Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — CapitaRetail China Trust — Q2 2009 Earnings Presentation
29 slides from Singapore Exchange's earnings presentation, Jul 23, 2009
Slide 1: CapitaRetail China Trust (CRCT) Financial Results for 2Q 2009
CAPITARETAIL CHINA TRUST (CRCT) Singapore’s First Pure-Play China Retail REIT Financial Results for 2Q 2009 23 July 2009
Slide 2: Disclaimers
Disclaimers This presentation shall be read in conjunction with paragraph 8 of CRCT’s Unaudited Financial Statement and Distribution Announcement for Second Quarter 2009. This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future perform
Slide 3: Contents
Contents 1. Financial Highlights 2. Financial Results 2Q 2009 3. Portfolio Update 2Q 2009 4. Key Strategies in 2009 2
Slide 4: Financial Highlights
Financial Highlights CapjtaRetal China Trust
Slide 5: Summary of Results (2Q 2009)
Summary of Results (2Q 2009) 2Q 2009 DPU increases by 14.1% year-on-year to record 1.94 cents 2Q 2009 2Q 2008 Variance Actual Actual % Gross Revenue (RMB’000) 139,869 134,385 4.1 Net Property Income (RMB’000) 89,343 84,407 5.8 Gross Revenue (S$’000) 30,418 26,364 15.4 Net Property Income (S$’000) 19
Slide 6: 1H 2009 vs 1H 2008
1H 2009 vs 1H 2008 1H 2009 DPU exceeds 1H 2008 DPU by 25.5% 1H 2009 1H 2008 Variance DPU 4.08¢1 3.25¢ + 25.5% Annualised DPU 8.23¢ 6.54¢ + 25.8% Annualised distribution yield 6.8% N.M. - (Based on closing unit price of S$1.21 on 22 July 2009 N.M. – not meaningful 1. Without the retention of S$0.8 mi
Slide 7: Distribution Details
Distribution Details Distribution Period For 1 Jan 2009 to 30 June 2009 Distribution Per Unit 4.08 cents Distribution Timetable Last Day of Trading on “cum” Basis 7 September 2009, 5.00 pm Ex-Date 8 September 2009, 9.00 am Books Closure Date 10 September 2009 Distribution Payment Date 25 September 2
Slide 8: Financial Results 2Q 2009
Financial Results 2Q 2009 CapjtaRetal China Trust
Slide 9: Distribution Statement (2Q 2009 versus 2Q 2008)
Distribution Statement (2Q 2009 versus 2Q 2008) 2Q 2009 2Q 2008 Variance Actual Actual (%) S$’000 Gross Revenue 30,418 26,364 15.4 Less property operating expenses (10,987) (9,805) 12.1 Net property income 19,431 16,559 17.3 Non-operating expense (792) (301) 163.1 Other trust expenses (1,873) (2,059
Slide 10: Property Gross Revenue (in RMB): 2Q 2009 vs 2Q 2008
Property Gross Revenue (in RMB) : 2Q 2009 vs 2Q 2008 139,869 CRCT Portfolio 4.1% 134,385 37,307 Xizhimen Mall 36,538 33,933 Wangjing Mall 31,657 19,318 Anzhen Mall 19,127 11,875 Zhengzhou Mall 11,875 10,087 Jiulong Mall 9,987 3,965 Saihan Mall 5,812 17,621 Qibao Mall 14,580 5,763 Xinwu Mall 4,809 0
Slide 11: Property Operating Expenses (in RMB): 2Q 2009 vs 2Q 2008
Property Operating Expenses (in RMB): 2Q 2009 vs 2Q 2008 50,526 CRCT Portfolio 1.1% 49,978 Xizhimen Mall 13,324 12,782 Wangjing Mall 10,275 9,996 Anzhen Mall 3,380 3,291 Zhengzhou Mall 2,242 2,262 2,023 Jiulong Mall 2,023 Saihan Mall 3,471 4,172 Qibao Mall 12,278 11,618 3,533 Xinwu Mall 3,834 0 1000
Slide 12: Net Property Income (in RMB): 2Q 2009 vs 2Q 2008
Net Property Income (in RMB) : 2Q 2009 vs 2Q 2008 89,343 5.8% CRCT Portfolio 84,407 23,983 Xizhimen Mall 23,756 23,658 Wangjing Mall 21,661 15,938 Anzhen Mall 15,836 Zhengzhou Mall 9,633 9,613 8,064 Jiulong Mall 7,964 494 Saihan Mall 1,640 5,343 Qibao Mall 2,962 2,230 Xinwu Mall 975 0 20000 40000 60
Slide 13: Property Gross Revenue (in SGD): 2Q 2009 vs 2Q 2008
Property Gross Revenue (in SGD) : 2Q 2009 vs 2Q 2008 CRCT Portfolio 30,418 15.4% 26,364 8,114 Xizhimen Mall 7,173 7,379 Wangjing Mall 6,209 4,201 Anzhen Mall 3,751 2,583 Zhengzhou Mall 2,329 2,194 Jiulong Mall 1,959 862 Saihan Mall 1,140 3,832 Qibao Mall 2,860 1,253 Xinwu Mall 943 0 5000 10000 15000
Slide 14: Net Property Income (in SGD): 2Q 2009 vs 2Q 2008
Net Property Income (in SGD) : 2Q 2009 vs 2Q 2008 19,431 CRCT Portfolio 17.3% 16,559 5,217 Xizhimen Mall 4,664 5,145 Wangjing Mall 4,248 3,466 Anzhen Mall 3,106 2,095 Zhengzhou Mall 1,885 1,754 Jiulong Mall 1,562 107 Saihan Mall 321 1,162 Qibao Mall 582 485 Xinwu Mall 191 0 2000 4000 6000 8000 10000
Slide 15: Valuation of Portfolio
Valuation of Portfolio Previous Valuation Current Valuation Variance Property Yield1 Current Valuation (1 Dec 08) ( 30 Jun 09) (%) (%) (per sq m of GRA) (RMB million) (RMB million) (RMB) Xizhimen Mall 1,8982 1,8862 (0.6) 5.0 22,7032 Wangjing Mall 1,220 1,216 (0.3) 7.8 18,015 Anzhen Mall 826 822 (0.5
Slide 16: Debt Capital Information (as of 30 Jun 2009)
Debt Capital Information (as of 30 Jun 2009) Debt Maturity Profile Key Statistics of CRCT S$398.3 Short-term S$ unsecured floating rate money market facility Gearing Ratio 33.6% Two-year S$ unsecured fixed rate trust term loan facility Variable Rate Five-year RMB secured floating rate term loan Inte
Slide 17: Balance Sheet
Balance Sheet As of 30 Jun 2009 S$’000 Investment properties 1,196,618 Net assets attributable to unitholders 718,974 (S$’000) Other assets 14,782 Financial derivative 1,222 Units In Issue (‘000 units) 621,550 Cash and cash equivalents 27,459 Net Asset Value (NAV) per unit S$1.16 Total Assets 1,240,
Slide 18: Portfolio Update 2Q 2009
Portfolio Update 2Q 2009 CapjtaRetal China Trust
Slide 19: Committed Occupancy Rates
Committed Occupancy Rates Portfolio occupancy stayed resilient amid challenging leasing market As of As of As of As of As of 30 Jun 081 30 Sep 081 31 Dec 081 31 Mar 091 30 Jun 091 Xizhimen Mall 96.7% 96.0% 96.7% 95.7% 95.4% Wangjing Mall 99.7% 100% 99.8% 99.8% 98.8% Jiulong Mall 100% 100% 100% 100%
Slide 20: New Leases & Renewals
New Leases & Renewals Retailers have been cautious with their expansionary plans and operations since the beginning of this year In 2Q 2009: Variance over No. of new preceding rental Property leases/renewals1 (%) Xizhimen Mall 23 - 6.5 Wangjing Mall 17 - 0.7 Jiulong Mall 1 6.0 Qibao Mall 16 0.1 Saih
Slide 21: Portfolio Lease Expiry Profile (By Year)
Portfolio Lease Expiry Profile (By Year) Gross Rental Income2 As of 30 Jun 2009 No. of Leases1 RMB’000 % of total (Jun 09)3 2009 243 6,104 13.7% 2010 276 8,913 20.0% 2011 89 3,696 8.3% 2012 26 2,691 6.0% 2013 31 3,413 7.7% Beyond 2013 33 19,770 44.3% CRCT Portfolio Weighted average lease term to exp
Slide 22: Portfolio Lease Expiry Profile for 2009 (By Property)
Portfolio Lease Expiry Profile for 2009 (By Property) No. of Gross Rentable Area2 Gross Rental Income2 Leases1 As of 30 Jun 2009 % of total sq m % of total RMB’000 (Jun 09)3 Wangjing Mall 82 8,694 12.9% 3,747 36.7% Jiulong Mall 0 0 0% 0 0% Anzhen Mall 0 0 0% 0 0% Qibao Mall 25 2,068 2.8% 527 9.7% Zh
Slide 23: Portfolio Gross Turnover
Portfolio Gross Turnover Tenants’ sales remained stable compared to the year before 1000 Ave. monthly sales (RMB psm) 5.0% 10.1% 7.8% 800 600 400 200 0 1Q 2Q 3Q 4Q 2008 2009 Includes only tenants with complete gross turnover (GTO) information at Wangjing Mall, Qibao Mall, Xinwu Mall and Xizhimen Mal
Slide 24: Portfolio Shopper Traffic
Portfolio Shopper Traffic Portfolio shopper traffic rose 18.1% year-on-year 140,000 Ave. Shopper Count (daily) 120,000 100,000 80,000 60,000 40,000 20,000 0 1Q 2Q 3Q 4Q 2008 2009 Excludes Anzhen Mall, Zhengzhou Mall and Jiulong Mall which are largely on master-lease arrangements and Saihan Mall whic
Slide 25: Top Retailers
Top 10 Retailers As of 30 Jun 2009 Retailers Brand Names Trade Category % of Gross Rental Income (Jun 09)1 北京华联集团投资控股有限公司 Beijing Hualian Supermarket Supermarket 30.9% Beijing Hualian Department Store Department Store 上海联家超市有限公司2 Carrefour Supermarket 5.6% 北京家乐福商业有限公司2 上海颐盛商贸有限公司2 Sport 100 / Colour
Slide 26: Trade Sector Analysis
Trade Sector Analysis As of 30 Jun 2009 By Net Lettable Area By Gross Rent 2.3% 5.0% 10.0% 4.1% 3.4% 4.4% 27.1% 2.9% 4.9% 40.2% 6.2% 7.1% 2.9% 3.2% 7.5% 9.9% 20.4% 23.5% 14.3% Department Store Supermarket Food & Beverages Fashion & Accessories Houseware & Furnishings Leisure & Entertainment Beauty &
Slide 27: Key Strategies in 2009
Key Strategies in 2009 CapjtaRetal China Trust
Slide 28: Key Strategies in 2009
Key Strategies in 2009 Stability and sustainability will be the Manager’s focus in 2009: • Maintain occupancy levels at all malls • Work closely with tenants to drive shopper traffic and sales • Fine-tune tenancy-mix in keeping with shoppers’ demand for value purchases • Target to complete Phase 2 o
Slide 29: Cap/taRetai
Cap/taRetai
CapitaRetail China Trust — Q2 2009 Earnings Presentation on 6ix