Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — CapitaRetail China Trust — Q3 2013 Earnings Presentation
35 slides from Singapore Exchange's earnings presentation, Oct 23, 2013
Slide 1: 3Q 2013 Financial Results
3Q 2013 Financial Results 23 October 2013 0 3Q 2013 Financial Results *23 October 2013*
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: Contents
Contents Summary Financial Highlights Financial Results Portfolio & Acquisition Update Proactive Asset Management Market Outlook 2 3Q 2013 Financial Results *23 October 2013*
Slide 4: 3Q 2013 Summary
3Q 2013 Summary Stable and Sustainable Growth • Gross revenue1 up 5.3% y-o-y Net Property Income (NPI)1 increased 1.7% y-o-y Underpinned by favourable RMB exchange rate, YTD 2013 NPI1 in Singapore dollars up 6.3% • 3Q 2013 distributable income grew 2.1% y-o-y; YTD 2013 distributable income incre
Slide 5: Financial Highlights
Financial Highlights 4 3Q 2013 Financial Results *23 October 2013* CapitaMall Xizhimen, Beijing, China
Slide 6: 3Q 2013 Distributable Income Grew 2.1%
3Q 2013 Distributable Income Grew 2.1% 3Q 2013 3Q 2012 Change Actual Actual Gross Revenue (RMB’000) 191,720 194,162 (1.3%) NPI (RMB’000) 121,115 126,521 (4.3%) Distributable Income (S$’000) 17,081 16,733 2.1% DPU (Singapore cents) 2.26* 2.42 (6.6%) Annualised Distribution Yield 6.5% (Based on unit p
Slide 7: YTD 2013 Distributable Income Grew 4.6%
YTD 2013 Distributable Income Grew 4.6% YTD 2013 YTD 2012 Change Actual Actual Gross Revenue (RMB’000) 592,417 572,641 3.5% NPI (RMB’000) 385,189 377,077 2.2% Distributable Income (S$’000) 52,323 50,019 4.6% DPU (Singapore cents) 6.95* 7.24 (4.0%) Annualised Distribution Yield 6.8% (Based on unit pr
Slide 8: Healthy Balance Sheet
Healthy Balance Sheet As at 30 Sep 2013 S$’000 Investment Properties 1,644,116 Net assets attributable 1,113,356 Other Assets 60,416 to unitholders (S$’000) Financial Derivatives Assets 4,541 Cash & Cash Equivalents 108,327 Units In Issue (‘000 units) 756,895 Total Assets 1,817,400 Net Asset Value (
Slide 9: Financial Results
Financial Results 8 3Q 2013 Financial Results *23 October 2013* CapitaMall Xizhimen, Beijing, China
Slide 10: Property Gross Revenue: 3Q 2013 vs 3Q 2012
Property Gross Revenue (in RMB’000): 3Q 2013 vs 3Q 2012 Excluding CapitaMall Minzhongleyuan, gross revenue grew 5.3% y-o-y CRCT Portfolio 191,720 194,162 1.3% Multi-Tenanted Malls CapitaMall Xizhimen 60,987 56,265 CapitaMall Wangjing 44,591 42,176 3Q 2013: RMB 147,724K CapitaMall Qibao 20,9501 6.5%
Slide 11: Net Property Income: 3Q 2013 vs 3Q 2012
Net Property Income (in RMB’000): 3Q 2013 vs 3Q 2012 Excluding CapitaMall Minzhongleyuan, NPI grew 1.7% y-o-y CRCT Portfolio 121,115 126,521 4.3% Multi-Tenanted Malls CapitaMall Xizhimen 40,692 39,216 CapitaMall Wangjing 30,020 29,833 CapitaMall Qibao 6,7891 3Q 2013: RMB 87,317K 7,475 1.8% 7,055 3Q
Slide 12: Property Gross Revenue: YTD 2013 vs YTD 2012
Property Gross Revenue (in RMB’000): YTD 2013 vs YTD 2012 Excluding CapitaMall Minzhongleyuan, gross revenue grew 6.4% y-o-y 592,417 CRCT Portfolio 572,641 3.5% Multi-Tenanted Malls CapitaMall Xizhimen 179,357 164,810 CapitaMall Wangjing 132,381 125,088 YTD 2013: RMB 438,881K 64,403 CapitaMall Qibao
Slide 13: Net Property Income: YTD 2013 vs YTD 2012
Net Property Income (in RMB’000): YTD 2013 vs YTD 2012 Excluding CapitaMall Minzhongleyuan, NPI grew 6.1% y-o-y CRCT Portfolio 385,189 377,077 2.2% Multi-Tenanted Malls CapitaMall Xizhimen 123,169 114,255 CapitaMall Wangjing 93,858 90,260 CapitaMall Qibao 26,349 YTD 2013: RMB 273,883K 24,463 7.3% 19
Slide 14: Debt Maturity Profile (30 Sep 2013)
Debt Maturity Profile (30 Sep 2013) S$’ million 500 S$470.0 million CapitaMall Anzhen Variable Unsecured- Rate Onshore Loan 17.3% 400 Trust - Unsecured Money Market Line 300 Fixed Rate 20% Market 82.7% Capitalisation2 Trust - Unsecured Term Loan 200 21.2 39.0 Variable Rate 100 100.0 88.0 100.0 50.5
Slide 15: Key Financial Indicators
Key Financial Indicators 3Q 2013 2Q 2013 Unencumbered Assets as % of Total Assets 100.0% 100.0% Gearing 25.8% 23.5% Net Debt / EBITDA (Times) 5.1 4.1 Interest Coverage (Times) 8.4 9.1 Average Term to Maturity (Years) 2.01 2.52 Average Cost of Debt 2.60% 2.58% 14 3Q 2013 Financial Results *23 October
Slide 16: Attractive Distribution Yield
Attractive Distribution Yield 8.0% Based on historical gross 6.7% dividend yield of past 12 months 6.0% 4.9% 4.1% 4.0% 3.5% 3.3% 2.4% 2.5% 2.0% 0.3% 0.0% CRCT Yield1 Singapore China 10- FSSTI Yield 3 FSTRE Yield 4 FSTREI Yield 5 CPF Ordinary 12-month 10-year Govt year Govt Account 6 Fixed (S$) Bond
Slide 17: Portfolio & Acquisition Update
Portfolio & Acquisition Update 16 3Q 2013 Financial Results *23 October 2013* CapitaMall Saihan, Huhhot, China
Slide 18: Strong Portfolio Occupancy Rate
Strong Portfolio Occupancy Rate 30 Sep 121 31 Dec 121 31 Mar 131 30 Jun 131 30 Sep 131 Multi-tenanted Malls CapitaMall Xizhimen 98.5% 94.8% 96.0% 98.5% 98.1% CapitaMall Wangjing 99.8% 99.5% 99.8% 99.9% 98.9% CapitaMall Qibao 97.5% 97.4% 97.2% 95.1% 96.6% CapitaMall Saihan 99.0% 99.9% 97.0% 98.5% 99.
Slide 19: Healthy Portfolio Rental Reversion of 10% in 3Q 2013
Healthy Portfolio Rental Reversion of 10% in 3Q 2013 From 1 July to 30 Sep 2013 1,3 No. of new Var. over last rental rate2, 3 Property leases/renewals (%) CapitaMall Xizhimen 28 +10.7% CapitaMall Wangjing 41 +15.9% CapitaMall Qibao 27 +3.1% CapitaMall Saihan 35 +11.3% CapitaMall Wuhu 35 -1.2%4 CRCT
Slide 20: Portfolio Lease Expiry (By Year)
Portfolio Lease Expiry (By Year) Gross Rental Income3 As at 30 Sep 2013 No. of Leases1,3 % of Total RMB’000 (Sep 13)2 2013 158 5,284 8.6 2014 440 11,045 18.0 2015 175 11,112 18.1 2016 81 6,875 11.2 2017 25 2,980 4.9 Beyond 2017 59 24,111 39.2 CRCT Portfolio Weighted Average Lease Term to Expiry3 By
Slide 21: Portfolio Lease Expiry Profile for 2013
Portfolio Lease Expiry Profile for 2013 Gross Rentable Area3 Gross Rental Income3 No. of As at 30 Sep 2013 Leases1,3 % of total Sq m % of total RMB’000 (Sep 13)2 CapitaMall Xizhimen 34 9,038 10.9 2,077 10.6 CapitaMall Wangjing 46 6,080 8.9 2,273 15.9 CapitaMall Qibao 21 1,034 1.4 343 5.3 CapitaMall
Slide 22: Portfolio Tenants' Sales & Shopper Traffic
Portfolio Tenants’ Sales & Shopper Traffic Tenants’ Sales1 Shopper Traffic2 RMB psm Ave. Monthly Sales Ave. Daily No. of Shoppers '000 1,500 250 200 1,000 Y-o-Y 10.1% 150 Y-o-Y 3.4% 100 500 Q-o-Q 50 Q-o-Q 3.7% 8.1% 0 0 3Q 2012 2Q 2013 3Q 2013 3Q 2012 2Q 2013 3Q 2013 3Q 2012 2Q 2013 3Q 2013 3Q 2012 2
Slide 23: CapitaMall Minzhongleyuan Asset Enhancement – Site Photos
CapitaMall Minzhongleyuan’s Asset Enhancement Initiative – Site Photos Structure Reinforcement Construction Construction of Escalator Opening New Structure for Conserved Building 22 3Q 2013 Financial Results *23 October 2013*
Slide 24: CapitaMall Minzhongleyuan Asset Enhancement – Leasing Update
CapitaMall Minzhongleyuan’s Asset Enhancement Initiative – Leasing Update • >50% committed and under advanced negotiation • Achieved 15.8%* higher than target rent • Some of the committed tenants include UA Cinemas, (only IMAX within the vicinity), Starbucks, Swatch, Charles & Keith and etc 23 * Exc
Slide 25: Proposed Acquisition of Grand Canyon Mall – Status Update
Proposed Acquisition of Grand Canyon Mall – Status Update Expect to obtain official approval before year end; Completion of acquisition accelerated to 1Q 2014 24 3Q 2013 Financial Results *23 October 2013*
Slide 26: Proactive Asset Management
Proactive Asset Management 25 3Q 2013 Financial Results *23 October 2013* CapitaMall Minzhongleyuan, Wuhan, China
Slide 27: Generating Growth – Fine-tuning Tenant Mix
Generating Growth – Fine-tuning Tenant Mix • CapitaMall Xizhimen – Popular international fashion chains replaced outdated fashion tenants Provide varieties to meet the demands from a Paul Frank wide range of customers including youngsters (CapitaMall Xizhimen) and families Improve popularity of
Slide 28: Optimising Returns – Reconfiguration of Spaces
Optimising Returns – Reconfiguration of Spaces • CapitaMall Qibao – Recovered 3,000 sq m from a mini-anchor tenant at level 1; reconfigured to 6 smaller units 68% committed with various F&B tenants Active engagement with prospect tenants for the remaining area 4 tenants have commenced operatio
Slide 29: Driving Traffic & Sales – Marketing Activities
Driving Traffic & Sales – Marketing Activities 28 3Q 2013 Financial Results *23 October 2013*
Slide 30: Market Outlook
Market Outlook 29 3Q 2013 Financial Results *23 October 2013* CapitaMall Qibao, Shanghai, China
Slide 31: Market Outlook
Market Outlook • China economy on track to achieve its GDP growth target: GDP picked up with growth of 7.8%* y-o-y in 3Q 2013 Retail sales increased by 12.9%* y-o-y for YTD 2013 • The Chinese government is committed to take gradual and active steps to reform financial sector Liberalising inter
Slide 32: Appendix
Appendix 31 3Q 2013 Financial Results *23 October 2013* CapitaMall Erqi, Zheng Zhou, China
Slide 33: Diversified Trade Mix
Diversified Trade Mix By Gross Rent1,3 By Net Lettable Area2,3 0.8% 1.1% Department Store 3.3% 1.7% 3.2% Supermarket 3.4% 6.5% 18.3% 4.5% Fashion & Accessories 7.8% 4.5% 33.5% Food & Beverages 2.5% 1.7% 10.9% Leisure & Entertainment 10.6% Houseware & Furnishings Beauty & Healthcare 19.9% 10.1% Shoes
Slide 34: Portfolio at a Glance
Portfolio at a Glance CapitaMall CapitaMall CapitaMall CapitaMall CapitaMall CapitaMall CapitaMall CapitaMall CapitaMall Xizhimen Wangjing Anzhen Erqi Shuangjing Minzhong Qibao Saihan Wuhu1 凯德MALL• 凯德MALL• 凯德MALL• 凯德广场• 凯德MALL• leyuan 凯德七宝 凯德MALL• 凯德广场• 西直门 望京 安贞 二七 双井 新民众乐园 购物广场 赛罕 芜湖 Location Beij
Slide 35: Thank You
Thank You For enquiries from analysts & investors, please contact (Ms) LENG Tong Yan Investor Relations Tel: (65) 6826 5469 Email: leng.tongyan@capitaland.com 34 3Q 2013 Financial Results *23 October 2013*
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