Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — CapitaMall Trust — Q3 2012 Earnings Presentation
42 slides from Singapore Exchange's earnings presentation, Oct 19, 2012
Slide 1: CapitaMall Trust Third Quarter 2012 Financial Results
CAPITAMALL TRUST Singapore’s First & Largest REIT Third Quarter 2012 Financial Results 19 October 2012
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumpti
Slide 3: Contents
Contents Review of 3Q 2012 Key Financial Highlights Portfolio Updates Asset Enhancements Looking Forward 3 CapitaMall Trust 3rd Quarter 2012 Financial Results *October 2012*
Slide 4: Review of 3Q 2012
Review of 3Q 2012 • JCube – 99.5% of net lettable area (NLA) committed as at end-September 2012 • Asset enhancement initiatives as at end-September 2012 – Bugis+: completed asset enhancement works in end-July; 98.5% of NLA committed – The Atrium@Orchard: more than 90% of total space committed – Clar
Slide 5: Key Financial Highlights
JCube Key Financial Highlights 5 CapitaMall Trust 3rd Quarter 2012 Financial Results *October 2012*
Slide 6: 3Q 2012 Distributable Income Up 4.6% Y-o-Y
3Q 2012 Distributable Income Up 4.6% Y-o-Y 3Q 2012 3Q 2011 Chg Actual Actual Distributable income S$80.9m (1) S$77.4m (2) 4.6% Estimated distribution/unit (DPU) 2.42¢ (3) 2.42¢ - Annualised DPU 9.63¢ (3,4) 9.60¢ 0.3% Annualised distribution yield 4.50% (Based on unit price of S$2.14 on 19 October 20
Slide 7: YTD Sep 2012 Distributable Income Up 4.9% Y-o-Y
YTD Sep 2012 Distributable Income Up 4.9% Y-o-Y YTD Sep 2012 YTD Sep 2011 Chg Actual Actual Distributable income S$237.1m (1) S$226.1m (2) 4.9% Estimated distribution/unit (DPU) 7.10¢ (3) 7.07¢ 0.4% Annualised DPU 9.48¢ (3,4) 9.45¢ 0.3% Annualised distribution yield 4.43% (Based on unit price of S$2
Slide 8: Attractive Yield versus Other Investments
Attractive Yield versus Other Investments As at 30 September 2012 Net Yield for: Yield % Individual: 4.7% (0% tax) Corporate Overseas: 4.2% (10% tax) 6 Corporate Local: 3.9% (17% tax) 4.7 4 3.6 3.0 320 bps yield spread 2.5 2 1.5 0.4 0.3 0 CMT YTD Sep 10-yr Govt Bond 5-yr Govt Bond CPF Ordinary 12-mt
Slide 9: Distribution Statement (3Q 2012 vs 3Q 2011)
Distribution Statement (3Q 2012 vs 3Q 2011) 3Q 2012 3Q 2011 Chg S$’000 S$’000 (%) Gross revenue 167,197 159,154 5.1 Less property operating expenses (55,146) (51,758) 6.5 Net property income 112,051 107,396 4.3 Interest and other income 1,953 497 N.M. Administrative expenses (12,343) (10,606) 16.4 I
Slide 10: Distribution Statement (YTD Sep 2012 vs YTD Sep 2011)
Distribution Statement (YTD Sep 2012 vs YTD Sep 2011) YTD Sep 2012 YTD Sep 2011 Chg S$’000 S$’000 (%) Gross revenue 487,918 472,687 3.2 Less property operating expenses (155,581) (153,239) 1.5 Net property income 332,337 319,448 4.0 Interest and other income 4,413 1,698 N.M. Administrative expenses
Slide 11: YTD Sep 2012 Gross Revenue Increased by 3.2%
YTD Sep 2012 Gross Revenue Increased by 3.2% versus YTD Sep 2011 On Comparable Mall Basis(1), YTD Sep 2012 Gross Revenue Up 1.3% Y-o-Y CMT Portfolio 487.9 472.7 51.8 Tampines Mall 51.0 40.1 3.2% Junction 8 38.9 23.8 Funan DigitaLife Mall 23.6 57.2 IMM Building 58.5 61.3 Plaza Singapura 61.1 Due to:
Slide 12: YTD Sep 2012 Operating Expenses Increased by 1.5%
YTD Sep 2012 Operating Expenses Increased by 1.5% versus YTD Sep 2011 On Comparable Mall Basis(1), YTD Sep 2012 OPEX Down 1.6% Y-o-Y CMT Portfolio 155.6 153.2 14.1 Tampines Mall 14.2 11.5 1.5% Junction 8 11.6 7.6 Funan DigitaLife Mall 8.3 18.7 IMM Building 19.7 16.2 Due to: Plaza Singapura 16.0 (2)
Slide 13: YTD Sep 2012 Net Property Income Increased by 4.0%
YTD Sep 2012 Net Property Income Increased by 4.0% versus YTD Sep 2011 On Comparable Mall Basis(1), YTD Sep 2012 NPI Up 2.6% Y-o-Y CMT Portfolio 332.3 319.5 Tampines Mall 37.7 36.8 Junction 8 28.6 27.3 4.0% Funan DigitaLife Mall 16.2 15.3 38.5 IMM Building 38.8 Excluding The Atrium@Orchard, Plaza Si
Slide 14: Proforma Debt Maturity as at September 2012
Proforma(1) Debt Maturity as at 30 September 2012 900 799.5 800 700 611.1 Funding fully 464.5 600 S$ million raised for refinancing 115.6(1) 500.0 699.5(4) 211.1(5) 500 783.0 150.0 505.2(8) 400 164.5(2) 80.0(6) 300 300.0 350.0(3) 320.0(7) 250.0 200 190.1(10) 157.6(9) 150.0 100 100.0 0 2012 2013 2014
Slide 15: Key Financial Indicators
Key Financial Indicators As at As at 30 September 2012 30 June 2012 Unencumbered Assets as % of Total Assets (1) 42.4% 41.9% Gearing Ratio (2), (3) 37.6% 37.5% Net Debt / EBITDA (4) 7.3 x 7.3 x Interest Coverage (5) 3.2 x 3.3 x Average Term to Maturity (years) 3.0 2.9 Average Cost of Debt (6) 3.3% 3
Slide 16: Healthy Balance Sheet
Healthy Balance Sheet As at 30 September 2012 S$’000 Non-current Assets 8,657,763 Net Asset Value/Unit S$1.64 (as at 30 September 2012) Current Assets 1,584,335 Adjusted Net Asset Value/Unit S$1.62 Total Assets 10,242,098 (excluding distributable income) Current Liabilities 1,590,234 Non-current Lia
Slide 17: Distribution Details
Distribution Details Distribution Period 1 July 2012 to 30 September 2012 Sub-point Estimated Distribution Per Unit(1) 2.42 cents Notice of Books Closure Date 19 October 2012 Last Day of Trading on “cum” Basis 24 October 2012, 5.00 pm Ex-Date 25 October 2012, 9.00 am Books Closure Date 30 October 20
Slide 18: Portfolio Updates
Clarke Quay Portfolio Updates CapitaMall Trust 3rd Quarter 2012 Financial Results *October 2012* 18
Slide 19: Shopper Traffic for YTD Sep 2012
Shopper Traffic for YTD Sep 2012 YTD Sep 2012 Shopper Traffic(1) Decreased by 2.2% Y-o-Y 180,000 Shopper Traffic (‘000) 150,000 120,000 90,000 60,000 YTD Sep 2012 YTD Sep 2011 Source: CMTML (1) For comparable basis, the chart includes the entire CMT portfolio of malls, except JCube, Bugis+ and The A
Slide 20: Portfolio Tenant Sales for YTD Sep 2012
Portfolio Tenant Sales for YTD Sep 2012 YTD Sep 2012 Tenant Sales(1) Increased by 1.2% Y-o-Y 90 85 80 Tenant Sales ($ psf/mth) 75 70 65 60 55 50 45 40 YTD Sep 2012 YTD Sep 2011 Source: CMTML (1) For comparable basis, the chart includes the entire CMT portfolio of malls, except JCube, Bugis+ and The
Slide 21: Tenant Sales by Trade Categories for YTD Sep 2012
Tenant Sales by Trade Categories for YTD Sep 2012 Stronger Sales Performance for Most Trade Categories 30% Tenant Sales $ psf Variance Y-o-Y 20.1% 20% 9.3% 10% 5.2% 4.5% 3.4% 2.3% 2.2% 2.1% 1.3% 1.0% 0.5% - 0% -0.1% -1.7% -5.7% -10% -7.6% -8.2% -9.9% (1) -20% Telecommunication Jewellery & Watches Su
Slide 22: Positive Rental Reversions
Positive Rental Reversions From 1 January to 30 September 2012 (Excluding Newly Created and Reconfigured Units) Net Lettable Area Increase in Current Rental No. of Rates vs Renewals / Retention Preceding Rental Property Area Percentage New Rate Rates (1) (sq ft) of Mall Leases (typically committed 3
Slide 23: Positive Renewals Achieved Year-on-Year
Positive Renewals Achieved Year-on-Year Increase in Current Rental Rates Net Lettable Area vs No. of CMT Portfolio Preceding Rental Renewals / (Year)(1) Rates New Leases Area % of Total Forecast Rental (typically (sq ft) NLA Rates (2) committed 3 years ago) (3) YTD Sep 2012 342 506,680 13.7% N.A. 6.
Slide 24: Portfolio Lease Expiry Profile as at September 2012
Portfolio Lease Expiry Profile as at 30 September 2012(1) Gross Rental Income per Month(2) Number of Leases S$’000 % of Total (3) 2012 144 2,738 5.8 2013 925 14,012 29.6 2014 683 11,891 25.1 2015 776 14,795 31.3 2016 & Beyond 56 3,907 8.2 Total 2,584 47,343 100.0 (1) Includes CMT’s 40.0% stake in Ra
Slide 25: 2012 Portfolio Lease Expiry Profile by Property
2012 Portfolio Lease Expiry Profile by Property As at 30 September 2012 No. of Net Lettable Area Gross Rental Income per Month Leases sq ft ('000) % of Mall NLA(1) S$'000 % of Mall Income(2) Tampines Mall 8 7.5 2.3% 220 4.4% Junction 8 16 17.4 5.7% 343 8.7% Funan DigitaLife Mall 8 21.9 7.4% 149 6.3%
Slide 26: High Occupancy Maintained
High Occupancy Maintained As at As at As at As at As at As at As at As at As at As at 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 30-Sep 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Tampines Mall 99.3% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Junction 8
Slide 27: Asset Enhancements (AEIs)
Bugis+ Asset Enhancements (AEIs) 27 CapitaMall Trust 3rd Quarter 2012 Financial Results *October 2012*
Slide 28: JCube
Cap/taMall Trust
Slide 29: Successful Opening in April 2012
Successful Opening in April 2012 99.5% of NLA Committed as at End-September 2012 Exterior facade Disco night at ice rink Value Creation(1) (S$ mil) Incremental Gross Revenue per annum 23.5 Incremental Net Property Income 15.8 Capital Expenditure Required 164.0 Return On Investment 9.7% (1) Based on
Slide 30: Bugis+
Cap/taMall Trust
Slide 31: Phase 2 AEI Completed in End-July 2012
Phase 2 AEI Completed in End-July 2012 98.5% of NLA Committed as at End-September 2012 Exterior facade Value Creation(1) (S$ mil) Incremental Gross Revenue per annum 11.1 Incremental Net Property Income 8.5 Capital Expenditure Required 38.0 Return On Investment 22.4% (1) Based on the Manager’s estim
Slide 32: The Atrium@Orchard
The Atrium@Orchard Cap/taMall Trust
Slide 33: Update on AEI
Update on AEI More than 90% of Total Space Committed; On Track To Open in Early November 2012 Exterior facade Open plaza Link from Plaza Singapura Main entrance feature 33 CapitaMall Trust 3rd Quarter 2012 Financial Results *October 2012*
Slide 34: Update on AEI
Update on AEI New Facade and Link Between Plaza Singapura and The Atrium@Orchard 34 CapitaMall Trust 3rd Quarter 2012 Financial Results *October 2012*
Slide 35: Clarke Quay
Clarke Quay Cap/taMall Trust
Slide 36: AEI at Block C Completed in September 2012
AEI at Block C Completed in September 2012 New Spaces at Block C are Fully Operational Fern & Kiwi Boss BarBQ Aqua Nova Mulligan’s 36 CapitaMall Trust 3rd Quarter 2012 Financial Results *October 2012*
Slide 37: New Space at Block E to Open in December 2012
New Space at Block E to Open in December 2012 Local Food Delight at Block E Along River Valley Road 37 CapitaMall Trust 3rd Quarter 2012 Financial Results *October 2012*
Slide 38: IMM Building
IMM Building Cap/taMall Trust
Slide 39: Repositioning of IMM - Value Mall
Repositioning of IMM ‒ Value Mall 30 Outlet Brands Occupying About 10% of Retail NLA, to be Operational by End-2012 Fashion & Accessories Tenants Sports / Lifestyle Tenants 39 CapitaMall Trust 3rd Quarter 2012 Financial Results *October 2012*
Slide 40: Looking Forward
Raffles City Singapore Looking Forward CapitaMall Trust 3rd Quarter 2012 Financial Results *October 2012* 40
Slide 41: Looking Forward
Looking Forward Positioned to Ride Out Potential Economic Uncertainties • Softer economic outlook affecting consumer sentiment – Singapore government narrowed 2012 GDP growth forecast to 1.5%-2.5% – Mitigated by low unemployment rate and higher forecast tourist arrivals of 13.5 to 14.5 million in 20
Slide 42: Thank You
Thank You For enquiries, please contact: Jeanette Pang (Ms) Investor Relations Tel : (65)-6826 5307 Fax : (65)-6536 3884 Email: jeanette.pang@capitaland.com http://www.capitamall.com 42 CapitaMall Trust 3rd Quarter 2012 Financial Results *October 2012*