![]() ![]() Road-building through this area is expensive and detrimental to the environment. The "gap" is in the Pan-American Highway, of which 106 km (66 mi) between Yaviza, Panama, and Turbo, Colombia, have not been built. 'Darién plug') is a geographic region in the Isthmus of Darien or Isthmus of Panama connecting the North and South American continents within Central America, consisting of a large watershed, forest, and mountains in Panama's Darién Province and the northern portion of Colombia's Chocó Department. The Darién Gap ( UK: / ˈ d ɛər i ə n, ˈ d ær-/, US: / ˌ d ɛər i ˈ ɛ n, ˌ d ɑːr-, d ɑːr ˈ j ɛ n/, Spanish: Tapón del Darién, lit. Recurring EBITDAR fixed-charge cover falls below 1.The Darién Gap at the Colombia–Panama border Negative: future developments that individually and collectively canlower level Saaat this, there is no leverage at LippoCikarang, Lippo However the structural subordination of the cash flows can occurwhen they occur on the entity’s debts. 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. 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. ![]()
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