CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaMall Trust — Q3 2005 Earnings Presentation
26 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Oct 13, 2005
Slide 1: Third Quarter 2005 Financial Results Presentation
THIRD QUARTER 2005 FINANCIAL RESULTS PRESENTATION 13 October 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 Third Quarter Unaudited Financial Statement SGX announcement. This presentation may conta
Slide 3: Financial Highlights
Cap/taMall P Trust Financial Highlights
Slide 4: Financial Results: 3Q 2005 (1 Jul – 30 Sept 2005)
Financial Results : 3Q 2005 (1 Jul – 30 Sept 2005) Distribution Per Unit of 2.55 cents Exceeds Forecast by 8.4% 1 Jul to 30 Sept 2005 Actual Actual Forecast1 Variance Change% Distributable income S$30.77 m S$28.37 m + S$2.40 m + 8.4 Distribution per unit 2.55¢ 2.35¢ + 0.20¢ + 8.4 Annualised distribu
Slide 5: Financial Results: DPU Comparison
Financial Results : DPU Comparison 3Q 2005 Distribution Per Unit Increased 6.9% over 3Q 2004 Actual 3Q 2005 3Q 2004 Variance Change% Annualised distribution per unit 10.12¢ 9.47¢ + 0.65¢ + 6.9 Annualised distribution yield 4.15% 3.88% + 0.27% + 6.9 (Based on unit price of S$2.44 on 12 October 2005)
Slide 6: Consistently Outperformed DPU Forecasts
Consistently Outperformed DPU Forecasts Original Revised Forecast Actual Paid Variance from Forecast (Annualised) (Annualised) Forecast (Annualised) 2002 6.78 ¢ 1 NA 7.35 ¢ © 8% 1H 2003 6.96 ¢ 2 NA 7.51 ¢ © 8% 2H 2003 6.96 ¢ 2 8.04 ¢ 5 8.53 ¢ © 6% 1H 2004 8.14 ¢ 3 8.59 ¢ 6 9.25 ¢ © 8% 2H 2004 8.14 ¢
Slide 7: Distribution Details
Distribution Details 1 July 2005 to the day immediately prior to the date on which new units are issued Distribution Period under the Equity Fund Raising for Parco Bugis Junction Distribution Between 3.35 cents to 3.41 cents per unit Distribution Timetable Notice of Cumulative Distribution 13 Octobe
Slide 8: Financial Results
Cap/taMall P Trust Financial Results
Slide 9: Distribution Statement: 3Q 2005 (1 Jul – 30 Sept 2005)
Distribution Statement : 3Q 2005 (1 Jul – 30 Sept 2005) Actual Forecast1 Variance 1 Jul to 30 Sept 2005 S$’000 S$’000 (%) Gross Revenue 59,365 51,727 14.8 Less property expenses (21,926) (17,318) 26.6 Net property income 37,439 34,409 8.8 Interest Income 1,214 1,294 (6.2) Administrative expenses (4,
Slide 10: Property Gross Revenue: 3Q 2005
Property Gross Revenue : 3Q 2005 (1 Jul – 30 Sept 2005) Gross Revenue Exceeded Forecast1 Across The Portfolio 1 Jul to 30 Sept 2005 CMT Portfolio 59.4 14.8% Existing Portfolio (excl. new assets2) 57.0 51.7 Tampines Mall 12.7 12.1 Junction 8 10.0 9.2 Funan DigitaLife Mall 5.6 5.3 IMM Building 13.2 10
Slide 11: Property Operating Expenses: 3Q 2005
Property Operating Expenses : 3Q 2005 (1 Jul – 30 Sept 2005) 1 Jul to 30 Sept 2005 CMT Portfolio 22.0 26.6% Existing Portfolio 21.1 (excl. new assets2) 17.3 Tampines Mall 3.8 3.5 Junction 8 3.5 2.9 Funan DigitaLife Mall 2.2 2.2 7.33 IMM Building 4.8 4.3 1 Plaza Singapura 3Q Actual 3Q Forecast 3.9 0
Slide 12: Net Property Income: 3Q 2005
Net Property Income : 3Q 2005 (1 Jul – 30 Sept 2005) Net Property Income Exceeded Forecast1 Across The Portfolio 1 Jul to 30 Sept 2005 CMT Portfolio 37.4 Existing Portfolio (excl. new assets2) 35.9 8.8% 34.4 Tampines Mall 8.9 8.6 Junction 8 6.5 6.3 Funan DigitaLife Mall 3.4 3.1 IMM Building 5.9 5.3
Slide 13: Debt Maturity Profile and Key Statistics
Debt Capital Information as at 30 Sept 2005 Debt Maturity Profile Key Statistics 350.0 335.0 42.4% Gearing Ratio1 29.1% 300.0 250.0 Interest Cover 6.3 times 200.0 S$ million 172.0 157.8 150.0 21.8% 125.0 Average Cost 3.0% 20.0% of Debt S$125mn 100.0 15.8% 50.0 Debt Rating2 “ AAA ” 0.0 Revolving Cred
Slide 14: Property Yield
Property Yield Valuation Valuation Variance Property As at 21 Jul 2005 20041 20052 S$m S$m S$m Yield3 Tampines Mall 548.0 618.0 70.0 5.9% Junction 8 396.0 473.0 77.0 5.9% Funan 202.0 244.0 42.0 6.0% DigitaLife Mall IMM Building 352.0 400.0 48.0 7.0% Plaza Singapura 736.9 795.0 58.1 5.4% CMT Portfoli
Slide 15: Balance Sheet
Balance Sheet As at 30 Sept 2005 S$’000 Non Current Assets 2,711,824 Net Asset Value per unit S$1.55 Current Assets 32,925 (as at 30 Sept 2005) Total Assets 2,744,749 Adjusted Net Asset Value per unit S$1.52 2 (excluding distributable income) Current Liabilities 185,379 Unit Price as at 30 Sept 2005
Slide 16: Portfolio Update
Cap/taMall P Trust Portfolio Update
Slide 17: Summary of Renewals / New Leases
Summary of Renewals / New Leases Rental Improvements through Better Asset Planning & Active Leasing Strategy From 1 January to 30 September 2005 (Excluding Newly Created Units) No. of Increase/(Decrease) in Net Lettable Area Current Rental Rates VS. Renewals/ Property New % Total Forecast Preceding
Slide 18: Gross Turnover Rent & Step-Up Leases
Gross Turnover Rent & Step-Up Leases % of Total Portfolio1 of Tenants No. of Tenants in Portfolio1 100% 900 800 744 721 80% 76.2% 73.8% 700 70.4% 648 67.6% 622 600 60% 500 400 40% 300 200 20% 100 0% 0 Tenants with Step- Tenants Paying Tenats with Step-Up Tenants Paying GTO Up Rental GTO Rent Rental
Slide 19: Portfolio Lease Expiry Profile By Year
Portfolio Lease Expiry Profile By Year As at 30 Sept 2005 Net Lettable Area Gross Rental Income No. of % of % of Leases Sq. ft. S$’000 total1 total2 Oct-Dec 2005 82 112,886 4.7% 756 4.2% 2006 671 859,049 36.0% 7,281 40.2% 2007 352 634,635 26.6% 5,068 28.0% 2008 208 377,132 15.8% 3,799 21.0% Weighted
Slide 20: Portfolio Lease Expiry Profile for 2005 By Property
Portfolio Lease Expiry Profile for 2005 By Property For the period Oct – Dec 2005 As at 30 Sept 2005 Net Lettable Area Gross Rental Income No. of % of % of Leases Sq. ft. S$’000 total1 total2 Tampines Mall 5 40,494 12.6% 273 7.2% Junction 8 7 25,905 10.6% 162 5.5% Funan 4 3,670 1.4% 35 2.0% DigitaLi
Slide 21: High Committed Occupancy Rates at All Malls
High Committed Occupancy Rates at All Malls Occupancy Rates1 Close to 100% as at 30 Sept 2005 As at As at As at As at As at As at 30 Jun 04 30 Sept 04 31 Dec 04 31 Mar 05 30 Jun 05 30 Sept 05 Tampines Mall 99.9% 99.9% 100.0% 100.0% 100.0% 100.0% Junction 8 97.6% 99.8% 99.8% 100.0% 100.0% 100.0% Funa
Slide 22: CMT Performance
Cap/taMall P Trust CMT Performance
Slide 23: CMT Performance since IPO (Jul 2002) to Oct 2005
CMT Performance since IPO (Jul 2002) to 12 Oct 2005 9 154% Unit Price Appreciation 9 183% Growth in Total Asset Size 9 184% Total Return 9 315% Growth In Market Cap 9 49% Growth in Annualised DPU (3Q 2005 actual vs IPO 2002 forecast) 9 Outperformed STI & Property Stocks % change in unit price/index
Slide 24: CMT Performance from Jan to Oct 2005
CMT Performance from 1 Jan to 12 Oct 2005 9 39% Unit Price Appreciation 9 39% Growth In Market Cap 9 43% Total Return 9 Outperformed STI % change in unit price/index value 55 31 Dec 04 to 12 Oct 05 CMT + 38.6% 45 STI + 12.3% CMT SESPROP + 43.7% 35 25 SESPROP 15 5 STI Dec-04 Jan-05 Feb-05 Mar-05 Apr-
Slide 25: Thank You
Cap/taMall P Trust 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