Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — CapitaLand Mall Trust — Q1 2020 Earnings Presentation
29 slides from Singapore Exchange's earnings presentation, Apr 30, 2020
Slide 1: CapitaLand Mall Trust First Quarter 2020 Financial Results
CAPITALAND MALL TRUST First Quarter 2020 Financial Results 30 April 2020
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements. 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 assumptions. Representative examples of these factors incl
Slide 3: Contents
Contents • 1Q 2020 Overview • Key Financial Highlights • Portfolio Updates • COVID-19 – Managing an Unprecedented Challenge 3 CapitaLand Mall Trust First Quarter 2020 Financial Results *April 2020*
Slide 4: 1Q 2020 overview
1Q 2020 overview 1.6% 9.1% 98.5% 7.5% Operational as at end-Mar Y-o-Y Y-o-Y Performance 2020 Rental Shopper Portfolio Occupancy Tenants’ Sales Reversion Traffic Rate Per Square Foot 1 Managing the Covid-19 situation • Support measures introduced to aid tenants include: - Release of one-month securit
Slide 5: Key Financial Highlights
Key Financial Highlights Junction 8
Slide 6: 1Q 2020 financial performance
1Q 2020 financial performance Gross Revenue Net Property Income Distributable Income S$204.3 S$148.3 S$31.6 (1) million million million 6.0% Y-o-Y 5.9% Y-o-Y 70.3% Y-o-Y S$ million 1Q 2020 1Q 2019 204.3 192.7 148.3 140.1 (2) 106.3 (1) 31.6 Gross Revenue Net Property Income Distributable Income (1) F
Slide 7: Prudent approach to DPU
Prudent approach to DPU Retention of S$69.6 million of taxable income available for distribution Distributable Income Distribution Per Unit (DPU) Distributable Income (S$ million) S$31.6 0.85 (1) 106.3 (2) million cents 70.3% Y-o-Y 70.5% Y-o-Y 31.6 (1) 1Q 2020 1Q 2019 (1) For 1Q 2020, in view of the
Slide 8: 1Q 2020 gross revenue
1Q 2020 gross revenue - increased by 6.0% versus 1Q 2019 On comparable mall basis(1), 1Q 2020 gross revenue down 2.2% Y-o-Y S$ million CMT Portfolio 204.3 192.7 Tampines Mall 20.4 20.9 Junction 8 15.4 15.5 6.0% Funan 15.8 - IMM Building 22.7 Mainly due to: 21.9 1) Commencement of Funan Plaza Singapu
Slide 9: 1Q 2020 operating expenses
1Q 2020 operating expenses - increased by 6.4% versus 1Q 2019 On comparable mall basis(1), 1Q 2020 operating expenses down 1.1% Y-o-Y S$ million CMT Portfolio 56.0 52.6 5.3 Tampines Mall 5.2 4.0 Junction 8 3.9 6.4% Funan 4.2 0.3 6.3 IMM Building 6.2 Mainly due to: 5.5 Plaza Singapura 5.6 1) Higher p
Slide 10: 1Q 2020 net property income
1Q 2020 net property income - increased by 5.9% versus 1Q 2019 On comparable mall basis(1), 1Q 2020 net property income down 2.6% Y-o-Y S$ million 148.3 CMT Portfolio 140.1 15.1 Tampines Mall 15.7 Junction 8 11.4 5.9% 11.6 Funan (0.3) 11.6 16.4 IMM Building 15.7 17.0 Plaza Singapura 17.7 15.6 Bugis
Slide 11: 1Q 2020 performance of joint venture
1Q 2020 performance of joint venture(1) - NPI increased by 1.2% versus 1Q 2019 Gross Revenue (S$ million) 21.6 8.7% 23.7 Operating Expenses (S$ million) 2.9 43.6% 5.2 Net Property Income (S$ million) 18.7 1.2% 18.5 (1) Relates to CMT’s 40.0% interest in Raffles City Singapore. 11 CapitaLand Mall Tru
Slide 12: Debt maturity profile as at 31 March 2020
Debt maturity profile(1) as at 31 March 2020 Bank facilities in place for refinancing of debt due in 2020 700 649.8 650.0 (2) 40.0 (2) 600 120.0 (2) 60.0 484.0 500 59.8 100.0 467.1 (2) S$ million 72.0 (2) 399.0 130.0 110.0 400 310.2 100.0 (8) 292.8 300 (2) 210.7 300.0 98.8 48.0 100.0 (2) 36.2 20.6 1
Slide 13: Key financial indicators
Key financial indicators As at As at 31 March 2020 31 December 2019 Unencumbered Assets as % of Total Assets(1) 100.0% 100.0% Aggregate Leverage(2) 33.3% 32.9% Net Debt / EBITDA(1)(3) 6.4x 6.4x Interest Coverage(1)(4) 4.6x 4.7x Average Term to Maturity (years) 4.7 5.0 Average Cost of Debt(1)(5) 3.2%
Slide 14: Healthy balance sheet
Healthy balance sheet As at 31 March 2020 S$’000 Non-current Assets 11,567,977 Net Asset Value/Unit S$2.11 (as at 31 March 2020) Current Assets 162,244 Adjusted Net Asset Value/Unit Total Assets 11,730,221 S$2.10 (excluding distributable income) Current Liabilities 867,926 Non-current Liabilities 3,
Slide 15: Distribution details
Distribution details Distribution Period 1 January to 31 March 2020 Distribution Per Unit 0.85 cents Notice of Record Date 30 April 2020 Last Day of Trading on ‘cum’ Basis 8 May 2020, 5.00 pm Ex-Date 11 May 2020, 9.00 am Record Date 12 May 2020 Distribution Payment Date 5 June 2020 15 CapitaLand Mal
Slide 16: Portfolio Updates
Portfolio Updates Bedok Mall
Slide 17: 1Q 2020 shopper traffic and tenants' sales performance
1Q 2020 shopper traffic and tenants’ sales performance(1) Drop in shopper traffic inevitably led to lower tenants' sales Shopper traffic Tenants’ sales decreased by 9.1% Y-o-Y decreased by 7.5% Y-o-Y 100 100 $ psf/month S$ million 50 50 0 0 1Q 2020 1Q 2019 1Q 2020 1Q 2019 (1) For comparable basis, C
Slide 18: Volatility in shopper traffic
Volatility in shopper traffic Portfolio shopper traffic declined about 40% (first week of Jan vs first week of Apr 2020) Weekly portfolio shopper traffic trend Stricter safe distancing Suspension of enrichment centres, First COVID-19 case measures enforced bars and entertainment trades identified Do
Slide 19: 1Q 2020 tenants' sales by trade categories
1Q 2020 tenants’ sales by trade categories Top five trade categories(1) YTD tenants’ sales $ psf / month(2) 6.1% Y-o-Y : (by gross rental income) Percentage of total gross rental income(3) > 70% (4) (1) The top five trade categories include Food & Beverage, Fashion, Beauty & Health, Department Store
Slide 20: Rental reversions
Rental reversions From 1 January to 31 March 2020 (Excluding Newly Created and Reconfigured Units) Net Lettable Area Increase in Current Rental No. of Retention Rate Rates vs Preceding Rental Property Renewals / Percentage of (%) Area (sq ft) Rates (typically committed New Leases Mall (%) three year
Slide 21: Portfolio lease expiry profile
Portfolio lease expiry profile(1) Weighted Average Expiry by 2.2 Years Gross Rental Income Gross Rental Income per Month(2) Number of Leases S$’000 % of Total As at 31 March 2020 2020 511 7,885 11.9 2021 941 18,821 28.5 2022 989 21,441 32.4 2023 432 10,841 16.4 2024 63 4,546 6.9 2025 and beyond 41 2
Slide 22: Portfolio lease expiry profile for 2020
Portfolio lease expiry profile for 2020(1) Net Lettable Area Gross Rental Income No. of Leases As at 31 March 2020 % of Property NLA(2) % of Property Income(3) Tampines Mall 17 6.5 8.2 Junction 8 24 4.2 7.6 Funan(4) 15 1.6 2.0 IMM Building(5) 123 17.5 16.5 Plaza Singapura 40 10.9 13.1 Bugis Junction
Slide 23: Healthy occupancy maintained
Healthy occupancy maintained (%, As at) 31 Dec 2011 31 Dec 2012 31 Dec 2013 31 Dec 2014 31 Dec 2015 31 Dec 2016 31 Dec 2017 31 Dec 2018 31 Dec 2019 31 Mar 2020 Tampines Mall 100.0 100.0 100.0 99.5 100.0 99.2 100.0 100.0 100.0 99.6 Junction 8 100.0 99.6 99.4 100.0 100.0 99.9 100.0 100.0 100.0 100.0 F
Slide 24: Covid-19 – Managing an Unprecedented Challenge
Covid-19 – Managing an Unprecedented Challenge Westgate
Slide 25: Key events of COVID-19
Key events of COVID-19 23 Jan • Identified first COVID-19 case 7 Feb • DORSCON level raised to orange 13 Feb • CapitaLand introduced wide-ranging support measures to help Singapore retailers tide through COVID-19 18 Feb • S$6.4 billion Budget 2020 announced • Mandatory Stay Home Notice applied to al
Slide 26: Tenant support to tide through COVID-19
Tenant support to tide through COVID-19 PROPERTY TAX • Passing on the full savings from the property tax rebates granted by REBATE the government to tenants • 100% rental rebates in April and May 2020 for almost all retail ~ S$114 MILLION tenants, inclusive of the value of the property tax rebates R
Slide 27: Community support for the #BYOBClean event
Community support for the #BYOBClean event • Distributed free hand sanitisers to over 600,000 Singapore households • CapitaLand employees volunteered over 6,000 hours across 5 days in 16 CapitaLand malls to distribute hand sanitiser to Singapore households 27 CapitaLand Mall Trust First Quarter 2020
Slide 28: Cautious outlook for the near term
Cautious outlook for the near term Preserving vitality of retail ecosystem to ensure business fundamentals and long-term prospects remain intact • Highly uncertain and challenged as circuit breaker measures remain in force • Downtown malls will continue to be more impacted than suburban malls RETAIL
Slide 29: Thank you
Thank you For enquiries, please contact: Ms Lo Mun Wah, Vice President, Investor Relations Direct: (65) 6713 3667 Email: lo.munwah@capitaland.com CapitaLand Mall Trust Management Limited (www.cmt.com.sg) 168 Robinson Road, #30-01 Capital Tower, Singapore 068912 Tel: (65) 6713 2888 Fax: (65) 6713 299
CapitaLand Mall Trust — Q1 2020 Earnings Presentation on 6ix