Singapore Exchange Ltd. · SGX:S68

Singapore Exchange — CapitaRetail China Trust — FY2008 Earnings Presentation

31 slides from Singapore Exchange's earnings presentation, Jan 21, 2009

  1. Slide 1: CapitaRetail China Trust (CRCT) Financial Results for FY 2008

    CAPITARETAIL CHINA TRUST (CRCT) Financial Results For FY 2008 21 January 2009

  2. Slide 2: Disclaimers

    Disclaimers This presentation shall be read in conjunction with paragraph 9 of CRCT’s Unaudited Financial Statement and Distribution Announcement for the year ended 31 December 2008. This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual fu

  3. Slide 3: Contents

    Contents 1. Financial Highlights 2. Financial Results for 4Q 2008 and FY 2008 3. Portfolio Update 4. Key Strategies in 2009 2

  4. Slide 4: Financial Highlights

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  5. Slide 5: Summary of Results

    Summary of Results CRCT recorded a distributable income of $45.9 million and a DPU of 7.53 cents for FY 2008 4Q 2008 FY 2008 vs FY 2007 Actual Forecast1 Var. (%) FY 2008 FY 2007 Var. (%) Gross Revenue (RMB’000) 146,551 149,876 (2.2) 537,568 362,897 48.1 Net Property Income (RMB’000) 95,735 95,243 0.

  6. Slide 6: 4Q 2008 vs 4Q 2007 and FY 2008 vs FY 2007

    4Q 2008 vs 4Q 2007 and FY 2008 vs FY 2007 4Q 2008 DPU increased 26.3% over 4Q 2007 4Q 2008 4Q 2007 Variance Annualised DPU 9.03¢ 7.15¢ + 26.3% Annualised distribution yield 15.1% 3.3% + 11.8% (Based on closing unit price on 31 Dec of the respective FY) FY 2008 DPU increased 12.1 % over FY 2007 FY 20

  7. Slide 7: Distribution Details

    Distribution Details Distribution Period For 1 July 2008 to 31 December 2008 Distribution Per Unit 4.28 cents Distribution Timetable Notice of Books Closure Date 21 January 2009 Last Day of Trading on “cum” Basis 5 March 2009, 5.00 pm Ex-Date 6 March 2009, 9.00 am Books Closure Date 10 March 2009 Di

  8. Slide 8: Financial Results for 4Q 2008 & FY 2008

    Financial Results for 4Q 2008 & FY 2008

  9. Slide 9: Distribution Statement

    Distribution Statement 4Q 2008 4Q 2008 Variance FY 2008 Actual Forecast1 (%) Actual S$’000 Gross Revenue 31,349 29,675 5.6 108,924 Less property operating expenses (10,906) (10,816) 0.8 (39,458) Net property income 20,443 18,859 8.4 69,466 Non-operating income/(expense) 128 - N.M (542) Other trust e

  10. Slide 10: Property Gross Revenue: 4Q 2008 Actual vs Forecast

    Property Gross Revenue (in RMB) : 4Q 2008 - Actual vs Forecast1 146,551 CRCT Portfolio 2.2% 149,876 42,216 Xizhimen Mall 41,285 34,304 Wangjing Mall 32,887 19,365 Anzhen Mall 19,318 11,875 Zhengzhou Mall 11,875 10,130 Jiulong Mall 9,961 5,921 Saihan Mall 10,263 17,331 Qibao Mall 19,177 5,409 Xinwu M

  11. Slide 11: Property Operating Expenses: 4Q 2008 Actual vs Forecast

    Property Operating Expenses (in RMB): 4Q 2008 - Actual vs Forecast1 50,816 CRCT Portfolio 7.0% 54,633 Xizhimen Mall 13,697 14,314 Wangjing Mall 11,582 10,432 Anzhen Mall 4,022 3,344 Zhengzhou Mall 2,064 2,298 2,212 Jiulong Mall 1,926 Saihan Mall 2,435 5,554 10,950 Qibao Mall 12,757 3,854 Xinwu Mall

  12. Slide 12: Net Property Income: 4Q 2008 Actual vs Forecast

    Net Property Income (in RMB) : 4Q 2008 - Actual vs Forecast1 95,735 CRCT Portfolio 95,243 0.5% 28,519 Xizhimen Mall 26,971 22,722 Wangjing Mall 22,455 15,343 Anzhen Mall 15,974 9,811 Zhengzhou Mall 9,577 7,918 Jiulong Mall 8,035 3,486 Saihan Mall 4,709 6,381 Qibao Mall 6,420 1,555 Xinwu Mall 1,102 0

  13. Slide 13: Property Gross Revenue: FY 2008 vs FY 2007

    Property Gross Revenue (in RMB) : FY 2008 vs FY 2007 Y-o-y growth of 48.1% largely attributed to the acquisition of Xizhimen Mall CRCT Portfolio 537,568 48.1% 362,897 Xizhimen Mall1 138,691 Wangjing Mall 130,937 115,543 Anzhen Mall 76,888 76,128 47,500 Zhengzhou Mall 47,555 39,996 Jiulong Mall 40,69

  14. Slide 14: Property Gross Revenue: FY 2008 vs FY 2007 - Comparable Portfolio

    Property Gross Revenue (in RMB) : FY 2008 vs FY 2007 - Comparable Portfolio 1 Y-o-y growth of 9.9% attributed to occupancy and rental growth, especially at Qibao Mall Comparable Portfolio1 398,877 362,897 9.9% Wangjing Mall 130,937 115,543 Anzhen Mall 76,888 76,128 Zhengzhou Mall 47,500 47,555 Jiulo

  15. Slide 15: Net Property Income: FY 2008 vs FY 2007

    Net Property Income (in RMB) : FY 2008 vs FY 2007 CRCT Portfolio 342,841 234,912 45.9% 1 91,355 Xizhimen Mall Wangjing Mall 87,965 85,208 Anzhen Mall 62,920 63,020 38,801 Zhengzhou Mall 38,982 31,944 Jiulong Mall 31,770 9,068 Saihan Mall 18,772 16,204 Qibao Mall (4,787) 4,584 Xinwu Mall 1,947 -5000

  16. Slide 16: Net Property Income: FY 2008 vs FY 2007 - Comparable Portfolio

    Net Property Income (in RMB) : FY 2008 vs FY 2007 - Comparable Portfolio 1 Comparable Portfolio1 251, 486 234,912 7.1% Wangjing Mall 87,965 85,208 62,920 Anzhen Mall 63,020 38,801 Zhengzhou Mall 38,982 31,944 Jiulong Mall 31,770 9,068 Saihan Mall 18,772 16,204 Qibao Mall (4,787) 4,584 Xinwu Mall 1,9

  17. Slide 17: Valuation of Portfolio

    Valuation of Portfolio Previous Valuation Current Valuation Variance Property Yield1 Current Valuation (1 Jun 08) ( 1 Dec 08) (%) (%) (per sq m of GRA) (RMB million) (RMB million) (RMB) Xizhimen Mall 1,713 1,8982 10.8 5.93 22,8472 Wangjing Mall 1,224 1,220 (0.3) 7.2 18,074 Anzhen Mall 839 826 (1.5)

  18. Slide 18: Debt Capital Information

    Debt Capital Information As at 31 Dec 2008 Key Statistics Debt Maturity Profile 414.7 Gearing Ratio 32.8% Trust - Unsecured (Variable Rate) – ST Offshore loan Trust - Unsecured (Fixed Rate) – LT Offshore loan 6.9 times Variable Interest Cover Rate Anzhen - Secured (Variable Rate) – LT Onshore loan 3

  19. Slide 19: Balance Sheet

    Balance Sheet As at 31 Dec 2008 S$’000 Investment properties 1,253,790 Net assets attributable to unitholders 772,564 (S$’000) Other assets 20,583 Cash and cash equivalents 51,310 Units In Issue (‘000 units) 1 619,046 Total Assets 1,325,683 Net Asset Value (NAV) per unit S$1.25 Interest-bearing borr

  20. Slide 20: Portfolio Update

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  21. Slide 21: Committed Occupancy Rates

    Committed Occupancy Rates Committed occupancy rates remained stable in 4Q 2008 As at As at As at As at As at 31 Dec 071 31 Mar 081 30 Jun 081 30 Sep 081 31 Dec 081 Wangjing Mall 99.2% 99.4% 99.7% 100% 99.8% Jiulong Mall 100% 100% 100% 100% 100% Anzhen Mall 100% 100% 100% 100% 100% Qibao Mall 81.1% 8

  22. Slide 22: New Leases & Renewals

    New Leases & Renewals In FY 2008: Net incremental Variance over No. of new monthly rental vs Property forecast leases/renewals forecast (%) (RMB ‘000) Wangjing Mall 66 233.3 20.1 Jiulong Mall 1 10.8 7.0 Qibao Mall 60 410 26.7 Xinwu Mall 411 69.8 50 Xizhimen Mall 74 416.3 18.6 CRCT Portfolio 242 1,14

  23. Slide 23: Portfolio Lease Expiry Profile (By Year)

    Portfolio Lease Expiry Profile (By Year) Gross Rental Income2 As at 31 Dec 2008 No. of Leases1 RMB’000 % of total (Dec 08)3 2009 410 9,036 19.7% 2010 183 8,478 18.5% 2011 59 3,432 7.5% 2012 16 2,315 5.0% 2013 27 2,842 6.2% Beyond 2013 33 19,675 42.9% CRCT Portfolio Weighted average lease term to exp

  24. Slide 24: Portfolio Lease Expiry Profile for 2009 (By Property)

    Portfolio Lease Expiry Profile for 2009 (By Property) 85.5% of the gross rental income in 2008 has been committed and locked in for 2009 No. of Gross Rentable Area2 Gross Rental Income Leases1 As at 31 Dec 2008 % of total sq m % of total RMB’000 (Dec 08)3 Wangjing Mall 131 11,478 17.0% 5,031 45.8% J

  25. Slide 25: Shopper Traffic

    Shopper Traffic Comparable shopper traffic rose slightly in 4Q 2008 140,000 Ave. Shopper Count (daily) 120,000 100,000 80,000 60,000 40,000 20,000 0 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 Includes only shopper traffic recorded at Xizhimen Mall, Wangjing Mall, Qibao Mall and Xinwu Mall. Saihan Mall does not h

  26. Slide 26: Portfolio Gross Turnover

    Portfolio Gross Turnover Comparable portfolio gross turnover stayed resilient in 4Q 2008 800 5.0% 10.1% 7.8% Ave. monthly sales (RMB psm) 600 400 200 0 1Q 2008 2Q 2008 3Q 2008 4Q 2008 Includes only tenants with complete gross turnover (GTO) information at Wangjing Mall, Qibao Mall and Xinwu Mall. Ex

  27. Slide 27: Top Retailers

    Top 10 Retailers As at 31 Dec 2008 Retailers Brand Names Trade Category % of Gross Rental Income (Dec 08)1 北京华联集团投资控股有限公司 Beijing Hualian Supermarket Supermarket 29.2% Beijing Hualian Department Store Department Store 上海联家超市有限公司 Carrefour Supermarket 5.3% 北京家乐福商业有限公司2 上海颐盛商贸有限公司 Sport 100 / Colour J

  28. Slide 28: Trade Sector Analysis

    Trade Sector Analysis As at 31 Dec 2008 By Net Lettable Area By Gross Rent 5 .1% 4 .9 % 9.9% 5.1% 4 .1% 26.7% 4 .4 % 3.5% 4 .9 % 4 0 .2 % 6.0% 2.5% 6 .5 % 3.2% 9.3% 7 .8 % 20.2% 14.8% 2 3 .3 % Department Store Supermarket Food & Beverages Fashion & Accessories Houseware & Furnishings Leisure & Enter

  29. Slide 29: Key Strategies in 2009

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  30. Slide 30: Key Strategies in 2009

    Key Strategies in 2009 Stability and sustainability will be the Manager’s focus in 2009: • Maintain occupancy levels at all malls • Work closely with tenants to drive shopper traffic and sales • Fine-tune tenancy-mix in keeping with shoppers’ demand for value purchases • Target to complete Phase 2 o

  31. Slide 31: Thank you

    Thank you Cap/taRetai

CapitaRetail China Trust — FY2008 Earnings Presentation on 6ix