincom retail joint stock company 2q2020 performance · 7/28/2020 · pre and post renovation...
TRANSCRIPT
Vincom Retail Joint Stock Company
2Q2020 Performance
28 July 2020
Confidential
IMPORTANT: The information contained herein is preliminary and subject to change without notice, its accuracy is not
guaranteed, has not been independently verified and may not contain all material information concerning Vincom Retail
Joint Stock Company (the “Company”) and its subsidiaries (the “Group”). You should not rely upon it or use it to form the
basis for any investment decision or commitment whatsoever.
None of the Company, its shareholders, or any of their respective affiliates, directors, officers, employees, agents, advisers
or any other person makes any representation or warranty (express or implied) or accepts any responsibility or liability for
the accuracy or completeness of this presentation or any or all of the information in this presentation or otherwise made
available. It is not the intention to provide, and you may not rely on these materials as providing, a complete or
comprehensive analysis of the financial or trading position or prospects of the Group. No part of this presentation shall form
the basis of or be relied upon in connection with any contract or commitment whatsoever. Further, nothing in this
presentation should be construed as constituting legal, business, tax or financial advice. You should conduct such
independent investigations and analysis of the Group as you deem necessary or appropriate in order to make an
independent determination of the suitability, merits and consequences of investment in the Company.
This presentation contains “forward-looking statements”. These forward-looking statements involve known and unknown
risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s
current beliefs and expectations about future events. Forward-looking statements are sometimes identified by the use of
forward-looking terminology such as “believe”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”,
“estimates”, “aims”, “targets”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative
thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are
not historical facts. Forward-looking statements are not guarantees of future performance. These forward-looking
statements speak only as at the date of this presentation, and none of the company, its shareholders, or any of their
respective affiliates, directors, officers, employees, agents, advisers or any other person undertakes to update or revise any
forward-looking statements as a result of new information or to reflect future events or circumstances.
Disclaimer
2
1. Key Highlights
Confidential
Financial Performance – 2Q2020 and 1H2020
Revenue from Leasing
2Q2020: VND1,307 billion 9.8% QoQ
21.2% YoY
1H2020: VND2,756 billion 15.4% YoY
Note: Based on VAS Consolidated Financial Statements for 2Q2020
(1) NOI for leasing investment properties and rendering of related services is calculated by taking total income from leasing activities and from other property-related services less any property-related operating expenses
which include land lease costs but exclude management expenses allocated from parent company
(2) Effective occupancy takes into consideration the operational NLA instead of leased NLA during the lockdown period in April 2020
Gross Profit
2Q2020: VND646 billion 14.9% QoQ
32.7% YoY
1H2020: VND1,405 billion 27.3% YoY
EBITDA
2Q2020: VND910 billion 14.8% QoQ
26.9% YoY
1H2020: VND1,978 billion 19.1% YoY
Leasing NOI
2Q2020: VND931 billion 6.3% QoQ
18.9% YoY
1H2020: VND1,924 billion 16.6% YoY
Indicator March April May
Average occupancy/ month 83.6% 84.0% 83.7%
Effective occupancy / month 64.0% 27.0% 80.0%
Impact of Covid-19 (19.0%) (57.0%) (3.0%)
Impact of Covid-19
(1)
(2)
4
Pro-forma 1H2020 leasing revenue excluding Covid impact would have increased 11% YoY
Confidential
Retail GFA
Key Operational Metrics
Occupancy rate
(‘000 sqm) 1H2019 1H2020 Change (%)
Vincom Center 280 280 -
Vincom Mega Mall 395 388 1.8
Vincom Plaza 766 858 12.0
Vincom+ 63 72 15.0
Total 1,503 1,598 6.2
1H2019 1H2020Change
(ppts)
Vincom Center 90.0% 92.3% 2.3
Vincom Mega Mall 90.6% 87.4% 3.2
Vincom Plaza 88.6% 82.3% 6.3
Vincom+ 85.2% 76.2% 9.0
Total 89.2% 85.0% 4.2
Note: As at 30 June 2020
(1) Due to re-categorizing some shop-offices from Investment Property to Inventory for sales as such area was outright sales
(1)
1Q2020 2Q2020Change
(ppts)
Vincom Center 92.1% 92.5% 0.4
Vincom Mega Mall 87.6% 87.2% 0.4
Vincom Plaza 82.2% 82.5% 0.3
Vincom+ 76.5% 76.0% 0.5
Total 84.9% 85.0% 0.1
5
Confidential
Tenants Recovery After Covid-19
Phases Hanoi malls HCMC malls
% effective
operation
Footfall as %
of pre Covid
% effective
operation
Footfall as %
of pre Covid
Phase 1: Relaxed social distancing (23 April – 8 May) 87% 60% 85% 45%
Phase 2: Entertainment industry reopened (9 May – 31 May) 98% 85% 95% 65%
Phase 3: All stores reopened and activities resumed (1 June – 30 June) 100% 95% 100% 75%
F&B Entertainment Cinema
Good recovery in Hanoi and
HCMC
Fashion
Support initiative Supported tenants with VND 675bn package
1
14.0%
74.0% 78.0%
Apr-20 May-20 Jun-20
17.0%
91.0% 96.0%
Apr-20 May-20 Jun-20
4.0%
22.0%
56.0%
Apr-20 May-20 Jun-20
0.0%13.0%
25.0%
Apr-20 May-20 Jun-20
Good recovery in Hanoi and
HCMC
Relatively more impacted sector
Good recovery in Hanoi and
HCMC
Most impacted sector
Gradual recovery in Hanoi and
HCMC
Footfall
2 Tenants’ sales as % of 2019 sales
3
(2)
Note: As at 30 June 2020
(1) Operational NLA as % of leased NLA
(2) Pre-Covid level is defined as the different periods between 1 and 31 Jan 2020
(1)
6
Confidential
Vincom Pham Ngoc Thach – New Shopping and Entertainment
Destination in Hanoi
Revamp initiatives and results
Footfall growth
49.0% 51.0%
May-20 Jun-20
Tenant sales
76.0% 75.0%
May-20 Jun-20
YoY change (%)
YoY change (%)
Uniqlo Koi Thé Haidilao Hot Pot Pizza 4P’s
Pre and post renovation
Before After
Upgraded Tenant mix
7
Renovation was from June 2019 to Mar 2020
Internal and external renovation:
External renovation with golden theme
color
Addition of big LED screen for
positioning and advertising purpose
Upgrade tenant mix with major brands:
Fashion: UNIQLO
F&B: Haidilao Hot Pot, Pizza 4P’s,
Marukame Udon, Koi Thé
Cosmetics: Innisfree
Target customers:
Modern and active young generation,
middle income customers
Confidential
VCC18%
VMM24%
VCP53%
VC+5%
Prime Urban and High Growth Areas in Key Cities Unique Multi-Format Retail Model
4 retail
formats
Proven and scalable
retail development
platform
Vincom CenterLocation: City-center, CBD
Retail GFA: 40,000 – 60,000 sqm
No. of Malls: 7
Total GFA: 280,026 sqm
Vincom Mega MallLocation: In integrated, mixed-use projects
Retail GFA: 60,000 – 150,000+ sqm
No. of Malls: 3
Total GFA: 388,082 sqm
Vincom PlazaLocation: High-density, CDB of cities
ex. Hanoi and HCMC
Retail GFA: 10,000 – 40,000 sqm
No. of Malls: 54
Total GFA: 857,517 sqm
Vincom+Location: Medium-density, non-CBD
Retail GFA: 3,000 – 5,000 sqm
No. of Malls: 15
Total GFA: 71,936 sqm
(Segmentation by GFA)
Hanoi
10 Vincom Malls
5 Vincom Centers
2 Vincom Mega Malls
3 Vincom Plazas
Ho Chi Minh City
13 Vincom Malls
2 Vincom Center
1 Vincom Mega Mall
7 Vincom Plazas
3 Vincom+
North Vietnam (ex. Hanoi)
19 Vincom Malls
16 Vincom Plazas
3 Vincom+
Central Vietnam
20 Vincom Malls
13 Vincom Plazas
7 Vincom+
South Vietnam (ex. HCMC)
17 Vincom Malls
15 Vincom Plazas
2 Vincom+
Key Cities
79Operational
Malls
43Cities/
Provinces
~1.6mmRetail GFA
(sqm)
Note: As at 30 June 2020
Solidified Position As Dominant Retail Platform In Vietnam
Distinguished retail formats and focused on wide range of lifestyle oriented consumers
8
2. Market Update
Confidential
Vietnam Races Ahead of Its Regional Peers Amidst Covid-19
High Domestic Consumption Growth Signals Lower Reliance on
International Trade
Vietnam Experienced The Shortest Lockdown Regionally
Source: : CBRE Research (APAC report 1H2020), FactSet, Fitch Solutions, EIU
Vietnam’s Retail Sales Grew Healthily As Compared to Its Counterparts
8.4%
0.4%
(1.0%) (1.5%)(6.1%)
(11.6%)
(20.8%)
(32.4%)
(40.2%)
Vietnam China(mainland)
Australia SouthKorea
Indonesia Japan Thailand HongKong SAR
Singapore
2Q2020 Nominal retail sales chg, YoY %
Fastest Growing Economy in Southeast Asia Pre and Post Covid-19
6.7% 6.2%
3.0%
5.1%
1.4%
4.4%3.6%
2.2%
(6.2)%
0.0%
(3.4%)
(1.0%)
0.4%
(5.6)%(6.2)%
(4.2)%
(10.9)%
(2.2)%
Vietnam Philippines Thailand Indonesia Singapore Malaysia
Real GDP growth (%)
Pre Covid-19 Post Covid-19 2Q2020
10
7.2%
4.0% 3.9%
1.7%
5.5%
1.5%3.3%
(2.0%)
(3.9)% (3.9%)(5.5%)
(9.4%)
Vietnam Indonesia Malaysia Thailand Philippines Singapore
2019 2020F
Growth YoY(%)
Malaysia
Thailand
Hong Kong SAR
Mainland China
Philippines
Singapore
Indonesia
Vietnam
Jan Feb Mar Apr May Jun Jul Aug Sep
# of weeks
16 weeks
17 weeks
8 weeks
19 weeks
24 weeks
3 weeks
10 weeks
8 weeks
Confidential
Rental Outlook Remains Stable Regionally with One of The Lowest Decline
(20%)
(15%)
(10%)
(5%)
0%
5%
Pe
rth
Be
ijing
Sh
anghai
Sh
enzhen
Hanoi
HC
MC
Guangzhou
Sydney
Brisbane
Me
lbo
urn
e
Ta
ipei
Sin
ga
pore
Au
ckla
nd
Hon
g K
on
g S
AR
2020F (As of Apr) Q-o-Q Change in Retail Rents in Q1 2020
Retail leasing enquiry still shows positive trend during the pandemic
0
10
20
30
40
50
60
70
80
90
100
W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 W14 W15 W16 W17 W18
Mar Apr May Jun
No. of Leasin
g E
nquiry Index
(W1 M
arc
h =
100)
Source: CBRE Research (APAC report 1H2020 and HCMC Market Outlook 2Q2020)
Note:
(1) Visit to retail space compared with pre Covid level. The baseline for prior outbreak is the median value for the corresponding day of the week during the 5 week period Jan 3 – Feb 6, 2020
(2) Leasing enquiries collected by CBRE Vietnam in Hanoi & HCMC between March and June 2020
Vietnam Experiences Faster Footfall Recovery amongst its Peers
Visit to Retail Space (% of Pre-Covid level)
High NLA Supply in Vietnam Signifies Strong Potential Upside in Future
Development
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2017 2018 2019 2020F 2021F
Fu
ture
Supply
(sqm
NLA
)
Hong Kong Hanoi HCMC Singapore Bangkok
(1) (2)
0%
20%
40%
60%
80%
100%
1-Apr 15-Apr 29-Apr 13-May 27-May 10-Jun 24-Jun 10-Jul
Mobility level before Covid-19
Vietnam
Thailand
Malaysia
Singapore
Philippines
11
Hanoi and HCMC
Vietnam’s Economic Outlook Remains Resilient Going Forward
Confidential12Source: CBRE Hanoi and HCMC Forum, Market Insights reports 1H2020
5.4%
94.6%
1.05m
sqm
0%
4%
8%
12%
16%
20%
-
30.0
60.0
90.0
120.0
150.0
2Q19 1Q20 2Q20
Rent rate,
Occupancy
in Hanoi,
HCMC(1)
9.7%
90.3%
1.00m
sqm
0%
4%
8%
12%
16%
20%
-
30.0
60.0
90.0
120.0
150.0
2Q19 1Q20 2Q20
Rent (CBD) Rent (Non CBD) Vacancy rate (CBD) Vacancy rate (Non CBD)
CBD Non CBD
Hanoi HCMC
USD/sqm/mo. USD/sqm/mo.
Current
NLA
Rent and
vacancy
rate
Asking rent in 2Q2020 is more stable in CBD compared to 1Q, 2.5 – 3.8% increase YoY, gaining momentum from end of 2019.
Non-CBD areas saw slight decrease of 0.7-0.9% in rental rate
Occupancy rate in 2Q2020 is stable in CBD, mostly decline in non-CBD, larger reduction in HCMC than Hanoi (5.2% vs. 1.63%)
compared to 1Q2020
Domestic Market Overview 2Q2020
3. Operational Update
Confidential
Business Highlight 2Q2020 – Recovery Post-Pandemic
Secured chain tenants in
Vincom malls in 2Q2020New Tenants
Bookstore chain
Tan Viet
Japan home appliances retailer
Japan's largest pharmacy-cosmetics store
chain for the first time in Vietnam – secured
and expected to open in Aug 2020 at VCC
Dong Khoi
Area dedicated to experience and promote
Korean culture and products – secured
2,500 sqm
70% has been leased, of which all anchor tenants have been secured
5 June: UNIQLO
opened at VCC
Landmark 81
2 June: Haidilao
opened for the first
time in Hanoi at VCC
Pham Ngoc Thach
26 May: 2020 AGM of
Vincom Retail
2Q2020: Finished
go-live CRM/FM
phase 1Events
Leasing
plan VMM
Ocean Park
14
+5 projects
+4,600 sqm
+6 projects
+8,300 sqm
+3 projects
+3,700 sqm
+3 projects
+5,300 sqm
+4 projects
+2,800 sqm
Popular international brandFashion Fashion
Popular international
F&B chain
Note: name of some tenants are censored as they are finalizing their contracts with Vincom Retail
Leading
international
fashion chain
International fashion portfolio with
leading and popular brands
Popular international
F&B chain
Confidential
Marketing Activities in 2Q2020
Reunification Day & Labor Day Campaign (30 Apr – 3 May)
Safe Shopping – Plenty Promotions
Summer Campaign 2020 (1 – 14 June 2020)
Glorious Summer – Plenty Happiness
52%
Compared with before social distance
23%
Compared with before the campaign
• Vincom implemented safety measures which allows
customers to meet up and shop comfortably
• Customers enjoyed exclusive offers and promotions from
retail stores
• Social media contest “Come to Vincom – Hunt Good Deals”
boosted customers’ demand with discount up to 80%
• Creative Rainbow Land Festival offered playing
area for children to stimulate creativity and
interaction, and encouraged reading habits during
the summer
• Customers enjoyed exclusive offers and latest
summer collections from famous brands
Footfall
Media
reach ~ 23 million ~ 82 million15
After social distancing measures were lifted at the end of April 2020, several marketing activities were successfully launched
to welcome back customers to the malls
Confidential
3Q2020 Plan
Continue
leasing plan for
Vincom Mega
Malls Ocean
Park, Smart
City and Grand
Park
2
Chain tenants in negotiation to expandLarge international tenants in
discussion
+7 projects
+15,000 sqm
+1 project
+2,000 sqm
+5 projects
VMM Ocean Park: Launch in November VMM Smart City: Finalize and secure all key
tenants / anchor tenants; commence fit-out
Finalize key
and anchor
tenants
following chain
development
strategy.
Expected to
accomplish at
end of 3Q2020
1
Sales
Leading
fashion
chain
Popular home
appliances
retailer
Popular
beauty
brand
16
Vincom Retail is in negotiation with multiple
fashion, F&B, entertainment chains and
health/beauty brands who express their
interest to expand their network in Vincom
retail malls
Note: name of some tenants are censored as they are finalizing their contracts with Vincom Retail
Confidential
3Q2020 Plan (cont.)
Marketing
Technology
Initiate CRM Phase 2
Manage marketing activities; manage retail leasing space on Digital Twins
software; develop “Tenant Portal” to complete entire CRM system
Select contractors
Develop Vincom Retail’s website/app
17
Roadshow – free double decker trip to Vincom malls
in Hanoi and HCMC (2020) Mid autumn festival (2019) Independence Day campaign (2019)
Red Sale 2020
Co-operate with Ministry of Industry and
Trade to hold “Vincom 2020 Red Sale” (4
– 12 July 2020) with slogan “Proudly Red
– Search For Gold Promotions”, being part
of Vietnam Grand Sale launched
nationwide in July offering up to
100% discounts
2020 Mid-autumn Festival
August: Prepare to launch Mid-Autumn
Festival campaign with large decoration
activities, highlight events, and gifts for
families
Independence Day Campaign
2 Sep: Celebrates Vietnam Independence
Day with promotions and entertainment
activities for customers
4. Financial Update
Confidential
Figures in VND billion 2Q2019 2Q2020 YoY (%) Commentary QoQ (%) Commentary
Leasing of Investment
Properties and Rendering of
Related Services1,659 1,307 21.2
- Issue additional VND375 billion
(USD16.3m) of support package
for tenants
- Decreased ancillary revenue,
including utilities revenue and
parking during mandatory
lockdown
9.8
- Slightly higher support
compared to 1Q
- Decreased ancillary revenue,
including utilities revenue and
parking during mandatory
lockdown
Sale of Inventory Properties 302 294 2.4 46.6
Other revenue 22 29 32.6 18.1
Total Revenue 1,983 1,630 17.8 3.3
Gross Profit(1) 959 646 32.7
- Revenue reduction from Covid
impact, partially offset by cost
reduction, albeit at a smaller
degree
14.8 Same reason
Operating Profit / (Loss) 788 467 40.7 18.8
Profit / (Loss) before Tax 788 446 43.4 28.0
Profit / (Loss) after Tax for the
Period640 343 46.4 30.3
Profit / (Loss) after Tax and
Minority Interest639 343 46.3 30.3
Financial Performance in 2Q2020 vs 2Q2019
Note: VAS Consolidated Financial Statements for 2Q2020
(1) Gross profit already subtracted D&A relating to investment properties under VAS.
19
Confidential
Figures in VND billion 1H2019 1H2020 Change (%) Commentary
Leasing of Investment
Properties and Rendering of
Related Services3,258 2,756 15.4
In 1H2020 VRE issued a supporting package of VND675bn
(USD29.3m) for tenants affected by Covid-19. Ancillary
revenue from utilities and parking also decreased ~ VND
42bn in 2Q due to lockdown
Sale of Inventory Properties 903 495 45.2In 1H2019, VRE delivered more units in a big project
Shophouse Ca Mau
Other revenue 105 65 38.5Entertainment business and operation of Condotel Da Nang
were heavily impacted by Covid-19
Total Revenue 4,267 3,316 22.3
Gross Profit(1) 1,931 1,405 27.3Revenue reduction from Covid impact, partially offset by cost
reduction, albeit at a smaller degree
Operating Profit / (Loss) 1,559 1,043 33.1
Profit / (Loss) before Tax 1,566 1,065 32.0
Profit / (Loss) after Tax for
the Period1,251 835 33.2
Profit / (Loss) after Tax
and Minority Interest1,251 835 33.3
Financial Performance in 1H2020 vs 1H2019
Note: VAS Consolidated Financial Statements for 2Q2020
(1) Gross profit already subtracted D&A relating to investment properties under VAS.
20
Confidential
1,905
2,404
2,851
1,251
835
2017 2018 2019 1H2019 1H2020
3,089
3,829
4,955
2,3061,924
2017 2018 2019 1H2019 1H2020
Note: Based on VAS Audited Consolidated Financial Statements for respective years and VAS Consolidated Financial Statements for 2Q2020
(1) Depreciation and amortization relating to investment properties is below the graph and should be added back (to Gross Profit) under IFRS. Since 2018, “Other” segment includes results from management of Da Nang condotels
which was incurring loss as the property was still ramping up after launch in May 2018.
(2) NOI for leasing investment properties and rendering of related services is calculated by taking total income from leasing activities and from other property-related services less any property-related operating expenses which
include land lease costs but exclude management expenses allocated from parent company.
VNDbn
Total Revenue Gross Profit
VNDbn
4,4555,506
7,017
3,258 2,756
951
3,4332,027
903495
112
185 215
105
65
5,518
9,124 9,259
4,2673,316
2017 2018 2019 1H2019 1H2020
Leasing of Investment Properties Sale of Inventory Properties Other revenue
2,342 2,882
3,752
1,701 1,255
411
806
735
269 245
48
(47)
(84)(39)
(96)
2,801
3,641
4,404
1,931 1,405
2017 2018 2019 1H2019 1H2020
Leasing of Investment Properties Sale of Inventory Properties Other revenue
50.8% 39.9% 47.6% 45.3% 42.4%
Gross Profit Margin (%)
Leasing Net Operating Income (NOI) Profit After Tax and Minority Interest
VNDbn VNDbn
Depreciation & amortization of investment properties (VNDbn)
829 1,042 1,331 676 675
Leasing NOI Margin (%)
69.3% 69.5% 70.6% 70.9% 69.9%
(2)
(1)
21
Financial Performance
Confidential
VNDbn
Total Assets Total Borrowings, Cash and Cash Equivalents
Total Equity (Net Debt / (Net Cash))(3) / Equity
VNDbn
VNDbn VNDbn
21,481 27,773 28,718 28,338
16,652 10,911 7,121 10,423
38,133 38,684 35,839
38,761
31-Dec-17 31-Dec-18 31-Dec-19 30-Jun-20
Investment Properties and Investment Properties Under Construction Other Assets
5,974
2,780 2,785
3,804 4,095
3,133
2,177
4,170
31-Dec-17 31-Dec-18 31-Dec-19 30-Jun-20
Total Borrowings Cash and Cash Equivalents
26,094 28,509
26,954 27,789
31-Dec-17 31-Dec-18 31-Dec-19 30-Jun-20
7.2%
Net cash
2.3%
Net cash
31-Dec-17 31-Dec-18 31-Dec-19 30-Jun-20
(2)(2)
(2)
(2)
(1)
Note: Based on VAS Audited Consolidated Financial Statements for respective years and VAS Consolidated Financial Statements for 2Q2020
(1) Investment Properties and Investment Properties Under Construction (IP/IPUC) are valued at development cost minus depreciation and amortization and are not fair valued
(2) Decline in other assets, cash and cash equivalents, total equity as well as increase in gearing ratio as of 31 December 2019 was due to the payment of cash dividends of VND 2,445bn in June 2019 and buy back 56.5 mil
treasury shares completed in December 2019
(3) Net Debt / (Cash) = (Short-term Borrowings + Long-term Borrowings) – (Cash & Cash Equivalents + ST Investments).
22
Balance Sheet
Appendix
Confidential
Note: Based on VAS Consolidated Financial Statements for 2Q2020 and conversion to IFRS by management
Unit: VND Billion
VAS
1H2020
Adj. IFRS
1H2020
Commentary on Adjustments
Leasing revenue and other related
services2,756 66 2,822
Realized unearned revenue of deposit from customer in relation to
amortization of deposit
Sale of inventory properties 495 495
Other revenue 65 65
Total revenue 3,316 66 3,382
Cost of leasing activities and other related
services(1,501) 679 (822) Mostly depreciation of malls included in VAS; excluded under IFRS
Cost of inventory properties sold (250) (250)
Others (160) (160)
Cost of goods & services (1,911) 679 (1,232)
Gross profit 1,405 745 2,149
Gain/loss from recording FV of IP/IPUC 1,629 1,629Gain in fair valuation of the investment properties and investment
properties under construction (“IP/IPUCs”) based on management’s
estimate as of 30 June 2020
Selling expenses (105) (105)
General and administrative expenses (182) 36 (146) Amortization of goodwill included in VAS; excluded under IFRS
Other income 27 27
Other expense (5) (5)
Finance expense (179) (172) (351) Amortization of deposit from customer
Finance income 105 (16) 89 Amortisation of deposit under BCC and deposit from customer
Profit before tax 1,065 2,222 3,287
Tax expense (230) (460) (690) Mainly deferred tax arising from fair value adjustment of IP/IPUC
Profit after tax 835 1,762 2,598
24
Bridging VAS to IFRS
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