EC World REIT · SGX:BWCU
EC World REIT — FY2021 Earnings Presentation
19 slides from EC World REIT's earnings presentation, Feb 23, 2022
Slide 1: FY2021 Results Presentation
FY2021 Results Presentation 23 February 2022
Slide 2: Disclaimer
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, uncertainties and assumpti
Slide 3: Agenda
Agenda Section A FY2021 Key Highlights Section B Financial Review Section C Portfolio Update 2
Slide 4: Section A: FY2021 Key Highlights
Section A: FY2021 Key Highlights 2/18/2022 3
Slide 5: FY2021 Key Highlights
FY2021 Key Highlights Gross revenue and NPI increased by 14.4% and 12.7% to S$125.5 million and S$113.0 million year-on-year respectively mainly due to absence of rental rebates given to tenants in FY2020 Distribution to Unitholders of S$50.6 million (17.4%) mainly due to higher NPI Manager v
Slide 6: Distribution Yield
Distribution Yield Attractive Yield Compared to Peers ECW⁽¹⁾ 8.1% 1.9% Industrial S-REITs⁽²⁾ 6.2% 2.1% S-REITs⁽²⁾ 6.0% 5.4% China 10Y Gov Bond⁽³⁾ 2.7% 5.6% CPF Ordinary Account⁽⁴⁾ 2.5% 6.2% Singapore 10Y Gov Bond⁽⁵⁾ 1.9% 7.9% Bank 12 Months Fixed Deposit Rate⁽⁵⁾ 0.2% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.
Slide 7: 4QFY2021 Distribution Timetable
4QFY2021 Distribution Timetable Distribution Timetable Last Day of Trading on “cum” Basis : 11 March 2022 (Friday) Ex-date : 14 March 2022 (Monday) Record Date : 15 March 2022 (Tuesday) Distribution Payment Date (Est) : 31 March 2022 (Thursday) 6
Slide 8: Section B: Financial Review
Section B: Financial Review 2/18/2022 7
Slide 9: 4QFY2021 Summary Results
4QFY2021 Summary Results Year-on-Year • Increase in gross revenue and NPI were 4QFY2021 4QFY2020 Variance (%) Comparison mainly due to positive straight-line adjustments and strengthening of RMB by Gross revenue (S$’000) 31,943 29,532 8.2 4.4% year-on-year. In RMB terms, gross revenue and NPI were 3
Slide 10: 4QFY2021 Summary Results (Quarter-over-Quarter)
4QFY2021 Summary Results Quarter-over-Quarter Variance • Marginal increase in gross revenue and NPI 4QFY2021 3QFY2021 Comparison (%) due to strengthening of RMB in 4QFY2021 vs 3QFY2021 Gross revenue (S$’000) 31,943 31,556 1.2 • Total amount available for distribution declined 12.1% largely due to wi
Slide 11: FY2021 Summary Results
FY2021 Summary Results Year-on-Year Variance • Increase in gross revenue and NPI in FY2021 FY2021 FY2020 Comparison (%) mainly due to absence of one-off rental rebates provided to tenants in 1QFY2020 in Gross revenue (S$’000) 125,488 109,726 14.4 efforts to mitigate the adverse impact of the COVID-1
Slide 12: Stable Balance Sheet
Stable Balance Sheet As at As at S$’000 31 December 2021 31 December 2020 Cash and cash equivalents(1) 169,255 151,692 Investment Properties 1,673,893 1,623,653 Total Assets 1,895,263 1,815,654 Borrowings 721,493 683,831 Total Liabilities 1,143,510 1,100,144 Net Assets attributable to Unitholders 75
Slide 13: Prudent Capital Management
Prudent Capital Management Proactive Capital Management FY2021 Summary FY2021 and 4QFY2021 running interest rate of 4.1% Aggregate leverage of 38.2% as at 31 December 2021 Weighted Average Debt Maturity of 0.63 years. Have commenced refinancing plans Interest coverage ratio of 2.92x(1) Key D
Slide 14: Section C: Portfolio Update
Section C: Portfolio Update 2/18/2022 13
Slide 15: FY2021 Portfolio Valuation
FY2021 Portfolio Valuation Stable Portfolio Value FY2021 valuation of ECW’s portfolio in SGD increased by 3.1% from S$1,624 million to S$1,674 million due to appreciation of RMB against SGD (Exchange rate (SGD/RMB) of 0.2024 in 2020 and 0.2121 in 2021) despite the decline in value in RMB terms. FY20
Slide 16: Stable Portfolio with Embedded Organic Growth
Stable Portfolio with Embedded Organic Growth Healthy Occupancy E-Commerce Logistics Assets Asset Lease Structure Occupancy¹ Key Highlight Master Lease: 1 Jan 2016 to 31 Dec 2024 Coveted property; entire suite of facilities Fu Heng 100% Rental escalation of 2.0% annually from 1st Jan 2021. supportin
Slide 17: Quality and Differentiated Asset Portfolio
Quality and Differentiated Asset Portfolio Healthy portfolio occupancy of 99.2% as at 31 December 2021 Lease Expiry Profile of Portfolio (1) Portfolio Diversification (1) By Net Lettable Area WALE by NLA: 2.3 years WALE by Gross Rental Income: 2.7 years 76.6% 24.7% 25.6% 57.4% 27.9% Total: 960,461
Slide 18: Compulsory Expropriation of Fu Zhuo Industrial
Compulsory Expropriation of Fu Zhuo Industrial On 10 January 2022, ECW informed that Fu Zhuo Industrial has received a formal notice (the “Notice”) from the People's Government of Linping District, Hangzhou City, People’s Republic of China on 6 January 2022 with regard to the compulsory expropriat
Slide 19: Thank You
For queries, please contact: Sabrina Tay Vice President, Investor Relations Tel: +65 6221 9018 sabrinatay@ecwreit.com www.ecwreit.com Thank You 2/18/2022 18