Capitaland China Trust · SGX:AU8U
Capitaland China Trust — CapitaRetail China Trust — Shareholder Meeting (April 2013)
28 slides from Capitaland China Trust's shareholder meeting presentation, Apr 18, 2013
Slide 1: CapitaRetail China Trust Annual General Meeting
CAPITARETAIL CHINA TRUST (CRCT) First and Only China Shopping Mall S-REIT Annual General Meeting 18 April 2013
Slide 2: Important Notice and Disclaimer
Important Notice and 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, uncer
Slide 3: Contents
Contents Business Highlights Financial Highlights Going Forward 2013 AGM 2 Annual General Meeting *18 April 2013*
Slide 4: Business Highlights
CapitaMall Qibao, Shanghai Business Highlights Financial Results for XQ 2011 * DD Month 2011*
Slide 5: Strengthening Fundamentals in 2012
Strengthening Fundamentals in 2012 • Focused on strengthening fundamentals of our malls • Create sustainable growth for our portfolio • Enhanced organic growth through proactively identifying areas of improvement that can be made to our malls CapitaMall Xizhimen 4 Annual General Meeting *18 April 20
Slide 6: Xizhimen: Maximising Potential
CapitaMall Xizhimen: Maximising Potential • Largest mall in portfolio • Improved tenant mix Attracted new fast fashion retailers UNIQLO on level 4 of the mall helped to improve footfall at higher levels of the mall UNIQLO on Level 4 of CapitaMall Xizhimen 5 Annual General Meeting *18 April 2013*
Slide 7: Xizhimen: Maximising Potential (cont'd)
CapitaMall Xizhimen: Maximising Potential (cont’d) • New set of retail offerings at basement • Capture strong traffic from opening of basement connection to train and subway stations Popular dessert chain Hui Lau Shan at basement of CapitaMall Xizhimen 6 Annual General Meeting *18 April 2013*
Slide 8: Xizhimen: Strong Results in FY 2012
CapitaMall Xizhimen: Strong Results in FY 2012 • Gross revenue 14.1% y-o-y • Net property income 16.8% y-o-y • Rental reversion of 24.3% • Average daily shopper traffic 50.0% y-o-y CapitaMall Xizhimen • Won “China’s Most Progressive Mall” award conferred by China Commercial Real Estate Association i
Slide 9: Saihan & CapitaMall Qibao: Strengthened Foundation
CapitaMall Saihan & CapitaMall Qibao: Strengthened Foundation CapitaMall Saihan CapitaMall Qibao Conversion from master-leased Fine-tuned tenant mix to meet to multi-tenanted mall changing demand Net property income CAGR of Net property income grew 35.1% 59.4% since FY 2010 y-o-y in FY 2012 CapitaMa
Slide 10: Minzhongleyuan: Investing for the Future
CapitaMall Minzhongleyuan: Investing for the Future • Completed AEI works on L1 fronting Zhongshan Avenue Reconfigured space recovered from Pizza Hut into 6 specialty shop lots Starbucks, Cache Cache, Kengee and 3 local fashion brands have commenced operations Average rental for the recovered
Slide 11: Minzhongleyuan: Investing for the Future (cont'd)
CapitaMall Minzhongleyuan: Investing for the Future (cont’d) • Temporarily closing the mall from July 2013 for large scale renovation works • Complete by 2Q 2014 • AEI works include: upgrading façade of mall, replacing atrium roof, installing additional escalators Conserved façade of CapitaMall Minz
Slide 12: Minzhongleyuan: Investing for the Future (cont'd)
CapitaMall Minzhongleyuan: Investing for the Future (cont’d) • Replace main atrium roof; enhance overall image of mall • Building foundation for future growth Transform into an iconic, modern and vibrant shopping mall in Wuhan Enhance mall’s appeal to international retailers Artist’s impression
Slide 13: Minzhongleyuan: Investing for the Future (cont'd)
CapitaMall Minzhongleyuan: Investing for the Future (cont’d) Artist’s impression – Facade 12 Annual General Meeting *18 April 2013*
Slide 14: Financial Highlights
CapitaMall Wangjing, Beijing Financial Highlights Financial Results for XQ 2011 * DD Month 2011*
Slide 15: Another Year of Strong Results
Another Year of Strong Results • Strong operating results in FY 2012 Gross revenue 12.8% to RMB768.0 million Net property income 13.3% y-o-y to RMB501.9 million Portfolio rental reversion of 17.5% Portfolio valuation at RMB7.6 billion, 7.6% from Dec 2011 • Active capital management Set up
Slide 16: High Total Return for CRCT Unitholders
High Total Return for CRCT Unitholders • Distributable income 16.8% y-o-y • DPU of 9.54 cents, 9.7% y-o-y • Total return of 51.3%1 for CRCT unitholders • CRCT outperformed benchmark indices in 2012 % Change in Unit Price/Index Value 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% CRCT FSSTI FSTREI SHCOMP
Slide 17: Strong Portfolio Occupancy Rate
Strong Portfolio Occupancy Rate 31 Dec 111 31 Mar 121 30 Jun 121 30 Sep 121 31 Dec 121 CapitaMall Xizhimen 98.4% 98.5% 98.9% 98.5% 94.8%2 CapitaMall Wangjing 99.8% 99.5% 100% 99.8% 99.5% CapitaMall Anzhen 100% 100% 100% 100% 100% CapitaMall Erqi 100% 100% 100% 100% 100% CapitaMall Shuangjing 100% 10
Slide 18: Healthy Portfolio Shopper Traffic and Tenants' Sales Growth
Healthy Portfolio Shopper Traffic and Tenants’ Sales Growth Shopper traffic1 (FY 2012 vs FY 2011) Tenants’ Sales1 (FY 2012 vs FY 2011) 1. Includes only shoppers and tenants at multi-tenanted malls except CapitaMall Minzhongleyuan which was acquired in June 2011 and is undergoing asset enhancement. 1
Slide 19: Strong Financial Position
Strong Financial Position As at 31 Dec 2012 Unencumbered Assets as Fixed vs Floating Rate Debt 100.0% % of Total Assets as at 31 Dec 2012 Gearing 28.0% Net Debt / EBITDA (Times) 4.7 Variable, 31.2% Fixed, 68.8% Interest Coverage (Times) 8.5 Average Term to Maturity (Years) 1.39 Average Cost of Debt
Slide 20: Going Forward
CapitaMall Saihan, Huhhot Going Forward Financial Results for XQ 2011 * DD Month 2011*
Slide 21: China's Fundamentals Remain Strong
China’s Fundamentals Remain Strong • China maintains GDP growth target of 7.5% for 2013 – 1Q 2013 GDP grew 7.7% y-o-y • Retail sales expected to grow 14.5% in 2013 • Focus on domestic consumption as engine of growth • China targets to double its 2010 GDP and per capita income for residents by 2020 S
Slide 22: Going Forward
Going Forward Build Foundation for Future Growth Execute asset enhancement for CapitaMall Minzhongleyuan External Growth Backed by strong balance sheet, explore expansion Maintain Growth through acquisitions from both Momentum internal and external sources Generate organic growth from existing portf
Slide 23: 2013 AGM
CapitaMall Xizhimen, Beijing 2013 AGM Financial Results for XQ 2011 * DD Month 2011*
Slide 24: Resolutions
Resolutions 1. To receive and adopt the Trustee’s Report, the Manager’s Statement, the Audited Financial Statements of CRCT for FY 2012 and the Auditors’ Report thereon. (Ordinary Resolution) 2. To re-appoint Messrs KPMG LLP as Auditors of CRCT and authorise the Manager to fix the Auditors’ remunera
Slide 25: New Resolutions: Resolution 4
New Resolutions in this AGM: Resolution 4 Resolution 4. To approve the supplement to the Trust Deed to amend the provisions governing the repurchase of Units. (Extraordinary Resolution) Rationale The Trust Deed Supplement is necessary for the adoption of the Unit Buy-Back Mandate. In particular, the
Slide 26: New Resolutions: Resolution 5
New Resolutions in this AGM: Resolution 5 Resolution 5. To approve the Unit Buy-Back Mandate. (Ordinary Resolution). Rationale The Unit Buy-Back Mandate is a flexible and cost-effective capital management tool to enhance (a) return on equity for Unitholders and/or (b) the NAV per Unit when exerc
Slide 27: New Resolutions: Resolution 6
New Resolutions in this AGM: Resolution 6 Resolution 6. To authorise the Manager to issue Units pursuant to the CRCT Distribution Reinvestment Plan. (Ordinary Resolution). Rationale Provide Unitholders with an option to elect to receive distributions in Units in lieu of the cash amount of any distri
Slide 28: Thank You
THANK YOU 27 Annual General Meeting *18 April 2013*
CapitaRetail China Trust — Shareholder Meeting (April 2013) on 6ix