Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — CapitaLand Mall Trust — H1 2020 Earnings Presentation
31 slides from Singapore Exchange's earnings presentation, Jul 22, 2020
Slide 1: CapitaLand Mall Trust First Half 2020 Financial Results
CAPITALAND MALL TRUST First Half 2020 Financial Results 22 July 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 • 1H 2020 Overview • Key Financial Highlights • Portfolio Updates • Going Forward 3 CapitaLand Mall Trust First Half 2020 Financial Results *July 2020*
Slide 4: 1H 2020 overview
1H 2020 overview 0.1% 40.6% 15.4% 97.7% Operational Y-o-Y Y-o-Y as at end-Jun 2020 Performance Rental Shopper Tenants’ Sales Portfolio Reversion Traffic Per Square Foot Occupancy Rate 4 CapitaLand Mall Trust First Half 2020 Financial Results *July 2020*
Slide 5: 1H 2020 overview
1H 2020 overview • Phase Two reopening highlights - Operationally, safe management measures have continued to pose challenges - For the period 19 June to 5 July 2020, most tenants have resumed operations and average shopper traffic has recovered to 53% of the level a year ago; suburban malls continu
Slide 6: Key Financial Highlights
Key Financial Highlights Tampines Mall
Slide 7: 2Q 2020 DPU decline 27.7% Y-o-Y
2Q 2020 DPU decline 27.7% Y-o-Y Distributable Income (S$ mil) 107.7 Distributable Income Distribution Per Unit (DPU) 78.1 (1) S$78.1 2.11 (1) 2Q 2020 2Q 2019 million cents DPU (cents) 2.92 27.5% Y-o-Y 27.7% Y-o-Y 2.11 2Q 2020 2Q 2019 (1) In 2Q 2020, CMT had released S$23.2 million, part of the S$69.
Slide 8: 1H 2020 DPU at 2.96 cents
1H 2020 DPU at 2.96 cents 1H 2020 DPU would be 4.35 cents if retained income(1) is released Distributable Income (S$ mil) 214.0 (3) Distributable Income Distribution Per Unit (DPU) 109.7 (2) S$109.7 2.96 (2) 1H 2020 1H 2019 million cents DPU (cents) 5.80 48.7% Y-o-Y 49.0% Y-o-Y 2.96 1H 2020 1H 2019
Slide 9: 2Q 2020 financial performance
2Q 2020 financial performance Gross Revenue Net Property Income Distributable Income S$114.1 S$68.1 S$78.1 (1) million million million 39.8% Y-o-Y 48.9% Y-o-Y 27.5% Y-o-Y S$ million 2Q 2020 2Q 2019 189.5 133.2 114.1 107.7 (1) 78.1 68.1 Gross Revenue Net Property Income Distributable Income (1) In 2Q
Slide 10: 1H 2020 financial performance
1H 2020 financial performance Gross Revenue Net Property Income Distributable Income S$318.4 S$216.4 S$109.7 (1) million million million 16.7% Y-o-Y 20.8% Y-o-Y 48.7% Y-o-Y S$ million 1H 2020 1H 2019 382.3 318.4 273.3 (2) 216.4 214.0 109.7 (1) Gross Revenue Net Property Income Distributable Income (
Slide 11: 1H 2020 gross revenue
1H 2020 gross revenue - decreased by 16.7% versus 1H 2019 On comparable mall basis(1), 1H 2020 gross revenue down 23.5% Y-o-Y S$ million 318.4 CMT Portfolio 382.3 30.9 Tampines Mall 41.7 Junction 8 23.8 16.7% 30.6 26.5 Funan 0.9 36.1 Mainly due to: IMM Building 43.0 1) lower gross rental income aris
Slide 12: 1H 2020 operating expenses
1H 2020 operating expenses - decreased by 6.4% versus 1H 2019 On comparable mall basis(1), 1H 2020 operating expenses down 10.8% Y-o-Y S$ million 102.0 CMT Portfolio 109.0 9.7 Tampines Mall 10.5 Junction 8 7.5 7.9 6.4% 7.8 Funan 3.3 IMM Building 11.8 12.8 9.9 Mainly due to: Plaza Singapura 11.4 1) l
Slide 13: 1H 2020 net property income
1H 2020 net property income - decreased by 20.8% versus 1H 2019 On comparable mall basis(1), 1H 2020 net property income down 28.3% Y-o-Y S$ million CMT Portfolio 216.4 273.3 Tampines Mall 21.2 31.2 16.3 Junction 8 22.7 20.8% Funan (2.4) 18.7 24.3 IMM Building 30.2 25.0 Plaza Singapura 35.1 Bugis Ju
Slide 14: 1H 2020 performance of joint venture
1H 2020 performance of joint venture(1) - NPI decreased by 17.1% versus 1H 2019 Gross Revenue (S$ million) 39.1 Total 46.9 16.7%(2) Operating Expenses (S$ million) 8.9 Total 10.5 15.6% Net Property Income (S$ million) 30.2 Total 36.4 17.1%(2) 1H 2020 1H 2019 (Charts are of different scales) (1) Rela
Slide 15: Debt maturity profile as at 30 June 2020
Debt maturity profile(1) as at 30 June 2020 Bank facilities in place for refinancing of debt due in 2020 687.7 700 660.0 (2) (2) 40.0 120.0 600 60.0 (2) 547.1 484.0 97.7 (2) 500 110.0 80.0 (2) S$ million 72.0 (2) 399.0 130.0 110.0 400 100.0 (8) 292.8 300 300.0 98.8 191.7 100.0 226.0 (2) 100.0 350.0
Slide 16: Key financial indicators
Key financial indicators As at As at 30 June 2020 31 March 2020 Unencumbered Assets as % of Total Assets 100.0% 100.0% Aggregate Leverage(1) 34.4% 33.3% Net Debt / EBITDA(2) 7.1x 6.4x Interest Coverage(3) 4.3x 4.6x Average Term to Maturity (years) 4.5 4.7 Average Cost of Debt(4) 3.1% 3.2% CMT’s Issu
Slide 17: Valuations and valuation cap rates
Valuations and valuations cap rates Valuation Valuation Variance Valuation Cap Rate as at 30 Jun 20 as at 31 Dec 19 as at 30 Jun 20 as at 30 Jun 20 and 31 Dec 19 S$ million S$ million S$ million S$ per sq ft NLA % Tampines Mall 1,072.0 1,085.0 (13.0) 3,009 4.70 Junction 8 794.0 799.0 (5.0) 3,125 4.7
Slide 18: Healthy balance sheet
Healthy balance sheet As at 30 June 2020 S$’000 Non-current Assets 11,199,567 Net Asset Value/Unit S$2.01 (as at 30 June 2020) Current Assets 157,552 Adjusted Net Asset Value/Unit Total Assets 11,357,119 S$1.99 (excluding distributable income) Current Liabilities 823,253 Non-current Liabilities 3,11
Slide 19: Distribution details
Distribution details Distribution Period 1 April to 30 June 2020 Distribution Per Unit 2.11 cents Notice of Record Date 22 July 2020 Last Day of Trading on ‘cum’ Basis 28 July 2020, 5.00 pm Ex-Date 29 July 2020, 9.00 am Record Date 30 July 2020 Distribution Payment Date 28 August 2020 19 CapitaLand
Slide 20: Portfolio Updates
Portfolio Updates Bukit Panjang Plaza
Slide 21: 1H 2020 shopper traffic and tenants' sales performance
1H 2020 shopper traffic and tenants’ sales performance(1) Sharp decline in shopper traffic, attributable to the circuit breaker (7 April to 1 June 2020), led to corresponding lower tenants’ sales Shopper traffic Tenants’ sales decreased by 40.6% Y-o-Y decreased by 15.4% Y-o-Y ($ psf/mth) / month) 10
Slide 22: Weekly shopper traffic performance for June 2020
Weekly shopper traffic performance for June 2020 Steady recovery in shopper traffic as the economy transitions into Phase Two safe reopening 4 +48% Shopper Traffic (million) +65% 2 0 1 - 7 Jun 8 -14 Jun 15 - 21 Jun 22 - 28 Jun 22 CapitaLand Mall Trust First Half 2020 Financial Results *July 2020*
Slide 23: Post circuit breaker shopper traffic recovery
Post circuit breaker shopper traffic recovery Recovered to 53% of January 2020 level (1st week of July vs 1st week of January 2020) Weekly portfolio shopper traffic trend First COVID-19 case identified Circuit breaker Phase 1 Dorscon level measures started reopening raised to orange Phase 2 reopenin
Slide 24: 1H 2020 tenants' sales by trade categories
1H 2020 tenants’ sales by trade categories Top five trade categories(1) YTD tenants’ sales $ psf / month(2) 14.5% Y-o-Y : (by gross rental income) Percentage of total gross rental income(3) > 70% 30% Y-o-Y Variance of Tenants’ Sales $ psf/month (%) 18.6% 20% 10% 0.7% 0% -10% -12.3% -12.5% -13.2% -20
Slide 25: Rental reversions
Rental reversions From 1 January to 30 June 2020 (Excluding Newly Created and Reconfigured Units Net Lettable Area Increase in Current Rental No. of Renewals / Retention Rate Rates vs Preceding Rental Property Percentage of New Leases (%) Area (sq ft) Rates (typically committed Mall (%) three years
Slide 26: Portfolio lease expiry profile
Portfolio lease expiry profile(1) Weighted Average Expiry by 2.0 Years Gross Rental Income Gross Rental Income per Month(2) Number of Leases S$’000 % of Total As at 30 June 2020 2020 320 4,909 7.6 2021 985 18,580 28.6 2022 1,003 21,592 33.3 2023 520 12,168 18.7 2024 68 4,615 7.1 2025 and beyond 44 3
Slide 27: Portfolio lease expiry profile for 2020
Portfolio lease expiry profile for 2020(1) Net Lettable Area Gross Rental Income No. of Leases As at 30 June 2020 % of Property NLA(2) % of Property Income(3) Tampines Mall 10 4.3 5.6 Junction 8 14 3.2 5.3 Funan(4) 4 0.4 0.4 IMM Building(5) 82 13.0 10.8 Plaza Singapura 25 7.8 9.2 Bugis Junction 16 6
Slide 28: High occupancy maintained
High 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 30 Jun 2020 Tampines Mall 100.0 100.0 100.0 99.5 100.0 99.2 100.0 100.0 100.0 99.1 Junction 8 100.0 99.6 99.4 100.0 100.0 99.9 100.0 100.0 100.0 99.5 Funan
Slide 29: Going Forward
Going Forward Funan
Slide 30: Cautious outlook in the near term
Cautious outlook in the near term Prioritising operational recovery and safeguarding the well-being of stakeholders Retail • Retail headwinds in FY 2020 given current uncertain economic climate and softening environment demand for retail space, mitigated by limited new retail supply1 in the next fiv
Slide 31: 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 (http://www.cmt.com.sg) 168 Robinson Road, #30-01 Capital Tower, Singapore 068912 Tel: (65) 6713 2888; Fax: (65)
CapitaLand Mall Trust — H1 2020 Earnings Presentation on 6ix