CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaMall Trust — Q3 2004 Earnings Presentation
21 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Oct 19, 2004
Slide 1: 3rd Quarter 2004 Financial Results Presentation
3rd Quarter 2004 FINANCIAL RESULTS PRESENTATION 19th October 2004
Slide 2: Disclaimers
Disclaimers This presentation is focused on comparing actual results versus forecasts stated in the Plaza Singapura Circular to Unitholders dated 20 July 2004. This shall be read in conjunction with paragraph 9 of CMT 3Q 2004 Financial Statement Masnet announcement. This presentation may contain for
Slide 3: Financial Highlights
Cap/taMall P Trust gg Financial Highlights
Slide 4: Financial Results: 2 Aug – 30 Sept 2004
Financial Results : 2 Aug – 30 Sept 2004 CMT Exceeds Forecast Distribution per Unit for the Period by 4.1% Actual vs. Forecast1 Change Distributable income S$18.97 m S$18.17 m + 4.1 % Distribution per unit 1.57¢ 1.51¢ + 4.1 % Annualised distribution per unit 9.58¢ 9.21¢ + 4.1 % Annualised distributi
Slide 5: Financial Results: 3Q vs 2Q 2004
Financial Results : 3Q vs 2Q 2004 Quarter-on-Quarter, Distribution per Unit Increased by 2% 3Q2004 2Q2004 Change Distributable income S$26.33 m S$21.15 m + 24.5 % Distribution per unit 2.38¢ 2.33¢ + 2.2 % Annualised distribution per unit 9.47¢ 9.37¢ + 1.1 % Annualised distribution yield 5.57% 5.51%
Slide 6: Attractive Yield with Growth Potential
Attractive Yield with Growth Potential 6 5.64 5 2.35% spread 4.38 4 3.48 Yield (%) 3.29 3 2.42 2.50 2 1 0.71 0.24 0 CMT 2004 10yr Govt STI Dividend 5yr Govt SESPROP CPF S$ 12m th S$ Savings Annualized Bond Yield 2 Yield 2 Bond 2 Dividend Ordinary Fixed Accout 3 2 2 3 Yield 1 Yield Account Deposit So
Slide 7: Financial Results
Cap/taMall P Trust gg Financial Results
Slide 8: Distribution Statement: 2 Aug – 30 Sept 04
Distribution Statement : 2 Aug – 30 Sept 04 Actual Forecast1 Variance 2 Aug – 30 Sept 2004 S$’000 S$’000 (%) Gross Revenue 34,532 33,392 3.4 Less property expenses (11,518) (11,330) 1.7 Net property income 23,014 22,062 4.3 Interest Income2 790 835 (5.4) Administrative expenses (3,105) (2,350) 32.1
Slide 9: Distribution Statement: 3Q vs 2Q 2004
1 Distribution Statement : 3Q vs 2Q 2004 3Q04 2Q04 Variance 3Q vs 2Q 2004 S$’000 S$’000 (%) Gross Revenue 47,143 37,735 24.9 Less property expenses (15,912) (13,579) 17.2 Net property income 31,231 24,156 29.3 Interest Income2 1,207 1,193 1.2 Administrative expenses (3,715) (2,719) 36.6 Interest exp
Slide 10: Gross Revenue
Gross Revenue 2 Aug – 30 Sept 2004 Circular Forecast 1 Actual CMT Portfolio 34.5 3.4% 33.4 Tampines Mall 7.7 7.9 Junction 8 5.8 5.3 Funan The IT Mall 3.7 3.5 IMM Building 8.2 7.6 Plaza Singapura 9.1 9.1 0 5 10 15 20 25 30 35 40 45 S$m 1 The forecast is based on management’s forecast in Plaza Singapu
Slide 11: Property Operating Expenses
Property Operating Expenses 2 Aug – 30 Sept 2004 Circular Forecast 1 Actual CMT Portfolio 11.5 11.3 1.7% Tampines Mall 1.8 2.3 2 2.1 Junction 8 1.8 1.4 Funan The IT Mall 1.5 IMM Building 2 3.9 3.4 Plaza Singapura 2.3 2.3 0 2 4 6 8 10 12 14 S$m 1 The forecast is based on management’s forecast in Plaz
Slide 12: Net Property Income
Net Property Income 2 Aug – 30 Sept 2004 Circular Forecast 1 Actual CMT Portfolio 23.0 22.1 4.3% Tampines Mall 5.9 5.6 Junction 8 3.7 3.5 Funan The IT Mall 2 2.3 2.0 IMM Building 4.3 4.2 Plaza Singapura 6.8 6.8 0 5 10 15 20 25 30 S$m 1 The forecast is based on management’s forecast in Plaza Singapur
Slide 13: Debt Maturity Profile
Debt Maturity Profile As at 30 Sept 2004 400 50.8% 350 300 S$335mn S$mn 250 26.1% 200 150 18.9% S$172mn 100 S$125mn 4.2% 50 S$28mn 0 Revolving Credit YR 2007 YR 2009 YR 2010 Gearing Ratio 31.0% Interest Cover 7.4 times Average Cost of Debt 2.9% Debt Rating “AAA” 13
Slide 14: Balance Sheet
Balance Sheet As at 30 Sept 2004 S$’000 Non Current Assets 2,111,890 Current Assets 44,935 Total Assets 2,156,825 Net NetAsset AssetValue Valueper perunit unit S$1.18 (as at 30 September 04) (as at 30 September 04) Current Liabilities 50,379 Non Current Liabilities 684,200 Adjusted AdjustedNet NetAs
Slide 15: Portfolio Update
Cap/taMall P Trust gg Portfolio Update
Slide 16: Summary of Renewals / New leases
Summary of Renewals / New leases Rental improvements through better asset planning and active leasing strategy Existing Units - From 1 January to 30 Sept 2004 INCREASE/ NET LETTABLE AREA (DECREASE) VS. NO. OF PROPERTY LEASES % Total Forecast Preceding Area (sq ft) NLA1 Rent2 Rent TAMPINES MALL 28 41
Slide 17: Gross Turnover Rent & Step-Up Leases
Gross Turnover Rent & Step-Up Leases % of Total Portfolio of Tenants No. of Tenants in Portfolio 100% 1000 80% 800 70.4% 67.6% 648 622 60% 600 45.4% 437 40% 34.9% 400 336 20% 200 0% 0 Te nants w ith Ste p- Te nants Paying No. of Tenants w ith No. of Te nants Paying Ste p-Up Rental GTO Re nt Up Re nt
Slide 18: Portfolio Lease Expiry Profile By Year
Portfolio Lease Expiry Profile By Year As at 30 September 2004 Net Lettable Area Gross Rental Income No. of Leases Sq. ft. % of total S$’000 p.a. % of total Bal of 2004 149 145,813 6.7% 1,617 10.3% 2005 442 729,302 33.5% 5,060 32.2% 2006 432 634,510 29.1% 6,001 38.2% 2007 120 257,642 11.8% 2,379 15.
Slide 19: Portfolio Lease Expiry Profile By Property
Portfolio Lease Expiry Profile By Property As at 30 September 2004 Net Lettable Area Gross Rental Income Bal of the Year No. of Leases Sq. ft. % of total S$’000 p.a. % of total Tampines Mall 32 60,375 19.1% 633 18.6% Junction 8 6 5,826 2.5% 88 3.4% Funan The IT Mall 9 8,110 3.0% 59 3.6% IMM Building
Slide 20: Thank You
Cap/taMall P Trust gg Thank You
Slide 21: 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 21