CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaMall Trust — FY2002 Earnings Presentation
27 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Jan 15, 2003
Slide 1: 2002 Full Year Results Presentation
2002 FULL YEAR RESULTS PRESENTATION 15 JANUARY 2003
Slide 2: Forward-looking statements and presentation scope
This Presentation is focused on comparing actual results versus forecasts stated in the CMT Offering Circular (28 June, 2002). This shall be read in conjunction with paragraph 9 of CMT 2002 Full Year Financial Statement Masnet announcement. This presentation may contain forward-looking statements th
Slide 3: Highlights
Highlights
Slide 4: CMT "Exceeds Performance"
CMT “Exceeds Performance” IPO Actual vs. Forecast Distribution per unit 3.38c 3.12c 8.4% Distributable Income S$25 mil S$23 mil 8.4% Annualised Distribution Yield 7.66% 7.06% 8.4% (Based on issue price S$0.96)
Slide 5: Strong renewals drive result
Strong renewals drive result Net Property Income vs IPO Forecast 5.2% Rental rates for expiring leases: (1 May – 31 Dec 2002) • Achieved vs preceding rents 20.9% • Achieved vs IPO Forecast 9.1% CMT portfolio committed occupancy rate 99.7% (@ 31 Dec 2002) Property Valuation S$935 mil S$895 mil (IPO)
Slide 6: CMT continues to outperform the market
CMT continues to outperform the market % Price Change 12 8 4 CMT 0 IPO/ 30-Jul 14-Aug 28-Aug 11-Sep 25-Sep 9-Oct 23-Oct 7-Nov 21-Nov 5-Dec 20-Dec 7-Jan 16 Jul -4 -8 STI -12 -16 Based on 14 Jan 03 Closing Prices: -20 CMT + 8.33% -24 STI - 11.63% SESPROP - 20.71% SESPROP -28 Source: Bloomberg Note: ST
Slide 7: CMT's yield stands out as an attractive safe haven
CMT’s yield stands out as an attractive safe haven 9 8 7 6 494 bps % yield per annum 5 4 8.00 7.66 7.07 3 5.74 2 3.44 2.99 2.72 2.50 1 1.32 0.45 0 A-REIT $0.96 $1.04 DBS 6% STI Avg SESPROP S'pore CPF S$ 12-Mth S$ Savings Forecast CMT 2002 Pref Shares Gross Avg Gross Govt Ordinary FD Deposit Annulais
Slide 8: Financial Results
Financial Results
Slide 9: Distribution statement
Distribution statement AS AT 31 DEC 2002 Actual IPO Forecast Variance S$’000 S$’000 Gross revenue 88,390 85,777 3.0% Less property expenses 24,014 24,598 (2.4%) Total net property income 64,376 61,179 5.2% Other Income 66 308 (78.5%) Net interest expenses (6,887) (6,946) (0.9%) Administrative expens
Slide 10: Net property income
Net property income 2002 FULL-YEAR 64.4 CMT Portfolio 61.2 5.2% 31.5 Tampines Mall 4.3% 30.2 19.9 Junction 8 6.8% 18.6 13.0 Funan The IT Mall 5.1% 12.4 0 10 20 30 40 50 60 70 80 S$’m Actual IPO Forecast
Slide 11: Gross revenue
Gross revenue 2002 FULL-YEAR 88.4 CMT Portfolio 85.7 3.0% 41.4 Tampines Mall 2.7% 40.3 Junction 8 26.9 3.8% 25.9 Funan The IT Mall 20.1 2.7% 19.5 0 10 20 30 40 50 60 70 80 90 100 S$’m Actual IPO Forecast
Slide 12: Property expenses
Property expenses 2002 FULL-YEAR 24.0 -2.4% CMT Portfolio 24.6 9.9 -2.1% Tampines Mall 10.1 7.1 -3.7% Junction 8 7.3 7.1 -1.4% Funan The IT Mall 7.2 0 5 10 15 20 25 30 S$’m Actual IPO Forecast
Slide 13: Interest expense
Interest expense 2002 FULL-YEAR Actual 6.89 -0.9% IPO Forecast 6.95 0 1 2 3 4 5 6 7 8 S$’m Interest cover 8x Gearing* 20.2% Debt rated “AAA” *As % of total deposited properties
Slide 14: Balance sheet
Balance sheet AS AT 31 DEC 2002 S$’000 Investment Properties 935,080 Net Asset Value Per Unit (at listing) S$0.973 Current Assets 55,142 Net Asset Value Per Unit (31 Dec 02) S$1.030 Total Assets 990,222 Current price as at 14 Jan 03 S$1.040 Current Liabilities 19,550 Premium to NAV 1% Non Current Li
Slide 15: Net Asset Value per unit
Net Asset Value per unit At IPO S$ 0.973 Revaluation surplus S$ 0.022 NAV per unit (before distributable income) S$ 0.995 Distributable income S$ 0.034 NAV per unit as at 31 Dec 2002 S$ 1.029
Slide 16: Portfolio Update
Portfolio Update
Slide 17: Asset valuations
Asset valuations Inc. over (S$ mil) 1 Oct 2001 1 1 Jun 2002 1 Dec 2002 1 Oct 2001 Tampines Mall 409 438 441 7.8% Junction 8 295 301 303 2.7% Funan The IT Mall 191 191 191 - Portfolio 895 930 935 4.5% 1 Adopted for CMT IPO. à Revaluation surplus of S$15.9 mil à Increase NAV per unit by S$0.02
Slide 18: Summary of renewals
Summary of renewals 1 MAY TO 31 DEC 2002 Increase over No. of Area % of total Prospectus Preceding Leases (sq ft.) NLA (%) Rent (%) Tampines Mall 16 10,154 3.2% 14.9% 45.7% Junction 8 59 103,841 41.8% 9.0% 20.3% Funan The IT Mall 31 49,359 19.7% 6.9% 12.8% Portfolio 106 163,354 20.1% 9.1% 20.9%
Slide 19: Gross turnover
Gross turnover 1 2002 FULL-YEAR CMT Portfolio 1,582 20% 1,323 Tampines Mall 1,313 15% 1,140 Junction 8 260 42% 183 Funan The IT Mall 8 0 500 1,000 1,500 2,000 S$’000 1. On an accrual basis Actual IPO Forecast
Slide 20: Gross turnover & lease step-ups
Gross turnover & lease step- step-ups Tenants with 247 Lease 42% Step-Ups 174 Tenants 182 Paying GTO 42% 123 0 50 100 150 200 250 300 No. of tenants % of total Sep 02 Apr 02 portfolio tenants Lease step-ups 58.3 GTO 42.9
Slide 21: Portfolio lease expiry profile
Portfolio lease expiry profile AS AT 31 DEC 2002 Net Lettable Area Gross Rental Income No. of Leases (sq ft.) % of total (S$) % of total 2003 163 208,150 25.6 1,607,427 23.6 2004 120 172,511 21.2 1,764,677 25.9 2005 127 257,059 31.6 2,256,693 33.2 2006 21 34,363 4.2 505,194 7.4 Total/Average 431 672
Slide 22: 2003 Portfolio lease expiry profile
2003 Portfolio lease expiry profile AS AT 31 DEC 2002 Net Lettable Area Gross Rental Income No. of Leases (sq ft.) % of total (S$) % of total Tampines Mall 13 10,699 1.3 194,798 2.9 Junction 8 36 90,980 11.2 650,180 9.6 Funan The IT Mall 114 106,471 13.1 762,449 11.2 Total 163 208,150 25.6 1,607,427
Slide 23: Accelerated enhancement plans to meet demand
Accelerated enhancement plans to meet demand NLA No. of Cap Ex Start Completion Marketing Property (sq ft) retail units (S$M) Date Date Update Tampines Mall 8,007 7 5.9 Mar 03 Nov 03 • Received overwhelming rental proposals • Expect to exceed rental forecasts Junction 8 Phase 1 11,685 13 shops & Jul
Slide 24: Other income generating initiatives
Other income generating initiatives • The manager has identified other income generating initiatives: • Create more kiosks at all CMT properties • “Carve up” certain anchor spaces in Junction 8 to accommodate smaller specialty tenants and improve mix Rental income expected to increase 35% from this
Slide 25: Well positioned for 2003
Well positioned for 2003 • CMT is well positioned for 2003 • 2003 objectives: - maintain existing occupancy rates, - control costs, - execute asset enhancement initiatives, and - achieve targeted returns. • Confident of delivering the 2003 forecasted distribution of 6.96 cents per unit, barring unfo
Slide 26: Thank You
Thank You
Slide 27: Q&A
Q&A