Capitaland China Trust · SGX:AU8U
Capitaland China Trust — CapitaRetail China Trust — Shareholder Meeting (April 2011)
26 slides from Capitaland China Trust's shareholder meeting presentation, Apr 12, 2011
Slide 1: CapitaRetail China Trust (CRCT) Annual General Meeting
CAPITARETAIL CHINA TRUST (CRCT) First China Shopping Mall S-REIT Annual General Meeting 12 April 2011
Slide 2: Disclaimer
Disclaimer This presentation shall be read in conjunction with paragraph 8 of CRCT’s Unaudited Financial Statement and Distribution Announcement for Fourth Quarter 2010. This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performa
Slide 3: FY 2010 Highlights
FY 2010 Highlights ¢ LE a e\ bak ay a ot iy Cer nS) ant, de 4 A a yA a 4 Cap/taRetall
Slide 4: Summary Financial Results
Summary Financial Results Change FY 2010 FY 2009 % Gross revenue (RMB’000) 589,068 564,160 4.4 NPI (RMB’000) 382,334 361,413 5.8 DPU (Singapore cents) 8.36 8.14 2.7 Annualised distribution yield (Based on unit price of S$1.24 on 31 Dec 2010) 6.7 N.M. N.M. Annualised distribution yield (Based on unit
Slide 5: Strong Operating Performance
Strong Operating Performance Highest occupancy rate of 98.1% achieved Record revenue achieved at all malls, except Qibao which carried out tenancy adjustments 4 consecutive quarters of positive rental reversions Strong tenant sales growth ( 24.6% y-o-y) Robust shopper traffic growth ( 15.4
Slide 6: High Yield and Resilient Trading Performance
High Yield and Resilient Trading Performance • CRCT traded between 6.3% - 7.8%1 yield in FY 2010 45 1.40 40 1.20 35 1.00 30 25 0.80 20 0.60 15 0.40 10 0.20 5 0 0.00 Turnover (million units) 21.9 20.4 21.1 13.4 14.8 13.5 42.7 18.3 20.4 12.4 27.3 20.6 Closing Unit 1.20 1.16 1.23 1.25 1.13 1.24 1.22 1.
Slide 7: Delivering Value to Unitholders since 2007
Delivering Value to Unitholders since 2007 Distribution Per Unit Net Asset Value Per Unit (cents) (S$) 8.36 1.17 2007: 6.72; 24% 2007: 1.01; 16% Total Valuation of Total Return1 to Properties (S$million) Unitholders since IPO 1,215.1 36.9% 2007: 722.9; 68% 1. Based on unit price appreciation since I
Slide 8: Operations Highlights
Operations Highlights Cap/taRetal
Slide 9: Shopper Traffic Growth Gaining Momentum
Shopper Traffic Growth Gaining Momentum • FY 2010 shopper traffic 15.4% y-o-y Ave. Daily No. of Shoppers Ave. Daily No. of 183,000 Shoppers 163,000 143,000 123,000 Y-o-Y 18.2% 103,000 83,000 63,000 Q-o-Q 3.1% 43,000 23,000 3,000 Jan/07 Jan/08 Jan/09 Jan/10 Jan/11 Includes only shopper traffic data a
Slide 10: Robust Tenant Sales Growth
Robust Tenant Sales Growth • Tenant sales growth on uptrend • FY 2010 tenant sales 24.6% y-o-y Ave. Monthly Sales(RMB psm) Ave. 5.0%Monthly Sales 10.1% 1,200 (RMB psm) 1,000 800 Y-o-Y 29.8% 600 400 200 Q-o-Q 8.1% 0 Includes only tenants at Xizhimen Mall, Wangjing Mall, Saihan Mall, Qibao Mall and Xi
Slide 11: Achieved Record High Occupancy Rate
Achieved Record High Occupancy Rate As of As of As of As of As of 31 Dec 091 31 Mar 101 30 Jun 101 30 Sep 101 31 Dec 101 Xizhimen Mall 94.8% 95.6% 97.7% 97.3% 99.5% Wangjing Mall 98.1% 98.9% 100% 99.6% 98.7% Anzhen Mall 100% 100% 100% 100% 100% Zhengzhou Mall 100% 100% 100% 100% 100% Jiulong Mall 10
Slide 12: Positive Rental Reversion in FY 2010
Positive Rental Reversion in FY 2010 Var. Over Preceding Property No. of New Leases/Renewals Rental1, 2 (%) Wangjing Mall 101 +12.2 Qibao Mall 78 +1.2 Xinwu Mall 94 +10.9 Xizhimen Mall 126 +2.1 Saihan Mall 51 +3.0 Jiulong Mall 1 +8.0 CRCT Portfolio 451 +5.1 1. Excluding gross turnover component. 2.
Slide 13: No major refinancing needs in 2011
No major refinancing needs in 2011 Key Financial Indicators 4Q 2010 Unencumbered assets as 86.7% % of total assets Gearing 31.1% Net debt/EBITDA 5.6x Interest Coverage 6.2x Average Term to Maturity 2.20 Average Cost of Debt 2.81% Anzhen Secured-Onshore Loan Trust Unsecured Money Market Line Trust Un
Slide 14: Wangjing Mall: Most Influential Mall in Wangjing Area
Wangjing Mall: Most Influential Mall in Wangjing Area • Market leader in the densely populated residential suburb of Wangjing, Beijing • Won the 2010 “Most Influential Mall in Wangjing Area Award” from the Beijing News Fashion tenant Zara at Wangjing Mall Wangjing Mall 13 Annual General Meeting *12
Slide 15: Wangjing Mall – Maintaining Leadership Position
Wangjing Mall – Maintaining Leadership Position • Continue to extract value from asset through active lease management Recovery of space from tenant in Level 3 Replaced with 2 popular F&B outlets, one of which is new to Beijing market Revenue per annum from recovered space ~ 110% New F&B tenants
Slide 16: Xizhimen Mall – Record number of shoppers achieved in 2010
Xizhimen Mall – Record number of shoppers achieved in 2010 • Commencement of operations by Beijing Hualian Supermarket since late 2009 attracted more shoppers • Record 2 million shoppers visited Xizhimen Mall in December 2010 • Shopper traffic 34.5% in FY 2010 over FY 2009 Interior of Xizhimen Mall
Slide 17: Qibao Mall – Anticipating and Adapting to Changing Market Demand
Qibao Mall – Anticipating and Adapting to Changing Market Demand • Fine-tuned tenant mix to cater to changing demography Opened first and only modern cinema in Qibao vicinity Attracted new fashion brands like Uniqlo, IT outlet Introduced kid’s zone providing edutainment services Widened food
Slide 18: Saihan Mall – One of the Most Popular Shopping Malls in Huhhot
Saihan Mall – One of the Most Popular Shopping Malls in Huhhot • Recovered space from master lessee Beijing Hualian Group (BHG) and repositioned mall • Relocated popular fresh foods section of BHG from Level 1 to Level 3 Re-leased prime space to higher-yielding specialty tenants Improved circula
Slide 19: Saihan Mall – One of the Most Popular Shopping Malls in Huhhot
Saihan Mall – One of the Most Popular Shopping Malls in Huhhot • Repositioned Level 4 as entertainment and F&B destination Opening of 6-hall cinema in 4Q 2010, only modern cinema in locality New popular food and beverage outlets Widened range of service offerings in the mall Jinyi Cinema opene
Slide 20: Saihan Mall – One of the Most Popular Shopping Malls in Huhhot
Saihan Mall – One of the Most Popular Shopping Malls in Huhhot Successful transformation from master-lease to one-stop shopping, dining and entertainment destination FY 2010 Gross Revenue (RMB) 33.2% y-o-y FY 2010 NPI (RMB) 525.0% y-o-y FY 2010 Tenant Sales 1.8 times y-o-y End-2010 Occupancy Rate 97
Slide 21: Xinwu Mall – Reinventing shopping experience
Xinwu Mall – Reinventing shopping experience • Introduced refreshing retail concept to levels two and three Divided available retail space into small and open units Raised rental rate on per square metre basis Shoppers benefited from new-to-market merchandise New retail concept at Xinwu Mall 2
Slide 22: Going Forward
Going Forward Cap/taRetal
Slide 23: Riding on China's Consumption Growth
Riding on China’s Consumption Growth • Robust retail sales growth underpinned by growing disposable income and increasing urbanisation • Stimulating domestic consumption as one of the key strategies in China’s 12th Five-Year Plan (2011 – 2015) China’s per capita income grew 11.3% in 2010 China’s ret
Slide 24: Tapping into China's Rising Middle Class
Tapping into China’s Rising Middle Class • Tremendous growth opportunities from rise of China’s middle class • 150 million middle class consumers; to reach > 400 million by 2020 • CRCT’s diversified portfolio is well-placed to tap into growth across different tiers of cities Estimated middle class p
Slide 25: Outlook for 2011
Outlook for 2011 • China retail sales expected to remain robust – Retail sales increased 15.8% in Jan-Feb 2011 y-o-y • International and domestic retailers expand presence in China • Increased supply of shopping malls • Differentiating factors: quality of malls and mall management Growth Initiatives
Slide 26: Thank You
Thank You For enquiries, please contact: Mark Wai Ling (Ms) Investor Relations Tel: +65 6826 5521 Fax: +65 6536 3884 Email: mark.wailing@capitaland.com http://www.capitaretailchina.com 25 Annual General Meeting *12 April 2011*
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