![]() Some of the funds for the expansion will be obtainedfrom asset sales to health care and mall REITs.Ĭikarang structured subordination (Structural subordination): Fitchthat Lippo Cikarang built by PT Lippo Cikarang Tbk where the majoritypossession owned by Lippo of 54.3%, as revenue contributorsignificant where the project represents 44% of totalLippo marketing sales in 2012. Rating also limited by the mall expansion plans and hospitalsAggressive to 2015. EBITDA of Lippo only amounted to USD174 million inend of 2012. Scale and aggressive expansion: Rating ‘BB-’ from Lippo limited bysmall-scale and geographically diversified than firmswhich is rated ‘BB’ other. ![]() plusagain, Fitch also views positively the company’s expansion disciplined manner withmaintain a high amount of cash. In addition, Lippo also have profilesterm debt maturing mortgage debt with little to2019 and working capital facilities that have not been used around USD40m. At the end of 2012, exceeding the target of marketing Lippo salesnya by 22%with IDR4, 6 trillion marketing sales. planLippo development includes 14 hospitals and 12 new malls.Īdequate Liquidity: Fitch believes that the liquidity of the Lippo will remain adequate in the medium term as the company would continue to paymost of the construction costs through pre-sales and sales of assetsto REITs. However, Fitch alsorealize that the asset-light strategy is highly dependent on the ability ofREITs that have been sponsored to obtain additional capital. Self-funded expansion: Lippo, through an integrated model, canto recycle the hospitals and malls through real estate investmenttrust (REIT), to generate funding to support its expansion plans.This is evidenced in the year 2012 with sales of 2 mall to Lippo MallsIndonesia Retail Trust and 2 hospitals to First REIT. Fitchargues that performance improvements will continue with a stronger baserecurring revenue from hospitals, malls, and hotels to be built. This growth also disertain with increased recurringEBITDA to IDR683 billion in 2012 from IDR574 billion in 2011. Ratio of recurring EBITDA / interest expensemore than 1.5x at the end of December 2012.Ĭontinued performance improvement: Scale and credit metrics have improved from Lipposince 2009 with an average revenue growth of 34% for revenues and 41%to EBITDA. caseThis, coupled with cost-based revenue and operations of the hotel and the mallgenerate recurring EBITDA amounted to IDR683 billion (40% of EBITDA) per year.Fitch believes that it will provide a recurring revenue sourceinterest payments are more than enough. Recurring revenue (recurring income) is strong: As one of the playersin primary health care sector in Indonesia, health care operationsaccounted for 19% (IDR320bn) to total EBITDA at the end of 2012. Lippo position alsoreflected by a strong property portfolio with more than 10 hospitals,30 mall, and 8 hotels under ownership / management of Lippo. Challenge your friend’s high scores, challenge the world.Market Leader: rating Lippo reflect its position as a leader inbetween listed property development company with the largest revenues (2012:IDR6, 2 trillion) and one of the developers of the soil stockpilethe largest with more than 1,400 acres at the end of March 2013.Easy to learn and fun to master gameplay.CLick wisely to hit the top among your friends.Achievements that won't let your fingers rest.Endless hyper casual gameplay that is insanely addictive.To work with them, you need attention, quickness, and an addiction to fun games. Become the true Master of Blocks! Warning! They have an ancient force, capable of making you obsessed with them for many hours!įamous Indian buildings are made with blocks. ![]() Use all of your skills to not let them fall. Without your smart moves, blocks will be destroyed, by falling into the abyss of time. Evil shaman throws more and more blocks at you, don't let them fall into the abyss until the last drum beat. Welcome to the coolest "match2" time killer! Gain an enormous score by removing stacks of blocks with the same color, and don't forget to tell your friends about it.
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