CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaMall Trust — Q1 2005 Earnings Presentation
26 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Apr 21, 2005
Slide 1: First Quarter 2005 Financial Results Presentation
FIRST QUARTER 2005 FINANCIAL RESULTS PRESENTATION 21st April 2005
Slide 2: Disclaimers
Disclaimers This presentation is focused on comparing actual results versus forecasts stated in the CMT Circular to Unitholders dated 20 July 2004. This shall be read in conjunction with paragraph 9 of CMT 2005 First Quarter Unaudited Financial Statement Masnet announcement. This presentation may co
Slide 3: Financial Highlights
Cap/taMall Financial Highlights
Slide 4: Financial Results: 1 January to 31 March 2005
Financial Results : 1 January to 31 March 2005 Distribution Per Unit of 2.47 cents Exceeds Forecast by 7.3% Actual vs. Forecast1 Variance Change% Distributable income S$29.84 m S$27.81 m + S$2.03m + 7.3 Distribution per unit 2.47¢ 2.30¢ + 0.17¢ + 7.3 Annualised distribution per unit 10.02¢ 9.34¢ + 0
Slide 5: 1Q 2005 DPU Increased 10% over 1Q 2004
1Q 20051 DPU Increased 10% over 1Q 20042 1Q 20051 vs. 1Q 20042 Variance Change% Annualised distribution per unit 10.02¢ 9.10¢ + 0.92¢ + 10 Annualised distribution yield 4.53% 4.12% + 0.41% + 10 (based on unit price of S$2.21 on 20 April 2005) 1. For the period 1 Jan – 31 Mar 2005. 2. For the period
Slide 6: Distribution Details
Distribution Details Distribution Period 1 January to 31 March 2005 Distribution Rate 2.47 cents per unit Distribution Timetable Notice of Book Closure Date 21 April 2005 Last Day of Trading on “cum” Basis 27 April 2005, 5.00 pm Ex-Date 28 April 2005, 9.00 am Book Closure Date 3 May 2005, 5.00 pm Di
Slide 7: Attractive Yield With Growth Potential
Attractive Yield With Growth Potential 5 4.53 4 1.55% spread 3.47 Yield (%) 2.98 3 2.54 2.50 2 1 0.72 0.25 0 CMT 2005 10yr Govt STI Dividend 5yr Govt Bond CPF Ordinary S$ 12mth DBS S$ Annualized Bond Yield2 Yield 3 Yield 2 Account 4 Fixed Deposit 5 Savings Plus 6 Yield 1 Account Source: Bloomberg, C
Slide 8: Financial Results
Cap/taMall Financial Results
Slide 9: Distribution Statement: Jan to Mar 2005
Distribution Statement : 1 Jan to 31 Mar 2005 Actual Forecast1 Variance 1 Jan to 31 Mar 2005 S$’000 S$’000 (%) Gross Revenue 55,191 52,957 4.2 Less property expenses (19,794) (19,195) 3.1 Net property income 35,397 33,762 4.8 Interest Income 1,175 1,269 (7.4) Administrative expenses (3,765) (3,767)
Slide 10: Property Gross Revenue
Property Gross Revenue Gross Revenue Exceeded Forecast1 Across The Portfolio 1 Jan – 31 Mar 2005 CMT Portfolio 55.2 4.2% 53.0 Tampines Mall 12.3 12.0 Junction 8 9.5 9.3 5.6 Funan The IT Mall 5.5 13.0 IMM Building 11.9 14.8 Plaza Singapura 14.3 Circular Forecast Actual 0 10 20 30 40 50 60 70 S$ milli
Slide 11: Property Operating Expenses
Property Operating Expenses 1 Jan – 31 Mar 2005 CMT Portfolio 19.8 19.2 3.1% Tampines Mall 4.0 3.9 Junction 8 2.9 3.2 2.1 Funan The IT Mall 2.2 2 6.5 IMM Building 5.8 4.3 Plaza Singapura 4.1 Circular Forecast 1 Actual 0 5 10 15 20 25 S$ million 1. Based on management’s forecast shown in the CMT Circ
Slide 12: Net Property Income
Net Property Income Net Property Income Exceeded Forecast1 Across The Portfolio 1 Jan – 31 Mar 2005 CMT Portfolio 35.4 4.8% 33.8 Tampines Mall 8.3 8.1 Junction 8 6.6 6.1 3.5 Funan The IT Mall 3.3 6.5 IMM Building 6.1 10.5 Plaza Singapura 10.2 Circular Forecast Actual 0 10 20 30 40 S$ million 1. Base
Slide 13: Debt Capital Information as at March 2005
Debt Capital Information as at 31 March 2005 Debt Maturity Profile Key Statistics 350 335 50.8% Gearing Ratio 28.7% 300 250 Interest Cover 6.6 times S$ million 200 172 Average Cost 3% 150 26.1% 125 of Debt S$125mn 18.9% 100 Debt Rating “ AAA ” 50 28 4.2% 0 Revolving 2007 2009 2010 Credit 13
Slide 14: Balance Sheet
Balance Sheet As at 31 March 2005 S$’000 Net NetAsset AssetValue Valueper perunit unit S$1.32 (as at 31 March 2005) (as at 31 March 2005) Non Current Assets 2,296,420 Current Assets 33,717 Adjusted AdjustedNet NetAsset AssetValue Valueper perunit unit S$1.30 (excluding distributable income) (excludi
Slide 15: CMT Performance
Cap/taMall CMT Performance
Slide 16: CMT Performance from Jan to Apr 2005
CMT Performance from 1 Jan to 20 Apr 2005 9 25.6% Unit Price Appreciation 9 25.6% Growth In Market Cap 9 27.0% Total Return (including 1Q 2005 DPU) 9 Outperformed STI & Property Stocks % change in unit price/index value 30 31 Dec 04 to 20 Apr 05 CMT + 25.6% 25 CMT STI + 3.1% SESPROP + 7.4% 20 15 10
Slide 17: CMT Performance since IPO (Jul 2002) to Apr 2005
CMT Performance since IPO (Jul 2002) to 20 Apr 05 9 130% Unit Price Appreciation 9 140% Growth in Asset Size 9 155% Total Return 9 275% Growth In Market Cap 9 48% Growth in Annualised DPU (1Q 2005 actual vs IPO 2002 forecast) 9 Outperformed STI & Property Stocks % change in unit price/index value 14
Slide 18: Portfolio Update
Cap/taMall Portfolio Update
Slide 19: Summary of Renewals / New Leases
Summary of Renewals / New leases Rental Improvements through Better Asset Planning & Active Leasing Strategy From 1 January to 31 March 2005 (Excluding Newly Created Units) Increase/(Decrease) in No. of Net Lettable Area Current Rental Rates VS. Property Renewals/ New Leases % Total Forecast Precedi
Slide 20: Gross Turnover Rent & Step-Up Leases
Gross Turnover Rent & Step-Up Leases % of Total Portfolio of Tenants No. of Tenants in Portfolio 100% 800 1 1 686 679 700 1 1 80% 75.6% 74.8% 600 500 60% 416 45.7% 400 353 38.7% 40% 300 200 20% 100 0% 0 Tenants with Step- Tenants Paying Tenats with Step-Up Tenants Paying GTO Up Rental GTO Rent Renta
Slide 21: Portfolio Lease Expiry Profile By Year
Portfolio Lease Expiry Profile By Year As at 31 March 2005 Net Lettable Area Gross Rental Income No. of % of % of Leases Sq. ft. S$’000 total1 total2 Apr-Dec 2005 338 513,187 23.3% 3,613 21.7% 2006 560 740,323 33.6% 6,763 40.6% 2007 247 414,205 18.8% 4,215 25.3% 2008 44 185,639 8.4% 1,482 8.9% Weigh
Slide 22: Portfolio Lease Expiry Profile for 2005 By Property
Portfolio Lease Expiry Profile for 2005 By Property For the period Apr - Dec 2005 Net Lettable Area Gross Rental Income As at 31 March 2005 % of S$’000 % of No. of Leases Sq. ft. total1 total2 Tampines Mall 34 63,583 19.9% 729 20.2% Junction 8 20 33,716 13.9% 324 11.4% Funan The IT Mall 28 109,531 4
Slide 23: High Committed Occupancy Rates at All Malls
High Committed Occupancy Rates at All Malls Occupancy Rates1 Close to 100% as at 31 March 2005 As at As at As at As at As at As at 31 Dec 03 31 Mar 04 30 Jun 04 30 Sep 04 31 Dec 04 31 Mar 05 Tampines Mall 99.3% 100.0% 99.9% 99.9% 100.0% 100.0% Junction 8 100.0% 100.0% 97.6% 99.8% 99.8% 100.0% Funan
Slide 24: Rental Upside Potential at Plaza Singapura
Rental Upside Potential at Plaza Singapura Plaza Singapura’s Average Rental Increased 11% Since Acquisition (per sq ft / mth) Level 1 Level 2 Level 4 Average As at 30 Apr 041 $18.44 $13.38 $8.21 $8.59 $21.51 $15.82 $9.85 $9.54 As at 31 Mar 051 (+16.6%) (+18.2%) (+20.0%) (+11.1%) Further Rental Upsid
Slide 25: Thank You
Cap/taMall Thank You
Slide 26: Contact Information
Contact Information CapitaMall Trust Management Limited 39 Robinson Road, #18-01 Robinson Point Singapore 068911 Tel: (65)-6536 1188 Fax: (65)-6536 3884 http://www.capitamall.com 26