Capitaland China Trust · SGX:AU8U
Capitaland China Trust — CapitaRetail China Trust — Q1 2008 Earnings Presentation
27 slides from Capitaland China Trust's earnings presentation, Apr 24, 2008
Slide 1: CapitaRetail China Trust (CRCT) Financial Results For First Quarter 2008
CAPITARETAIL CHINA TRUST (CRCT) Financial Results For First Quarter 2008 24 April 2008
Slide 2: Disclaimers
Disclaimers This presentation is focused on comparing actual results versus forecasts stated in the CRCT Offer Information Statement (“OIS”) dated 25 January 2008. This shall be read in conjunction with paragraph 9 of CRCT 2008 First Quarter Unaudited Financial Statement and Distribution Announcemen
Slide 3: Contents
Contents 1. Financial Highlights 2. Financial Results for 1Q 2008 3. Portfolio Update 2
Slide 4: Financial Highlights
Financial Highlights : —->- a _ Ex mo Ty s S: | = : Wem cS a as Fi x by, eek a 3 | i * oe . a ° 23s = 4 “« —_= > big: on i tua = oa! 7 : = = ge 4 ae er" by Sn 23% Volt al Cap/taRetai
Slide 5: Summary of Results
Summary of Results 5 Feb 08 - 31 Mar 081: Income Available for Distribution Exceeds Forecast3 by 8.5% 5 Feb 08 – 31 Mar 081 1Q 20082 Actual Forecast3 Change Actual % Gross Revenue (S$’000) 15,919 15,986 (0.4) 22,911 Net Property Income (S$’000) 10,069 9,987 0.8 14,321 Income Available for 6,291 5,79
Slide 6: CRCT Performance since IPO
CRCT Performance since IPO (8 Dec 2006) to 31 Mar 2008 9 15.0% Unit Price Appreciation 9 53.1% Growth in Total Asset Size 9 21.5% Total Return 9 49.3% Growth in Market Cap 9 Outperformed FSSTI & FSTREI Index % change in unit price/index value 200 IPO to 31 Mar 08 180 CRCT CRCT + 15.0% 160 FSSTI + 6.
Slide 7: Financial Results for 1Q 2008
Financial Results for 1Q 2008
Slide 8: Distribution Statement
Distribution Statement 5 Feb-31 Mar 08 1 5 Feb-31 Mar 08 1 Variance 1Q 20082 3 Actual Forecast (%) Actual S$’000 Gross Revenue 15,919 15,986 (0.4) 22,911 Less property operating expenses (5,850) (5,999) (2.5) (8,590) Net property income 10,069 9,987 0.8 14,321 Non-operating income/(expense) (180) -
Slide 9: Property Gross Revenue (in RMB): 5 Feb - 31 Mar 2008 Actual vs Forecast
Property Gross Revenue (in RMB) : 5 Feb - 31 Mar 2008 - Actual vs Forecast CRCT Portfolio 80,940 80,738 0.3% Xizhimen Mall 21,304 21,269 Wangjing Mall 19,693 19,576 Anzhen Mall 11,872 11,872 Zhengzhou Mall 7,371 7,371 Jiulong Mall 6,134 6,156 Saihan Mall 3,598 3,598 Qibao Mall 8,254 8,241 2,714 Xinw
Slide 10: Property Operating Expenses (in RMB): Actual vs Forecast
Property Operating Expenses (in RMB): 5 Feb - 31 Mar 2008 - Actual vs Forecast 29,746 CRCT Portfolio 30,302 1.8% Xizhimen Mall 7,769 7,894 Wangjing Mall 6,012 6,223 Anzhen Mall 2,034 2,065 Zhengzhou Mall 1,338 1,427 1,169 Jiulong Mall 1,195 Saihan Mall 1,763 1,873 7,458 Qibao Mall 7,480 2,203 Xinwu
Slide 11: Net Property Income (in RMB): Actual vs Forecast
Net Property Income (in RMB) : 5 Feb - 31 Mar 2008 - Actual vs Forecast CRCT Portfolio 51,194 50,436 1.5% 12.1% 13,535 Xizhimen Mall 13,375 13,681 Wangjing Mall 13,353 Anzhen Mall 9,838 9,807 6,033 Zhengzhou Mall 5,944 Jiulong Mall 4,965 4,961 Saihan Mall 1,835 1,725 Qibao Mall 796 761 Xinwu Mall 51
Slide 12: Property Gross Revenue (in S$): Actual vs Forecast
Property Gross Revenue (in S$) : 5 Feb - 31 Mar 2008 - Actual vs Forecast 15,919 CRCT Portfolio 15,986 0.4% 4,197 Xizhimen Mall 4,211 Translation difference led to a 0.4% below 3,871 forecast in S$ vis-à-vis Wangjing Mall a 0.3% above forecast 3,876 in RMB Anzhen Mall 2,333 2,351 1,449 Zhengzhou Mal
Slide 13: Net Property Income (in S$): Actual vs Forecast
Net Property Income (in S$) : 5 Feb - 31 Mar 2008 - Actual vs Forecast CRCT Portfolio 10,069 9,987 0.8% Xizhimen Mall 2,666 2,648 Translation difference led to a 0.8% above Wangjing Mall 2,689 forecast in S$ vis-à-vis 2,644 a 1.5% above forecast in RMB Anzhen Mall 1,934 1,942 Zhengzhou Mall 1,186 1,
Slide 14: Property Gross Revenue (in RMB): 1Q 2008 vs 1Q 2007
Property Gross Revenue (in RMB) : 1Q 2008 vs 1Q 2007 Portfolio gross revenue registered robust y-o-y growth of 34.4% largely because of Xizhimen Mall CRCT Portfolio 116,296 86,514 34.4% Xizhimen Mall1 21,304 Wangjing Mall 31,536 26,551 Anzhen Mall 19,127 18,938 11,875 Zhengzhou Mall 11,875 Jiulong M
Slide 15: Net Property Income (in RMB): 1Q 2008 vs 1Q 2007
Net Property Income (in RMB) : 1Q 2008 vs 1Q 2007 Portfolio NPI rose 34.2% y-o-y 72,700 CRCT Portfolio 34.2% 54,192 13,535 Xizhimen Mall1 Wangjing Mall 21,642 17,464 Anzhen Mall 15,839 15,733 Zhengzhou Mall 9,658 9,837 Jiulong Mall 7,980 8,494 2,104 Saihan Mall 5,623 Qibao Mall 1,117 -2,439 825 Xinw
Slide 16: Property Gross Revenue: 1Q 2008 vs 1Q 2007 - Comparable Portfolio
Property Gross Revenue (in RMB) : 1Q 2008 vs 1Q 2007 - Comparable Portfolio1 Comparable portfolio1 gross revenue registered y-o-y growth of 9.8% 94,992 9.8% Comparable Portfolio1 86,514 31,536 Wangjing Mall 26,551 19,127 Anzhen Mall 18,938 11,875 Zhengzhou Mall 11,875 9,882 Jiulong Mall 10,227 5,068
Slide 17: Net Property Income: 1Q 2008 vs 1Q 2007 - Comparable Portfolio
Net Property Income (in RMB) : 1Q 2008 vs 1Q 2007 - Comparable Portfolio1 Comparable portfolio1 NPI grew 9.2% y-o-y 59,165 Comparable Portfolio1 9.2% 54,192 21,642 Wangjing Mall 17,464 Anzhen Mall 15,839 15,733 Zhengzhou Mall 9,658 9,837 Jiulong Mall 7,980 8,494 Saihan Mall 2,104 5,623 Qibao Mall 1,
Slide 18: Debt Capital Information (as at 31 Mar 2008)
Debt Capital Information (as at 31 Mar 2008) Debt Maturity Profile Key Statistics of CRCT 348.4 Anzhen - Secured (Variable Rate) Trust - Unsecured (Fixed Rate) Gearing Ratio 30.9% Variable Trust - Unsecured (Fixed Rate) Rate Trust - Unsecured (Variable Rate) Interest Cover 6.4 times 32.7% Xizhimen -
Slide 19: Balance Sheet
Balance Sheet As at 31 Mar 2008 S$’000 Investment properties 1,060,075 Net assets attributable to Unitholders 653,184 Plant and equipment 3,045 Units In Issue (‘000 units) 1 617,518 Trade and other receivables 31,799 (as at 31 Mar 2008) Cash and cash equivalents 53,077 Net Asset Value per unit S$1.0
Slide 20: Portfolio Update
Portfolio Update <= a _ Ex mo Ty s S: | = : Wem cS a as Fi x by, eek a 3 | i * oe . a ° 23s = 4 “« —_= > big: on i tua = oa! 7 : = = ge 4 ae er" ee ee pe Cap/taRetai
Slide 21: Occupancy Rates
Occupancy Rates Qibao Mall recorded an increase of 4.8% in committed occupancy As at As at As at As at As at As at 31 Mar 071 30 Jun 071 30 Sep 071 31 Dec 071 31 Mar 081 22 Apr 081 Wangjing Mall 89.3% 98.3% 99.4% 99.2% 99.4% 99.8% Jiulong Mall 100% 100% 100% 100% 100% 100% Anzhen Mall 100% 100% 100%
Slide 22: Summary of New Leases & Renewals
Summary of New Leases & Renewals As at 31 Mar 2008 Net incremental Variance over No. of new monthly rental vs Property1 forecast leases/renewals2 forecast (%) (RMB ‘000) Wangjing Mall 17 51.6 35.0 Jiulong Mall 1 10.8 7.0 Qibao Mall 13 9.4 2.6 Xinwu Mall 63 5.7 16.4 Xizhimen Mall 12 68.3 30.0 CRCT Po
Slide 23: Portfolio Lease Expiry Profile (By Year)
Portfolio Lease Expiry Profile (By Year) As at 31 Mar 2008 Gross Rental Income1 No. of Leases RMB’000 % of total2 2008 179 3,001 6.9% 2009 192 7,122 16.4% 2010 138 7,463 17.2% 2011 31 2,752 6.4% 2012 10 2,097 4.9% Beyond 2012 44 20,894 48.2% CRCT Portfolio Weighted average lease term to expiry By Gr
Slide 24: Portfolio Lease Expiry Profile for 2008 (By Property)
Portfolio Lease Expiry Profile for 2008 (By Property) Gross Rentable Area1 Gross Rental Income1 No. of Leases As at 31 Mar 2008 sq m % of total RMB’000 % of total2 Wangjing Mall 50 1,918 2.8% 803 7.7% Jiulong Mall 0 0 0% 0 0% Anzhen Mall 0 0 0% 0 0% Qibao Mall 50 3,347 4.6% 1,367 20.6% Zhengzhou Mal
Slide 25: Shopper Traffic
Shopper Traffic Shopper traffic at Qibao Mall improved nearly 40% y-o-y Average daily Average daily % Property1 traffic count in traffic count in increase 1Q 20072 1Q 20083 (y-o-y) Wangjing Mall 19,583 21,102 7.8% Qibao Mall 20,459 27,971 36.7% Xinwu Mall 32,266 31,208 (3.3)%4 Xizhimen Mall N.A5 29,
Slide 26: Tenants' Sales
Tenants’ Sales Same-store sales1 grew y-o-y across the malls Average monthly Average monthly sales per sq m sales per sq m % increase 1Q 20072 1Q 20083 (y-o-y) (RMB) (RMB) Wangjing Mall 1,086.0 1,421.1 30.9% (Sample size: 83) Qibao Mall 720.7 918.2 27.4% (Sample size: 39) Xinwu Mall 476.8 723.7 51.8
Slide 27: For enquiries contact
For enquiries contact: Ms Shirlene Sim Investor Relations Manager CapitaRetail China Trust Management Limited DID: +65 68265543 Email: shirlene.sim@capitaland.com Website: www.capitaretailchina.com 26
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