Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — CapitaMalls Asia — Q1 2012 Earnings Presentation
37 slides from Singapore Exchange's earnings presentation, Apr 25, 2012
Slide 1: 1Q 2012 Financial Results
CapitaMalls Asia Limited Asia’s Leading Mall Developer, Owner and Manager Singapore • China • Malaysia • Japan • India 1Q 2012 Financial Results 25 April 2012 1Q 2012 Financial Results *April 2012*
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 Summary Appendix 2 1Q 2012 Financial Results *April 2012*
Slide 4: Highlights
CapitaMall Guicheng, Foshan, China 1Q 2012 Financial Results *April 2012* Highlights
Slide 5: Highlights
Highlights Financial Results for 1Q 2012 PATMI increased 36.1%; EBIT increased 35.3% PATMI 1Q 2012 of S$66.8 million EBIT 1Q 2012 of S$87.7 million Strong Operational Performance Growth in tenant sales and shopper traffic: Singapore: 3.6%; 1.0% China: 13.0%; 9.9% Strengthening our Presen
Slide 6: Operational Updates
5 Hongkou Plaza, Shanghai, China Operational Updates 1Q 2012 Financial Results *April 2012*
Slide 7: Growth in Shopper Traffic & Tenant Sales
Growth in Shopper Traffic & Tenant Sales 1Q 2012 1Q 2012 vs. 1Q 2011 (%)* Malls opened Annualised Committed before NPI Yield Occupancy Shopper Tenant 1 Jan 2011 (%)1 on Rate (%)2 Traffic Sales valuation Singapore3 5.7 97.2 1.0 3.6 China4 6.4 95.9 9.9 13.0 Malaysia 7.1 97.6 7.7 - Japan 4.1 95.0 4.3 3
Slide 8: Same-Mall NPI Growth (100% basis)
Same-Mall NPI Growth (100% basis) Country Local 1Q 2012 1Q 2011 Change Currency (%) (mil) Singapore1 S$ 169 161 5.2 China2 RMB 418 361 15.7 Malaysia3 MYR 43 37 16.3 Japan JPY 405 378 7.0 India INR 35 30 16.8 Note: The above figures are on a 100% basis, where the NPI of each mall is taken in its enti
Slide 9: China: Strong Growth in NPI Yields of Operational Malls
China: Strong Growth in NPI Yields of Operational Malls 100% Basis Year of Annualised NPI Yield Yield Tenant Sales Opening on Cost (%) Improvement Growth1 1Q 2012 1Q 2011 1Q 2012 vs. 1Q 2012 vs. 1Q 2011 1Q 2011 20052 5.4 5.0 8% 10.0% 20063 10.1 8.5 19% 11.7% 2007 9.2 8.1 13% 0.2% 2008 6.9 5.0 37% 15
Slide 10: Our Key Markets
Artist’s Impression – Westgate, Singapore 1Q 2012 Financial Results *April 2012* Our Key Markets
Slide 11: Singapore: Started Construction of Bedok Site
Singapore: Started Construction of Bedok Site Integrated Mall Attracts Strong Sales of Residences with ~88% of Units Sold. 1Q 2012 Financial Results *April 2012* Bedok Site
Slide 12: Singapore: JCube Opened in Apr 2012
Singapore: JCube Opened in Apr 2012 Opened on 2 Apr; 99.0% of NLA Committed 11 1Q 2012 Financial Results *April 2012*
Slide 13: Singapore: The Star Vista Target to Open in 3Q 2012
Singapore: The Star Vista Target to Open in 3Q 2012 Total GFA: 258,344 sq ft 1Q 2012 Financial Results *April 2012*
Slide 14: China: Completed the Acquisition of Remaining Stakes in Shanghai Malls
China: Completed the Acquisition of Remaining Stakes in Shanghai Malls Additional Stakes to Fully Contribute from 1 Mar 2012 Hongkou Plaza, Shanghai Minhang Plaza, Shanghai 13 1Q 2012 Financial Results *April 2012*
Slide 15: China: Strengthening our Presence in Beijing with Tiangongyuan Site
China: Strengthening our Presence in Beijing with the Acquisition of Tiangongyuan Site (天宫院) Total GFA: 184,097 sqm Total PDE: RMB2,343 mil Artist‟s impression 1Q 2012 Financial Results *April 2012*
Slide 16: Japan: Additional Stakes in 3 of our Best Performing Malls
Japan: Additional Stakes in 3 of our Best Performing Malls in Feb 2012 Return on Equity of over 12.0% Additional Recurring PATMI of S$8.0 million 1 2 La Park Mizue, Tokyo Coop Kobe, Kobe 3 15 1Q Izumiya 2012 Financial ResultsOsaka Hirakata, *April 2012*
Slide 17: Financial Performance
Raffles City Singapore, Singapore Financial Performance 1Q 2012 Financial Results *April 2012*
Slide 18: 1Q 2012 Financial Results
1Q 2012 Financial Results 1Q 2012 1Q 2011 Change (S$ mil) % PATMI 66.8 49.1 36.1 Rev under mgt 414.1 350.9 18.0 Revenue 70.9 50.2 41.2 EBIT 87.7 64.8 35.3 Revaluation 30.7 1.0 N.M. EPS 1.7 cts 1.3 cts 30.8 NTA per share S$1.61 S$1.50 7.3 17 1Q 2012 Financial Results *April 2012*
Slide 19: 1Q 2012 PATMI Contribution
1Q 2012 PATMI Contribution 1Q 2012 Contribution by Country (S$ mil) S’pore China M’sia Japan India Total Property Income 0 5 5 2 0 12 Revaluation 0 0 0 32 0 32 Management Fee Business 13 5 0 (1) 0 17 Foreign Exchange 0 (2) 1 0 0 (1) Subs Others 2 1 0 0 0 3 Country Finance Cost, Tax and NCI (2) (4) (
Slide 20: 1Q 2012 vs 1Q 2011 Financial Results
1Q 2012 vs 1Q 2011 Financial Results The Group‟s 1Q 2012 PATMI was S$66.8 million, a 36.1% increase as compared to 1Q 2011. This was mainly attributable to the revaluation gain (net of tax) of S$30.7 million following the acquisition of the three malls in Japan and new contribution from Queensbay Ma
Slide 21: Earnings by Country and Business
Earnings by Country and Business EBIT by Country Main Contributors to EBIT Management Fee Business S$17mil, 17% Japan S$33mil, 32% Singapore S$47mil, 45% Property Income S$52mil, 51% Revaluation Malaysia S$32mil, 32% S$11mil, 11% China S$13mil, 12% Total: S$87.7 million Total: S$87.7 million Note: I
Slide 22: Total Assets by Country (excl Cash holding)
Total Assets by Country (excl Cash holding) Japan, India, S$331mil, 4% S$135mil, 2% Malaysia, S$577mil, 7% Singapore, S$2,993mil, 36% China, S$4,255mil, 51% Total: S$8,291 million 21 1Q 2012 Financial Results *April 2012*
Slide 23: Statement of Financial Position
Statement of Financial Position Subsidiaries (S$ mil) 31 Mar 2012 31 Dec 2011 5 China malls Queensbay Mall Investment Properties 1 866 619 3 Japan Malls Star Vista CapitaMall Tianfu Properties Under Development 1,068 1,060 CapitaMall Luwan JCEs & Associates Orchard Residences & ION Orchard Minhang a
Slide 24: Statement of Financial Position
Statement of Financial Position 1. The increase was mainly due to acquisition of 3 malls in Japan in February 2012. 2. The increase was mainly due to new investments in Minhang Plaza and Hongkou Plaza in 1Q 2012. 3. The increase was mainly due to the accrual of remaining purchase consideration for M
Slide 25: Capital Management
Tampines Mall, Singapore Capital Management 1Q 2012 Financial Results *April 2012*
Slide 26: Healthy Balance Sheet & Liquidity Position
Healthy Balance Sheet & Liquidity Position 31 Mar 12 31 Dec 11 Equity (S$ mil) 6,489 6,477 Cash (S$ mil) 930 975 Net Debt/Equity 15% 4% % Fixed Rate Debt 75% 79% Ave Debt Maturity (Yr) 4.63 3.37 25 1Q 2012 Financial Results *April 2012*
Slide 27: Group Debt Maturity Profile as at 31 Mar 2012
Group Debt Maturity Profile as at 31 Mar 2012 (S$ mil) 700 10% NAV 600 500 400 300 200 100 - 2012 2013 2014 2015 2016 2017 2018 >2018 Bank Capital Mkt 26 1Q 2012 Financial Results *April 2012*
Slide 28: Summary
The Mines, Selangor, Malaysia 1Q 2012 Financial Results *April 2012* Summary
Slide 29: Outlook
Outlook Economy grew by 1.6% y-o-y in 1Q 2012. Singapore GDP growth forecast for 2012 remains at 1.0% to 3.0%. Retail sales for Feb 2012 increased 7.7% y-o-y. Forecast tourist arrivals of 13.5 to 14.5 mil in 2012. The Star Vista to open in 3Q 2012. Asset enhancement works for Bugis+ and
Slide 30: Thank You
Thank You For enquiries from analysts & investors, For enquiries from Hong Kong/China analysts Please contact: & investors, Caroline Fong please contact: Investor Relations Maggie Huang Tel: (65) 6536 1188 Investor Relations Email: caroline.fong@capitaland.com Tel: (86) 137-0119-8439 Email: maggie.h
Slide 31: Appendix
Clarke Quay, Singapore 1Q 2012 Financial Results *April 2012* Appendix
Slide 32: Geographical Segments (100% Basis)
Geographical Segments (100% Basis) As at 31 Mar 2012 Singapore China Malaysia Japan India Total GFA (mil sq ft)1 13.2 62.4 4.6 1.8 6.6 88.6 Property Value (S$ bil)2 14.7 12.3 1.4 0.6 0.5 29.5 No. of Malls 20 57 5 7 9 98 GFA Property Value No. of Malls 1% 2% 9% 7% 2% 16% 21% 5% 7% 5% 5% 50% 42% 70% 5
Slide 33: NPI Breakdown by Country (effective stake)
NPI Breakdown by Country (effective stake) Country Local 1Q 2012 1Q 2011 Currency (mil) Singapore1 S$ 50 50 China RMB 130 95 Malaysia2 RM 30 15 Japan JPY 292 99 India INR 9 5 Note: The above figures are on the basis of CMA‟s effective stakes in the respective properties. This analysis takes into acc
Slide 34: NPI Growth Supported by Strong Tenant Sales
NPI Growth Supported by Strong Tenant Sales (100% basis) 10% 1,400 9% 8% 20051 7% 1,200 10.0% 6% +8% 5.4% 4.7% 4.7% 5.0% 1,000 5% +35% +12%3.5% 4% +66%3.1% 3% 1.9% 800 2% 0.9% +100% 1% (1.4%) (0.8%) 0% 600 -1% 2005 2006 2007 2008 2009 2010 2011 1Q 11 1Q 12 -2% 400 11% 10.1% 3,900 10% +19% 20062 9% 8
Slide 35: NPI Growth Supported by Strong Tenant Sales
NPI Growth Supported by Strong Tenant Sales (100% basis) 10% +13% 9.2% 2,500 9% 8.1% 8.1% 2,250 8% +24% 7% 6.5% 2007 5.7% +15% 5.9% 2,000 0.2% 6% +19% 4.7% 1,750 5% 4% 1,500 3% 2% 1,250 1% (0.03%) 1,000 0% -1% 2005 2006 2007 2008 2009 2010 2011 1Q 11 1Q 12 750 10% 3,200 9% 8% 6.9% 7% +37% 3,000 6% 5
Slide 36: NPI Growth Supported by Strong Tenant Sales
NPI Growth Supported by Strong Tenant Sales (100% basis) 10% 5250 9% 5000 8% +20% 7.0% 2009 7% 5.8% 5.8% 4750 22.7% 6% +57% 4.6% 4500 5% 4% 3.7% 4250 3% 2% 4000 1% (0.7%) 3750 0% -1% 2005 2006 2007 2008 2009 2010 2011 1Q 11 1Q 12 3500 10% 2700 9% 2675 2010 8% 7% 2650 37.7% 6% 2625 5% 2600 4% 3.3% 3%
Slide 37: Pipeline of Malls Opening in the Next 3 Years
Pipeline of Malls Opening in the Next 3 Years No. of Properties as at 31 Mar 2012 Countries Target to be Target to be Target to be Operational opened in opened in opened in Total 2012 2013 2014 & beyond Singapore 17 1 1 1 20 China 42 7 2 61 57 Malaysia 5 - - - 5 Japan 7 - - - 7 India 2 - 2 5 9 Total