Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — CapitaMalls Asia — Q1 2013 Earnings Presentation
38 slides from Singapore Exchange's earnings presentation, Apr 25, 2013
Slide 1: 1Q 2013 Financial Results
CapitaMalls Asia Limited Asia’s Leading Mall Developer, Owner and Manager Singapore • China • Malaysia • Japan • India 1Q 2013 Financial Results 25 April 2013 1Q 2013 Financial Results *Apr 2013*
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 Highlights Operational Updates Our Key Markets Financial Performance Capital Management Moving Forward & Outlook 2 1Q 2013 Financial Results *Apr 2013*
Slide 4: Highlights
ION Orchard, Singapore 1Q 2013 Financial Results *Apr 2013* Highlights
Slide 5: Highlights
Highlights Strong Financial Results for 1Q 2013 PATMI +9.6%1 to S$73.2 mil EBIT +13.7% to S$99.8 mil EPS +11.8% to 1.9 Singapore cents Steady Sales Growth in Key Markets Singapore +3.6% in tenants’ sales per sq m +3.7% in shopper traffic +1.3% in same mall NPI China +15.9% in total ten
Slide 6: Highlights
Highlights Awarded Prime Site for Shopping Mall in Gutian, Wuhan CMA’s 4th shopping mall in Wuhan Excellent frontage with good connectivity Transferred CapitaMall 1818 and CapitaMall Xinduxin to CMCDF III* Gain of S$6.6 mil from warehousing Increased financial capacity for future acquisition
Slide 7: Operational Updates
The Star Vista, Singapore Operational Updates 1Q 2013 Financial Results *Apr 2013*
Slide 8: Shopper Traffic & Tenant Sales
Shopper Traffic & Tenant Sales 1Q 2013 vs. 1Q 2013 1Q 2012 (%)* Malls opened NPI Yield (%)1 Committed before Tenant Sales on Valuation Occupancy Shopper 1 Jan 2012 (on a per sq ft or as at Rate (%)2 as at Traffic per sq m basis) 31 Mar 2013 31 Mar 2013 Singapore 6.0 98.7 3.7 3.6 8.3 China 5.9 96.3 (
Slide 9: Same-Mall 1Q 2013 NPI Growth (100% basis)
Same-Mall 1Q 2013 NPI Growth (100% basis) Local 1Q 1Q Change Country Currency 2013 2012 (%) (mil) Singapore1 SGD 171 169 1.3 China2 RMB 569 494 15.2 Malaysia RM 64 61 4.5 Japan3 JPY 448 405 10.7 India INR 51 44 17.9 Note: The above figures are on a 100% basis, with the NPI of each mall taken in its
Slide 10: NPI Breakdown by Country (effective stake)
NPI Breakdown by Country (effective stake) Local 1Q 1Q Country Currency 2013 2012 (mil) Singapore SGD 60 50 China RMB 213 169 Malaysia RM 31 30 Japan1 JPY 675 292 India INR 11 9 Note: The above figures are on the basis of CMA’s effective stakes in the respective properties. This analysis takes into
Slide 11: China: Strong Growth in NPI Yields of Operational Malls
China: Strong Growth in NPI Yields of Operational Malls NPI Yield on Cost (%) Yield Tenant Sales Year of (100% basis) Improvement (psm) Growth1 Opening 1Q 1Q 1Q 2013 1Q 2013 2013 2012 vs. 1Q 2012 vs. 1Q 2012 20052 6.0 5.4 12% 13.9% Total Tenants’ 20063 10.2 9.6 6% 4.6% Sales Growth 2007 9.8 9.1 7% 1
Slide 12: Our Key Markets
CapitaMall Jinniu, Chengdu Artist’s Impression (subject to change) 1Q 2013 Financial Results *Apr 2013* Our Key Markets
Slide 13: Singapore: Bedok
Singapore: Bedok Bedok Mall: On track to open in 4Q 2013 Bedok Residences: Profit recognition from 2Q 2013 Bedok Mall: >70% Committed Occupancy Bedok Residences: >95% Sold Artist’s Impression (subject to change) 12 1Q 2013 Financial Results *Apr 2013*
Slide 14: Singapore: Westgate
Singapore: Westgate >50% Committed occupancy. On track to open in 4Q 2013 Artist’s Impression, subject to change Artist’s Impression (subject to change) 13 1Q 2013 Financial Results *Apr 2013*
Slide 15: China: Opening of CapitaMall Meilicheng, Chengdu
China: Opening of CapitaMall Meilicheng, Chengdu Opening on 28 Apr 2013 with ~90% occupancy Expected NPI yield of ~5% after first year of operation Artist’s Impression (subject to change) 14 1Q 2013 Financial Results *Apr 2013*
Slide 16: Financial Performance
Photo Credit: Kwek Swee Seng, Singapore Clarke Quay, Singapore Financial Performance 1Q 2013 Financial Results *Apr 2013*
Slide 17: 1Q 2013 Financial Results
1Q 2013 Financial Results 1Q 2013 1Q 2012 Change (S$ mil) % PATMI 73.2 66.8 9.6 Rev under mgt 506.0 414.1 22.2 Revenue 91.5 70.9 29.1 EBIT 99.8 87.7 13.7 Revaluation - 30.7 N.M. EPS 1.9 cts 1.7 cts 11.8 NTA per share S$1.70 S$1.61 5.6 16 1Q 2013 Financial Results *Apr 2013*
Slide 18: 1Q 2013 Vs 1Q 2012 Financial Results
1Q 2013 Vs 1Q 2012 Financial Results The Group’s 1Q 2013 PATMI was S$73.2 mil, or 9.6% higher as compared to 1Q 2012. This was mainly due to: (i) Contribution from The Star Vista, four malls in Japan and Queensbay mall; (ii) Gain from warehousing of two assets sold to CapitaMalls China Development F
Slide 19: 1Q 2013 PATMI Contribution
1Q 2013 PATMI Contribution 1Q 2013 Contribution by Country (S$ mil) S’pore China M’sia Japan India Total Property Income 5 5 7 8 0 25 Management Fee Business 13 5 0 0 0 18 Subs Others1 1 11 0 (1) 0 11 Country Finance Cost, Tax and NCI (2) (5) (1) (1) 0 (9) Subsidiaries’ Contribution 17 16 6 6 0 45 P
Slide 20: 1Q 2013 Earnings by Country and Business
1Q 2013 Earnings by Country and Business EBIT by Country Main Contributors to EBIT Japan Management S$7 mil, Fee Business, Property Malaysia 6% S$18 mil, Income, S$11 mil, 16% S$79 mil, 10% 71% Development Profits & Others2, Singapore S$14 mil, S$60 mil, 13% 54% China S$34 mil, 30% Total1: S$100 mil
Slide 21: Total Assets by Country (excl cash holding)
Total Assets by Country (excl cash holding) India, Japan, S$111 mil, S$611 mil, 1% 7% Malaysia, S$598 mil, 6% Singapore, S$3,048 mil, 34% China, S$4,711 mil, 52% Total: S$9,079 mil 20 1Q 2013 Financial Results *Apr 2013*
Slide 22: Statement of Financial Position
Statement of Financial Position Subsidiaries (S$ mil) 31 Mar 2013 31 Dec 2012 5 China malls, Queensbay Mall Investment Properties1 1,517 1,566 4 Japan malls, The Star Vista Luwan integrated development Properties Under Development 562 548 JCEs & Associates ION Orchard, Minhang & Hongkou Raffles City
Slide 23: Statement of Financial Position
Statement of Financial Position 1. The decrease was mainly due to depreciation of Japanese Yen against Singapore Dollars for the four malls in Japan. 2. The decrease was mainly due to the partial repayment of long-term loan by a jointly-controlled entity. 3. The increase was mainly due to the partia
Slide 24: Capital Management
Westgate, Singapore Artist’s Impression (subject to change) Capital Management 1Q 2013 Financial Results *Apr 2013*
Slide 25: Healthy Balance Sheet & Liquidity Position
Healthy Balance Sheet & Liquidity Position 1Q 2013 FY 2012 Change % Equity (S$ mil) 6,860 6,738 2 Cash (S$ mil) 886 675 31 Net Debt/Equity 26% 30% (13) % Fixed Rate Debt 80% 79% 1 Ave Debt Maturity (Yr) 4.80 5.01 (4) Net Debt/Total Assets 34% 36% (6) (Look Through)* * On effective stake basis. Basis
Slide 26: Group Debt Maturity Profile as at Mar 2013
Group Debt Maturity Profile as at 31 Mar 2013 (S$’m) 700 10% NAV 600 500 400 300 200 100 0 2013 2014 2015 2016 2017 2018 >2018 Bank Capital Mkt Bond 25 1Q 2013 Financial Results *Apr 2013*
Slide 27: Moving Forward & Outlook
Nanjing Impressions, CapitaMall Crystal, Beijing, China Moving Forward & Outlook 1Q 2013 Financial Results *Apr 2013*
Slide 28: Pipeline of Malls Opening
Pipeline of Malls Opening No. of Properties as of 31 Mar 2013 Country Target to be Target to be Target to be Operational opened in opened in opened in Total 2013 2014 2015 & beyond Singapore 17 2 - - 19 China 49 21 12 8 60 Malaysia 5 - - 1 6 Japan 8 - - - 8 India 2 1 2 4 9 Total 81 5 3 13 102 (1) No
Slide 29: Outlook
Outlook • Modest economic growth at 1.2% for FY 2012. Singapore’s Ministry of Singapore Trade & Industry estimated economy to grow by 1.0% to 3.0% in 2013. • More than 95% of the units at Bedok Residences sold, laying the foundation for profit recognition from 2Q 2013 onwards. • More than 50% and 70
Slide 30: Thank You
Thank You For enquiries from analysts & investors, For enquiries from Hong Kong/China analysts, please contact please contact: Teng Li Yeng Maggie Huang Investors Relations Investor Relations Tel: (65) 6826 5357 Tel: (86) 10-5879 9018 Email: teng.liyeng@capitaland.com Email: maggie.huang@capitaland.
Slide 31: Financial Results of CMT, CRCT & CMMT
Financial Results of CMT, CRCT & CMMT • 1Q 2013 financial results – • 1Q 2013 financial results – • 1Q 2013 financial results – 19 Apr 2013 19 Apr 2013 16 Apr 2013 • http://capitamall.listedcomp • http://www.capitaretailchina. • http://capitamallsmalaysia.c any.com/financial_results.ht com/ir_financ
Slide 32: Appendix
ION Orchard, Singapore 1Q 2013 Financial Results *Apr 2013* Appendix
Slide 33: Geographical Segments (100% Basis)
Geographical Segments (100% Basis) As at 31 Mar 2013 Singapore China Malaysia Japan India Total GFA (mil sq ft)1 13.2 67.4 5.5 2.4 6.6 95.1 Property Value (S$ bil)2 14.9 14.6 1.5 0.9 0.5 32.3 No. of Malls 19 60 6 8 9 102 GFA Property Value No. of Malls 1% 3% 2% 7% 14% 5% 9% 6% 18% 8% 6% 46% 45% 71%
Slide 34: NPI Growth Supported by Strong Tenants’ Sales
NPI Growth Supported by Strong Tenants’ Sales (100% basis) 10.0% 1,400 20051 9.0% 8.0% +12% 1,200 7.0% 6.0% 6.0% +35% +9% 5.1% 4.9% 5.4% 5.0% 4.7% 1,000 +13.9% +12% 4.0% +66% 3.1% 3.5% 3.0% +100% 800 1.9% 2.0% 0.9% 1.0% (0.8%) (1.4%) 600 0.0% (1.0%) 2005 2006 2007 2008 2009 2010 2011 2012 1Q12 1Q13
Slide 35: NPI Growth Supported by Strong Tenants’ Sales
NPI Growth Supported by Strong Tenants’ Sales (100% basis) 2007 13.0% 2,800 12.0% 2,600 11.0% +17% +7% 9.8% 10.0% 9.4% 9.1% 2,400 9.0% +24% 8.1% 2,200 +15% +11.4% 8.0% 2,000 7.0% 6.5% 6.3% +19% 5.7% 1,800 6.0% 4.7% 5.0% 1,600 4.0% 1,400 3.0% 1,200 2.0% (0.03%) 1,000 1.0% 0.0% 800 (1.0%) 2005 2006 20
Slide 36: NPI Growth Supported by Strong Tenants’ Sales
NPI Growth Supported by Strong Tenants’ Sales (100% basis) 2009 10.0% 5,500 9.0% +15% 8.1% 5,250 8.0% 7.0% 6.8% 5,000 7.0% +19% +8.4% 6.0% 5.8% 4,750 +57% 5.0% 5.0% 4,500 4.0% 3.7% 4,250 3.0% 4,000 2.0% 3,750 1.0% (0.7%) 3,500 0.0% -1.0% 2005 2006 2007 2008 2009 2010 2011 2012 1Q12 1Q13 3,250 10.0%
Slide 37: NPI Growth Supported by Strong Tenants’ Sales
NPI Growth Supported by Strong Tenants’ Sales (100% basis) 10.0% 11,000 20111 9.0% 10,500 8.0% 7.0% 10,000 6.0% 9,500 +15.3% 5.0% +38% 4.6% 3.9% 9,000 4.0% 3.6% 3.3% 3.0% 8,500 2.0% 8,000 1.0% (0.1%) 7,500 0.0% -1.0% 2005 2006 2007 2008 2009 2010 2011 2 2012 1Q12 2Q13 7,000 Year of Opening Valuation
Slide 38: Thank You
Thank You For enquiries from analysts & investors, For enquiries from Hong Kong/China analysts, please contact please contact: Teng Li Yeng Maggie Huang Investors Relations Investor Relations Tel: (65) 6826 5357 Tel: (86) 10-5879 9018 Email: teng.liyeng@capitaland.com Email: maggie.huang@capitaland.