Capitaland India Trust · SGX:CY6U
Capitaland India Trust — Ascendas India Trust — Shareholder Meeting (July 2012)
7 slides from Capitaland India Trust's shareholder meeting presentation, Jul 17, 2012
Slide 1: Ascendas India Trust 3Q FY2011/12 Extraordinary General Meeting
Ascendas India Trust 3Q FY2011/12 Extraordinary General Meeting Investor Presentation 17th July 2012 ASEAN Stars Conference 2012 1 March 2012 Asia’s First Listed Indian Property Trust Asia’s First Listed Indian Property Trust
Slide 2: a-iTrust's capital structure
a-iTrust’s capital structure Indicator As at 31 Mar 2012 Interest service coverage 4.0 times (EBITDA1 / Interest expenses2) (FY11/12) Percentage of fixed rate debt 100% Gearing: 29%4 Secured borrowings / Asset value 5.8%3 Effective weighted average cost of debt 6.2% (Net of tax shield benefits) 1. E
Slide 3: Increase a-iTrust's funding capacity
Increase a-iTrust’s funding capacity • Doubles debt headroom from approximately S$80m to S$160m. Debt headroom (S$ Million) 180 160 160 140 120 100 80 80 60 40 20 0 35% gearing limit 40% gearing limit 3
Slide 4: No need to obtain and maintain a credit rating
No need to obtain and maintain a credit rating • Credit rating depends on many factors, some of which are beyond Trust’s control: • For example, India’s sovereign risk has negative implications for a-iTrust. • a-iTrust currently secures lower interest rates than its implied rating due to: • Strong b
Slide 5: Protecting Unitholders' interests
Protecting Unitholders’ interests • Unitholders’ interests are protected even with the raised gearing limit as a-iTrust is subject to strict obligations under the Business Trust Act (“BTA”). • Under the BTA, the Trustee-Manager is: • Required to act honestly and exercise reasonable diligence at all
Slide 6: Allow a-iTrust to grow via an optimised capital structure
Allow a-iTrust to grow via an optimised capital structure • Raising the gearing limit does not mean that a-iTrust will gear up to the maximum 40% gearing level, but it provides: • More options in managing capital structure to minimise cost of capital; and • Funding flexibility in accessing the debt
Slide 7: Thank you!
aitrust Thank you!
Ascendas India Trust — Shareholder Meeting (July 2012) on 6ix