20,000, % Bonds with an option to increase up to 25million
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1 20,000, % Bonds with an option to increase up to 25million
2 The Tumas Group Privately owned Group tracing its origins to the 60s. The Group was founded by the late Tumas Fenech as a real estate business Within four decades, the Group revolutionised the property business in Malta, enabling a life style that fuses accommodation, hospitality, entertainment and leisure In the early 80 s, the Group moved into the hospitality sector and also introduced timeshare to the Island. The Group owns 3 hotels in Malta and a 5 star hotel in France, on the banks of lake Genève. In the last years the Group further diversified itself, yet retained its core competencies, and has grown into other segments mainly gaming and port operations 3 Presentation to financial intermediaries 31 May 2010
3 The Tumas Group Key numbers Employment Circa 1,300 direct full time equivalents Turnover and results Group turnover 92million (audited) in 2008 Profit before tax 4.1millon (audited) in Presentation to financial intermediaries 31 May 2010
4 The Tumas Group today Some 40 companies form the Tumas Group, operating both locally and overseas Tumas Group Property development, management and leasing Hospitality & Leisure Management Services Retailing and Port operations - Portomaso complex - Tas Sellum residences - Ta Monita estates - Office space development - Condominium management - Halland Developments - Hotel Leasing - Various property holdings - Hilton Malta - Dolmen Resort - Hilton Evian - Oracle Casino - Portomaso Casino - Corporate back office - Timeshare - In house finance companies - Easysell KIA - Valletta Gateway Terminal - Eurojet 5 Presentation to financial intermediaries 31 May 2010
5 Tumas Group bond issues and private placements 2002: Tumas Investments plc issued a (Lm7 million) 16.3million public guaranteed bond maturing in : In October, the (Lm4.2 million) 9.7million private placement was listed on the MSE and since fully repaid 2003: Dolmen Properties plc issued a (Lm4.7 million) 10.9million public secured bond maturing : Spinola Development Company Limited issued a (Lm5.5 million) 12.8million Floating Rate Note privately placed with financial institutions 2009: Tumas Investments plc issued a 25million public unsecured bond maturing in Presentation to financial intermediaries 31 May 2010
6 The Issuer and Guarantor Issuer Guarantor Spinola Development Co. Ltd. 7 Presentation to financial intermediaries 31 May 2010
7 Organisational structure related to the Bond issue 8 Presentation to financial intermediaries 31 May 2010
8 Tumas Investments plc The issuer Incorporated in 1999 as an SPV Sole aim to raise financing from the general public and financial institutions for the SDC sub-group This is the third public security issued by the company in 10 years All its financial instruments and related finance costs are secured or guaranteed by Spinola Development Company Limited 9 Presentation to financial intermediaries 31 May 2010
9 Spinola Development Company Limited The Guarantor Incorporated in 1966 to develop the Hilton Malta International Purchased by Tumas Group in 1986 In 1996 it commenced the development of the Portomaso project in St. Julians Today the company: employs circa 500 full time equivalents, in addition to subcontractors and indirectly employed staff has substantially completed and delivered most of its up market residential properties synonymous with a mature development providing a life style that combines real estate with hospitality and leisure 10 Presentation to financial intermediaries 31 May 2010
10 Organisational structure 11 Presentation to financial intermediaries 31 May 2010
11 The Portomaso Development elements Hilton Malta & Conference Centre Marina Apartments Blocks 10 to 29 Office & Commercial Areas Club 22 Apartments Blocks 31/A Cark park 12 Presentation to financial intermediaries 31 May 2010
12 Key Financials Guarantor s reported performance '000 '000 '000 '000 A ctual Actual Ac tual A ctual R evenue 33,208 35,287 33,242 38,079 D evelopment and operational costs (22,866) (24,934) (23,514) (25,671) P rofit before interest, tax and deprecation 10,342 10,353 9,728 12,408 A nalyised between: S ale of apartments & office space 2,241 2,751 3,678 6,886 Ongoing operations 8,101 7,602 6,050 5,522 N et finance c os ts (3,128) (2,918) (2,524) (2,931) C ash profits 7,214 7,435 7,204 9,477 Interest cover Presentation to financial intermediaries 31 May 2010
13 Hilton Malta benchmarked against other 5 star hotels Source: Deloitte MHRA survey 2009, Hilton Malta GOP per available room GOP% Overheads PAR Payroll PAR revpor revpar AARR Occupancy Hilton 2009 Hilton 2008 Five star average = Presentation to financial intermediaries 31 May 2010
14 Hilton Hotel and Ancillary Operations - EBITDA 30,000 7,000 25,000 20,000 15,000 10,000 5,000 6,000 5,000 4,000 3,000 2,000 1, Revenue Hotel & ancillary operations 15 Presentation to financial intermediaries 31 May 2010
15 Hotel key success factors in 2009 Leading the market in rate and occupancy Maintaining number 1 position in fair market share Flexibility to diversify from traditional markets Increased productivity while maintaining standards High revenue conversion rate 16 Presentation to financial intermediaries 31 May 2010
16 The Portomaso residential apartments Sold 359 Promise of Sale 67 Held for sale 31 Expected future sales of 43 million, of which 22.4million are under a promise of sale agreement (67 units) Total apartments Presentation to financial intermediaries 31 May 2010
17 The Business Tower offices A prestigious business address Rentable space fully committed and still enjoying continued demand Many tenants linked to financial services, an industry set to continue to grow 18 Presentation to financial intermediaries 31 May 2010
18 Portomaso commercial elements A mature, fully rented mix of facilities Well established anchor tenants Arkadia, casino, 22, Marina Restaurants, Pavillion All marina berths occupied Car park usage growing consistently This project is a hive of activity 19 Presentation to financial intermediaries 31 May 2010
19 Sources of cash earnings Apartment sales assuming less importance as stock is exhausted and operating businesses continue to mature 8,000 6,000 4,000 2, Outright sale of property Long term commercial elements 20 Presentation to financial intermediaries 31 May 2010
20 Key Financials Guarantor s reported financial position '000 '000 '000 '000 Actual A ctual Actual Actual Total Assets 129, , ,632 98,099 Total liabilities (19,119) (22,969) (21,953) (17,050) 110,598 94,850 83,679 81,049 B orrowings (net of c ash & cash equivalents) 66,502 51,559 46,891 40,163 C apital em ployed 44,096 43,291 36,788 40, ,598 94,850 83,679 81,049 Gearing 60% 54% 56% 50% Asset cover Bond issue will be refinancing existing debt and will not impact existing gearing 21 Presentation to financial intermediaries 31 May 2010
21 Financial objectives Existing borrowings of 70million will be reduced to circa 37 million once all apartments are disposed of estimated by 2016 and subsequently to 25million. This will ultimately represent circa 22% of the estimated market value of the project. We are looking to maintain a gearing of circa 25% to 30% long term. SDC group aims to maintain a healthy balance between debt and equity. In order to optimise upon the use of capital both external and internal and maximising shareholders value Gradually replacing existing facilities with bonds or bullet loans that fit the plan this issue is a step in this direction 22 Presentation to financial intermediaries 31 May 2010
22 Reserves within the resilience test No sales of commercial spaces or offices included Partial refinancing of maturing bonds starting in 2016 Moreover: Potential earnings from possible extensions within Portomaso not considered Similar approach adopted re Halland redevelopment 23 Presentation to financial intermediaries 31 May 2010
23 The Bond Issue 24 Presentation to financial intermediaries 31 May 2010
24 Bond Issue Salient Points Issuer: Tumas Investments p.l.c. Guarantor: Spinola Development Company Limited Amount: 20 million (+ 5 million over-allotment) Coupon: 6.2% Interest: Semi-annual (Jan / July) Term: (8 10 years) Final maturity date: 9 June Presentation to financial intermediaries 31 May 2010
25 Purpose of the Issue The net proceeds of the Bond Issue amounting to approximately 19.5 million (or 24.5 million in the event of the exercise of the Overallotment Option) will be used by the issuer to redeem 6.7% bond amounting to 16.3million by exercising the issuer s option redeem earlier than the final maturity date. The remaining net proceeds of the bond issue will be advanced to the Guarantor for the part re-financing of existing borrowings and the general corporate funding purposes of the SDC Group. 26 Presentation to financial intermediaries 31 May 2010
26 Other Details Status: Unsecured but guaranteed by SDC Negative Pledge: The Issuer and the Guarantor will at all times until the redemption of bonds hold assets amounting to at least 107% of the aggregate principal amount of all debt the Reserve A/C (Sinking Fund): Tumas Investments will build a cash reserve starting from the end of the 2012 financial year until the redemption date, amounting to at least 50% of the outstanding bonds 27 Presentation to financial intermediaries 31 May 2010
27 Timetable 10 th June: Formal Notice/Company Announcement 10 th June: Application Forms for preferred applicants 11 th June: Application Forms available to General public 23 rd June: Closing date of preferred applicants 25 th June: Opening of Subscriptions 2 th July : Closing of Subscriptions 9 th July: Announcement of basis of acceptance and commencement of interest 16 h July: Dispatch of allotment advices and refunds 21 th July: Listing on the Official List 28 Presentation to financial intermediaries 31 May 2010
28 Advisers Legal Counsel: GVTH Advocates Dr Michael Grech / Dr Luca Vella Reporting Accountants and Auditors: PricewaterhouseCoopers Mr John Zarb / Mr Stefan Bonello Co-Manager & Registrar: Bank of Valletta plc Mr Charles Borg / Mr. Aldo Scardino / Ms Donatella Barbara Co-Manager : HSBC Bank Malta plc Mr Simon Bonett / Mr Josef Figallo Sponsoring Stockbrokers: Rizzo, Farrugia & Co (Stockbrokers) Ltd Mr Vincent E Rizzo / Mr Edward Rizzo 29 Presentation to financial intermediaries 31 May 2010
29 Information on Pen Drive Tumas Group Profile Final Prospectus & Summary Specimen Application Forms Bond Issue Presentation 30 Presentation to financial intermediaries 31 May 2010
30 Portomaso is a lifestyle statement, an icon in vision and standard setting. We want to capitalize on this and share our success with a wider audience of bond holders investing in Portomaso. Thank you for your attention 31 Presentation to financial intermediaries 31 May 2010
31
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