Singapore Exchange Ltd. · SGX:S68

Singapore Exchange — Mapletree Commercial Trust — H1 FY2012/13 Earnings Presentation

24 slides from Singapore Exchange's earnings presentation, Oct 25, 2012

  1. Slide 1: Results Announcement 2Q & 1H FY 2012/13

    Mapletree Commercial Trust Results Announcement 2Q & 1H FY 2012/13 25 October 2012

  2. Slide 2: Disclaimer

    Disclaimer This presentation is for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for units in Mapletree Commercial Trust (“Units”). The value of Units and the income derived from them may fall as well as rise. Units are not obligations of, deposit

  3. Slide 3: Key Highlights

    Key Highlights Financial Highlights Portfolio Performance Outlook 3

  4. Slide 4: Key Highlights

    Key Highlights  Distribution per Unit for 1H FY 2012/13 was 16.2% above the Forecast 1  Portfolio Gross Revenue and Net Property Income for 1H FY 2012/13 outperformed the Forecast by 4.5% and 7.1% respectively  Good progress in renewing or re-letting expiring leases2  Issued S$160m 3.6% Fixed Ra

  5. Slide 5: Financial Highlights

    Financial Highlights 1H FY 2012/13 Actual Forecast Variance (%) Distributable Income (S$ 000) 57,6171 49,568 16.2% Distribution per Unit (“DPU”) (cents) 3.083 2.653 16.2% Annualised DPU (cents) 6.15 5.422 Annualised Distribution Yield3 4.9% 4.4% 1. Represents a distribution of 100% of MCT‟s income a

  6. Slide 6: Financial Highlights

    Financial Highlights 27 Apr 2011 to Variance 1H FY 2012/13 30 Sep 2011 (%) Distributable Income (S$ 000) 57,6171 42,616 35.2%2 Distribution per Unit (“DPU”) (cents) 3.083 2.289 34.7% Annualised DPU (cents) 6.15 5.34 Annualised Distribution Yield3 4.9% 4.3% 1. Represents a distribution of 100% of MCT

  7. Slide 7: Financial Highlights

    Key Highlights Financial Highlights Portfolio Performance Outlook 7

  8. Slide 8: Distributable Income for 1H FY 2012/13 Exceeded Forecast by 16.2%

    Distributable Income for 1H FY 2012/13 Exceeded Forecast by 16.2% For the period 1 Apr 2012 to Variance 30 Sep 2012 (S$ 000) Actual Forecast (%) Revenue 102,878 98,437 4.5% Less Property Operating Expenses (30,574) (30,906) 1.1% Net Property Income 72,304 67,531 7.1% Manager‟s Management Fees (6,651

  9. Slide 9: Distributable Income Increased year-on-year by 35.2%

    Distributable Income Increased year-on-year by 35.2%1 From 27 Apr to Variance (S$ „000) 1H FY 2012/13 30 Sep 2011 (%) Revenue 102,878 77,709 32.4%2 Less Property Operating Expenses (30,574) (23,246) (31.5%)3 Net Property Income 72,304 54,463 32.8% 4 Manager‟s Management Fees (6,651) (5,319) (25.0%)

  10. Slide 10: Balance Sheet

    Balance Sheet All figures S$ 000 Actual as at Actual as at 30 Sep 2012 31 Mar 2012 Investment Properties 2,944,900 2,944,900 Current Assets 50,466 55,242 Total Assets 2,995,366 3,000,142 Borrowings 1,125,794 1,125,658 Other Liabilities 89,718 94,447 Net Assets 1,779,854 1,780,037 Units in Issue („00

  11. Slide 11: Debt Maturity Profile and Cost of Debt

    Debt Maturity Profile and Cost of Debt Gross Debt (S$ m) 338.6 338.6 169.3 160.0 122.2 FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016/17 FY 2017/18 FY 2018/19 FY 2019/20 FY 2020/21 Bank Debt (S$m) Fixed Rate Notes (S$m) % of Total Debt Maturing 0% 11% 30% 30% 15% 0% 0% 0% 14% % of Total Debt Fi

  12. Slide 12: Key Financial Indicators

    Key Financial Indicators Actual as at Actual as at 30 Sep 2012 31 Mar 2012 Gearing Ratio 37.7% 37.6% Interest Coverage Ratio 5.5 times 5.4 times Average Term to Maturity for Debt (years) 2.9 2.4 Average All-In Cost of Debt 2.07% 1.96% Unencumbered Assets as % of Total Assets 100% 100% 12

  13. Slide 13: Distribution Details

    Distribution Details Distribution Period 1 Jul 2012 – 30 Sep 2012 Distribution Amount 1.546 cents per unit Distribution Timetable Notice of Books Closure Date Thursday, 25 Oct 2012 Last Day of Trading on “cum” Basis Wednesday, 31 Oct 2012 Ex-Date Thursday, 1 Nov 2012 Books Closure Date 5:00 pm, Mond

  14. Slide 14: Portfolio Performance

    Key Highlights Financial Highlights Portfolio Performance Outlook 14

  15. Slide 15: Portfolio Revenue and NPI for 1H FY 2012/13 Exceeded Forecast

    Portfolio Revenue and NPI for 1H FY 2012/13 Exceeded Forecast Gross Revenue (S$ m) Net Property Income (S$ m) 4.5% 102.9 98.4 18.9 16.6 8.4 8.4 7.1% 72.3 67.5 13.7 12.0 1 6.5 6.3 73.4 75.6 49.2 52.1 IPO Forecast Actual IPO Forecast Actual 2 Vivocity MLHF PSAB 1. PSAB Forecast assumed that ARC revenu

  16. Slide 16: Portfolio Revenue and NPI outperformed year-on-year

    Portfolio Revenue and NPI outperformed year-on-year Gross Revenue1(S$ m) Net Property Income 2(S$ m) 102.9 18.9 77.7 8.4 72.3 11.6 6.5 13.7 54.5 6.5 8.4 5.0 75.6 59.6 52.1 41.1 27 Apr 11-30 Sep 11 1H FY 2012/13 27 Apr 11-30 Sep 11 1H FY 2012/13 3 Vivocity MLHF PSAB 1. Comparing against Pro-forma 1H

  17. Slide 17: MCT Portfolio Occupancy

    MCT Portfolio Occupancy As at As at As at 30 Nov 20101 31 March 2012 30 September 2012 VivoCity 99.7% 98.1% 99.5%2 ARC N.A. 50.3% 64.7%3 MCT Retail Portfolio 99.7% 94.3% 96.7% Suburban Retail4 96.8% 95.0% 97.0% Orchard Road Retail4 95.0% 94.2% 94.6% MLHF 100% 100% 100% PSAB Office 92.5% 92.6% 97.9%5

  18. Slide 18: Rental Commitments – FY 2012/13

    Rental Commitments – FY 2012/13  Robust rental uplift achieved for New/Renewed Leases committed to-date  Majority of leases will expire 2H FY 2012/13  In active negotiations with remaining leases No. of Leases Retention Rate Uplift in Fixed Committed (by NLA) Rents1 Retail 193 78.3% 33.4%2 18.5%

  19. Slide 19: Lease Expiry Profile (as at September 2012)

    Lease Expiry Profile (as at 30 September 2012) 33.4%1 Portfolio WALE 2.9 years As % of Gross Rental Revenue for September 2012 Office 3.7 years Retail 2.6 years 20.6% 19.8% 16.6% 17.2% 12.5% 5.3% 2.1%2 2.6% 2.4% 2.0% 1.1% FY 2012/13 FY 2013/14 FY 2014/15 FY 2015/16 FY 2016 /17 & Beyond Retail Office

  20. Slide 20: VivoCity – Shopper Traffic & Tenant Sales Show Continued Growth

    VivoCity – Shopper Traffic & Tenant Sales Show Continued Growth Shopper Traffic (million) Tenant Sales (S$ million) 3.7% 1 403.4 7.5% 388.8 26.0 24.2 2 1H FY 2011/12 1H FY 2012/13 1H FY 2011/12 1H FY 2012/13 1. Includes estimates of Tenant Sales for a portion of tenants 2. A number of tenants were u

  21. Slide 21: VivoCity – New Tenants

    VivoCity – New Tenants New tenants opening in VivoCity over next few months New To Market Brands International Brands 21

  22. Slide 22: Outlook

    Year in Review & Key Highlights Portfolio Performance Financial Highlights Outlook 22

  23. Slide 23: Market Outlook

    Market Outlook  Growth of Singapore economy moderates – Based on MTI advance estimates for Q3 2012, GDP grew by 1.3% y-o-y but contracted 1.5% q-o-q – Downside risks from subdued global economic conditions remain with MTI lowering the GDP growth estimate for 2012 to between 1.5% - 2.5% on the back

  24. Slide 24: Thank You

    Thank You For enquiries, please contact: Koh Wee Leong Investor Relations Tel: +65 6659 3461 Email: koh.weeleong@mapletree.com.sg

Mapletree Commercial Trust — H1 FY2012/13 Earnings Presentation on 6ix