CapitaLand Integrated Commercial Trust · SGX:C38U
CapitaLand Integrated Commercial Trust — CapitaMall Trust — Q2 2005 Earnings Presentation
26 slides from CapitaLand Integrated Commercial Trust's earnings presentation, Jul 22, 2005
Slide 1: Second Quarter 2005 Financial Results Presentation
SECOND QUARTER 2005 FINANCIAL RESULTS PRESENTATION 22 July 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 Second Quarter Unaudited Financial Statement Masnet announcement. This presentation may c
Slide 3: Financial Highlights
Cap/taMall P Trust Financial Highlights
Slide 4: Financial Results: 2Q 2005 (1 Apr – 30 Jun 2005)
Financial Results : 2Q 2005 (1 Apr – 30 Jun 2005) Distribution Per Unit of 2.51 cents Exceeds Forecast by 7.8% 1 Apr to 30 Jun 2005 Actual Actual Forecast1 Variance Change% Distributable income S$30.32 m S$28.09 m + S$2.23 m +7.8 Distribution per unit 2.51¢ 2.33¢ + 0.18¢ +7.8 Annualised distribution
Slide 5: Financial Results: 1H 2005 (1 Jan – 30 Jun 2005)
Financial Results : 1H 2005 (1 Jan – 30 Jun 2005) Distribution Per Unit of 4.98 cents Exceeds Forecast by 7.6% 1 Jan to 30 Jun 2005 Actual Actual Forecast1 Variance Change% Distributable income S$60.16 m S$55.90 m + S$4.26 m + 7.6 Distribution per unit 4.98¢ 4.63¢ + 0.35¢ + 7.6 Annualised distributi
Slide 6: Financial Results: DPU Comparison
Financial Results : DPU Comparison 2Q 2005 Distribution Per Unit Increased 7.5% over 2Q 2004 Actual 2Q 2005 2Q 2004 Variance Change% Annualised distribution per unit 10.07¢ 9.37¢ + 0.70¢ +7.5 Annualised distribution yield 4.01% 3.73% + 0.28% +7.5 (Based on unit price of S$2.51 on 21 July 2005) 1H 20
Slide 7: Consistently Outperformed DPU Forecasts
Consistently Outperformed DPU Forecasts Original Revised Forecast Actual Paid Variance from Forecast (Annualised) (Annualised) Forecast (Annualised) 2002 6.78 ¢ 1 NA 7.35 ¢ © 8% 1H 2003 6.96 ¢ 2 NA 7.51 ¢ © 8% 2H 2003 6.96 ¢ 2 8.04 ¢ 5 8.53 ¢ © 6% 1H 2004 8.14 ¢ 3 8.59 ¢ 6 9.25 ¢ © 8% 2H 2004 8.14 ¢
Slide 8: Distribution Details
Distribution Details Distribution Period 1 April to 30 June 2005 Distribution Rate 2.51 cents per unit Distribution Timetable Notice of Book Closure Date 22 July 2005 Last Day of Trading on “cum” Basis 28 July 2005, 5.00 pm Ex-Date 29 July 2005, 9.00 am Book Closure Date 2 August 2005, 5.00 pm Distr
Slide 9: Financial Results
Cap/taMall P Trust Financial Results
Slide 10: Distribution Statement: 2Q 2005 (1 Apr – 30 Jun 2005)
Distribution Statement : 2Q 2005 (1 Apr – 30 Jun 2005) Actual Forecast1 Variance 1 Apr to 30 Jun 2005 S$’000 S$’000 (%) Gross Revenue 57,412 52,827 8.72 Less property expenses (21,029) (18,738) 12.22 Net property income 36,383 34,089 6.72 Interest Income 1,224 1,281 (4.4) Administrative expenses (3,
Slide 11: Distribution Statement: 1H 2005 (1 Jan – 30 Jun 2005)
Distribution Statement : 1H 2005 (1 Jan – 30 Jun 2005) Actual Forecast1 Variance 1 Jan to 30 Jun 2005 S$’000 S$’000 (%) Gross Revenue 112,603 105,784 6.42 Less property expenses (40,823) (37,933) 7.62 Net property income 71,780 67,851 5.82 Interest Income 2,399 2,550 (5.9) Administrative expenses (7
Slide 12: Property Gross Revenue: 2Q 2005 (1 Apr – 30 Jun 2005)
Property Gross Revenue : 2Q 2005 (1 Apr – 30 Jun 2005) Gross Revenue Exceeded Forecast1 Across The Portfolio 1 Apr to 30 Jun 2005 CMT Portfolio 57.4 8.7% Existing Portfolio (excl. new assets2) 57.1 52.8 Tampines Mall 12.6 12.1 10.5 Junction 8 9.1 5.5 Funan DigitaLife Mall 5.5 13.1 IMM Building 11.2
Slide 13: Property Operating Expenses: 2Q 2005 (1 Apr – 30 Jun 2005)
Property Operating Expenses : 2Q 2005 (1 Apr – 30 Jun 2005) 1 Apr to 30 Jun 2005 CMT Portfolio 21.0 Existing Portfolio 12.2% 20.9 (excl. new assets2) 18.7 Tampines Mall 3.9 3.6 Junction 8 4.0 3.0 Funan DigitaLife Mall 2.1 2.3 6.4 IMM Building 5.8 4.5 1 Plaza Singapura 2Q Actual 2Q Forecast 4.0 0 5 1
Slide 14: Net Property Income: 2Q 2005 (1 Apr – 30 Jun 2005)
Net Property Income : 2Q 2005 (1 Apr – 30 Jun 2005) Net Property Income Exceeded Forecast1 Across The Portfolio 1 Apr to 30 Jun 2005 CMT Portfolio 36.4 Existing Portfolio 6.7% 36.2 (excl. new assets2) 34.1 Tampines Mall 8.7 8.5 Junction 8 6.5 6.1 3.4 Funan DigitaLife Mall 3.2 IMM Building 6.7 5.4 10
Slide 15: Property Gross Revenue: 1H 2005 (1 Jan – 30 Jun 2005)
Property Gross Revenue : 1H 2005 (1 Jan – 30 Jun 2005) Gross Revenue Exceeded Forecast1 Across The Portfolio 1 Jan to 30 Jun 2005 CMT Portfolio 55.2 57.4 112.6 6.4% Existing Portfolio 55.2 57.1 (excl. new assets2) 112.3 53.0 52.8 105.8 Tampines Mall 12.3 12.6 24.9 12.0 12.1 24.1 Junction 8 9.5 10.5
Slide 16: Property Operating Expenses: 1H 2005 (1 Jan – 30 Jun 2005)
Property Operating Expenses : 1H 2005 (1 Jan – 30 Jun 2005) 1 Jan to 30 Jun 2005 CMT Portfolio 19.8 21.0 40.8 7.6% Existing Portfolio 19.8 20.9 (excl. new assets2) 40.7 19.2 18.7 37.9 7.9 Tampines Mall 4.0 3.9 7.5 3.9 3.6 6.9 Junction 8 2.9 4.0 3.2 3.0 6.2 4.2 Funan DigitaLife Mall 2.1 2.1 2.2 2.3 4
Slide 17: Net Property Income: 1H 2005 (1 Jan – 30 Jun 2005)
Net Property Income : 1H 2005 (1 Jan – 30 Jun 2005) Net Property Income Exceeded Forecast1 Across The Portfolio 1 Jan to 30 Jun 2005 CMT Portfolio 35.4 36.4 71.8 5.8% Existing Portfolio 35.4 36.2 71.6 (excl. new assets2) 33.8 34.1 67.9 Tampines Mall 8.3 8.7 17.0 8.1 8.5 16.6 Junction 8 6.6 6.5 13.1
Slide 18: Historical Trend Since IPO: Tampines Mall
Historical Trend Since IPO : Tampines Mall Total Gross Revenue Increased by 18% Since IPO 60 48.2 50.2 50 42.4 43.8 S$ million 40 34.5 32.1 33.4 34.0 30 20 10 0 1 2 FY2002 FY2003 FY2004 FY2005 To tal Gro ss Revenue Net P ro perty Inco me Net Property Income Increased by 8% Since IPO 1. Annualised fo
Slide 19: Historical Trend Since IPO: Junction 8
Historical Trend Since IPO : Junction 8 Total Gross Revenue Increased by 52% Since IPO 50 40.3 40 33.5 S$ million 29.0 30 26.5 26.3 20.1 20.3 21.3 20 10 0 1 2 FY2002 FY2003 FY2004 FY2005 To tal Gro ss Revenue Net P ro perty Inco me Net Property Income Increased by 31% Since IPO 1. Annualised for the
Slide 20: Historical Trend Since IPO: Funan DigitaLife Mall
Historical Trend Since IPO : Funan DigitaLife Mall Total Gross Revenue Increased by 11% Since IPO 25 21.9 22.4 3 20.2 20.1 20 S$ million 15 13.2 3 13.7 13.9 12.2 10 5 0 1 2 FY2002 FY2003 FY2004 FY2005 To tal Gro ss Revenue Net P ro perty Inco me Net Property Income Increased by 6% Since IPO 1. Annua
Slide 21: Historical Trend Since IPO: IMM Building
Historical Trend Since IPO : IMM Building Total Gross Revenue Increased by 13% Since Acquisition 60 49.8 52.5 50 46.6 40 S$ million 3 30 27.6 26.5 24.1 20 10 0 1 2 FY2003 FY2004 FY2005 To tal Gro ss Revenue Net P ro perty Inco me Net Property Income Increased by 10% Since Acquisition 1. Annualised f
Slide 22: Historical Trend Since IPO: Plaza Singapura
Historical Trend Since IPO : Plaza Singapura Total Gross Revenue Increased by 6% Since Acquisition 70 61.0 60 57.6 50 43.2 42.5 S$ million 40 30 20 10 0 1 2 FY2004 FY2005 To tal Gro ss Revenue Net P ro perty Inco me Net Property Income Increased by 2% Since Acquisition 1. Annualised for the period 2
Slide 23: Historical Trend Since IPO: CMT Portfolio
Historical Trend Since IPO : CMT Portfolio1 Total Gross Revenue Increased by 154% Since IPO 250 226.4 210.9 200 S$ million 139.5 139.1 144.4 150 100 89.1 90.0 65.3 50 0 2 3 4 5 FY2002 FY2003 FY2004 FY2005 To tal Gro ss Revenue Net P ro perty Inco me Net Property Income Increased by 121% Since IPO 1.
Slide 24: Debt Capital Information as at Jun 2005
Debt Capital Information as at 30 Jun 2005 Debt Maturity Profile Key Statistics 350 335 42.8% Gearing Ratio1 32.3% 300 250 Interest Cover 6.6 times 200 S$ million 172 151 150 22.0% 125 Average Cost 3% 19.3% of Debt S$125mn 100 15.9% 50 Debt Rating2 “ AAA ” 0 Revolving Credit & 2007 2009 2010 Bridgin
Slide 25: Property Yield
Property Yield Valuation Valuation Variance Property As at 31 Dec 2004 20031 20042 S$m S$m S$m Yield Tampines Mall 450.0 548.0 98.0 6.2% Junction 8 315.0 396.0 81.0 6.3% Funan 193.0 202.0 9.0 6.8% DigitaLife Mall IMM Building 282.0 352.0 70.0 7.8% Plaza Singapura 735.7 736.9 1.2 5.8% CMT Portfolio3
Slide 26: Balance Sheet
Balance Sheet As at 30 Jun 2005 S$’000 Non Current Assets 2,423,046 Net Asset Value per unit S$1.32 Current Assets 34,502 (as at 30 Jun 2005) Total Assets 2,457,548 Adjusted Net Asset Value per unit S$1.30 (excluding distributable income) Current Liabilities 174,993 Unit Price as at 30 Jun 2005 S$2.