EC World REIT · SGX:BWCU
EC World REIT — EC World Real Estate Investment Trust — 2QFY2023 Earnings Presentation
17 slides from EC World REIT's earnings presentation, Aug 11, 2023
Slide 1: 2QFY2023 Results Presentation
2QFY2023 Results Presentation 11 August 2023
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: Agenda
Agenda Section A 2QFY2023 Key Highlights Section B Financial Review Section C Portfolio Update 2
Slide 4: Section A: 2QFY2023 Key Highlights
Section A: 2QFY2023 Key Highlights 8/11/2023 3
Slide 5: 2QFY2023 Key Highlights
2QFY2023 Key Highlights 2QFY2023 Gross revenue and NPI were down by 11.5% and 8.8% y-o-y respectively, mainly due to lower late fee income and weakening of RMB (by 8.4% y-o-y), offset by organic rental escalations Financials and Distributions Retained 10% of total amount available for distributi
Slide 6: Distribution Yield
Distribution Yield Attractive Yield Compared to Peers ECW⁽¹⁾ 12.7% 4.6% S-REITs⁽²⁾ 8.1% 6.4% Industrial S-REITs⁽²⁾ 6.3% Singapore 10Y Gov Bond⁽³⁾ 3.1% 9.6% China 10Y Gov Bond⁽³⁾ 2.7% 10.0% CPF Ordinary Account⁽⁴⁾ 2.5% 10.2% Bank 12 Months Fixed Deposit Rate⁽⁵⁾ 2.2% 10.5% (1) Based on 1HFY23 Annualis
Slide 7: 2QFY2023 Distribution Timetable
2QFY2023 Distribution Timetable Distribution Timetable : Last Day of Trading on “cum” Basis 12 September 2023 (Tuesday) : Ex-date 13 September 2023 (Wednesday) : Record Date 14 September 2023 (Thursday) : Distribution Payment Date (Est) 28 September 2023 (Thursday) 6
Slide 8: Section B: Financial Review
Section B: Financial Review 8/11/2023 7
Slide 9: 2QFY2023 (Year-on-Year) Summary Results
2QFY2023 (Year-on-Year) Summary Results Year-on-Year • Lower gross revenue and NPI year-on-year, 2QFY2023 2QFY2022 Variance (%) Comparison mainly due to weakening of RMB against SGD, lower late fee income and other Gross revenue (S$’000) 27,580 31,173 (11.5) operating income, mitigated partly by Net
Slide 10: 2QFY2023 (Quarter-on-Quarter) Summary Results
2QFY2023 (Quarter-on-Quarter) Summary Results Year-on-Year • Gross revenue and NPI declined 2% and 2QFY2023 1QFY2023 Variance (%) 1.4% q-o-q, mainly due to the weakening of Comparison RMB against SGD Gross revenue (S$’000) 27,580 28,134 (2.0) Net property income • In RMB terms after relevant distrib
Slide 11: 1HFY2023 Summary Results
1HFY2023 Summary Results Year-on-Year • Lower gross revenue and NPI year-on-year, 1HFY20223 1HFY2022 Variance (%) Comparison mainly due to weakening of RMB against SGD, lower late fee income and other operating Gross revenue (S$’000) 55,714 63,324 (12.0) income, and the cessation of income contribut
Slide 12: Stable Balance Sheet
Stable Balance Sheet As at As at S$’000 30 June 2023 31 December 2022 Cash and cash equivalents(1) 119,070 113,330 Investment Properties(2) 1,041,402 1,076,874 Assets of Disposal Group classified as held-for-sale 410,859 460,424 Total Assets 1,590,381 1,666,778 Borrowings 537,272 593,136 Liabilities
Slide 13: Capital Management
Capital Management Key Metrics as at 30 June 2023 Average Leverage • 36.2% (31 December 2022: 38.8%) • Aggregate – 5.7% p.a. • Onshore – 5.7% p.a. 1HFY2023 Blended Running Interest Rate(1)(2) • Offshore – 5.8% p.a. • RCF – 4.19% to 5.55% p.a. Weighted Average Debt Maturity(3) • 1.45 years Interest c
Slide 14: Section C: Portfolio Update
Section C: Portfolio Update 8/11/2023 13
Slide 15: Stable Portfolio with Embedded Organic Growth
Stable Portfolio with Embedded Organic Growth Healthy Occupancy of 96.3% E-Commerce Logistics Assets Asset Lease Structure Occupancy¹ Key Highlight Master Lease: 1 Jan 2016 to 31 Dec 2024 Coveted property; entire suite of facilities Fu Heng 100.0% Rental escalation of 2.0% annually from 1st Jan 2021
Slide 16: Quality and Differentiated Asset Portfolio
Quality and Differentiated Asset Portfolio Strong portfolio occupancy of 96.3% as at 30 June 2023 Stable income contribution across all sectors Lease Expiry Profile of Portfolio (1) Portfolio Diversification (1) By Net Lettable Area WALE by NLA: 1.0 years WALE by Gross Rental Income: 1.2 years 2
Slide 17: Thank You
For queries, please contact: Yu Wensu Manager, Investor Relations Tel: +65 6221 9018 wensu@ecwreit.com www.ecwreit.com Thank You 8/11/2023 16
EC World Real Estate Investment Trust — 2QFY2023 Earnings Presentation on 6ix